Condo on a lake

[BOBBYGINE]

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]

Is this a natural or man-made lake? Can you share where it is located?

 

[Vegan702]

Ask some Realtors where they would show potential buyers for these condo properties other properties that are similar.

 

[Mztk1]

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]

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]

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]

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]

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]

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?