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<br />The Items were taken out of order at this time. <br />B. Eu Joung Park <br />870 Newport Circle <br />Redwood City, California 94065 <br />APN 095-280-290 <br />Staff recommendation: $430,000 <br />Mr. Park stated that everyone knows property values have dropped 30% to 40% <br />and the $10,000 increase in appraised value was inappropriate. <br />Charles Warren of American Appraisal Associates described the three homes <br />used in market comparisons and stated the $430,000 was appropriate. <br />Vice Chairman Claire explained to Mr. Park that the assessment had been <br />based on the appraisal of his house as of March 1, 1993, and using the <br />market comparisons at that time, his house had been appraised correctly. <br />M/S: GREENALCH/LA BERGE TO ACCEPT STAFF'S RECOMMENDATION AND APPRAISE THE <br />SUBJECT PROPERTY (APN 095-280-290) AT $430,000 <br />CARRIED BY UNANIMOUS VOICE VOTE <br /> MINUTE ORDER NO. 93-265 <br />------------------------------------------------------------------------------- <br />C. Daniel Properties <br />10 and 12 Twin Dolphin Drive <br />Redwood City, California 94065 <br />APN 095-151-150, 12 Twin Dolphin Drive <br />Staff recommendation: $1,981,000 <br />APN 095-151-160, 10 Twin Dolphin Drive <br />Staff recommendation: $32,005,578 <br />Robert Sperling of Poer & Company, national tax consultants, described his <br />extensive background in real estate appraisals, and explained his <br />methodology in appraising the two subject properties, specifically, the <br />income approach and the rent roll. Mr. Sperling advised that one tenant, <br />Flour, had recently moved and the assessment should reflect this loss of <br />income. Mr. Sperling advised that projected income, expenses and <br />capitalization costs should be considered in appraising commercial <br />properties. <br />Charles Warren advised that advertisements for Twin Dolphin Plaza appeared <br />in a trade magazine in the spring of 1993, but no space was cited as <br />available. Mr. Warren also discussed comparable sales in the area. <br />Director Greenalch advised that the property was being assessed as of <br />March 1, 1993. <br />Board of Equalization Appeals Minutes <br /> December 13, 1993 - <br />MINUTE BOOK NO. 52 Page 2 <br />Page No. 72 <br />