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Geo competency question

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Pamela Crowley (Florida)

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Retired Appraiser
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Florida
Can a residential appraiser claim geo competency in service all 5 NYC boroughs and Long Island? Theoretical and opinions....
 

James Micozzi

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Jan 13, 2005
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Certified Residential Appraiser
State
New York
Can a residential appraiser claim geo competency in service all 5 NYC boroughs and Long Island? Theoretical and opinions....

Can a residential appraiser claim... sure, just like I can claim that I am a brain surgeon :laugh:

Seriously, I know that quite a few of my fellow Long Island members are geo competent in the five boroughs and Long Island. Of course, they have been appraising since the days when you wrote a report with a hammer & chisel in a stone tablet..LOL

speaking solely for myself, I am comfortable performing assignment in the five boroughs as well as Nassau and the Western Half of Suffolk county. the east end is it's own world so to speak.
 

Mike Kennedy

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Certified Residential Appraiser
State
New York
Consider the Boroughs comparable to adjacent counties; consider Nassau & Suffolk as two more (adjacent to then one county east from Queens).

Specific Northshore, Southshore, and Easternmost Suffolk nuances require specific local expertise. Da Bronx, Brooklyn, Queens, Staten Island, for the most part, are fairly homogenous - each claiming to be "Da Best!" while retaining much of their "old world big city mentalities" as they were independent cities or "metros" prior to being merged into NYC. Manhattan (like Eastern Long Island) requires significant local expertise as well as personal relationships with key "insider" data sources.

Can they all be covered by an individual Appraiser - yes.

Are they - yes.

Drive time (excepting rush "snailpace" hours) is no different than many suburban or even rural markets and data access capabilities no different than any other regional markets.

Similarly, "chain firms" have no business sending trainees or junior Appraisers, unaccompanied, into ANY of those submarkets.
 
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Fred

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Jan 15, 2002
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Retired Appraiser
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Virgin Islands
Can a residential appraiser claim geo competency in service all 5 NYC boroughs and Long Island? Theoretical and opinions....
I don't belong to the tatoo-on-the-head school of geo competency - either you have or do not have this finite entity, a priori. It's something I like to think I aquire after the assignment begins, but before it is complete. For example, sometimes it isn't until you analyzed the deed restrictions for a while, and let that guide you on a comp search and market analysis that you are geographically competent to do the job.
 

Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
I don't belong to the tatoo-on-the-head school of geo competency - either you have or do not have this finite entity, a priori. It's something I like to think I aquire after the assignment begins, but before it is complete. For example, sometimes it isn't until you analyzed the deed restrictions for a while, and let that guide you on a comp search and market analysis that you are geographically competent to do the job.


ahhhhhhh thatttttttt explains it. :laugh:

FYI for Residential assignments, please don't forget the typical mandatory 24-48 hour turn time SOW. :) You either ARE or you are NOT geo-competent for Res assignments which, for the vast majority of mortgage lending assignments, do NOT afford one the luxury of BECOMING geo-competent OJT.
 

David Wimpelberg

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Mar 30, 2005
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Certified General Appraiser
State
New York
Can an appraiser be? Yes.

I believe any competent appraiser, given enough time, can appraise in most of those areas. There are some markets where information is very difficult to obtain, and those assignments are best left to the local experts with the contacts. For example, some of those city neighborhoods have money flying around under the table. The out-of-area noob is going to have a hell of a time getting the relevant data, if at all.

I stay way, way away from NYC. I was there once, but it involved alcohol, carpeting, and a tatoo...but I digress.:)
 
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