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40
<br />Exhibit
<br />SUMMARY OF APPEALS FILED AND RECOMMENDED DISPOSITION
<br />1. John Martin Bartel Parcel No. 111 - 160 -160 Appraised Value $455,000
<br />This property is a condominium airlot parcel in Marlin Subdivision ;' with water frontage.
<br />The improvements on the subject property are a condominium unit with four rooms:
<br />bedroom, den, living, kitchen, and one bath, with 987 square feet. The appellant believes
<br />that the property should be valued at $415,000.
<br />Mr. Warren identified four comparable sales. These four sales ranged from $377,500 to
<br />$450,000. Last year this property was appraised at $410,000. Given the above
<br />information, the recommendation is to decrease the appraised value from $455,000 to
<br />$425,000 to recognize the appellant's claim, while maintaining the integrity of the
<br />appraised values for the District. The appellant has agreed to this revised appraised value.
<br />2. Marguerite Gauvin Parcel No. 112 - 790 -290 Appraised Value $680,000
<br />This property is a condominium airlot parcel in the Regatta development with water
<br />frontage. The improvements of this property consist of a condominium unit with two
<br />bedrooms, two and one -half baths and 1,653 square feet. The appellant believes that the
<br />property should be valued at $660,000.
<br />Mr. Warren identified five comparable sales ranging from $660,000 to $712,000, with the
<br />lower part of the range more accurately reflecting this parcel. Last year this property was
<br />appraised at $680,000, a figure that may have been a little high given the refined appraisal
<br />work performed pursuant to the appeal. Given the above information, the recommendation
<br />is to decrease the appraised value from $680,000 to $660,000. The appellant has agreed
<br />to this revised appraised value.
<br />3. Miotel Corp. Lessee Parcel No. 095 - 233 -180 Appr. Value $45,000,000
<br />This property, also known as The Hotel Sofitel, is a nine -story, 419 room, Class A, French
<br />hotel. The room total reflects an increase of 95 rooms in a new wing. Additionally, the
<br />parking structure was also expanded in 1999. The above valuation has been adjusted to
<br />reflect the general slump in the hotel sector, with last year's value reflecting $50,000,000.
<br />The appellant believes that the property should be valued at $31,086,400. After
<br />discussions between Mr. Warren and Miotel Corp., both parties agreed upon a value of
<br />$42,000,000.
<br />Given the above information, the recommendation is to decrease the appraised value from
<br />$45,000,000 to a mutually agreed upon $42,000,000, with a slight redistribution of value
<br />between land and improvements. Although the total appraised value is recommended to
<br />decline by $3,000,000, the redistribution of value between land and improvements results
<br />in no change in assessment revenue.
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