Indianpaolis - Low Appraisals in Hot Residential Market
For anyone interested in buying or selling a property in Indianapolis, particularly in revitalizing areas such as Fountain Square and Fletcher Place, below is an Interesting article in this week's Indianapolis Business Journal about appraisals (see link).
In short, with recent strong demand & price increases in some gentrifying neighborhoods, appraisers are quite cautious to give higher appraisal values for various reasons, including regulatory/legal reasons.
Additionally, it is further compounded by the fact that sales prices and property values can change significantly in the matter of a few blocks in Indianapolis, so often it is very difficult for them to find true "comps". Sometimes appraisers, especially if they are not familiar with the specific neighborhoods, or, if they are from out of town, unknowingly compare apples to brussel sprouts.
Anyone active in Fountain Square, Fletcher Place, Holy Cross, Bates Hendricks, Herron Morton or other hot neighborhoods experienced this?