Condo/Townhomes

[Joyce Potts]

I was unable to check this thread for almost 24 hours.

Just as well.

Ignorant?

When my homework is done, I'll be back.

 

[Joyce Potts]

So now it is "Semantics" Joy???? give me a break. "perplexed"??? How about IGNORANT?
While I do remember a time when I did not know the difference between a condominium, a co-op, a townhouse, a P.U.D., a mobile home, a manufactured home, a modular home, etc.. I did know that at that time I had better find out BEFORE I accepted an assignment that delt with such things.

So what if it is this persons first time posting here, nobody ever cut me any slack when I first posted. I remember way back then that Wayne forced me to use my real name or get banned from the forum. Boy how things have changed.

Calm down. And yes, to some extent it is semantics.

CALM DOWN.

Someone's bitter

 

[Mikew]

I have to say I have been watching this thread with quite a bit of interests. Everyone of the posts up to this point has been informative, and it is interesting to see some of the different examples in the various states. I am a bit pressed for time at the moment, so I can't respond to every post thus far. I did want to say Fred, your 4 step system is exactly what I was looking for. I had not even thought to look up the plats. It should have been obvious, but well, all I can say is I am glad I came here. Also with a little bit of effort, I am sure I can extract the difference in the # of the APN's that are condos in Texas. Once again, thanks for all of the posts as they all were really useful to get some perspective. I will try to post more to the other responses when I have a bit more time.

 

[Joyce Potts]

The UNIT owner does NOT own 100% of the footprint or lot/dirt directly underneath the improvement, but rather shares an interest in the collective ownership--as you said an indivisible interest in the land and common elements. That's why most legal descriptions for condos usually say Unit XX and not Lot XX.


Joyce,

That's not true in all cases. In Virginia we have single family detached homes on their own lot's with 100% ownership of the lot, and they are condo's. Two Examples attached:



[URL="http://appraisersforum.com/redirector.php?url=http%3A%2F%2Frein.mlxchange.com%2F%23001"]

Born in DC, 18 years in VA. I never saw one of those in my n'hood. Just as well. That said, we have bunches of them here in the Sunshine State.

 

[Frederick R. Ruffell]

I was unable to check this thread for almost 24 hours.

Just as well.

Ignorant?

When my homework is done, I'll be back.

Yes Joy, IGNORANT as in uneducated in general; lacking knowledge or sophistication; "an ignorant man"; "nescient of contemporary literature"; "an unlearned group incapable of understanding complex issues"; "exhibiting contempt for his unlettered companions"
or
Joy is IGNORANT of the meaning of the word IGNORANT.

Ohhhhh...I forgot, definitions are meaningless in your world. Nevermind.

 

[TC]

Just for the heck of it, how do you determine a co-op? :new_smile-l:

TC

 

[Mike Garrett RAA]

From the lease and the stock certificate

 

[Pamela Crowley (Florida)]

The legal description and the project documents are needed to make a final determination of what it really is.

Orange Park, FL - Wells Landing is a townhouse condominium project where each unit also owns it's very own site that is larger than the footprint of the improvements.

Cocoa, FL - Lost Lakes and Northwest Lakes - is a 'site condominium project' but a little different from the Wells Landing townhouse project. Following is from an appraisal I did there a while ago:

Subject is in an 'over 55 adult' gated manufactured home site condominium project at the NW corner of I-95 X-way and CR 524. There are few similar competing project in the immediate area yet projects like this are scattered throughout Florida with no adverse marketability.

Northwest Lakes Condo is an addition to the original Lost Lakes Condo and share the common elements.
Electronic entrance gate, streets, street lights, any grounds not part of a unit site, large lodge and club house with full kitchen, game & billiards rooms, patios, decks, inground pool & whirlpool, exercise room, tennis & shuffleboard courts, private small lakes with decks & gazebo, bulkheads, boat launch & fishing, complete lawn care & sprinkler systems, picnic & BBQ facilities.
HOA fee is currently $87/mo. There is an additional $23/mo for the cable TV service payable to the Lost Lakes Condo HOA that has the contract for this service at this time.
Per Northwest Lakes Condo HOA representative, the developer, Lost Lakes Holding Co., Inc. will be turning over the common grounds and recreational facilities to both the Northwest Lakes and Lost Lakes Condo HOAs sometime this Fall.

It's sad to me that so many that have obtained a Real Estate Appraisal License still do not have what I would consider 'competent' understanding of the various ownerships of real estate. Some can be State specific, but they are always specific to the recorded project documents and the specific and full legal description can often tell you what you need to know to BEGIN to understand what you are dealing with.

 

[Mike Garrett RAA]

Ain' that the truth! Good Morning, sweetheart.

 

[TC]

Just kiddin' Mr. G, could not agree more Pam.

I just threw that out for the heck of it. Maybe it's different in other states, but in PA it's very easy to determine whether it's a condo or not. First rule of appraising is inspect the right house, 2nd is determining type of ownership. Third is probably taking your shoes off.

TC