2024-06-04 BOER Minutes - Laserfiche WebLink

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DocuSign Envelope ID:C705DB5C-D3CB-4A59-A371-9819CC6CC42F Time By Meeting called to order 12:56 PM Leon Meyers Meeting adjourned 3:20 PM Leon Meyers Property Identification: Property Owner University Gardens Appellant(if different) Charles Bulthuis Condominiums (Agent) Property Address 800 Pritchard Avenue Parcel ID or Abstract See attached list(87 PINS total) Statement of Appeal: Request change in value based sales of comparable properties. Current Assessed Value See attached list County Opinion See attached list Time of Hearing 12:58 PM Appellant Opinion See attached list County Representative Roger Gunn Board Decision Continue appeal on June 6, 2024 Evidence submitted by the appellant: • The appellant has provided a sales report of twenty-one comparable properties. The report lists an average sale price of$196,798 and median sale price of$195,000. The average price per square foot of living area is $191.61 and the median is $192.12. Evidence submitted by the county representative: • The subject condominium project known as University Gardens was constructed in 1965 and contains 32 flat style and 64 townhouse style units. Of the 96 total units, 87 units are under appeal.The flat units all contain 1,053 square feet and range in assessed values from $71,400 to$97,500 with $74,100 being the predominant value. Most of the townhouse style units have 1,026 square feet, with a few units containing 988 square feet, and the townhouse style units range in assessed values from $70,500 to$96,200 with $73,100 being the predominant value.Almost all units have 2000 as the effective year built.The predominant values of each style reflect an E24 market adjustment because at the time of the revaluation,these 64 units were owned by The Best of M LLC and were basically ran and managed as apartments. Therefore,these units were valued collectively by the income approach and an E24 market adjustment was applied to these units to arrive at pro-rata values for these units.Since 2021, all but eleven of the units in the project have been transferred to three different investors/investment groups, including the units previously owned by The Best of M LLC. • It can be argued that since the units in the project can be individually transferred, and since the units are not all owned by a single investor/investment group,the units should not be valued collectively.As evidenced by the subject photographs,the subject project is currently in the process of being renovated with the units in Buildings G & H under construction as of January 1, 2024. In selecting comparable sales for the subject units,the challenge was to find sales of similar units,that like the subject, have had little remodeling and have similar electric heat and wall unit air conditioning. Most comparable sales submitted by the appellant exhibit