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Capital Update is a service of the DC Metro Chapter of the
Appraisal Institute.
If you would like to share some news, e-mail
info@appraisalinstitutedc.org
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AIDC News
Two Members Receive MAI
Designation
D.C. Metro Area Chapter Holiday
Party
AI News
Proposed Amendments to Bylaws & Regulations
Offer Associate Members New Options
AI
President Responds to
Contact the Appraisal Institute Relief Foundation to Make
Donations or Request Aid
Continuing Education
November 14, 2008 - Supporting Capitalization Rates
Seminar
December 12, 2008 - 7-Hour National USPAP Update
Course
Spotlight
Tuesday,
Join
the DC Metro Area Chapter of the Appraisal Institute for an update on the
economic outlook for real estate in the Metro DC area. Attendees will
receive an overall economic review as well as individual reports for the
land, multi-family/condo, retail and office segments of the real estate
market. Presenters will address current inventory, projected supply and
demand and investment dynamics for each market
segment.
Speakers:
Kevin Thorpe
- Vice President
and Director of Research, Cassidy & Pinkard – General
Economic Outlook
Grant Montgomery
– Vice President,
Delta Associates – Multi-Family/Condo Market
R. William Kent
- Executive Vice
President, CB Richard Ellis – Retail Market
Eric
Berkman - Senior Vice
President, Institutional Investment Group, Grubb & Ellis
Company - Office Market
Richard
Samit, CEO,
Fraser
Forbes – Land Development Market
Schedule:
Location:
Registration
Fee (includes dinner):
$40
– AIDC Members (Paid by October 21; $50 thereafter)
$60
– Non-Members (Paid by October 21; $70 thereafter)
Click
here to register on-line.
(http://www.appraisalinstitute.org/education/more_info.aspx?id=11053)
Click
here
for a form you can print and mail or fax.
(http://www.appraisalinstitutedc.org/mail-fax-10-28-08.pdf)
N.B.
This program was developed and is administered by the Appraisal Institute
– DC Metro Chapter. Attendees are eligible to receive 2.0 hours of
Appraisal Institute continuing education credit.
AIDC News
Elizabeth
Thomas, MAI, and Dan Liebermann, MAI, both of CB Richard Ellis, were
recently awarded their MAI Designations. Congratulations to both! As most
of you know the MAI (Member Appraisal
Institute) membership designation is held by appraisers who are
experienced in the valuation and evaluation of commercial, industrial,
residential and other types of properties, and who advise clients on real
estate investment decisions. Only those members who have met the rigorous
requirements relating to education, testing, experience and demonstration
of knowledge, understanding and ability are given the MAI designation.
Learn more on the Appraisal
Institute website .
Dan
and Beth each took time out of their busy day to answer a few
questions:
Beth Thomas, MAI
What prompted you to this
profession?
I became interested in real estate in college, when I took an urban
economics class. I thought I
would work for the government somehow, either at HUD or in a local
planning office. However, I took some real estate finance and development
courses at the business school during my masters program in public policy,
and decided I belonged in valuation.
What keeps you motivated in this
profession?
The variety of the assignments keeps me motivated. I learn
something new with almost every job.
What drove you seek the designation and what words of
advice would give to those considering obtaining
it?
My
clients demand a high quality work product, and obtaining my MAI is the
way to ensure them that I have the skills and experience required to meet
their needs. I think anyone considering the MAI designation should talk
with their clients to see how valuable the designation truly is in our
industry, especially in these volatile economic times.
Please share a story or item of which you are
proud.
I
grew up in a small town in
Dan Liebermann, MAI
What
prompted you to this profession?
The
analytical component of commercial real estate
valuation.
What
keeps you motivated in this profession?
The
challenge of complex valuation scenarios and the resources available as
part of an international firm.
What drove you seek the designation and what words of advice would
give to those considering obtaining it?
A
desire to quantify my knowledge and experience in the field of commercial
real estate drove me to seek the designation.
My
advice: develop a mentor relationship with someone who has recently
completed the designation process.
Please
share a story or item of which you are proud.
I
have always remained impartial in my opinion, despite (occasional)
pressure from clients to match their expectations
***Your
Turn! Have a story to share … send it to capitalupdate@appraisalinstitutedc.org!
D.C. Metro Chapter
Kick-off the
holidays with your professional colleagues at the chapter’s Holiday Party
on
Lin
Hiley
Darryl L.
Kearney
David C.
Kontny
Michael C.
O'Halloran
Odin
Tidemand
AI News
Proposed Amendments to Appraisal Institute Bylaws &
Regulations Offer Associate Members New
Options
At
its November 7 meeting in
The
full text of the proposed changes is available on the "My Appraisal
Institute" page of the Appraisal Institute's Web site at www.appraisalinstitute.org.
