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Recently appraised my NYC co-op for refi...

By woppa   2012 Feb 21, 5:59am   2,774 views   11 comments   watch (0)   quote      

Pleasantly surprised with the appraisal of 240k with 6 comps in the area. Bought 2 years ago in April for 97k - 8k homebuyers credit + ~30k renovations. Doubled my money (on paper) but more importantly paying less than I was in rent for an additional bedroom. WINNING!

Point being don't let the doomsday critics scare you, if you're smart it can be great to buy!

Comments 1-11 of 11     Last »

1   TPB     2012 Feb 21, 7:42am  ↑ like (1)   ↓ dislike (1)   quote    

Good luck getting your $240 anytime soon.
That being said I agree, as long as you are going in not expecting a market rebound and being a head of the game in the immediate future.
Zillow and Trulia after a summer of carnage in our neighborhood are saying the average listing price is up 58%, and the sale price is up over 38%. I thought that was odd.
Then today, I noticed at the County website had my house valued at 142K last year, now list at 155K for last year, not this year. That I could understand. They went back and retro valued. It looks suspiciously like the county was intentionally undervaluing my community in the last 2 years to make it look like it was on a fast path to being a redlined community in the coming years. But that was probably to scare would be home owners away. SO the banks could blitz out the foreclosures to their straw investment companies.

I guess the County didn't like having to write me a check for the last two years, in the form of an escrow refund.
To be honest I've been hoping my 160K purchase would go all the way down to 120K. I would love to turn this back into a 3br and a 1br multifamily. And buy a nicer house for around what originally bought this one for. While enjoying low taxes on my rental.

2   everything     2012 Feb 21, 8:18am  ↑ like   ↓ dislike (2)   quote    

I did buy, and sold, taxes and maintenance changed my mind pretty quick. Yeah, lol, my appraisal and assessment was higher than hell too. Figured the only way to get out from under the property taxes and double the price of my house assessment was to just sell it. But, congratulations, 97k is affordable.

3   bubblesitter     2012 Feb 21, 12:47pm  ↑ like   ↓ dislike   quote    

woppa says

but more importantly paying less than I was in rent for an additional bedroom. WINNING!

Exactly. What we are arguing here is whether a wooden crap box is worth renting or buying? If buying is cheaper,go for it.

4   RentingForHalfTheCost     2012 Feb 22, 4:31am  ↑ like   ↓ dislike (1)   quote    

woppa says

appraisal of 240k

Yah, like the appraiser doesn't have an interest in making the refi happen. The only test is if you actually sell your property. I mean really sell, not fake sell. Someone actually hands you over the money. ;)

5   121212     2012 Dec 26, 6:11am  ↑ like (1)   ↓ dislike (1)   quote    

TPB says

Good luck getting your $240 anytime soon.

You have realized nothing from your real estate purchase.

Are you capable of profiting from that so-called equity based on 6 comps, lmfao!

6   woppa     2012 Dec 26, 7:12am  ↑ like (2)   ↓ dislike (1)   quote    

Lol you are quite pathetic, digging up my year old threads. It's not that easy creating over a hundred grand in equity and paying less than you would in rent for a bigger place than you previously resided in. But I'm smarter than the average bear.

7   121212     2012 Dec 26, 7:22am  ↑ like (1)   ↓ dislike   quote    

woppa says

creating over a hundred grand in equity

How do you plan on realizing this?

HELOC?

8   Tenpoundbass   994/996 = 99% civil   2012 Dec 26, 8:34am  ↑ like   ↓ dislike (1)   quote    

woppa says

But I'm smarter than the average bear.

My place is down to $119,510 now on the county site, while zillow and trulia has it back where I bought at.
But the truth is, it's only worth what the banks wont lend to classic would be home owners looking for financing, until it's cheap enough for investors to pay cash.
It's a Strawman's market.

9   swebb     2012 Dec 26, 8:45am  ↑ like (1)   ↓ dislike   quote    

121212 says

How do you plan on realizing this?

HELOC?

If rents track values in the area, he realizes it by not paying increasing rents. If he moves out and rents the place, he realizes value by collecting higher rents. If he sells it, he realizes the value by the profit.

10   121212     2012 Dec 26, 8:56am  ↑ like (1)   ↓ dislike   quote    

swebb says

If rents track values in the area, he realizes it by not paying increasing rents. If he moves out and rents the place, he realizes value by collecting higher rents. If he sells it, he realizes the value by the profit.

That's one or two ways. There are many. I was just pointing out that while you live in a property you do not realize any of the equity unless your are willing to leverage ownership either by selling, renting some or parts of the property or by using capital market tools.

Sounds like he did well, im happy for him, keep doing it.

11   woppa     2012 Dec 26, 9:01am  ↑ like   ↓ dislike   quote    

Yes, that pretty much sums it up.

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