Archive | Fair Market Value

Don’t Trust Your Appraisal? Don’t Worry, Neither Does Your Appraiser.

How strong is the residential market? Well, according to people looking to buy and folks looking to sell, very strong.  In fact, many residential properties put on the market sell for more than the listing price.  Indeed, many times there are bidding wars.  All this is fine until the winner of the war applies for a mortgage. The gulf between contract prices and appraised values highlights the risks to buyers in the current market, especially those stretching their budgets to win a bidding war.  Mortgage lenders will typically lend only… read more

Posted in Appraisal, Bidding War, Fair Market Value
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BROOKLYN CENTER TRIAL DECISION

Goldstein, Rikon, Rikon & Houghton, P.C. obtained three favorable decisions from the Honorable Wayne P. Saitta after a trial handled by Jon Houghton and Ashley Levi. The three properties were located in the Willoughby Square area of downtown Brooklyn.  The plan was to upzone the land to encourage the development of office buildings in downtown Brooklyn.  As the Court noted, the majority of the development that took place since the 2004 rezonings was hotel and residential development rather than office buildings.  Although the zoning change took place some five years… read more

Posted in Brooklyn Development Properties, F.A.R., Fair Market Value
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