News: Finance

President’s message: Chapter officers for 2021 - by George Demopulos

George Demopulos
LASS

The Massachusetts and Rhode Island Chapter of the Appraisal Institute is hoping all of our friends and customers are continuing to stay safe during the COVID-19 pandemic. Appraisers, just like all of our customers, clients and friends in the real estate and mortgage professions have been affected by the COVID-19 pandemic and we are doing all we can to continue to provide appraisal services during this unprecedented time. 

In the past month, the chapter has been very busy on the education front. On-line education is now in full swing and we have already offered several classes and seminars on-line using Zoom Meetings. We will be holding our Spring Chapter meeting via Zoom on June 18th. All members are encouraged to attend. We will be offering the Business and Ethic course on June 23rd via Zoom and the USPAP Update on June 25th. This USPAP class will be held in-person at the Wyndham Hotel in Warwick, RI. Please visit our website to register for these classes at www. http://massri-appraisalinstitute.org/. 

The RI Branch Chapter meeting will take place on June 24th via Zoom. All RI members are encourage to attend.

On May 11th, the chapter held its second free webinar; Residential Real Estate — An Update on the Impact of COVID-19. Moderator Deborah Carlson, vice president /appraisal at Needham Bank was joined by Mark Hickey, director of market analytics, CoStar, Joanne Shelton, principal/director at Bonz and Company, Inc., Bill Dermody, chairman of the board for the Greater Boston Real Estate Board, Theresa Hatton, CEO, Massachusetts Association of Realtors and Tom Acitelli, author, reporter, and  blogger discussed the Boston Market in the time COVID-19. A special Thank you to Deb Carlson for  putting this webinar together.

We are proud to announce our proposed slate of officers for 2021. The following slate has been proposed:

• President: John Drew, MAI

• Vice President: Bradford Hevenor, MAI

• Treasurer: Robert Maloney, MAI

•Secretary: Zach Bowyer, MAI

Directors for a three-year term: (1/1/21 – 12/31/23) 

Susan Kelly, SRA and Nicole McDonnell, MAI. 

Director (to complete the term of Zach Bowyer, MAI until 12/31/2022) Deborah Carlson

Regional Representatives - two years (1/1/21 – 12.31/22) Karen Ryan, SRA and Robert Maloney, MAI

Regional Representative Alternates (1/1/21 – 12/31/21) Bud Clarke, MAI, Joseph Comperchio, MAI, SRA, Joseph Crescio, MAI, Corey Gustafson, MAI, Sandra Heath, MAI, Susan Kelly, SRA

The Chapter is also proud to announce we have granted a Hewitt Fund Scholarship to a recent college graduate! The chapter is making a dedicated effort to promote the appraisal profession by offering one scholarship per year to a recent college graduate for introductory appraisal classes offered by the local Chapter. Congratulations to Keven Tyburski of Hingham, Mass. for receiving this year’s scholarship. Kevin will be a 2020 graduate of Baylor University with a degree in Finance and has already spent the past several years as an appraisal intern for several companies. Congratulations, Kevin!

The chapter continues to offer many scholarships to current and new appraisers for their continuing education in the appraisal practice. These scholarships are available to all members and potential appraisers. Please visit our website for the complete list of scholarships offered. 

We would like to thank our 2020 sponsors! A very special THANK YOU to our Platinum Sponsors Boston Appraisal Company, CB Richard Ellis/New England and Newmark Knight Frank; our Gold Sponsor JLL Valuation Advisory and Compstak; and our Silver Sponsor Cushman & Wakefield. 

For sponsorship opportunities please reach out to our office.

 Our chapter is made of the very best commercial and residential appraisers providing real estate solutions for clients throughout New England and beyond. Our chapter designated professionals specialize in all aspects of real estate appraisal and consulting and are ready to provide these services to all of our clients, current and future. A complete list of our members and their appraisal concentrations  can also be found on our website, http://massri-appraisalinstitute.org/. 

George Demopulos, MRICS, RA, SRA, AI-RRS is the 2020 president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute and president and chief valuations officer at Lincoln Appraisal & Settlement Services (LASS) and Lincoln Abstract & Settlement Services, Providence, RI.

MORE FROM Finance

From the mayor’s office to the World Cup: A dynamic season at RE&FA

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.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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
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
Are appraisers on the same page as the assessor? - by Richard Seman

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.
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.