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8150 Highway A1A was also similarly adjusted by both parties except the location adjustment by the <br /> PET. Without the location adjustment the adjusted values from both parties are less than$200,000 <br /> apart(less than 2%difference). <br /> PAO sale 2 is the high sale from both parties.The PAO applied a large effective age adjustment for being <br /> newer construction (no data provided to confirm/dispute the adjustment)and appeared reasonable and <br /> similar to the other comparable adjustments. <br /> 1916 Ocean Dr had an inferior age/effective age adjustment that was large. No MLS data was presented <br /> to validate/dispute the adjustment. <br /> The PAO provided the adjustment amounts on the bottom of their grid which appear reasonable for <br /> large luxury ocean front properties. <br /> The PET had seven comparables.Comparable 5 was excluded per the PAO indicating it was an auction <br /> sale and not a typical arms-length transaction.Comp 5 had a 100%overall increase from sale price to <br /> the adjusted value further 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 <br /> not deem fully supported.The PET provided a one-line grid to support the adjustments; however,the <br /> data was not just for similar properties. A brief synopsis of the data showed majority of the sales were <br /> inferior properties with sale prices below$5million.There were 6 of 18 above$5M for 2019,4 of 30 in <br /> 2020, 11 of 38 in 2021,5 of 11 in 2022 and 4 of 13 in 2023.A further analysis shows number of sales <br /> above$9M to be 1 for 2019&2020,4 in 2021,2 in 2022 and 3 in 2023. Looking at the data the size of <br /> the dwellings is important with the number of properties above 8,000 sf were 4 in 2019,5 in 2020,6 in <br /> 2021, 1 in 2022 and 3 in 2023. The three large sales in 2023 were the subject sale at$13M and two <br /> others at$22M&$22.5M. These sales over 8,000 sf in size are mostly much higher in value than the <br /> smaller dwellings reducing the credibility of the trend. Insufficient data was available on these sales to <br /> determine size,condition,location etc prior to extracting a trend adjustment. <br /> PET sale 2 is not deemed comparable with a GLA almost half the subject size with a 0.3 acre parcel which <br /> is not comparable to acre+/-properties. The PET adjusted value is 276%higher than the actual sale <br /> price. A$2.5M view adjustment lends support for not being comparable as the ocean view is not direct. <br /> PET sale 3 is insufficiently adjusted being a riverfront property and not oceanfront.This sale would <br /> require different adjustments for WFF as the oceanfront properties have view while the riverfront <br /> properties dock sizes/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 <br /> be fully supported.The SM did not have additional supporting/market area data to verify the <br /> -77- <br />