An appraisal is a thought process leading to an opinion of value. This opinion or estimate is arrived at through a formal process that typically uses the three ”common approaches to value”. They are the Cost Approach – which is what it would cost to replace the improvements, less physical deterioration and other factors, plus the land value. There is the Sales Comparison Approach – which involves making a comparison to other similar, nearby properties which have recently sold. The Sales Comparison Approach is normally the most accurate and best indicator of value for a residential property. The third approach is the Income Approach, which is of most importance in appraising income producing properties – it involves estimating what an investor would pay based on the income produced by the property.
An appraiser provides a professional, unbiased opinion of market value, to be used in making real estate decisions. Appraisers present their formal analysis in appraisal reports.
Yes, Al Chanese, the owner of New Jersey Realty Advisory, is a Certified General Appraiser in New Jersey. Al obtained his license in 1989, the first year licensing was required.
Al Chanese is a designated MAI and was designated in 1993. The MAI Designation is awarded by the Appraisal Institute and is the most prestigious designation awarded in the appraisal industry.
Over the past 25 years we have worked on various projects throughout New Jersey. These projects have included the Long Branch Redevelopment including Pier Village, Carteret Redevelopment along Roosevelt Avenue, the Bound Brook and Lincoln Park Flood Control Projects, just to name a few. We have also testified at over 200 commission hearings and in Superior Court for clients with various property-involved cases.
Over the past 25+ years, we have appraised a wide variety of properties including golf courses, breweries, subdivisions, industrial building from 2,500 square feet to over 1,000,000 square feet, offices, retail centers and residential homes. We will tell you up front if we are qualified to complete the assignment so that you know you are getting the best qualified person for the assignment.
There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include:
To obtain a loan
To establish the replacement cost of insurance
To contest high property taxes
To settle an estate
To provide a negotiating tool when purchasing real estate
To determine a reasonable price when selling real estate
To protect your rights in a condemnation case
A government agency – such as the IRS – may require it
If you are involved in a property-related lawsuit