What is an SIOR?

THE SOCIETY OF INDUSTRIAL AND OFFICE REALTORS® is the leading professional commercial and industrial real estate association. With more than 3,000 members in more than 630 cities in 37 countries
, SIOR represents today's most knowledgeable, experienced, and successful commercial real estate brokerage specialists.

SIOR has certified thousands of members with the prestigious SIOR designation, a professional symbol of the highest level of knowledge, production, and ethics in the real estate industry. Real estate professionals who have earned the SIOR designation are recognized by corporate real estate executives, commercial real estate brokers, agents, lenders, and other real estate professionals as the most capable and experienced brokerage practitioners in any market. SIOR designees can hold the following specialty designations: industrial, office, sales manager, executive manager, or advisory service.

SIOR also consists of associate members who include corporate executives, developers, educators, and others involved in the commercial real estate industry.

A professional affiliate of the NATIONAL ASSOCIATION OF REALTORS®, SIOR is dedicated to the practice and maintenance of the highest professional and ethical standards. SIOR maintains a commitment to business and industry by providing outstanding professional services, publications, and educational programs.

Transaction Data shows the success of SIOR members:
On average from 2008-2012 SIOR members reported that he or she leased or sold an average of 1 million square feet of space for a total dollar volume of $31 million in 30 transactions.

As a group, SIOR designees closed more than 78,000 transactions.

SIOR maintains and promotes a professional designation of the highest quality for the benefit of its members and their clients. The SIOR designation stands unchallenged for excellence in the performance of real estate services, and is universally recognized as the prerequisite in the selection of a commercial real estate broker, agent, or consultant. 

What is a CCIM?

 CCIM Institute was built on a foundation that has remained solid for more than 40 years: The best teachers of commercial real estate investment principles are experienced and successful commercial real estate practitioners. By combining the best minds to develop and teach the industry’s best practices, CCIM has helped thousands of students propel their careers and grow their businesses. Since 1954, CCIM has evolved into a global organization with more than 13,000 members.

Founded by Jay W. Levine, CCIM, the Institute’s first president, and Jim McMichael, CCIM, the first designee, CCIM has built its reputation on delivering the most in-depth education and analytical tools available in the commercial real estate industry. The first courses were offered through the California Real Estate Association (now the California Association of REALTORS®) and led to the Certified Property Exchanger (CPE) designation.

Levine and McMichael recruited two successful students, Palmer Berge, CCIM, and Victor Lyon, CCIM, from one of the early classes to help develop the CCIM curriculum. In CCIM’s early years, these instructors spent their days teaching courses and their nights writing course material on the backs of envelopes. Their dedication to sharing proven market, financial, and investment analysis methods evolved into the world-class education and technology products and services CCIM offers today.

As CCIM membership has grown over the years, these practitioner-focused traditions have been infused into the many member benefits and services CCIM provides. Hundreds of designees have contributed their time and talent in countless ways, including writing articles for CCIM’s flagship publication, Commercial Investment Real Estate, creating Excel-based financial tools, developing the industry-leading technology platform STDBonline, and rewriting the CCIM educational curriculum to incorporate innovative industry concepts, among others. It is these member-driven initiatives and contributions that have elevated the CCIM Institute’s reputation as the world’s premier commercial real estate organization.

CCIM Institute Milestones

1954 Investment Property Exchange and Taxation (IPET) courses are created. Administered through the California Real Estate Association, the IPET courses lead to the Certified Property Exchanger (CPE) designation.
1967 The CPE designation becomes part of the National Association of REALTORS®.
1969 The CPE designation is renamed the Certified Commercial Investment Member (CCIM) designation, which remains in place today.
January 1969 First CCIM designations are conferred to about 300 members, including Jim McMichael No. 1) and Jay W. Levine (No. 2).
1970s The CCIM membership program and educational courses continue to expand nationally.
1972 First instructor auditions and training sessions are held. Bob Ward, CCIM, who later would have the Ward Center for Real Estate Studies named in his honor, becomes an instructor.
1982 CCIM’s peer-reviewed scholarly publication, Commercial Investment Journal: The Journal of Advanced Real Estate, is launched and later evolves into Commercial Investment Real Estate, the organization’s award-winning magazine.
1991 Commercial Investment Real Estate Council, which administered the CCIM designation under the Realtors National Marketing Institute, receives institute status from NAR and is renamed Commercial Investment Real Estate Institute.
1992 CI 101 is taught in Russia, marking the beginning of CCIM’s international expansion.
1996 CCIM Quarterly Market Trends, a market survey report based on member transaction data, is added as a member benefit.
1999 STDBonline, Web-based site analysis program, is released, giving members access to demographic and financial reports.
1998 The CCIM Education Foundation is established through a bequest from the estate of Victor Lyon, CCIM.
2001 The Commercial Investment Real Estate Institute changes its name to the CCIM Institute.
2007 The Ward Center for Real Estate Studies is created to provide education about current commercial real estate topics and trends.
2013 The Institute begins a national campaign to raise the profile of the CCIM designation among the highest levels of the industry. This includes promoting CCIM designees’ data-driven approach to commercial real estate through the RealShare Conference Series, Fox Business Network, The Wall Street Journal, The New York Times, Bloomberg, Real Estate Forum, National Real Estate Investor, GlobeSt.com, and many regional and local outlets.

