PahRoo Appraisal & Consultancy provides condo and HOA services for associations, their boards, and the property managers who work for them. We prepare insurance appraisals, property tax appeal appraisals, FEMA 50% rule appraisals, and expert witness work. In addition, we team up with licensed engineers and credentialed reserve specialists for reserve studies, engineering, and turnover studies. Each report answers a specific question, whether that’s how much coverage the master policy needs or what the building is worth for a flood zone review. Founded by Michael Hobbs, MAI, SRA, PahRoo has been appraising real estate for more than 25 years.
Condo and HOA Services We Offer
The cost to rebuild your building, so the master policy covers what it should.
What will need repair or replacement, roughly when, and what to set aside.
A value of the building alone, for the local 50% rule review.
Help planning major repairs or upgrades in a flood zone before permits.
Building condition and structural reviews from licensed engineers.
An independent look at the common elements when owners take over.
A supported value of the building for your association’s appeal.
Reports and testimony when a claim or defect case goes to court.
Much of this work comes through boards, property managers, and association attorneys, so we write with each of them in mind. See how we work with each of them →
Who Does the Work
Our certified appraisers prepare the appraisal reports. For reserve studies, we work with credentialed reserve specialists, and for engineering and turnover studies, we team up with licensed engineers we’ve worked with for years. Either way, you have one point of contact from the first call to the finished report.
Unit appraisals for a sale, divorce, estate, or tax appeal.
Apartments, retail, office, industrial, mixed-use, and land.
Condo and HOA Insurance Appraisals
An insurance appraisal estimates what it would cost to rebuild the parts of the property the association insures. That usually means the building itself, not the land or the owners’ unit interiors. It’s also a different number from market value, because rebuilding cost follows labor and material prices, which can climb even when sale prices hold steady. So if the master policy limit falls behind, a big loss can leave the association paying the gap from its own funds. For that reason, we document the building, how it was built, and current costs, so your insurance agent has a supported number at renewal.
Reserve Studies
A reserve study looks at the parts of the property the association will have to repair or replace over time, such as roofs, elevators, boilers, and paving. It usually has two parts. First, the physical analysis lists each component, its condition, and its expected life and cost. Next, the financial analysis compares the reserve fund with what’s coming and suggests a funding plan. Whether a study is required, and how often, depends on your state and your governing documents. In practice, we provide reserve studies through credentialed reserve specialists we work with closely.
FEMA 50% Rule Appraisals
Under the 50% rule, when repairs or improvements to a building in a high-risk flood zone cost half its market value or more, the building has to meet current local flood rules. FEMA calls this substantial damage or substantial improvement. Specifically, the market value in that test is the building alone, not the land. Also, local officials make the call, not FEMA. That’s why the value matters so much, and an appraisal of the structure gives those officials a documented number to work from. FEMA’s substantial damage quick guide explains the rule.
FEMA 50% Rule Consulting
Big repairs and upgrades in a flood zone are easier to plan when the 50% rule comes up early, before the design is final and the permit application goes in. To that end, we help boards understand where the building stands and what the appraisal will need to cover. Then, if the project looks close to the line, the board knows that before it commits. Tell us what the project involves, and we’ll talk through the next steps with you.
Engineering Services for Associations
Some questions need an engineer rather than an appraiser. For example, a board may want to know how a facade, a parking garage, or a roof is holding up, or what a repair should cover. For this work, we team up with licensed engineers we’ve worked with for years. In addition, their findings help with reserve planning and insurance, since both depend on the building’s actual condition.
Turnover Studies
When a developer hands control of a new building to the owners, the new board inherits whatever was built. A turnover study, sometimes called a transition study, checks the common elements against the approved plans and the building codes that apply. As a result, the board gets a written record of defects and open issues early, so it can decide what to do next. Licensed engineers lead this work, often alongside reserve specialists who look at long-term costs.
Property Tax Appeal Appraisals for Associations
When a building’s assessment looks too high, every owner can end up paying more. In that case, an appraisal shows what the building is actually worth as of the assessment date your jurisdiction uses, backed by sales and market data. However, appeal rules and deadlines differ from place to place, so check them with your attorney early. We also work with the property tax attorneys who file these appeals, as our article on working with property tax attorneys explains.
Expert Witness Services
Association disputes often come down to value. For instance, an insurance claim after a fire or a construction defect case can turn on what the building is worth or what it would cost to rebuild. Above all, a report for one of these cases has to hold up under cross-examination, so we prepare it with testimony in mind. We can also review the other side’s report and testify at deposition or trial. Read what makes an appraisal ready for litigation.
How to Order Condo and HOA Services From PahRoo
First, use the quote form with the address, the association name, what the report is for, and any deadline.
Then someone from our team confirms the scope, quotes the fee, and lists the documents we need.
After you approve, we schedule any site visit and work to your deadline.
Need Something for Your Association?
Tell us the building, what the report is for, and when you need it. After that, we’ll come back with the scope and the fee.
Frequently Asked Questions
About the work
What’s the difference between an insurance appraisal and a market value appraisal?
An insurance appraisal estimates what it would cost to rebuild the parts of the property the association insures. A market value appraisal, on the other hand, estimates what the property would sell for. The two numbers can be far apart, because rebuilding cost follows labor and materials, not sale prices.
How often should an association update its insurance appraisal?
There’s no single answer. Some states and governing documents set a schedule, but construction costs can move faster than that. So many associations revisit the number more often than the rules require and talk it over with their insurance agent.
Is a reserve study the same as an insurance appraisal?
No. A reserve study plans for repairs and replacements over many years, while an insurance appraisal estimates the cost to rebuild after a loss. In fact, boards often need both.
What is the FEMA 50% rule?
It applies to buildings in high-risk flood zones in communities that take part in the National Flood Insurance Program. When repairs or improvements cost 50% or more of the building’s market value, the building has to meet current local flood rules. Also, local officials make that decision, and the value used is the building alone, not the land.
Working with PahRoo
Can our property manager order the work for the board?
Yes. A manager can send the request and be our day-to-day contact. After that, we’ll ask who at the association the report is for, so it’s addressed to the right party.
Who does the engineering and reserve study work?
Licensed engineers handle engineering and turnover studies, and credentialed reserve specialists prepare reserve studies. Meanwhile, PahRoo’s appraisers handle the appraisal work, and you keep one point of contact for all of it.
Can you appraise a single condo unit?
Yes. Unit appraisals for a sale, a divorce, an estate, or a tax appeal are part of our residential work.
Where does PahRoo provide condo and HOA services?
Call (773) 388-0003 or email appraisal@pahroo.com with the building’s address, and we’ll confirm we cover it.
Who We Work With
Most of our association work comes through the people who run these buildings and advise them, so we write each report with their review, renewal, or courtroom in mind.
Boards
Insurance renewals, reserve budgets, tax appeals, and big projects. See our appraisal FAQ.
Property Managers
One contact for several associations, from the request to the finished report.
Attorneys
Tax appeals, insurance disputes, defect cases, and testimony. See why the date of value matters.
Insurance Agents & Brokers
Supported rebuilding costs for master policy renewals. See the three approaches to value.
PahRoo Appraisal & Consultancy
PahRoo is an independent appraisal firm founded by Michael Hobbs, MAI, SRA. Besides our own appraisers, we work with credentialed reserve specialists and licensed engineers. You’ll find local details on our areas we serve page, and you can reach us at (773) 388-0003 or appraisal@pahroo.com.