Name: John Patrick, Jr.
Title: Chairman, CT. Bankers Association
Company: Farmington Bank
Location: 1 Farm Glen Blvd., Farmington, CT 06032
Place of Birth and Year: Hartford, CT - 1958
Family: Wife, Pamela; 3 children
College: Central Connecticut University - BS Business Administration
First Job in Finance or Allied Field: Lockbox clerk at CT Bank & Trust
What do you do now and what are you planning for the future: Outreach - banks are here to help at the community level. Continue with legislative efforts. The cost of regulation is significant. Want banks to be able to respond to lending needs.
Hobbies: Time with family
Favorite Book: Good to Great
Person you most emulate (outside of family): Bill Rogers at TD Banknorth
Key to success (one idea): Don't take yourself too seriously; try to learn something new every day. Surround yourself with good people.
If you were forced to choose another vocation what would it be? Charter boat captain
Boston, MA RE&FA’s spring and summer programming continued to highlight the trends and issues shaping the commercial real estate industry. In May, RE&FA hosted Data Centers in the Current CRE Landscape at The Retreat at 225 Franklin St. The program drew strong engagement and fostered thoughtful discussion around one of commercial real estate’s fastest-growing and most impactful sectors.
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.