A Luxury Manhattan Real Estate Broker Doing Real Estate Appraisals
I have been with Vanderbilt Appraisal, a top Manhattan property appraisal firm, moonlighting as a Manhattan real estate appraiser since April of this year. As an assistant licensed real estate appraiser, not only have I learned a ton about real estate residential and commercial appraisals, but it has sharpened my skills as a luxury Manhattan real estate broker. These skills include: being able to comfortably rebut a low appraisal, checking for inconsistencies, checking for appropriate calculations and analysis, and being spot on in pricing your apartments in Manhattan for a quick, fair sale that will appraise–even for a complicated combined Manhattan apartment.
Working here has given me insight that most Manhattan real estate brokers do NOT have. Here is a quick breakdown of some of the summary adjustments that we use in doing residential valuations of real estate for sale in Manhattan.
Time of Sale (if warranted) 1/2% – 1% adjustment per month
Location 5%-10% of the comparable’s price
Maintenance 75-100x weighted difference maintenance per sq. ft.
Doorman vs. Intercom 5%-10% of comparable price
Floor Level 1/2%- 1% per floor
View 5%- 10% of comp price
Condition 5%- 10% of comp price or cost to renovate
Kitchen/ Bath Remodel Cost to Renovate
Square Foot (Size) 50% -60% of average price per sq. ft.
Small Terrace, Balcony, Fireplace $25,000 – $50,000 – $75,000 (depends on overall value range Ie. low or high end property)
Large Terrace, Garden, PH Terrace $10% – 30%- 50% of interior sq. ft.
Call a true expert in Manhattan realestate for an evaluation of your Manhattan apartment!