MetaCommunications Closes $8M Funding Round to Accelerate Growth of Software Solutions for Marketing and Creative Teams

 CITY, Iowa, Sept. 9, 2015 /PRNewswire/ -- MetaCommunications Inc. ("Meta"), developer of software solutions for marketing and creative teams worldwide, announced the close of an $8M growth funding round led by Next Level Ventures, a Des Moines based VC firm that invests in high-potential Iowa companies. The investment, the largest yet made by the firm, will be used to expand Meta's sales and marketing efforts, support new business partnerships, recruit additional talent and further develop Meta's industry-leading technologies.

"We felt the time was right to take on investment to accelerate our growth and we're very pleased to be partnering with Next Level Ventures to make that happen. We pride ourselves on developing software that empowers creative people around the world to work better together. Our enterprise, SaaS and B2C products all focus on giving creative teams the tools they need to produce their best work and compete in a global marketplace. We look forward to continuing to innovate for this market, now with even greater speed and flexibility. My entire team is very excited about what we'll do over the next couple of years," says Bob Long, the CEO and co-founder of Meta.

Meta has been growing rapidly and gaining market share since Long led an employee buyout of the company in 2011. Under his direction, Meta has grown into a leader in the productivity and workflow automation software space while maintaining a tight focus on designing products for marketing and creative teams. Its software solutions, including Workgroups DaVinci, Approval Manager and the newly-launched ProofMe, are used by hundreds of creative teams at the world's leading brands, including Crate & Barrel, Pfizer, Merck, Sony, Staples and Yamaha. Customers rely on Meta's software to manage design projects, streamline workflows and collaborate on content reviews and approvals. With its additional financing, Meta has plans to expand its operations significantly. The company is planning on expanding their workforce with more than 25 new hires over the short term.

Mark Nolte, the President of the Iowa City Area Development Group, was instrumental in connecting Meta and Next Level Ventures. "Meta is one of the most exciting entrepreneurial businesses in the state and a great example of the type of tech innovation the Midwest's Silicon Prairie is becoming known for. The ICAD Group is pleased that Meta's growth will contribute to a rapidly-developing downtown Iowa City and we're excited for their plans to continue hiring great talent from the region," he says.

Iowa City's mayor, Matt Hayek, is also enthusiastic about what Meta's bright future means for the city's burgeoning role as a tech hub. "We are thrilled for MetaCommunications. Its growth indicates the potential for Iowa City to become a larger player in the technology sector. Our vibrant downtown and overall quality of life appeal to a diverse workforce that employers want. We are proud to have MetaCommunications call Iowa City home. Our hope is that its impressive success will signal to other firms that this is a great place to establish roots," he says.

Meta's strong top line sales and its equally strong involvement in the Iowa tech community are a significant aspect of what attracted Next Level Ventures and led them to make this investment in the company. "We're betting big on Meta. The business and its team have a proven track record of innovation and sustained growth in their industry and an enviable list of Fortune 500 customers to support this. In short, Meta has shown it has all of the needed elements to become a powerhouse growth story for Iowa and we want to be a part of that story," says Craig Ibsen, Managing Principal of Next Level Ventures.

Joining Next Level in backing Meta is St. Martin Land Company. Based in Cedar Rapids, IA, St. Martin was founded in 1905. The respected company invests in established, profitable businesses in Iowa and the surrounding areas. Meta's demonstrated growth, loyal employee base, and strong management team attracted St. Martin to sign on as co-investors.

About Meta
MetaCommunications Inc. (Meta) is a technology company whose solutions are trusted by the world's leading brands. Meta focuses on helping marketing and creative teams overcome challenges that arise when creativity meets productivity with tools to improve project management, online proofing, digital asset management, financial management and more. For more information, visit www.metacommunications.com.

About Next Level Ventures
Next Level Ventures is a venture capital firm based in Des Moines that invests $1 to $4 million in fast-growing companies that are based in Iowa. For more information, see www.nextlevelvc.com.

Contact:
Kate Beihl
CMO, MetaCommunications Inc.
Email
(319) 573-9595

Craig Ibsen
Managing Principal, Next Level Ventures
Email
(515) 369-2600

SOURCE MetaCommunications

Related Links

http://www.metacommunications.com

Fed inadvertently publishes staff forecast for 2015 rate hike

 economists at the Federal Reserve expect a quarter-point U.S. interest rate increase this year, according to forecasts the Fed mistakenly published on its website in a gaffe that drew criticism about its ability to keep secrets.

The rate forecast was included with a series of bearish projections on U.S. economic growth and inflation that were presented to policymakers at their June 16-17 meeting.

The disclosure of the sensitive information is the latest blow to the Fed's reputation for secrecy around policy deliberations.

Later on Friday evening, the Fed said the inadvertently released document was not the correct document. It provided a new table showing slightly lower outlooks for gross domestic product and inflation in 2015, as well as other revisions.

