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Common Elements Complete?

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John Wilson

Junior Member
Joined
May 1, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
When doing new construction condo work. What's your definition of "completed common elements"?

Do you think they would need to be 100% complete in order to check the box "complete" or complete to the stage of being funtional. :question:
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
John:
I'd want to see them 100% complete, at least complete for the stage of the complex being appraised, with specific note if any big ticket items (clubhouse pool, etc were not finished) Usually though they do those items first so as to sell the units so it isn't a big issue.

I would however follow the Disclose Disclose Disclose rule on this issue as incompleted means a real hit in value down line.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
B) Lee Ann,

I agree with you. Common elements may mean grounds, limited common elements, etc. As long as the pool, clubhouse, tennis courts, exercise room, etc, etc are complete that is 100% as to the units that are finished. You coukd not ssay absolutey 100% complete if not all phases are complet but they are 100% complete for the phases completed.

Don
 
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