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condo floor location adjustments

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davidmichaels

Freshman Member
Joined
Dec 5, 2002
how many of you either bump or hit for 1st floor versus 3rd floor(of a 3 story building), 2nd versus 3rd and vice versa? I normally do a small adjustment with the top floor being the most desirable due to lack of external climbing of stairs by others and general traffic. Many seem to vary on this..
 

Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
It varies from comlex to complex around here, but many in my area prefer the ground floor. There is a lake community where the 3rd floor gets top dollar if it faces the lake, but that is unusual here.

I attribute it to the empty nesters that don't like to climb stairs.
 

Mike Garrett RAA

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Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Going to send you back to Appraisal 101. You do pairs analysis to determine the buyer preference for such an adjustment!
 

Tim Hicks (Texas)

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Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Gee, a condo on the 23rd floor with a downtown view is signicantly higher than a ground floor condo where any Joe Somebody can walk right up to your door, balcony or window.


Mike is right, matched pairs is the best support for floor adjustments.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I regularly do high-rise condos that are located on the north side of downtown Dallas. You can chart premiums for elevations as you get higher and have superior views. For that matter, you can actually chart the side of the building as well.

Roger
 

slacker

Junior Member
Joined
Feb 20, 2002
Gee, a condo on the 23rd floor with a downtown view is signicantly higher than a ground floor condo where any Joe Somebody can walk right up to your door, balcony or window.


Depends which city your viewing. If I'm looking out my window at downtown Chicago higher is obviously better.

If I'm in Texas were there's not much to look at but dirt and tumble weeds, the mechanical room in the basement will probably have higher value. 8O
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Wait til you get on the coast! Ocean side vs City side, high vs low. I lived in a condo for 13 years, a three story building. Top floors had a premium (no one above you), then middle, and garden level was the lowest (no pun intended), guess no one liked living in the basement! Another preference was a unit facing the interior of the complex because the outside units had more street noise. Many people preferred a southern exposure since you had the sun to warm the enclosed porches. Middle units had lower utility bills.

There is no set answer...it ain't that simple. Do the research and find out what the market is telling you.

Anyone doing high rise see a reluctance to be above about 18 stories? I have heard that is about as high as any ladder fire truck can reach. I remember having lunch in Chicado at a restaurant on about the 91st floor of some building over looking the lake. It realy made me nauseous, can't imagine living that high up...but, of course, I live at 6,120 feet...go figure!
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
I do a lot of REO's and some are condos. Typically, condo units that include floors have greater value than those that don't - same can be said for walls.

Oregon Doug
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Slacker, Hardy-har-har :lol:

When I go on vacation and tell everybody I live in TX, they automatically think we all ride horses to work and live on barren ranches. Unlike IL, TX has many large cities Dallas, FW, Houston, San Antoinio, Austin, etc. with indoor plumbing, hi rise condos and large city view and lake views (some in Dallas were built in the 1960's). Do the IL borders end at the Chicago city limits? Anyway, I will take 60 degree days in January in TX over January in Chicago any day.
 

slacker

Junior Member
Joined
Feb 20, 2002
Slacker, Hardy-har-har :lol:
Do the IL borders end at the Chicago city limits? Anyway, I will take 60 degree days in January in TX over January in Chicago any day.

I was wondering how long it would take for you to see that.

As far as the borders, it's really not far from the truth. The downstate folks have always wanted Chicago to be its own State. It really is two different Worlds.

I actually have some friends that live in Richardson that own a couple "Great Harvest" bread stores and visit that huge dust bowl a couple times a year.

And we are having a heat wave today, made it to 31 !!


Have a good weekend.
 
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