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What's it worth? ask an Appraisal Institute member.

Invest? Buy? Sell? Innumerable influences, conditions and issues come to bear on those decisions. But, in any real estate decision to invest, buy or sell--from million-SF trophy office building to private residence--one critical question in variably looms: What is it worth?

As lenders, government agencies, courts, corporations, investors and individual property owners have learned, accurately determining a property's worth requires experience, in-depth market intelligence and an objective, unbiased approach to real property appraisal and analysis.

In today's real estate market, professionalism, expertise, knowledge and integrity are at more of a premium than ever before. In a recent survey seeking information on the client-appraiser relationship, the majority of appraisal service users ranked quality (over and above, for example timing and fees) as the most important factor for both residential and commercial appraisals. With fewer than 15% of appraisers licensed and certified, obtaining the highest quality, most thorough and objective appraisals can be assured by seeking an appraiser with an Appraisal Institute designation.

As president of the Metro NY Chapter of the Appraisal Institute and an appraiser who holds an MAI designation, I am admittedly prejudiced in favor of our members' qualifications. But it is an intelligent bias, for I am well versed in the rigorous educational criteria, real-life experience and ethical requirements of obtaining an Appraisal Institute designation.

There are three designations, each representing a post-graduate level of achievement. Appraisers holding the MM designation are involved in valuation and evaluation of commercial, industrial, residential and other types of property and advise on real estate investment decisions. Those holding an SRPA designation are involved in the same valuation and evaluation as MAIs, excepting real estate investment The SRA designation is for valuation and evaluation of residential property.

There is a tendency to think of appraisers one-dimensionally -- as people who write reports for mortgages. But, based on their in-depth, unsurpassed knowledge of what is happening in the real estate market, professional appraisers are capable of contributing much more than the traditional market value appraisal product.

We are also, for example, accomplished in providing business valuation; counseling, consulting and management advice; arbitration and litigation preparation; expert witness and zoning testimony; absorption, cost and benefit, feasibility and market rent and market trend studies; operating expenses analysis; and tax assessment review and advice.

It is germane that the Metropolitan New York Chapter of the Appraisal Institute reflects the status, size and prominence of the New York real estate market by being one of the most outstanding chapters in the national organization, as well as one of the largest with nearly 600 members.

As president, I recently represented the Metro New York Chapter at the Appraisal Institute's national conference. There, I was honored to accept the prestigious Louise Lum Award, presented to most outstanding Appraisal Institute member in our nation, on behalf of Brian R Corcoran, MM, executive managing director, Cushman & Wakefield, Inc.

At the conference, I also participated as a panelist at a seminar exploring the impact of September 11th on New York City's real estate market. The aftermath of and recovery from the World Trade Center attacks, from a real estate perspective, will also be the subject of the Metro New York Chapter's Third Annual New York Conference, our first event of the fall season.

We expect "The Manhattan Skyline One Year Later" to be one of the most significant real estate events of 2002. To be held on Sept. 25 at the Waldorf Astoria, the program includes a luncheon address by former Mayor Ed Koch who will share his reflections of the city's past, present and future.

Following lunch, Cushman & Wakefield will moderate a panel of leading real estate developers who will share their insights about their notable new developments: Larry Silverstein, Silverstein Properties (7 World Trade Center); Steve Ross, Related Companies (Columbus Centre); David Greenbaum, Vomado Realty Trust (731 Lexington Ave. / Bloomberg headquarters); Bruce Ratner, Forest City Ratner (New York Times Building); Bill Rudin, Rudin Management Co. (3 Times Square/Reuters Building); Ed Minskoff, Edward J. Minskoff Equities, (270 Greenwich St.).

The real estate industry at large is invited to attend this and all other Appraisal Institute educational and networking events. We invite you to learn more about our Sept. 25 event and the Metro New York Chapter of the Appraisal Institute, by calling (212) 966-3710 or e-mailing to metronyai@aol.com.
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Article Details
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Author:Agnese, Ruth A.
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 7, 2002
Words:719
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