How Have Appraisals Been Going Lately?
Listing prices are clearly up lately; have appraisals been following suit? I’m curious to hear about recent war stories either on new purchases or re-fis. Thanks.
Listing prices are clearly up lately; have appraisals been following suit? I’m curious to hear about recent war stories either on new purchases or re-fis. Thanks.
last two apartments, one in Park Slope one in Prospect Heights, both came in great. One over, and the other right on target.
Condos are still hit or miss depending on when you bought and what neighborhood but townhouses/brownstones have been looking pretty good lately. I’ve had a quite a few appraisals come back 100k over what clients had purchased their properties for just 2-3 years ago.
Clinton Hill/Fort Greene and Cobble Hill/Carroll Gardens have been solid at least what I’ve seen.
Bed Stuy has been looking good too, although the upper end of that market has issues with appraisals. Those 1 million+ houses in Bed Stuy almost never come in at value and have been appraising for 850-900 tops in the neighborhood. They may be in fact worth more but the predominant values fall in the 650-850 range for decent size renovated homes.
Prime Slope has been performing well but I’ve had some issues in South Slope closer to 4th Avenue, those near the Park have been faring better.
Of course this is a very broad and basic opinion and I don’t claim to be a realtor or appraiser (even though I took the course)
-Adam Dahill
WCS LENDING
adahill@wcslending.com