Federal prosecutors are currently probing an alleged leak at the Fed of market-sensitive information to a private financial newsletter in 2012.

"It regrettably appears once again that proper internal controls are not in place to safeguard confidential Federal Reserve information," said Representative Jeb Hensarling of Texas, a Republican who chairs the House Financial Services Committee and is pressing Fed Chair Janet Yellen for documents regarding the 2012 leak.

The Fed said in a statement that the forecasts were "inadvertently" included in a computer file posted to its website on June 29.

Fed officials said the disclosure was due to procedural errors at a staff level and that the mistake was discovered on Tuesday this week. The matter has been referred to the Fed's inspector general.

The forecasts do not represent the views of the central bankers who set interest rate policy. Those policymakers, many based outside of Washington in regional Fed branches, create their own forecasts, the most recent of which were released on June 17.

But Board of Governors' staff views are sensitive and influential enough that the Fed normally releases them about five years after they were made.

ONE HIKE IN 2015

In the projections prepared in June, and in the revised table released on Friday, the staff expected policymakers would raise their benchmark interest rate, known as the Fed funds rate, enough for it to average 0.35 percent in the fourth quarter of 2015.

That implies one quarter-point hike this year, as the Fed funds rate is currently hovering around 0.13 percent. USONFFE=

Analysts at JPMorgan and Barclays said this suggested the staff expected a rate hike before a scheduled Dec. 15-16 policy meeting. The Fed also has policy meetings scheduled for July 28-29, Sept. 16-17, and Oct. 27-28.

All but two of the Fed's 17 policymakers said last month they think rates should rise in 2015. They were divided between whether it would be best to raise rates once or twice this year.

The staff views were less optimistic about the economy than several key policymaker forecasts.

In the revised projections, which stretched from 2015 to 2020, the staff did not expect inflation to ever reach the Fed's 2.0 percent target. By the fourth quarter of 2020, they saw the PCE (personal consumption expenditure) inflation index rising 1.97 percent from a year earlier.

The Fed's staff also took a dimmer view of long-run economic growth, expecting gross domestic product to expand 1.73 percent in the year through the fourth quarter of 2020. The views of Fed policymakers for long-term growth range from 1.8 percent to 2.5 percent.

The Fed goes to great lengths to manage the release of sensitive information. Policymakers and staff avoid making public comments just ahead of policy meetings, and the Fed makes journalists turn in their phones before letting them into a locked room to see a policy statement and prepare news stories just before the interest rate decision is published electronically.

A Department of Justice probe is looking into an analyst note in 2012 that included details on a policy meeting before that information was made public.

"It is baffling that these leaks continue to occur," said Congressman Randy Neugebauer, a Texas Republican who chairs the House subcommittee on financial institutions and consumer credit.

(Reporting by Jason Lange and Howard Schneider; Additional reporting by Douwe Miedema; Editing by Clive McKeef and Ken Wills)

Iowa City ranks in Top 10 for livability

Iowa City is among the top 10 cities in the country in which to live, work and play, according to a new ranking by the website,Livability.com. The city also has appeared on the company’s top 10 lists of best college towns, best cities for book lovers and best cities for affordable health care.

“Each of these cities is a great place to live,” Matt Carmichael, editor ofLivability.com, said in a news release. “Not every city is perfect for everyone, of course, but these are the top five percent, and somewhere in the top 100, you’ll find a great fit to call your best place.”

Ranked No. 9 on the list, Iowa City was praised for its health care options, infrastructure, transit, parks and co-working opportunities. It also made the list because of the presence of the University of Iowa’s Iowa Writers’ Workshop and the city’s designation by UNESCO as a City of Literature.

More than 2,100 cities (with populations between 20,000 and 350,000) were evaluated in the Liveability.com ranking. The editors consider more than 40 data points thatwere then grouped into eight categories: economics, housing, amenities, infrastructure, demographics, social and civic capital, education, and health care. Sources included data available from U.S. Census Bureau, Walk Score, Great Schools.com and Esri.

“This is a great time to study livability,” Carmichael said. “Cities large and small are renewing their focus on improving the day-to-day lives of residents through better transportation, more vibrant downtowns, affordability and accessibility for a range of residents. As a site that covers these issues each day, we take special pride in recognizing the cities that are achieving these goals as the best of the best.”

I.C. working to bring business to vacant industrial park

ANDY DAVIS - IOWA CITY PRESS-CITIZEN

City officials are hopeful that an agreement with a local real estate broker will help attract business to the 420th Street Industrial Park, which has sat vacant for more than six years.

The Iowa City Council on Wednesday will consider entering a one-year listing and marketing agreement with Jeff Edberg, an Iowa City commercial real estate broker with Lepic- Kroeger Realtors, to help find a tenant for the 173-acre parcel along 420th Street on the southeast side of Iowa City. The city purchased the parcel in 2009 from the Bonnie Prybil estate for $2.4 million, and since has invested $12 million towardextending streets, water lines, sewers and electricity to the site.

Maryland-based North American Ductile Iron Co., or Nadicom, announced plans in April 2011 to build an $85 million foundry on the site that was projected to create 175 wellpaying jobs, but those plans never materialized.

