Using a townhome as a Comp in 1004.

[biker4ever]

what do I put in the Site size? Thanks.

I tried 0 sf and it rejected.

 

[sputnam]

You put the site size. If it's truly what is called a 'townhouse'...appraisers call it 'attached, single family dwelling'...then there is a site. Look up the site size in the same way you would look it up for a detached, single family dwelling. I look up site sizes (also sales dates) for the subject and all comparables used, in public records. Mainly because the MLS gets them wrong fairly often.

 

[biker4ever]

will look again at County, etc. RealQuest shows the total condo site size 4+ ac and it is a detached 2 story unit.

 

[Lee Lansford]

what do I put in the Site size? Thanks.

I tried 0 sf and it rejected.

"Rejected" by who or what?

It isn't a UAD error so it must be somehthing else.

 

[Deleted member 122624]

will look again at County, etc. RealQuest shows the total condo site size 4+ ac and it is a detached 2 story unit.

First off real quest data is not very reliable. Use the County tax records. Secondly if a site built condo as you seem to be saying them there is no site and its a condo. If it is a true town home then it will have a site size. Make sure it's a town home first and not a condo.

 

[Ronald Hauser]

You might want to expand your search for a SFD. I am not sure the same buyer for your SFD is looking at purchasing your SFA. Many different property characteristic come into play; you need to consider zoning, PUD property rights, lot size, etc.

 

[Lee Lansford]

Appraisers should not confuse "condo"--a form of ownership--with a property-type (SFR attached; here, a townhome).

 

[J Grant]

If the legal description says condo, it very likely is a condo and thus the individual site does not come with the unit (shared ownership of land as a common area. )

The building can be in the style of a townhome but be a condo per legal ownership. I have sometimes included townhome style condos as comps in Townhouse fee simple subject reports but always disclose that they are condo ownership and try to use them as a fourth comp if possible. The site size I have not had trouble entering zero.

 

[biker4ever]

correct... what alot of us do not understand is a condo can be

flat condo
2 level condo (townhome) attached as well as detached

" a detached townhome" that is not a condo is called a 0 lot line.

that is my understanding.

 

[Dan Umstead]

If the sale is a condo, remember that you are appraising a "bundle of rights" and not just a structure. Make sure the typical buyer, in the market area, would consider both the subject and the sale as competing.