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Time Share v Condo - - Whatz the value difference

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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I recently read a story where the local assessor had her ears pinned and lost
$1,000,000 in taxes over 3 years on a Trendwest property. The assessor, I
assume, treated it with a H/B use of condo. Trendwest, who I assume, said,
no we are an enterprise who sell time shares and so you value us like
something different, but less than condo value.

So maybe this is best directed at FL or CA appraisers, but given two pretty
equal projects, one a condo, one a time share, is there a value difference
in the total value of the project?? And if so, what's worth more?
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
I'm not sure if this will quite answer your question but I did a little research on some properties in my area where you could buy a 1/10th ownership of an oceanfront house. I found some similar houses that had sold recently and figured a fee simple value for the property if it was not a 1/10th ownership situation. Obviously the sums do not equal the whole. It appears that the sum of the 1/10th ownerships came close to vacant land value. I tried this with a couple different properties and got the same results.

Example:
Sale: 1800SF oceanfront home. $1,200,000
Sale: Vacant oceanfront lot. $1,000,000
Sale 1/10 ownership of 1800SF oceanfront home. $100,000
 
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