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Description
early in March, a group of valuation professionals along with others from international organizations concerned with the green building concept of "sustainability" met in Vancouver B.C., to create an agreement that would push the issues of sustainability and valuation to the forefront of appraisal practices. The resulting document, the Vancouver Valuation Accord, or the Vancouver Accord for short, is a commitment from the people who signed it to review sustainability and valuation through such avenues as education, standards creation and practices. It is the industry's response to the evolving importance of sustainability and the need for appraisers to understand its implications.
The Appraisal Institute sent two representatives to the Vancouver conference, 2007 National Vice President Jim Amorin, MAI, SRA, vice president of Atrium Real Estate Services in Austin, Texas, and Theddi Chappell, MAI, the managing director of advisory services for Beaverton, Ore.-based Pacific Security Capital and the Appraisal Institute's official representative to a variety of the industry's green-building initiatives. They attended so that the Appraisal Institute could keep abreast of what industry participants were discussing and to see how the organization might be able to develop courses or disseminate information to make appraisers more aware of sustainability issues, Amorin said.
For the purposes of the accord, the definition of sustainability was the one adopted from the United Nations' Brundtland Commission report, which defined the word as "a development that meets the need of the present without compromising the ability of future generations to meet their own needs."
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The organizers of the Vancouver Accord hoped to get the major players in the valuation, green building and investment communities together to take a hard look at sustainable development, Chappell says, "and to make sure we are analyzing them properly... |
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