Franklin Lakes NJ real estate listings and homes for sale, home buying, home selling information – Palisades Appraisals

NJ Real Estate Values during the Recession of '08

November 8th, 2008 11:19 PM

Well, today I inspected a house for a potential tax appeal. It was large and updated in the East Hill section of Cresskill After scrutinizing the home, and discussing it with the owner, it appeared we had a chance at a reduction of the assessment, based on current market conditions. First step was checking the property record card of the Subject, as well as some Comparables I had preliminarily chosen, at the Cresskill Assessors Office. I quickly noticed nearly a 1,000 sq ft difference from the record card to what I had just measured. This gave at least one reason to lower the current valuation by the Town. Next, a few quick analyses found that properties of this type,(5 bedroom,3.5 baths, Colonials) had decreased in value only 4% from 2007. Also noted only 4 similar homes had sold in the prior 12 months and there were now 7 currently listed for sale, which had ballooned the absorbtion rate to almost 2 years. Average days on market (DOM) had only slightly increased from 124 days in '07 to 140 days in '08. It appears that "luxury" homes have declined, but not by as much as many touted, and the full effect of the increase in inventory may not have fully worked its way through the market. The results of the appeal will not be known until after the new year and I will keep you updated as this unfolds. If you believe you assessment is too high, now is the time to start your appeal.

Posted by Jon Rosa on November 8th, 2008 11:19 PMPost a Comment (0)

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