How a Condominium is appraised.

Many considerations come into play when appraising a condominium unit

-Type and style of unit: (Condominium apartment, Condominium loft, Condominium townhouse, Co-op, Co-ownership)

-Size of the subject (As confirmed by MPAC and/or Builders plans).

-A calculation of time-adjusted square foot values in the subject building is established.

-Location of the subject property.

-Parking: (Deeded, Exclusive-use, Rented).

-Locker (Value)

-Balcony/Terrace (Quality and Size)

-Condition of the subject property: (Value of Renovations / Deficiencies)

-Historical Sales in the Subject Building. (Adjusted for Time / Market change).

-Historical Sales in the contiguous area. (Averages / Medians )

-Current Listings and time on Market

-Time on Market before Sale

-Overall market conditions: (Local / Municipal)

Once these factors have been considered, consideration is given to the resulting trend lines and a -value is reached that is typically in the middle range of adjusted values.

All factors are carefully considered for relevance and fairness.

Following careful consideration of these factors, an objective value is reached and submitted to the client.