Mark Nolte, president of theIowa City Area Development Group — which has partnered with the city to market the site — said the site was initially marketed as the Wind Energy Supply Chain Campus. Over the last six years, Nolte said, the net has been cast wider after indications that Nadicom would not be able to move forward with an Iowa City foundry. “With the changes in the wind energy market and their ability to raise capital, we don’t foresee Nadicom moving forward here,” Nolte said. “The site itself has been a finalist a number of times for multiple projects, but for one reason or another they didn’t pan out. Sometimes the company wasn’t able to get their finances together to move forward, and in several instances we’ve had companies through their consultants really like the site, but when they dug into our labor market realized maybe we didn’t have the labor in enough supply for their clients tomove forward.” Edberg, who is already familiar with the site, said it is designated “shovel ready,” and that all of the high-capacity power and water lines are in position and awaiting industrial development.

“The idea is to find vibrant industrial users that will bring high-paying jobs to the area andbuild the economic base of Iowa City. We’re looking for new tenants, but we’re going to be selective. Not just any tenant will do. We’re looking for tenants that will collaborate with the city and bring exciting, well-paying jobs,” Edberg said.

The city received a pair of state-issued grants totaling $2.3 million between 2009 and 2010 that were used to reconstruct 420th Street and to construct two sidings and a rail spur off the Iowa Interstate Railroad that now runs through the center of the parcel.

“There’s some unique features to this site, and one is the rail spur. A lot of materials are trucked in on Interstate 80, which is a direct access right to the site and we certainly accommodate that, but a lot of products are also moved by rail,” Edberg said. “Trains can pull off the main rail and let othertrains pass while they go within the industrial park and load and unload raw materials or finished products. It really puts this site on the map.”

Wendy Ford, the city’s economic development coordinator, said between April 2014 and March2015 the city contracted listing and marketing services with Minneapolisbased real estate agency Binswanger. The city issued a request for proposals for broker services earlier this year, Ford said, and received two proposals: one from Binswanger and the other from Edberg.

“(Edberg) has a large network to draw from as a (Certified Commercial Investment Member) and a member of other commercial and industrial real estate industry trade groups, and we’re hoping he taps into that while he’s working on this site,” Ford said. “He has great networking across the community and has helped the city with other real estate deals in the past.”

Documents in the City Council’s packet show that in his proposal, Edberg requested 6 percent commission on the sale of the property and offered to split the commission 50 percent with any real estate brokers who might be involved. Binswanger also had requested a 6 percent commission, but would have required 8 percent if other brokers were involved, according to the documents.

Edberg said he plans todraw on his experience and network as a CCIM and a Society of Industrial and Office Realtors to help the city find a tenant for the vacant parcel.

“Being a member in those organizations opens up a network across the world. If other members have a prospect for the park, they’ll be able toreach out for me. It’s a matter of actually assigning tenants, working with the city of Iowa City and ICAD Group to facilitate bringing these tenants to Iowa City,” Edberg said.

Reach Andy Davis at 319-887-5404 or at aldavis@press-citizen.com, and follow him on Twitter as @BylineAndyDavis.

The industrial park along 420th Street on the southeast edge of Iowa City has been certified as “shovel ready.” But as yet, there have been no shovels, and the factories the city envisions attracting have yet to arrive.

JOSH O’LEARY/IOWA CITY PRESS-CITIZEN

The 10 best small cities for educated millennials

While big cities such as New York and Washington, DC often appeal to educated millennials, a number of small cities also have a lot to offer young people.

In a new report on the top destinations for young college graduates, the American Institute for Economic Research ranks cities based on economic and quality-of-life factors that are important to young people.

The top three factors include: high density of people with a college degree, a low unemployment rate, and the ability to get around the city without a car.

The other factors included: average salary, cost of rent, competition for jobs, bars and restaurants per 1,000 residents, and racial and ethnic diversity.

Iowa City, Iowa topped the list of most desirable "smallest" cities for educated young people. The report defined young educated people as those 22 to 35 years old with at least a bachelor's degree, and it defined "smallest" cities as those having metro areas with fewer than 250,000 residents.

Here are the top 10 smallest cities for young educated people:

10. College Station, Texas

Joe Mitchell/Getty

Metro area population: 202,000. Ranked the number two best small place for business and careers by Forbes, College Station offers an abundance of research opportunities, with ongoing projects funded by NASA, the National Institutes of Health, the National Science Foundation, and the Office of Naval Research.

It's also home to the main campus of Texas A&M University and the George Bush Presidential Library.

9. State College, Pennsylvania

Patrick Smith/Getty

Metro area population: 155,000. State College offers a thriving social scene, with dozens of restaurants and bars concentrated in the downtown area. Additionally, young professionals earn an average salary of $46,399, while only paying about $940 a month for housing.

8. Burlington, Vermont

Wikimedia Commons

Metro area population: 215,000. Located on the eastern shore of Lake Champlain, the sweeping views of the Adirondack Mountains are unrivaled, and the biking paths, sailboat rentals, and strong restaurant scene are particularly attractive to young folks.

