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June
Meeting Program
Restoring Value
To Inner City
Properties & Neighborhoods |
Presented
by Louise Torio |
When:
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Tuesday, May 18, 2004 |
Where:
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Monterey Whaling Co.
Private Room - Hilton Mission Valley
901 Camino Del Rio South
(619) 543-9000 |
Directions:
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Interstate 8 to the Mission Center exit, Mission Center
south to Camino Del Rio South, west to Hilton Mission Valley |
Schedule:
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5:00 pm - Board Meeting
5:45 pm - Dinner
7:00 pm - Program |
Cost:
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$20 includes dinner & program |
Menu:
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Choose from a special menu.
Vegetarian meals are available from the restaurant. Just
make a note of your request when you make your reservation
24 hours in advance. |
RSVP:
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Georgie Stillman
(619) 563-9000 |
|
You are not here
merely to make a living. You are here in order to enable the
world to live more amply, with greater vision,
with a finer spirit of hope and achievement. You are here to
enrich the world, and you impoverish yourself if you forget
the errand. - Woodrow Wilson |
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June Program Notes
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Encouraging
Appreciation, Reaping the Rewards |
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| Flight
to the suburbs left many downtown neighborhoods in dismal disrepair – lovely
old homes decayed, became cheap rentals, schools looked like
prisons, asphalt jungles with weed outcroppings, and property
values plummeted. But sometime in the 1970’s things began
to turnaround, and a few courageous pioneers ventured back into
the inner city neighborhoods, restoring the old homes and the
communities around them. Now properties that once sold for $100,000’s
sell for millions. |
| Louise
Torio is a community leader in neighborhood revitalization.
Not only did she restore a Victorian cottage
in the Sherman Heights Historic District (near Petco Park),
but she worked to organize her community to promote neighborhood
improvements. In 2000 Louise was honored
with a “40 Under 40 Making A Difference in San Diego” award
from San Diego Metropolitan Magazine for her work in historic
preservation throughout the San Diego Region. |
|
 |
In
2003 she received the Award of Honor from the Congress of History
for her contributions to preservation and development and in
April this year she and her neighborhood revitalization team
received a Proclamation from the San Diego City Council for their
efforts. This month she received an American Planners Association
award for community advocacy. |
|
| Through
her business, Historic San Diego Marketing & Consulting, Louise
organizes community events and home tours that have raised tens of
thousands of dollars for local preservation groups. As a Mills Act
advocate, Louise is a believer that this property tax reduction incentive
can turn unpopular old housing stock into beautiful, desirable historic
districts. She presents seminars on the Mills Act to city planning
groups and councils around the county. |
For
many years Louise was an account executive at major Manhattan advertising
agencies before moving to San Diego in 1994. A passionate preservationist
and a lover of history, Louise uses her marketing skills to inspire
people and governments in San Diego County to appreciate and restore
their inner-city neighborhoods. The rise
in property values through community revitalization interests
those of
us who value assets such as businesses and residential properties
in an inner city area, but it will also appeal to all who value
their older neighborhoods and the history they represent. |
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Member
Spotlight
|
| Kim Ufford,
AM, Business Valuation |
|
|
Kim Ufford is a shareholder in
Levitz, Zacks & Ciceric, Certified Public
Accountants, a long-established and highly regarded San Diego
institution, where he leads their appraisal department. Kim
says his practice is currently centered on three areas of business
valuation: Family Limited Partnerships (for estate planning purposes);
Corporate Shareholder Transactions (shareholder buyouts or transfers
to key employees); and S Corporation Elections.
Kim graduated from the University of Minnesota, and spent 7 ½ years
working for Coopers & Lybrand, a big-8 accounting firm, prior
to moving to San Diego to combine the fun of rollerblading and
beach days with professional practice. He has served the San
Diego ASA Chapter for 4 years as an Officer and has just been
elected for his 5th term. |
Kim has a twinkle in his eye,
a relaxed, friendly manner, and is always ready to help with
Chapter business. (He has only missed
one meeting – tax time pressure at work - in 5 years!).
Kim says he enjoys the arts & antiques programs offered by
the Chapter and thinks he is getting the inside scoop on how
to collect the ‘right stuff’ to enjoy in his leisure
time from the business world.
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President's
Message
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Greetings!
The sixtieth commemoration of D-Day, and the passing of President Ronald
Reagan, have given us all the opportunity to reflect upon the painfully
high price of freedom. Unquantifiable sacrifices were made by so many men
and women who served to preserve the freedom of our nation, and to liberate
other less fortunate countries. What a blessing it is to be an American!
|
Congratulations to the newly elected San Diego Chapter Officers, who will be sworn into office at our June 15th meeting. The experience and enthusiasm of Georgie Stillman, George LeBaron, Kim Ufford, Pamela Bensoussan, and Joe Ellen Cole will provide superb continuity in the leadership of our chapter.
