SFR or Condo?

[Bama Bayou]

PJ, you have descibed my house. It is a condo per the plat, HOA docs, and deed. It is a detached SFR. The ownership is not just air space within my house, but the whole house inside and out. The lot is platted with dimensions and is owned. Our common areas are a clubhouse, pond, boat launch, fishing pier (the speckled trout are on fire right now too), and a half dozen lots.

I have appraised several "houses" in my development, and I never consider using a typical attached condo as a comp. It is not a big development and has little turnover. The market treats these "units" as a detached SFR because it walks, talks, and quacks like one. If that is the situation in your market, use detached SFR as comps.

 

[Ken B]

Well I guess that I am not the only one confused.

Good comeback, but not a good excuse. "A" for trying, however.

 

[Ken B]

Because every referrence book including the Dictionary of Real Estate Appraisal by the AI, and most text books don't know the difference between a form of ownership and an archetectural style. No, I just have it saved in my brain.m2:

Hey, let's confuse the issue even further......A condominium is also a Single Family Residential. SFR simply means that one family occupies the improvements. That is what a condo is as well. And, how would one describe a parking lot where all the parking spaces are condo units? They do exist.

I had the great pleasure of appraising a horse boarding/training facility wherein the individiual stalls were condominiums, but only a few had sold. The facility was legally similar in structure to a condo-hotel.

The MAI way underbid that one!

 

[Bama Bayou]

I had the great pleasure of appraising a horse boarding/training facility wherein the individiual stalls were condominiums, but only a few had sold. The facility was legally similar in structure to a condo-hotel.

The MAI way underbid that one!

We have a "rackominium" like that. Dry boat storage.

 

[EVAUSA]

In Ventura Cnty CA, NDC Data calls everything a Condo/PUD and it's really frustrating. Whether it's a detached condo or attached SFR's, NDC calls it Condo/PUD. (I like metroscan, if gives a use code) If the LEGAL DESCRIPTION gives it a lot number, there is clue #1, it's not a condo. Also, look at the plat map, make sure there aren't individual lot numbers for each parcel, and look for the words CONDOMINIUM PLAN on the plat. If all else fails, go directly to the planning office and look at the plans, how is it recorded?

 

[Mztk1]

In another thread I was quite incredulous that an appraiser wouldn't know the difference between condo as a form of ownership and style (in that thread it was a townhouse style).

I take back everything I said. :icon_mrgreen:

 

[Joyce Potts]

Here--chew on this a while.

http://appraisersforum.com/showthread.php?p=1615949&highlight=condo#post1615949

 

[Mztk1]

Now you're rubbing it in. :laugh:

 

[Ray Miller]

I had the great pleasure of appraising a horse boarding/training facility wherein the individiual stalls were condominiums, but only a few had sold. The facility was legally similar in structure to a condo-hotel.

The MAI way underbid that one!

These very seldom pan out. To much difference in the house keeping of each owner. Different times in feed each horse causes a lot of problems with stress. (horse next to the horse being fed, is kicking the tar out of the stall pannels because s/he is not being fed), Different vets, different farriers etc, just a lot of things in the management of the barn that needs to work in unison that can't with this kind of ownership. All that I have consulted on had did a belly flop and were looking for ways to restructure the barn and business.

 

[Couch Potato]

Ray, if it ran like a condo-hotel it should work; require mandatory use of certain services.