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GLA Of Condo Unit?

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KJR2017

Freshman Member
Joined
Dec 16, 2017
Professional Status
Certified Residential Appraiser
State
Texas
Assignment is for a purchase of a condo unit in a 4-8 story building, MLS indicates the GLA to be 1,120 sf, my measurement is 200sf less. Per agent and homeowner the units 2 balconies are included in the GLA estimate. I have never heard of this before, agent also insist that all the units in the building are calculated with the balcony included in GLA. There is a prior MLS sale of the subject property that has the GLA as 1,120 sf, appraisal district indicates GLA to be 1,120 sf. I don't see using the balcony as part of the GLA, not sure how much of the other units is actually GLA and how much is balcony. any thoughts are suggestions would be greatly appreciated. Thank you
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Assignment is for a purchase of a condo unit in a 4-8 story building, MLS indicates the GLA to be 1,120 sf, my measurement is 200sf less. Per agent and homeowner the units 2 balconies are included in the GLA estimate. I have never heard of this before, agent also insist that all the units in the building are calculated with the balcony included in GLA. There is a prior MLS sale of the subject property that has the GLA as 1,120 sf, appraisal district indicates GLA to be 1,120 sf. I don't see using the balcony as part of the GLA, not sure how much of the other units is actually GLA and how much is balcony. any thoughts are suggestions would be greatly appreciated. Thank you



Report the GLA for the subject. Estimate the GLA for the comps. Done. If you have available to you photos of the interiors of the comps and/or the size of the balconies, the task should not be too difficult. You may need to interview the agents for the comparable sales. This is not a difficult task.
 

residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
Balcony is NOT part of the GLA. However, you need to remain consistent in comparison of the comparables and the subject property.
Yep. So on the comps, they probably did the same thing. Verify by calling the agents of your comps. I've run into this many times on condos.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Balcony is NOT part of the GLA. However, you need to remain consistent in comparison of the comparables and the subject property.
I agree 100%. Having said that if this is a FNMA type report it is acceptable to utilize the GLA listed in the Condo Docs from the original filing/or modification. Like Mr Klahr stated consistency is the key.
 

residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
if this is a FNMA type report it is acceptable to utilize the GLA listed in the Condo Docs from the original filing/or modification. Like Mr Klahr stated consistency is the key.
I disagree. When you know it is incorrect, that would be misleading. Now you have violated FNMA requirements, USPAP and probably state law.
 

Carnivore

Elite Member
Supporting Member
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Jan 15, 2002
Professional Status
Certified Residential Appraiser
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North Carolina
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residentialguy

Elite Member
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Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
I will find where that is in the Guidelines(I have read it)...and post it here in this response. I do think it applies mostly to comparable.
If they tell you it's okay to jump off a cliff, do you really think it's okay?
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
If they tell you it's okay to jump off a cliff, do you really think it's okay?

First, that's an idiotic statement above. You should follow all kinds of stuff that we are required to know, so are you picking and choosing certain things?

Here Read Page seven(7)

https://www.fanniemae.com/content/guide_form/1073.pdf


Required Exhibits

• A street map that shows the location of the subject property and of all comparable that the appraiser used;


• A sketch of the subject unit that must indicate interior perimeter unit dimensions rather than exterior building dimensions. Generally, the appraiser must also include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report. A floor plan sketch that indicates the dimensions is required instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood;
 
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residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
There is nothing about using listings. It says you can use the plat. However, if I may add, that does not mean if you see they are calculating it wrong, that you may also calculate it wrong.

A sketch of the subject unit that must indicate interior perimeter unit dimensions rather than exterior building dimensions. Generally, the appraiser must also include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report.
 
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