An untold number of US homes are appraised by people just looking at Google Earth and Zillow

More than $20 billion worth of bonds backed by homes are underwritten using “drive-by” appraisals — which are sometimes generated by overseas contractors looking at Google Earth and listings websites. The assessments – known as broker price options or BPOs – are put together in a more hasty fashion than traditional appraisals. They also cost[…]

Allan Fried and Clarion moving forward with FiDi hotel/retail redevelopment

Allan Fried’s GHC Development is planning to convert the former American Stock Exchange building in the Financial District into a hotel with a large retail component at a time when both property types are facing headwinds. GHC and its partner, Clarion Partners, plan to pump $65 million into upgrading the retail space, which recently hosted[…]