Appraisal

My company is considering moving its activities to New York City. Is there a PPSF index for Soho?

Q: My company is considering moving its activities to New York City. Soho appears to be the best location—can you possibly provide a square foot/price index for that specific district in NYC? Thank you for your help inflatable human spheres. Read More.

Is there a cheaper type of appraisal that sellers can use as a guide when pricing their homes?

Q: Dottie talks about appraisals on her radio show, but she never mentions summary or restricted use appraisals, which are supposedly cheaper than regular appraisals and can be used as a guide for sellers when pricing their homes. Is this true?  Read More.

My co-op is raising the monthly maintenance fees, which are already high. What are the consequences?

Q: My co-op in Westchester County is raising again the monthly maintenance fee. As a holder of one of the biggest apartments in the co-op, my quota is going very soon to be equal to my monthly mortgage. What are the consequences of this? Read More.

3rd Quarter 2012 Market Report Snapshots

Below you’ll find brief summaries of our findings from this quarter’s market reports, which we produce four times a year in conjunction with Miller Samuel, Inc. While each market is unique, the major overarching trend that we saw as consistent across the board was high demand (due to record-low mortgage rates and continually increasing rental prices) and low inventory, or supply. In several of the markets, this produced something of a domino effect on the other indicators. For example, many of the markets showed faster monthly absorption rates (indicative of market pace) and increased days on market (indicative of the fact that because there was not enough new inventory to meet increased demand, older properties that had been sitting on the market for a longer period of time started to sell off). Follow the links below to read the full … Read More.

How much of an advantage does paying all cash play in purchasing an apartment?

Q: How much of an advantage does paying all cash play in purchasing an apartment? Read More.

What is the purpose of maintenance fees and when are they applicable?

Q: What is the purpose of maintenance fees and when are they applicable? Co-ops, condos? Are there taxes over and above the maintenance fees? I am particularly looking at 1-bedroom apartments for sale in Manhattan so I am only interested in issues applicable to Manhattan apartment purchases. Thank you. Read More.

Does your average price per square foot refer to gross feet, and do you have maintenance/sf data?

Q: Does your “average price per square foot” refer to gross feet, which sometimes includes a percentage of public spaces, such as elevator shafts, or “carpetable” feet? Do you have data on maintenance and real estate taxes per square feet? If not, can you get it? Read More.

I inherited a Bridgehampton property and sold it. How do I find out what the 2003 assessed value was?

Q: I inherited a property at 59 Sunshine Ave., Bridgehampton, NY. and have since sold it. I would like to know if you could help me find out what the assessed value of that property would have been in the year 2003. Or would you be able to tell me how to find out that information? Thank you for your help. Read More.

I own a building on West 84th between Columbus and Amsterdam–how do I develop the property to maximize its value?

Q: I own a 5-story, 19/92 building on West 84th between Columbus and Amsterdam. If I fully renovate the units, what would a unit be worth? I also want to know what layout and room count would make it most valuable. Read More.

I want to make an offer on a Fannie Mae property, but it needs work, so I plan on offering less than they’re asking. What do you think?

Q:  I have an opportunity to purchase a Fannie Mae property that needs work, 75% of which I can do myself. I plan to make an offer of about $40,000 less than they want, because the house not only needs a lot of work, but I won’t be able to sell right away, I will rent. Is there anything I should check out beforehand? I know the house is offered AS IS, so I think I have a chance. Thanks. Read More.