- May 25, 2002
- Professional Status
- Certified Residential Appraiser
I am trying to appraise a condo unit with a private elevator. This unit is attached, 2 story building located in a complex with 200 similar units. The project type is townhouse and comprised of several buildings each with 8 attached units. The project doesn’t have elevator as the entry to each unit is at the ground level but each unit has an internal stair to its second level. The elevator was added to the subject uint few years ago due to the handicap resident that needed to go up to his bedroom. The elevator is inside the unit next to the entry door and goes up to the patient’s bedroom. There is a shower in that bedroom also that is designed for handicap person and I am not sure that shower should be counted as an extra bath or not. The condo needs to be appraised for refinancing purpose and I cannot find any condo with private elevator that is sold in the area not in the complex nor anywhere in the county. The owner and lender think that it is an accessory to the unit that should be adjusted and added to the value as it is permitted and approved by the association but it is impossible to find a comp with such item to support the value because it is an special purpose item. I don’t think that it has any market appeal to typical buyer in open market specially families with children. It might have some appeals to families with elderly but it is not a common use item. How do you handle such item in a residential property? Give it no value due to lack of market and just say it is there due to the emergency and need of owner and estimate the cost of removal if decided to be sold or you give some consideration as its estimated cost is $20000? I really appreciate it if you have any feedback or experience in similar cases.