Reso 2015-2405 - Laserfiche WebLink

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SITE VALUATION 57 subject and comparable sales are similarly located within a one-mile stretch along the west side of Collins Avenue in Sunny Isles Beach. No adjustments were warranted. Physical Attributes and Site Conditions — With regard to physical attributes, the subject site possesses a sufficiently large site area, reasonably level topography, and all utilities are available. Each of the comparable sales has a functional size and shape and all are at or near street level. All of the comparables were examined physically and were able to be improved with building and site improvements. The subject and three of the four sales are currently improved and thus will require demolition prior to redevelopment. Sale 4 is currently vacant; however, demolition costs are considered nominal and thus no adjustments for site conditions were required. Zoning and Development Approvals — An adjustment for zoning may be necessary if a property has greater flexibility of development. This is often reflected in the variety of uses that may be placed on a given property. The subject and Comparable Sales 1, 2 and 4 possess the same B-1 zoning designations. Sale 3 benefits from a more liberal TCD zoning district and was therefore considered superior and adjusted downward accordingly. As previously noted, the subject's current approvals are set to expire and thus any new development would require obtaining new approvals. None of the comparable sales were approved for development at the time of sale. Therefore, no other adjustments were warranted. Size — The subject site area totals 44,745 square feet or 1.027 acres, which falls within the range exhibited by the comparable sales (16,970 — 136,325 SF). Normally, an inverse relationship exists between the price per unit of a property and its size. Therefore, downward adjustments were applied to Sale 1 and 2, which possess smaller (superior) site sizes ranging from 16,970 to 31,900 square feet. Conversely, Sale 3 possesses a substantially larger (inferior) site size of 136,325. Each sale was adjusted accordingly. Reconciliation Four land sales were analyzed and a comparative process was undertaken whereby direct comparison was made between the subject site and the comparables. The comparable sales required subjective relative adjustments for market conditions, zoning and size. The adjusted value indicators form a relatively tight range from $211.60 to $219.02 per square foot. Based upon the foregoing analysis of the comparables, the proper value indicator for the subject is estimated to be $215.00 per square foot of site area. Clobus, McLemore & Duke, Inc.