Burlington is also home to the first Ben & Jerry's, founded in 1978.

7. Bloomington, Illinois

Daniel Schwen/Wikicommons

Metro area population: 175,000. You can't beat Bloomington's ample green space. The small metro boasts over 40 parks and three golf course, along with natural parks such as the Miller Park Zoo and the Constitution Trail.

Another perk: rent averages out to $889 per month, making it one of the most affordable places to live.

6. Columbia, Missouri

CosmiCataclysm/Wikicommons

Metro area population: 171,000. Ranked the sixth best small town for business and careers by Forbes, Columbia's economy is dominated by education, healthcare, and the insurance industry. The University of Missouri is the towns largest employer.

5. Bloomington, Indiana

StevenW, Flickr

Metro area population: 141,000. Surrounded by several higher learning institutions, such as Indiana University, Bloomington has an obvious allure for young professionals with its thriving music scene. Every fall, the world-renowned Lotus World Music and Arts Festival takes place in the streets of Bloomington, where artists from all over the world perform.

4. Champaign-Urbana, Illinois

stantontcady, Flickr

Metro area population: 205,000. While surrounded by farm communities, Champaign-Urbana's proximity to the University of Illinois and its abundance of tech startup companies makes it a popular destination for millennials. The average young graduate can earn $47,121 a year and live comfortably for about $815 a month.

3. Lawrence, Kansas

Lauren Wellicome, Flickr

Metro area population: 114,000. Home to University of Kansas and Haskell Indian Nations University, the college town is known for its lively music and art scene, filled with restaurants, bars, galleries, shops, and music venues.

Also, the paychecks in Lawrence are larger than most small metros, averaging out to $51,732 for educated people between 22 and 35.

2. Ithaca, NY

Shutterstock.com

Metro area population: 104,000. Ithaca has been named the best college town in the past; it's also a great town for young graduates. Surrounded by strong schools such as Ivy League institution Cornell University and Ithaca College, it's no surprise that Ithaca would appeal to young, educated people.

The college town offers several unique festivals, such as the Apple Festival in the fall, Chili Fest in February, and the Circus Eccentrithaca.

1. Iowa City, Iowa

Vkulikov, Wikimedia Commons

Metro area population: 139,000. The top-ranked small city, home to the University of Iowa, offers young graduates a growing technology corridor, low rents, and a diverse population.

Over half of the population has a bachelor's degree (51.5%), only 3% of the labor force is unemployed, and recent grads earn an average of $42,511 per year
Read more: http://www.businessinsider.com/the-best-small-cities-for-recent-college-graduates-2015-5#ixzz3adXRiIOw

Inaccurate Zillow 'Zestimates' a source of conflict over home prices

When "CBS This Morning" co-host Norah O'Donnell asked the chief executive of Zillow recently about the accuracy of the website's automated property value estimates — known as Zestimates — she touched on one of the most sensitive perception gaps in American real estate.

Zillow is the most popular online real estate information site, with 73 million unique visitors in December. Along with active listings of properties for sale, it also provides information on houses that are not on the market. You can enter the address or general location in a database of millions of homes and probably pull up key information — square footage, lot size, number of bedrooms and baths, photos, taxes — plus a Zestimate.

Shoppers, sellers and buyers routinely quote Zestimates to realty agents — and to one another — as gauges of market value. If a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers' list price of $425,000. Or a seller might demand to know from potential listing brokers why they say a property should sell for just $595,000 when Zillow has it at $685,000.

Disparities like these are daily occurrences and, in the words of one realty agent who posted on the industry blog ActiveRain, they are "the bane of my existence." Consumers often take Zestimates "as gospel," said Tim Freund, an agent with Dilbeck Real Estate in Westlake Village. If either the buyer or the seller won't budge off Zillow's estimated value, he told me, "that will kill a deal."

Back to the question posed by O'Donnell: Are Zestimates accurate? And if they're off the mark, how far off? Zillow CEO Spencer Rascoff answered that they're "a good starting point" but that nationwide Zestimates have a "median error rate" of about 8%.

Whoa. That sounds high. On a $500,000 house, that would be a $40,000 disparity — a lot of money on the table — and could create problems. But here's something Rascoff was not asked about: Localized median error rates on Zestimates sometimes far exceed the national median, which raises the odds that sellers and buyers will have conflicts over pricing. Though it's not prominently featured on the website, at the bottom of Zillow's home page in small type is the word "Zestimates." This section provides helpful background information along with valuation error rates by state and county — some of which are stunners.

For example, in New York County — Manhattan — the median valuation error rate is 19.9%. In Brooklyn, it's 12.9%. In Somerset County, Md., the rate is an astounding 42%. In some rural counties in California, error rates range as high as 26%. In San Francisco it's 11.6%. With a median home value of $1,000,800 in San Francisco, according to Zillow estimates as of December, a median error rate at this level translates into a price disparity of $116,093.

Some real estate agents have done their own studies of accuracy levels of Zillow in their local markets.

Last July, Robert Earl, an agent with Choice Homes Team in the Charlottesville, Va., area, examined selling prices and Zestimates of all 21 homes sold that month in the nearby community of Lake Monticello. On 17 sales Zillow overestimated values, including two houses that sold for 61% below the Zestimate.

