Site Condo Lot Adjustments?

[Valleydude]

No, it's in Century City.

 

[Tim The Enchanter]

No, it's in Century City.

I didn't think there was anything like that in Century City.
Hmm........

Hope you got comps in project.

 

[Valleydude]

Only in Century Woods as far as I can tell. The most recent sale is in 2018!

 

[Tim The Enchanter]

Only in Century Woods as far as I can tell. The most recent sale is in 2018!

Oh my.
It ain't nothing but a good time, and it don't get better than this.

https://www.centurycityforsale.com/Century-Woods

 

[Valleydude]

Those are on Century Woods Way which are attached condos. Century Woods Drive are freestanding units. This place has both types.

 

[sputnam]

WE ca

On site condos the owner of the property also owns the site, hence its called a "site" condo. They have to mow the lawn, do any sort maintenance to the land and they are also responsible for the landscaping. In addition with a site condo the property owner also owns the exterior walls. Its the same as a regular ole house except they have an association due usually for a club house, tennis court or a pool etc. You should definitely make an adjustment if there is market data indicating that an adjustment is necessary for site size difference.

Other than calling it something else, how is that different than a cluster home?

 

[Trihard]

WE ca

Other than calling it something else, how is that different than a cluster home?

A lot of site condos you can't even tell if you are in a site condo project or a regular neighborhood, you have to look at the legal description. The quality of the build is usually the same as a regular ole house. Moreover, at construction the buyer has a choice of multiple floor plans and designs, site condo projects can have ranches, colonials, bungalows, tri-levels right next door to each other, even though it is a site condo project it has a regular neighborhood appeal. On the flip side you can definitely tell if you are in a cluster home subdivision.

 

[Valleydude]

Thanks guys. The legal description is the key: Tract x, portion of lots 2 and 3, parcel b, condo unit 12

 

[ZZGAMAZZ]

Thanks for the response. The legal description indicates its a condo. There are freestanding units and attached units, HOA dues, common areas, in the development. The owner bought the vacant lot and built the unit on it.

Thanks for the response. The legal description indicates its a condo. There are freestanding units and attached units, HOA dues, common areas, in the development. The owner bought the vacant lot and built the unit on it.

I am assigned to the purchase-related appraisal of a similar property in Beaumont at present, conducting a search using SFR w/HOA, in addition to Condo, per se, with all potential properties filtered by legal description, based upon an assumption that a typical buyer wouldn't care whether a property is a SFR in a PUD, or a Condo, and using a mixture of both property types in the SCA grid, while waiting for the lender to advise whether they are good with my choice of a 1004 rather than a 1073 because the condo cert I requested from the management company probably won't ever arive.

 

[Mark K]

We have quite a few of these in this area. All brick, 1500-2,000 sq.ft., freestanding, similar monthly HOA fee that covers lawn/snow, and some are condos and some are not. The owners, hence the market, don't care and they sell for the same $$. The only discernible difference is the wording on the deeds. If they look like ducks, walk like ducks, quack... etc. And if they weigh the same as a duck they are witches. (Sorry, can't help from tossing in a Monthy Python reference whenever possible).

I have co-mingled them in reports and made site adjustments if warranted.