REFA ADOPTS DIVERSITY AND INCLUSION POLICY

 

 

REFA Adopts Diversity and Inclusion Policy
GBREB NEWS

Massachusetts SJC Upholds Independent 3rd Party Appraisals

In September GBREB filed an Amicus Curiam , or “Friends the Court” brief in the case of Buffalo-Water, LLC V. Fidelity Real Estate Company LLC.  

In this case the two parties reached a contractual agreement on the purchase/sale of commercial property, with the price being established by a 3rd party appraiser. In this case, Buffalo Water did not like the number that the appraiser arrived at for the sale price and sought to extricate themselves from the transaction.

Under Massachusetts law, judicial review of an independent third party appraisal in a transaction like this was limited to cases of fraud, corruption, dishonesty or bad faith. This case is an attempt to create additional categories to discredit the third party appraisal and thwart a transaction.

The issue on appeal in this case  is whether we should modify this common-law rule and allow a judge to invalidate an appraisal intended by the parties to provide a final, binding valuation of a property where there is the appearance of bias, not on the part of the individual who conducted the appraisal, but on the part of the entity that employed the individual appraiser.

On November 26th,  the SJC concluded that the common-law rule established in Eliot v. Coulter, 322 Mass. 86, 91 (1947),  properly balances the need for fair valuations with the need for finality in the appraisal process, and that an appearance of bias alone is insufficient to invalidate an appraisal. Because the allegations in the complaint, if proved, do not warrant a finding of any violation of the agreements setting forth the terms of the appraisal, or a finding of fraud, corruption, dishonesty, or bad faith by the individual appraiser, or a finding of breach of the implied covenant of good faith and fair dealing by the defendant, the SJC affirmed the Superior Court judge's order allowing the defendant's motion to dismiss.

The Amicus Brief filed on behalf of the Greater Boston Real Estate Board states that the current law should be upheld and that no new categories or exceptions should be created judicially as that is best left to the Massachusetts Legislature.  The Massachusetts Supreme Judicial Court decision upheld GBREB's position.

 


 

Court Upholds Independent Appraisals

Only REFA puts you at the Center of it All. 

To view REFA's 30th Anniversary video, please click here

At The Center of it All

 

 

 

THANK YOU FOR SUPPORTING THE 30TH ANNUAL REFA GALA!

Thank you to all who joined us and helped to support this year's REFA Gala! It was a wonderful evening honoring both David Manfredi and Elizabeth Lowrey of Elkus Manfredi Architects with the Robert S. Swain Jr. Distinguished Service Award! In honoring David Manfredi and Elizabeth Lowrey, REFA presented its first design firm with the Robert S. Swain Jr. Distinguished Service Award. In addition, REFA formally unveiled its new brand, as well as recognized the past REFA Gala honorees as part of its 30th Anniversary Celebration.

To view photos from the event, please click here

To watch the full 2018 REFA Gala honoree video, please click here.

To visit the REFA Gala website and for more information regarding the Annual REFA Gala, please visit www.annualrefagala.com
Thank You For Supporting the 30th Annual REFA Gala!

Thank You For Supporting: REFA 2018 Charitable Golf & Tennis Tournament

On Monday, July 23rd, REFA held its 15th Annual Charitable Golf and Tennis Tournament benefiting both FamilyAid Boston and Rosie's Place, two organizations whose missions are to help end homelessness in Greater Boston. Over 130 golfers and tennis players joined us at Dedham Country & Polo Club for a great day on the course (and courts!), followed by the awards and dinner ceremony. 

For photos from the day, please visit the event site

Thank You For Supporting: REFA 2018 Golf and Tennis Tournament
GBREB NEWS

A real estate coalition made up of the Greater Boston Real Estate Board, Home Builders and Remodelers Association of Massachusetts, Massachusetts Association of Realtors®, NAIOP—The Commercial Real Estate Development Association, along with the Massachusetts Municipal Association announced today that they have issued a joint letter in support of An Act to promote housing choices. The groups have come together to back Governor Baker’s Housing Choice legislation because of the lack of housing available to meet current and future demand. 

