The market hasn’t been too harsh in Queens County as say Suffolk. 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 Queens are pretty thorough due to quality and detail of MLS. MLS information 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.
Real Estate Appraisers in Queens County, The most important factor when choosing comparable sales in Queens is interior & exterior square footage (GLA & Lot Size). Land is very valuable in Queens 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 Queens it’s all about choosing comparables from similar neighborhoods. This way all the sales share similar socio-economic influences. 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. Such “arteries” include Grand Central Parkway, Northern Blvd, Jamaica Ave, Astoria Blvd, etc.
Fresh Pond Junction
Long Island City
South Ozone Park