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I Findings of Fact for Petition 2023-030: The Appraiser Special Magistrate (SM) conducted a hearing that occurred on Nov 15, 2023 for the correctness of th� 2023 Just/Market Value of 450 Beach Rd #125 (32-40-07-00022-0030-00125.0) in Vero Beach. The Special 1 Magistrate, clerk (Terri) and representatives from the Indian River County Property Appraisers Office (PAO) were physically present in the hearing room. On a conference call was Stephen Boyle the representative for David Coolid�e III the petitioner (PET). 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 12D-9.00 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 and comparable property cards. 1 15% cos (cost of sale) adjustment was considered. The PET evidence consisted of an appraisal on a Fannie Mae 1073/Freddie Mac 465 form and four additional pages f subject photos. Upon examination of the evidence submitted, the subject is two condominium units that have been combined into on large unit. The two separate living areas appear to have been joined by a circular staircase. The units can be separate back to original. The subject has been renovated/updated. The PET provided an appraisal report with five sales. Four of the five were shared with the PAO. The PET additional sale (sale 4) that was not shared by the PAO was due to being a single-family detached dwelling with no ocean/beach views. It may have a large parcel which is a non -factor as it not comparable to the subject other than its size above 3000 sf. The PET did not apply an inferior view due to the large parcel and being east of AIA which are not factors that cancel out the water views. j PET sale 1 was added to the PAO sales as comparable 8. This was a large dwelling that is a townhouse with a distant water view being back off the beach some. This sale has a private pool shared with the adjoining townhouse unit.Th subject buildings of 450 Beach Rd share a large pool for the three buildings and the other buildings have pools forth residents. The other three sales from the PET were condo units that were smaller due to the subject being combined from two j units. The PET applied adjustments in their grid with comments that were referenced from the John's Island private sales office. The PET did not provide any of the physical/digital data for verification of the adjustments for this hearing. The PET commented on some of the PAO sales selling over list price which is indicative of an increasing trend which contradicts his other comments of the market being sideways after March 2022. The PAO provided eight sales which shared 4 with the PET. The PAO had seven condo unit sales and also included th� PET townhouse sale 1 as their 8th sale. +. The PAO presented their valuation based on a price per sf. The sales as discussed at the hearing have various levels of updating with most being similar high quality like the subject. The PET appraisal clearly shows the subject being renovated with high quality finishes. The subject does not suffer from functional obsolescence being combined of two units as it has two kitchens, 5.1 bathrooms, 5 bedrooms which if re -divided the units would be similar to the other units in the project at 2000+/- sf. The PAO had 8 sales which ranged from $1,260 to $2,238 per sf. Utilizing the price per sf of all 8 sales returns a valui of $5,575,001 for the subject size after the 15% cos is applied. The PET 5 sales had a price per sf range from $1,177 to $2,238 per sf. The 5 sales return a value of $5,284,861 for th4 subject after the 15% cos. i The SM noted in the data that the $2,238 price per sf sale is much higher than the other sales lending support of this 11 sale being a high outlier. PET sale 4 which was the detached single family with no water views was the low price per j sf at $1,177 per sf. Utilizing the six condo units (removing the high $2,238 sf and the shared townhouse unit) returns a value of $5,435,127 after the 15% cos. The six sales plus the shared townhouse sale returns a value of $5,276,249 after the 150rl cos. The SM did not have supporting data for any of the comparables to support condition adjustments'. The comparables submitted appear to have varying levels of updating based on their sale prices/size. There would possibly be some variation for views/floor & building locations. The subject does have a direct east water view with no obstructions, even on the first floor. The subject 1st floor patios were enclosed which the PET included in the GLA (PAO most likely does not include in the property card). The 2023-030 Page 2 of 3 -30-