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July 31st, 2019 6:52 PM
There is an understandable appeal to buying a weekend or vacation home on the eastern end of Long Island with friends or family members. One look at the local or regional newspapers and/or online will indicate a considerable investment for such.
Co-owning maybe the only feasible path to ownership. After all. two(2) check books are better than one(1). Affordability is out of reach for many real estate properties on both the North and South Forks, so partnering up becomes an ideal solution. The increase in buying power can assist you in the purchase or it could equal; (a) more square footage in your home; (b) more amenities, exterior or interior of both; (c) larger site or (d) some of the above to all of the above*. If your looking to purchase real estate on the east end then it also makes sense to hire an a real estate appraiser. Our knowledge can assist you in making the right investment. 

* New York Times, July 26, 2019.

Posted by Richard Wayne Abatelli on July 31st, 2019 6:52 PMLeave a Comment

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There are challenges especially when the subject property is in an extremely distressed state, limiting similar comparable sales. Identifying and supporting adjustments therefore can be difficult and it is not uncommon for the appraiser to apply larger then normal adjustments for the comparable sales location and condition since it is possible that the search goes beyond the normal neighborhood parameters. This is typically not an issue as long as the appraiser explains the rationale. But remember the appraiser must follow USPAP(Uniform Standards of Acceptable Appraisal Practice) guidelines and the methodology and opinion of value must be supported. Every time a distressed property is acquired and renovated it not only provides potential buyers an opportunity for improved housing, it often has other positive impacts, such as gentrification of the market, improving its value and marketability. Its a plus for the immediate neighborhood as well as the adjoining communities.

Posted by Richard Wayne Abatelli on May 22nd, 2019 9:51 AMLeave a Comment

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Looking for a fixer-upper so you can profit after renovating or improving the property? If so, let me tell you how most appraisers treat this unique assignment. First, they now have to deal with two(2) market values, the initial selling price then the expected value after repairs aka after-repair-value(ARV). Lending institutions or private funding require 2 sets of comparable sales and 2 sets of condition ratings in the assignment. He or she must not only review the clients budget but understand in their mind the investors finished product in order to estimate the ARV.....see Part II in my next blog! 

Posted by Richard Wayne Abatelli on May 13th, 2019 8:39 AMLeave a Comment

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