Ken B
Elite Member
- Joined
- Feb 18, 2004
- Professional Status
- Certified General Appraiser
- State
- Florida
Any appraisers out there working the Ocean City, MD area? Asking for a friend who owns a unit there - is there a "typical" $/SF GLA adjustment for a 1980's oceanfront condo unit, assuming middle of the range quality and features with similar units selling in the mid 200s, or around $240/SF.
Also, if the subject unit is a large 1BR and the GLA can't be bracketed with 1BR sales because there are no larger 1BR sales proximate to it, would you consider it appropriate to utilize a 2BR comp which would provide a larger unit to bracket the subject's GLA?
Also, would you consider the Income Approach to be meaningful as a check of reasonableness for a unit utilized as a vacation/part-time rental property?
PM me if you can help. Thanks.
Also, if the subject unit is a large 1BR and the GLA can't be bracketed with 1BR sales because there are no larger 1BR sales proximate to it, would you consider it appropriate to utilize a 2BR comp which would provide a larger unit to bracket the subject's GLA?
Also, would you consider the Income Approach to be meaningful as a check of reasonableness for a unit utilized as a vacation/part-time rental property?
PM me if you can help. Thanks.