Question on Condo form-units for sale?

[nachocheesefries]

On the 1073 for there is a section titled "if project complete". Under this title there are several fields. one says # of units for sale and another says # of units sold.

Because my project is 30 years old...I assumed...as I always have, that this section is wanting to know how many units have NEVER been sold and are still listed for sale and how many of the total units have actually sold. I have 62 units in my project that is 30 years old...yes there are several currently listed for sale but I never thought that was the purpose of the questions...If it is...what in the world are we to report on # of units SOLD?(In what time time frame?)

I feel like I have been doing this correctly for the last ten years but I have an u/w citing my "number of active listings above the sales grid as NOT matching the number of units for sale in the project which I have reported as ZERO (they all sold years ago).

Please throw me a bone....

 

[Joe Flacco]

62 units sold and however many are active go in the number of units for sale field.

 

[hastalavista]

I do it like you & Joe.

 

[Deleted member 128537]

Yep. Do lots of condos (1/4 of my appraisals) and the number of actives in the complex are those units now for sale. But you still count them under the sold category as well if they are owned. Doesn't necessarily always correlate with the 1004MC either if the units for sale in the complex are not comparable to the subject.

 

[Mile High Trout]

The reviewers do simple math. Keep it simple for them.

Combination of active and sold should equal total units.

If it's a newer development, you would note the majority of completed units as active, etc, etc.

"Sold" in the condo trends section represents anything which has moved away from the initial builder, and into the hands of a private party.

Long term ownership or recent sales trends are not the focus of that. Lenders want to know about the size of the project, and if the units are in the hands of the builder, or various owners.

If one person buys more than 10%, they could disqualify the whole project for financing for regular joes.