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Old 02-24-2006, 04:26 PM
DebraALewis's Avatar
DebraALewis DebraALewis is offline
 
Join Date: Mar 2005
Location: Las Vegas, NV
State: California
Professional Status: Certified Residential Appraiser
Posts: 34
Unhappy Land Use: Transient Lodging? Help!

I got an order to do an appraisal in Pomona, CA that says
Land Use: Transient Lodging. County Use: Rooming House. Zoned POR31000* which I can't find. It's 2,400 sq. ft. with 10 bedrooms and 2 bathrooms. The owner rents out the rooms to whoever. The lender wants itdone as a single familt. I have no other comps for 40 miles away that are even remotely similar. Would this be considered a complex property. I'm thinking my AL license doesn't cut it here. Should I pass or do it as if it were single family? Aren't 10 bedrooms with only 2 bathrooms functional obsolescence??? Any help is always greatly appreciated.
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Old 02-24-2006, 10:28 PM
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George Hatch George Hatch is offline
 
Join Date: Jan 2002
Location: Carlsbad, California
State: California
Professional Status: Certified General Appraiser
Posts: 16,655
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It sounds like a single room occupancy "hotel". The fact the owner is renting the rooms out makes this an income property. It is not an SFR and regardless of what the client thinks, it probably can't be appraised as one either. The next closest use would be a group home of some sort.
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Old 02-24-2006, 10:41 PM
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CANative CANative is offline
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,507
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Just a guess from 700 miles away...

POR31000(maybe another 0?)

POmona (city zoning)
R3 (The R3 Multi-family Residential Zone)
1000 is the density designation (Probably short for 10,000 which mean 15-19 DU/AC or dwelling units per acre for lots at 10,000 sf)

They probably have a transient occupancy permit like hotels, bed and breakfast inns, flop houses, etc.
  #4  
Old 02-25-2006, 09:46 AM
Brad Ellis Brad Ellis is offline
 
Join Date: Feb 2006
State: California
Professional Status: Certified Residential Appraiser
Posts: 2,551
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Sandra,

You may NOT do this as a SFR. It is a rooming house, also known as an SRO- single room occcupancy. It is a legal use apparently so that is probably the highest and best use.

I cannot think of a single lender that will accept this as collateral for a residential loan.

To do it as SFR will likely land you on someone's "I'm an unethical appraiser" list. If they still insist you do it that way- run do not walk- away from that client. You CAN fire a client.

Brad
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