What is/isnt a PUD?

[KJLhoxtrot]

I'm appraising a newer Detached SF home located in a newer subdivision (2021). I'm trying to figure out if this is a PUD.

The city has this zoned as PD, Planned Development.
The subject's legal Description, in part, reads, ".... ****** County Condominium Plan....Unit ##.... ***"

According to Fannie, it is Not a PUD if located in a condominium or co-op.

Also, according to Fannie...
"projects or subdivisions simply zoned as PUDs that include the following characteristics are not defined as PUD projects... have no common property and improvements, do not require the establishment of and membership in an HOA, and do not require the payment of assessments."

The subject subdivision DOES require membership in the HOA and payment of assessments. And it potentially has common property...
Is common yard space, sidewalks, and a Pond considered common property? The subdivision has all three.
There are No pools, tennis courts or other shared improvements.

What also confuses me is... What is a PUD if it can't be located in a Condominium? In my experience, the communities which do meet the PUD criteria are also considered Condominium Projects. I've talked to several other appraisers about PUD's and what I'm hearing is... nobody really knows. Anything would help, thanks.

 

[Fernando]

PUDs and condos are different. You need to know the difference.
If Prelim says subject is a condo, it's a condo. No need to think so hard.

 

[bnmappraisal]

The city has this zoned as PD, Planned Development.
The subject's legal Description, in part, reads, ".... ****** County Condominium Plan....Unit ##.... ***"

Does the subject have a site size?
Is is a Site Condo?

 

[Tim Hicks (Texas)]

Required HOA dues and membership for SF home. Without that, it is not a PUD according to Fannie Mae. Required HOA dues equals a PUD.

 

[Fernando]

Required HOA dues and membership for SF home. Without that, it is not a PUD according to Fannie Mae. Required HOA dues equals a PUD.

Who cares about HOA dues. PUDs and Condos have HOA dues.
Look at Prelim and it will tell you what it is.
If it indicates condo in legal description, it's a condo.
New subdivisions built now look like PUD but is condo ownership. Maybe it's easier for developers to build as condo projects even though it looks like PUD project. I don't know.

 

[KJLhoxtrot]

Does the subject have a site size?
Is is a Site Condo?

That’s another issue, the diff between a detached condo and a site condo…?
The site is referred to as a Unit, and I was able to find the size of the site.
And county GIS only outlines the entire sub, rather than each individual site.

 

[Fernando]

That’s another issue, the diff between a detached condo and a site condo…?
The site is referred to as a Unit, and I was able to find the size of the site.
And county GIS only outlines the entire sub, rather than each individual site.

There's a major condo project around here that has condo units in multistoried bldgs and there's attached townhome style condos.
Regardless, they're all condos.
You as the appraiser needs to get appropriate condos as your subject.

 

[Dublin ohio]

That’s another issue, the diff between a detached condo and a site condo…?
The site is referred to as a Unit, and I was able to find the size of the site.
And county GIS only outlines the entire sub, rather than each individual site.

Sounds like a condo to me. I have PUDs in my area that also have free standing condominiums in them. They may be part of a master association but also have seperate condo docs and dues.

 

[Tiffany Gibbons]

That’s another issue, the diff between a detached condo and a site condo…?
The site is referred to as a Unit, and I was able to find the size of the site.
And county GIS only outlines the entire sub, rather than each individual site.

How did you find the site size? Was there a plot plan?

 

[John Hassler]

That’s another issue, the diff between a detached condo and a site condo…?
The site is referred to as a Unit, and I was able to find the size of the site.
And county GIS only outlines the entire sub, rather than each individual site.

That it is referred to as a “unit” is an indication it’s a condo. Contact the association and see what they say