Name: Kevin Bottomley
Title: Chair, Massachusetts Bankers Association
Company: Danversbank
Location: One Conant St., Danvers, MA 01923
Birthplace and year: Boston, 1952
Family: Wife, Rosemarie; children: Amy Taylor
College: Harvard University, BA, History; University of Virginia, MBA
First job in finance or allied field: Bankers Trust in New York City - assistant treasurer
What do you do now and what are you planning for the future? Respond to unfolding events of Fannie and Freddie and the impact on the write-down on the securities of member banks and all of the rescue programs through Barney Frank.
Hobbies: Reading, racquetball, sports, golf
Favorite book: "The Fifth Discipline" by Peter Senge
Favorite movie: "Milk"
Person you admire most (outside of family): Winston Churchill
Key to success: Don't let anybody outwork you.
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
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.
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