International Real Estate Consultation
And Forensic Valuation

“Market Chaos Could Help Housing Sector” ~ a article by Tony Wong is a Canadian financial website powered by

Canadian journalist Tony Wong recently spoke with Lance, a member of the U.S.-based Royal Institution of Chartered Surveyors, regarding the potential positive impact of the chaotic stock market on the housing sector. In the article, Lance discussed his belief that investment in real estate may benefit from the actions of those who are looking for a safe haven…

“The sell-off of stocks is a clear signal that people are not confident in the future and want safety now. What has also happened in the past declines in the stock market is a flight to quality,” said Dore. “Real estate tends to be the recipient as part of this flight. Real estate values are at all-time lows with returns at all-time highs. The convergence of excess cash due to stock sell-off and corporations flush with cash for investment will push these excess funds into the inevitable diversification to real estate.”

To read the article in its entirety, please click on the link below:

“Market Chaos Could Help Housing Sector”

The Doré Group Affiliates with Porto Leone Consulting

The Doré Group is pleased to announce their affiliation with Porto Leone Consulting.  

With more than 28 years of experience in the real estate valuation and consulting profession, The Doré Group provides high-end real estate valuation, as well as forensic and counseling services to both national and international clients. Our skilled team acts as a proactive partner in order to provide clients with highly personal service. Specific services offered include real estate valuation and review of complex properties, litigation and mediation support, forensic research regarding market trends and value testing, sensitivity analysis for new and existing projects, highest and best use analysis, and educational seminars and speaking engagements. The Doré Group ensures that all regulations are strictly adhered to in order to provide highly approvable and defensible analyses. Our client base includes lenders, governmental entities, attorneys, and a wide variety of private multinational companies. The Doré Group is based in San Diego, California.

Porto Leone Consulting, based in Philadelphia, New York and New Jersey, prides themselves on assisting their clients with a “higher touch”…providing more time, care and attention from upper level management than in any other professional services firm. Their mission is to be the premier, independent provider of cost effective, high quality and full service valuation, accounting and cost segregation services that exceed the competition. Their client base includes public, private and multinational companies, accounting, law and private equity firms who return for periodic updating of prior valuations, as well as to support their ongoing tax and financial reporting and estate planning needs.

The alignment between The Doré Group and Porto Leone Consulting will enhance the presence of each firm and connect the two coasts together providing our clients with true national coverage. The alliance will also provide additional resources and a great deal of knowledge sharing to every one of our engagements. Further offices are planned in the future in order to enhance our combined national effort.

As a result of this alliance, The Doré Group now provides the following expanded services:

Machinery & Equipment Valuation
Financial Reporting Requirements
ASC 805, Business Combinations
ASC 350, Intangibles, Goodwill and Others
ASC 820, Fair Value Measurements and Disclosures
ASC 718, Compensation-Stock Compensation
ASC 505-50, Equity-Based Payments to Non-Employees
Tax Planning and Reporting
Insurable Value Analysis
Ad Valorem Tax Requirements
Financing Securitization
Fixed Asset Record Management
Litigation Support
Business Planning 

Business Valuation
Financial Reporting Requirements
ASC 805, Business Combinations
ASC 350, Intangibles, Goodwill and Others
ASC 820, Fair Value Measurements and Disclosures
ASC 718, Compensation-Stock Compensation
ASC 505-50, Equity-Based Payments to None-Employees
Tax Planning and Reporting
Income Tax
Gift and Estate Tax
Financing Securitization
Reorganization, Restructuring and Refinancing
Management Information and Strategic Planning

Financial Advisory and Economic Analysis
Intellectual Property Analysis
License/Royalty Rate Analysis
Remaining Useful Life Analysis

Cost Segregation Studies
New Building Construction
Real Property Acquisitions
Leasehold Improvements
Catch-up Depreciation Analysis

For more information, please contact:

Lance Doré
The Doré Group
415 West G Street
San Diego, CA 92101
(619)  933-5040


Pete Hagialas
Porto Leone Consulting, LLC
489 Devon Park Drive, Ste. 302
Wayne, PA 19087
(610) 254-8990 x. 201

Fair Value Revisited

In his recent article entitled “Fair Value Revisited Based on Market Fundamentals and the Real Estate Investment Pyramid”, published in RICS Valuation Briefs online publication, Lance addresses the requirement of market-based criteria for International Financial Reporting Standards (IFRS) for Fair Value and the need to reconsider real estate fundamentals in order to address global challenges in the real estate market.



