The market was hit pretty bad in NYC. This can be attributed to the more stringent lending guidelines; especially for high dollar amounts. Unemployment, high maintenance fees and future uncertainty have made purchasing in Manhattan less appealing as compared to just renting.

Conducting appraisals in Manhattan is definitely the most difficult out of all the boroughs and Long Island. This is because neighborhoods change over the course of only a block or two; this makes it very difficult for the Manhattan appraiser to make sure that whichever comparable sale you’re using is from a similar neighborhood sharing similar socio-economic factors. A concern just as grave is to find sales from similar projects. Unit A in Manhattan can easily sell for twice as much as Unit B despite being a similar size and having a similar layout because it comes from a much superior project. Project superiority for an appraiser can be determined by age, doorman/concierge, gym, pool, laundry, dry cleaning, storage, child’s play room, etc. Hence it is always common practice by Manhattan appraisers to choose comparables from subject’s project if available that way you compare apples with apples. If one must use sales from other projects then the projects should be relatively similar.

Other factors which make appraising in Manhattan tricky is the lack of interior information for units. Condition details aren’t readily available due to the lack of MLS function in the City. Appraisers have to rely on minimum data from sites such as streeteasy, propertyshark and trulia. Many times extraordinary assumptions have to be made regarding interior setup and condition.

Our appraisers can help you with quick, affordable appraisal for all parts of Manhattan and New York.