The real estate market hasn’t been too harsh in the Bronx. This can be attributed to it’s proximity to Manhattan and being a “more bang for your buck” option. Low taxes and community strength are other factors in a strong market presence.
Appraisals for homes in the Bronx are pretty thorough due to quality and detail of MLS. MLS information for Bronx Appraisers is readily available for most properties providing details on year built, interior photos, basement details, amenities (such as porch, lot size, patio, deck, fireplace, central air conditioning, etc.) garage, views, days on market, types of financing, broker info and so on. This is a great thing because primary appraisal software such as Comps Inc and Geo data don’t provide detailed interior information.
The most important factor for appraisal when choosing comparable sales in Bronx is interior & exterior square footage (GLA & Lot Size). Land is very valuable in Bronx and it’s important to compare similar sized properties with each other. This being the case, one can compare a 2-story with a 4-story if the sq footage is similar. Amenities are also very important such as cac, garage, patio, deck, porch, balcony, fireplace etc. When appraising in urban areas such as Bronx, For appraisers it’s all about choosing comparables from similar neighborhoods. This way all the sales share similar socio-economic influences for Bronx. The way banks keep track of this is by looking at the locations of the sales on a location map. If any sale is on the other side of an “artery” or main road then it’s validity is in question.
Our Bronx Appraiser specialize in affordable appraisals for all parts of Bronx county.
Kings Bridge Heights
Park of Edgewater