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January 17, 2012
“The Appraisal” column in The New York Times had an interesting article in it today titled, “On a Numbered Street, Apartment Owners Yearn for More Cachet.” The article describes an up-scale condominium building on 52nd Street in Manhattan. Several of the condo owners in the building feel that their street name doesn’t accurately portray the luxury to be found in the building, and believe that changing the name of their section of the street to something a little more elegant will raise the value of all of the condos.
Beekman Place and Sutton Place are tiny streets in Manhattan that have elegant and ornate residential buildings, and saying you live on one of those well-known streets comes with a certain connotation. Residents of the co-op on 52nd Street want to give themselves the same sort of bragging rights.
The question is, will a street name change actually improve the value of the property? Some experts say absolutely not, but others believe that a name change could give
property values a small boost. Companies that track sale prices show that similar condos in similar buildings on nearby, more elegantly named, streets sell at a slightly higher price than the condos on 52nd Street.
Stories like this one serve as a reminder that a great deal of factors figure into the value of a property. That’s why it’s so important to work with a reputable, experienced appraiser who can help you determine the value of your home.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
By: Present Value
Additional Reading:
High-Value Home Appraisals: 10 Tips
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