- Nov 7, 2013
- Professional Status
- Certified General Appraiser
Seems like it would be a highest and best use issue, and I doubt that a discounted sellout analysis would even be appropriate. As shoddy as other parts of our state government may be, I have no doubt that those working in the real estate division of IDFPR would have the insight to understand that.In several of my markets, we've seen a "de-conversion" trend where an investor comes in an buys ALL of the units in an existing condo development in order to "de-convert" and use the building as a traditional apartment. I'm curious if people think a bulk sale analysis or a discounted sell out analysis would be necessary to keep the state off my back?
I have also analyzed multiple groups of condo sales as a multi-family project in the past. Though, it sounds like the OP's case might not be as relevant in analyzing as a MF project, due to the locations being scattered.