Name: Thomas St. Jean
Title: Managing Director
Company: Compass Exchange Advisors, a subsidiary of Rockland Trust
Location: 50 Resnik Rd., Plymouth, MA 02360
Birthplace and year: Nashua, N.H., 1968
Family: Wife, Mary Pat; children: Katie, Meaghan, Andrew, Molly
College: Providence College, BA, Business Economics
First job outside of 1031: Finance analyst for a real estate group at Chase Manhattan Bank
First job in 1031: Vice president of advisory services at APEX Property Exchange
What do you do now and what are you planning for the future? Co-founded Compass Exchange Advisors in 2004, sold to Rockland Trust in 2007. Continue to grow the 1031 qualified intermediary business for the bank. Focusing on providing outstanding service and security of exchange funds to institutional and individual real estate investors.
Favorite book: "The Greatest Salesman in the World" by Augustine Mandino
Favorite movie: "It's a Wonderful Life"
Key to success: Go the extra mile.
If you had to choose another vocation what would it be? H.S. basketball coach
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.
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
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.
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
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.