Fort Walton Beach Council agenda — 01-24-12 regular — reading text

n rn 0eN 9ON m0OTRN VN C LEE k1r Packet P9. 149  14. 4. b N, e 24 7 - SFIZ Lots. Bayou Woods Drive NW, P011072823 I I& A N1110169 Fort Walton Beach, [ 1, 32547 DIGI1ESf AND BEST USE " AS IS" Discussion The highest and best use ' as vacua, recognizes the most probable uses for the subject properly given the current market for residential property and recent devellpmeol activity in the market area Legally Per Permissible Ihe subject property- s current zoning is Single Torridly Residential A) anda PLLl of Reaudionl the City of Fort Walton Beach. Use of the subject properly for residential development is lepalty permitted. Physically Possible. fhesubjeciproperty isgenerolly level, well drained. and nt or near mad grade Soll uvdsuhsoil conditions a O nearby appear compolible with residential developntea. AIt inbastrtcture and utiIunit needed all a use are presently at the site. Thesize anddimensioosofthesscare soil¢ iemmallnwa wide vanery of legally permissible uses. the shape of the site is irregular but does not limit utility- Trumponauo11 oC construction materials or labor to the site is estimated to be rslancely simple dne to the central locunon of the site within the 1111,111 market. Access to the site Is good. n Therefore. all of the legal asls are pirveically possible to some extent. N I lnanriillr 1ea• ible. Demand for rcatdentfal prop i es is nark t driven and s dl ucncad by - rr cling land all' \ 1 e anticipate that he most prubablcuse ofthe site would be low density single family residential d clopment dire to if being located on a residential street and surrounded by sinhlar uses_ Development of the site with low density residential type use which is complimentary to the surrounding land uses would represent the most ikely financially feasible option. Iiowcver, tile nurem market wndtions and development activity indicate that development of the site xsould not be ecoro aically feasible at this time. this is evidenecd b }' a W1ne n ppl - tt active listings, an increase i expand 1 stun s, lock of ne cousin ction and conunued doxvnward bsti tgprice adjustments. The Im_e number fli i n, s and rd it I - few sales n' n indicanon of an ocersupPly or buyer' s market. Therefore, speculative imeslment for future low density residential development is eonsidered to be n financially feasible use. Produetke: Minimally Analysis nisurmunding properties, historical sales of other siahlar liters indicate residential use oculd be file maximally productive use of the site.. I Iowevu, the use which results m the t _ ¢ ianm profitability of the site is beyond the scope ofthis assignment. ' flit owner /investor /user, as the recipients of the property' s productivity gremly ddennines what the use should be. The use detenmination fill the subject should conform m the neighborhood trends and be consistent with estsang land uses. Speculatise imestnnent for future low density residemisl develapment is eonsidered to be ;a financially feasible use. CONCLttSION OF BIGHESf AND BEST USE, " AS IS" Speculnlire inrestrnnrejjmfuuveImr derrsir, esid" I' li- Idereluprneatis caasiderednhe Ihchigh, i,tand benuse " as t " revthis useprevides it higherreturn tothenaderll' inglaird Una anvotherusesnal)'zed. Packet Pg. 150  14.4. b SUM ECT PI10' POGRAPHS Snn 14n \ 14a4m "vd, Ua)'IteuaM1_ ou A1'1119.; SSfB 548 NW a nda0 T U n y t F— in the temiinus of Sotir Sveei NW toyand sIIjJCO 0vN e^ l'ieW nonh fmm Sour Sheet NW to Bayou W ooas , rv. i. ., "^ - Packet Pg. 131  14.4b z SUBJECT PHOTOGRAPHS Wuom D'— NW von wm, 00 x, at 11 32" 8 View, cost from Bayou Woods Unve Nw toward suuJcc, View northeast toward lift station Packet Pg. 152  Page I of2 Okaloosa County Parcel Maps S 55 OO 31 26 24. 6140— 03- 0610 SOTIR ST NWT- EJ 7TVD, P5 All RAI' eo OR N,,,' 420 A 0_ 1260 SGSO ft I, HIEL IN rORMATIOPI TALLI 1. 87 Cel[ Watetl Acreage ( GIS) C,- 1, H. d GTS a rvd9e Is computer generated. 1,. for lnformatiowl purposes onHV and does .1. 1 11PI- 0 tleed Or 0 RC6T ' p property I- P.. I_ FA I QW.'4ZRSHHP lN, 011NIATI0N Name CITY OF FT WALTON BCH P 0 BOX 4009 11, 111, 09 Address A6dresY IT WALTON BSH, FL 325494009 Sj, Jrh" im. l Add, OSl kaloc)kaloc) si_si_ j)j) lilltil.lilltil. littiil?littiil? esteii estei - i - 12996511299651 1523440A1523440A 13,13, 0145101451 + + 55 5/5/ 11120111112011 PacketPacket Pg.Pg. 153153  14.4.6 Page ? of 2 OkaWosa County Pal eel Maps VALU[ 5 82, 260 Land Value 0 A9 Land Value