Question for Seminole County appraisers

[Dr Seuss]

Anyone have experience with the new Emerson Plaza Condo in Altamonte Springs? (the condo that looks over Cranes Roost Lake that can be seen from I-4)

The reason I ask...I just received an order for a purchase in the Emerson building for $540k (new unit - 1500 sq ft)? As there have been NO closed sales in the building yet (only a couple of extremely high listings), the only market that comes to mind for "not so" comparable units to support values of that range would be Downtown Orlando or Winter Park, which in my opinion are drastically different neighborhoods. Whoever closes first in this building will set the market for the builder, but IMHO don't see those values supported in the Altamonte market? Maybe I don't know the market well enough as I think and should bail out? Any ideas?:icon_idea:

 

[Mike Phillips]

My 2 Cents...

Figure out a way to back out of the assignment. Personally, Altamonte Springs makes me want to puke - but that is my opinion. You are right, it ain't downtown Orlando or Winter Park - no where close. This is an accident waiting to happen - best to let Skippy 'R Us have this one - let them look like a fool.

My fee quote is $1250.00 - I need to do a short narrative - COD - with no guarantees.

You gotta be joking, right? In this market?

Mike/Orlando

 

[Couch Potato]

If I was going elsewhere to find comparable sales, I would maybe look to the MetroWest area. Not sure those support the value, but its a much more similar area than downtown Orlando or Winter Park. I would suggest requesting a higher fee due to the complexity of the assignment (and hope they don't want to pay).

 

[Dr Seuss]

Mike and Greg,

You both seem to be saying the same thing. I'm afraid if I ask for a higher/complex assignment fee, they may agree...then I am in the same boat. I think I'll punch the canopy on this one, and eject.

Funny, I used to fish in Cranes Roost lake back when I was a kid. It was a mere retention pond for the Altamonte Mall, no real fish, and used to dry up at the end of summer...how things change! Thanks for your input!

 

[J in Florida]

Mike is right--eject!!

 

[Alison Swain]

What Mike and Greg said.

Actually, if you decide to stick it out and can collect a sufficient bribe, uh... I mean fee, Metrowest is probably most comparable (not really, but better than using downtown O-town or WP).

 

[Joyce Potts]

Barf Bag

Figure out a way to back out of the assignment. Personally, Altamonte Springs makes me want to puke - but that is my opinion. You are right, it ain't downtown Orlando or Winter Park - no where close. This is an accident waiting to happen - best to let Skippy 'R Us have this one - let them look like a fool.

My fee quote is $1250.00 - I need to do a short narrative - COD - with no guarantees.

You gotta be joking, right? In this market?

Mike/Orlando

No bias there, right Mike?

 

[Mike Phillips]

Bias Free Reply...

I did a quick search - only found 2 condo sales in Seminole County over 500K in the last year. Try Lotus Vista Condominiums. But I used the Condo "tag" to filter - you might find more sales that are incorrectly marked.

Just some thoughts:

If I did accept the assignment I'd want plenty of time. And I would only accept it on the basis of "it is what it is." You may not have a problem - hitting contract might not be an issue with the lender - you never know.

I'd get a few things straight up front. First would be that the developer is going to cooperate with the appraiser. Would not accept any builder BS on this one. I'd want the data to calculate the absorption rate for the project, how many contracts are in the pipeline with contract dates and sale prices, how many contracts have canceled, whether or not you have out-of-town/state/country buyers and last but not least all known information regarding financing concessions and options/upgrades. How many investors - how many multiple-unit buyers?

Also, quiz the developer about where the other buyers are obtaining financing. I doubt that one lender would take all or most of the risk for the entire project, especially in this market but if you can find one lender who will cooperate maybe they will share a few current appraisals if there are any available. Nothing wrong with reviewing the work of another professional.

You do have 14 condo listings in Seminole County over 500K, primarily in three condo projects. You could try calling the Realtors and asking for advice on competing developments in Seminole County. Perhaps there are some projects you do not know about that have not listed in MLS. Also, I'd ask the developer for competing project data - he absolutely has to know his competition in this price range. Hopefully he will not steer you to the Orlando/Winter Park areas only.

Like I said in the first post - I'd have to do a short narrative. You can do it on a form but you'll need a long addendum.

Good luck
Mike/Orlando

 

[Alison Swain]

Just some thoughts:
I'd get a few things straight up front. First would be that the developer is going to cooperate with the appraiser. Would not accept any builder BS on this one. I'd want the data to calculate the absorption rate for the project, how many contracts are in the pipeline with contract dates and sale prices, how many contracts have canceled, whether or not you have out-of-town/state/country buyers and last but not least all known information regarding financing concessions and options/upgrades. How many
Mike/Orlando

Yeah --- don't take any crap. Remember last year when some of those a-holes would tell you you have to "make an appointment" with their sales office and then they only saw appraisers on Thursdays (or course, your order usually came in first thing Friday morning)? I bet they don't try that crap with appraisers these days.

 

[Dr Seuss]

Update:

I spoke with the lender...$375 is as much as they will agree to for the assignment. Looks like they beat me to the punch and cancelled when I stated my fee. I think I may be better off.

The condo sale rep returned my call but she had very little information to offer or would offer. As I suspected & feared, when I bluntly asked what competition they were facing in the market, she mentioned competing condos as Park West (corner of Virginia & Morse bulit in 2005) and West Cove (17-92 on Lk Maitland built in 1971) both are in Orange County. The rep kept repeating the rehearsed sales tag lines as "a downtown feel without the downtown traffic" and "the units have a beautiful lake view"? :glare:

Heathrow has some higher valued condo's but still worries me with such a different feel to the neighborhood.

Sad, I would have at liked to inspect for the experience but without the headache of appraising it at market value. Thanks for all the responses!