I think the number of units initially "sold" in North Beach depends
on the definition of the word, "sold". It appears that it was
loosely applied in an effort to create a bigger buzz, or maybe it's
industry practice.
A unit is sold, according to the city, when a CO is issued. However,
North Beach, and probably Wesley Grove, too, labeled units sold when
they had a contract on them. Judging by the number of people who
backed out it would appear most of those "sales" were to people who
never intended to retain "ownership".
As for the BPO, I think banks are using these loose ballpark
appraisals to justify refusing equity lines or loans and
refinancings.
That practice can affect many people. What if wealthy people are
using those values in margin accounts for trading? I'm guessing now,
because I don't know if you can post illiquid assets for trading
purposes. Anyone know?
Maureen
--- In AsburyPark@yahoogroups.com, "fredrmr" <fire...@...> wrote:
>
> --- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@> wrote:
> >
> > --- In AsburyPark@yahoogroups.com, "theshortsalepro" <njdave@>
> wrote:
> > >
> > > A BPO, or Brokers Price Opinion, doesn't carry the weight of a
> > > certified appraisal, or the price tag... A BPO can be just as
> accurate
> > > as a full appraisal, or, riddled with inaccuracies....
> intentional or
> > > otherwise.
> > >
> >
> > And in the end, it's only a guide or GUESS as to what someone
might
> > pay IF they want to buy your property.
> >
> > Look at the eminent domain cases for an easy example from two
> experts.
> >
> > In my area, we have the syrian factor. That's a mysterious
number
> you
> > can apply to a property about this time of year or the end of the
> > summer. you can't comp it either. It has to do with the
proximity to
> > Deal and to one of the temples. It has to be under one mile.
More
> land
> > is better...
> >
> > The house next to me was just sold. I don't know the selling
price
> > yet. I just saw it getting surveyed. She didn't even have to use
her
> > friendly neighbor agent either. She turned down one guy on the
other
> > side of me...
> >
> > I know the house will never appraise for what my guess is the
house
> > sold for. The value of land to a guy from brooklyn is priceless,
the
> > house almost meaningless.
> >
> > One original thought for North Beach would be that the crowd from
> > Broklyn would buy em up. Many did have contracts and multiple
units
> > but I don't think, because of the delays, they ever closed.
> >
> > Seems like yesterday they were sold out with 1,000 people on the
> > waiting list at north beach....
> >
>
> I think that as Deal properties get filled up and are still very
> expensive, Asbury Park North could become the next Deal south. I
saw
> the same expansion occur in Brooklyn as more room was needed for
> large families.
>
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