Cohousing-L Mailing List: Re: Cohousing difference or premium in unit appraisals

[Mariana Almeida (missmgrrl]

We had our condo apt appraised and they used comparables in the neighborhood 
that were not cohousing. They looked at square footage and parking space. I 
don't believe they took into consideration the amount of common space, and what 
the space looked like. 

If you're getting an appraisal for the purposes of mortgage, refi, etc. the 
bank chooses the appraiser, so there's not the ability to have a conversation 
with them. If the appraisal doesn't come in where you want it, then it might be 
worthwhile to lobby to give them further information about the extensive common 
facilities. 

Mariana
Berkeley, Calif Cohousing




________________________________
From: David Heimann <heimann [at] theworld.com>
To: cohousing-l [at] cohousing.org
Sent: Friday, February 20, 2009 12:39:10 PM
Subject: [C-L]_ Cohousing difference or premium in unit appraisals



Hello Everyone,

    A unit owner here at JP Cohousing would like to refinance their 
mortgage, and needs an appraisal of the unit.  It's probably a 
straightforward matter for a real estate appraisor to evaluate a 
two-bedroom with loft unit in Jamaica Plain operating as a regular 
condominium with no common facilities, but more difficult to figure out 
the difference between that and the same unit in a cohousing development 
with a common house.  Does anyone have some experience as to the value of 
the "cohousing premium"?  I'm thinking that some folks may have had their 
unit appraised in a non-cohousing fashion and then actually sold or bought 
(or refinanced) that unit a short time later.

    I thank you and my fellow unit owner thanks you for any 
information you may have.

Regards,
David Heimann
Jamaica Plain Cohousing
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