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

i~' "-". 1 . Do!a use 1!1200S www.deIorme........ oub)oct 10 ficense. Delorme, stroot Atlas USA~ 2006. r 1IIN( 2.0"W) 1000 ~ DaI. loom 13-0 Figure 3 Sales Com parables Map 7. 1. 5 Analysis Grid The above sales have been analyzed and compared with the subject property. We have considered adjustments in the areas of: Property Rights Sold Economic Trends ( time) Financing Location Conditions of Sale Physical Characteristics On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. 27 f;..~;~ oiJ'L~/ tp p !/ 2J: ~rce C;;,~. J,>~,  Northwest Florida Fair Grounds ~ Land 7. 1. 5. 1 Parcel # 1 Sales Analysis Parcel # 1 Subject Sale 1 Sale 2 Sale3 Sale Price 1, 000,000 385,000 $ 1, 375,000 Size AC 12.01 2. 930 1.04 3. 88 Price AC 341, 297 370, 192 $ 354,381 Date Of Sale Jun- 05 Nov- 05 Jan- 06 Access GD GD GD GD Location Primary Rd Primary Rd Primary Rd Secondary Rd 10% Utility GD AV IrregiJar 10% GD GD 10% 0% 10% Total Adjustment AC 34, 130 $ $ 35, 438 Adjusted Value AC 375,427 $ 370, 192 $ 389, 820 Value Per AC 375, 000 Parcel Value 4, 503, 750 Rounded to $ 4, 504,000 7. 1. 5. 2 Parcel # 2 Sales Analysis Parcel # 2 Subject Sale1 Sale 2 Sale3 Sale Price $ 1, 000,000 $ 385, 000 $ 1, 375,000 Size AC 17. 07 2. 930 1. 04 3. 88 Price AC $ 341, 297 $ 370, 192 $ 354, 381 Date Of Sale Jun- 05 Nov-05 Jan- 06 Access GD GD GD GD Location Primary Rd Primary Rd Primary Rd Secondary Rd 10% Utility GD AV IrregiJar 10% GD GD 10% 0% 10% Total Adjustment AC $ 34,130 $ $ 35,438 Adjusted Value AC $ 375,427 $ 370, 192 $ 389,820 Value Per AC 375, 000 Parcel Value 6, 401, 250 Rounded to $ 6,401, 000 28 I iii Zl. pPt;~,~,~~, rce Jugr;;.  Northwest Florida Fair Grounds - Land 7. 1. 5. 3 Parcel # 3 Sales Analvsis Sale1 Sale 2 Sale 3 Subject 1, 000, 000 385, 000 $ 1, 375, 000 Sale Price $ 1.04 3. 88 Size AC 11.99 2. 930 341, 297 370, 192 $ 354,381 Price AC $ Date Of Sale Jun- 05 Nov-05 Jan-06 GD GD GD Access GD Location Secondary Primary Rd 10% Primary Rd - 10% Secondary Rd AV Irregilar 10% GD GD Utility GD 10% 0% 0% - Total Adjustment AC 37, 019) $ 333, 173 $ 354,381 341, 297 $ Adjusted Value AC Value PerAC $ 340,000 Parcel Value $ 4,076, 600 Less Access Road $ 122, 000 Market Value $ 3, 954,600 Rounded $ 3, 955,000 29 o~~ J-IJ;fiJ; i= Cf'1i rce Ltp f:? P ?;~r}!~- i~J:l;!;,.  Northwest Florida Fair Grounds - Land 7. 1. 6 Parcels # 1 and # 2 Adjustment Notes 7. 1. 6. 1 Conditions of Sale All comparable sales were at anns length, no adjustment is necessary. 7. 1. 6. 2 Economic Trends Economic trends have been stable for the period under study. 7. 1. 6. 3 Location Comparable # 3 is sited along a secondary roadway and an adjustment of +10% reflects the inferiority of the site. 7. 1. 6.4 Size Recognition of the comparables size is addressed under the adjustment for utility as size is a key element of a parcels utility. 7. 1. 6. 5 Utility Comparable # 1 is irregular in shape, this effects the utility of the site; hence it is inferior to the subject and adjusted to reflect this difference. The smaller size of the comparables would typically be considered as superior ( economy of scale), however this benefit is offset by the scale of uses to which the comparables can be put due to their smaller size, hence no adjustment is made the smaller size benefit is offset by the increased utility of the parcels. 7. 1. 7 Parcel # 3 Adjustment Notes 7. 1. 7. 1 Cond itions of Sale All comparable sales were at anns length, no adjustment is necessary. 7. 1. 7. 2 Economic Trends Economic trends have been stable for the period under study. 7. 1. 7. 3 Location Comparable sales # 1 and # 2 are sited along a primary thoroughfare; the subject is sited adjacent to a secondary road ( see hypothetical conditions on page 6 ); hence the comparable sales are superior to the subject. 7. 1. 7.4 Size Recognition of the comparables size is addressed under the adjustment for utility as size is a key element of a parcels utility. 30 J"-f;',/ j~~ YIpP,~~'!; Z,~-}:.; JJ!. z;, rce  Northwest Florida Fair Grounds - Land 7. 1. 7. 5 Utilitv Comparable # 1 is irregular in shape, this effects the utility of the site; hence it is inferior to the subject and adjusted to reflect this difference. The smaller size of the comparables would typically be considered as superior ( economy of scale), however this benefit is offset by the scale of uses to which the comparables can be put due to their smaller size, hence no adjustment is made the smaller size benefit is