Forum: Appraisals
November 14, 2009
The Toren's Competition
Can someone please tell me which condo complexes compete with The Toren in terms of potential buyers of condo units ( comparable in location, desirablility, utility, amenities ) etc. I am inteterested in any and all opinions and insights. Also, if anyone has any commentary on the overall supply and demand of said units in the DT Brooklyn cooridor it would be greatly appreciated. In other words, are we set for another fall due to the oversupply , or since some of the unsold units go rental, does that keep inventories from ever building?
November 3, 2009
Value of a Backyard?
Say you have 3 identical homes side by side, everything but the size of the backyard. One has a standard 100' lot, but the two others are 75' and 125' lots. So used to valuing psf etc but how would you discount/premium the yard differences?
October 27, 2009
Tapestry Expert/Appraisal
This tapestry is in our dining room (there is also a smaller panel to the left of it, but I don't know how to post more than one photo!). It seems in poor shape, but we'd like to have someone out to look at it, see if it can be repaired/saved and to see if it has any value, historic or otherwise. The house was built in 1905 and we suspect it's original. Anyone know who could give us an assessment? Many thanks!
October 1, 2009
Help Price PLG Studio
Hi, I am a first-time homebuyer hoping to get a sense of what I should offer on an apartment. It is a 400 sq ft studio located in Lefferts Gardens, on Winthrop between Flatbush Avenue and Bedford Avenue. The area isn't everyone's cup of tea but here are the amenities: on-site laundry, short walk to Prospect Park and Q/B and 2/5 trains, walking to two nice coffee shops and a couple of nice restaurants. Cons are low buyer/tenant ratio in the building, not spectacular financials overall, and the area is up-and-coming but still rough. Buyer is asking $110K. Maintenance is $331. Here's my dilemma. The early 2008 comps for the apartments in the same line went for $130K, $140K and $125K. However, a similarly sized apartment on a lower floor just sold in July for $80K. What's the right number in your opinion? Thanks so much.
September 16, 2009
Appraisal for FSBO?
Considering putting my place on the market, perhaps in the next few months to a year. Likely to get an inside buyer from the building. How can I get a good sense of how much my place is worth WITHOUT having brokers come in to appraise it? I don't have any interest in dealing with brokers right now, but do need a sense of how much it's worth before I can determine what we can afford to buy elsewhere (moving to different train line for commute to kid's school.) PH 3 br duplex, deck, elevator, p/t dm, new baths, approx 1600sqft.
August 21, 2009
Home Appraisal
I have contracted a townhome at 295K with 5K closing cost assistance. However it was appraised for 286500 and seller is saying she will not come down. I worked with my lender they after changing some terms, reduced the closing cost to the level where I dont need sellers assistance. With no closing cost help seller is loosing just 3k but he is still not budging. What should I do. I think I have already done my job by accepting little higher interest rate. Please please give me some pointers
August 20, 2009
Contesting an Appraisal?
We are trying refinance our Bed Stuy brownstone and our appraisal came back with an absurdly low number (37% less than 2006 purchase price). Property values in our section of Bed Stuy have held up well with recent sales on our block 7% less than our 2006 purchase price. Our neighbor across the street has their house appraised 3 months ago and it came in a 6% below our 2006 purchase price. Not bad considering the economic situation. We have given the broker/bank a list of recent comparable property sales to support a higher value, but have not heard back. Has anyone been in a similar situation and had the bank make the loan eventually? We are trying to decide whether we should give up with this application and reapply with another broker or keep waiting. It seems getting an accurate appraisal is a game of chance. Thank you for sharing any of your experience.
August 17, 2009
Appraiser Trouble
Just had an appraisal done by Richard L. Fields of East Coast Appraisal, for a Refi with Wells Fargo. We got the report from them 3 months after the physical inspection. Richard used comps of completely irrelevant apts. we have a small 2 bedroom on 4th floor of 6 floor bldg. The comps he found appropriate were the most recent sales in our bldg, 2- 1 bedrooms on the ground floor, and a 2 bed in a walk up. Due to this appraiser we are having a terribly difficult time with the refi. Has anyone ever heard of this appraiser? 0 hits on a google search.
August 10, 2009
NYC Finance Property Value...
I went to the NYC Dept of Finance link to get a copy of a building's "Notice of Property Value" and found that their stated market value (900k for tax year 09/10) was well under my intended offer (1.3m). How accurate is the city in this sort of assessment? Clearly, it's a fair amount under my offer, like 400k, but the truth is I think my offer is fair and almost wouldn't expect to pay anywhere near 900k for this place.
I read the blurb about how they calculate their numbers, but don't totally buy that the market value of this really nice, extra large PS 4-family is only 900k.
Owners: how many of you genuinely agree with the "Notice of Property Value" that the city has for your property? Is it even in the right price range? Or do you just take this report with a grain of salt since it's put out by the city? I'd love to hear some thoughts or opinions on this one.
August 7, 2009
Value of Lot in South Slope?
Trying to figure out how much a vacant, flat 12x100 lot is worth in South Park Slope between 5th and 7th Aves. I realize this is a thin lot and can't find easy ways to appraise it. Any ideas on how to go about finding a reasonable value? Or feel free to throw out a number of your own! Gimme one of those widgets!