>How about automatic valuations?
>
That's what happened in monmouth county and elsewhere. Using a comp
sale WITHOUT taking reality into account is the problem. That and the
banks all hungry. All the banks jsut sell off the loans - except the
commerical stuff up to $x. The local lenders, responsbile for
maintaining their own loan portfolio know the truth.
How about when an appraiser asks "what do you need this to be at?"
Or when the comps are for other properties that the same guy owns or
just bought? Or the leases look good, but the guy leasing it never a
paid a dime in rent or was paid by someone else - and not from the
business income?
Did you check out the article about long branch getting cut $1m+ in
state school aid - why? The SUCCESS of the redevelopment efforts have
had a POSITVE change to the socio-economic status of the city as a
whole. Getit - success.
That's why some people are simply afraid of success. Especially in a
city that is mostly investor owned. But - there are plenty of old
time guys that cashed out on those $7-10k investments in old AP.
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