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Getting a 6-Figure Home Appraised: An Interview with Robert A. Schwartz of Nye Real Estate Services, LLC

By Robert Schwartz

Tell us a little bit about your company and the services you offer.

Nye Real Estate Services, LLC is a family-owned business with over 40 years of combined experience in the appraisal field. We are state certified residential appraisers and approved FHA appraisers covering the South Florida counties of Broward and Palm Beach. We also have a Special Appraiser Magistrate on staff for tax cases. We are also real estate agents with a broker on staff to handle any real estate transactions whether buying/selling or consulting.

What are some key things to take into account for a multimillion dollar home appraisal in Florida?

Most appraisals are based on your initial search for similar square footage to that of the subject property and within the same subdivision or project as the subject property. If you are fortunate to have this happen then you would further break it down to what the views of the comparable sales have, number of bedrooms and bathrooms, and interior finishes.

Does a home appraiser need to do anything differently for 6-figure and over homes versus under 6-figure homes?

As stated above, most appraisals are initially based on comparable square footage. The real challenge when appraising multimillion dollar properties can be finding a similar comparable sale with a similar view or similar interior finishes.

What factors typically play the biggest role in a multimillion dollar home's value?

The biggest factor is location and living square footage, followed by views and interior finishes. There are occasions when you would adjust for bedroom count; however, that is on a case by case basis.

How do you evaluate some of the unique features that multimillion dollar homes might have?

Some finishes are so unique, such as copper walls, that it comes down to making a judgment call based on years of experience of appraising residential properties of this magnitude. However, appraisers base the adjustments on market reaction.

Do you have any tips for a waterfront homeowner before they get an appraisal?

Have a survey of the property so the appraiser knows how many front feet of water the subject property lies on. Also, if you are on a deep water canal with ocean access, it is important for the appraiser to know if there are any fixed bridges and the width of the canal on which the subject property lies. Most important, hire an appraiser that has experience in multimillion dollar properties.

What's the best way for people to contact you and your company?

Call us directly at 954-258-0908 or 954-701-3346- and remember we are never too busy for your referrals.

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