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Capital Update
November 2, 2015
In this issue...

Green Homes Sell for Premium

Otto Spence to Teach Advanced Income Cap

Bank Review Workshop

Coming Education

2016-17 USPAP is Now Available

Appraisal News

Leadership Resource Registry - Opportunities to Lead

Job Opportunities
Coming Education

November 17-18 - Two-Day Advanced Income Capitalization/A - Rockville, MD Click here for details.
November 19-20 - Two-Day Advanced Income Capitalization/B - Rockville, MD Click here for details.
December 3 - 7-Hour National USPAP Update Course – Rockville, MD Click here for details.
December 4 - Business Practices & Ethics – Rockville, MD Click here for details.

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2016-17 USPAP is Now Available!

The 2016-17 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available. Purchase your copy today by visiting the Foundation Store.

SPECIAL COMBO OFFER: Purchase both a print and electronic version of the 2016-17 USPAP for $99.
This special combo offer is valid until December 31, 2015 and available via online order only.

Click here to order online.

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Leadership Resource Registry - Opportunities to Lead
Gain leadership skills and experience by volunteering to serve at the local, regional or national level.
Click here for details.

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Appraisal News
Low inventory of homes driving bidding wars in Washington

Hogan to cut or eliminate 100 state fees (including appraiser licence fees)

Two in Maryland Sentenced for Appraisal Fraud

Apartment conversion planned for downtown Baltimore U.S. Appraisers' Stores building

VA Home Loan Changes: Cutting the Red Tape? Click here for more....

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Green Homes Sell for a Premium 
New study examining Washington, D.C. real estate market shows homebuyers are willing to pay a premium for green or high-performance homes.

Homebuyers are not only increasingly interested in high-performance homes, or homes incorporating green features, but they are also willing to pay more for them, according to a new study released today by the Institute for Market Transformation (IMT) and the District of Columbia’s Department of Energy and Environment (DOEE).  

"What is Green Worth? Unveiling High-Performance Home Premiums in Washington, D.C.," released by IMT and funded by the DOEE, finds that high-performance homes marketed with green features (such as a solar photovoltaic array or LEED certification) sell for a mean premium of 3.46 percent compared to homes without green features. 

“With American households spending around $230 billion each year on energy, the real estate market is beginning to recognize the true value of high-performance homes. Not only do these homes mean lower monthly energy bills for homeowners, but our prior research has also found that homeowners of energy-efficient homes are 32 percent less likely to default on their mortgages,” said IMT Executive Director Cliff Majersik. “This study further emphasizes the value of high-performance homes and showcases that home sellers, realtors, and appraisers who are not factoring in energy efficiency when selling a home are leaving money on the table. This is important not just in the District of Columbia, but across the United States.”

In pairing high-performance home sales with multiple non-high-performance home sales, the study also identified current barriers in the real estate transaction process that may be preventing home sellers from receiving the full market value of their high-performance homes. While the study’s comparisons and conclusions clearly demonstrate that homebuyers are willing to pay more for high-performance homes, the multiple listing service, or MLS, does not adequately collect and showcase data on green features. In addition, the market is in need of real estate professionals with knowledge of green building principles and practices in order to better market high-performance homes. 

“This study, one of the first of its kind, employed an appraiser-led technique to value green features in homes and it produced a credible set of quantifiable results” said Sandra Adomatis, SRA, LEED Green Associate, founder of Adomatis Appraisal Service and author of the report. “These findings are critical to support the growing movement to properly value high-performance homes.”

The full report is now available online at and

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Two Day Advanced Income Capitalization: Part A & Part B
On November 17-18 (Part A) and 19-20 (Part B), our extraordinary, top-rated instructor, William D. Otto Spence, MAI, AI-GRS will take you through topics covered in the first half (Part A) and second half (Part B) of the designation-track Advanced Income Capitalization course, but with a greater emphasis on the theoretical aspects of the material. Seasoned appraisers will find advanced topics that have not been covered in previous capitalization courses, along with new graphical ways to present analysis and conclusions. The courses feature a limited review of material covered in earlier income courses to maximize the time available for advanced topics.

Part A - November 17-18 (15 hours including optional 1 hour exam) topics are divided into four general areas:
  • Operating income issues, including complex lease structures, reimbursements, and tenant improvement allowances
  • Property valuation techniques, property taxes that are a function of market value, reversions, property model applications, and supporting the discount rate
  • Complex mortgage instruments
  • Case study applications of an office building
Part B - November 19-20 - (15 hours including optional 1 hour exam) topics include:
  • Equity valuation
  • Effects of leverage
  • Investor motivations, including measures and types of risk, measures of return, and income tax considerations
  • Case study applications of a subdivision and a proposed development with values that are prospective and subject to hypothetical conditions
Whether you attend one or both, Otto Spence is guaranteed to keep you engaged throughout.
Click the links below for full details and registration.
Register for both and save!

Classes will be held at the Greater Capital Area Association of Realtors in Rockville, MD.

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Bank Review Workshop: ReCap

Appraisers from the metro DC area gathered in Calverton, MD appraisers to hear Adam A. Alessi, MAI, MRICS, Chief Appraisal and Environmental Risk Officer, First Niagara Bank, N.A. provide an overview of critical issues in the bank review process followed by a lively panel discussion and Q&A with the audience. Click here for the recap and handouts.

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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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