Appraisal of Detached Townhouse

[David Morgan]

I am appraising a detached townhouse with no HOA in a neighborhood with similar attached townhouses with HOA fees. There are no similar detached townhomes sales in the market and there are no similar detached townhomes period. So it is non conforming as a detached townhouse. It seems the way to appraise this is to use attached similar townhouse comparables? However I am unsure how to handle the HOA adjustment on the attached comparables. Any ideas?

 

[residentialguy]

I am appraising a detached townhouse with no HOA in a neighborhood with similar attached townhouses with HOA fees. There are no similar detached townhomes sales in the market and there are no similar detached townhomes period. So it is non conforming as a detached townhouse. It seems the way to appraise this is to use attached similar townhouse comparables? However I am unsure how to handle the HOA adjustment on the attached comparables. Any ideas?

Just because there are no detached townhomes that have sold lately doesn't make them "non conforming". Be careful with that language. In a townhome complex, typically a townhome is not considered non-conforming. I don't understand how there can there be no HOA in a townhome complex. You may want to look into that a bit further.

As far as comps, I would do 4 things
1. extend your time frame search
2. expand your search into other similar communities to pull comps.
3. Use attached townhomes and adjust for the common wall(s) and lot size, if app.
4. I would also use normal homes (of similar style, age, size, etc) and adjust for any variances in the market between the two.

Good luck. I hope you're getting full fee or more for this.

 

[TJSum]

What is the difference in lot size, does the detached townhouse have a much larger lot? I would use both townhouses with similar construction and utility to the subject as well as detached homes to match up lot sizes, etc.

If the lot is similar to that of the other townhomes, the utility probably is not much different. Then, I would use end units and use a similar adjustment that would be made for the difference between attached and end unit townhomes.

 

[Lee Lansford]

I am appraising a detached townhouse...

What exactly is a "detached townhouse"?

AKA, "SFR detached", yes?

 

[CSP 49]

What exactly is a "detached townhouse"?

AKA, "SFR detached", yes?

+1, you beat me to it. Sounds like an oxmoron.

 

[nauthead]

Is a detached townhouse the same as a 2-story home?

 

[TJSum]

 

[David Morgan]

Townhouse

No CPS and Lee your both wrong. Also CPS the correct spelling is oxymoron.

It is detached townhouse zoned TH-3 Townhouse. Yes it is single family residential but not SFR zoning. That makes it a Detached Townhouse

The lot is 3500 sq ft improvements are 3 story 2400 sq ft and it does not conform because the detach makes it one of a kind.

Thank you TJSum and Residential Guy. I will take your advise

 

[TJSum]

No CPS and Lee your both wrong. Also CPS the correct spelling is oxymoron.

It is detached townhouse zoned TH-3 Townhouse. Yes it is single family residential but not SFR zoning. That makes it a Detached Townhouse

The lot is 3500 sq ft improvements are 3 story 2400 sq ft and it does not conform because the detach makes it one of a kind.

Thank you TJSum and Residential Guy. I will take your advise

The picture I posted is three of a kind, there are three of these odd balls. They are located at the border of two subdivisions. To the south are much older detached homes, ramblers and split foyers built in the 1960s. To the north are actual townhomes (attached and semi-detached) of the same age as the odd balls.

If your situation is similar to this, I would use the townhomes as comps, no question. Your lot size is very similar to townhomes, so not really an adjustment there generally speaking. Your market may say different. The value difference between attached and end units most likely is the same for your detached compared with an end unit, once again generally speaking. If your lot were much bigger, then one could argue to use comps from both choices.

 

[David Morgan]

Townhouse

TJ

The subject is like the photo you posted. I will use end units as comps I believe the adjustment is as you stated.


Thank you again.