Appraising fraternity/sorority houses

[Robert Dunkle]

A good client inquired as to whether I would be willing to appraise a fraternity house owned by the fraternity of which he is a member. The house is located at a university of about 35,000 students.

In looking into how difficult this will be, I am not finding very many sales of these properties....surprise,surprise. Was just wondering if any of you might know of sales of these houses at any university that I might adjust to the conditions.

Also, any recommendations of the approaches and how to get information would be appreciated. The client does know that I have not appraised one before and I have indicated to him the lengths to which I plan to go to obtain competency so I don't need any remarks to that effect.

Thanks, in advance, for any help you might be able to give.

 

[Michigan CG]

Robert,

There was a thread about this in the last 18 months. Try the search function.

 

[Michigan CG]

http://appraisersforum.com/showthread.php?t=74095&highlight=sorority+fraternity

There is an old one, but I know there is another newer one.

 

[David Bailey]

Robert,

There was a thread about this in the last 18 months. Try the search function.

I think this is the one to which you're speaking:

http://appraisersforum.com/showthread.php?t=143143

 

[stefan olafson]

A sorority at the University of North Dakota, 12,000 or so really cold students! It closed and was sold to a catholic group for a catholic boarding house, also a fraternity was just built on the same campus. If you'd like PM me and I'll dig up what I can on each.

 

[Kali the Boston Terrier]

THere was a sale at Michigan State University in the fall of a fraternity house

 

[Bill Lansdowne]

Fraternity/Sorority help

Robert...

I've done a few fraternities and sororities in my hometown of Manhattan, Kansas (Kansas State University). They are a unique monster...that is for sure. I generally complete the cost and sale comparison approaches. The income approach is unlikely to produce a credible value, but income and expense information can be analyzed to consider the viability of that type of living arrangement in your particular market.

I have a few comps from the Midwest I could share...including a recent sale at KSU. Send me an e-mail.

A good client inquired as to whether I would be willing to appraise a fraternity house owned by the fraternity of which he is a member. The house is located at a university of about 35,000 students.

In looking into how difficult this will be, I am not finding very many sales of these properties....surprise,surprise. Was just wondering if any of you might know of sales of these houses at any university that I might adjust to the conditions.

Also, any recommendations of the approaches and how to get information would be appreciated. The client does know that I have not appraised one before and I have indicated to him the lengths to which I plan to go to obtain competency so I don't need any remarks to that effect.

Thanks, in advance, for any help you might be able to give.