Michael F. Kurschat, M.S.F., ASA, MAI

Michael F. Kurschat

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License:

State of Michigan
State Certified Real Estate Appraiser
Permanent I.D. #1201000673

Academic Background:

Master of Science in Finance (1990)
Concentration in Financial Planning
Walsh College, Troy, MI

The master of science in finance degree provides the appraiser with specialized knowledge about the banking industry, investment analysis, impact of taxes and economic principles. The following are some of the specialized courses required within that program:

  • Estate and Gift Tax
  • Risk Management
  • Advanced Taxation Topics
  • Advanced Investments
  • International Economics and Finance
  • Basic Taxation
  • Microcomputer Applications and Finance
  • Interest Rates and Capital Markets
  • Business Research and Communication
  • Investments
  • Intermediate Accounting Analysis
  • Financial Management

Bachelor of Business Administration (1986)
Walsh College

The Bachelor of Business Administration degree provides a solid academic background. This particular program provides training and accounting, business law, economics, statistics and business communications.

 

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Professional Organizations:

Appraisal Institute
Designation: MAI

The Appraisal Institute is a professional organization of real estate appraisers and currently offers the MAI designation for general appraisers and SRA designation for residential appraisers.

The MAI membership designation is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions. The appraiser has completed all the requirements for the MAI designation, including passing a number of required courses, passing a 16-hour comprehensive examination, completing and passing a demonstration appraisal report, and passing a review of work experience. The work required for the MAI designation is commonly recognized as the most rigorous of all major appraisal societies.

The Great Lakes Chapter of the Appraisal Institute is the local chapter that provides chapter meetings and educational course offerings.

American Society of Appraisers
Designation: ASA, Accredited Senior Member in Real Property, Urban.

The American Society of Appraisers is a multi-disciplinary professional appraisal organization and one of the eight major appraisal societies that helped found the Appraisal Foundation. The Appraisal Foundation is a national self-regulatory organization created in 1987 to establish uniform qualification criteria for professional appraisers, to develop standards for appraisal work and to provide other programs to serve the public.

The American Society of Appraisers designates a professional status to those engaged in the profession who meet various criteria. The AM designation denotes an accredited member. The ASA designation denotes accredited senior appraisers. Accredited senior appraisers have passed the required course work and exams and have five years of approved experience. The appraiser, Michael F. Kurschat, is designated as an accredited senior appraiser in the area of Real Property - Urban.

The American Society of Appraisers has a mandatory recertification for all of its senior members. Michael F. Kurschat is in compliance with the requirements of that program. The local chapter of the American Society of Appraisers sponsors meetings, continuing education courses, and newsletters that promote professionalism within the industry. The appraiser is not only active in the chapter, but has held the following elected offices:

State Director 2002-2003
Director 2001-2002
Director 2000-2001
Director 1999-2000
Director 1998-1999
Director 1997-1998
President 1996-1997
First Vice President 1995-1996
Chapter Secretary 1994-1995
Chapter Secretary 1993-1994

International Right-of-Way Association (IRWA)
Regular Member

The IRWA, established in 1934, is a non-profit professional association providing its members tools for professional development. The organization provides improved service to employers and the public, and advancements within the right-of-way profession. This association is composed of members from various disciplines, including acquisition agents, appraisers, environment professionals, engineers, lawyers, property managers, relocation assistance agents, surveyors and title experts.

 

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Specialized Appraisal Courses:

Specialized appraisal courses are sponsored by various appraisal organizations and more recently by schools that provide training for state licensing. These courses provide the technical knowledge required to produce credible and reliable appraisal reports. In addition, continuous education further enhances the appraiser's ability to expand his depth of understanding.

The following is a list of specialized appraisal courses taken by Michael F. Kurschat.

  • The Valuation of Partial Acquisitions, International Right-of-Way Association, Sacramento, CA. April 15-18, 2013
  • Historic Preservation Easements (seminar), American Society of Appraisers, Historic First Congregational Church, Detroit, MI. March 12, 2004
  • Road Less Traveled: Special Purpose Properties (seminar), Appraisal Institute, Flint MI, May 29, 2003.
  • Uniform Standards of Professional Appraisal Practice (USPSP), American Society of Appraisers, Southfield MI, May 9-10, 2003.
  • The Comprehensive Appraisal Workshop, Ted Whitmer, MAI, Tampa FL, July 19-22, 2001.
  • Standards of Professional Practice, Part C, Appraisal Institute, Troy MI, October 1999.
  • Uniform Standards of Professional Appraisal Practice (USPSP), American Society of Appraisers, Troy MI, April 1998.
  • Standards of Professional Practice, Part B, Appraisal Institute, January 1994.
  • Standards of Professional Practice, Part A, Appraisal Institute, April 1993.
  • Report Writing and Valuation Analysis, Appraisal Institute, San Jose CA, July 1991.
  • Case Studies in Real Estate Valuation, Appraisal Institute, San Jose CA, July 1991.
  • Capitalization Theory and Techniques, Part B, Appraisal Institute, Gainsville FL, March 1991.
  • Capitalization Theory and Techniques, Part A, American Institute of Real Estate Appraisers, June 1990.
  • Standards of Professional Practice, American Institute of Real Estate Appraisers, April 1988.
  • Appraisal Principles (Exam Only), American Institute of Real Estate Appraisers, January 1988.
  • Introduction to Appraising Real Property, Society of Real Estate Appraisers, December 1987.

