Real Estate Appraisals in Brooklyn
Real estate appraising in Brooklyn is the most difficult to do of all the boroughs. Our local appraiser based in Bay Ridge has over 15 years of experience appraising in Brooklyn. His familiarity with Brooklyn’s many diverse neighborhoods is invaluable knowledge when providing accurate real estate appraisals. This is important because there is a serious lack of interior information available due to the limited MLS function in Brooklyn. Most of the interior information is derived from web sites like streeteasy and propertyshark. In Brooklyn, experience is key. Many times the property data on the tax assessment is inaccurate such as the # of stories. In Brooklyn, more often than not an extra story must be added to the Gross Living Area. This can usually be determined by a visible exterior inspection of the comparable sales.
Interior condition is key in Brooklyn. Usually there is a very wide range in values for homes that are similar in age, style, lot size, and interior sq footage. The differentiating factor here is almost always the interior condition. However, as already stated interior information is very scarce and so extraordinary assumptions must be made very often. If my subject property is gut renovated and there are comparable sales going for around 300k and more going for around 450k then I would compare them to the higher range even if interior information about them isn’t available. I would state in my appraisal that extraordinary assumptions have been made that the higher end comparable sales are in similar condition as subject. Interior condition is most important and has the biggest impact in Brooklyn over all other boroughs.
Style is also very important. Contrary to appraising in other counties, more often than not older homes are more valuable than newer ones in Brooklyn. Classic brownstones sell for much more than newer constructions in certain areas of Brooklyn such as Park Slope. The quality of construction of these older pre-war homes is far superior to the newer ones that have been rapidly emerging. So it is important to compare apples with apples and even if you have to compare it to a peach or pear, most weight must be given to the apple when reconciling value.