Name: Frederick Witte, MAI, SRA
Title: President, Conn. Chapter of the Appraisal Institute
Company: Equity Appraisal, LLC
Location: 41 Virginia Court, Richfield, CT 06877
Place of birth and year: Rockville Center, NY - 1960
Family: Wife, Marie; children, Annemarie, Freddy, Raymond, Diana
College: St. Johns
First job outside of appraisal/consulting: Delivered eggs
First job in appraisal/consulting or allied field: Appraiser for Record Data
What do you do now and what are you planning for the future: I'm involved in the "Candidate for Designation" program. We have 32 candidates who signed up and will be mentored to achieve their professional appraisal designations.
Hobbies: Duck hunting, cooking
Favorite book: "Pillars of the Earth" by Ken Follett
Favorite movie: "The Godfather - Part 2"
Person you most emulate (outside of family): David Bradley, MAI
Key to success (one idea): Work nights and weekends when the phones don't ring.
If you were forced to choose another vocation what would it be? Comedy writer
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.
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.
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
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.
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