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.. Findings of Fact for Petition 2023-015, The Appraiser Special Magistrate (SM) conducted:a hearing that occurred on Nov 15, 2023 for tile' correctness of e 2023 Just/Market Value of 555 Catalina St (33-39-01-00005-022.0=00049.0) in Vero Beach: The Special I agistra ; clerk (Terri) and representatives from the Iridian Riven County: Property Appraisers Office (PAO) were physically present in the hearing room. On a conference call for the petitioner (PET) were Stephen Boyle the representative a well as Jack Harry (owner). Both parties presented' evidence: in support of their:opinions for the subject value.; The PAO evidence consisted of a cover page; list of:evidence, information request letter, evidence exchange 121x:-9 020 document,. methodology and consideration page, 193.011 Factors to consider document, case law pages, subject , property card, subject photo, comparable grid, location map: of subject/comparables, comparable property cards, + photos of the comparables, construction draw sheet, photos from -subject street, land sales gridJand sale map and. } subject tax roll correction pages. A 15% cos (cost of sale) adjustment was considered: j . The PET evidence consisted of an appraisal on a GPAR form, construction draw -page, check pages; one -line: grid df older sales with the MLS sheets and hand written address-location/size-of dwelling pages. Upon examination of the evidence submitted, the PET provided an appraisal report with six sales. Two of the six were shared with the PAO: The PET indicated the subject is larger than the typical home inti the market and should be considered a super aid eq Y. They provided a handwritten page showing most dwellings to:be:below 3500 sf. The page indicated approx. 3°/« of: e homes between 4000-5000 sf with less than 2% above 5000 sf. Majority of the older dwellings in the market are ow _. . 3000 sf. As this may be typical of the older homes the newer construction dwellings. in the area on the larger parcels have bgen increasing in size taking advantage of the :larger parcel :sizes. PET sale 2 :was built in 2002 and is also a larger dwel g at 5167 sf. The SM is aware that dwellings the subject size are rare; however, they are marketable and do sell with similar DOM (days on market) as the: other smaller dwellings. i The SM reviewed the data and does'not consider the subject living area size to be a super adequacy. The two car E garage at over a 1000 sf may be a Isuper adequacy compared to a typical 2/3' car garage. The 7 bathrooms. are a supe adequacy compared to the older dwellings; however, the newer dwellings and renovations have increased the typic number of bathrooms. Shared sale 3004 Golf View Dr has 4 bathrooms and was. -built in 1960. The PET provided older sales in a one -line grid with some MLS sheets: This data is not useful for this valuation as they are transactions from 2019 and prior which show lower price per sfvvalues which would need time trend adjustments. No trend data was provided to indicate wherethese values would be on the effective date of Jan 1 202 The country club does have mostly older dwellings being:an:established community. The subject:being a larger dwelling is getting more common with homes built on vacantparcels or when older dwellings are razed. f PET sale l is shared with the PAO as their sale 5. The PAO and property card have 2929 sf and the PET appraisal 3350 sf. The size reported by the PET does not appear in: the.records:and is not known where thatsze was obtained,:: PET sale 2 was the only dwelling submitted that was larger than the subject; The quality adjustment of $129,175 did not have supporting MLS photos. The PET did provide the old MLS from 2019 for this sale (data sheet only, no photos); but did not provide the current one. The adjustment is also an odd amount at 10.4$% of the -sale price. PAO did not qualify this sale for the 2023 tax roll upon:verification of the :tri msaction: PET sale 3 was adjusted for a superior parcel size which does not appear warranted based on the other comparable parcel sizes and their adjustment or. lack of., Sale 6 is an older transaction which closed 19 months prior to the effective date. The PET did make a time trend adjustment; however, there were more recent sales:to utilize:: The PAO had 7 sales in their grid which was a price per. sf analysis. The: PAO provided a land :sale analysis which had one 2022 vacant parcel sale around the comer from the subject which -had a higher price per sf than the PAO land assessment for the Subject. .. The PET commented on condition of comparables which no documented evidence was provided. The PAO stated they did not have. access to MLS for condition. The PAO 7 sales return a valueof $1,472,839 after the 15% cos is applied based on the average price per sf Removi�g PAO sale 2 being a 2023 transaction and the high- sale price per sf is $1,422,18b:: The PET 6 sales return a -value of 985,789 after the 15% cos is applied based on the average price per sf. Removing:' PET sale 6 being an older May sale and the low:price per sf:is $1,0:13;064. These values are calculated with the incorrect sf reported: for PET sale 1. The PET first five sales with the sf on record for sale 1 is $1:,077,744. This data would indicate there is probably condition/adjustment issues on both sides, -hence the SM deemed the best 2023-015 }6 - - - Page 2:of 3