Using a townhome as a Comp in 1004.

[form1025]

Townhouse structure held in condominium ownership

 

[osubeavers15]

Townhouse is a form of condo ownership. Site built condo = townhouse. Air space only = condo.

 

[TJSum]

Townhouse is a form of condo ownership. Site built condo = townhouse. Air space only = condo.

There are plenty of townhome condos in our market and they are not considered site built condos. Aren't site built condo's usually detached?

To the original post, if your subject is not a condo townhome, then use that condo townhome as a last resort. It does happen occasionally in our market, and with some appraisal software programs, the UAD checker will not allow 0 sf as a lot size. When I faced this circumstance several months ago, I ended up putting the footprint of the condo townhouse as a lot size, just so it could go through the UAD BS, and then I explained in narrative what the situation was.

 

[osubeavers15]

Townhome = ownership of the site the dwelling sits on.

Condo = Air Space

A site built condo (individual tax lot) is a "townhouse". If you do not own the land the dwelling sits on (shared tax lot) then it is a "condo".

In my market site built (condo) townhouses are usually detached. Townhouses often share a common wall with another property.

 

[KenAZ]

Townhome = ownership of the site the dwelling sits on.

Condo = Air Space

A site built condo (individual tax lot) is a "townhouse". If you do not own the land the dwelling sits on (shared tax lot) then it is a "condo".

In my market site built (condo) townhouses are usually detached. Townhouses often share a common wall with another property.

Actually "Site Condos" are single family detached homes that are zoned condos, but the HOA fee cannot cover any maintenance of the house or yard. They can be compared to an SFR in an HOA, just different legaleze and a pain in the neck for appraisers. I once appraised one of these as a SFR, then converted to Condo, then converted to "Site Condo." During that process I became quite the expert on "Site Condos" I think it was originally just an FHA term, but has caught on.

 

[sputnam]

will look again at County, etc. RealQuest shows the total condo site size 4+ ac and it is a detached 2 story unit.

There are exceptions but, if it's a condo, the appraisal probably should be reported on the 1073, not the 1004. Zoning does not turn something into a condominium. The particulars of ownership determines if it's a condominium or an attached or detached single family dwelling.

 

[TJSum]

Actually "Site Condos" are single family detached homes that are zoned condos, but the HOA fee cannot cover any maintenance of the house or yard. They can be compared to an SFR in an HOA, just different legaleze and a pain in the neck for appraisers. I once appraised one of these as a SFR, then converted to Condo, then converted to "Site Condo." During that process I became quite the expert on "Site Condos" I think it was originally just an FHA term, but has caught on.

This is the way I understand it, in our region, condo townhouses are usually not considered site condos and the 1073 form is used.

 

[hastalavista]

I'm a bit confused by the terminology being used here in reference to "townhouse condominiums"?

In my markets, we have townhouse-style projects.
Some are single-family residences located in an HOA.
Some are condominium units located in a condo project.
From the street (or from the interior), one cannot tell which is which.

All townhouses are "attached" where I practice; some may be attached only one side (the end unit).
The style (or zoning) doesn't determine the type of ownership, the legal description of what rights are owned determines the type of ownership. In California, condominium projects have a special declaration that is filed, so obtaining the title (or prelim) is usually definitive in the identify of the ownership type.

I've never heard of defining a condo or townhouse by this absolute:

Townhouse is a form of condo ownership. Site built condo = townhouse. Air space only = condo.

Maybe it is a market or region thing?

 

[osubeavers15]

OP. As described you need to use form 1073. If it was a townhome (site built condo) for 1004 would be used.

It is not a regional thing. The replies on this thread are nothing short of misleading. Please research the definition of townhome.

Few have replied with this "single family residence" stuff. A condo is a freaking single family residence. A town home is a single family residence. Do the ownership rights for the property include more than one unit? If so it's a plex.

 

[Riick]

Jesu ... We complain about Skippy, and form-fillers, then we see complete lack of understanding
of forms of ownership poping-up ---- week after week after week.
>> Does Condo = Townhouse?, or is it Townhouse = Condo?
>> Why can't I find the lot size for this Condo Townhouse
>> Why is there a lot size shown for this Townhouse? Townhouses don't have lots!
>> What do I call that 56-sty 431-unit condo down at 56th & Market? Is it a townhouse?

Then we get the site condo argument, with and without land ownership
>> In Michigan we have site condos; Hard to explain because they were created by a (one-of) law here in Michigan just to confuse the rest of the USA.

And then sometime it all gets confabulated with the definition of a Duplex,
is that a 2-unit apartment building, or 2 homes built "side-by-side" sharing a common wall. Oh... and who owns that common-wall?

Ack !!