I

f you own a condo apartment, you already know that there are several significant differences between this type of real estate ownership and more traditional forms of real estate ownership, such as that of a single family home.

While a condo apartment owner holds title to their individual unit, the land upon which the apartments are built is considered part of the common areas, of which ownership is shared by all of the owners within the condominium project.

The building or project is usually managed by a Homeowner's Association which is funded by fees, or common charges, collected from the owners of the apartments.

Key Elements We Consider in the Valuation of Your Condo Apartment

• square footage, # of bedrooms & bathrooms
• overall condition (including any updates or lack thereof)
• floor location, view (if any)
• outdoor space (balcony, terrace, etc.)

Also, when evaluating comparable sales of condo units from outside of the subject building, additional elements must be considered, such as:

• building amenties
• monthly common charges
• proximity to neighborhood amenities

How We Determine the Value of Your Condo Apartment

The method by which a condo apartment is appraised is similar to how other types of residential real estate are valued. The primary method of valuation for a condo apartment is the sales comparison method.

Simply stated, the value of a particular condo unit is determined by comparing it to other similar, recently sold condo units in the same building and in other comparable buildings in the immediate area.

Adjustments are applied to account for differences between the apartment being appraised and the comparable sales to which it is being compared; after which a final opinion of value is concluded.