Measuring Condos

[Tom4value]

I am arguing with an AMC review appraiser. I did an appraisal of a condo unit in a building of 4 other units. I sketched the unit and disclosed that the GLA was from the condo docs. He is insisting that we we need to measure the unit and provide calculations. I told him that with attached units, I don't have access to all of the dimensions. I argued that in 26 years of appraising, I measured if I could but measurements are not required for condos.
If I am right, can someone give me something in writing I can show him? If I am wrong, then I am asking for a friend and not me!

 

[TRESinc]

the measurement requirement is a client-imposed thing, not USPAP. read your engagement letter to see what you agreed to.

that being said condos are measured from the inside, so being attached to another unit shouldn't be an issue.

 

[bnmappraisal]

Agree with TRES. Most (and almost ALL AMCs that I've come across) require the appraiser as part of the engagement letter to measure the property. This goes for SFH, Townhomes, and yes ... CONDO's.

 

[Don Clark]

Agree with TRES. Most (and almost ALL AMCs that I've come across) require the appraiser as part of the engagement letter to measure the property. This goes for SFH, Townhomes, and yes ... CONDO's.

Some arecertainly difficult to measure. But, all condos have to be measured unless the client agrees that they do not. They are measured from the inside wall if an attached or mid-high rise condo since the wall space is not owned by the unit owner. in detached condos they are measured like any other detached property.

 

[bnmappraisal]

Some arecertainly difficult to measure

and i DEFINITELY agree with this!

I run into this with many of the upscale, downtown (Edit; also beach) condo's (2,000 - 3,000 sf) with MANY angles. Personally speaking, they are beautiful units ...professionally speaking, they are a PITA to measure!

 

[Tim The Enchanter]

and i DEFINITELY agree with this!

I run into this with many of the upscale, downtown (Edit; also beach) condo's (2,000 - 3,000 sf) with MANY angles. Personally speaking, they are beautiful units ...professionally speaking, they are a PITA to measure!

This is why I draw the outline from the plat maps before I go. Then check the dimensions when I am there. Only works in LA County, not Ventura, and not for detached condos. Sometimes this shows a discrepancy which i will want to figure out when I am there.

 

[Riick]

Sometimes you get a unit that's virtually impossible to measure, what with non-90 degree, angled walls, pillars, building utility closets impinging into the unit, etc. I always measure, but when the unit I'm doing measures out to best of my ability at say 1572 sq.ft., while the county records say it's 1657, same as the identical unit that sold last week, one floor up... what to do?
For (what is hopefully) consistency, I've used assessor's (or architect's) GLA numbers in the grid for both subject & comps,
and explained why. Thus far, never a squawk.
.

 

[jay trotta]

Agreed, but all should remember the Buyer is purchasing air rights; from the paint in, the rest is owned by the association, the taxable GLA is generally submitted by the Arch/Engineer by a recognized Seal of Approval, along with the A-2 survey, as provided to the Zoning/Building Dept. for Approval and therefore the taxable GLA per unit as so described. You may draw however you feel you like, but the Taxable is or is suppose to be via approval of record.

 

[CigarDad]

Fannie Mae Selling Guide
May 30, 2017
Part B, Origination Through Closing
Subpart 4, Underwriting Property
Chapter 1, Appraisal Requirements, Documentation Standards

Exhibits for Appraisals

Building sketch and calculations

For a unit in a condo or co-op project, the sketch of the unit must
indicate interior perimeter unit dimensions rather than exterior
building dimensions (dimensions and estimates for gross living area
shown in the condo documents are acceptable).

 

[jay trotta]

Fannie Mae Selling Guide
May 30, 2017
Part B, Origination Through Closing
Subpart 4, Underwriting Property
Chapter 1, Appraisal Requirements, Documentation Standards

Exhibits for Appraisals

Building sketch and calculations

For a unit in a condo or co-op project, the sketch of the unit must
indicate interior perimeter unit dimensions rather than exterior
building dimensions (dimensions and estimates for gross living area
shown in the condo documents are acceptable).

Agreed and how would the assessor obtain the Taxable GLA ? When the project is approved, the information is passed along to the assessor on a Unit by Unit basis, from everything I've researched.