From hangars to airports, we appraise them all.
Our experience in appraising airports, hangars and landing strips includes assignments from all over the country. Privately owned corporate airstrips, privately owned hangars on municipally owned land, airfields catering to the casino industry, and suburban airports have been past assignments of the Gorman Group Ltd.
While seeming easy on the surface, appraising this type of property incorporates knowledge not only of real estate appraisal in general, but a knowledge of the needs of the aircraft industry and the demand for such properties in any given market. Aircraft sales have been at all time lows for decades due to spiraling insurance costs, and the federal government has, in the past, made efforts to fund municipalities activities in promoting the growth of the private aviation industry. The special needs of these facility users such as charter companies, repair companies, passenger shuttle and express airlines, freight terminal operator and other FBOs (fixed base operations), present special appraisal problems not to mention the valuation issues with permanent privately owned buildings on government owned lands.
Certain aircraft requiring runways of certain lengths, lighting and other FAA requirements for approval are only the tip of the iceberg as most local governments, i.e. counties, townships and municipalities have their own set of requirements including the ever-increasing presence of the EPA…both federal and state.