Sunday, March 05, 2006

Appraisal Week in Review

Another week in the life of an appraiser. This week I had six residential assignments. The purposes of these appraisals were as varied as the properties and neighborhoods they were located in.

Monday I inspected a condominium in Chicago's Streeterville neighborhood. This combination of two units was being appraised for estate purposes.

On Tuesday the assignment called for the appraisal of a 113 year old home in the Lincoln Park neighborhood. Located in a red hot area of tear downs and rehabilitations, this home had been completely gut renovated and had an appraised value of 2 million. The purpose of this appraisal was a refinance.

My next job was for an older single family home in Evanston. The purpose of this appraisal was to establish market value prior to listing the house for sale.

On Friday it was to the Lakeview neighborhood for a high rise condo facing Lake Michigan, then on to Roscoe Village in the North Center neighborhood to inspect a tear down property for a builder.

On Saturday I had one appointment at a single family home in Chicago's Edison Park neighborhood. This is another red hot teardown market. The purpose of this appraisal was to remove private mortgage insurance.

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