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Why Real Estate Appraisals Matter

Fri, 20 Oct 2023 12:21:05 GMT

The Reasons Why You Need a Real Estate Appraisal

Real estate transactions result in large sums of money being exchanged. When we buy a home or commercial property, we usually get a mortgage to pay for it. That is because most of us do not have the cash on hand to pay for a property. Mortgage companies require that a real estate appraisal be performed before they approve a mortgage for a property. Why do they do this?

It is because they are putting up a large amount of their money to help you buy your property and the property is their collateral for the loan. Just like anyone else who loans out money, they want to do everything they can to ensure that they will recoup their money. A real estate appraisal helps with that. As we said, the property is collateral for the loan, so an appraisal helps them verify that the property is worth at least the value of the loan they are providing. This gives them peace of mind, knowing that they will be able to recoup their money if you fail to pay them back.

Contact Our Real Estate Appraiser Today!

At Skyline Appraisals, we provide real estate appraisals to the Nassau County, NY area. Our independent appraisers can provide you, your mortgage company, or your insurance company with a copy of our completed appraisal. This will help you get approved for a mortgage or get the proper homeowner’s insurance coverage. Contact us today to schedule your appraisal appointment!

Become a Homeowner in The South Bronx

lemaster@digitalproductsuite.com — Tue, 17 Jul 2018 02:46:21 GMT

Right Now is the Right Time to Invest

New York City is one of the most expensive cities in the country, and the bar to enter the residential real estate market is set very high. The majority of New Yorkers opt to rent because owning a home is beyond reach. In fact, there are more renters than homeowners across all five boroughs.

Homeownership in NYC may feel like a distant dream, but recent developments are making this dream more attainable. Buying a home is a major investment, so it’s important to take the time to consider all of your options.

Rent adds up, and if you plan on staying for years, buying starts to make more sense. When the benefits of owning exceed the benefits of renting the same home, you have reached the tipping point. If you decide to stop renting and start house shopping, you’ll want to keep this in mind.

Location is everything. Certain neighborhoods are more expensive than others. If you want to purchase a home, consider the South Bronx. Breaking even is much more likely in the South Bronx compared to Manhattan. Plus, the Metro area’s major cultural and business hubs are easily accessible from here.

The South Bronx was written off by buyers and renters for a long time, but now it is becoming a center for gentrification. Real estate professionals came up with the nickname SoBro, which suggests this may be NYC’s next reinvented neighborhood. Since the SoBro is still in the early stages of revitalization, now is the ideal time to invest. Purchasing now may mean a significant return on your investment.

If you are interested in purchasing property in the South Bronx, call Skyline Appraisals for expert real estate appraisal services. We are happy to share our experience and expertise so you can make an informed purchase.

skyLINES

proadAccountId-359018 — Fri, 16 Feb 2018 14:13:06 GMT

2018 New York Real Estate Update

MANHATTAN
According to this week’s market reports, 651 residential contracts were signed in Manhattan and Manhattan investment sales fell by 41 percent in 2017.

Residential
Between Jan. 15 and Feb. 11, there were 651 contracts that were signed in Manhattan. Out of that total, 327 contracts were for co-op units, followed by 288 condos and 21 condops. The most active price segments was the $1 million to $2 million range, which accounted for 169 deals. The $2 million to $5 million segment, was less robust, accounting for just 129 transactions

Commercial
In 2017, Manhattan investment sales dropped 41 percent year-on-year to $23 billion. The decline is attributed to the retreat of foreign buyers. U.K. buyers led the exodus, with investments dropping 87 percent to $188 million. However, the weakening of Chinese interest had the most impact. During the year, investments from the country dropped 62 percent to $2.5 billion.

BRONX

Foxy Management will bring another large senior building to the Bronx on a three-lot assemblage at the corner of Arthur Avenue and East 179th Street.

The developer is planning a nine-story, 177-unit building spanning more than 120,000 square feet on sites at 2016 Arthur Avenue, 612 East 179th Street and 2010 Arthur Avenue. The company is purchasing the sites for about $4 million, according to the Highcap Group’s Guy Vardi, who brokered the assemblage deals along with Jonathan Bichoupan. Jeff Fox, principal of Foxy Development, said his company hopes to close on financing in the late fall and break ground at the end of 2018 or the beginning of 2019.

Impact of Second Avenue Subway

proadAccountId-359018 — Mon, 17 Jul 2017 14:39:42 GMT

This may be the time to consider living in the Yorkville area of the UPPER EAST SIDE. The newly opened SECOND AVENUE subway extends the Q line through this neighborhood. For years buildings east of THIRD AVENUE were a more affordable option for apartments on the UPPER EAST SIDE but the price difference between west and east of THIRD AVENUE is narrowing. The new extension of the Q line has contributed to this change.

Brooklyn for Suburbia

proadAccountId-359018 — Wed, 28 Jun 2017 13:20:42 GMT

If you are looking for a suburban vibe but don't want to leave New York City you may be able to find a home without moving to suburbia. Brooklyn may have just the neighborhood where you will find that house and a yard for the outdoor grill. Enjoy the suburban perks and be just a subway ride from the office.

REF: New York Times, 6/25/17 REAL ESTATE SECTION, The Hunt - Joyce Cohen

Flushing's Office Condo Sales

proadAccountId-359018 — Mon, 26 Jun 2017 19:18:40 GMT

Developers in Flushing, Queens are focusing on office condo sales in response to a sizable concentration of Asian professionals in the neighborhood who usually prefer to purchase rather than rent office space.

It is interesting to note that new commercial and residential condominiums here are selling for close to the same average per square foot price. This would indicate that Flushing is a neighborhood to watch.

SOURCE: The Real Deal - June 2017, "Flushing's Other Condo Boom", Rich Bockmann

Long Island City

proadAccountId-359018 — Thu, 01 Jun 2017 14:00:16 GMT

Neighborhood-in-the-making

If you are trying to live and learn in The Big Apple, you might want to consider the area of Queens known as Long Island City. A new neighborhood-in-the-making is under way and should attract coop/condo buyers and those seeking to attend Cornell Tech on Roosevelt Island (opening this summer).