Project Name For Condominium

[SAKO MK]

I was just asked by a bank to provide the project name for the comps i had used in my last condo appraisal. 4 out of the 6 i used were from the same complex. the other two were from outside. the two from outside had no name on the buildings, so i put n/a on the report. my question is what is the importance of the project name in the report.

 

[Couch Potato]

I was just asked by a bank to provide the project name for the comps i had used in my last condo appraisal. 4 out of the 6 i used were from the same complex. the other two were from outside. the two from outside had no name on the buildings, so i put n/a on the report. my question is what is the importance of the project name in the report.

What about the other sources of information? Did they also not have a name for the project on them? The importance is to clearly identify which properties represent ownership in the same land as the subject. Properties in other projects have different amenities, fees and otherwise may require adjustments.

There are incompetent and dishonest appraisers out there, that will use units out of higher quality projects in an effort to increase the opinion of value they can appear to support. Identifying the project helps catch such low lifes in the act.

 

[TC]

I was just asked by a bank to provide the project name for the comps i had used in my last condo appraisal. 4 out of the 6 i used were from the same complex. the other two were from outside. the two from outside had no name on the buildings, so i put n/a on the report. my question is what is the importance of the project name in the report.

Do a little leg work. Sometimes the names aren't on the building and you have to look up the legal description. So drive down to that big building in the center of the city where all the lawyers go and look it up. It's called due diligence.

TC

 

[Becks]

So it sounds like not all county property appraisers post this data online yet? Wow!

 

[DTB]

What about the other sources of information? Did they also not have a name for the project on them? The importance is to clearly identify which properties represent ownership in the same land as the subject. Properties in other projects have different amenities, fees and otherwise may require adjustments.

There are incompetent and dishonest appraisers out there, that will use units out of higher quality projects in an effort to increase the opinion of value they can appear to support. Identifying the project helps catch such low lifes in the act.

And the vanity name will help weed that out?

 

[leelansford]

...my question is what is the importance of the project name in the report.

Identifying the projects by name is a quick reference for the reader to determine which sold (and, if appropriate, competing offerings and/or pending sales) comparisons are within the Subject's project...and which are not.

I'm not familiar with the on-line sources of data where you appraise, but some sources for public record information may provide a good indication of the project name for the sold (et al) comparisons.

If a comp is not within the Subject's project, make certain that the reader of your report of the appraisal is given clear iunderstanding of the status.

 

[tjcou812]

Check the MLS they should have the project name listed on it. The Connecticut MLS has that info 98% of the time unless you get a lazy realtor that dosn't put in in.

 

[CANative]

It seems to me that by the time the appraiser knows enough about a competing condo property to use it as a comp they would know the name of it.

 

[Couch Potato]

And the vanity name will help weed that out?

Yes, it will. It will mark it as different, and the job of checking on the nature of the condominium so much easier when you know the name of the condominium. Even most appraisers are smart enough to understand that concept.:new_all_coholic:

 

[Kevin A. Spellman]

The form asks for the phase data also. The name of a complex can carry a premium for the urban areas.