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Duplex Lot ?

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sosappraisal

Thread Starter
Freshman Member
Joined
Dec 4, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
Hello,

A large tract of land was purchased, and had 24 townhomes built.
1st thought is they have to be either PUD's or Condominiums.
The tract of land as it turns out was divided into thirteen individual lots with two attached townhomes built on twelve of them and the last one being an outlot/detention facility. Duplex Lots as they are described in
the sales contract and declarations. According to the builder, sales contract and declarations they are neither PUD's or Condos. The lots are zoned R-3 Attached single family homes per the zoning department which was familiar with the project and see's them as single family homes. The owners are to pay association dues to a non-for-profit home association to take care of the operation of the outlot and landscape easements while also enforcing bylaws, rules and regs. The townhome attached to my subject is the model and both are newly finished. Other homes in the project have already closed. I have read many of the prior threads and it seems that this assignment is somewhat puzzling. Form of ownership ? Lot Dimensions ? Common areas? Association dues ?I would greatly appreciate any thoughts on how to go about completing this appraisal.

Thanks
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Hello,

A large tract of land was purchased, and had 24 townhomes built.
1st thought is they have to be either PUD's or Condominiums.
The tract of land as it turns out was divided into thirteen individual lots with two attached townhomes built on twelve of them and the last one being an outlot/detention facility. Duplex Lots as they are described in
the sales contract and declarations. According to the builder, sales contract and declarations they are neither PUD's or Condos. The lots are zoned R-3 Attached single family homes per the zoning department which was familiar with the project and see's them as single family homes. The owners are to pay association dues to a non-for-profit home association to take care of the operation of the outlot and landscape easements while also enforcing bylaws, rules and regs. The townhome attached to my subject is the model and both are newly finished. Other homes in the project have already closed. I have read many of the prior threads and it seems that this assignment is somewhat puzzling. Form of ownership ? Lot Dimensions ? Common areas? Association dues ?I would greatly appreciate any thoughts on how to go about completing this appraisal.

Thanks
I think you can answer the question(s) if you get a title summary report.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Sosappraisal,

You are hung up on a "form of ownership" question. Research some condo threads. Also, you are failing to personally go to the planning department and inquire into this project. Doing that is called "Due Diligence." Next, research the difference between "by-laws" and "C C & Rs"

There are sweeping misconceptions that all PUD's have HOAs, or anything with a HOA has to be a PUD or a condominium project.

Webbed.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Sounds like you have zero lot line attached single family dwellings with an association of the owners to handle common area costs. There isn't anything wrong with that.

Webbed has it right, go to the planning department and get the whole story. Check other areas of your market where these may also be located. There are a number of small developments in my town very similar. No formal owners association per se, but the developer decided the best way to take care of the property was to form a group when he sold them. There is probably something in the deed regarding this or in other documents which are probably recorded at the courthouse.

Do some research, they all aren't cookie cutters!
 
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