Property Appraisals in the Bronx
Our local appraiser has over 7 years of experience appraising in the Bronx. His familiarity with Bronx’s many diverse neighborhoods is invaluable knowledge when providing accurate real estate appraisals.
Conducting property appraisals in the Bronx is pretty painless. This is mostly due to the detail and function of the MLS service. MLS (Multiple Listing Service) provides sale and listing data which are used in appraisals. In the Bronx as in Westchester there is a Radius function. This gives the appraiser the ability to search for comparables within a certain distance. This greatly reduces time and increases efficiency. This holds true because when appraising in Suffolk county for example, must time is wasted plotting comparables only to see that they exceed the distance limits. Where it is a guessing game everywhere else, in the Bronx and in Westchester an appraiser finds comparables within a specific distance right away. The detail of information available through the Bronx MLS is impressive. There are usually many pictures of the interior which gives the appraiser a clear idea of interior condition. There are also intimate details of the transaction which gives information such as the broker for the deal, the original listing price, type of financing, any concessions etc. This information is readily available which facilitates the strict requirements imposed by today’s appraisal management companies and lenders.
A disadvantage of appraising in the Bronx is the expensive toll an appraiser must pay. If the appraiser is based outside the Bronx, then each appraisal will cost an additional $13 which is the cost of the toll on the RFK Bridge.
When appraising in the Bronx, an appraiser must be very mindful of the various external obsolescences which are present. These include proximity to rail-tracks, school, located on a busy-rd, near a commercial area, park, church, large apartment buildings, cemeteries, etc. These obsolescenses adversely affect both value and marketability with the random exception of church & park. Based on the subject’s location, an appraiser must choose comparables with similar location themselves. And if the subject is on a quiet residential street but still has to use a comparable which is located under the rail-tracks or vice versa an accurate and fair adjustment must be applied. Determining the correct adjustments are tricky and the method most often used is called, “paired sales analysis.” This method pretty much just compares a pair of properties with just one main discerning factor. The difference in sale price will give the appraiser an idea of the adjustment which should be warranted.
