Fort Walton Beach Council agenda — 02-27-2007 workshop agenda — reading text

The appraiser is not aware of any other recorded land use restrictions, easements or encroachments that would limit the utility or the marketability of the subject site. Building codes will place some other restrictions on development; however, the code has not been an apparent deterrent to the development of the subject sites or other competitive properties. Phvsicallv Possible: The subject sites are sufficient in location and physical site characteristics to facilitate a diversity of uses. Parcel # 1 contains 12. 01~ acres with 894~ feet of frontage and parcel # 2 containing 17. 04~ acres with 824~ feet of frontage along Lewis Turner Blvd, a four lane right of way. This siting would permit commercial development or residential development. Parcel # 3 contains 11. 99~ acres and is accessible only by means of a right of way from Lewis Turner Blvd. Although commercial use ofthe site is possible it is somewhat less practical due to poor exposure to the main linkage, Lewis Turner Blvd, therefore the most likely physically possible use of parcel # 3 would be for residential development. Financially Feasible: From the most probable legally permissible and physically possible uses that produce the greatest net positive return to the site is judged to be the most financially feasible. Parcels # 1 and # 2 The use of the site for commercial buildings would be in keeping with some of the surrounding land uses, but with minimum return to the land due to the lack of current or future demand for such improvements in the neighborhood. Alternative commercial and professional enterprises are located closer than the subject properties to existing residential areas. 2 and # 3 Parcels # 1, # The use of the land for residential housing would be consistent with the typical investor' s expectations due to the demonstrated ability of the neighborhood to draw such residents. The parcels and in close proximity to Hulbert Field and Eglin Air Force Base as well as other centers of employment. The parcels also are in close proximity to the regional shopping center at the Santa Rosa Mall and the Fort Walton Beach golf course directly across Lewis Turner Blvd. Maximally Productive: Of the financially feasible uses, the use that produces the highest value consistent with the rate of return warranted by the market for that use is the highest and best use. Without a specific development plan or a feasibility study for specific use, it is imprudent to conclude to a specific maximally productive use of the sites as vacant. 21 t;, b~v; t:}. YLpp ?;~,~, C;;~rJg ~rce  Northwest Florida Fair Grounds - Land The use of the land for residential housing is consistent with the surround land use. Due to the shortage of vacant land available for development in the southern portion of Okaloosa County as well as the demand for housing in proximity to the centers of employment the utility of residential use has the highest likelihood of financial success within the constraints of the current market. 22 J;~ I~f--. Oi-~~~~ 5'! pP,~~, f1}!,~.~ g l!: rce_  Northwest Florida Fair Grounds - Land 7 Valuation Methodology The approaches used to arrive at an estimate of market value within the stated scope of work are: The Income Approach The Sales Comparison Approach The Income Approach converts the estimated market value of each parcel to an expected income through a capitalization process. The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. 7. 1 Sales Comparison Approach The Sales Comparison Approach is based on the premise that a buyer would pay no more for aspecific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principals of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. The most pertinent data is further analyzed and the quality of the transaction is determined. The most meaningful unit of value for the subject property is determined. Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. We have researched and analyzed three comparables to analyze in this approach. All sales have been researched through numerous sources. 23 I--~- ~. 2l.. pp :; 1,c;E~ g z;;., c:r~!: rce  Northwest Florida Fair Grounds - Land 7. 1. 1 Comparable # 1 Grantor: Bonafide Business Assoc Inc Grantee: Lewis Turner Blvd FWB, LLC Address: Lewis Turner Blvd, Ft Walton Beach Sale Date: 06/ 08/ 2005 Reference: 2626/ 979 Okaloosa County Confirmation: Public Record Land Size: 2. 93::1: acres Location: Primary Road Zoning: Commercial Sale Price: 1, 000, 000 Comments: Parcel is somewhat irre ular in sha e. 24 J.oottr--);-~. i-- jZf.. pP,~~: fJ;"c,!, f: rce I~-,~, ~  Northwest Florida Fair Grounds - Land 7. 1. 2 Comparable # 2 Grantor: Pauline Potter Grantee: Earl Bearden Address: Lewis Turner Blvd, Ft Walton Beach Sale Date: 11/10/ 2005 Reference: 2667/ 3069 Okaloosa County ConfIrmation: Public Record Land Size: 1. 04:1: Acres Location: Primary Road Zoning: Residential Sale Price: 385, 000 Comments: Vacant Residential with commercial <? r residenti~ C'----"" -- -~'" ....-' 25 t; fV. ~. 2f.. pP ,~~,!: Z,C;;~-~g l;f., Tce  Northwest Florida Fair Grounds - Land 7. 1. 3 Comparable # 3 Grantor: Karen Prince Grantee: First Southeast Partners LLC Address: Patrick Dr, Ft Walton Beach Sale Date: 01/19/ 2006 Reference: 2682/ 225 Okaloosa County Confirmation: Public Record Land Size: 3. 88:1: acres Location: Primary Road Zoning: Commercial Sale Price: 1, 375, 000 Comments: Sold improved with mobile homes and warehouse, buyer to demolish im rovements and use site for residential develo ment. 26 lrf; IV;-~. 9Lp p !;~,! 1. f-~ f! J!1f;rce  Northwest Florida Fair Grounds - Land 7. 1. 4 Sales Comparables Map u.."'_~__~ 1\ 1 fI1Wf!JY~------ i1 \~~ i ' 1>1 ti-- ~ Ial ( Z;f~' s.L, II II~iF~, J\ j r~ q,i ~'- ST !-~ \ ~ .:::- JJ~ SUMllkHJ~~ ' -~~~-~ IJ?E-'~ J1!L4- 1V-~ J:.NI; J~ ~ r t> ~ I-- t.. ~~ d - tJj'