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Real Estate Round-UpBrooklyn Daily Eagle, September 26, 2007Real Estate Round-Up: September 26, 2007 by Sarah Ryley (sarah@brooklyneagle.net), published online 09-26-2007 The Real Estate Board of New York announced the launch of a free, public web portal with thousands of residential sales and rental listings from its members on one site, previously only available for the consumer by searching brokerage sites individually. The New York Observer had word that The Corcoran Group and Prudential Douglas Elliman, two of the citys largest brokerage firms, declined to sign on, and The Real Deal said Bellmarc Realty, another member organization, had decided to wait and see if the site takes off before signing on. Richard Mulieri, a spokesman for REBNY, told the Eagle that everyone would have to wait until Thursdays demonstration of the site to see if any of these firms changed their minds. From the consumers perspective, it seems that ResidentialNYC.com could only be a good thing, as it gets rather exhausting and confusing hopping from site to site. A one-stop shop would assure that nearly every property fitting a buyers specifications would come up on a search, even from REBNYs smaller members that a buyer may not think to search. Which could step up competition for the bigger firms that buyers limited their searches to in the past. From the sellers perspective, perhaps a firm that chose to limit the exposure of its listings by not participating in the Web portal would be less attractive. * * * As previously mentioned in this column, the increase in foreclosures in places like Bedford-Stuyvesant and East New York has made it more difficult for to appraisers determine the value of homes there. A key part of the appraisal process is property inspection by the appraiser. But often foreclosure involves one or more uncooperative occupants at the property in question, said a newsletter of HMS Associates, a real estate appraisal and consultant firm. As a result, the appraiser is forced to rely more heavily on comparables in the area. But comparables are difficult to identify under these circumstances. Sales data may present a skewed picture of market values in the area because normal market conditions have been interrupted by a high rate of foreclosures. Also, an appraiser must consider a buyers expenses in removing or otherwise dealing with occupants who might still be living in a foreclosed house. In an area heavily hit by foreclosures, the value of homes on the market not in foreclosure can often be pulled down by those properties on the auction block. HMS Associates notes that a property in foreclosure proceedings has often fallen into significant disrepair as the owners have been unable to keep up with mortgage payments, not only decreasing the value of that property, but also of the surrounding properties. Appraisal Articles |
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