attached condo vs detached condo adjustments

[laurielutton]

I am doing a condo appraisal and the development has a mixture of half "attached condo's" and the other half "detached condo's". My subject is "attached" and there is 1 closed sale and 1 active that are also "attached". I will have to use some of the "detached" for my additional comps as that is the only option. You could call this a "quality of construcion" adjustment for the difference but what would a typical adjustment amount be for this. The purchase price is $480,000.

 

[Em Tee]

There is no "typical" adjustment. You need to compare past sales of attached condos vs. sales of detached condos and see what the market tells you the adjustment should be.

 

[Michigan CG]

I am doing a condo appraisal and the development has a mixture of half "attached condo's" and the other half "detached condo's". My subject is "attached" and there is 1 closed sale and 1 active that are also "attached". I will have to use some of the "detached" for my additional comps as that is the only option. You could call this a "quality of construcion" adjustment for the difference but what would a typical adjustment amount be for this. The purchase price is $480,000.

Go back in time and see the difference in sales prices between the two. I would use a percentage rather than dollars.

 

[Mike Kennedy]

Em's got it......... often buyers will pay a premium for "enhanced privacy afforded by end unit location"........suggest quality of construction is typically not the core factor. The market will tell you.

 

[EVAUSA]

Use "Design (Style)", it has nothing to do with Quality. One sale similar in design isn't enough to extract an adjustment. Go back in time and compare the price differences between att/det in the development until you can prove a % adjustment that is historically supported with an analysis of how adjustments were derived. Avoid conditions and add a couple more attached condo comps from a competing project.