Condomium vs. other Styles

[Webbed Feet]

Courtesy or graciousness? I think who is guilt of what is confused.

Mr. Klos,

I want to say that this post is not, and my prior ones here really were not, about this original poster. They were about Paula versus Simon repeatedly on the forum. I'll explain that below. The original post here wasn't all that bad. So I agree with you about that. But then Bear's response was not all that bad either. Especially, given the O.P. has "trainee" up for a status, I agree with her in showing concern for the O.P. Her taking her time to do so was professional courtesy. You just don't want to see it that way. The two of them seem to have worked it out just fine after that without the aid of anyone else.

I certainly agree that typos and a couple of misspellings should be graciously overlooked. But what is happening on the forum is very much like what happens on American Idol. Simon expects contestants in a singing contest, that aspire to be the next American idol, to at least be able to carry a tune and remember the words. Paula seems to want to inspire all the contestants to feel good about themselves, no matter how tune deaf they may be or how many lyrics they can't remember. I see things differently than you do. Simon, in taking his time to listen to these people, shows just as much professional courtesy as any other judge on the show. What he is not is gracious to those that should have known better. Paula typically tries to be gracious to everyone no matter how terrible they are. As the show moves forward, Simon expects the bar to be raised by the contestants themselves. If they don't, he looses what graciousness he has more and more.

So I disagree with you about this professional courtesy thing. Again, I am not referring to this original post in this thread. I am referring to a bunch of other ones. It can be said that when someone like Simon on this forum takes their time to read the posts it is courtesy. We often take our time to respond, that is courtesy. What some of us may lack is graciousness when those presenting themselves as fully licensed appraisers, or people that are to have already studied minimum standards, can't manage to bring hardly any of that with them when they post. With respect to you in saying this, they are not mechanics, plumbers, police, doctors, or teachers. They are supposed to be professional real estate appraisers addressing other professional real estate appraisers. They are supposedly people that make their livings writing reports! If they cannot raise the bar in order to show they have learned something then it is they, that presented themselves this way, that are lacking the professional courtesy you speak of. Because they just stepped up onto the stage to sing and can't carry a tune nor remember the words. They apparently think it is perfectly allowable to not have arrived prepared for the favors they are asking for.

Webbed.

 

[Joyce Potts]

The final answer is a condo is not a style, it's a form of ownership. With condo's you're still appraising the fee simple ownership.

In support that you can't always go by the physical characteristics, I give you the following:

1214 Loch Rannoch Court
Leesburg, FL 32788-7644

Lot 14-L SCOTTISH HIGHLAND Condominium Phase L, N 1/2 VACATED PYLE ST ABUTTING LOT 14, 1/650 INT IN COMMON ELEMENTS CB 2 PGS 19-20 ORB 2501 PG 1220

 

[Joyce Potts]

Sheesh, having the last word ain't all it's cracked up to be. Boring.

 

[ZZGAMAZZ]

Joyce,

I don't understand the confusion...I looked at the photo and first thing I thought of was "detached condo probably somewhere in or near Leesburg, FL."

Must be all those Spring Breaks in Ft. Lauderdale 30 yrs ago made me Florida-geo-competent (lol).

 

[Mike Garrett RAA]

I think youse guys who rip a new poster should be flogged with a wet URAR form. Two pages of mostly bickering is, in my opinion, very un-professional and demeaning to this forum.

To the original question...No, I would not use properties that are not condo's as comps for a condo. Ownership of the common area's is really the issue. Lack of current sales might be a good indicator of market resistance to this from of ownership IN YOUR MARKET.

One of the problems we find IN MY MARKET is that agents often don't list condos as condos but rather "townhomes". You might check and see if that is the case in your market. A good search of public records for sales that did not go through MLS might also reveal some sales. I am working on a very similar situation right now...limited sales in a condo project. Needed to suspend the appraisal for nearly two weeks in order to get a 3rd closed sale.

I wish you well.

 

[Webbed Feet]

Mr. Garrett,

Come on. .. I bet the next time you instruct a USPAP class and some currently active 20 to 30 year in service appraiser complains to you that he still does not understand the Departure Rule and wishes it would just be taken out of USPAP, so he didn't have to try and explain it anymore to his dozen trainees, ..... I bet it is possible you might be able to maintain a professional demeanor. But I'd sure like to be there so I could see the look on your face.

Webbed.

 

[Joyce Potts]

I think youse guys who rip a new poster should be flogged with a wet URAR form. Two pages of mostly bickering is, in my opinion, very un-professional and demeaning to this forum.

To the original question...No, I would not use properties that are not condo's as comps for a condo. Ownership of the common area's is really the issue. Lack of current sales might be a good indicator of market resistance to this from of ownership IN YOUR MARKET.

One of the problems we find IN MY MARKET is that agents often don't list condos as condos but rather "townhomes". You might check and see if that is the case in your market. A good search of public records for sales that did not go through MLS might also reveal some sales. I am working on a very similar situation right now...limited sales in a condo project. Needed to suspend the appraisal for nearly two weeks in order to get a 3rd closed sale.

I wish you well.

That's like saying you'll only use comps that were financed by a third-party lender and not cash sales for a lender appraisal.