Interagency Guidelines

In 2011, a joint memorandum was released by the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB); the Federal Deposit Insurance Corporation (FDIC); the Office of Thrift Supervision, the Department of the United States Treasury (OTS); and the National Credit Union Administration (NCUA). Entitled 2011 Interagency Appraisal & Evaluation Guidelines, these revised guidelines emphasize the importance of properly assessing transaction, collateral, and economic trend risk and make a greater distinction between regulatory requirements and prudent bank practices.

Reviews of appraisals and evaluations of assets require an effective risk-focused process. A proper review should be completed by the institution and must include:

  • Attention to sampling;
  • Objective bases for changes in market trends;
  • Timely and sufficient monitoring of portfolio risk (as opposed to individual collateral unit risk);
  • Mandated referrals to state appraiser regulatory authorities of suspicious activities;
  • Sufficient supervision of evaluations and automated tools (if appropriate); and
  • A testing of reasonableness of appraisal/evaluation methods, assumptions, and value conclusions.


Any appraiser providing a value must comply with the Uniform Standards of Appraisal Practice (USPAP). USPAP does not specifically call attention to evaluations. Evaluations are covered by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), and do not necessarily adhere to USPAP standards. Considering the additional interagency requirements, a proper evaluation by a highly qualified analyst must allow the financial institution to meet both regulatory requirements and prudent bank practices. Broker’s Opinions of Value are no longer valid. The following specific review services are necessary to meet both sets of standards:

  • An in-depth assessment of USPAP Standards compliance;
  • Modeling and technical evaluations;
  • Risk-based, cost-sensitive work scope to AVM, evaluation, or hybrid solutions, including decision-point for subject inspection level and comparable observation;
  • Annual monitoring of collateral value based on subject-market specific analytics;
  • Coordination with bank staff in systems, deliverables and, graphical inputs including:
  • Objective quantification of collateral risk, size, and complexity in the setting of work scope and report level;
  • Review of appraisals and appraisal reports for evaluations (second opinion decision criteria, transaction risk evaluation, portfolio risk characterization, sampling and audit procedures);
  • Development of internal controls for risk identification, monitoring, and management;
  • Procedures for quality testing of appraisal and evaluation review process;
  • Objective signaling of materiality for changes in market conditions (or credit deterioration);
  • Sufficient, reliable, objective and timely market trend information;
  • Objective criteria for mandated referrals for suspicious appraiser activity, including coordination of SAR filing and FinCEN reporting.


Overall, a qualified analyst would emphasize the careful balance of risk of making and losing a loan, portfolio effects, valuation cost, turnaround time, and value independence.

For additional information specific to appraisal or evaluation review guidelines, contact Lance W. Doré, MAI, FRICS – President, The Doré Group. / 619.933.5040

We Have Moved!

Our new buildingThe Doré Group is excited to announce their recent move to a larger space in downtown San Diego. This move will enable us to bring on additional experienced personnel so that we may continue to provide premium service to our clients.

The new space is a 2,300+ square foot portion of the historical “Royster Building” constructed in 1923 in the heart of the Marina District. With its brick exterior and open loft interior, it is a prime example of a successful renovation of an historical warehouse building.

We look forward to welcoming our clients and friends to an Open House…to be announced soon.

In the meantime, please make note of our new address:

The Royster Building
415 West G Street
San Diego, CA 92101

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