Mixed use Fannie Mae

[glenn walker]

This is the address 7561 center ave #36 Huntington beach CA 92647 it is a PUD mixed and has an HOA

Can the appraisal be written in any of the following format?
The 1004 form is for single family homes or the 1025 form is for apartment properties ranging from 2 to 4 units.?

Or what format should be?

Those are Live to Work PUDs and are done on a 1004. Its not a small income property and not done on a 1025.

 

[Pattyflower]

Those are Live to Work PUDs and are done on a 1004. Its not a small income property and not done on a 1025.

Can you do the appraisal?

 

[glenn walker]

Yes but no because they are a PITA and do not need or want the headache.

Can you d

 

[nstanbru]

I strongly suggest you double check the percentage of the commercial space. I can pretty much guarantee it's not 25%. Also, you must consider the overall complex as to commercial/residential use. This is in Old World Village and any appraiser who says that is a residential development, in my not so humble opinion is nuts.

 

[KONA]

This is the Old World Project by Mr. Bischef, who developed the one in Torrance. The CCR's do not allow the owner to rent out the commercial separate from the residential unit above. The concept was to live over your shop type concept like in Europe. Mercury Savings financed the project when it was built. The one who lives over the store is suppose to occupy the store, not split it up.

 

[Pattyflower]

There are 9 units in old world that were converted in the first floor to have more residential usage I'm the first floor , . That was allowed by the HOA and the city.
All the other units are mixed use with residential in the top and commercial in the first floor , and one unit #2 is completely residential

 

[KONA]

Nstanbru, you are correct the living unit matches the foot print of the store below. There have been recent listings in this project. A lot of the commercial space is vacant in the project.

 

[KONA]

This project has a lot of problems, not surprised that the city of HB has allowed some variances.

 

[glenn walker]

I strongly suggest you double check the percentage of the commercial space. I can pretty much guarantee it's not 25%. Also, you must consider the overall complex as to commercial/residential use. This is in Old World Village and any appraiser who says that is a residential development, in my not so humble opinion is nuts.

I strongly suggest you double check the percentage of the commercial space. I can pretty much guarantee it's not 25%. Also, you must consider the overall complex as to commercial/residential use. This is in Old World Village and any appraiser who says that is a residential development, in my not so humble opinion is nuts.

The City of Huntington Beach would like to see the 8 acres gone and new development come in their but right now its in a kind of flux. The current lender probably has no idea what they are dealing with as the unit is owned by a LLC who owns it and is trying to get their cash out. From an-appraisal perspective nobody is going to pay for all the work these POS take to complete and they are trying to pound a square peg into a round hole. My advice is run and don't walk you cannot win on these types of assignments.

 

[Pattyflower]

I don't know where you get so much hatred....