Meeting Summary

Meeting Summary - May 4, 2015

 

SPEAKER               Rotarian Gerry Gehlen - Vocational

Thanker:                  Rotarian Dick Vokins

 

Today the membership heard from one of their own, Rotarian Gerry Gehlen, who came a brief overview of his Vocational on Appraising 101.  Appraising is the art/science of estimating the value of identified rights in real property and Gerry spoke on the many facets of  'Appraisal' and gave a comprehensive review of the following:

Real Estate - Physical, land and attachments

Real Property - Interest, benefits and rights inherent in the ownership of physical real estate - bundle of rights (use, lease, give away, mortgage, do nothing)

Property Interests - included Economic, Legal, Physical, Financial

Powers of Government that are associated with these interests are Taxation, Expropriation, Police Power and Escheat (reverting of property to government)

Types of Value - Market, Usage (value for its specific use)

Forces That Influence Value -  Social, Economic, Government controls, Environment, Climate (natural barrier, contaminants), Assessed, Total Assets of a business, Cost (replacement/reproduction)

Uses of Appraisals - Financing, Tax Matters, Litigation, Consulting

Depreciation - Physical, Functional, Economic

Benchmarks - Land value; New builds, Speculation property, price range and services

Methods of Determining Value - Cost, Direct comparison approach, Income Approach

Unique Issues - Cost vs 'market' value, Land value adjacent to special us, Lease implication, Surface leases

 

AUCTION GIFT - donated by Jackie Dearden and won by Mike 'Lucky' Sidoryk

 

THANK YOU - to the many Rotarians who worked at the Lobsterfest on May 2nd, making it another successful Rotary event.

 

STG-AT-ARMS - Tag team today with Robin Acton and Jason Whiting helping to raise some money from both sides of the room.

 

SPEAKER - Next week is Nekky Jamal, a local dentist who volunteers dental service in Central and South American as well as being instrumental in providing clean water to various communities in that region..

 

That's all for today and  'May the Fourth be With You'

Pat