I've been reading everyones comments (and maybe I missed something) but I failed to see anyone comment on the false security you have renting. My wife and I lived in a great rental in the lower east side, paying a fair rent for a large place and the owner decided to move back. You have no control in rentals. I've also been in other rentals in Manhattan where from one year to the next, my rent was jacked up by large amounts.
We recently purchased in Brooklyn and we are happy with the security we are provided and knowing that we will be staying there for as long as we wish (obviously job security is an issue for both).

Posted by: les212 at October 13, 2009 1:09 PM in response to To Own or to Rent?

@ springs who wrote:
how were the comps'- Location, Sqft, bedroom and bath count, age, quality of construction, condition---

As far as outdoor space, what proof do you have? Can you show the math, name the data sources, verify it with secondary sources and back it up in the court of law if need be? I am sure that if the appraiser had the proof that you claim as truth, he/she would have no problem putting that into the report. An appraiser by definition is a " disinterested 3rd party ".

As far as outdoor space in NYC, yes it is a highly coveted AMENITY, but not necessary to support habitable living arrangements , nor does it provide necessary shelter. Therefore, the only comps to use are ones with similar outdoor spaces vs. ones without. It is very difficult to verify info in Brooklyn due to lack of a reliable MLS system.

My response----
The comps used were 2 apartments with no outdoor space at all and one with a very small balcony (50 sq ft) and the one with a balcony was only a one bed while ours was a 2 bedroom. Our terrace is over 250 sq ft. so I don't think these 3 comps were very useful and something an experience appraiser would use.

As for as proof and math, I actually sent all of my research data to the appraiser with all the calculations I performed, so yes, I had done the leg work to back up my argument. I didn't grab these stats from the air. You seem to think the appraiser would have no problem putting this information in their report, but people don't like it when you point out they have made a mistake. As I said, I never had my emails returned with all of this information and when I did speak to someone live on the phone and layed out my case, they gave the the run around and said they needed to reveiw my file and never got back to me.

Posted by: les212 at September 29, 2009 3:00 PM in response to Appraising the Appraisers

My wife and I were unfortunately a victim of this problem that is getting wildly out of hand. Our appraiser, JL Appraisal Service, was located in Floral Park Long Island. While not that far away, real estate valuation in Long Island is very different than Manhattan or Brooklyn.

Our appraiser clearly did not understand the local market which we moved into and made many fundamental mistakes. The comps that were used were not similar in nature to our apartment and the biggest blunder made related to the value given to our outdoor space.

As many people here know, outdoor space is highly coveted. Those people living in houses outside of the city do not see how special outdoor space is to those of us in the city. I did lots of research as to how outdoor space was being value in NYC and it seemed the industry practice was between 30%-%50 of the $/sq ft of the interior space. We didn't just have a balcony, but a very large terrace and our appraiser, who I will label "special" valued the outdoor space at the generous discounted price of 10% of the interior $/sq ft.

For weeks I tried to contact the appraisal company. I tried email, but never got a response and then started calling them. I would speak to the receptionist each day and she would take my name and number and say that the owner of the company would call me back but I never once got a call back (he always seemed out of the office when I called). I think she actually started to feel sorry for me at one point. One day when I actually got the guy on the phone, which I believe was by accident, he let me speak and provide him the facts that I had. After a few minutes, he said he needed to pull my file and that he would call me back in 20 minutes. 20 minutes turned into a few hours and when I called back, he had magically disappeared for the day. I never did get a call back from him, despite making a few more calls to the company myself.

As a result of this gaffe, I had to either pony up an additional 20 some thousand to the bank or pay PMI. My broker, my lawyer, and even the buildings broker were all surprised that it didn't appraise based on the great deal we were able to negotiate.

And if you think contacting the bank will do anything, as the appraisal company is really there vendor, forget about it. They are so scared to even get involved based on all the events that have happened in the past year and the potential for litigation, you are really on your own. Being that its usually so late in the game when you do see these appraisals, there isn't time to go to another bank because you have to close, so the only alternative is to bend over.

I am glad that the spot light is finally on this very large problem. And by the way, if you are going to purchase, try to find out from your bank ahead of time the name of the appraisal company and where they are located and what areas they usually comver, before its too late. If you find out your appraiser is JL Appraisal Services, request a new one, or be prepared for them to give you a low ball appraisal to look good in the eyes of the bank which will hopefully get them more of the banks business.

Posted by: les212 at September 28, 2009 3:43 PM in response to Appraising the Appraisers

@hcra78 - Actually, I prefer your mama....and ball retreival will definitely be required.

Posted by: les212 at June 12, 2009 3:03 PM in response to First Closings Recorded at the Argyle

Those of you that enter this web site and cannot just enjoy the information that is provided but instead must comment negatively on the majority of the buildings and apartments you see really sound like a bunch of ignorant a$$holes. You must be the Phil Drummonds of Brooklyn living in your nice high rise "Park Avenue" apartments, or maybe in this case brownstones. I didn't even buy in this building but your constant whining and b!tching make reading content on this website unbearable. Can't wait for your next informative building evaluation.....remember, when you go home and cut your self, its "down the road" not "across the street"....make it count!

Posted by: les212 at June 10, 2009 5:13 PM in response to First Closings Recorded at the Argyle