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.