2013 CBJ LAND STUDY NEIGHBORHOOD SUMMARY ANALYSIS

Transcription

1 Overview: For 2013, the overall assessment process included 3 major components; 1) cluster modeling of the land; 2)revert structure value to Replacement Cost New Less Depreciation (Cost Approach) and 3) trend the modeling output to available property sales information. CBJ has 21 geographic neighborhoods within the Borough. Below are excerpts from the neighborhood clusters to demonstrate the results of the assessment process. 1. THANE NEIGHBORHOOD PROPERTY CHARACTERISTICS 93 parcels. The area is typically mountainside terrain. Zoning is D-1 (One dwelling per 36,000 SF). Base site values are calculated by the acre price of $140,000 p/ac for improved parcels (note; this is below the current market sales data average) and $110,000 p/ac for vacant parcels. Consideration has been provided for limitations to neighborhood size and market sales data. Due to lack of current sales, analysis included historical sales data available as well. Final analysis was developed into four categories; Upland Improved, Waterfront Improved, Upland Vacant and Waterfront Vacant. ADJUSTMENTS for access, views and parcels with waterfront 1. 20% adjustment for view 2. % of lot perimeter for water frontage. SALES DATA - CBJ utilized information on 6 sales between 2008 thru Due to the number of sales, the purpose was not to apply a market adjustment, but to maintain fair and equitable assessments between the parcels. 2. JUNEAU NEIGHBORHOOD PROPERTY CHARACTERISTICS 803 parcels. The neighborhood is divided into four distinct sub-areas. a. HIGHLANDS Zoning is predominately D5 (Minimum 7,000 SF per dwelling unit) with some D18 (Multi-family 18 units/acre). Median lot size is 5,900 SF Median Sales price for land (extracted from improved sales) is $143,500 or $26.97 per SF. ADJUSTMENTS for vacant parcels and parcels in avalanche zone 1. Lack of site improvements is (40K) 2. Hazard adjustment is (.50) for grade 2_severe slope. SALES DATA - CBJ received information on 14 sales within this neighborhood between 2011 and assessed values averaged 96% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information. b. CASEY SHATTUCK - Zoning is predominately D5 (Minimum 7,000 SF per dwelling unit) with some D18 (Multi-family 18 units/acre). Median lot size is 3,600 SF Median Sales price for land (extracted from improved sales) is $134,200 or $34.95 per SF. ADJUSTMENTS - none indicated for this area. SALES DATA CBJ received information on 11 sales within this neighborhood between 2011 and assessed values averaged 92% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 95% of the reported sales information. c. WHITE Zoning is predominately D5 (Minimum 7,000 SF per dwelling unit) with some D10 (Multi-family 10 units/acre). Median lot size is 12,200 SF. Median Sales price for land (extracted from improved sales) is $129,750 or $17.33 per SF. ADJUSTMENTS - none indicated for this area. City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 1

