Michael S
Senior Member
- Joined
- Mar 18, 2009
- Professional Status
- Certified General Appraiser
- State
- New Mexico
I'm working with my mentor on a senior retirement community here in New Mexico. I've never worked on a property like this and I'm hoping to find more information both to assist my mentor and for my own edification.
I looked through the AI's website but all of the books and online courses were focused on nursing homes. I did find one book on senior housing but it was published in 1998 and I wonder how relevant it might be.
We've been asked to provide an as-is value (going concern).
The property had about 60 condos that have all been sold off, another 80 or so independent and assisted living rooms for rent as well as a restaurant/lounge which provides a fair amount of ancillary income. It's a marketed as a resort/luxury retirement community.
So does anyone have some insight on this property type or possibly some exepnse comps from 2008 or 2009. It's not too old so we'll probably be doing a cost approach as well, any cost comps would also be helpful.
I looked through the AI's website but all of the books and online courses were focused on nursing homes. I did find one book on senior housing but it was published in 1998 and I wonder how relevant it might be.
We've been asked to provide an as-is value (going concern).
The property had about 60 condos that have all been sold off, another 80 or so independent and assisted living rooms for rent as well as a restaurant/lounge which provides a fair amount of ancillary income. It's a marketed as a resort/luxury retirement community.
So does anyone have some insight on this property type or possibly some exepnse comps from 2008 or 2009. It's not too old so we'll probably be doing a cost approach as well, any cost comps would also be helpful.