News: Finance

2020 is in full swing as we head into the spring! - by George Demopulos

George Demopulos
LASS

The Massachusetts and Rhode Island Chapter of the Appraisal Institute 2020 is in full swing as we head into the spring! 

Our next Board of Directors meeting is being held on Wednesday, March 24th in Braintree, MA at the Braintree Residence Inn. We will be discussing the chapter education and social events as well as reviewing our chapter committee reports and finances. All chapter professional members are welcome to attend any Board of Directors meeting. 

The chapter is proud to continue to provide scholarships to our members who are seeking their professional designations. The Massachusetts and Rhode Island Chapter and the Appraisal Institute Education & Relief Foundation offer a variety of scholarships to assist candidates, practicing affiliates and college graduates. The Chapter’s Hewitt Scholarship Fund has two scholarships: One for current chapter candidates to complete the Demonstration of Knowledge Requirement (up to $750) and another for recent college graduates to attend trainee courses. The fund will also be awarding one scholarship per year to a recent college graduate for the three courses required for a Trainee license offered by the Massachusetts and Rhode Island Chapter of the Appraisal Institute. Please contact our offices directly for more information regarding all our scholarships. 

Our education offerings for 2020 are in full swing and we have a terrific line-up of education for new appraisers who may need introductory classes? The chapter is reaching out to local colleges and universities to reach out to future appraisers and offering the following trainee courses: 

• 15 hour National USPAP course - June 5 and 6 in Woburn, MA; 

• Basic Appraisal Principles - September 11,12,18,19 in Braintree, MA; and 

• Basic Appraisal Procedures - October 30, 31 and November 6, 7 in Braintree, MA.

For all chapter educational offerings please visit our website at www.massri-appraisalinstitute.org. You can also follow our chapter on Facebook! 

The chapter and its member professionals also continue to give back to our community! Once again we will be volunteering on our annual Jay Zeigler Service day on April 15th! Join the Massachusetts and Rhode Island Chapter as we once again honor the memory of Jay with a day of service. Back by popular demand, we will once again be volunteering at Cradles to Crayons in their new location in Newton, MA. Over the past 12 years, chapter AI professionals have donated hundreds of hours to worthwhile service projects. 

Cradles to Crayons is a place where as a team we will roll up your sleeves and help provide local children with the basic essentials they need to thrive–at home, at school, and at play. While Cradles to Crayons runs on volunteers, it also depends on having an ample supply of new and like-new children’s items. Please consider cleaning out your closet for like-new children’s items to donate and bring with you. This time of year, the organization is especially in need of new pajamas, size 2T and above. 

Our chapter is made of the very best commercial and residential appraisers providing real estate solutions for clients throughout New England and beyond. Our chapter designated professionals specialize in all aspects of real estate appraisal and consulting and are ready to provide these services to all of our clients, current and future. A complete list of our members and their appraisal concentrations can also be found on our website, http://massri-appraisalinstitute.org/ 

Please feel free to reach out to our offices via our website for any additional information you may need regarding the MA/RI Chapter of the Appraisal Institute or to find a qualified appraisal professional for all your appraisal needs you may have in Massachusetts and Rhode Island. 

George Demopulos, MRICS, RA, SRA, AI-RRS is the 2020 president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute and president and chief valuations officer at Lincoln Appraisal & Settlement Services (LASS) and Lincoln Abstract & Settlement Services, Providence, RI.

MORE FROM Finance

The real estate developer’s dilemma: Growing older, taxes, investors and the exit strategy conundrum - by Dwight Kay

Over the last three to four decades, many successful real estate developers, sponsors, syndicators and operators have built substantial portfolios of commercial real estate using high-net-worth investor capital. Through careful acquisitions, development expertise, market appreciation and operational oversight, these sponsors have amassed portfolios worth tens or even hundreds of millions of dollars.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property