Frequently Asked Questions

  • What's the difference between a co-op and condo appraisal?

    Co-op appraisals assess stock ownership and building financials, while condo appraisals focus on fee simple ownership of the individual unit. Co-op valuations require review of the corporation's financial health, maintenance fees, and shareholder agreements. At Logical Appraisals, we analyze building amenities and ownership structures specific to Brooklyn and NYC properties.

  • How does a retrospective appraisal work for estate settlements?

    A retrospective appraisal determines property value as of a past date, typically the date of death for estate tax purposes. The appraiser researches historical market data, comparable sales, and property conditions from that specific time period. This ensures accurate valuations for legal distribution among heirs and IRS compliance.

  • When should you get a tax appeal appraisal?

    You should obtain a tax appeal appraisal when you believe your property tax assessment exceeds the actual market value. This typically occurs after receiving a new assessment notice or when comparable properties show lower valuations. At Logical Appraisals, we provide objective documentation to support your appeal and secure fair tax assessments.

  • What does a full interior assessment include?

    A full interior assessment involves inspecting all rooms, measuring square footage, evaluating condition and quality of finishes, and documenting features like updated kitchens or bathrooms. The appraiser also notes any defects, functional obsolescence, or needed repairs. This data-driven approach ensures accurate residential valuations for single-family homes, multi-family properties, and condos.

  • Why are divorce appraisals considered impartial?

    Divorce appraisals are impartial because the appraiser acts as a neutral third party with no financial interest in the outcome. The valuation follows industry standards and objective market data to ensure equitable asset distribution. Court-reliable assessments minimize disputes and provide defensible evidence for both parties.

  • What affects the cost of a commercial property appraisal?

    Property size, complexity, location, and intended use impact commercial appraisal costs. Mixed-use buildings and retail storefronts require analysis of income potential, tenant leases, and zoning considerations. More detailed reports with extensive market research and multiple valuation approaches increase the time and cost involved.

  • Can you appraise vacant land in Brooklyn?

    Yes, vacant land appraisals assess lot size, zoning regulations, utilities access, topography, and highest and best use potential. In Brooklyn, factors like proximity to transit, development restrictions, and neighborhood trends significantly influence land value. At Logical Appraisals, we provide comprehensive data-driven valuations for undeveloped parcels.

  • What's the biggest mistake people make with estate appraisals?

    The biggest mistake is waiting too long after the date of death to order the appraisal, making retrospective valuation more difficult. Delayed appraisals can result in incomplete market data and disputes among heirs. Obtaining a timely appraisal ensures accurate documentation for tax purposes and legal distribution.

  • How do appraisers evaluate multi-family property income?

    Appraisers analyze rental income, operating expenses, vacancy rates, and capitalization rates to determine multi-family property value. They review lease agreements, compare similar properties, and assess the building's condition and location. This income approach complements sales comparison methods for comprehensive residential appraisals.

  • What makes an appraisal report defensible in court?

    A defensible appraisal report includes thorough documentation, clear methodology, credible comparable sales, and compliance with USPAP standards. It must withstand scrutiny from opposing parties and provide logical support for the final value conclusion. At Logical Appraisals, we prepare court-reliable assessments for legal proceedings and litigation support.

  • Do NYC co-op financial statements affect appraisal value?

    Yes, co-op financial health directly impacts marketability and value. Appraisers review reserve funds, underlying mortgage balances, maintenance fees, and any financial instability. Weak financials can reduce buyer demand and lower property value, especially in Brooklyn and Manhattan co-op buildings.

  • What's included in a mixed-use building appraisal?

    Mixed-use appraisals evaluate both residential and commercial components, analyzing rental income, tenant mix, zoning compliance, and market demand for each use type. The appraiser considers location factors, building condition, and potential for highest and best use. At Logical Appraisals, we provide clear reports for small commercial and mixed-use properties.