Rack O Miniums???

[Jeffrey Cale]

I had an assignment come in today for "rack o miniums" these are boat storage units where people leave their boat then they contact the "dock master" to tell him when to put the boat in the water and when to take it out. The company ordered it as "residential", yet the purchase agreement clearly states "A commercial condominium". I contacted the lender since I am licenced for residential and explained that this was commercial. They said to me that origionally when they first started doing loans on the Racks, they hired commercial appraisers to perform narrative reports, of course those are VERY costly so they changed and started ordering the reports from residential appraisers and having them do the appraisal report on the Vacant land form and attach a condo addenda. The lender explained to me that since the zoning is MU = Mixed Use, which allows for residential or commercial and/or a mix of both. that I would be able to do it on a vacant land form and do it as residential with a condo addenda.
Im dont have a good feeling about this and just want some input from other appraisers on what they feel about accepting an order such as this as a residential assignment.

 

[Robert Hronek]

You have got to be kidding. How many USPAP violations can you rack up on this one. All you have to do is skip to the highest & best as improved.

You should get a copy of a report from the lender. Turn it in to your state.

 

[Tom Barclay]

That is one that should not only go to Pam, but to your attorney general.

 

[Larboard]

Are you saying they wanted an appraisal on a single unit (rack) or on the entire development? I don't know if it would make a difference in what you could do, I'm just not sure what you were being asked to do.

 

[Michael Regan]

Been threw numerous of these same things as boat slips "well it's vacant land why are you charging so much." Not to mention i've appraised boatslips that are well above the mean for the county.

Multi Use, HMMMM, maybee now we have a cure for the homeless situation

 

[Steve Owen]

Im dont have a good feeling about this...

No $@!T Sherlock! And, no wonder.

 

[Carnivore]

... The company ordered it as "residential", yet the purchase agreement clearly states "A commercial condominium". ...

They said to me that origionally when they first started doing loans on the Racks, they hired commercial appraisers to perform narrative reports, of course those are VERY costly so they changed and started ordering the reports from residential appraisers and having them do the appraisal report on the Vacant land form and attach a condo addenda.

The lender explained to me that since the zoning is MU = Mixed Use, which allows for residential or commercial and/or a mix of both. that I would be able to do it on a vacant land form and do it as residential with a condo addenda.
Im dont have a good feeling about this and just want some input from other appraisers on what they feel about accepting an order such as this as a residential assignment.

This has got to be the funniest non-joke I have ever read in my life. I cannot stop laughing.

 

[Wendy]

Is a boat slip that will hold a live-aboard boat a residential property?


Just having fun.........

 

[Jeffrey Cale]

Wow, I came here for advice, not ****** to make **** head comments. I guess you have to put up with crap no matter where you go. No these are NOT live aboards. It is a Rack that you put your boat on while your not here to use it. It is a direct bay front property that owners can stay to watch sunset, use wi-fi, restaurants next door, and hotel to the south that offers 25% discount to owners of racks. They own a percentage of the common elements which are a club house and launch area and all additional acreage. There is a HOA and additional fees for services such as boat cleaning, stocking boats for fishing, pleasure cruising, etc... The are owned in fee simple. But it is clearly a commercial condominium. This is my first time using this site, I thought it was to be a helpful place for others to brainstorm to figure things out, not just a place to waste space on the net. I try to look for solutions to problems. I will be looking for a state cert general to work with me on this as a narrative for commercial condo.

 

[Jeffrey Cale]

You have got to be kidding. How many USPAP violations can you rack up on this one. All you have to do is skip to the highest & best as improved.

You should get a copy of a report from the lender. Turn it in to your state.

HOw many violations can you rack up on this one? What part/parts of USPAP is being violated?