NJ New Construction Apartment Building

Discussion in 'Commercial/Industrial Appraisals' started by D Quach1, Oct 6, 2011.

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  1. D Quach1

    D Quach1 New Member

    0
    Apr 9, 2009
    Professional Status:
    Appraiser Trainee
    State:
    New York
    I am a NY appraiser who just took on a job in northern NJ and need some help with the researching comparable. What are some sources would you recommend to find closed sales and rentals for new development projects?

    Any feedback would be appreciated!

    -Diana
     
  2. HF Mudd

    HF Mudd Senior Member

    2
    Jul 31, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    My advice would be to not perform an appraisal in a state in which you are not licensed to do so.
     
  3. leelansford

    leelansford Elite Member

    14
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Suggest:

    If your status is that of trainee, where is the supervisor appraiser?

    You may want to share here a few of the details regarding your assignment.
     
  4. D Quach1

    D Quach1 New Member

    0
    Apr 9, 2009
    Professional Status:
    Appraiser Trainee
    State:
    New York
    My supervisor is licensed in NJ. His only recommendation is to call the assessor's office. I've been trying and got busy signals all day. In NY we have sources like streeteasy.com, propertyshark.com, geodataplus.com and ACRIS.

    Do you guys know what are the equivalents websites for Hudson County, NJ?
     
  5. David Mescon

    David Mescon Senior Member

    2
    Nov 12, 2009
    Professional Status:
    Retired Appraiser
    State:
    California

    YOU would need to be licensed in NJ, too. Are you licensed anywhere???
     
  6. D Quach1

    D Quach1 New Member

    0
    Apr 9, 2009
    Professional Status:
    Appraiser Trainee
    State:
    New York
    Yes, I am a licensed assistant in NY. My supervisor does work in both states and my only involvement with the NJ project is to help him research sales and rental comps.

    -Diana
     
  7. JamesRockford

    JamesRockford Senior Member

    0
    Oct 22, 2010
    Professional Status:
    Certified General Appraiser
    State:
    California
    Since you are not geographically competent and not licensed in NJ, you have no business whatsoever doing any appraisal work there and your supervisor should know better. I would recommend a USPAP course for both of you.
     
    Last edited: Oct 6, 2011
  8. D Quach1

    D Quach1 New Member

    0
    Apr 9, 2009
    Professional Status:
    Appraiser Trainee
    State:
    New York
    Thanks for your concern but we are a multi-million dolllar company who specializes in the appraisal of CMBS portfolios across the country. No one will lose their license and all bases are covered.
    I am here to find some local intelligence but it seems like no one here is intelligent.
     
  9. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Rental comps are best obtained by knocking on doors and making phone calls ... Im sorry but if you are looking for a short cut or your mentor suggests short cuts ... I would tend to be 100% in disagreement.

    Sorry .. time to get out of the chair and talk face to face with property managers and perhaps some tenants.


    Also ... let me add this ... if you are a "multimillion dollar company" and your mentors dont have access to data ... I would suggest they are either making you think on your own ... or something else is amiss here.
     
  10. Walter Kirk

    Walter Kirk Senior Member

    3
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    Diana,
    I'm sorry that you ran into some inconsiderate posts, it happens on this forum too many times. I am located in south Jersey so I can't help you with specific north Jersey information other than to firect you to the tax assessors website NJACTB.ORG which should be helpfull in confirming closed sales.
     
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