The thing that is getting me is the appraisals of a few that I'm looking at compared to recent sales within a few blocks of the properties. For example, on one property, the appraisals I've I've seen for it from February are between $220 to $240 per sqft. Nothing close has sold for anywhere near that kind of money per sqft, not in the big newer homes or small old homes. All the recent solds are under $180 per except for one at $195 per. I don't understand where the appraisers came up with their number.

This post was edited on 4/8/14 at 5:40 pm

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Posted by Neil Caffrey

NOLA

Member since Dec 2013

143 posts

Posted on 4/9/14 at 6:59 am to LNCHBOX

quote:
I don't understand where the appraisers came up with their number.

The price has a lot to do with the actual land value. Lots between Metairie Road and the railroad tracks are the most valuable probably ranging from between $200K to $400K depending on which street.

Lots on the other side of the railroad tracks near the playground are a little cheaper probably in the $150K to $250K range; same thing goes for the lots on the north side of Metairie Road.

So if you get a good estimate on what the lot by itself is worth, then the price per square foot begins to make a little more sense depending on how new/old the house really is.

Old Metairie is a very interesting area to appraise because one street could have tons of huge homes and nice oak trees etc and then the next street over could have a lots of small, old cottages.

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