News: Finance

Schnell awarded the SRA designation

One of the greatest pleasures of being a chapter president of the Appraisal Institute is the announcement and awarding of a "designation" to a fellow member. I am proud to announced the award of the SRA designation to Jennifer Schnell, SRA of East Greenwich, Rhode Island. Most sincere congratulations to Jennifer! This accomplishment requires dedication and determination! Obtaining a "Trainee License" in RI (1996) is just the beginning. Then the hard work begins for further education, experience and testing to become a Certified Residential Appraiser (2001). Schnell knew from the "get-go" she wanted to earn a designation from the Appraisal Institute. More educational hours, more experience credits and an approved Demonstration Appraisal Report in accordance with the Appraisal Institutes standards have been completed successfully. On April 18th Schnell will "officially" receive her SRA Certificate from the Appraisal Institute International president Joseph Magdziarz, MAI, SRA. The International president will be in Rhode Island on April 18th and 19th to teach the mandatory "Appraisal Curriculum Overview" course for all Institute members. William McGovern, SRA, is president, Rhode Island Chapter of the Appraisal Institute.
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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
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.
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.