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  #1  
Old 10-06-2011, 02:45 PM
D Quach1 D Quach1 is offline
 
Join Date: Apr 2009
State: New York
Professional Status: Appraiser Trainee
Posts: 4
Default NJ New Construction Apartment Building

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
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  #2  
Old 10-06-2011, 03:01 PM
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HF Mudd HF Mudd is offline
 
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Location: Queens County
State: New York
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My advice would be to not perform an appraisal in a state in which you are not licensed to do so.
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  #3  
Old 10-06-2011, 03:02 PM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
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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.
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  #4  
Old 10-06-2011, 03:08 PM
D Quach1 D Quach1 is offline
 
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State: New York
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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  
Old 10-06-2011, 04:52 PM
David Mescon David Mescon is offline
 
Join Date: Nov 2009
State: California
Professional Status: Retired Appraiser
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Quote:
Originally Posted by D Quach1 View Post
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?

YOU would need to be licensed in NJ, too. Are you licensed anywhere???
  #6  
Old 10-06-2011, 04:56 PM
D Quach1 D Quach1 is offline
 
Join Date: Apr 2009
State: New York
Professional Status: Appraiser Trainee
Posts: 4
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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  
Old 10-06-2011, 05:03 PM
JamesRockford JamesRockford is online now
 
Join Date: Oct 2010
Location: Paradise Cove, Malibu, CA
State: California
Professional Status: Certified General Appraiser
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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 by JamesRockford : 10-06-2011 at 07:01 PM.
  #8  
Old 10-06-2011, 05:30 PM
D Quach1 D Quach1 is offline
 
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State: New York
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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  
Old 10-06-2011, 07:12 PM
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PropertyEconomics PropertyEconomics is offline
 
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Location: Central New Mexico
State: New Mexico
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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.
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  #10  
Old 10-06-2011, 07:19 PM
Walter Kirk Walter Kirk is offline
 
Join Date: Jun 2003
Location: Audubon, N.J.
State: New Jersey
Professional Status: Licensed Appraiser
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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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