One Bedroom Condo

[Meandering]

The fact that the reviewer is wondering if there are 1 bedroom units in the development means this was not commented on in the report. Big faux pax!

If there are no 1 bedroom units in the development at all then that means that it was built as a 2 bedroom and they removed a wall to make a large 1. In that case, appraiser could have solved a headache by saying such, used 2 bedroom comps and adjust for cost to convert back to a 2.

Wouldn't the subject's condo fees (for a two bedroom unit) and RE taxes (for a two bedroom unit) be a consideration, for marketability, over other purposely constructed one bedroom units in different complexes?

At a minimum, fees and taxes of the subject should be compared against other one bedroom units to understand if there would be a marketability issue, being a single bedroom unit instead of a two bedroom unit.

 

[glenn walker]

In California there are many 1 bedroom condos ** The original post stated the appraiser did comment that there were no recent 1 bedroom sales in the project and that he did use a 1 bedroom outside the project so he covered his bases. The project is small with 45 units so it's common to not have a lot of sales. As far as marketability that's normally not a problem ( depending on where in California ) Los Angeles, the beaches, San Francisco 1 bedroom units sell very quickly and for high prices.