In Carlsbad, Calif., Jeff Dowler, an agent with Solutions Real Estate, did a similar analysis on sales in two ZIP Codes. He found that Zestimates came in below the selling price 70% of the time, with disparities ranging as high as $70,000. In 25% of the sales, Zestimates were higher than the contract price. In 95% of the cases, he said, "Zestimates were wrong. That does not inspire a lot of confidence, at least not for me." In a second ZIP Code, Dowler found that 100% of Zestimates were inaccurate and that disparities were as large as $190,000.

So what do you do now that you've got the scoop on Zestimate accuracy? Most important, take Rascoff's advice: Look at them as no more than starting points in pricing discussions with the real authorities on local real estate values — experienced agents and appraisers. Zestimates are hardly gospel — often far from it.

kenharney@earthlink.net

Distributed by Washington Post Writers Group.

Full story can be found at: http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html

Lucky's Market moves into Von Maur space at Sycamore Mall

IOWA CITY, Iowa – A new natural food grocery store chain could breathe life into Iowa City’s former Sycamore Mall, which faced a dubious future with the loss of its most prominent tenant, Von Maur, to Coralville and foreclosure within the last two years. Boulder, Colo.-based Lucky’s Market signed a lease last week to open in spring 2015 a 34,000 square-foot grocery store taking up most of the former Von Maur space at the center of the mall, at 1600 Sycamore St., which was renamed Iowa City Marketplace last year. “People will really sense our love for food and the quality in our preparation,” said Ben Friedland, Lucky’s vice president of marketing. “We subscribe to the motto, ‘good food for all.’ People will be taken aback by our prices. It’s much less than people anticipate for this quality of food.” He said the store will offer local produce, fresh seafood and meats, a bakery, ready-to-eat meals, a juice bar, beer and wine, an outdoor cafe, and a full grocery that features 90 percent natural and organic foods. The Iowa City Marketplace will undergo renovations inside and outside to accommodate Lucky’s, which will employ approximately 200 people, according to the company. Lucky’s was established in 2003 by culinary trained chefs Trish and Bo Sharon and now has seven locations, including in several college towns, and the Iowa City location is part of a wave of five new locations announced. Lucky’s plans to open six to 10 per year for the foreseeable future, Friedland said. John Arlotti, vice president of California-based CORE Realty, which owns the Iowa City Marketplace, said Lucky’s is the cornerstone in the transformation of the former Sycamore Mall, which has been reeling in recent years. “In my opinion, it is going to completely revitalize the center,” Arlotti said. “It is going to change the entire dynamic of center and the surrounding properties in the east side area.” He said within the next few months, two additional tenants will be announced, adding another 100 jobs. The occupancy at the mall will climb from around 50 percent to about 80 percent, he said. Some wondered if the mall would survive the loss of Von Maur on top of other tenants leaving. The mall ownership and city officials fought to keep Von Maur, which was lured to Coralville with $9.5 million, plus other incentives, to build a store in the Iowa River Landing District. The mall offered substantially reduced rent and Iowa City considered incentives, according to city documents. Then in December 2012, the mall went into foreclosure while owing $12 million on a $13 million loan signed in 2008. The final payment had been due in September of that year. The mall’s value has plummeted under the weight of retailer departures, from $16.4 million in 2011 to $10 million in 2014. Jeff Davidson, economic development administrator of Iowa City, estimated based on the property valuation that the mall’s tax contribution declined from $669,778 in 2011 to $367,803 in 2014. The mall is one of the largest property taxpayers in the city, but Davidson is optimistic that the mall is going to see a turnaround, anticipating its value will rebound to the $15 million to $18 million range with the new tenants coming on board. It should also allow the 21 existing tenants to breathe a sigh of relief. “Getting the anchor space filled really is key,” Davidson said. “That will lead to the rest of it getting leased up. The other tenants have been waiting to see what happens with the anchor space.” Davidson said it’s possible the project will get some tax incentives from the city, but incentives have not been requested at this point. Iowa City Mayor Matt Hayek said the loss of Von Maur coupled with major road construction created a difficult time for the area. He called Lucky’s a “solid anchor tenant” that should uplift the mall and area on several fronts. It should stabilize existing tenants and attract new ones, he said. “It’s exciting for Iowa City,” Hayek said. “It brings a high quality tenant to a facility that is important to the area and the community. I think it will offer a jolt of energy to that area.” Mark Seabold, an architect and head of the commercial division with Shive-Hattery Architecture-Engineering, has been working on the reformation of the mall into a marketplace concept. He said the grocery store will have longer hours than a traditional retailer and will bring traffic that should help the mall as a whole. “It’s going to really drive traffic inside and outside the mall,” Seabold said. “Lucky’s is the first step for improvements across the site. Ultimately it will help lace the whole marketplace together and be a real driver for the Iowa City Marketplace.” Katie Andrios, president of Four Seasons, one of the remaining 21 tenants in the mall, said the last couple of years has been a “roller coaster” for the mall. Andrios said Four Seasons has stayed at the mall because business has remained strong, but agreed that the addition of Lucky’s will help with turning around the mall by infusing more foot traffic. “I feel like we still have a ways to go, and we need to rebuild the community’s confidence in Sycamore Mall, but I think this is a great first building block,” Andrios said. Copyright KCRG, all rights reserved. Read more at http://www.kcrg.com/subject/news/iowa-city-mall-finds-new-anchor-store-to-replace-von-maur-20140731#fp6JgcJILKbP9H0C.99

