Name: Charles Nilson
Title: Chair, Massachusetts Mortgage Bankers Association
Company: J. P. Morgan Chase
Location: 400 Blue Hill Dr., Westwood, MA 02090
Birthplace and year: Chicago, Ill., 1959
Family: Wife, Jill; children: Victoria, Andrew
College: Miami of Ohio, BS, Finance; Case Western Reserve University, MBA
First job outside of finance: Beacham Products - territory sales rep
First job in finance or allied field: Society Bank - management trainee
What do you do now and what are you planning for the future? Focus on (1) legislative and compliance support, interact with the Division of Banks; (2) Education - help membership be compliant and provide education around loan officer financing; (3) Address changing membership.
Hobbies: Cyclist, skier, travel with family
Favorite book: "Back Bay" by William Martin
Favorite movie: "Gran Torino," "Braveheart"
Person you admire most (outside of family): Richard Branson, entrepreneur
Key to success: Enjoy what you do.
If you had to choose another vocation what would it be? Run a bed and breakfast with my wife
How many of you remember real estate development in the late 1980s? Project sourcing was difficult, until it wasn’t. Into the 90’s, a few years after, banks and other financial institutions were very happy to fund projects.
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
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
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.
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.