Friday, June 8, 2007

Observing real estate appraisals

The NY Observer lets you in on New York’s Longest-Running Real-Estate ‘Joke’.

Attorney General Andrew Cuomo has waded into the murky waters of city home appraisals. You don’t want to know what he might find.

Photo by NY Observer

1 comment:

Anonymous said...

Inflated, overblown real estate appraisals are great for the NYC tax dept.
Your real estate taxes will be calculated on a percentage of the "market value" of your home.....and thus raised accordingly!

Then you'll get a second kick in the ass when you have to increase your home owner's insurance coverage!

So, as you see, both NYC and the insurance companies benefit from this shady practice!

And.....everybody thinks that the NYC real estate is healthy and that dwellings are in high demand!

Wake up's a buyers' market out there and homes are siting awaiting sale for longer periods of time. Prices are also dropping!