About Iowa City

SUNDAY, FEBRUARY 1, 2015

Iowa City – A Special Place

Offering big-city amenities along with small-town hospitality, Iowa City has it all. Nestled in the heart of the Midwest in east central Iowa in Johnson County, it has long served as a locus for culture, education, variety and fun. A stroll through the downtown pedestrian plaza proves it. Here you will find a real sense of community and friendly commerce. Downtown you might come across college students in a game of chess on the plaza’s life-size game board. On-lookers sit on the plaza’s limestone benches talking politics, philosophy, or Big Ten sports while children climb a nearby jungle gym. A block away, others might be taking a class at the senior center, lounging in outdoor cafés, savoring the fine cuisine the city has to offer. Across the way, you’ll likely hear a local band playing a catchy mix of jazz and blues on the area’s outdoor mini stage. The state’s historic Old Capitol Building looms to the west. A cherished landmark of the University of Iowa campus, it embodies the city’s prominence, grace, and heritage. Whether a first-time visitor or a native returning home, you will discover this place is one where tradition comfortably exists alongside change.

Events & Activities

From music and art festivals to Broadway performances, Iowa City has an event to suit anyone’s taste. During the summer months, live music becomes a part of downtown’s irresistible ambiance. Each July, the city hosts a jazz festival that attracts music enthusiasts from both near and far. The annual Iowa Arts Festival features the state’s best visual art, music, and food. Iowa City is also home to several community theaters, including Riverside Theatre’s Shakespearean stage. Located in City Park, this open-air theater presents shows under the stars.

Iowa City is also home to the recently restored historic Englert Theatre downtown and also has a vibrant Iowa City Community Theatre.

If Broadway productions are more your style, the University of Iowa’s Hancher Auditorium showcases the best in entertainment. Over the years, Hancher has been host to productions such as Rent, Cats, Les Misérables, and Stomp. The Hancher stage is frequented by the likes of Yo Yo Ma, Jerry Seinfeld, and Wynton Marsalis.

Event Calendar:http://www.culturalcorridor.org

Home to the University of Iowa

Founded in 1847, today’s University of Iowa is recognized as one of the nation’s top public universities, offering more than 100 areas of study for its 29,000 students. The institution’s Writers’ Workshop is internationally acclaimed, having fostered the creative talents of Ray Bradbury, Flannery O’Connor, Jane Smiley, and Kurt Vonnegut. The University also includes one of the largest university-owned teaching hospitals in the nation. Providing patient care within 16 medical specialties, the University of Iowa Hospitals and Clinics have been named one of “America’s Best Hospitals” by U.S. News & World Report magazine. Iowa City is also home to Mercy Hospital, a pre-eminent provider of healthcare to the region.

In addition to academics, UI students are able to choose from a wide variety of activities. From intramural sports teams to drama clubs, the University of Iowa has more than 350 student organizations. And, the University’s athletic calendar is always full of the home games, meets, and matches of its 22 Big Ten teams.

Scenic Attractions

Iowa City is proof that the state’s geography isn’t merely a flat and vast plain, but rather a place of rolling hills, lush and scattered woodlands, and tall grasses. In the Iowa City area alone, there are 41 public parks, several of which overlook the scenic Iowa River. Many of these parks are equipped with networks of walking and biking trails, and quaint picnic sites and prairie reserves.

The Coralville Reservoir, just 3½ miles north of Iowa City, offers a multitude of recreational activities. In addition to 5,000 acres of water for pleasure boating, fishing, swimming, and water-skiing, the area is laced with attractive hiking, biking, and cross-country skiing trails. Catch a glimpse of the state’s geologic past at a nearby Devonian Fossil Gorge. Unearthed during the flood of 1993, the gorge contains a variety of fossils more than 350 million years old.

Shopping and Dining Out

Iowa City is full of unique shops – from the Old Capitol Town Center, Pepperwood Plaza, and the Sycamore Mall, the area provides a variety of shopping opportunities. Downtown is unequalled when it comes to offering specialty goods; there you’ll find clothing and jewelry, gifts and toys, books and espresso. The Coral Ridge Mall, located in the nearby city of Coralville, provides other possibilities for the serious shopper.

When shopping, you’re sure to work up an appetite. What better place to dine out than Iowa City? Scattered throughout Iowa City, there are numerous cafés and restaurants that offer a variety of foods, from international dishes to home-style meals. Depending on the weather, you might decide to dine outside at one of downtown’s outdoor cafés.

