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Capital Update
March 11, 2019
Coming Education

March 25 - How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value

April 12 - 2019 Metro DC Appraisal Conference

May 8 - Trainee Development Workshop - Details to come.

June 6 - Ignorance Isn't Bliss:Understanding an Investigation by a State Appraiser Regulatory Board or Agency

July tbd - Potomac Boat Ride: Chapter Dinner - Details to come.

September 19-20 - Litigation Appraising: Specialized Topics and Applications

October 16 - IRS Summit - Details to come.

Nov tbd - Metro DC Zoning Update - Details to come.

December 5 - 7-Hour USPAP

December 6 - Business Practice & Ethics

Congratulations to Our New MAI!

Kimberly A. Lorenz, MAI, SRA
Area News

Real Estate Tax Stays Same Under Proposed Vienna Budget

Three new Virginia Beach apartment complexes on horizon

Amazon HQ2 in northern Virginia spurs real estate investment

Here are the top reasons why D.C. commercial and residential property owners appeal their assessments

Convene's New Deals Increase DC Footprint to More Than 200K

What Washington, D.C.'s progressive climate law means for commercial real estate

Maryland Judiciary to vacate 104,000-square-foot space in Annapolis office complex

Family Dollar, With 90 Maryland Stores, Closing Hundreds Of Sites

Property values endangered along coast due to sea level rise
Professional Standards and Guidance Committee Exposure Draft of Proposed Guide Note

The Board of Directors directed distribution of an Exposure Draft of a proposed Guide Note to Designated Members, Candidates, Practicing Affiliates and Affiliates for review and comment.  Click here to view proposed Guide Note. 

If you have any comments on the Exposure Draft, please send your comments via email to

Comments sent to this email address will be reviewed by the Professional Standards and Guidance Committee ("PSGC") and compiled for distribution to the Board of Directors. The deadline for submission of comments is April 15, 2019.
In this issue...

Henry J. Goodfriend, MCR, President of the Goodfriend Global Group and Global Lead, Real Estate Transactions, Corporate Global Real Estate for The Estee Lauder Companies will open the the 2019 Metro DC Appraisal Conference with the Local Effect of Global Economics. Globalization has impacted nearly every aspect of modern life, including the valuation of real estate. Goodfriend will share specific insights on how these macroeconomic issues and trends affect valuation at the microeconomic level.

A full program including regulatory, tax and area development updates as well as technology and sustainable value will fill the rest of the program. We'll close the day with a networking reception including tasty hors d'oeuvres and an open bar!

How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value

Highly-rated instructor Mark V. Smeltzer, MAI, SRA, AI-RRS will lead the Appraisal Institute's brand new seminar, How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value on Monday, March 25 in Rockville, MD. If you’re involved in the valuation of commercial real estate, it’s crucial to know how the terms of a lease affect value. This NEW seminar goes beyond methodology to explore how to measure a property rights adjustment, the theory underlying the use of a leasehold yield rate (YLH) to value the leasehold, as well as the application of a property rights adjustment in all three approaches to value.  

2019 Appraisers, Bankers and Developers Recap

Metro DC appraisers, bankers and developers gathered for a panel discussion around trends, issues and concerns driving development and financing in the area. The panelists were "cautiously optimistic" about the area economy and mixed about the future of AirBnB. Notable among the development trends cited was the millennial home buyers preference for a smaller, less demanding footprint (nix to living rooms, dining rooms, dens/offices) along with alternatives to car ownership (access to Metro, Uber, Lyft, etc). All agreed more communication would benefit the appraiser/banker/developer relationship.

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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