The Modular Building industry passed another milestone this past Thursday, March 29, 2012 at Marina Village in San Diego.  This idyllic setting on Mission Bay in America’s Finest City hosted the 2012 Spring Conference of the Society of Certified Appraisers.

You might wonder why USModular, Inc. would consider this conference a milestone.  Nestled between speakers expounding on Real Property Market and Trends, Foreclosures, Rental Market and Expert Witness Testimony, Seized Properties and what the Government does with them was an hour with two principals of USModular, Inc., Abe Ferreira, CEO, and Bill Cavanaugh, CFO.  We were afforded the opportunity to explain how Modular Construction should be evaluated in comparison to site built methods.

The attendees of this conference are the very professionals that decide how the average consumer, as well as the Banks, Mortgage Companies, and other lenders, determine the relative value of a building.  However, as Modular Construction, while a long standing methodology in many parts of the US, is relatively new to the West Coast, there are many erroneous preconceptions that have to be overcome.

As Abe Ferreira not only explained the basic differences and similarities between the two disciplines, he displayed a series of photographs of homes and asked the attendees to identify which photographs were site built homes and which were built in a factory and set on the foundation complete.  They quickly found out that Modular Construction is not distinguishable from site built just by looking at the façade.  The homes shown ranged from 2000 square feet to over 10,000 square feet with complex roof lines and porches and balconies.

They, whoever ‘they’ really are, say that you can usually tell how well you were listened to by the responses when the floor is opened for questions.  If that is true, then USModular, Inc. was a roaring success.  What we saw was that the information shared was relevant and timely.  The questions addressed standards and codes and the attendees left with a new respect for the Modular system and an understanding of how to approach an appraisal of a Modular building.  First, they realized that they will probably never know if what they were looking at was Modular in origin.  And then, there is no difference in value.  Actually, the Modular structure is more than likely stronger and better built than the site built.

But, hey, we already knew that.

Bruce Canonico, PM
USModular, Inc.