• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Condo on a lake

Status
Not open for further replies.

BOBBYGINE

Thread Starter
Sophomore Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
Its a small complex 8 units. No sales in these condos in over 3 years. I have 1 comp but it is only comparable on paper, it faces a industrial area and is far from a good comp. I've never felt the need to use a SFR lake front comp for a condo report but in this case certain sales a decent comps. I talking no condo sales, zero. Theres only one lake in the area like this.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Is this a natural or man-made lake? Can you share where it is located?
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
Ask some Realtors where they would show potential buyers for these condo properties other properties that are similar.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
What is the difference between your last sale of a condo in the project on the lake and one off the lake. Consider a percentage adjustment up to todays market. I'd say that adjustment could be used against the industrial view property, but you have to find the negative influence of looking out over the industrial area and combine the two.
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
Yep, you're pretty well screwed. :new_squarecycle: Where is it?

Are there any active listings, or cancelled / expired condo listings in the last year on this lake?

You'll need to find yourself another lake.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I've got great data for a mid-rise condo on the lake front versus sales of "SFR" properties on the lakefront within a mile or less of the condo.

It's in Lakeport, CA on Clear Lake. The only condo project of it's kind in the county.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Its a small complex 8 units. No sales in these condos in over 3 years. I have 1 comp but it is only comparable on paper, it faces a industrial area and is far from a good comp. I've never felt the need to use a SFR lake front comp for a condo report but in this case certain sales a decent comps. I talking no condo sales, zero. Theres only one lake in the area like this.

Solution A

Hire a bum off the street, buy him a nice suit. Have him go make offers on all the other units, steadly increasing the offered amount until a couple of the owners accept. Then he can back out under the lack of financing contingency, but you use the accepted offers for market evidence. Any builder these days would hand you something like this in a flash to support the forty million dollar price per unit... ;)

Solution B

Late at night, find the plug for the lake drain. Pull the plug the evening of the night before a scheduled inspection. Then on the day of the inspection you can say "What lake? I only see mud!" The mud and the industrial view should make a good comparison! Especially if the mud stinks.

Webbed.
 

Brad Ellis

Senior Member
Joined
Feb 7, 2006
Professional Status
Certified Residential Appraiser
State
California
Bobby,

Go back in time. If you have arm's length transactions back 3 years in this complex on the lake and then have comps off the lake, those relative historical selling prices will indicate the additional value attributable to the lakefront location. Use percentages as hard dollar numbers canot as easily be translated into today's market.

Once you know the percentage of CV for the lake location you can use comparable non-lake recent sales and adjust all appropriately.

Do not forget to include all that work and reasoning in your addendum so as to explain across the board adjustments.

Brad
 

tjvetrone

Sophomore Member
Joined
Oct 24, 2007
Professional Status
Appraiser Trainee
State
Texas
What is the difference between your last sale of a condo in the project on the lake and one off the lake. Consider a percentage adjustment up to todays market. I'd say that adjustment could be used against the industrial view property, but you have to find the negative influence of looking out over the industrial area and combine the two.
ummm yeah you cant give a "time" adjustment just cause you have no comps. that is hilarious. try turning the order down or charging a ridicoulos fee or expanding your market area to find something on the lake. Also try explaining the situation and see if the lender will allow you to appraise whole complex if they are all owned?
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks