• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

1/2 a duplex

Status
Not open for further replies.

Imp8012

Thread Starter
Freshman Member
Joined
Aug 13, 2007
Professional Status
Licensed Appraiser
State
Michigan
Hello! Ive got an order for residential dwelling, 1/2 of a two unit building. Both units are seperate id, taxes, lot etc, techinically a single family sharing a common wall however the function of the property is highly similar to condo living in the area. In order to reflect function I intended to use comparables of similar style varying from single detached with lot to condo ranch attached. Any words of advice, its been years since Ive come accross non condo attached and no comparables are available to represent both the legal lot and the functionality of attached. Thanks in advance.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
If there are no 1/2 duplex units to compare with, use attached single family homes.....not condos. What I am calling attached single family, some call PUD units or townhomes. They own the land under the unit but are usually in 4 or more unit buildings. Most thave common amenities that you have to adjust out but may be similar in value, as a 1/2 duplex will likely have no HOA fees. These fees will often off-set the value of the common amenities.
 

Urbanz

Junior Member
Joined
Apr 18, 2006
Professional Status
Certified Residential Appraiser
State
Texas
Mike is right, basically you are looking at single family attached instead of detached. Just use other similar duplex sales and if they are lean m ost lenders will accept one similar single family detached comp.
 
Joined
Jun 3, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Condo ownership townhomes can be used, if there are no attached SFR comps available -- but I would go back 24 months, to see if there are any 1/2 duplex comps. Sometimes 1/2 duplex comps have condo ownership, btw.

I would try to avoid SFR detached homes, and ranch condos in multi level condo projects -- comps with party walls are the best bet, regardless of ownership. Detached SFRs really aren't comparable, and should only be used as 5th or 6th comps, and only then to establish a value ceiling.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
End unit townhouse is often a good match, but check your market. There are comps out there, if you widen your search enough. I know of some just down the road. (I-75 that is. Plenty of them in Florida. :rof: )
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
I agree it is important to stick with semi-detached (one wall only, end unit) non-condo single family properties. If you can't find three go wider and farther back in time and then fill in with recent closed sales of the next most similar types.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks