Not a condotel but zoned commercial

[Cicada]

I am cerified residential appraiser in Las Vegas and recieved a request to perform an appraisal of a condominium unit in a highrise building. The building is zoned commerical. This building is NOT a condotel. There is, however, retail space on the first floor. Am I within the scope of my license to take this assignment without being supervised by a general appraiser? It would seem that I should be able to do it but I've heard stories that the state board's postion is that only generals can do these because of the zoning of property. I called the State and recieved very little guidance. Please help.

Thanks a lot.

 

[Couch Potato]

First, have you looked at the Fannie selling guide? I only ask because I know many have never read it. It doesn't have to be an actual condotel for Fannie to treat it as such.

Fannie Mae Single Family
2007 Selling Guide
Part XII: Project Standards
XII, Chapter 1: General Project Eligibility (05/20/05)
XII, 102: Ineligible Projects (06/29/07)

Assuming the owners association has nothing to do with the retail business, and it is simply a residential condo usually occupied by its owner; I don't see any reason you could not do the job. Since you are in a resort area, the project will get extra scrutiny.

 

[Lee Lansford]

... The building is zoned commerical.

What are the permitted uses under the zoning classification?

How does the Subject conform--or not--to zoning?

You have some work to do.

 

[athome77]

Would never offer advice on a subject outside of my market area, but can tell you that in Chicago a large number of newly/recently built three and four story condo buildings are located within "C" (Commercial) zoning districts which do not allow dwelling units below the second floor. Most have office/retail space on the first floor. As a cert res. I have appraised residential units within the projects and have not had a problem with needing a CG as supervisor. As long as only the individual residential unit within the project is being appraised, I have never considered the assignment to be beyond my level of licensure.