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The Appraiser Special Magistrate(SM)conducted a hearing that occurred on Nov 14,2024 for the correctness of the 2024 Just/Market Value of 211 Beachside Dr(31-39-23-00011-0000-00021.0)in Vero Beach.At the hearing were the Special Magistrate,clerk(Terri),representatives from Indian River County Property Appraisers Office(PAO) and James Calkins the petitioner(PET)with Janice Cosden& Alexandra Mishler from Cosden-Mishler Appraisers. Both parties presented evidence in support of their opinions for the subject value The PAO evidence consisted of a cover page, information/evidence request letter,evidence exchange 12D-9.020 document,methodology and consideration page, 193.011 Factors to consider document, emails from PET,copies of the PET appraisal,subject property card,subject MLS from the 2023 sale, land value analysis,aerial photos of subject and comparables,comparable grid,map of subject/comparables, property cards/aerial photos of the comparables and case law documents.A 15% cos (cost of sale) adjustment was considered. The PET evidence consisted of an appraisal on a GP Residential form,assessment comparison pages, property cards for subject/comparables and time trend submitted as rebuttal/additional data. All documents were admissible,and all evidence was admitted into evidence without objection. Upon examination of the evidence submitted,the PAO provided a grid with four sales(two shared with the PET).The PAO applied adjustments in the grid for size,bathrooms,effective age,WFF(water front footage),location and cos. No adjustments were applied for the subject having a much larger garage size than the comparables. The four sales provide an average adjusted value of$11,607,050. The PAO provided a vacant land analysis that showed the increasing land values from 2021 through 2023.The first page of the land analysis showed a price per sf and WFF breakdown. The second page of the land sales showed increase in sale prices for parcels that had a sale and then a subsequent sale with the minimum increase of 4%monthly from 04/2021 to 05/2022.The other sales had 6%monthly from 06/2021 to 01/2023 and the third was a 40%increase in 3 months(flip sale).This data does provide sufficient support for the subject land value portion at$3,093,179($25,354 WFF/between$81-82 per sf). The PAO commented on the vacant land sale in Apr 2021 that was next to the subject. The aerial imagery shows the site was vacant/raw land on the effective date(photo flight date was Jan 2,2024 per PAO).This parcel has less buildable land,less front footage with a wider WFF view.The land sale value plus an increase on the low end still supports the land assessment portion. - 75 -