Negotiating Strategically? Consider the Appraisal First.

Welcome back to Real Estate Investing in New York with me, Christina Kremidas. In this episode, we are talking about how to maximize your property's value by leveraging the appraisal, a critical part of the purchase and sale process that can make or break your transaction in the competitive New York market. About the Host: Christina Kremidas is a lifelong New Yorker who brings her extensive background in advertising to her successful real estate career in Manhattan. Her personal experience as a property investor and landlord in New York City gives her unique insight into her client's needs, while her negotiation expertise and market knowledge have quickly established her as a top-performing agent, ranking among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate. Beyond her professional achievements, Christina is deeply involved in the NYC community. She is a founding Steward at St. Nicholas Greek Orthodox Church and National Shrine at the World Trade Center, where she serves on the Parish Council and leads social media, marketing, and young adult initiatives. Get in touch with Christina: Instagram: https://www.instagram.com/christina.kremidas TikTok: https://www.tiktok.com/@christina.kremidas Check out my website: https://christinakremidas.com/ Email me: [email protected] What Is Your Property Worth?: https://christinakremidas.com/home-valuation The Virtual Agent Experience: https://christinakremidas.com/virtual-agent Timestamps 0:00 Andrew Goodman of Gotham Valuation Introduction 1:46 What an appraisal is and its importance in the mortgage process 3:34 When sellers or buyers should proactively call an appraiser before the bank does 7:39 Personal bias in appraisals versus market reactions to property features 9:49 Using appraisals strategically in negotiations to provide reality checks on pricing 12:34 What to do when an appraisal comes in under the contract price 21:54 The law of diminishing returns on renovations 27:02 How outdoor space affects property value 31:21 The impact of views on property value 35:03 Duplex apartments and how they impact property value 37:45 The value of ceiling height in apartments 39:17 Whether adding bedrooms or bathrooms increases property value 42:03 Impact of building amenities on property value, especially in remote locations 44:20 How subway proximity affects property values in different neighborhoods 47:41 Considerations for land lease buildings 50:53 The value of in-unit laundry versus building laundry facilities 57:11 Limitations of using price per square foot as a valuation metric Disclaimer: All information provided by Christina Kremidas and/or Douglas Elliman is furnished strictly for educational and entertainment purposes only. Christina Kremidas is licensed in the State of New York. Some concepts discussed here may not be relevant in other states. The principles covered here are general statements, every concept mentioned here may not be applicable to you. Christina Kremidas/Douglas Elliman is not making any legal or financial recommendations. You agree that use of the information contained in any content provided by Christina Kremidas and/or Douglas Elliman is at your own risk.