Condo Comps For A Townhouse

[Phil Snyder]

Excellent. This is in Bel Air area (Harford Co). I've done dozens of Condos and probably 50 town homes within the past 2 years and 3 miles of this place.

Never once knew it existed or was such and odd ball. I'm commenting to the hilt and believe the appeal is very similar to the nearby PUDS and not at all the same as the "real" condos.

 

[gregb]

In the situation you describe, using non-condo TH's as comparable sales in your appraisal report seems appropriate as long as these properties appeal to the same buyer and you disclose and explain what you did and make any appropriate adjustments. By the way, I am from Maryland and used to appraise townhouses quite often in an area where some of the TH's were in a PUD and others were in a condo (but all were built by the same builder and were physically exactly the same) and I never saw any difference in value or market acceptance between the PUD TH's and the Condo TH's in that particular area

Ditto here tim. That is essentially what Cindy was saying in her Phoenix market. PUD TH = Condo TH, regardless of ownership interest.

 

[timd354]

Excellent. This is in Bel Air area (Harford Co). I've done dozens of Condos and probably 50 town homes within the past 2 years and 3 miles of this place.

Never once knew it existed or was such and odd ball. I'm commenting to the hilt and believe the appeal is very similar to the nearby PUDS and not at all the same as the "real" condos.

I used to do some work in Bel Air, but was unaware of any TH's there that were condos. Most of the properties I appraised in that area were single family detached homes or TH's in a PUD with only a few condo's sprinkled in (none of which were TH's).

 

[timd354]

Excellent. This is in Bel Air area (Harford Co). I've done dozens of Condos and probably 50 town homes within the past 2 years and 3 miles of this place.

Never once knew it existed or was such and odd ball. I'm commenting to the hilt and believe the appeal is very similar to the nearby PUDS and not at all the same as the "real" condos.

There is an oddball project near Annapolis that consists of 6 or so large detached homes that are set up as site condos with no other detached site condos within probably 30 miles of that area. If you ever have to appraise one of those you will almost certainly have to use comps that are not condos.

 

[J Grant]

I've use TH style condos and and townhouse (non condo) sales as comps in same report, but I disclose and explain which is which, why they are used, that they would appeal to same buyer profile and have equivalent market acceptance etc. If there is a market based reason to do so, and usually it is also a shortage of relevant condo sales, it can be credible to do so.