I greatly appreciate the magnificent support and professional excellence of the
San Diego Chapter Board members, who have served with me during the 2003-2004
term: Georgie Stillman, Kim Ufford, Peter Butler, Pamela Bensoussan, and Winslow
Garnier. In addition are other tireless volunteers such as George LeBaron, and
our two Newsletter Editors, Margy Ashby and Jan Giamanco. Heartfelt thanks to
all of you for your service to the San Diego Chapter!
I look forward to seeing you all on June 15th!
Best Regards,
Paul Golubovs, MBA, ASA
|
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Georgie's
Corner
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| Go The Final Mile |
 |
|
Do you ever experience a big huge surprise in your appraisal
work? Make an assumption based on past experience, and find
out you are dead wrong? I do. And not infrequently. It is
why I always check market comps before I finish an appraisal,
even for things I think I know all about. I am sometimes
terrifically amazed. One such situation arose in an estate
appraisal I was working on a week ago, in a house in a fine
old San Diego neighborhood where Kate Sessions, the famous
Balboa Park landscape genius, had her last home and garden.
There sat a little Tiffany bronze inkwell, in the butterfly
pattern, with a broken gold favrile insert, and lacking another
piece, the lid that fits into the insert. I thought ‘oh
well’, nothing much here, the insert is broken, no
lid. The average ‘local market estate sale’ price
for a Tiffany desk set inkwell, even with the insert intact,
isn’t much more than $400 - $450. There were some challenges
in the estate, so I concentrated on them. Right before I
finished up the appraisal I thought I should check out the
inkwell, just to be careful.
|
$1500
Tiffany Inkwell |
One of my Tiffany reference
books showed it, along with 17 other inkwells, in a group
photo. I went online to Artfact.com and did a search. Ye
gods! About a page & a half into the comps I spot a Tiffany
butterfly inkwell, just like ‘mine’, but with
a blue favrile insert, and the lid, in perfect condition,
that made $17, 925 at a Doyle NY sale on February 25, 2004!
After I got up from the floor, I checked the Maine Antique
Digest site, to learn about the sale, and found that it was
the sale of a famous Tiffany collector, one of the most important
sales of Tiffany objects to take place in memory. Then I
made some phone calls to dealers I trust in Manhattan to
get the background story on the inkwell. Turns out they were
all dumbfounded at the sale prices, and said the prices were
way over market, and they didn’t expect them to be
repeated. |
| So back to checking more comps
for other past sales for similar inkwells, turning up a $1500
range for a perfect similar object. I ended up with a value
of about $1,000 for my example, “as is”, in the
local market, and maybe more if offered in a New York sale,
and fully annotated my market analysis for this item, explaining
that condition, the presence of the lid, rarity of the blue
favrile color, provenance and ‘auction fever’ had
made this sale an inappropriate comparable, in my opinion.
Can you imagine the embarrassment I would have suffered if
I hadn’t checked out this Tiffany piece, and my client
stumbled on the $17,925 sale. |
$17,
975 Tiffany Inkwell |
| Maybe you don’t suffer
these ‘near disasters’. Maybe I’m lazy
and have to push to go the ‘final mile’ as I
am finishing up my work. But I never regret doing my ‘due
diligence’ and checking those items, even if I think
I know something. |
Wishing you all the best, Georgie Stillman, ASA |
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Member
Advancement, Application Notices & Transfers
|
| Welcome
To New Candidate |
| Greg
Tesone , Business Valuation, ValueNomics,
San Diego |
|
Course Notices |
| In conjunction
with the San Diego Museum of Art, Balboa Park, exhibition Saint
Peter & The Vatican, (May 15 – September
6, 2004)
the following two courses are being offered: |
|
| Princely
Patrons: The Popes as Builders & Patrons of Art in Rome,
1420 – 1870, Wednesday evenings,
July 14 – August 18, 5:30 – 8:00 p.m. James Grebl,
Ph.D., Instructor. |
The Roman Renaissance & The
Papal Court, Tuesday evenings, July
6 –27, 6:00 – 8:15 p.m. James Grebl, Ph.D., Instructor.
(USCD credit course). |
Dr. Grebl’s specialization is in Classical, Renaissance & Pre-Columbian
Art, and he is a wonderful guide to the current exhibit. To register,
call the San Diego Museum of Art at 619-231-1996. |
 |
Special
Note
Several
courses and seminars are being offered in and around the July,
2004 International Appraisal Conference in Kansas City.
Many are listed below. For details, please visit the Conference
website. For registration & informational links, visit the ASA
International site.
|
The Prairie
Print Makers
A full day of lectures and hands-on experience with prints of this important
artist group, will be presented by distinguished museum experts. Sponsored
by the ASA Personal Property Committee, it immediately follows the ASA
International Conference.
Kansas City - July 29
Contact Fran Zeman, ASA, Franzasa@aol.com,
for information. |
Expert Testifying
Skills & Report Writing
Kansas City - July 25
Seminar hosted by G & J Discipline.
