• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Measuring Condos

Status
Not open for further replies.

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
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!
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
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

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
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

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
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!
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
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

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
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

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
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

Junior Member
Joined
Sep 10, 2007
Professional Status
Certified Residential Appraiser
State
California
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

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
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.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks