Report for

1234 Noname Street, Suburbia, NY

Prepared Exclusively for mike+nytest@omg.re on July 1, 2019


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Average (mean) opinion of FMV: $937,150
Median opinion of value: $945,000
Highest opinion of value: $1,025,000
Lowest opinion of value: $825,000
Number of brokers that responded: 10
Average time to respond: 6h 42m
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Response #

Opinion of Value
$975,000.00
-
Response Time38 minutes

Explanation

There are 3 similar homes have sold in the past 90 days within 1 mile of this house. 291 Thatcher Lane was a small colonial with nice finishes that sold for $799,000. 275 Thatcher Lane was a larger house on a double sized lot that sold for $1,100,000 - interior was nice, but could have used a few updates in my opinion. I sold a home on 225 Old Orchard Street similar to yours for $875,000 that was a little smaller and had 3 bedrooms instead of 4 bedrooms in similar condition. It was a really quick sale, and I was able to solicit 2 competing offers within 30 days of being on the market (spring market). I still have some left over buyers from that house who I think would be a great fit for this house

How desirable is this area compared to neighboring areas?

The school district is very good and taxes seem reasonable. I think this neighborhood is a win.

What is the typical style of home in this area?

Colonials.

Are the taxes on this property normal for this area?

Taxes are reasonable for this area considering the strong schools.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$965,000.00
-
Response Time51 minutes

Explanation

In the past 365 days, 32 properties have sold in the same town. This house is in one of the most desireable areas of the town, but the work being done to the road on Old Orchard has been a nightmare for traffic. If you are considering putting your house on the market, I would wait until the work is done. Then I think the house is worth $1,000,000 without much question. 275 Thatcher Lane sold for $1.1 million earlier this year, and I think if your house is in really great condition, it could possibly be worth closer to that number.

How desirable is this area compared to neighboring areas?

Other than the area directly east of this neighborhood, this and the surrounding areas are desireable.

What is the typical style of home in this area?

A colonial is the typical style here, but you can find other styles.

Are the taxes on this property normal for this area?

Normal. Very close to neighboring homes.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$950,000.00
-
Response Time56 minutes

Explanation

Nice house in a great neighborhood. Very typical of the area. Good curb appeal from the outside, and it looks to be in good condition. The house across the street at 321 Old Orchard sold last year for $829,000, but that house was in much worse condition. Given that house needed an almost complete gut renovation, I would value this home at $120K more dispite being a little bit smaller.

How desirable is this area compared to neighboring areas?

This is a solid area with a good school district. However, similar homes in the town just to the North will likely rise faster in value. If you can afford a home there you will see a better return on your investment.

What is the typical style of home in this area?

Colonials and split-levels.

Are the taxes on this property normal for this area?

Yes this home's taxes are typical for this area.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$950,000.00 - $1,025,000.00
Response Time1 hour 19 minutes

Explanation

My family and I live one town over and we have friends that we often visit across the street - the Damianos at 221 Old Orchard Street. It's a lovely street and a great place to retire or raise a family. The value of the house is definitely rising. The house at 225 Orchard street sold last year for $200k more than what it sold for 3 years ago. I would recommend pricing this home on the higher end - even $999k with the expectation to sell it around $975k.

How desirable is this area compared to neighboring areas?

Seems like there are always buyers for this area. I servicce this area and nearby areas and I always try to show buyers homes when they are looking anywhere in this vicinity.

What is the typical style of home in this area?

Colonials and some other styles like mother-daughter.

Are the taxes on this property normal for this area?

A buyer for this property sohuld grieve the taxes and ask for a reduction. I don't think the taxes reflect the particular state of this home but tax reductions ar enot a given. You may be stuck paying a large bill!

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$915,000.00 - $999,000.00
Response Time2 hours 13 minutes

Explanation

A little landscaping and overall sprucing up will bring this property to the high end of this price range. 225 Old Orchard Street sold for $875K, which is very close to your home. This is a perfect house for a buyer looking to upsize from the city. It's a really easy commute into the city, and I am working with buyers from out of town who would love to purchase a home like this one. It should be very easy to sell if small improvements were made.

How desirable is this area compared to neighboring areas?

The schools keep the buyers coming. I think it's only going to get better. Search the news for recent decisions about increasing funding to this shcool district.

What is the typical style of home in this area?

Colonials mostly.

Are the taxes on this property normal for this area?

