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Capital Update
November 12, 2014
Coming Education & Events

December 4 - AIMD Holiday Dinner - Ellicott City, MD Click here for details.

December 11 - 7-Hour National USPAP Update Course – Rockville, MD Click here for details.

December 12 - Business Practices & Ethics – Rockville, MD Click here for details.
Area News

The 1,700+ Residential Units Coming to Downtown Bethesda

Housing is waking up to a new hangover

A new record: PNC Place sells for $1,075 a square foot

Numbers don't lie: Virginia commercial real estate is hurting

How does Fairfax County EDA measure up?

Supervisors Approve Arcola Center Changes

Loudoun developments to keep an eye on for 2014
In this issue...
IRS Summit ReCap

Nearly 160 professionals from the real estate valuation community came together on Tuesday, October 21 at the Grand Hyatt in Washington, DC to explore:
  • Cutting edge tax and valuation expertise and training
  • Current tax issues relevant to the appraisal profession
  • Dealing with the IRS in the current regulatory environment
  • What the IRS is looking for in valuations in support of tax matters
  • Recent Tax Court rulings and their impact on valuation
  • Penalties that can be levied by the IRS and how to avoid them

Here are just a few of the comments from attendees:

  • "Class-A event!"
  • "Throughout, all the examples of “real-life” cases and their outcomes were riveting."
  • "There were many, many good things to come out of this one!  I loved how the experts disagreed and I loved seeing how the IRS' people were everyday folk,  a little automated, but e-v-e-r-y-d-a-y.   I don't know how you could have found some better Judges to come and comment. I sure will be more diligent with my next fractional interest write-up!"
  • "The partial interest discounting segment seemed outside my immediate realm, but as I listened, I realized that I have been involved in complex estate valuations where I had to estimate discounts for partial interests and I should keep up with the theory and methodology required for those assignments...I enjoyed the Valuation Summit very much and thought it was money well spent."
  • "The best take-away was the panel with both tax court judges.  It gave insight to areas of valuation that few appraisers ever get the opportunity to experience."
  • "I loved Ross Nager’s definition of fair market value: The value agreed to by an unwilling IRS agent and an unwilling taxpayer representative, neither of whom have ever bought or sold anything of substantial value, and both being under compulsion to settle the case."
Click here to view the program, handouts & photos

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Real Estate Market Update - November 6

60 members of the appraisal community convened for an update on the economic outlook for real estate in the Metro DC area for 2015 and beyond. The program offered an overall economic review as well as individual reports for commercial finance, retail and office segments of the real estate market. Presenters addressed current inventory, projected supply and demand and investment dynamics for each market segment. Click the links below to see each presenter's slide deck.

Nathan Edwards – Director of Research, Cassidy Turley – General Economic Outlook
William Rich – Senior Vice President, Delta Associates – Multi-Family/Condo Market
R. William Kent – Executive Vice President, CB Richard Ellis – Retail Market
Bill Prutting – Managing Director - Capital Markets, Jones Lang Lasalle – Office Market

The chapter meeting which followed AIDC President, Tom Shields, MAI recognized several newly designated members.

John Fischer, MAI AI-GRS

Joseph E. Nassau, MAI

Casey Burns, MAI

James A. Ruffner, MAI

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Online Education: Learn at your own pace anytime, anywhere. Top-notch Appraisal Institute courses and seminars come straight to your desktop with online education! Learn from any computer anywhere, whenever you have time. It’s easy, convenient and a great way to get the education you want. Check out the current course listing now!

Our mailing address is:
Washington DC Metro Area Chapter of the Appraisal Institute
c/o Mariner Management
11804 Bare Sky Lane
Columbia, MD 21044

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