Geo competency question

[KenRossman]

Yes, with sufficient experience or working with a mentor with sufficient experience and/or with enough time to adequately research each assignment.

 

[MBD]

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

I believe, yes, but only in time. Not from day one of licensure. Every market is different, whether it be Marine Park or Park Slope in Brooklyn to Ronkonkoma or Riverhead in Suffolk. Although relatively close geographically, it could take years for one appraiser to become competent in those 7 counties. I've only done appraisals in 3 counties of New York. I'm very wary of appraisers with recent license numbers that claim large coverage areas.

 

[Eli Weiss]

The five boroughs are my primary coverage area.

Unfortunately I have seen many appraisals from appraisers coming from distant area's where they undervalued properties in my area (like Midwood and Borough Park) and overvalued condominium properties in areas like Williamsburg by compering apples to oranges.....
There was always plenty of good comps, if you do the right research....

And no it's none of the guys in this forum, simply "because our discussions on these forums make us competent"

Oh! and talking about the City, some buildings deserve there own book, you can have two buildings one next to the other, with a world of differences.....
an incompetent appraiser will never notice it.....

 

[Claude From NY]

To answer the OP

Absolutely! I agree with the entire NY contingent in their responses.

Competency Rule comment:

In an assignment where geographic competency is necessary, an appraiser preparing an appraisal in an unfamiliar location must spend sufficient time to understand the nuances of the local market and the supply and demand factors relating to the specific property type and the location involved. Such understanding will not be imparted solely from a consideration of specific data such as demographics, costs, sales, and rentals. The necessary understanding of local market conditions provides the bridge between a sale and a comparable sale or a rental and a comparable rental. If an appraiser is not in a position to spend the necessary amount of time in a market area to obtain this understanding, affiliation with a qualified local appraiser may be the appropriate response to ensure development of credible assignment results.

And if you don't have it...you make sure you get it (competent that is). Most of us here have it....but how may newbies and skips have gone out to the Hamptons for the first time and spent a few hours scratching their heads out there? Then we have another consideration. For those of us that fill out Fannie's forms for a small living there are certs # 11 & 12.

 

[KenRossman]

Eli -

I have also seen and/or reviewed numerous appraisals from NYC, Westchester and beyond so-called appraisers who come to LI and appear to be completely clueless about neighborhoods and particularly school districts.

Cuts both ways...

Have also seen equally crappy work from local appraisers on LI, usually as a result of inexperience and/or unrealistic/ridiculous client expectations IE AMCs wanting 24 hr turn at 50% or less than an appropriate fee.

 

[Mike Kennedy]

The "Current" Population of New York City (2006):

The latest available information on New York City’s population from population estimates prepared initially by the U.S. Census Bureau and challenged successfully by the Department of City Planning.

http://www.nyc.gov/html/dcp/html/census/popcur.shtml

2006 Census
Bureau ​

New York City 8,250,567

Bronx
1,371,353​

Brooklyn
2,523,047 da winnahhhh!​

Manhattan
1,612,630
Queens
2,264,661
Staten Island
478,876​

 

[Mike Kennedy]

The decade between 1990 and 2000 brought renewed growth to both counties. Nassau grew by 3.7% and Suffolk by 7.3%. For Nassau, this growth was the first experienced in two decades, while Suffolk more than doubled the growth realized between 1980 and 1990. As of January 1, 2006, the population of the Nassau-Suffolk region totaled 2.85 million persons.

This represents a 15,604 increase over our January 1, 2005 estimate. Contributing to population growth has been growing net-international immigration.

​

NASSAU COUNTY (www.nassaucountyny.gov)​

On January 1, 2006, our population estimate for Nassau was 1,351,660 persons. This total represents a growth of 3,303 persons above that estimated for January 1, 2005. The Town of Hempstead gained the most in population with an increase of 1,878 persons to bring its total
population to 763,822. Household growth in the hamlet of East Garden City contributed to three-quarters of this Town’s population growth.
The Town of North Hempstead increased by 1,034 persons. This gain brings this Town’s population to 223,870. Areas with high household growth were Great Neck Plaza, Port Washington North and Westbury.
Next, was the Town of Oyster Bay, which saw a 170 person increase. Household growth was distributed throughout the Town.
Nassau’s two cities, Glen Cove (population 27,342) and Long Beach (population 35,840), registered gains of 73 and 148 persons, respectively.​

SUFFOLK COUNTY (www.co.suffolk.ny.us)​

Our population estimate for Suffolk, on January 1, 2006, was 1,495,697 persons. This total is 12,301 above that reported in the 2005 Population Survey. All of the County’s ten towns experienced population gains. The Town of Brookhaven accounted for 5,717 of the County’s increase to lead all towns in numerical growth and remain Suffolk’s most populous town with an estimated 485,295 residents. Islip, Suffolk's second most p opulous town added 1,482 persons and now totals 332,484. Babylon, with an estimated population of 217,061 grew by 1,338 persons. Fourth in growth is Huntington which added 1,271 residents. The Town of
Riverhead’s population of 33,098 is 1,070 above last year’s estimate. Following are gains of 651 in Smithtown and Southampton’s 312 person gain. Next are Southold’s increase of 285 and East Hampton’s 131 person gain. Lastly, Shelter Island, Suffolk’s smallest town, added 44 residents
to total 2,483.

The five western towns - Huntington, Babylon, Islip, Smithtown, and Brookhaven, with a net increase of 10,459 persons, are now estimated to have a combined population of 1,357,212 persons. The County’s five eastern towns - Riverhead, Southampton, Southold, East Hampton,
and Shelter Island, netted an additional 1,842 persons. The combined population of the five eastern Towns is estimated to be 138,485 persons as of January 1, 2006.​

 

[Mike Kennedy]

The Population Data above posted to give "out of towners" a grasp of the magnitude, nuances, and complexity involved in appraising in NYC and Long Island.

Zip Code Searches, ordering appraisals from "chains" located 2-5 hours outside the NYC METRO area, neighboring States and National Chains ..........


gets you what you pay for. Please do verify Supervisory Appraisers ACTUALLY DID site inspection along with Novices or Trainees when they indicate they did. Call the HO and ask for descriptions of how many individuals rang the door bell and WHO they ARE. Recommend to your customers they ask for and obtain Business Cards......and actually SEE NYS License Pocket Cards.


Need Reality......... GO LOCAL !!!!!!!!!!!!!!!!!!

 

[Kevin Mc]

Huge ditto.

[/I][/B]


Need Reality......... GO LOCAL !!!!!!!!!!!!!!!!!!

my biggest pet peeve.

 

[Tony V]

There is not to much to add to all of the above posts....

Within these areas there are a great deal of sub markets....Newer appraisers usually are not aware of these areas...and it shows in their reports...and eventually it shows up in Albany....