Name: Dennis Kelly
Title: Chairman, Mass. Bankers Association
Company: Bristol County Savings Bank
Location: 35 Broadway, Taunton, MA 02780
Birthplace and year: Pawtucket, R.I., 1947
Family: Wife, Michelle; two sons
College: Providence College, BA in History, Education; Graduate School of Finance (credit toward a degree)
First job outside of finance: Taught school, Slater Jr. High School in Pawtucket
First job in finance or allied field: Teller at First Bristol County National Bank
What do you do now and what are you planning for the future? Oversee staff with regard to the residential financial market and foreclosures; involved with security matters like the security of my information with TJX lawsuit.
Hobbies: Time with family, play golf, sports fan, reading.
Favorite book: "The History of Presidential Elections"
Favorite movie: "Field of Dreams"
Person you admire most (outside of real estate): Bob Hallock (former bank president)
Keys to success: Never say "no" to a challenge; don't sell yourself short.
If you had to choose another vocation what would it be? Teacher.
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.
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
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.
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.
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