Condomium vs. other Styles

[Mike Garrett RAA]

You can do what ever you want to...doesn't make it right. Ever wonder why Fannie Mae has a different for a condo? Townhouse, on the other hand, and acceptable on the 1004.

Comparing a condo to a townhouse (non-condo) is comparing apples to oranges. I speak from personal experience as I owned and lived in a condo for 13 years.

Webb....I guess we have better educated appraisers here in Colorado as that has never come up since departure of departure.

 

[Ray Miller]

You can do what ever you want to...doesn't make it right. Ever wonder why Fannie Mae has a different for a condo? Townhouse, on the other hand, and acceptable on the 1004.

Comparing a condo to a townhouse (non-condo) is comparing apples to oranges. I speak from personal experience as I owned and lived in a condo for 13 years.

Webb....I guess we have better educated appraisers here in Colorado as that has never come up since departure of departure.

Wait a minute, that review appraiser at my hearing said I should have used a 1004 as an attached single family, on the Condo I appraised back in 05. So if a state review appraiser can say the form I used was wrong, why can’t we just put any thing on any form and call it right now?:Eyecrazy: After all he was paid by the state the big bucks to nail my hide to the wall.

 

[Mztk1]

You can do what ever you want to...doesn't make it right. Ever wonder why Fannie Mae has a different for a condo? Townhouse, on the other hand, and acceptable on the 1004.

Comparing a condo to a townhouse (non-condo) is comparing apples to oranges. I speak from personal experience as I owned and lived in a condo for 13 years.

Webb....I guess we have better educated appraisers here in Colorado as that has never come up since departure of departure.

There is no rule that says you can't use this or that for comparisons, just explain what you are doing and why you did it.

I lived in a condo too, two of them. I've owned in PUDs as well, and I've lived in the country and in downtown Manhattan. Where I lived doesn't give me the practical appraisal experience to know every situation, however. I have a project near me where there are townhouses on one side of the street that are PUDs and identical townhouses on the otherside of the street that are condos. They are the same master project, different HOA, but are the same builder, same pool and clubhouse through the master association, and sell for the same price. Can't compare them to eachother, Mike? Yes, you most definately can, and many if not every one, who appraises there, when necessary, does.

 

[Joyce Potts]

Ms. Potts,

If the market is suggesting such a thing then I would "suggest" you've got some really misleading data masquerading as reflective of the market due to lack of research into the matter. To be "knowledgeable," and to not care about legalities that can take place in condominium projects is a contradiction that indicates a fool instead of anyone knowledgeable.

Webbed.

How about PUDs where the developers have retained ownership of the pools, clubhouses, tennis courts, etc. Does anyone ever check on those issues (via a title search) to see what impact in values it may have?

You see, I speak from personal experience of having that situation where the developer stopped maintaining the pool, clubhouse, tennis courts, etc. He died and his estate was a mess. Did it have an impact on the values of the attached AND detached improvements in that PUD. You betcha. How many ask those questions?

Like I always say, it's not about our personal opinions, it's about our professional opininos based on a fair and unbiased analysis of the market data.