This really depends upon the market. In Manhattan, the best comps are in the same building (co-ops and condos). Going just a few blocks away can make a radical difference. In Manhattan, particularly the east side, each avenue further from the subway makes a big difference in price. A few blocks north or south in many locations and you are no longer in the same neighborhood at all, e.g. no longer on the Upper West Side. The answer is, therefore, that there is no generic answer. A competent appraiser should know where the boundaries are that make crossing them a matter of being in a different community with different values.

Jenet Levy
Halstead Property
jlevy@halstead.com
(212) 381-4268

Hello, usually an appraiser will go out this far because there aren't alot of recent sales or properties similar to yours in the area.

Rhonda Holt
Full Time Top Sales Agent
Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
1712 Utica Avenue, Brooklyn, NY 11234
Email: HelpMeRhonda1919@yahoo.com
My Site: http://www.KandHhomes.com

Typically an appraisal is done within a 1 mile radius here in Florida. If there are no sales the appraiser will go outside of that area, but the appraiser must follow the lender's guidlines (Buyer's Lender)

When a realtor runs comps they will find the closest house to yours in both subdivision and style. You also evaluate square footage, condition, and bed/bath mix. This may involve going into another zip code if you are near the border of one.



Sean Dawes