For more info: http://www.downtowniowacity.com & http://www.iowacitycoralville.org

Iowa City: The Center of It All

Culture and history abound in and around Iowa City. The Amana Colonies are just a 20-minute drive west of the city. The seven colonies offer the best in German home-style food and traditional crafts. The small town of Kalona lies southwest of Iowa City, offering visitors a glimpse into the culture of the Amish population that calls the area home. West Branch is located east of Iowa City and is the birthplace of Herbert Hoover, America’s 31st president. Visitors can learn more about the life and times of the president with a stop at the Herbert Hoover Presidential Library-Museum. Cedar Rapids, located 30 miles north of Iowa City along Interstate 380, proudly recognizes its heritage through the charm of its Czech Village and other cultural attractions.

Strong & Diverse Economy

Iowa City’s economy is as diverse as it is prosperous. The economy is based upon thriving commerce, a major university, and a number of national and international businesses, including several Fortune 500 companies. Iowa City is home to the corporate headquarters for ACT, Moore North America, Pearson, Lear, Oral B Laboratories/Gillette, Procter & Gamble, and scores of smaller industries and businesses.

The University of Iowa is the city’s largest employer, with 23,608 employees. The academic and research mission of the University, along with the health care services provided at its hospitals and clinics, have a tremendous economic impact on the area.

While established firms continue to prosper in Iowa City, opportunities abound for new businesses. The city has land for additional industrial/commercial development. These sites are well suited for offices, manufacturing, warehousing, and/or research facilities.

The City of Iowa City also has a variety of programs to assist with business development. Contact Wendy Ford, Economic Development Coordinator at (319) 356-5248.

Workforce & Training

Without question, Iowa City’s greatest asset is its people: well-educated and highly productive workers who demonstrate low absenteeism and turnover rates. The city’s university student population augments the labor force and provides a large pool of part-time workers for area businesses. In addition, the University continuously injects qualified professional and technical expertise into the labor market.

The Iowa City Kirkwood Community College campus has an enrollment of approximately 3,239 students and offers a full Arts and Sciences curriculum. The main campus of Kirkwood Community College is located approximately 20 miles away in Cedar Rapids. It offers distance learning for those who can’t make it to campus, continuing education classes for those who wish to take classes in their area of interest without obtaining course credit, plus customized training programs for area businesses. The National Alliance of Business named Kirkwood its Community College of the Year in 2000 for Kirkwood’s partnerships in developing training programs with the area business community.

Education System

In addition to the University of Iowa and Kirkwood Community College, the Iowa City area provides a variety of excellent K-12 educational opportunities. The award-winning Iowa City Community School District has an enrollment of about 11,000 students from kindergarten through 12th grade. The district includes the nearby communities of Coralville, Hills, and North Liberty. In all, the district has 18 elementary schools, three junior high schools, two senior high schools, one alternative school for seventh through twelfth graders, as well as daycare and pre-school facilities. Iowa City is also home to Regina Catholic Education Center, a private Catholic institution, Willowind School, a private K-8 school, and Preucil School of Music, specializing in the Suzuki method of instruction.

Traveling Time in Hours and Minutes from Iowa City(click for map)

Chicago	3:41
Des Moines	2:01
Kansas City	5:15
Milwaukee	4:36
Minneapolis	4:26
Omaha	4:20
St. Louis	5:26

Fun Facts

• “Iowa” is a Native-American term for “beautiful land”
• Iowa City is the sixth largest city in the state with a population of 67,862
• Iowa City was the state’s first seat of government and served as Iowa’s capital from 1842 to 1857
• When the state legislature moved Iowa’s capital to Des Moines, the University of Iowa was founded in Iowa City to compensate for the loss

Iowa City by the Numbers

Population	67,862
Median Age	24.8 years
Bachelor’s Degree or Higher	55.9%
Average Persons Per Household	2.34
Average High Temperature	59°F
Average Low Temperature	39°F
Average Annual Rainfall	32″
Elevation (range)	630′ – 760′

Iowa City: Best Of…

•  2nd Best Small Metro Area for Business/Careers, Forbes, 2008
• #5 on the Top Ten Cities for Book Lovers list from Livability.com, 2011
• #8 Up and Coming Tech Cities, Forbes, 2008
• #8 on Best Performing Small Cities Index, Milken Institute, 2011
• #10 on Best Cities for College Grads list, Richard Florida, 2010
• 10th Smartest City in the Nation, Forbes, 2008
• #13 on the Best Cities for Business and Careers (small cities) list, Forbes, 2011
• Healthiest Town in the United States, Men’s Journal, 2010
• One of the Top Towns for Jobs, MSN CareerBuilder, 2010
• Johnson County is among the top 25 counties in CNN/ Money Magazine’s Where
  the Jobs Are list, with over 22% growth in the past decade, 2010
• City High and West High School named to Best High Schools, Newsweek, 2012

Iowa City Contacts

City of Iowa City
319-356-5000

Iowa City Downtown Association
319-354-0863

Iowa City Area Chamber of Commerce
319-337-9637

Iowa City Area Development Group
319-354-3939

Iowa City Community School District
319-688-1000

Iowa City/Coralville Convention & Visitors Bureau
319-337-6592 or 1-800-283-6592

Reprinted from Iowa City website ICGov.org.