current appraisals

Asked by Out and About, New Jersey Sun Sep 2, 2012

for refinancing purposes, what a current real estate property appraisals for new condos in BPC running approx per sq foot. also are banks giving cash out of refi's

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Elena Ravich, Esq.’s answer
Elena Ravich,…, Agent, New York City, NY
Sun Sep 2, 2012
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
1 vote
Jenet Levy, Agent, New York, NY
Sun Sep 2, 2012
Hi, NYC-bound.
Appraisals are very individualized. An appraiser will compare to the best comps available in terms of not just square footage, but what floor it is on, which way it faces, views, how recently renovated and the quality of the materials. Therefore, any blanket statement answering what an appraiser is likely to appaise your unit at per square foot based solely on the neighborhood you are in would be grossly inaccurate. And, I hate to say it, but truthfully the appraisers banks are using in NYC these days are often from outside the city and grossly off in their appraisals.

Jenet Levy
Halstead Property, LLC
212 381-4268 for all NYC listings
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Sep 2, 2012
Looking at the PER-SQUARE-FOOT price for Appraisals would be a non-sensical number; meaningless!

Appraisers will also shy away from using NEW Condos as Comps for used condos.

There are so many variables here; the only way to do this is to jump into the water; sticking your toe in will tell you nothing.

Good luck and may God bless
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