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Overview of the Subject Property: The subject property is a single-family residence located at 7777 Grand Oak Circle in Sebastian, FL. The property is a two story home built in 2009 and contains 3,473 SF of air conditioned area. The home includes nine rooms, four bedrooms and three and '/z baths, a three car garage and a pool. The property is on a 0.58 acre lot and had been partially remodeled on the interior as a result of flooding in the upstairs bathroom in 2022. As of January 1St, 2024, the PA considered the home to be in excellent condition as a result of the remodeling. Summary of evidence presented by the property appraiser: The PA established the just value for the property at $1,016,964 or $259 SF. The PA presented 6 comparable sales of single family homes. The comparables sold between $600,000 and $1,126,000 or between $231 SF to $339 SF. Sale 1 was within the subject's subdivision and sold October 2023 for $600,000 or $248 SF. The comparable sales were adjusted for the cost of sale at 15%, site size, condition, bathroom count, square foot (SF) of living area, garage bays and miscellaneous for not having a pool. The PA testified that the first adjustment applied to the comparables was the deduction for the cost of sale (COS) at 15%. (The COS adjustment was part of the gross adjustments applied to the comparables. This was incorrect methodology, as the cost of sale deduction should be made after establishing the preliminary value based on the adjusted sale prices indicated by the comparables.) Comparable 3, which was a waterfront property and sold for $1,126,000, was adjusted downward by $100,000 for the waterfront location. Comparable 1 was adjusted upward for its smaller lot size at $3.00 SF. The PA adjusted the comparable sales, except for comparable sales 6, upward by $75 SF for condition. The PA considered the subject to be in excellent condition due to the renovations following the flooding in the house. The adjustment for the difference in bathroom count was made at $10,000 per half bath. The adjustment for the difference in living area was made at $175 SF. The adjustment for the difference in car storage was made at $10,000 per bay. Only comparable 1, that was located within the subject neighborhood, did not have a pool. An upward adjustment of $75,000 was applied. The adjustments applied to the comparable sales appeared reasonable based on the data presented. 2024-155 Page 2 -67- Page 3 of 6