Condo/Townhomes

[Pamela Crowley (Florida)]

Morning Mike!

(what are you wearing right now?)

 

[Mike Garrett RAA]

Haaaa, you know me too well! Been working since 5:30 this morning, in my shorts. Just decided it's cold in here.

 

[Joyce Potts]

Yes Joy, IGNORANT as in uneducated in general; lacking knowledge or sophistication; "an ignorant man"; "nescient of contemporary literature"; "an unlearned group incapable of understanding complex issues"; "exhibiting contempt for his unlettered companions"
or
Joy is IGNORANT of the meaning of the word IGNORANT.

Ohhhhh...I forgot, definitions are meaningless in your world. Nevermind.

Fred,

In my experience, the truly ignorant are the ones who think they know it all.

Joyce J. Potts, SRA

 

[Frederick R. Ruffell]

Fred,

In my experience, the truly ignorant are the ones who think they know it all.

Joyce J. Potts, SRA

Joy, If the shoe fits.......

 

[Frederick R. Ruffell]

Just for the heck of it, how do you determine a co-op? :new_smile-l:

TC

Like Mike said. It has been some 7+ years since I have appraised a Co-op. When I used to I would require copies of the stock certificate(s). Most Co-op's that I came across were on leased land, but I do believe there is such an animal where the land is also owned by the corporation. I do recall that there were important issues concerning the type of insurance involved with co-op's as well, but I do not recall them at this time. So you see Joy contrary to popular belief I do not know it all, on this issue and others, for example interpersonal relationships. And I am like a newborn babe when it comes to commercial appraising issues, but I am taking steps to dominate that body of knowledge.



P.S.
Was checking my older work files, and Mike is correct and I had forgot. In addittion to the ground lease, each owner of stock receives a proprietary lease on a specific apartment and is usually obligated to make a monthly payment for a proportionate share of operating expensed and debt service on the underlying mortgage, which is paid by the corporation. And I think that is where the "blanket" insurance becomes critical, assuming there is a mortgage still in place.

 

[Scott Kibler]

Just kiddin' Mr. G, could not agree more Pam.

I just threw that out for the heck of it. Maybe it's different in other states, but in PA it's very easy to determine whether it's a condo or not. First rule of appraising is inspect the right house, 2nd is determining type of ownership. Third is probably taking your shoes off.

TC

4th is to turn off the CAPS LOCK and learn to use the Shift key.

My only other comment on this thread is that people who live in glass houses should not throw stones.

OK one more comment, co-ops are a pain in the behind. Yes I'm working on one now.

 

[Don Clark]

Don
The two examples of condos that are detached SFR's that are not the ones that come to mind here in Florida really has me scratching my head.
Since someone other that the condo owner owns the land....what kind of ownership is involved?

In single family detached condos(some, not all) the unit owner owns the land the subject sits on, and has an undivided interest in the land that comprises the common areas such as the streets, common amenities, etc. In some cases, there are no common areas, and therefore no condo fees. Really fun, ain't it?

 

[Frederick R. Ruffell]

In single family detached condos(some, not all) the unit owner owns the land the subject sits on, and has an undivided interest in the land that comprises the common areas such as the streets, common amenities, etc. In some cases, there are no common areas, and therefore no condo fees. Really fun, ain't it?

How does this differ from a P.U.D.?

 

[Joyce Potts]

Holding back to an extent.

So you're saying a property owner can have a condo assessment on the land.....

because the taxing authority says so?

 

[Mike Garrett RAA]

My last home was a condo and I just looked up the public record to be sure...The unit is assessed at one amount and the land at another.

IN MY MARKET a PUD can be a multitude of things including single family detached, single family attached (row), multi-family, condo, or even commerical.