Susan P. Shipman, MAI



Michigan Certified General Real Estate Appraiser

B.A., Florida Atlantic University
Masters, University of Michigan


Phone: 734-953-1050 x112

Email: sshipman@terzo.com

Website: www.terzo.com

Susan P. Shipman is a principal and Vice President of the firm.  She has been active in the real estate industry for 25 years.  Prior to joining Terzo & Bologna, Shipman was the owner and principal appraiser of Shipman & Associates, Director in the Real Estate Valuation & Advisory Services Group at Stout Risius Ross, and Director of Finance & Administration for Hobbs + Black Architects.  She has also worked with the regional appraisal firms Oetzel Hanton & Williams and the Gerald Alcock Company.  All the while, Ms. Shipman has been active as a partner in various real estate development and investment projects.


Ms. Shipman has been licensed in the state of Michigan as a certified general appraiser for 15 years and has earned the right to use the MAI designation awarded by the Appraisal Institute.  Her involvement with the Appraisal Institute has been significant, including several years of service on various committees and the Board of Directors of the Great Lakes Chapter, serving as the Chapter President in 2007.  In 2017, Ms. Shipman received the Chapter’s Distinguished Service Award. She is also an alumnus of the Appraisal Institute’s Leadership Development & Advisory Council.


Ms. Shipman’s professional experience encompasses a variety of commercial, residential and industrial engagements for numerous purposes including financing, estate and gift taxation, divorce proceedings, ad valorem taxation, condemnation, general litigation, financial reporting, purchase and sale advice, and insurance placement.  She also has considerable experience in feasibility and market studies, which led naturally into a specialization in the appraisal of proposed construction projects.  


Ms. Shipman is qualified to appraise a wide range of property types including apartments, office, senior housing, industrial, residential development, manufactured housing communities, retail and self-storage.  Her assignments have involved properties ranging in value from $50,000 to $120 million.


Because of the breadth and depth of her experience, and reputation for effective communication, Shipman’s professional focus has shifted toward litigation-related engagements such as condemnation matters, property tax appeals, title defect claims, and partnership disputes.  She has been qualified in numerous courts as an expert witness including the U.S. Bankruptcy Court, Michigan Tax Tribunal, and Oakland County Circuit Court.  She has also been a guest lecturer for the Institute for Professionals in Property Tax (IPT), the International Right-of-Way Association (RWA), the Turnaround Management Association (TMA), and the University of Michigan School of Business.


Ms. Shipman earned a Bachelor Fine Arts from Florida Atlantic University and a Masters of Business Administration from the University of Michigan, the latter with a focus on real estate and finance.  She is also a graduate of Inforum’s Executive Leadership Development Program and an active member of the Detroit Chapter of Commercial Real Estate Women (CREW), recently serving as Treasurer on the Board of Directors.



Midwest-Based Real Estate Consulting & Appraisal Firm

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