• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Walk-Up vs. California Style Apartments

Status
Not open for further replies.

Stephen J. Vertin MAI

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
I am putting this in the state section instead of the commercial section since my question has to do with the Chicago market area.

Odd situation in Southshore (Chicago). Doing a portfolio of apartment buildings having between 15 to 20 units. All of the subject buildings are walk-up (constructed in the 1920's) and all are in Southshore. However, the bulk of sales in the neighborhood are California Style buildings built in the 1960's (very unusual for the City since most of the buildings in the area are walk-up). There does not appear to be significant adjustments between California Style and Walk-up buildings since within this age group effective age becomes most important. Spoke to the selling brokers (at least the ones that called back) and no one knows why mostly California Style buildings in this size range have sold. Is this just a market fluke? Or is something going on few are aware of? In 2006 the vast majority of sales were walk-up.
 

Brian Weaver

Senior Member
Joined
Apr 16, 2005
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Illinois
Years ago I was appraising a portfolio of nothing but California walk-ups. Some investors buy nothing else because there is no hallway to heat.
 

Stephen J. Vertin MAI

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
Good point with rising energy prices. However, if an adjustment exists it appears to be small at best. Further if rising energy prices were the determining factor in a market shift it seems like there would also be increased sales of tenant heated units. There is not. Odd, it is probably a fluke but I appreciate the idea of hallway heating cost. It is something to think about.

 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Years ago I was appraising a portfolio of nothing but California walk-ups. Some investors buy nothing else because there is no hallway to heat.

I like them for less maintenance, no carpet, paint or cleaning of hallways to complete.:new_smile-l:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks