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The North Carolina Chapter of the Appraisal Institute is part of a global association and was chartered in 1957 under the predecessor organization, American Institute of Real Estate Appraisers.  Today, the NC Chapter has over 650 Designated Members, Candidates, Practicing Affiliates, and Affiliates across the state including over 300 of whom have achieved the MAI and/or SRA designations through the Appraisal Institute (www.AppraisalInstitute.org).   Every year, our Chapter hosts over a dozen educational offerings to real estate practitioners.  We meet four times a year in key cities across the state.  Our mission statement is "The mission of the chapter is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide."

 The Chapter is the largest in Region V and strives to provide superior AI benefits at the local level.  We are headquartered in the Piedmont Triad area of the state.

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NC Appraisal Institute Colleagues: 

Thank you for selecting me to serve as this year’s President of the NC Chapter of the Appraisal Institute.  I pledge to serve our members/chapter professionals to the best of my abilities. 

In the past few months, many of you have told me that business is slow and fees are low.  Seems that we appraisers are busiest when the economy is blazing or when it’s spiraling downward.  The in-between times are tough and it seems that most of us are at that point now.  A mentor of mine once told me back in the late 1980s that he knew the economy was ready for growth when his business was at its worst.  And it turned out he was right.  Things got a lot better in the next few years. 

I’m optimistic that we are now poised for growth like we were back then.  But, even in the slow times, our chapter is working hard to serve you, NCAI Chapter Professionals.  We have some significant events and programs that are worth noting this year.  The first is the Real Estate Valuation Conference (REVC) that was just held this past April 2nd at the Embassy Suites Hotel in Cary, North Carolina.  Speakers from the Federal Reserve, NC State University, Avison Young, CBRE, NAI Carolantic, Apartment REP, Strata Solar, and the M.O.R.E. Report gave us insight into the national and local economies, as well as reports on occupancy and rental rate data for specific property types in the state.  Thanks to those of you who attended.  We will be putting on the next REVC in April 2015 in the Charlotte area, so be sure to register early for that event. 

The second thing we are providing our chapter professionals this year is the NCAI Investment Survey, with data provided by our members, to be used by our chapter professionals and clients.  Overall rates, reversion rates, yield rates, and sale prices per square foot or per unit were reported for five regions of the state (Triangle, Charlotte, Triad, Western, and Coastal) for the following property types: Apartments (high-rise and garden style); Industrial (flex/R&D and warehouse); Office (CBD, suburban, and medical); and Retail (shopping center and single-tenant NNN).  This is the first time any AI chapter has developed a real estate investment survey and we’re proud of it.  If you attended this year’s REVC, you should have received an email from Nancy with a link to a PDF copy of the survey.  Please use the survey and reference the NCAI Investment Survey in your reports as additional support for investment rates. 

We are putting a new twist to working AI’s C4D (Candidate for Designation) program here in North Carolina.  Sheri Colvin, MAI and her team are scheduling mixers for Candidates and Candidate Advisors to be held in conjunction with branch chapter and other area meetings across the state.  If you are a Candidate or an Advisor, please plan to attend these mixers. 

Last, but not least, we are developing another “first ever” for our chapter and AI, the Evaluation Appraisal Seminar, to be held in conjunction with our Fall 2014 meeting in Greensboro on October 24th .  The seminar is designed to give appraisers the knowledge and tools to develop an evaluation assignment for bank clients.  Already on board are speakers with the FDIC and the NC Appraisal Board.  We look forward to having you attend and we anticipate this seminar will sell out fast, so register just as soon as we send out the notice for it. 

We have several other fine educational offerings planned for the year.  Please visit our website at www.ncappraisalinstitute.org for more of the latest information and schedules. 

Thank you for your continued support of the Appraisal Institute and for our North Carolina Chapter.  If I can be of further service to you this year, please contact me at your earliest convenience.  And please step up and get involved with the branch chapters or the state chapter.  We are always looking for good volunteers. 

Thanks and have a great 2014!

Respectfully submitted,
E. Cody Jetton, MAI
2014 President, NCAI



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