BOE Min 1983-11-21 - Laserfiche WebLink

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Vice Mayor Britschgi declared that the purpose of the public hearing is to hear the applications for assessment adjustment which have been filed in accordance with the proper procedure. At the recommendation of City Attorney Schricker, those intending to give testimony during the hearing were sworn by City Clerk Hildebrand. City Manager Smith and Finance Director Tasseff presented the subject applications. a. Wi 11 i .am J. Hammerback, Jr., 32 Eddystone Court, a sen i or member of the Society of Real Estate Appraisers, referred to his assessment appeal. Mr. Hammerback said that the Cityls appraiser (American Appraisal Associates, Inc.) did not adjust the assessment for location in comparison with similar models and that the comparable sales were too old. Mr. Hammerback said that as of the March 1 lien date the similar property at 16 Eddystone which is better situated was listed for sale at $122,000, while his property is appraised at $130,000. He said that the other property originally sold for $1,000 more than his, because of the location and sold in April for $117,00. Mr. Hammerback acknowledged that finance terms can affect sale price as well as interest rates. Mr. Hammerback submitted documents relating to sales and locations of Lighthouse Cove units. Neil Anderson, American Appraisal Associates, 1221 Broadway, Oakland, referred to his letter of November 9, 1983 regarding the appeal which was transmitted by the Finance Director to Council. Mr. Anderson acknowledged that the com- parable sales are not as recent as he would prefer, but said they should be considered because they were the most recent. He stated that listings are considered but that actual sales must be considered to determine true property value. Mr. Anderson commented concerning the location of each of the eight properties shown as comparable sales, noting that at present the lagoon location appears to attract the best prices, while poolside units are lowest. In response to question, Mr. Anderson said that the example at 16 Eddystone given by Mr. Hammerback fronts on the pool which is now considered less desirable. Mr. Anderson said he believes that the appraisal of the property at 32 Eddystone Court is fair in relation to other similar properties in similar locations in the Lighthouse Cove development and other developments in the Di str i ct. Discussion followed and Mr. Schricker replied to question and commented con- cerning the changing values of different locations; the fact that appraisal is made as of March 1; whether lower sales after that date will be reflected in the appraisal the following year; the nature of listings; the effect of interest rates on sales; the significance of trends; and the need for consistency in the factors considered in appraisals. Bd.Equal. 11/21/83 Page 2 MINUTE BOOK NO. 44 Page No. 279 ,.,-"--_.~._- ".,-,",--"---