JP Morgan & Company Real Estate Appraisers and Consultants

We have a unique property and I questioned him ahead of time as to whether he had experience on Cape Cod with such properties. He said yes. His appraisal came back with 0 value for 14.83 acres of land, because it is near Rt. 6. There is conservation land between our property and Rt. 6. Traffic is like white noise during the warm months. You don't hear it from October through May. Even a normal large building lot would probably be worth at least $200k. We have a 36 x 48' barn in excellent condition that was valued at $20k. It would cost $50-60k to build. He found only one comparable property that was close to ours. The appraisal came back at $675k, much lower than a Market Review done in April and an appraisal performed a year ago of $1 million. Values have not gone down that much in a year. The appraiser would probably be fine for a normal house and lot. Such buyers would not be interested in our property. We understand that appraisers are under a lot of pressure to be conservative. He did us a big disservice!