Appraisal vs. Reality -- high or low?

bless those appraisers.. they try so hard...

jtam 25-30% down was a very short window Oct 2008(lehman) to March 2009. Prices have gone up since and the market is pretty much back to normal(mirror inflation). So 6.6% below peak sounds about right. The appraisers are being too conservative. Should loosen up as banks begin the inevitable fight to sell loans.

mine came in 7% higher...1br coop in yorkville.

Depends of course on how good a deal you got back in 2007. But if your appraisal came back that strongly best to refi and count your blessings. RE markets move in broad strokes. Individual properties move only anecdotaly. (Is that a new concept I just invented? And can I get away with that use of language?)

I tend to think that appraisers come in a little on the low side, mainly because they take into account the apartment's space in comparison to what has sold in the building and the neighborhood (which is what screws you sometimes). A triple mint renovation doesn't add the value you would expect on an appraisal, whereas it will probably translate into a higher listing price (with good reason) from your real estate broker.

Then again, maybe I've just gotten some appraisers who woke up on the wrong side of the bed. In general though, I find that they are in the right ballpark for the price unless there is something very specific to your apartment which can skew things.

(Matthew Russell - Brown Harris Stevens)

I bought in 2007 (1 br coop in prime UES) and was just appriased at 1% below. Comps have recently sold in my building for at least what I originally paid, so I'm about even.

The sky didn't fall.

damn right uptowngal...

Someone should start a thread "If you can demonstrate market rebound with comps" to counter the cherry-picked price choppers...