(You will need to enter your username and password on the home page to
reach the "My Appraisal Institute" page.) If you have any comments on the
proposed changes, please contact your elected Directors and/or send your
comments via email to 45daynotice@appraisalinstitute.org.
Comments sent to this email address will be compiled for distribution to
the Board of Directors prior to the Board meeting.
AI
President Responds to
In
response to an op-ed piece in the Washington Post, the Appraisal
Institute reasserted that “the best way to determine current property
values is to utilize the services of qualified, local real estate
appraisal experts, particularly given current trends in neighborhood
property values” and not through the use of automated valuation
models.
Appraisal
Institute President R. Wayne Pugh, MAI wrote his letter to the editor in
response to “Rescued by Fannie Mae” (
While agreeing
with Woodward’s statement that knowing the value of the underlying
collateral is critical to solving the credit crisis and bringing certainty
back to the mortgage market, he said that AVMs suffer from “limited
usefulness in today’s declining markets, and in areas with diverse housing
stock” adding that a “field appraiser is best equipped to address the
local market and report on various elements discovered during a thorough
physical inspection.”
“No automated
valuation system has successfully replaced human property inspection and
analysis. By involving professional appraisers’ in collateral
determination, not only will accurate, thorough valuations result,
but also will cement the necessary comfort level for restoring
public confidence in the valuation process,” Pugh
wrote.
Contact the Appraisal Institute Relief Foundation to Make
Donations or Request Aid
In light of the recent
hurricanes – as well as the floods, earthquakes and tornadoes that hit the
Midwest and the fires that raged in California and Florida earlier this
year – the Appraisal Institute Relief Foundation’s Board of Directors is
requesting our support. Any amount is welcome and much appreciated. Or, if
your chapter has been affected by recent natural disasters, please contact
the Foundation to request aid.
Please forward your donation or
request for assistance to:
Appraisal Institute Relief
Foundation
c/o Marion Hanson
Appraisal Institute
550 W. Van Buren
Street, Suite 1000
Chicago, IL 60607
Ph: 312-335-4402
E-mail: relieffoundation@appraisalinstitute.org
Thank you for your consideration. For more information, visit the
Appraisal Institute Relief Foundation
page.
Continuing Education
Departing
from an emphasis on theory and mathematics, Supporting Capitalization
Rates focuses on practical ways to incorporate judgment and market
experience into the rate selection process. You’ll learn to apply what you
have learned about capitalization rates to real-world situations. In fact,
the theme of this seminar is that a well-supported capitalization rate
takes into account market activity, is tested for reasonableness, and
demonstrates the appraiser’s consideration of the relevant factors that
affect the property.
After attending this seminar, you will
be able to
- Explain
the source and application of capitalization rates.
- Recognize
the relevant factors that influence cap rates.
- Develop
and apply market-extracted cap rates.
- Recognize
common errors deriving and applying capitalization rates.
- Appreciate
how economic, market, and property characteristics can affect
capitalization rates.
- Understand
the considerations in the selection and support of the appropriate
capitalization rate for a specific property.
Event
Details:
Instructor:
Vincent M. Dowling, MAI, SRA
Attendance Hours:
7.0
Schedule: Registration begins at
Location: Universities at
Shady Grove, 9630
Registration
Fees:
$ 175.00 AIDC Member (by Nov. 4; $195.00 thereafter)
$
195.00 Non-Member (by Nov. 4; $215.00 thereafter)
Register
online at http://www.appraisalinstitute.org/education/more_info.aspx?id=10700.
This
one-day update course, copyrighted by The Appraisal Foundation, focuses on
recent changes to USPAP requirements for ethical behavior and competent
performance by appraisers. The course, which clarifies several commonly
misunderstood aspects of USPAP, will aid appraisers in all areas of
appraisal practice seeking updated competency in USPAP, including those
subject to state licensing or certification and continuing education
requirements imposed by professional organizations, client groups, or
employers.
Event Details:
Instructor: David C. Lennhoff, MAI,
SRA
Attendance Hours: 7.0
Schedule:
Registration begins at
Location:
Universities at Shady Grove,
Registration Fees:
$
175.00 Member (After Dec 02, 2008: $20.00 Member Late
Fee)
$
195.00 Regular (After Dec 02, 2008: $10.00 Regular Late
Fee)
Register online
at http://www.appraisalinstitute.org/education/add2cart.aspx?id=10838
NOTE:
The Appraiser Qualifications Board (AQB) of The Appraisal Foundation has
issued a statement that indicates effective
Be
sure to keep up to date on all training classes and seminars scheduled by
visiting our website at http://www.appraisalinstitutedc.org/index.html
Appraisal Institute – DC Metro
Chapter
c/o Mariner
Management -
301-924-1020