Appriasal pricing in WeHo

8 Replies

What's a usual appraisal price in WeHo? 1600sf 2 unit in the flats. Quoted nearly 1200 by the bank, and it seems excessive. Wondering if I'm just out of touch with the market. 

This would be excessive for our area, even $500 would be considered expensive here. Sorry that doesn't help for your neck of the woods, hopefully someone from California will chime in. 

I would quote that more like $700 or $800 probably, for a duplex in WeHo. I always look up the property and see what I am getting into, or try to anyway, before I quote an appraisal fee. So if it's non conforming for some reason, and / or lacks decent comps, that could change / go higher. 

What's your zoning? The units are not large. How old, what is their condition? I am wondering about H&B use. Maybe time to scrape and build a tower! In which case you need a Certified General appraiser and much higher fee, but I digress.

Anyway, If the lender is using an AMC (Appraisal Mgmt Co) they are probably trying to make as much as they can for themselves, hence the $1200. But I'll not go down that rat hole.

Source of my info, me. I am an appraiser in the county since 1992.

Our appraisal was about $600ish for a duplex near USC. Appraisers in LA are charging $$$$$$$$

I would call that very reasonable assuming is is a vanilla property. It generally takes a full day and then some, if the appraiser is doing a good job.

In some areas you really need to consider the zoning. I had a little 100 year old house in NoHo recently. But, when I got into it realized it is zoned R3, they could build at least 9 units. They are building units like crazy around there. H&B use is no longer the little old house. Even though it is livable. So , it just got more complex. Anyway....

The appraisal is not only about the bottom line opinion of market value. Although most people appraently don't bother to read anything else. Their loss.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here