Laserfiche WebLink
SF to build the house. The petitioner concluded their testimony by stating that the <br />usable (buildable) size of the lot is the main impact on value and the list of the <br />property should not be considered in the analysis. <br />Rebuttal Testimony: <br />The PA testified that the lot is still buildable and that values have increased since <br />2019. The petitioner stated that the (current) market is now dead. No other new <br />evidence was presented by either party that wasn't discussed during the <br />presentation of evidence. <br />Special magistrate's analysis and finding of facts: <br />The petitioner provided a survey of the lot along with the architectural criteria for <br />the 11 lot subdivision. This information supported the issues with the usable area <br />of the lot. The valuation of the subject property is problematic due to the fact that <br />there are only 4 vacant lots left in the subdivision with the other 7 lots developed <br />with single family residents. <br />The most recent sales of the vacant lots were the February 2023 sale for $535,000 <br />and the March 2019 sale for $215,000. The sale for $535,000 was for a rectangular <br />shaped lot with 66 FF and approximately 10,019 SF of lot area that sold for $45 <br />SF. The sale for $215,000 was for a 45 FF lot with approximately 8,712 SF of lot <br />area that sold for $21 SF. <br />The other two comparable were improved with single family homes with <br />approximately 66 FF and lot areas between 11,326 SF to 13;504 SF. All of the <br />comparable sales were rectangular in shape and with the exception of the 2019 <br />sale, had at least 66 FF. <br />Because the PA presented two comparable sales that were improved, the PA used a <br />land residual analysis to indicate the value of the lot at the time of sale. Sale 2 sold <br />in April 2023 for $1,020,000. The house was built in 2001 and includes a pool. The <br />PA utilized a value for the improvements of $180 SF or $503,306. This indicated a <br />lot residual of $516,694. The building permit for the property indicated thatthe <br />cost new of the improvements in 2001 was $917,946 or $330 SF. A review of the <br />building card indicated that the cost new is estimated at $623,267 or $224 SF. <br />Based on the recorded cost on the building permit of $330 SF, a contributory value <br />for the improvements of $224 SF appears more reasonable than the $180 SF use by <br />the PA. Using $224 SF would result in a residual land value of $396,733. <br />2024-140 <br />Page 4 <br />-58- <br />Page 5 of 7 <br />