I'm looking to get some input from other appraiser, about appraising Condo/Hotels. For those of you who have never seen or heard of a Condo/Hotel, it's a Hotel were some or all of the units are individually owned condominiums. As the owner of the unit you have a choice if you want the hotel to rent out the unit it for you, of course there are fees involved. Now my question is, should these be appraised by residential appraisers, or only general appraiser? I think they should only be handled by general appraisers, because the building is still a hotel. I would like to get some feedback from other appraiser out there. I figured it might be a good topic, to make us think about something else, then all the negative stories we have been writing about.
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser
My first thought is general appraisers because I wouldn't want to touch it :-)
I think you are speaking of appraising an individual unit in one of these properties. If the state and lender approves a residential appraiser can tackle the project, I think it would be good experience (after I disclosed that this is new to me and I have researched it thoroughly). I would think that either the state or lender would put a halt to a residential appraiser doing this if it had 'hotel' anywhere in the name, but perhaps if it mentions 'condominium' in the by laws, it is acceptable (?). I haven't seen such a thing around here, but you never know what's coming around the corner these days.
Sep 05, 2008 04:34 AM
Rainer
20,750
20,750
Michael Zollo
Certified Residential Appraiser, South Florida, FH
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