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differs by 21f, which did not warrant an adjustment. The PET should have applied a location adjustment based on the
<br />data presented. The condition/quality, effective age, size, and bathroom adjustments are similar for both parties.
<br />8150 Highway AIA was also similarly adjusted by both parties except the location adjustment by the PET. Without the
<br />location adjustment the adjusted values from both parties are less than $200,000 apart (less than 2% difference).
<br />PAO sale 2 is the highest sale from both parties. The PAO applied.a large effective age adjustment for being newer
<br />construction (no data were provided to confirm/dispute the adjustment), and it appeared reasonable and similar to the
<br />other comparable adjustments.
<br />1916 Ocean Dr had an inferior age/effective age adjustment. No MLS data was presented to validate/dispute the
<br />adjustment.
<br />The PAO provided the adjustment amounts at the bottom of their grid, which appear reasonable for large luxury
<br />oceanfront properties.
<br />The PET had seven comparables. Comparable 5 was excluded per the PAO, indicating it was an auction sale and not a
<br />typical arms -length transaction. Comp 5 had a 100% overall increase from the sale price to the adjusted value, further
<br />reducing the credibility of this sale.
<br />Comparables 6 & 7 were from 2019. The PET did apply an increasing trend adjustment which the SM did not deem
<br />fully supported. The PET provided a one -line grid to support the adjustments; however, the data was not just for
<br />similar properties. A brief synopsis of the data showed a majority of the sales were inferior properties with sale prices
<br />below $ 5 million. There were 6 of 18 above $5M for 2019, 4 of 30 in 2020, 11 of 38 in 2021, 5 of 11 in 2022 and 4 of
<br />13 in 2023. Further analysis shows the number of sales above $9M to be 1 for 2019 & 2020, 4 in 2021, 2 in 2022, and
<br />3 in 2023. Looking at the data, the size of the dwellings is important, with the number of properties above 8,000 sf
<br />were 4 in 2019, 5 in 2020, 6 in 2021, 1 in 2022, and 3 in 2023. The three large sales in 2023 were the subject sale at
<br />$13M and two others at $22M & $22.5M. These sales, which are over 8,000 sqf in size, are much higher in value than
<br />those of smaller dwellings, reducing the credibility of the trend. Insufficient data was available on these sales to
<br />determine the size, condition, location, etc, prior to extracting a trend adjustment.
<br />PET sale 2 is not deemed comparable. It has a GLA almost half the subject size and a 0.3 -acre parcel, which is not
<br />comparable to acre+/properties. The PET adjusted value is 276% higher than the actual sale price. A $2.5M view
<br />adjustment lends support for not being comparable, as the ocean view is not direct.
<br />PET sale 3 is insufficiently adjusted because it is a riverfront property rather than an oceanfront. This sale would
<br />require different adjustments for WFF as oceanfront properties have a view, while riverfront properties' dock sizes/
<br />depth of water become most important for boat/yacht owners.
<br />The PET included the guesthouse living areas of the comparables in the overall gla, which may or may not be fully
<br />supported. The SM did not have additional supporting/market area data to verify the adjustments applied this way. The
<br />PET had additional trivial adjustments for the elevator, summer kitchen, and seawall that were not fully supported.
<br />The PAO utilized the averages from the adjusted value of the comparables. The PET provided a weighted average
<br />based on adjustment percentages. The PET placed the most weight on the least comparable riverfront property.
<br />The SM calculated the PAO 4 sales as shown in their grid which returned a value of $11,607,050 after the cos. The
<br />same 4 sales with the PET values for the shared sales with the location adjustment removed from 8150 Hwy AlA and
<br />the location adjustment added to 910 Reef Rd provide an average value of $11,102,460.
<br />The subject sale with the 15% cos applied is $11,050,000. The subject sale by itself indicates a revision is warranted.
<br />The subject value prior to the hearing of $11,126,326 is higher than the best data shows, indicating a revision is
<br />warranted.
<br />In conclusion, it is the magistrate's opinion that the PAO & PET sales provided sufficient credible data to determine a
<br />supported Just value for the subject. Factoring all the evidence provided, $11,050,000 is a supported Just Value for the
<br />subject. The PET request for a value revision is approved based on the evidence presented.
<br />Conclusions of Law for Petition 2024-093:
<br />Florida Law allows the Property Appraiser to establish a presumption of correctness. For the Property Appraiser to
<br />establish a presumption of correctness for the assessment, the admitted evidence must prove by a preponderance of the
<br />evidence that the Property Appraiser's just valuation methodology complies with Section 193.011, Florida Statutes,
<br />and professionally accepted appraisal practices. In the instadmatter, the Property Appraiser established a presumption
<br />of correctness for the assessment because the admitted evidence proves by a preponderance of the evidence that the
<br />Property Appraiser's just valuation methodology complies with Section 193.011, Florida Statutes and professionally
<br />accepted appraisal practices. Since the Property Appraiser established a presumption of correctness, the Petitioner
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