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Age Restricted Vs Non

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Allen Bruckner

Junior Member
Joined
Oct 25, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Here in So. Florida a condo that is age restrickted has much less value than non restricted. How can you explain this on the URAR. For example. My daughter purchased a condo a few years ago. It was a 55 and older condo. The comps were 19,000 to 25,000. They passed the bylaws to allow 10 % of the appts to be sold to under 55. my daughter paid $35,000. this year they went any age and the comps are now 75,000 +. How can we take this into considerstion.

Thanks
Allen
 
W

walt kirk

Guest
Allen,
Are you really using a URAR for a CONDO. The only time I ever did that was when I was on the old FHA fee panel.

The age restriction in any project condo or fee simple limits the pool of buyers. To further complicate matters many older people never sell their units and leave them to their estates, these sales are almost distress sales.

The explanation of the increased values is the removal of the age restriction, just tell it like it is.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Hey Walt..

I'm still using the URAR for FHA condos..just did two Sunday. Old habits die hard.

Ben 8007
 

Allen Bruckner

Junior Member
Joined
Oct 25, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thanks Walt.
i am using the condo-pud appraisal form, Sorry. But I will relay this to my boss and explain- explain- explain..

Again
Thanks
 
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