Condomium vs. other Styles

[Joyce Potts]

Who cares if it's a condo or townhouse or a villa? Aren't you still appraising fee simple ownership and the bundle of rights. Of course you are.

Does the condo, townhouse, villa or attached SFR afford the same functional utility? If so, explain it and use them as comps IN THE ABSENCE of more similar 'condo' comps.

 

[Marcia Langley]

Ditto Jim. Broaden you research to find more similar sales, especially older sales, in order to draw some conclusions about comparability between styles and bedroom counts.

Since this is a review, it is possible that the original appraiser actually did that but failed to discuss it in his report.

==========

For the record, it was only your thread title that sounded "off". There was nothing off about your post. Your explanation about the labels used in your MLS for the subcatagories of condos explains that. It's really too bad that they do that. But appraisers tend to get picky when they are trying to discuss condos. It's so easy to be misunderstood.

 

[Smokey Bear]

I am not a trainee

Your profile says trainee. I believed it. Your thread title

Condomium vs. other Styles

shows a misunderstanding of the problem. Like a said, being more precise in your language and avoiding deliberate misrepresentations on your status would avoid people assuming you're a trainee and that you don't understand the difference between a condo and a style of building.

 

[Ken B]

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

That is incorrect.

A townhouse may or may not be legally defined as a condominium. So may a duplex, triplex, or quadplex. So may a single-family detached, whether that be a ranch, rambler, northwestern, bi-level, split-level, tri-level, more-level, colonial, victorian, queen anne, federal, cape COD, cape whatever, ad nauseum.

Apartment-style housing units, or flats, may be located in garden, low-rise, mid-rise, or high-rise buildings.

The style of the house has nothing to do with its form of ownership.

Despite isolated regional differences in terminology, a townhouse is a design and a condominium is a form of ownership.

 

[Webbed Feet]

<...... snip.....>
Despite isolated regional differences in terminology, a townhouse is a design and a condominium is a form of ownership.

A point that is exactly why that MLS having a search option for "Condominium Townhouse," and another search option for "Condominium Condominium," is something that is just incredibly stupid for what is supposed to be a tool used by real estate professionals.

Webbed.

 

[Mike Boyd]

In support of Smokey's tongue lashing, a condo can be a townhouse style OR a flat.

I never adjust for bedrooms except possibly rental properties. Both FHA and FAnnie warn of "double dipping" when you adjust for both SF and room count. In tract homes, you often find that to make room for the 4th bedroom, all the other rooms are made slightly smaller. There are exceptions, however, and if you can provide data to support both adjustments then it is OK.

 

[Mztk1]

And in defense of Brian on writing "Condominium vs other styles", yeah, it is not precise but it was obvious what his original question was. Even if he were a trainee I'd give the benefit of the doubt that he knows the difference. I remember when I was a trainee I stopped by a know-it-all tax assessor's office and one thing lead to another and she started lecturing me on how "townhouse" and "condominium" were the same thing. I was really, really green back then (and she was very experienced as an assessor), but I knew very well that she was wrong (ridiculously wrong) and stood my ground. After all, when I appraised a townhouse that was not also a condo it went on the residential 1004 form and had a lot size, but when I appraised a condo, no matter the style, it went on the condo form.

I think if each one of us looked back to when we learned that "townhouse" was a style and "condo" a form of ownership, we would see it was very, very early. Like in the first week or two of appraising.

Sorry Smoke, but I don't think it was worth calling Brian out on.

 

[Webbed Feet]

This is a benefit charity. I had no idea.

<..... snip......Even if he were a trainee I'd give the benefit of the doubt that he knows the difference.<..... snip.....>

Mr. Klos,

Wow! Sure hope you aren't planning on becoming a flight instructor anytime soon! .... Say, now that you know he has eight years experience and is fully licensed how much benefit do you give him?

Webbed.

 

[Webbed Feet]

Tongue lashing?

In support of Smokey's tongue lashing...........<.... snip

Mr. Boyd,

If you call it that you're gonna have all the guys here lined up to get one!

:laugh:

Webbed.

 

[Mztk1]

Mr. Klos,

Wow! Sure hope you aren't planning on becoming a flight instructor anytime soon! .... Say, now that you know he has eight years experience and is fully licensed how much benefit do you give him?

Webbed.

I can understand the position my wife takes, she assumes other people are stupid (she has a high IQ). But you Mr Duck, must go off the assumption that other people are morons. Tell me truthfully, How long were YOU an appraiser before you knew a townhouse was not necessarily a condo? Are you REALLY that much smarter than Brian or the average Joe?

As for your analogy, that's like a flight instructor walking over to the plane with the student and having to point out how to open the door. After the first time, if it was necessary to show him, I think the student will have it down fairly well.