Taxes are normal, but may go up with improvements. If you change the siding and landscape the lawn you might see them go up.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$920,000.00
-
Response Time4 hours 2 minutes

Explanation

It's hard to know how much this property is worth without knowing what the property looks like on the inside. I have sold over 20 homes in the past year in the surrounding area and can help you with all of your buying and selling needs. This is a nice neighborhood, but I would be cautious of the work going on with the road down the street.

How desirable is this area compared to neighboring areas?

There is a healthy buying pool for this area. I'm constantly getting calls for homes here. The neighborhood directly North is better, but this area holds strong.

What is the typical style of home in this area?

This area is dominated by Colonials. There are a few split-levels, ranches and capes. Modern/contemporary non-existant

Are the taxes on this property normal for this area?

The taxes are normal if this home was perfect. Beware of reassessment/increase if necessary improvements are made. The assessors come around all the time and they will notice and the bill will follow!

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$945,000.00 - $965,000.00
Response Time6 hours 11 minutes

Explanation

With interest rates going down, I see this as a wonderful time to buy. The market is strong, and my firm is getting a steady stream of calls with new buyers looking to purchase from out of town (during the slow season!). I am personally very bullish on this town and area. A few specific sales stand out to me: 1) 691 Old Orchard Street - very similar house I sold last year for $1.25 million. Same size, a better location to downtown (5 minutes from the train) fully renovated with a pool and hot tub. 2) 275 Thatcher Lane - I represented the buyer this year for $1.1 million on a double lot (purchasers are going to put in a pool!). This house should be worth somewhere in the range of $930k - $975k because, even though it's a little smaller and a little far to walk to downtown, it's a really fantastic home for the neighborhood. I think it would be a great deal for buyer and seller in that range.

How desirable is this area compared to neighboring areas?

This neighborhood and the surrounding neighborhoods are desireable. This neighborhood is a safe bet.

What is the typical style of home in this area?

Mostly colonials, but I have seen a few capes.

Are the taxes on this property normal for this area?

Normal.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$925,000.00
-
Response Time11 hours 36 minutes

Explanation

This is a very typical house for the neighborhood. The siding and paint look nice, and the lawn looks like it has been well kept. Without seeing the inside it's hard to know what the house is worth. I can show you other houses on the market in this town that are very similiar on the market in this price range. This is a little on the larger size for the neighborhood. I am working with a few buyers looking to upsize, and this house would be perfect for them in this price range.

How desirable is this area compared to neighboring areas?

This is a desireable neighborhood that attracts a lot of buyers. The schools are good and the taxes are reasonable.

What is the typical style of home in this area?

Ranches and colonials.

Are the taxes on this property normal for this area?

Taxes are in the normal range, but grieving the taxes might be worth a shot.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$899,000.00 - $925,000.00
Response Time15 hours 33 minutes

Explanation

I know this area well and have been doing business here for over 25 years. I sold a house only a few blocks away on 291 Thatcher Lane. It was a really cute quaint colonial with gorgeous custom finishes that the owners really a lot of thought into designing. I would love to see the inside of this house to get a better idea of what the value is. Based on the outside it seems clean, but possibly a little dated. If the inside is as fabulous as 291 Thatcher, I think the value of the house may be higher than my high range. I just want to be conservative if the house isn't renovated on the inside. It only took about 90 days to get Thatcher into contract, and I see a strong market going forward in this neighborhood specifically.

How desirable is this area compared to neighboring areas?

The roads and sewers in this area need improvement, but the schools are good. I think taxes are going to go up in the next few years to pay for the necessary imporvement this area needs.

What is the typical style of home in this area?

Colonials and ranches.

Are the taxes on this property normal for this area?

Taxes are histrocially normal for now, but expect them to go up as this area will need a lot of infrastructure/other improvements. A client of mine is on the community board here and indications are that they will be increasing spending to cover necessary improvements/repairs.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?

Response #

Opinion of Value
$825,000.00
-
Response Time23 hours 42 minutes

Explanation

Everything in the neighborhood is over priced. I think that properties like these will go down in value, and I wouldn't recommend my clients to purchase in this neighborhood unless they got a great deal. Millenials are not buying in this area and I would recommend buying closer to the city even if you have to compromise on size.

How desirable is this area compared to neighboring areas?

This area has been doing better than the neighborhood directly to the east and I believe this development will drive more buyers to this area who are looking for good value/investment.

What is the typical style of home in this area?

Colonials.

Are the taxes on this property normal for this area?

Taxes are typical. I have a relative that grives taxes in this and other areas and they tell me this house is well within the range of normal.

Question 1

How desirable is this area compared to neighboring areas?

Question 2

What is the typical style of home in this area?

Question 3

Are the taxes on this property normal for this area?