For more information, please contact David Bowie,
858-578-8840,
Email. |
Business
Valuation
BV201N - Introduction to Business Valuation - Introduction of
business valuation theory, research methodology, economic and industry analysis,
asset approach, intangible assets and special introductory topics.
Kansas City - July
25 - 28
|
BV202N — The
Income Approach - Intermediate level seminar that addresses
Ibbotson variables-review and challenges; invested capital and
equity approaches; CAPM, beta, Hamada model; capitalization methodologies;
discounted methodologies; S Corp taxation in the post'"Gross" world;
and discounts and premiums.
Kansas City - July
25 - 28 |
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If you are involved in a community activity,
special event or interesting assignment,
or know of courses being offered, please let us know.
Contact Georgie Stillman, ASA
619-563-9000 -
Email
. |
Job
Opportunities
|
Please check out
the ASA
International Website's Job Bank in the Members Only area. (If
you are a member and don't yet have a login ID or password, a
button to register for one is available on the entry page.)
|
If
you have information about local appraisal jobs that you would
like posted in our newsletter,
please contact Georgie - 619-563-9000 -
Email |
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ASA
San Diego Website Update
Make Your Membership Work for You
!
|
The Chapter website (www.sandiegoappraiser.org) has been
up and running for several months now. After giving a period
of time to ‘get things right’ I have now asked
that ASA International ‘mirror’ our site at the
International HQ site. I have been told this will happen
soon.
|
| To make the website a successful
marketing tool, bringing new business to you and making “ASA & AM” the
designation of choice among San Diego Region prospective clients,
please add the ASA website address to your letterhead & email
correspondence. Your Board is considering taking an add in the
local attorneys magazine to publicize our ASA San Diego website,
but the most effective marketing tool is your use of it in your
marketing and correspondence. We built this website with our
Chapter money, your membership money, and so let’s all
make the best use of it possible. |
| Georgie Stillman, ASA |
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Your
Contact Information
|
Since the majority
of our communications are via email and we encourage contact
through the website, it's
very important
that
you
keep us informed of any changes to your contact information.
Should your email address, phone, fax, or physical address
change, please contact our Executive Administrator, Jan Giamanco
- 619-583-2047 -
Email
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Election
of Officers
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On behalf of the Nomination Committee, I would
like to thank the nominees for their willingness to serve the San
Diego Chapter of the ASA in these leadership positions. The outcome
of the election is as follows.
|
|
President - Georgie Stillman ASA
1st VP - George LeBaron ASA
2nd VP - Kim Ufford AM
Treasurer - Pamela Bensoussan ASA
Secretary - Jo Ellen Cole Candidate
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Although the voter turnout was low
(19 ballots submitted*), the results were unanimous. Any member
wishing to see an exact tally of votes may do so by contacting
our Election Administrator, Jan Giamanco, 619-583-2047. All ballots
submitted via email through the secure, online ballot have been
retained electronically and mailed/faxed ballots are on file.
Sincerely,
J. R. Westfall,
Chairman of the Nomination Committee |
| * Editorial note: This is an increase
in participation over last year's election with 15 responses. |
|
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Summer
ASA Meeting Schedule
|
The San Diego ASA
Chapter is ‘dark’ for the months
of July & August. No regular monthly dinner meetings
are held during this time. We do traditionally have a fun summer
get together. In the past it was also titled an “Organizational
Meeting” – but it is really just for fun. “Stay
Tuned at this Spot” for further notice!
Chapter business will still be conducted, with applications
for candidates and advancements being processed as usual, and
one or two Newsletters will be coming your way, along with
reminders to check the website regularly. |
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About
the ASA San Diego Chapter
|
For details about the ASA San Diego Chapter,
contact information for Chapter Officers or to locate/contact an
ASA designated appraiser to meet your needs, please visit our web
site at SanDiegoAppraiser.org or
call our toll-free number, 1-877-998-VALU (8258).
|
Chapter
Governing Board
|
President |
Paul Golubovs, ASA |
858-578-5540
|
858-578-5548 (fax) |
1st Vice President |
Peter J. Butler, ASA
|
858-484-2497 |
|
2nd Vice President |
Kim Ufford, AM |
619-238-1077
|
619-696-8614 (fax) |
Secretary |
Winslow Garnier, Candidate |
858-748-2468
|
858-679-7183 (fax) |
Treasurer |
Pamela Bensoussan, ASA |
619-420-7782
|
619-420-7788 (fax) |
Immediate Past President |
Randall H. Blaesi, ASA |
619-804-0434
|
619-428-2221 (fax) |
Governor, Region
9 |
Lee Ackermann, ASA
|
626-301-9277 |
|
District Deputy
Director,
Region 9 |
Georgie M. Stillman, ASA |
619-563-9000
|
619-429-0737 (fax) |
|
About
this Newsletter
|
| This newsletter is published monthly
via email as a service to the ASA Members and the community it
serves. If you would like to receive this publication, please
contact Georgie Stillman - 619-563-9000 -
Email. |
| Newsletter Editor -
Georgie Stillman, ASA |
Newsletter Published by G-Force
Services |
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