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Financing in Battery Park City : Real Estate Advice

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  • Home Buying14
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Sun Sep 2, 2012
Elena Ravich, Esq. answered:
Appraisals are ordered and received mostly by the banks or sometimes a seller of a buyer orders an appraisal....Who do you expect to receive the answers from to your question on this website, appraisers or banks? There will be a wide range of $/PSF depending on the floor, size, level of amenities, land ownership/landlease, etc. You should look at sales comps and research carefully what things were factored in in each case to come up with the price determination....

Also some appraisers just value properties at exactly the same amount as the bank needs to give financing....appraisers get paid 300-500 for an appraisal, they spend 5 minutes int he apartment and don't really do a great job, especially if they are out of towners and do not know Manhattan market that well
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