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Whereas the market is showing great signs of improvement, appraisals are late to catch up with the market value of the properties.
It appears to be more and more usual to see appraisers denying obvious increases in real estate values.
Lets go quickly over the appraisal process for those of you who are beginners in the real estate world. So lets say you find your dream home but you don't have the financial means to pay it all cash. You then contact your bank for a little help. They send an appraiser to the home you have under contract to check its value. The problem is that the bank will only lend you up to the appraisal price. Often, it forces the buyer to review its downpayment or to renegotiate the sale price. On the other hand, you can easily understand that it does upset the seller who had already in mind his vacation in the Caribbean islands. What is the reason behind these conservative appraisals? We've heard that it happens very often because appraisers are not locals and may ignore the most recent neighborhood appreciation trends. However you might be amazed to learn that this is not the most common reason. It seems that appraisers are actually scared to report rising values to the reviewers of the appraisal management companies which employ them. They fear criticism of overvaluing your dream home because it would expose them to future litigation with the secondary market. To conclude, my advice is to have your realtor meet with the appraiser to make sure he is aware of any useful data on any equivalent closed sales. |
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Some of you have probably noticed this empty lot right next to our favorite steak house; Prime One Twelve. The project which was supposed to rise was called Kallisto but they've renamed it 120 Ocean Drive.
This will be the last highrise in the neighborhood which means your last chance to own a brand new condo in the best neighborhood of Miami Beach. Reservations have started. Be quick since there are only 10 units,1 per floor, 360 degrees views. The concept is great since you will be able to do whatever floor plan you want in the 3100sqft that you are purchasing. Not to forget the wrap around balcony. After you putting down a 20% deposit you will meet with the architect and design together your space. Prices go from $5 million to $18 million. Contact me for further information. |
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After a renovation and the announcement of the opening of a Delano in Marrakech, it was really surprising to hear that Morgans Hotel Group decided to put the Delano South Beach on the market. It seems that the Morgans Hotel Group has recently decided to focus on hotel management and to sell some of its hotels. Built in 1947, the 195-room hotel is among those few iconic South Beach locations. Designed by Philippe Starck, the Delano is a luxurious destination whenever you need to relax and have a drink. The Delano is ideally located on Collins and 17th street, near the new SLS hotel, so if you were thinking about starting a business here, I guess you found a gem. However, I need to tell you that the hotel is appraised to be worth up to $200 million! |
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To get details on the unit click here |
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