Condo - Detached or Attached?

[SunbeltAppraisals]

attatched.

 

[Alan Simmons]

Why does the owner want it called detached? Is there some benefit? Does he get a break on insurance, fees or taxes? Does he think it will affect the selection of comparables? Does it make him the BMOC?

Are there similar units? If so how have they been marketed? Ask the HOA what they think it is. Ask the building department?

If there are no shenanigans or restrictions let the owner have his dream. Then explain--- the owner reports the unit as detached, the building department, HOA and MLS report the unit as attached (Sources do not always agree).

 

[Richard Carlsen]

Condominium is a form of ownership. It is not a type of structure.

Wayne;
While this is very true, one must consider that the Intended User may not understand this and have a notion of what he/she wants that is based not on the form of ownership but on the building construction/style.
Just as a HOA does not make a PUD, so attached or detached does not make a condo. However, we are obligated to provide a report of the appraisal that the Intended User can in fact use.
So the client wants the report on pink paper; that's how they get it if we accept the assignment.

Of course one can (and maybe should) take the cowards way out by sending photos to the client asking if they want this appraised as an attached or detached condo. This hearkens back to the maxim:

In appraising, any time you can make something a SEP (someone else's problem),
it is wise and prudent so to do.​

 

[Wayne Tomlinson]

Richard, That is pretty much what I was thinking.
If the statement does not effect value and is not misleading, "Whats the difference" So many times so much discussion is made on incidental stuff.

I think that it what was done, and why it was done and photos of the subject of the statement, that should be enough to satisfy the client. If there is a public, city, subdivision requirement of such state what it is and go on.

Much time can be used when it serves no purpose.

Wayne Tomlinson

 

[Ariba]

Would you choose the sales comparables based on attached/detached. What would the difference in opinion of value be? Depending on the change in value the owner might want to detach the house for the appraisal.

 

[imjiminnh]

I just know that the owner is going to be call me on this one if I call it attached
so I want to make sure that I am correct and can easily explain/defend myself.

Walter,

Why do you need to explain yourself to the owner, isn't the lender named as your client?

 

[Mike Kennedy]

Why does the owner want it called detached?


Enhanced privacy typically yields a premium in many condo markets.

 

[Couch Potato]

I am appraising a Condo. Three walls are not attached, but the other
4th wall is attached but only by a overhanging roof line - it is almost like
an awning and is adjoining the 4th wall of the subject condo to another wall of the neighboring unit.
The owner seems to be convinced that it is detached. I am thinking attached.
How would you treat this? Thank you

I would call it detached. If you check with your insurance agent you will find they consider buildings only attached in such a manner to be separate buildings. Either way the important thing is to accurately describe the improvements and compare them to truly similar properties.

 

[Joyce Potts]

attatched.

What if they share common organs?