News: Finance

President's message: Gotta love New Englanders

Mid-summer, enjoy it and don't blink. Yesterday I actually over-heard someone say "it's too hot". You've gotta love New Englanders and their weather. Speaking of summer, join us for a Boston Harbor cruise on July 22. I'm not sure how many tickets will remain by the time this is published but it promises to be a fun night. Check the chapter website for availability. You would think mid-summer is a slow time but not so for your chapter volunteers and Lianne who are busy putting together the programs to be offered in the fall. Sneak preview: * The Rhode Island Branch is developing an exciting "green" oriented program to be presented on September 16 at the Save the Bay facility in Providence. * The Hewitt - Kinsella Memorial Golf Tournament will be held at Stow Acres Country Club on September 29. * The N.E. Appraiser Expo will be held in Norwood on October 6. * A joint meeting with the Commercial Brokers Association (CBA) is being planned for a date in October. Join me in congratulating our newest designated members. Greg Curtis and Fred Eichmann received the MAI designation; Adam Andolfo and Douglas Gablinske received the SRA designation; and George Demopulos received the AI-RRS designation. George is the first in the MA-RI Chapter to be awarded the residential review designation. On a national level, Jim Amorin, MAI, SRA, AI-GRS was nominated for 2015 vice president by the National Nomination Committee at its May 1 meeting. Amorin serves and has served numerous prominent roles within AI including chair of AI's Strategic Planning Committee and 2009 national president. However, as allowed by Appraisal Institute By-laws, there is a 45-day period after the National Nominating Committee has made their recommendation to the board of directors where a petition can be filed challenging the recommended nominee. A petition with the appropriate number of signatures was filed within the prescribed timeframe stating that, in the opinion of the signatories, Kern Slucter, MAI, SRA was a more qualified candidate. Therefore, at the board meeting in Austin, TX on August 7 and 8, both candidates will make presentations to the board. After an appropriate question and answer period, the Board will vote. The winner is determined by a simple majority of those eligible voters present for the meeting. You can read the candidates bio's on the My Appraisal Institute section of the national website. In closing I want to take a minute to recognize CBRE/New England, Joseph J. Blake and Associates, Inc., and Colliers International for their generous support and sponsorship of the chapter. Joseph Comperchio, SRA, is the 2014 president of the Mass. & R.I. chapter of the Appraisal Institute, and works for commercial banking at Chase, Boston, MA.
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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
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.
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