Condominiums only entered the residential real estate market
in any material way, in the second half of the twentieth century. Owners of Condominium units do not own the
land, or any of the common facilities which are typically owned by a
Condominium association. Associations are typically responsible for all
exterior maintenance and charge unit owners dues to cover their share of the
cost. Unit owners are also required to abide by association rules. These rules
may pertain to a variety of issues including pets, noise, parking, occupancy,
etc. Dues and Condo association rules can affect the value of a property both
positively or negatively. Condominium appraisals are best prepared by
appraisers with experience in appraising them along with an understanding of
how the association can affect property values.
ELLIOTT® appraises Condominiums anywhere in the United
States. We have a network of qualified
appraisers who understand Condominium ownership.