|
DocuSign Envelope ID: E275D4DE-CD48-4919-BE2A-D86FEADF0352
<br /> in the complex's expense ratio. Mr. Baker explained that in a traditional condominium setting,the HOA
<br /> fees would be paid by the individual owners,but in a rental setting must be recouped in the rents charged
<br /> to tenants. The appellant provided evidence on how the HOA dues affects the subject property compared
<br /> to otherwise comparable properties, and it was noted that the subject properties' rents are already at the
<br /> top of the market per unit, and the appellant is therefore unable to raise rent to cover the HOA dues.
<br /> John and Wes McAdams of the Environs also appeared at the meeting. John McAdams stated that he
<br /> overpaid for this property, and that this investment is part of his retirement income. Mr.McAdams stated
<br /> that he has not had a distribution of cash overflow since taking ownership as payment of HOA dues are
<br /> not optional.
<br /> Kelly Wells&Chris Mashburn represented the County. Mr. Mashburn stated that a 6% capitalization
<br /> rate was selected for the valuation of this property to account for the POA fees, and after reviewing the
<br /> owner provided data and reconstructing the operating statement, CCA recommends a revised cumulative
<br /> value of$10,670,395 for the property.Ms. Wells stated that based on CCA's review,the County
<br /> recommends applying an E31 economic market adjustment to each unit for a revised cumulative valuation
<br /> of$10,575,100 or$182,329 per unit. The table below was presented to the Board indicating the
<br /> individual properties and their recommended values.
<br /> Parcel Owners Opinion of Value County's Appraised Value
<br /> 9798345972.134 $ 99,000 $ 121,500
<br /> 9798345972.135 $ 118,000 $ 130,800
<br /> 9798345972.136 $ 147,000 $ 162,200
<br /> 9798345972.137 $ 185,000 $ 204,000
<br /> 9798345972.138 $ 209,000 $ 230,000
<br /> 9798345972.139 $ 13500 $ 149,600
<br /> 9798345972.140 $ 155,000 $ 170,400
<br /> 9798345972.141 $ 135,000 $ 149,600
<br /> 9798345972.142 $ 131,000 $ 145,100
<br /> 9798345972.143 $ 135,000 $ 149,600
<br /> 9798345972.144 $ 172,000 $ 189,700
<br /> 9798345972.145 $ 185,000 $ 204,000
<br /> 9798345972.146 $ 131,000 $ 145,300
<br /> 9798345972.147 $ 111,000 $ 122,900
<br /> 9798345972.148 $ 163,000 $ 180,200
<br /> 9798345972.149 $ 111,000 $ 122,900
<br /> 9798345972.150 $ 188,000 $ 206,600
<br /> 9798345972.151 $ 194,000 $ 214,200
<br /> 9798345972.152 $ 218,000 $ 240,500
<br /> 9798345972.153 $ 142,000 $ 157,100
<br /> 9798345972.154 $ 162,000 $ 178,900
<br /> 9798345972.155 $ 142,000 $ 157,100
<br /> 9798345972.156 $ 138,000 $ 152,400
<br /> 9798345972.157 $ 142,000 $ 157,100
<br /> 9798345972.158 $ 180,000 $ 199,200
<br /> 9798345972.159 $ 194,000 $ 214,200
<br />
|