How does the new home appraisal/comps process work in Staten Island, NY?

Asked by Mac1, Arrochar, Staten Island, NY Thu May 17, 2012

How are builders able to price new home construction prices so high when compared to recently sold homes for same sq.footage in the 1 - 2 mile radius sold for much less..

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Irina Nusinkis’ answer
Irina Nusink…, Agent, Staten Island, NY
Sat Oct 27, 2012
Price for NEW COSTRUCTION in most cases reflected DEMEND for given LOCATION. If a strong BUYER looking for particular location.

$580.000 with 8 BD /5BH like we present on Morningstar Rd and Jewett Ave with high ceilings and extremely smart layout. They fight for such HOMES, because similar HOMES in STATEN ISLAND today $ 680.000 and UP.
So, my point that BUILDERS has to START new DEVELOPMENTS with affordable PRICE in places were we got not expensive LAND Example : in HISTORICAL Port Richmond
0 votes
Robert Fine, , Staten Island, NY
Mon May 28, 2012
Square footage is just one of the many factors that the appraiser uses. The age of the comps, the size of the lot, number of rooms, bedrooms and bathrooms are all important. There are many good values right now on Staten Island in new home construction. And some are still tax abated!
Contact me right away if you're interested.
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Fri May 18, 2012
To appraise real estate is to estimate its value. Although there are many types of value, the most common objective of an appraisal is to estimate market value, the most probable sales price of the property. One of the most common errors made in valuing property is to assume that cost to build represents market value. Cost and market value are most often equal when a newly constructed house is being appraised. When the last house in a new development has been sold the market value may go up because those who want to live there will have to compete for whatever homes become available. Ultimately the public sets the price, supply and demand is an important factor.
0 votes
I agree with you Loe!
Flag Wed Dec 12, 2012
Deborah Brac…, Agent, STATEN ISLAND, NY
Fri May 18, 2012
I can't speak for the builders but in general, if you're comparing new home construction prices vs. resale prices of older similar homes, which it sounds like you are, new construction home prices will always be higher. Just like you would expect to spend more for a brand new car and less for a used car......
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