Appraising a 2 family Condominium

[mark hurlock]

I'm now waiting for the association president to get back to me.

You will need to read the condo docs for yourself in addition to interviewing any association members.

Are there sales of typical duplex style buildings, with or without the third illegal accessory unit in your market and are they comparable except for the fact that they are not condominium ownership?

In the absence of condo ownership comparables, you should be able to use similar typical duplex style sales if you can account for any value differences between the two.

 

[sandpiperapp]

Looked up that 2 family unit on MLS in Arverne by the Sea.

It is being taxed as a frame multi family, B2, not an R3,4, or 5. Interesting.

The CO does state that it is part of an HOA. I looked up the records on Acris. There is no condo docs under the new lot number, but if you look up the original lot there is a Declaration. However it does not have a Schedule B, a breakdown of the lots and units, that a typical condo does.

I am sure it is part of the Master Association. Listing says that a sale may be subject to the terms and conditions of an offering plan.

Interesting.

 

[HF Mudd]

I'm curious how the OP made out with this assignment.

 

[sandpiperapp]

I'm curious how the OP made out with this assignment.

I believe he withdrew from the assignment.