Condo on URAR? -working on a review.

[444nutman]

Would love to see the condo cost approach!!

I suppose a condo could be completed on a SF form with adequate addenda etc. to cover all the necessary info required. Why, is another question entirely!

You beat me too it. I would consider paying money to see that cost approach. I think a good laugh would be at least worth 20 bucks. To do one properly on a condo takes a long time due to the units vested interest in all the amenties(pool, clubhouse, roads, etc.).
I would personally charge more for a condo cost approach then I would for an appraisal on a condo.

 

[Pittsburgh Pete]

Forget about it taking along time, I do believe that theoretically it is impossible, if not downright nonsensical.

 

[Lloyd Bonafide]

I would call him and ask why he did one as a condo, and one on the URAR form. It could be entertaining.

 

[Lobo Fan]

I often see properties that are legally condos but are really standard SFRs on lots. In Santa Fe this is very common. They start with family compounds with multiple structures on one lot. It comes time to split them up and he city won't grant a lot split. The easy route is to make them into condos. Had one once where there was a house, a guest house on a 2-1/2 acre lot. It was described legally as a condo. I trurned it on a condo form, though it was a really ugly appraisal. Would have made much more sense on a 1004. I used detached comps anyway.

True stinker.

 

[Riick]

Forget about it taking along time, I do believe that theoretically it is impossible, if not downright nonsensical.

Especially since the condo unit owner does not OWN any portion of the building(s) or the land beneath.

 

[Happy Val]

It's one thing to do the cost approach for a condo (I wouldn't, but ok) but he valued the land??? Wow....

 

[Rich Heyn]

In line with what Lobo Fan posted, in Michigan, many developments look and feel like traditional subdivisions but are actually "site-condos" and make more sense if reported on a URAR, although Fannie likes the condo addendum attached to it.

 

[Don Clark]

Especially since the condo unit owner does not OWN any portion of the building(s) or the land beneath.

Not true in this state. I just did a "Site" Condo where the condo owner owns the entire detached condo building and the tract of land it sits on.

 

[Dublin ohio]

Remember, USPAP does not say anything about using specific forms for any appraisal. The "format" in which an appraisal is presented is typically up to the appraiser and client and is generally addressed within S.O.W. What if the appraiser has opted to use a narritive report. Is that wrong? It does seem that something is amiss somewhere. I don't understand why you don't like doing reviews. In my opinion. One of the ways to become a better appraiser is not only learn the "right way". But to also learn the methods used to do it the "other way". Good Luck!!!!

 

[Kevin Mc]

Especially since the condo unit owner does not OWN any portion of the building(s) or the land beneath.

Thats not always true in NY. Many townhouse complexes the owner owns the land beneath the unit and the rest is common.