Using a townhome as a Comp in 1004.

[biker4ever]

OK. This was 'rejected' in Appraisalport and so I put a note for Lender to clear it manually. If they have a problem, they can tell me what they want me to enter in the Site field.

A Condominium is only a generic term. Under Condo, you have a flat style condo, 2 level condo (townhome or townhouse) and then there are detached Units (usually much like a 2 story home with no individual recorded site).

I used the last one (2 story condo with no individual recorded site) as a Comp 4. Often, what I do when I have terrible Comps is to bracket the Subject. If I have a superior Comp (Comp 1), there is nothing wrong with adding an addition Comp (smaller detached 2 story style condo) to bracket up. Somewhat Subjective, but we all work differently. I would rather stay close and have a very recent Closed sale, then expand a search 3 miles for a more similar SFR home.

:new_all_coholic:

 

[osubeavers15]

Two homes side by side that share a common wall are often called zero lot line or tandem design homes.

 

[William K]

OK. This was 'rejected' in Appraisalport and so I put a note for Lender to clear it manually. If they have a problem, they can tell me what they want me to enter in the Site field.

A Condominium is only a generic term. Under Condo, you have a flat style condo, 2 level condo (townhome or townhouse) and then there are detached Units (usually much like a 2 story home with no individual recorded site).

I used the last one (2 story condo with no individual recorded site) as a Comp 4. Often, what I do when I have terrible Comps is to bracket the Subject. If I have a superior Comp (Comp 1), there is nothing wrong with adding an addition Comp (smaller detached 2 story style condo) to bracket up. Somewhat Subjective, but we all work differently. I would rather stay close and have a very recent Closed sale, then expand a search 3 miles for a more similar SFR home.

:new_all_coholic:

No it's not!

Is Fee Simple a "Generic Term"?
Is Co-Operative a "Generic Term"?

Condominium is a form of ownership, it does not describe the "Style or Type" of structure just the form of ownership.

Townhouse / Townhome is a "Type or Style" of a structure, appraisers need to quit confusing ( FORM OF OWNERSHIP and Type / Style of Construction) and interchangeably using one for the other.

 

[Riick]

Generic Term ! ?
Double Triple Unlimited Ack!

 

[TJSum]

If I understand correctly, the subject is not a condo, but one of the comps are. As I stated much earlier, UAD balks at 0 sf for lot size. You have to enter a number and then explain in the report what is going on (you could use the footprint of the home for example).

 

[William K]

If I understand correctly, the subject is not a condo, but one of the comps are. As I stated much earlier, UAD balks at 0 sf for lot size. You have to enter a number and then explain in the report what is going on (you could use the footprint of the home for example).

It appears the subject is a Condo, of Townhouse style, and the OP has completed it on the 1004 form which is incorrect. As a result the OP can not provide a lot/ site size because the public records is showing it as either "condo, common or the size for the project" as the case may be.
If the OP is correct that it is a "CONDO" (ownership) then the report needs to be performed on a 1073.

The Style / Type of structure being a Townhouse / Townhome has no effect on which form is used. Ownership however, does effect the choice of form used / required.

The issue of using Townhome / Townhouse (style / type) comparables which are of different forms of Ownership (Condo, PUD, Fee simple no association) is highly discouraged.

 

[DTB]

It appears the subject is a Condo, of Townhouse style, and the OP has completed it on the 1004 form which is incorrect. As a result the OP can not provide a lot/ site size because the public records is showing it as either "condo, common or the size for the project" as the case may be.
If the OP is correct that it is a "CONDO" (ownership) then the report needs to be performed on a 1073.

The Style / Type of structure being a Townhouse / Townhome has no effect on which form is used. Ownership however, does effect the choice of form used / required.

The issue of using Townhome / Townhouse (style / type) comparables which are of different forms of Ownership (Condo, PUD, Fee simple no association) is highly discouraged.

By whom? I've done it many times in the DePaul and Wrigleyville neighborhoods when necessary. There are some niches where one development is condo and all the rest aren't, or vice - versa.

Rarely did the type of ownership impact value. Pretty tough to have an impact when 99% of the buyers/ sellers don't even know what they have.

 

[sputnam]

Condominium is a form of ownership, it does not describe the "Style or Type" of structure just the form of ownership.

Townhouse / Townhome is a "Type or Style" of a structure, appraisers need to quit confusing ( FORM OF OWNERSHIP and Type / Style of Construction) and interchangeably using one for the other.

Exactly right. But it's not just...and I don't think it's primarily appraisers...who do this. Lots of people, some who should know better, use 'townhouse' to refer to both a style of structure and a form of ownership. Of course, that's not technically accurate, but there's no way we are going to change the world.

If the question is about whether it's okay to comp a condominium unit with an attached, single family dwelling, or vice versa. Ask your market. If you can demonstrate that your market reacts to the difference in ownership, all else being similar, then maybe you shouldn't....or you should adjust. In some markets, buyers don't seem to be very concerned about whether it's a condominium or attached, single family....at least for townhouse style dwellings.

 

[Mike Garrett RAA]

Lets get back to the question. What is the site area? Typically, in my market it would be the "footprint" of the improvement for a townhouse or a condo (ground level) unit. I did one the other day and the site area was 1,500 sf.

Now, to the issue of should you, as the appraiser, use a townhouse as a comp for a single family detached residence? The answer is, as usual, maybe. Most likely not, at least IN MY MARKET. The 1004 is designed for both single family detached AND townhouse properties but comparing the two is like comparing apples to oranges. I wouldn't do it.

 

[JTip]

In my market:

A townhouse is an architetural style. (1004)

A condo is a form of ownership.

A condo can be ownership of a space in a high rise, semi-detached or detached dwelling. (1073)

Next, we will study manufactured vs. modular. m2: