News: Finance

Coastway Bank breaks ground on new office

Coastway Community Bank recently began construction of their inaugural prototype branch office. Designed by Vision 3 Architects of Providence, the new 3,800 s/f branch office located on Comstock Parkway becomes their ninth branch location in the state. E. Turgeon Construction Corp. is the construction manager. Through the use of quality, traditional materials, the architecture is simple, appealing, and tactile. A combination of brick, masonry stone and glass are the predominant skin materials used to create a signature building that is respectful of its neighborhood. The interior building design promotes the institution's brand. The building's use of glass and open plan is a deliberate effort to maintain a highly visible, open and inviting environment and suggests the openness and inviting nature of Coastway Community Bank's commitment to its clients. Founded in 1987, Vision 3 Architects is a nationally recognized architectural and interior design firm based in Rhode Island. Whether planning new construction or adapting for re-use, Vision 3 designs buildings and spaces that are functional and cost-efficient while respecting each project's unique geographic, historical and programmatic context. A dedicated team of professionals develops creative design solutions for many industries, including healthcare, education, hospitality and corporate office. Vision 3 employs environmentally sustainable design practices. This commitment to design excellence and innovation has brought them national recognition and awards. Coastway is a $300 million, full-service financial institution headquartered in Cranston, R.I., with 30,000 members and eight branches. Since 1920, Coastway has delivered state-of-the industry products and services to meet the needs of the communities and businesses it serves. E. Turgeon Construction Corporation has been building commercial, industrial and educational buildings since 1896. The Founder, Evangeliste Turgeon, was joined by his sons, John, Edward, George and Henry in 1931. At that time, the Turgeon firm undertook larger construction projects and many schools, hospitals, public buildings and industrial projects in Southeastern New England were built by this firm. E. Turgeon Construction Corporation has been providing General Construction, Design/Build and Construction Management Services since 1977.
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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
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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.
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
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.