04/29/2025 - Laserfiche WebLink

Home Browse Search

The subject property is an oceanfront single-family residence located at 1000 Sunrise Terrace in the town of Indian River Shores, FL. The property is a two story home built in 1968 and contains 4,409 SF of air conditioned area. The home includes three bedrooms and four baths, a two car garage and a pool with spa. The property is on a 0.75 acre lot with 100 FF. According to the PA, the property has been renovated. The property record card (PRC) indicates that the effective year built of the home is 2000. This would indicate that the improvements have an effective age of 23 years old, as of January 1, 2024. Summary of evidence presented by the property appraiser: The PA established the just value for the property at $4,137,551 or $938 SF at the beginning of the hearing. The PA testified that the most recent sale of the subject was in December 2021 for $3,750,000 and is current on the market for $4,500,000. The PA testified that the subject was built 55 years ago, but had been renovated after 2018, so they considered the effective age to be 10 years old. (It is noted that no proof of the renovations was provided and the PRC showed only 2 permits, totaling $56,779, from 2018 to current.) The PA presented 4 comparable sales of single family homes. The comparables sold between $3,500,000 and $5,000,000 or between $918 SF to $1,557 SF. The four comparables ranged in size from 3,012 SF to 4,913 SF (only Sale 3 was larger than the subject property.) The comparable sales were adjusted for the COS at 15%, site size, frontage on the ocean, construction quality, condition, bathroom count, square foot (SF) of living area. There was no adjustment for garage bays and all the comps had a pool. The PA testified that the first adjustment applied to the comparables was the deduction for the 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 a preliminary value for the subject based on the adjusted sale prices indicated by the comparables.) Sales 1, 2 and 4 were adjusted for having a different size building envelope. The subject's building envelope is considered to be .58 acres. Sale 1 had a building envelope of 0.73 acres and was adjusted downward by $290,564 or approximately $44 SF. Sale 2 had a smaller building envelope and was adjusted upward by $218,428 or approximately $39 SF. Sale 3 had a similar size building envelope. 2024-162 Page 2 -76- Page 3 of 8