Getting an Appraisal of Your Co-op Apartment
Co-op Appraisal Services
What is the appraisal for?Contact Us
Where is your property located?Co-op Apartment 'Ownership'
In several important ways, cooperative apartment "ownership" differs greatly from other types of real estate ownership.
One of the most significant differences between coop apartment "ownership" and the ownership of other types of real estate is that a coop apartment owner doesn't actually own real estate.
Rather, he or she owns shares in a corporation that actually owns the real estate and the owner of those shares receives a lease to occupy an apartment in the cooperative.
It is because of this difference, unique to this type of property "ownership," that when determining the value of a coop apartment, only recent sales of similar coop apartments can be evaluated.
Coop Apartments vs. Condo Apartments
Other types of apartments, such as condo apartments, represent a completely different type of property
ownership and are generally more desirable for a number of reasons.
As a result, condo apartments are typically worth considerably more than coop apartments of similar
size and utility, and with similar amenities and are not suitable for comparison when valuing a coop apartment.
How the Value is Determined
Despite these differences, the method by which a coop apartment is appraised is similar to how other types of residential real estate are valued.
The primary method of valuation for a coop apartment is known as the sales comparison method. Simply stated, the value of a particular coop apartment is derived by comparing it to other similar, recently sold coop apartments in the same building or in other comparable buildings in the immediate area.
Adjustments are made for differences between the apartment being appraised and the recent sales being used for comparison, after which a final opinion of value is concluded.
What's Most Important
Some of the key features of a coop apartment that are evaluated during the appraisal process include, square footage (gross living area), number of bedrooms and bathrooms, floor location, views (if any), as well as overall condition, including any recent updates and amenities.
Also, when evaluating similar recent sales from other buildings in the subject apartment's market area, building amenities, maintenance fees and a number of other factors are considered.
What Our Clients Say About Us
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"I would recommend you enthusiastically to anyone"
"Recently you appraised a condo that my husband and I were interested in buying. Given the crazy real-estate market, we knew we could not trust the appraisal that would be provided by a lender, so we wanted a truly independent appraisal. As neither of us had a clue how to go about finding and appraiser in NYC, we simply turned to the Internet. Picking someone from the web always seems to be a chancy proposition. However, in this case our choice was excellent. In every way you impressed me with your professionalism and knowledge. You returned my initial call promptly. You arrived on time. You did a very through job at in inspecting the condo. At the end, my daughter did her best to get you to give a “ballpark” estimate on the spot, but I was very pleased to see that you insisted that you could not provide a meaningful estimate until you had all the information in hand. We received the appraisal report 3 days after the appraisal and it was extremely detailed. And all this for a very reasonable price. I would recommend you enthusiastically to anyone I know who needed an appraisal in NYC."
- Sarah Lenington, PhD
Brooklyn, NY -
"I was very pleased with the quality of your services"
"I was very pleased with the reliability, efficiency, and professional quality of your services. If I hear of anyone who needs the service you provided to me, I would certainly highly recommend a call to your office."
- Susan Penzer
Manhattan, NY -
"Saved me from potentially making an over-valued purchase"
"Thank you for the very thorough appraisal you recently conducted for me. It saved me from potentially making an over-valued purchase."
- David S.
Manhattan, NY -
"Your appraisal saved us money and a future financial disaster"
"The service was really valuable and I would recommend it to my friends and family. Your appraisal saved us money and a future financial disaster. Thank you."
- Dulce Tamares
Queens Village, NY -
"The appraiser was knowledgeable, honest and very helpful"
"Our experience with Appraisal Source was excellent. Starting with the initial phone call, the appraiser was knowledgeable, honest and very helpful. The appraisal was thorough, professional and the finished documents were exactly what our town required. Our appraiser was very reliable, answered all our questions and helped us understand all aspects of the appraisal process. We have recommended Appraisal Source to several of our friends and all have been extremely satisfied."
- Rocco & Maryellen Comitino
Commack, NY -
"Your report was very definite and very complete"
"Thank you so much for sending the appraisal. You did an excellent job and I was very impressed with the details and thoroughness of your report. Your report was very definitive and very complete. While we are aware that the appraisal is not a final determination of the sale price of the house, your objective evaluation gave us a realistic view of the true value of the property. Thank you!"
- Janet Daley
Mineola, NY -
"We will highly recommend you to all our friends and family"
"I just wanted to take a moment to thank you for all your help and professionalism.We will highly recommend you to all our friends and family whom might need such excellent services from Appraisal Source. EXCELLENT SERVICE!!!:):):)"
- Gregory & Tara Cespites
Lindenhurst, NY -
"You did a very thorough appraisal of my home"
"I was very pleased with your appraisal services. You acted in a professional manner and did a very thorough appraisal of my home. I would not hesitate to recommend your services to any of my neighbors or friends."
- Bob Toolan
Floral Park, NY -
"The photographs, research and presentation was flawless"
"We appreciate all you have done to help lower our taxes. We were very impressed with your professionalism and thoroughness. The photographs, research and presentation was flawless. We will and have recommended Appraisal Source for any and all appraisal needs."
- Mari Catalanello
Holbrook, NY -
"It was a pleasure doing business with you"
"Just a note to thank you for providing me with excellent service regarding my real estate appraisal. Your company not only provided me with a professional appraisal, but it also did so in a manner that fulfilled all my requests and expectations willingly. As a result of your genuine efforts, it was a pleasure doing business with you, and I would recommend your services enthusiastically."
- Bob Taormina
Melville, NY