In addition to the above courses, the appraiser has also assisted in instructing a course sponsored jointly by the American Society of Appraisers and Walsh College. This course, Exam Preparation: Workshop for Residential and Commercial Certification, was taught September 21-22, 1991.

 

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Specialty Appraisal Experience:

Types of Property Appraised:

During his professional career, Michael F. Kurschat has appraised a wide variety of commercial, industrial, office and specialty properties. The following is a list of various types of properties appraised:

  • Apartment Complexes
  • Automatic Car Wash
  • Automotive Service Stations
  • Automotive Dealerships
  • Coin Operated Car Wash
  • Quick Oil Change Facilities
  • Commercial Buildings
  • Condominium Complexes
  • Engineering Buildings
  • Warehouse Buildings
  • Industrial Manufacturing Plants
  • Island Residence
  • Liquor Stores
  • Mobile Home Parks
  • Multi-tenant Industrial Buildings
  • Office Buildings
  • Proposed Subdivisions
  • Strip Shopping Centers
  • Summer Resorts
  • Vacant Land
  • Other Specialty Properties

Several of the above properties have been appraised as proposed construction. Many of the properties were leased to produce rental income. Mr. Kurschat has appraised the "Fee Simple Estate" of several properties, while the "Leased Fee" interest was appraised on other properties. Other appraisals included leasehold estates and sandwich leasehold estates.

Gas Station Specialty:

Mr. Kurschat developed a detailed analysis of gas stations and appraised gas stations for mortgage and sale purposes. Analysis addresses the differences between real property, personal property, business value and intangibles. Analysis includes development of a credible income capitalization approach and addresses traffic count, competition, convenience sales, gross profit margins, quality of improvements changing trends and other items. This analysis technique was presented at the following events:

Guest Speaker at the Appraisal Institute “AI Connect”, Annual Meeting in Indianapolis, IN, July 24, 2013. Presentation: "Gas Station Valuation, Distinguishing Between Real, Personal, and Intangible Assets."

Guest Speaker at the American Society of Appraisers (ASA) International Conference in Phoenix, AZ, August, 2012. Presentation: "Gas Station Valuation, Distinguishing Between Real, Personal, and Intangible Assets."

Guest Speaker at the American Society of Appraisers (ASA) International Conference in Houston, Texas, June 1997;

Guest Speaker at the Oakland County chapter of the International Association of Assessing Officers (IAAO), September 1997;

Guest Speaker at the Detroit chapter of the American Society of Appraisers (ASA), January 1997.

 

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Articles Published:

“Developing? Don’t Overlook Tax Donations,” Michigan Real Estate Journal (part of Midwest Real Estate Journal), September 2003.

Article explores the benefits of claiming a tax donation for land that is commonly dedicated to the municipality when a new development is approved.

 

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Commercial Real Estate Investment Experience:

Milan Main - Owner
517 W. Main, Milan, MI
October 7, 2002 – November 1, 2007.

Mr. Kurschat was a 50 percent partner in a commercial real estate venture in which the partnership purchased an unusual commercial property consisting of a single 3,200-square-foot unit in the middle of a larger strip shopping center. The acquisition required resolving complicated easement and title issues prior to purchasing the property. Subsequent to acquisition, the property was renovated and leased (without the aid of a leasing agent) on a long-term basis. Mr. Kurschat was responsible for coordinating activities and maintenance between tenant and surrounding shopping center. The partnership eventually negotiated a sale of the property to the tenant at a substantial profit.

 

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Condemnation Appraisal Experience:

Mr. Kurschat performed appraisal and consulting services for various governmental agencies. Appraisal types included part-taken, total take and before-and-after appraisals. Rights appraised included fee simple taking, permanent easements, temporary easements, grading permits and drainage easements. Some assignments were contracted directly with the governmental agency, and others were contracted with an outside firm. Mr. Kurschat is an approved fee appraiser for the Michigan Department of Transportation. In some instances the projects were at least partially funded by MDOT.

The following is a partial list of governmental clients:

  • City of Berkley
  • Oakland County Water Resources Commissioner
  • Road Commission of Oakland County
  • Township of Royal Oak
  • City of Rochester Hills

 

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Expert Witness Court Appearances:

Case:
CVS vs City of Richmond
Appraisal prepared for the City of Richmond for property tax assessment of CVS pharmacy in the Michigan Tax Tribunal. 9-2012
Oakland County Circuit Court, February 2007
Case:
Board of County Road Commissioners of Oakland County
Williams Lake Road Extension, Roy’s Floor Covering
Oakland County Circuit Court, February 2007
Case:
Board of County Road Commissioners of Oakland County
RCOC vs. Bald Mountain West (Dutton Road Extension)
Oakland County Circuit Court, November 2006
Case:
Drainage Easement Valuation
Drain Commissioner of Oakland County vs. City of Highland Park
Oakland County Circuit Court, November 2006
Case:
Sepich vs. Robert Brown and Michigan Lawn Spray
Case No. 91-01130, CE
Macomb County Circuit Court, July 1996

Mr. Kurschat provided expert witness testimony in an environmental contamination lawsuit. Plaintiffs claimed that environmental contamination from a neighboring property owner rendered their home valueless. Damages sought were $250,000. Mr. Kurschat provided expert witness testimony on behalf of the defense. The insurance company for the defendant made settlement offers of $35,000 and $140,000 prior to going to trial. After the trial, however, the jury awarded the plaintiff a settlement of $30,000.

 

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