- Jan 17, 2002
- Professional Status
- Certified Residential Appraiser
Doing assignment on a brand-spanking new condo with the expected 1073, yet also asking for 1007 and 216. Closing set for Jan. 31st, two owners buying as limited partnership will lease-back to builder at $990/mo. through May 31st to use unit as a model show unit for other prospective buyers. After May 31st they can extend lease monthly or these two will rent it out. Only 2 buildings (20 units) are effectively completed at this time. Subject unit is completed, just waiting to close at end of Jan. Another 5 buildings (50 units) under way or to be started. ---Client's request for 216 seems really aloof as there is NO operating incomes, expenses, utility bills, repairs, replacement reserves for future need. All that is known is Feb. 1st lease-back at $990/month and $90/month assocoation dues. My experience with the 216 is minimal, but when done before there was actual numbers to work with. Client's client insists it get done with rest of report as they have passed along reply that "it's based on appraiser's estimates, anyway". Can anyone offer advice for completing it logically, per what is known and with certain likely needed addenda to conclude it satisfactorily ? ...Thanks.