08/16/2017 VAB - Laserfiche WebLink

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The petitioner also included an outline of sales from 2013, which were presented in his petition in 2014. E. Magistrates analysis and finding of facts presented: A sales comparison analysis is generally the most useful technique for analyzing a single family residence. The Property Appraiser and petitioner provided comparable sales with similar riverfront location compared to the subject property. All of the documents and testimony presented were admitted into evidence and, where appropriate, were carefully reviewed. Persuasive evidence was provided by both parties. The PA four sales were analyzed to indicate the $/square foot living area (sfla) Just Value indication based on 8' Criteria 85% and PA Assessed Value. The four sales indicate the following Just Value 85% / PA assessed Value / 100% market Value Sale 1 $2551$276 / $300; Sale 2 $280 / $263 / $329; Sale 3 $237 / $226 / $279; and Sale 4 $3011 $310 / $355. Additionally the $/sfla building of the subject and sales is compared: Subject $137, S#1 $131, S#2 $157, S#3, $85, S #4 69. Based on the information presented by the PA sale #4 includes 244 river front feet, with a significantly higher proportion of the value in the underlying land. This sale indicates the highest $/sfia 100% market, Just, & assessed, and is the only sale that supports a higher value than used by the PA for the subject. The remaining three sales support an 85% Just Value from $237 to $280. All sales are single story, and two sales are CBS construction. Sale 1 is the most similar sale in location in the southern Barrier Island. Sales 2, 3, and 4 are located in the central Barrier Island, in the private community of Cache Cay. Sale 1 provides the most comparable information for the subject, at a 100% Market / 85% Just Value / sfla at $300 / $255. The petitioner evidence is analyzed to indicate the 8t' Criteria (85%) value indication for the sale ; presented by the petitioner. These sales support a Just Value from $170 to $343/sfia. The highest value indication is for a sale that is completely renovated, built in 1984. Both the PA and the petitioner include the 295 Riverway Drive sale. This sale supports values in the upper mid range of the sales presented by the petitioner. Most sales in the south Barrier Island area support values I lower than those indicated for the Cache Cay community. Analysis of the evidence presented included placing little weight on sales with significantly superior river front feet exposure. These sales support values in the upper end of the range, at Just Value $323/sfla (204 Spinnaker Dr.) and $302/sfla (PA 97 Cache Cay). Additionally, the "as is" sale (1345 River Ridge Dr.) is given little weight due to the anticipated lower condition of the improvement. The 216 Rudder Road and 107 Spring Line Drive sales are given less weight due to the difference in seller and buyer motivation. The sellers sold an improved property. The buyers purchased a lot, with premium paid for this type of riverfront lot due to lack of availability of vacant lots. New construction is anticipated for both of these properties. The remaining petitioner sales provide a Just Value range of $215 to $to $255/sfla. All building improvements are single story, and superior to the subject in that regard. The most comparable sale is adjacent to the subject, single story frame construction, 102 FF river frontage, built in 1988 and the Seacrest Drive sale, with 111 FF river frontage, built in 1990. These sales include frame building improvements from 3,027 to 4,360 square feet, bracketing the 3,772 square feet of the subject improvement. The adjacent sale is included on the both the PA and the petitioner sales information. These sales provide a Just Value indication of $215 to $255/sfla. Additionally, the assessed building value / sfla Is compared for the subject and the comparable properties. The subject $/sfla assessed building contribution is indicated at $137. The market sales provide a -39-