As 2018 comes to a close I’m gearing up to serve as the president of the Massachusetts and Rhode Island Chapter of the Appraisal Institute. On December 4 at the top floor restaurant of Boston’s Federal Reserve office tower, I was sworn in as chapter president along with the three other officers and eight members of the board of directors.
The appraisal landscape is rapidly changing. There are a number of newer types of appraisal products and appraisal requirements are changing. Change is never easy and appraisers are challenged to keep abreast of what is proposed and what is in effect.
As we enter the new year filled with new (or some of the same old) resolutions, it is important that these resolutions do not go unfilled. Looking back as the outgoing 2018 president of the Connecticut Chapter of the Appraisal Institute, 2018 was filled with many successes and challenges.
Capital sources for commercial real estate are generally flush if cautiously prepared to invest during 2019. How flush will be apparent in the forthcoming weeks as term sheets are exchanged on debt and equity commitments, and offers on properties and portfolios.
Between the time I started and finished this article, I changed my mind twice. Why? Because it’s about interest rates. You know what I mean…total uncertainty. Six months ago, I wrote about increases in interest rates, but noted that there were no onerous real estate impacts to that date.
Conn-Comp is working on its second major redesign in two years that will greatly deliver new value to our customers at no additional cost! We have been very busy speaking with our customers to provide a better product. We are committed to continual improvement!
“Are we there yet?” This could be the kids in the back seat or a way of asking if this long, long, long commercial real estate expansion is no longer. This end of days concept has been written about a lot over the past few years.
Unless you’ve been living in a cave the past few years, it’s impossible not to notice the tremendous amount of apartment supply hitting Boston, though we are not unique in this regard, as many metropolitan areas around the country are in a similar situation.
Technology continues to advance relentlessly, and modern real estate appraisers need to keep up or be left behind.
Since 2005, there have been dramatic changes in real estate valuation starting with Government Sponsored Entities (GSE) introducing a new report form in 2005. In the wake of the “Great Recession” starting in 2007 the “Home Valuation Code of Conduct”