New development appraisals

Is this development in Brooklyn? Sounds a lot like a building i know...

First check your contract -- see exactly how it documents the agreed means of paying at closing. Assuming you have some type of financing clause, it will specify the amounts to be paid by cash versus by financing. Changing those amounts technically requires a contract amendment.

It all depends on whether the other apartments close prior to yours. Otherwise when an appraisal is done it is only done based on similar units in the area. They will not take into account the fact that a Sponsor has raised their prices. Assuming nothing has changed much in the past few years the appraiser on my apartment was able to get right to my purchase price. I would highly doubt that yours would come in much higher or at all from what you are in contract for.

I asked a mortage broker about this recently, and was told that LTV was based on the loan amount and not the appraisal value

Based on sales , not contracts

Proper appraisal will be that the appraiser selects comps OUTSIDE of your developer's influence....

would you mind sharing which building this would be.

I'll just throw it out there, if this building starts with 659 and you'd like to meet other buyers, send me an email at almostliketalkin@gmail.com

659 ....? cant find it - not as savvy - its quite unfortunately i am not as you may think.

is that bergen?

My apartment is 659 Bergen, where I'm experiencing a similar situation. I don't know what building the original poster is referring to

That all makes sense, thanks. Still a good situation, and obviously gives us some nice cushion versus the rest of the units' valuations. I'm happy enough to be over 85% in contract with a number of months left to go.

I can understand wanting to know which building, but will abstain from sharing to avoid the inevitable flaming.