What factor must be considered when appraising a downtown condo?

When appraising a downtown condo, the upkeep of the common areas is a significant factor to consider. Common areas, such as hallways, lobbies, elevators, and recreational facilities, directly impact the overall appeal and market value of the condo. Well-maintained common areas enhance the livability and desirability of the property, which can lead to higher property values and increased buyer interest.

In contrast, poorly maintained common areas can detract from the perceived value of the condo and can discourage potential buyers, impacting overall marketability. Factors such as cleanliness, maintenance schedules, and the condition of amenities are critical in assessing the overall health of the property and its financial stability, making this consideration paramount in the appraisal process.

Thus, when determining a downtown condo's value, a thorough evaluation of the upkeep of these shared spaces is essential, as it reflects the quality of management and the living experience provided to residents.