Contributors and Authors

Judith B. MacCrate, SRA was formerly with the Nassau County Department of Assessment Assessment where she supervised as many as 35 employees.  She has also worked as the head residential review appraiser at Chemical Bank and Manufacturer’s Hanover Bank.  She has taught seminars and college courses at New York University and C.W. Post for the Real Estate Practioners Institute and served as President and on the board of directors of the Long Island Chapter and national committees of The Appraisal Institute.


James R. MacCrate, MAI, CRE, ASA was a Principal in MacCrate Associates LLC, a real estate appraisal and consulting firm that has provided services in 39 states during the course of his career.  He has written several articles on real estate valuation for the Appraisal Institute, The Counselors of Real Estate and Price Waterhouse LLP and contributed two chapters to the Cost of Capital: Applications and Examples (3rd edition).  He lead the development of the Northeast Real Estate Valuation/Advisory Group at Price Waterhouse LLP and subsequently at PricewaterhouseCoopers LLP.  He has supervised and performed real estate consulting/valuation assignments for private, corporate, institutional, not-for-profit corporations, and governmental institutions on all property types, real estate operating companies, and family limited partnerships, allocation of shares for UPREITs, swaps and portfolios.  He has presented seminars on many topics including land valuation, REITs, automated valuation, and the Internet’s application to real estate companies.  You obtain a list of his speaking engagements, seminars and published articles by sending a request to Jim.MacCrate.MAI.CRE @ He previously served on the Nassau County Board of Assessors and was a Commissioner on the Assessment Review Commission.


Terry Vaughn Grissom Ph.D. is currently Visiting Professor of Urban Design and Planning for Real Estate Studies at the University of Washington. He previously was the Lecturer in Real Estate and a core member of the Built Environment Research Institute (BERI) at University of Ulster, Northern Ireland, UK.  Prior academic appoints have been Professor of Real Estate and Urban Land Economics at Georgia State University, Associate Research Economist at the Real Estate Research Center Texas A&M University and Assistant Professor of Finance, University of Texas, Austin. Grissom is a Principal in Grissom Group Consultants and has been Vice-President of Investment Research at Equity Real Estate Investment Management, a division of Equitable and AXA Insurance, National Research Director of Valuation Services and the Financial Industry Practice Group at Price Waterhouse LLP, a Principal of Real Estate Market Analysts and a consultant with International Real Estate Appraisal and Research Group, Inc.  He is a Member of the Irish Auctioneer and Valuers Institute and was previously actively involved with the Appraisal Institute (MAI), the Counselors of Real Estate (CRE) and NCREIF.  He is a Fellow of Homer Hoyt Institute and School of Advanced Real Estate and Land Economics Studies. He has recently taught Investment Valuation and Portfolio Management, Portfolio Analysis and Capital Markets, Urban Development and Finance, Sustainable Urban Regeneration, Real Estate Appraisal and Finance, Property Economics and Market Analysis and Research Methods in Property Investment and Development at Ulster. Grissom holds a Ph.D. in Business and Urban Land Economics with Distinction and a M.S. in Investment Analysis from the University of Wisconsin, Madison, an MBA in Real Estate and Finance, Georgia State University, and a B.S. in Business and Economics from the University of Kentucky. He has published over 100 articles in academic, professional and practitioner journals and four books. With his co-authors he was recently awarded the best paper in Real Estate Finance by the American Real Estate Society (ARES) and the ANVIAR award for the best paper in development by the European Real Estate Society (ERES). Terry has published over a 100 academic, professional and practitioner articles in his 30 year career and has additional professional experience as an appraisal and feasibility analyst with several private companies and government agencies having earned the MAI, CRE and SRPA designations in his career.


Maxwell O. Ramsland, Jr., MAl, CRE is President of Ramsland & Vigen, Inc., Real Estate Appraisers & Consultants, located in Duluth, Minnesota specializing in retail properties.  He has written numerous articles  on valuation issues, appraisal reports and memorandums of value on malls and anchor department stores over the past decade. He has served as an advisor to governmental units on department store and mall valuation issues. He was the appraiser of record in the bankruptcy of Federated Department Stores in the early 1990s. He also served on the North Carolina ad hoc taxpayers/assessors’ committee to implement the North Carolina Supreme Court decision of Belk vs North Carolina Tax Commission, and served on the past and current Washington State Shopping Center Task Force on department store and mall valuation issues conducted under the auspices of the Washington State Department of Revenue and the University of Washington. Mr. Ramsland has testified in various venues on mall and department store valuation issues, representing both taxpayers and taxation districts.


Noreen Whysel is a researcher, web developer and online community coordinator.  Noreen worked with James R. MacCrate and Terry Grissom as a real estate analyst at Price Waterhouse from 1991 to 1997.  She has collaborated with James R. MacCrate on numerous articles, surveys and blog postings covering current topics in real estate appraisal and analysis.  Noreen has developed online libraries, intranet sites and managed online communities since 1997.  She currently serves as the Operations Manager for the Information Architecture Institute (, and develops websites, surveys and research for a number of other clients.  Her website is  Contact Noreen at


Shannon Luepke has been a statistician and associate appraiser for Ramsland & Vigen, Inc. since 2003.  She is a 2002 graduate of Brigham Young University with a BS degree in Statistics. Ms. Luepke is a candidate for the MAI designation of the Appraisal Institute, and the MS graduate degree from the University of St. Thomas, Minneapolis. She has completed all academic requirements for both degrees, and is completing her final credentialing.