Condominium Conundrum

[Dublin ohio]

I’ve never seen a condo where each owner had to reroof their individual units before

Large complex in my area has just that situation. 456 townhouse style units in 8 unit buildings. Roof over each unit is at alternating levels that differ about 8 inches. Not typical. But it does happen

 

[Dublin ohio]

What does plat show (if available). Do you have 4 lots with lot line dividing each unit. Or does plat show 1 site for complete building

 

[Walter Kirk]

In the Jersey shore area there are plenty of two to four unit condo's without a formal condo Association. Some are flats, some are townhouses and some are boat slips. The appraiser must be aware of the type of ownership before proceeding with the assignment.

 

[residentialguy]

In the Jersey shore area there are plenty of two to four unit condo's without a formal condo Association. Some are flats, some are townhouses and some are boat slips. The appraiser must be aware of the type of ownership before proceeding with the assignment.

Condo ownership is basically interior. So who takes care of the exterior and the common areas... and what is their incentive if they don't get paid for that care?

 

[Walter Kirk]

Condo ownership is basically interior. So who takes care of the exterior and the common areas... and what is their incentive if they don't get paid for that care?

Good question! Land values on the Jersey shore have gotten so high,( $25,000 per front foot is common for beach block land) that the majority of buyers can't afford a single family detached house in the area. Two family houses have been converted to condo ownership and older single family houses have been demolished for the construction of small condo buildings. Most of these buildings have no formal condo association or even reserves for replacement. Government oversight of these developments is nonexistent and I predict lots of problems when these mostly under 30 year old buildings need new roofs or siding.

 

[bnmappraisal]

The owner of the unit I’m appraising says it is a townhouse.

Owner can say whatever they want
As Howard asks:

OK well if you insist ... Condo is a form of ownership and NOT an architectural style. Now once again, what EXACTLY does the complete legal description state?

(my bold) This is what you're interested in
It may also take (a) call(s) to the municipality, etc to get the answer. All part of our due diligence

 

[Tru Red]

If the prelim indicates condo, then it should be appraised as a condo. I'm confused, by all the confusion on this. Oh well.

 

[Mike Kennedy]

I have a very oddball assignment that has been dragging on for weeks now. Hoping someone out there can help me figure this out...

I was asked to appraise a unit in a 4 unit building. All of the surrounding dwellings are single family and zoned as such. The city zoned the subject parcel differently to allow its use as multi unit... The owner of the unit I’m appraising says it is a townhouse. The zoning description says condo/townhouse. The owner is in the middle of replacing her own roof and says each unit is responsible for such. There is no HOA, no fees, no management. Each unit has an assessed value for the site. This was ordered on a 1004 and completed as a townhome. The lender sent it back asking for it to be switched to a condo form. They provided some old title documentation that very loosely eludes to this being a condo. However, there is no HOA therefore no questionarre or certification to help me complete a condo form. Anyone ever encounter something like this before?

The City's Building Department reports it as ________________
The City's Planning and Zoning Department(s) report it as ___________

p.s. which City?? ___________

 

[CindyR]

I've yet to find a condo without an association. It sounds like a townhome.

We have lots of condos without HOAs. It is common for duplex type properties that decide to convert themselves to condos. They share expenses but there is no association involved. We also have lots of condos that designate the individual owners to maintain their own roofs. Always remember those locational differences folks. The right answer in your location might not be the same answer in another location.

 

[residentialguy]

Actually I have seen that. They were connected to the Clampets that decide to never reside, paint roof...looks like a big tumor on their property. They had to reside their neighbors exterior just so they could sell their side. Nice plan.