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Condo Crazy!

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Real3992004

Thread Starter
Sophomore Member
Joined
Mar 24, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Please help if you can:

Problem:
2 condos next to each other
2 separate owners & Property Ids
Owners have opened up 1 wall between units for hanky panky, ?
Assignment: Value 1 unit only.

What to do?

Any help or thoughts are appreciated.
 

BigBlueGA

Junior Member
Joined
Mar 13, 2002
Professional Status
Certified General Appraiser
State
Georgia
Dock it for functional utility due to the lack of privacy. Either that or do an "as-repaired" subject to the interior wall being reconstructed. Just quick thoughts... somebody who puts some thought into this might give you a better answer.. what kind of loan is this for? Refi? Sale?
 

BigBlueGA

Junior Member
Joined
Mar 13, 2002
Professional Status
Certified General Appraiser
State
Georgia
P.S. - Wouldn't it be cool to be able to find paired sales for this? :twisted:
 

Real3992004

Thread Starter
Sophomore Member
Joined
Mar 24, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
It's a refi.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Russ,

I would give Brandon's thoughts about repair some very serious consideration as he is correct.

If it is a party wall between the units and it has been breached, you may have structural concerns. You certainly have fire safety concerns as the party wall/fire wall has been compromised. The municipality most probably would not be happy about that code violation.

Go for the repair. The "hole" doesn't belong there.

Ben
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
There may be legal repurcussions as well. Breaching the party wall may well violate the condominium declarations. Also, you are talking two legal descriptions. It can't be a single unit legally.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
It's not a single unit, it's a swingers unit. :lol: Bad one....couldn't help myself.
 

Kathy in FL

Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Florida
Based on my recent experience with the ONE bedroom, 7,000 sq.ft. home with a BAR with an EIGHT bedroom guest house and my suspicions regarding the late night entertainment of the owners and after reading your post I think it's time a new appraisal specialty was born.

What'll we call it?

Kink property valuation?
Extra sensual market analysis?
Appraisal of 'specially playful properties?

Just THINK! If you got really qualified as an expert, you could do CLINTON's HOUSE!!

Kathy in FL
 

Real3992004

Thread Starter
Sophomore Member
Joined
Mar 24, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The owners received approval from the homeowner's association to install a door between the two units. They used a structural engineer and contractor got a permit.

I ended up appraising one unit as-is with a cost to cure of restoration of the wall prior to installation of the door.

Thanks for all of the advice!
 
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