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Condo Vs. Townhome

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bororke

Freshman Member
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Jun 14, 2013
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Florida
I am an UW and I am reviewing a condo appraisal. Three of the 4 sales provided are townhomes and not condos. I am assuming that this is a different type of ownership and the report should only include condo sales.

Correct?
 

A K

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Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
A townhouse could be condo ownership. I think what would be important is that if the one apartment condo that is included is a very similar condo and/or located in the same project that the reconciliation of the sales comparison approach explains which is the best comparable and why. In this case it would be the one apartment condo. I would think that if there were more apartment style condos then they would have been included. But I have seen strange stuff before like including sales in that last 3 months that are not very similar rather than including very similar properties that sold over the last 12 months. So who knows.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
I am an UW and I am reviewing a condo appraisal. Three of the 4 sales provided are townhomes and not condos. I am assuming that this is a different type of ownership and the report should only include condo sales.

Correct?

Name and Location of the Condo Complex?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I am an UW and I am reviewing a condo appraisal. Three of the 4 sales provided are townhomes and not condos. I am assuming that this is a different type of ownership and the report should only include condo sales.

Correct?
Don't they provide any kind of training? yes condo is a different form of ownership, townhouse is a design style, a condo can also be in the style of a townhouse
 

Ms. Janet

Elite Member
Gold Supporting Member
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Oct 27, 2004
Professional Status
Certified Residential Appraiser
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Florida
It depends :) The Appraiser's logic and reasoning for the choice of comparables is most important in any Appraisal.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
It depends :) The Appraiser's logic and reasoning for the choice of comparables is most important in any Appraisal.

IMHO....I agree, the Logic and reasoning can provide for a Townhouse Condo or........wine & cheese, but it would never be known as; wine cheese:drinking: cheers
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
An appraiser who fails to include condo sales for a condo subject, assuming such sales are available in the area, has done a questionable report that might not be reliable. Has the appraiser provided a reason ? A USPAP standard is peer practice; peer practice is typically to include condo sales when subject is a condo, with other sales as supplemental comps ...there are can be exceptions of course.

Some issues are resolved with a desk or field review .Before that, ask the appraiser why they did not use condo sales. Ask them to provide a list of sales in subject complex to discover if there were there similar sales in the subject condo.

If the appraiser puts forth a reason not to use condo sales, the market activity has to support that reason.
 
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CindyR

Senior Member
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Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
The original poster might look at the bottom section of the 1004-MC form that specifically asks for statistical data for the subject complex. That might reveal whether there were any other sales in the condo project and perhaps a helpful comment or explanation
 

Scott FL

Sophomore Member
Joined
Apr 12, 2003
Professional Status
Certified Residential Appraiser
State
Florida
http://floridarevenue.com/dor/property/appraisers.html

The above link can be useful for finding county appraiser websites in Florida. The addresses in question can be looked up individually to determine type of ownership. As noted above: "Condominium" is a type of ownership; "town home" is an architectural style.

Different condominium styles are sometimes the only or best representative sales available.

If type of ownership is mixed in a condominium appraisal with no explanation, support and reasoning you may well have a serious issue with appraisal quality.
 
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