Written by Patricia Kirk
While new office construction has been robust so far in 2018, next year developers might begin pulling back, according to David Bitner, head of Americas capital markets research with real estate services firm Cushman & Wakefield. He cites rising construction costs, concerns about the end of the real estate cycle and zoning issues as the reasons.
Craig M. Harrington, SRA, AI-RRS, of Prior Lake, Minnesota; and Leslie P. Sellers, MAI, SRA, AI-GRS, of Clinton, Tennessee, were honored Tuesday with the Appraisal Institute’s Lifetime Achievement Award and Timothy P. Runde, MAI, of San Francisco, was named the recipient of the Outstanding Service Award during the Appraisal Institute Annual Conference in Nashville, Tennessee.
Two individuals also were announced as winners of the annual President’s Award from the Appraisal Institute, the nation’s largest professional association of real estate appraisers with nearly 18,000 professionals in almost 50 countries. Additionally, eight individuals were honored by the Appraisal Institute Education and Relief Foundation, the Appraisal Institute’s charitable organization that offers education scholarships and disaster assistance to appraisers.
NASHVILLE, Tennessee (July 30, 2018) – More than 550 real estate professionals from around the world today attended the opening session of the valuation profession’s most important annual event, hosted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.
The 2018 Appraisal Institute Annual Conference, being held at the downtown JW Marriott Nashville today through Wednesday, features world-renowned keynote speakers, nearly 30 breakout sessions on trend-setting valuation topics, networking opportunities for industry professionals, an exhibit hall featuring cutting-edge products and services, and an awards ceremony honoring the valuation profession’s best and brightest.
Written by Michael Tucker
Commercial real estate asset prices have "plateaued" and transaction volume has moderated as the real estate cycle matures, reported Green Street Advisors, Newport Beach, Calif., and CoStar, Washington, D.C.
Some Fed districts reported moderate improvements in the residential real estate sector, but their reports on commercial activity revealed largely stagnant conditions, the Federal Reserve reported July 18 in its newest Beige Book.
Congratulations to NCAI member Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, who was presented with the Appraisal Institute President’s Award today at the Institute’s National Meetings in Nashville! Scott was the President of the Appraisal Institute in 2016 and has been integral to the success of the organization at the state, national, and global levels before, during, and after his Presidency. Scott has chaired multiple committees at the national level and continues his service to the organization by leading the CEO search. The North Carolina Chapter is proud of Scott and his many accomplishments!
Written by Kelsey Ramirez
Last Wednesday, Federal Reserve Chair Jerome Powell had his second hearing this week, this time before the House Committee on Financial Services for his semi-annual monetary policy report.
The Appraisal Institute today announced its opposition to proposed federal legislation that would reduce the requirements for appraisals in major Small Business Administration loan programs.
The Appraisal Institute objects to the provisions of H.R. 6347, the 7(a) Real Estate Appraisal Harmonization Act, and H.R. 6348, the Small Business Access to Capital and Efficiency Act, both of which would adjust upward the real estate appraisal thresholds for SBA loan programs. An appraisal threshold is the amount of a real estate transaction above which an appraisal is required.
Written by Ben Lane
We’ve known that the rent may be too high for quite a while now, but a new report shows that rent has never been this high before.
The Appraisal Institute has posted new videos to its YouTube channel.
You can see the related blog posts on AI’s “Opinions of Value” blog.
A stronger economy, wage growth and an improving job market are expected to march home sales and prices higher in 2018, but low supply and weakening affordability will tamper the rate of increases, according to speakers at a residential real estate forum during the 2018 REALTORS® Legislative Meetings & Trade Expo.
Lawrence Yun, chief economist of the National Association of Realtors®, presented his 2018 midyear forecast and said despite headwinds a moderate and multiyear increase in home sales is likely ahead. After accelerating 3.8 percent in 2016, existing home sales rose only 1.1 percent to 5.5 million in 2017 and are forecast to finish 2018 at a pace of around 5.6 million (up 1.8 percent). He projects 5.7 million sales for 2019.
NCAI remains committed to keeping you informed of recent legal issues affecting the appraisal industry in North Carolina. The NC Court of Appeals issued a decision this week that may impact appraisers and their clients. According to David Ferrell, our legislative consultant, the case is about the potential liability of a bank for providing an inaccurate appraisal value to its borrower in connection with a residential loan. The Court ultimately ruled that the borrower’s complaint failed to sufficiently plead a contractual duty owed to him by the bank with regard to the appraisal – so the Court upheld the trial court’s dismissal of the case.
Click here to view a copy of the court opinion. We will also have a copy on our website for future reference. NCAI will continue to keep track of these issues.Congratulations to our newest designees:
The North Carolina Chapter of the Appraisal Institute (NCAI) is pleased to announce our new partnership with TH Mgmt., Inc. The Executive Committee and the Board of Directors are confident that this exciting organizational change will help us further the mission of the Chapter and stay true to the professional growth of our members.
TH Mgmt., Inc. is a full-service, accredited association management company and has delivered high-quality management to professional associations like ours since 1991. Among their clients are the Charlotte Region Commercial Board of REALTORS® (CRCBR), Urban Land Institute (ULI) of Charlotte, National Association for Industrial and Office Parks (NAIOP) of Charlotte, and CoreNet Carolinas. Their professionalism, experience, and marketing prowess were major factors to which the Chapter leadership was drawn.
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today released a guide to complete and use the organization’s “Residential Green and Energy Efficient Addendum.”
This guide helps appraisers, real estate agents, energy and green raters, lenders, builders, the secondary mortgage market and sustainability organizations understand how each section of the addendum applies to valuation and marketing of the property.
