Condominium Or Townhouse?

[Mike Garrett RAA]

I did that the other day...was really suprised he was back in business. New company is GHE and associates. I noticed that Toll Bros are no longer using his name for their projects in the valley. I guess you can tell...we are not exactly close :rofl: We are the poor side of the family!

 

[Compass Rose]

Jo Ann,

This PUD is in Chandler, so I don't think there would be much value in the land. I'm not sure how I could justify any value at all....

Would you just throw out a low number and be done with it? Apparently that's what it's going to take for them to be able to close! I'm feeling like there really isn't any other choice.

They are obviously marketable as there have been plenty of other sales in there, I wonder what the other appraisers have been doing

 

[Jo Ann Meyer Stratton]

I am only throwing a dart at a dart board, but maybe just a percentage of the sale price, since you don't have any sales of vacant land. Any normal sized vacant land sales within a couple of miles which could indicate a price per square foot?

 

[Sheikh Yerbouti]

There is no way to support a land value for this type of property. I would just back into the land value (which includes the value of the undivided interest in the common areas) and place no weight on the cost approach in the reconciliation. Your underwriter is clearly a robot and has no clue about the applicability of the various approaches. if it was me, i'd put a comment right in the appraisal that the cost approach was included at the insistence of the client and is considered hypothetical and has no credibility. But then I'm a bit of a curmudgeon.

Jo Ann:

the high-rise condo you're talking about is at the Esplanade just south of the Ritz-Carlton. Ara Lynn has already appraised a penthouse in there. Comps, of course, are a dilemma. A little bit of irony: Gov. Symington, who of course was the original developer of the Esplanade, is now a pastry chef at an Italian restaurant in the Esplanade. Wonder if he has a reserved parking space?


Dave McReynolds
Barstool Ranch (at the bottom of Camelback Mt)

 

[Rich Hahn]

Careful
your off subject
Someone will come along and she will remind you all of that.

Gov to Pastry chef alright we all put our pants on 1 leg at a time...gotta love it..

 

[Pamela Crowley (Florida)]

It's all in the attitude.

 

[Rich Hahn]

Great thread
Ive learned alot about the differnce between PUD and condos..Thanks all.

 

[Compass Rose]

Likewise and thank you! They are onyly asking for a site value at this point, so I will do a cost approach and back into the land value for my file and only give them what they are asking for.

I will add a comment that it is being supplied at their request, etc.

Hopefully, this will be the end of it!!

 

[John Wilson]

Not meaning to throw a wrench into this, but is there such a thing as "Condo" onwership? <_<

It's really a fee simple ownership in a "Condo". The bundle of rights is smaller, but it's still a "Fee Simple" bundle. Small as it might be...........

"Condo" ownership is more of a Realtors term.

 

[SteveSpy]

In my market, this info is contained in the assessment records. If the subject has a site value or land square footage asociated with the PIN, then it is a "town home"(single family). If it has a partial interest in a common area, it is a condo.

Also, if it is ever unclear, check the zoning. In my area developers need to apply for a zoning variance when bulinging attached townhomes because the lots are under sized. That is usually a good tip off.

Good luck