In the absence of other condo sales, what real difference does it make if the physical and locational characteristics of nearly identical or similar properties having the same appearance and functional utility be used as viable market data? Because the legal description reads differently? The only real distinction would be any difference is dues, insurance, yard responsibility, etc. If the market is suggesting that a knowledgeable, typical buyer really doesn't give a flip about the legalities, but buys based on the locational and physical aspects--I'll go with what my market is telling me and CLEARLY caveat what I did and why I did it in the report.

In fact, I've done it and will continue to do so.

 

[Webbed Feet]

<..... snip.....>If the market is suggesting that a knowledgeable, typical buyer really doesn't give a flip about the legalities, but buys based on the locational and physical aspects--I'll go with what my market is telling me and CLEARLY caveat what I did and why I did it in the report.

In fact, I've done it and will continue to do so.

Ms. Potts,

If the market is suggesting such a thing then I would "suggest" you've got some really misleading data masquerading as reflective of the market due to lack of research into the matter. To be "knowledgeable," and to not care about legalities that can take place in condominium projects is a contradiction that indicates a fool instead of anyone knowledgeable.

Webbed.

 

[Mztk1]

I agree with Joyce. I would never use all non-condo sales in the report for a condo, but if push came shove and I had an attached PUD as my only alternative, I'd use it as long as the typical buyer would consider its purchase a substitute for the subject. You can extract the market reaction for the PUD vs Condo. I'd also compare a detached in a PUD to one out of a PUD if push came to shove.

 

[Mztk1]

Mr. Klos,

I want to say that this post is not, and my prior ones here really were not, about this original poster. They were about Paula versus Simon repeatedly on the forum. I'll explain that below. The original post here wasn't all that bad. So I agree with you about that. But then Bear's response was not all that bad either. Especially, given the O.P. has "trainee" up for a status, I agree with her in showing concern for the O.P. Her taking her time to do so was professional courtesy. You just don't want to see it that way. The two of them seem to have worked it out just fine after that without the aid of anyone else.

I certainly agree that typos and a couple of misspellings should be graciously overlooked. But what is happening on the forum is very much like what happens on American Idol. Simon expects contestants in a singing contest, that aspire to be the next American idol, to at least be able to carry a tune and remember the words. Paula seems to want to inspire all the contestants to feel good about themselves, no matter how tune deaf they may be or how many lyrics they can't remember. I see things differently than you do. Simon, in taking his time to listen to these people, shows just as much professional courtesy as any other judge on the show. What he is not is gracious to those that should have known better. Paula typically tries to be gracious to everyone no matter how terrible they are. As the show moves forward, Simon expects the bar to be raised by the contestants themselves. If they don't, he looses what graciousness he has more and more.

So I disagree with you about this professional courtesy thing. Again, I am not referring to this original post in this thread. I am referring to a bunch of other ones. It can be said that when someone like Simon on this forum takes their time to read the posts it is courtesy. We often take our time to respond, that is courtesy. What some of us may lack is graciousness when those presenting themselves as fully licensed appraisers, or people that are to have already studied minimum standards, can't manage to bring hardly any of that with them when they post. With respect to you in saying this, they are not mechanics, plumbers, police, doctors, or teachers. They are supposed to be professional real estate appraisers addressing other professional real estate appraisers. They are supposedly people that make their livings writing reports! If they cannot raise the bar in order to show they have learned something then it is they, that presented themselves this way, that are lacking the professional courtesy you speak of. Because they just stepped up onto the stage to sing and can't carry a tune nor remember the words. They apparently think it is perfectly allowable to not have arrived prepared for the favors they are asking for.

Webbed.

I don't know much about American Idol but to what I understand the way "Simon" is presented, it doesn't fit the definition of courtesy. Courtesy, Duck, is synonmous with being gracious.

cour·te·sy Audio Help /ˈkɜrtəsi or, for 5, ˈkɜrtsi/ Pronunciation Key - Show Spelled Pronunciation[kur-tuh-see or, for 5, kurt-see] Pronunciation Key - Show IPA Pronunciation noun, plural -sies, adjective
–noun 1. excellence of manners or social conduct; polite behavior.
2. a courteous, respectful, or considerate act or expression.

gra·cious Audio Help /ˈgreɪʃəs/ Pronunciation Key - Show Spelled Pronunciation[grey-shuhs] Pronunciation Key - Show IPA Pronunciation
–adjective 1. pleasantly kind, benevolent, and courteous.

It can be said that when someone like Simon on this forum takes their time to read the posts it is courtesy. We often take our time to respond, that is courtesy.

Anything CAN be said, but that doesn't make it true. For the reader to be considering it a courtesy for him to read someone's post, or the writer to believe he is being gracious by responding to someone's question, is far from being gracious, it is being arrogant and condescending. If the person who asked the question is grateful and finds the response gracious, etc., that is something completely different. But the "Simon" shouldn't take it upon himself to to bolster his own self esteem with potentially delusional thoughts about how exceptionally magnanimous he is simply by giving someone else the time of day.

Frankly, I think most of us are here reading posts and writing replies, simply to fill in a dead moment or two in the day. There isn't more to it than that. If someone learns something from me along the way I am happy because I have certainly learned from others here and I am grateful to many who have expanded my horizons. Everyone can teach a lesson, no matter if he is a fool or a god.