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Site condo

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Doug Wegener

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Oregon
I'll try and post a photo but heres the deal. These condo's look like a fourplex or two duplexes connected at the garages. They have small individual sites and a portion of the common area, definetely condos. My question concerns the description. The project descripton section offers the choices of:

Detached
Row or townhouse
Garden
Mid Rise
HIgh Rise
or Other

So, is the row or townhouse option appropriate in this case?

And pg. 2 asks a similar question regarding design/style.

Your thoughts as to the best way to deal with it.

Photo on the next post
 
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Doug Wegener

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Oregon
site condo photo

forgot the photo.
 

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Marcia Langley

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Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Row or Townhouse.

That indicates side by side attachment with no upper units.

Rise=upper units exist.
Obviously not detached.

I'm not sure about garden as the overall building style, I always thought that referred to the below grade units of a multilevel building.
 

Mike Boyd

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Jan 18, 2002
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Retired Appraiser
State
California
Look up the FHA definition of a condo. You might want to change your mind on calling it a condominium. You can find it in the FHA/VA section here on the forum in a recent post.

Looks to me an attached SFR, commonly called a "duette."
 

Doug Wegener

Thread Starter
Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Look up the FHA definition of a condo. You might want to change your mind on calling it a condominium. You can find it in the FHA/VA section here on the forum in a recent post.

Looks to me an attached SFR, commonly called a "duette."

It does look like a duplex. In fact, there are 4 units to each building and they look like two duplexes that have been attached together.

But it was ordered as a condo, is in the MLS as a condo, and has a condo association, and assessor has it listed as a condo. I dont see how it could be considered anything else despite the style of the building.
 

Paul Isolda

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May 20, 2004
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Certified Residential Appraiser
State
Connecticut
Style and legal form of ownership are 2 completely differnt things. Condo owners DO NOT own any land, only a fractional interest in the land that contains the complex. If there is a condo declaration filed in the land records then it is probably a condo but almost certainly the individual owners do not own separate parcels of land.
 

Kevin A. Spellman

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Aug 30, 2003
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Certified Residential Appraiser
State
Massachusetts
There are condominiums in my service area where the unit owns the land and then has partial interest into the common land and the common elements. There is a market in my area where a condominium site can be purchase to build one detached unit. These sites range from one to three acres of exclusive use and maintenance is required by the unit owner and not the management. There is an architectural review committee and these properties are in either golf or a water front private community. I just used a ten million dollar condominium comparable sale in a report with its own land on Cape COD. Most condominiums typically do not own the land, but some can. This is why we all have appraisal careers as each market is different, otherwise our data we create would be printed in blue book of value like the automobiles are.
 

Doug Wegener

Thread Starter
Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Style and legal form of ownership are 2 completely differnt things. Condo owners DO NOT own any land, only a fractional interest in the land that contains the complex. If there is a condo declaration filed in the land records then it is probably a condo but almost certainly the individual owners do not own separate parcels of land.

Site condos do exist. Search site condo or landominiums here and I think you will find some posts on the matter. The legal on my subject reads

Por Lot 507 And Lot 512 etc.etc.

Lot 507 is the common area.
 

VolcanoLvr

Senior Member
Joined
Oct 30, 2003
Professional Status
Certified Residential Appraiser
State
Washington
Doug....

Research your subject very carefully. It could be a 'condo' only due to the HOA that owns a playground or other common area in the subdivision, but each dwelling unit is individually owned including the dirt, and the exterior of their portion of the building. We have subdivisions like that in my area. The subdivision developer set it up as a legal 'condo' by state law only due to forming an HOA for the purposes above.

That's what your legal seems to imply. Subject owns their own site, but also owns a fractional interest in the common site.

If you have a separately owned SFR, do the report on the 1004, not on the condo form.

And make sure you discuss this in advance with your client once you know for sure, and put numerous disclaimers in the report to describe who owns what. Clients see 'condo' in a legal description and automatically assume the association owns the dirt and exterior of the subject dwelling. That may not be true.
 
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