Elliott & Company Appraisers

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January 2003	A Publication of ELLIOTT® & Company Appraisers

ELLIOTTŽ & Company Appraisers Posts Record Year in 2002

The management of ELLIOTTŽ & Company Appraisers, Inc. announced that the company significantly increased its business during the 2002 calendar year. The number of appraisal orders during the period increased by 70% while dollar revenue increased by 61% over the same period in 2001. ELLIOTTŽ & Company Appraisers has 11 offices and provides appraisal service in all 50 states in the United States. The company has a client base in excess of 4,400 clients and a national network of over 1,200 appraisers. It is headquartered in Greensboro, NC, and specializes in providing appraisals anywhere in the United States.


2002 Should Be Best Year Ever for Home Sales

Low mortgage rates led to high home-sales totals in 2002. The U.S. Department of Commerce reported that new home sales in November 2002 were the highest monthly level on record. New single-family home sales reached a seasonally adjusted rate of 1.07 million, up 5.7% from October. The National Association of REALTORSŽ reported that sales of existing homes in November 2002 to be seasonally adjusted annual rate of 5.6 million houses, down 3.5% from October. This report also expected a record year in house sales. The national median price for an existing home in November was reported to be $161,4000, 9.7% higher than it was in November 2001.

ELLIOTTŽ & Company Appraisers to Host Seminar

For the eighth consecutive year, ELLIOTTŽ & Company Appraisers will host a continuing education seminar. The next seminar, which we have entitled "The Appraisal Smorgasbord: Food for the Appraisal Mind," will run March 20-21 at Greater Greensboro Board of REALTORSŽ conference facility, 23 Oak Branch Drive in Greensboro, NC.

Joseph Durrer, MAI, SRA, of Roanoke, VA, will conduct the 14-hour course. Mr. Durrer has served as Chairman of the Virginia Real Estate Board and President of the Virginia Association of Real Estate Appraisers during his illustrious five-decade career and is widely respected as an author and instructor in this profession. His entertaining, as well as professional, style of teaching has made him popular with appraisers at our past seminars.

This year the subjects being covered are (1) sales comparison grid, (2) the cost approach with a special look at depreciation, (3) the appraisal of transitional properties and (4) how to avoid litigation pitfalls. The seminar is expected to draw appraisers from all over North Carolina, South Carolina, Virginia and Tennessee.

Regional Report

A South Carolina law that took effect January 1 required home sellers to complete a 24-question disclosure about the property for sale. The new law applies to all residential real estate except newly constructed homes .... Vacant real estate in Washington, D.C., is being charged $5 per $100 of assessed value in municipal property tax as of January 1. The capital city charges 96 cents per $100 dollars assessed value for occupied residential properties and $1.85 per $100 for other real estate.

Quotes of Wisdom and Wit

He who will not apply new remedies must expect new evils. -Sir Francis Bacon

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause that stock to be misappraised. - Warren Buffett

Luck is the time when preparation and opportunity meet. -Roy Chapin

The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty. -Winston Churchill

ELLIOTTŽ & Company Appraisers currently offers appraisal service throughout all 50 of the United States. Clients are encouraged to place orders directly to any office local to properties to be appraised or to the central office for assignment.

Orders may be placed via telephone, fax or through the company's Web site. All Internet orders will be processed through the central office.

Some Offices Are Independently Owned and Operated

3316-A Battleground Avenue
Greensboro, NC 27410




Contact Us
Newsletter Editor: kevin@elliottco.com	Web Site: www.appraisalsanywhere.com