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Condomium vs. other Styles

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cybermenn

Sophomore Member
Joined
Sep 19, 2006
Professional Status
Certified Residential Appraiser
State
New Jersey
I have a question. i am looking at 1 level 4 bd flat condominium. Now i usually dont have this problem but there are zero condos sold within the previous 12 months to the effective date in the way of a 4-5 bedroom flat style vs a townhome, however there are 3 bedrooms. Since this is all thats out there my line of thinking was to use the 3 bedrooms versus using the townhouses and make adjustements for GLA and bedroom count. I have seen other appraisers stray from the style a use townhouses in this situation but I personally dont think that would be the best choice. What would you do in this situation? The reason i am specifically stating this is in our MLS when you do a search you check a box for condominium and then there are two sub options for condominium and townhomes.
 
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Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I'd go back in time to when I had a four bedroom sale and compare it to the three bedroom sales at that time. I'd discuss my finding in the report and then I'd look for listings, pendings, recently withdrawn or expired 4 br units to at least show that the reaction to the 4th bedroom has a carry over to today's market.

I wouldn't jump to the conclusion that the four bedroom is worth more. I wouldn't use a townhouse to force the issue either because there is no way to tell if the extra paid is for the townhouse style or the fourth bedroom. My feeling would be that if there is a market willing to pay a premium for four bedroom condos, then more four bedroom condos would have been built. To make a bedroom adjustment, therefore, I'd really have to be strongly compelled by historical data.
 

Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Huh? Condo isn't a style, it's a form of ownership. Townhouse is a style. You're comparing apples and oranges.
 

cybermenn

Sophomore Member
Joined
Sep 19, 2006
Professional Status
Certified Residential Appraiser
State
New Jersey
Yes I know that condo is a form of ownership. The style as I did mention is 1 level but in my market most call a flat a condo. Maybe i should have left that out ... I also understand that t/h style is different and not comparable Im asking what would one do when you run out of 4 bd condo's to use.. T/h's just happened to be grouped in the condo category in my MLS system. When you do a search you check a box for condominium and then there are two sub options for condominium and townhomes.

Jim answered the question right on the money w/o being difficult he read the question and understood exactly what i was referring to.
 
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Smokey Bear

Elite Member
Joined
Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
Jim answered the question right on the money w/o being difficult he read thes question and understood exactly what i was referring to.
I wasn't being difficult, I was being precise, which was lacking in your post. I don't know whether Jim doesn't know the difference or just inferred when you meant, but regardless, your language leads to the conclusion that you don't know the difference. As a trainee, this might be expected, as many people don't know the difference. However, if you want to ask for help on this forum, accusing people of being difficult when they're trying to clarify your muddled language, isn't in your best interest.
 

BUCKET

Junior Member
Joined
Mar 27, 2008
Professional Status
Certified Residential Appraiser
State
Nevada
I'd go back in time to when I had a four bedroom sale and compare it to the three bedroom sales at that time. I'd discuss my finding in the report and then I'd look for listings, pendings, recently withdrawn or expired 4 br units to at least show that the reaction to the 4th bedroom has a carry over to today's market.

I wouldn't jump to the conclusion that the four bedroom is worth more. I wouldn't use a townhouse to force the issue either because there is no way to tell if the extra paid is for the townhouse style or the fourth bedroom. My feeling would be that if there is a market willing to pay a premium for four bedroom condos, then more four bedroom condos would have been built. To make a bedroom adjustment, therefore, I'd really have to be strongly compelled by historical data.


another detail. townhouse is more than a style, but ownership, ie bundle of rights. this one would be very dificult to detail an adjust for.

bucket
 

cybermenn

Sophomore Member
Joined
Sep 19, 2006
Professional Status
Certified Residential Appraiser
State
New Jersey
I am not a trainee i have 8 years experience just because i dont necessarily think that everyone needs to know everything about me where I live work and my work address, that is the reason im listed as trainee. that is my opinion on that..

I can see where youre coming from if you thought I was a trainee but I was offended and found it condescending. no problem.
 
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cybermenn

Sophomore Member
Joined
Sep 19, 2006
Professional Status
Certified Residential Appraiser
State
New Jersey
Bucket i am on the same page with you and understand. the only reason im throwing that out there is Im doing a retro review. The original used townhomes and I dont like to slam someone but clearly the integrity of this OA is in jeopardy at this point.
 

vargasteve

Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
Well, actually if you don't have condo comparables - then you have no choice but to include the most similar data. In many of the areas I appraise, the kinky realtors actually indicate townhome when in fact they know they are condo. So usually, I can find a condo by taking some time & lifting a few rocks to see what is under them (look at the plats & legals on comps). Then whala, you often find a

Also you can use the townhome & go back & do some paired sales analysis which will add credibility to your report. Just state that your (recent) comps are what they are, and then support with the older paired sale which indicate the relationship between your flat & the townhome style. It sound harder than it actually is, and its a nice feeling to show credible / strong support for your less than ideal situation which is in this case inherent with the assignment.

I would first look for kinky realtor MLS form filling errors.

Call me if you have any questions - just visit my website & call the #.
 

ZZGAMAZZ

Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
You might want to do a search on the Forum for the word "proxy" because a very interesting perspective on a similar topic was presented recently (similar to Jim's approach).
 
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