Pamela Lamb, SRA, RES, CFE
The Condominium Appraisal Services Department values residential condominiums, cooperatives, townhouses and villas, zero lot line properties and timeshares. We use comparable sales data in the neighborhood for the evaluation process. Properties are inspected at least once every five years and market sales are analyzed every year. Some helpful definitions from The Dictionary of Real Estate Appraisal 6th Edition, Appraisal Institute:
- Condominium – A form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real estate.
- Cooperative (co-op) apartment unit – An apartment in a building owned by a corporation or trust in which each unit owner purchases stock representing the value of a single apartment unit and receives a proprietary lease as evidence of title.
- Zero Lot Line – In zoning, the location of a structure on a lot so that one or more sides rest directly on the boundary line of the lot.