By Eric Haims, MAI,
Metropolitan New York Chapter of the Appraisal Institute
From Main Street to Wall Street, the ripple effects of the residential and commercial mortgage meltdown were profound.
New York City, though severely affected, notably by the collapse of CMBS, meltdowns and bankruptcies of financial institutions and the resultant tight reigns placed on commercial real estate lending, was insulated by its status as a world class, global epicenter for business and tourism.
As early as 2009, New York City began to rebound, such that today’s real estate market bears little resemblance to that of only a few years ago.
Throughout the boom, the bust and recovery, professional appraisers continued to answer the all-important question “What is it worth?” for the purposes of property acquisition, sale, disposition and financing.
Never in recent history, especially when adding the devastating destruction wrought by Superstorm Sandy to the recovering market, has answering that question been as formidable a task.
Members of the Appraisal Institute, a global organization and world leader in appraisal education, many of whom hold designations requiring in-depth experience and extensive study and testing, are well equipped to weather any and all market conditions.
Appraisal Institute members are among the most respected and qualified among appraisers and remain the first choice for clients seeking real estate solutions at the highest levels of experience, education and excellence.
The Appraisal Institute moves with the times, especially when those times are as complex and challenging as recent years.
What, for example, was once new, if not a novelty, in real estate — green and sustainable buildings — have now begun to become the norm.
In its mission to advance professionalism, methodologies and practices, the Appraisal Institute is meeting the need for green valuation education with its Valuation of Sustainable Buildings Professional Development Program.
The program focuses on the evolution of green buildings, the concept of sustainability and the principles, practices and components that distinguish sustainable vs. traditional buildings.
The goal of the Metropolitan New York Chapter, one of the largest within the Appraisal Institute, is to support and advance our members as the choice for real estate solutions and uphold standards of professional practice and ethics.
The majority of our members are real estate appraisers and property analysts who provide valuation services to lenders, property owners, government agencies, attorneys, accounting firms and financial planners.
If you are involved in valuation of property, you will benefit from an array of educational and advocacy programs offered by the Appraisal Institute as well as have the opportunity to earn prestigious designations.
Appraisers with Appraisal Institute designations have long been recognized by courts of law, government agencies, financial institutions and investors as marks of excellence in the field of real estate valuation and analysis.
Designations include the MAI designation, held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential, and other types of properties, and advise clients on real estate investment decisions; SRA designation, held by appraisers who are experienced in the analysis and valuation of residential real property; the AI-GRS designation, held by appraisers who are experienced in general appraisal review; and the AI-RRS designation, held by appraisers who are experienced in residential appraisal review.
Regardless of whether you are involved specifically in property valuation, commercial real estate professionals will find the Chapter’s programs to be of interest and value.
The Metropolitan New York Chapter’s Annual September Conference “East Side, West Side, All Around Midtown” on Monday, September 15, will feature expert panelists from various disciplines ranging from office development and leasing to zoning and urban planning and to preservationists. Hugh F. Kelly, Ph.D., CRE, Principal, Real Estate Economics and Clinical Associate Professor at NYU Schack Institute of Real Estate, will serve as luncheon keynote speaker.
Ken P. Wilson, MAI, SRA, 2014 National President of the Appraisal Institute, will be a featured speaker.
The September Conference will be held at Club 101, 101 Park Avenue, from 8:00 AM to 2:00 PM.
For further information on the conference and about the Metropolitan New York Chapter of the Appraisal Institute: www.aimetrony.com
Eric Haims is senior vice president at Jerome Haims Realty, Inc.