 

 

Real Estate Coalition and muncipalities Join to support Baker housing bill
REFA Membership Discount

REFA's 30th Anniversary! 

Formed in 1988, REFA currently has 600 members, 90+ corporate sponsors, and last year hosted over 30 educational and networking events

The success and survival of the organization would not be possible without the contributions of REFA's sponsors and members. We at REFA would like to acknowledge our members and 90+ corporate sponsors for their continued support as REFA celebrates its 30th Anniversary this year!

We look forward to the next 30 years are we continue to strengthen and enhance the organization.

REFA Celebrates 30!

Renew for 2018 Today!

Thank you for your continued support and involvement! REFA Dues Renewals for 2018 are now past due. Renewal options are as follows:

  • By mail: via the invoice that was sent to you
  • Online: if you are renewing an individual REFA membership, you may pay by logging into your member account
  • By email or fax: to REFA's secure faxline: 617-588-0286 or to Courtney McHugh at cmchugh@gbreb.com.
  • By phone: 617-399-7867

We would like to thank our members for a wonderful past year. REFA is celebrating its 30th Anniversary this year, and we look forward to doing so with our members!

REFA Membership - Renew Today!

 

Thank You!

What a great year it has been! To our members, committee volunteers, program participants and Corporate Sponsors: Thank you for your support and dedication to the organization throughout 2017 - your contributions continue to help our organization thrive. 

To view REFA's 2017 highlights sheet, please click here

REFA 2017 Year In Review

 

Thank You For Attending...

On Tuesday, November 21st, REFA held its Annual Holiday Party in conjunction with an appreciation reception.  Members and colleagues enjoyed an evening of networking, complimentary hors d'oeuvres and drinks all in a relaxed and festive setting.

Celebrating with a Cause...
In the spirit of giving, REFA held a gift card drive benefiting REFA's 2017 beneficiaries: FamilyAid Boston, HomeStart & Rosie's Place - all organizations committed to helping end homelessness within the Boston area. 

Thank You For Attending: REFA President's Reception and Holiday Party

 

REFA Annual Fall Conference

REFA's Annual Fall Conference took place on Friday, September 15th at the Boston Harbor Hotel. The 2017 Fall Conference consisted of one Keynote Session followed by two Panel Discussion Sessions.

Opening Remarks

Paul Nasser,CFO, COO, Intercontinental Real Estate Corporation, 2017 REFA President

Keynote Session: Fireside Chat
  • Bryan Koop,Executive Vice President, Boston Region, Boston Properties andRob Griffin,U.S. Head of Capital Markets, President,New England,Newmark Knight Frank. Moderated byBill Poorvu,Adjunct Professor of Entrepreneurship, Emeritus,Harvard Business School andCo-Chair,Baupost Board of Advisers
Debt Capital Markets Panel: Is It a Lender's or Borrower's Market?
  • Moderator: Sarah Lagosh,Managing Director, Eastdil Secured
  • Panelists: Tony Fineman,Managing Director, ACORE Capital;Ray Mattia,Associate, TH Real Estate;Michael Petrizzi,Director, Wells Fargo;Victor Woolridge,Vice President, Debt Placement and Syndications, Barings

Reshuffling Urban and Suburban Boston - Where Are All the Jobs Heading and is the Demand for Real Estate Growing?

  • Moderator: Andrew H. Hoar,President, Co-Manging Partner, CBRE | New England / Advisory and Transaction Services
  • Panelists: Andrew Maher,Founder and Managing Director, Anchor Line Partners;Alexander A. Randall,Partner, Goodwin Procter; Roy Hirshland, CEO and Co-Founder, T3Advisors

For photos from the event, please click here. ​

REFA Fall Conference - Thank you For Attending!

Upcoming Events

Event
REFA Annual Forecasting Luncheon
WilmerHale
11:45am