i would like a market appraisal

Asked by Archipel, Miami Beach, FL Wed Apr 29, 2009

i would iike a market appraisal for my apartment located at 739 11th St., #12

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Wenceslao Fe…, , 33140
Wed May 13, 2009
Hi, Archipel. Just wanted to point out a few things.

One, an appraisal goes beyond what most Realtors (members of a local board and the National Association of Realtors who adhere to a strict Code of Ethics), do. Typically, we offer a Comparative Market Analysis or an opinion of value. Appraisals require a closer look and are best performed by licensed Appraissers who perform these services for a fee and per strict guidelines.

Second, there are several appraisal methods a licensed appraiser may use and the result will depend on the type of appraisal you hire them to do. Typically their fees are different depending on the type of appraisal they perform.

Third, if you hire an appraiser, the fee you pay will most likely only provide you with an appraisal that will serve you for information purposes. The buyer will have to pay for a separate appraisal if they are looking to get financing to complete the purchase. Although your appraisal will help you properly price your unit for sale, this document will not be valid for the buyer's lender.

Therefore, seek a competent Realtor from whom to obtain your Competitive Market Analysis or Opinion of Value which are typically offered complementary.

The value of units in your building (Marjo Condo), and particularly your 2/2 unit wich sold for $350k in June of 2007 will greatly depend on a buyer's ability to obtain financing to acquire your unit based on the building meeting FNMA/FHA guidelines. Otherwise, only cash buyers may buy or those who can obtain private or nonconforming (to FNMA/FHA guidelines) loans.

Another factor which may affect the sellability of units in your building is the status of the 40 year recertification, possible assessments and budget/mainenance issues as well as the condition of your unit.

As you can see, there is a lot to consider before an answer can be provided. According to tax records however, there have been 15 similarly sized (square feet), properties sold within a one mile radious of yours in the last 3 months, 3 of which were South of 5th. Of the remaining 12 non-waterfront units sold (though the unit sold may have been on a bay building like in the Mirador, the unit itself may have not been waterfront), the average price of these units sold was $171,700 based on price/per square foot.

Although they were all of similar size square foot-wise, none were 2/2 (only one was a 2/1.5) and the rest were 1/1 or 1/1.5, which may be to your favor if the unit shows well as a 2/2 similarly sized to a 1/1.

Tis true that the price may have dropped that much since June, 2007 to now (from the mid $300s then to the mid-upper $100s now). This is why many owners cancel their listings and decide to wait (which could prove quite expensive and a competent Realtor could show you how), while yet others, resort to attempt a Short Sale in order to avoid Foreclosure.

If your situation is such that you can wait another 3-5 years before condo prices get to a more acceptable level to you then, go for it. If however, your situation is such that you can no longer afford the unit, make sure you seek a Certified Distressed Property Expert (CDPE) to assist you with the sale. These are Realtors who have undergone more extensive training, specializing them in this field of distressed property sales. Ask a lot of questions and make sure you avoid foreclosure.

Again, do your research and all the best.
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Thu Apr 30, 2009
I will take a quick look at the situation in your building. What is the purpose of the "appraisal" ?

Just Curious?

It was on the market at $369,000.00- the listing was cancelled in 2007

The apartment is 809 S/F - My guess, based on the available units in the immediate area is that the property could be sold somewhere around the price of $300K

Mott Marvin Kornicki, Associate-Broker
Real Estate In Miami - Sunny Isles Beach
Web Reference:  http://www.SIBRealty.com
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Apr 30, 2009
I would suggest you might want to post an email address or phone number. Most Realtors will want to talk with you, perhaps schedule a visit to see the property. In most cases market value is based on:
The property
The market
Your personal situation (when you need to sell, how much you need to net, etc.).

Good luck.
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