According to the Dictionary of Real Estate Appraisal, the
term Condominium Ownership is “A form of fees ownership of separate units or
portions of multiunit buildings that provides for formal filing and recording
of a divided interest in real property”. This is one of the types of ownership which has, for the most part,
evolved within the past four or five decades. Some of the practicing appraisers
among us can remember when condos first began to appear on the horizon and have
watched the market develop into a mature part of the overall office market
which we know today.
Office condominiums range in size from small spaces with as
little as a few hundred square feet to very large areas covering whole floors
and entire buildings in some cases. Condominium ownership offers the user an
opportunity to participate in the appreciation of real estate once reserved
only to landlords and single unit properties.
ELLIOTT® is capable of appraising office condos large and
small, anywhere in the United States. Issues of associations and association
dues can prove to be a challenge to some inexperienced appraisers. Deferred
maintenance and location are also issues which can have a material effect on
property value. Our appraisers are well versed in the condominium form of
ownership and capable of handling all challenges offered by them.
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