Attention appraisers in The 505
Started by appraiserny
over 16 years ago
Posts: 16
Member since: Jun 2007
Discussion about The 505 at 505 West 47th Street in Hell's Kitchen
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did you?
NO came in 315,000 under
Studios have appraised over contract prices. 1BR's are a mixed bag, some 5% lower others 1-2% higher. 2BR's also mixed, some coming in significantly below contract (based on the #, buddyparker has a 2BR) but others appraising at '07 price. Shows how imperfect the appraisal process is. Word is many of the appraisals were using other units in the building as comparative properties which makes little sense...not with a similar new construction 10 blocks north of this building. However, an appraiser will tell you they have to look at only sold properties, not ones listed for sale at similar developments.
I had a studio sale and it came in at value but I saw many 1 br's and 2 br's that looked like they were going to have a problem with the value.
It sure seems like people like to bash appraisers.
I think 516 West 47th is a good comp. Recent 2 bedroom sales are coming in at about $900 per F2.
Good comp meaning thin as paper walls and inferior kitchen/bathroom amenities? Floors missing so much concrete that they shiver when the train below passes? Front of the building with a vent that seems to let out as much train noise as the open space between 48th and 49th streets bet. 10/11?
Sorry, no. Not a good comp.
maverick, hate to tell you this. most appraisers won't pick up on that. yes, a flawed but good (by bank standards) comp.
Sorry Mav friends live there(rent) with none of those complaints.
That said AR is absolutely correct. We are looking for comps in regards to appraising value for a loan, not by the friggin thing. :)
"buy"
Agree with KeithB and Aboutready....appraisers are not going to pick up on that - its location, and square footage. Therefore making 516 West 47 a good comp, for better or worse. Two bedrooms sold at auction for $750k.
Maverick, are you an appraiser?
If I was an appraiser, my appraisals would probably be more accurate than the ones that these community college deadbeats working at the appraisal companies come up with. What can we do, they aren't real estate analysts by any stretch of the imagination, just glorified box-checking picture takers.
wow