2 SALES DATA CBJ received information on 5 sales within this neighborhood between 2011 and assessed values averaged 93% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information d. JUNEAU TOWN SITE - Zoning is predominately high density D5 (Minimum 7,000 SF per dwelling unit), D18 (Multi-family 18 units/acre) and MU (60 units/acre). Topography varies from slight to severe. Median lot size is 4893 SF. Median Sales price for land (extracted from improved sales) is $145,300 or $35.27 per SF. ADJUSTMENTS for steepness of slope, vacant unimproved lots and parcels in avalanche zone - 1. Lack of site improvements is (40K) 2. Slope adjustment is (.20) for grade 2_moderate slope non hazard zones. 3. Hazard adjustment is (.50) for grade 2_severe slope. SALES DATA CBJ received information on 13 sales within this neighborhood between 2011 and assessed values averaged 95.5% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 98.5% of the reported sales information. 3. TWIN LAKES NEIGHBORHOOD PROPERTY CHARACTERISTICS 299 parcels. The neighborhood is divided into three distinct areas. Median lot size for the neighborhood is 12,000 SF. Median sales price for land (extracted from improved sales) is $140,300 or $13.18 per SF. a. FAIRWEATHER / CHILCAT Zoning is D15 (Multi-family 15 units/acre). Median lot size is 14,555 SF. ADJUSTMENTS for excess land and unimproved vacant lots 1. Land is excess of 13,000 SF is valued at $2/SF. 2. Lack of site improvements is (40K). b. Greenwood,Mountainside and Twin Lakes - Zoning is D5 (Minimum 7,000 SF per dwelling unit). Median lot size is 11,111 SF. ADJUSTMENTS for excess land, unimproved land and views 1. Land is excess of 13,000 SF is valued at $2/SF. 2. Lack of site improvements is (40K). 3. Good view adjustment of 15%. SALES DATA - CBJ received information on 16 sales within this neighborhood between 2011 and assessed values averaged 97.2% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99.3% of the reported sales information. 4. LEMON CREEK NEIGHBORHOOD PROPERTY CHARACTERISTICS 320 parcels. The neighborhood is divided into three sub- areas. a. Eagles Edge 85 lots. Zoning is D15 (Multi- family 15 units/acre). Median lot size is 7349 SF. Median sales price for land (extracted from improved sales) is $129,400 or $25.88 per SF. ADJUSTMENTS none indicated for this area. SALES DATA - CBJ received information on 5 sales within Eagles Edge between 2011 and assessed values averaged 86% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 97 % of the reported sales information b. Glacierview Zoning is D15 (Multi- family 15 units/acre). Median lot size is 7349 SF. Median sales price for land (extracted from improved sales) is $70,000 or $9.53 per SF. ADJUSTMENTS for excess land City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 2

3 1. Land is excess of 7349 SF is valued at $2/SF. SALES DATA - CBJ received information on 1 sale within Glacierview between 2011 and assessed values averaged 87% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 96 % of the reported sales information. c. Pinewood Park Zoning is D5 (Minimum 7,000 SF per dwelling unit). Median lot size is SF. Median sales price for land (extracted from improved sales) is $72,400 or $6.03 per SF. ADJUSTMENTS none indicated for this area. SALES DATA - CBJ received information on 18 sales within Pinewood Park between 2011 and assessed values averaged 94% of the rep orted sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 98 % of the reported sales information. 5. SUNNY POINT NEIGHBORHOOD PROPERTY CHARACTERISTICS 52 parcels. The neighborhood is divided into two distinct areas. a. Vista Del Sol A new home subdivision under construction north of 7500 Glacier Hwy. 24 parcels. Zoning is D5 (Minimum 7,000 SF per dwelling unit). Median lot size is 9673 SF. Median lot value is $97,600 or $10.09 per SF. CALIBRATION based on power trending of base site value by parcel area. ADJUSTMENTS for unimproved land - 1. Lack of site improvements is (40K). b. Sunny Point Zoning is predominantly D5 (Minimum 7,000 SF per dwelling unit) and D15 (Multi-family 15 units/acre). Median lot size is 20,600 SF. Median lot value is $110,150 or $5.34 per SF. ADJUSTMENTS for unimproved land, excess land and wetland - 1. Lack of site improvements is (40K). 2. Land in excess of 20,600 SF valued at $2 per SF. 3. Adjustment of (.50) based on percentage of wetland. SALES DATA - CBJ received information on 4 sales within Sunny Point between 2011 and assessed values averaged 107% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 96 % of the reported sales information. 6. SOUTH VALLEY NEIGHBORHOOD PROPERTY CHARACTERISTICS 328 parcels. Zoning is predominantly D5 (Minimum 7,000 SF per dwelling unit) and D15 (Multi-family 15 units/acre). Median lot size is 11,761 SF. Median lot value is $92,500 or $8.82 per SF. ADJUSTMENTS for river front land and lots on Antler Way 1. River frontage land adjustment is 35% of base value. 2. Lots on Antler Way near water treatment plant adjust (30%). SALES DATA - CBJ received information on 20 sales within South Valley between 2011 and assessed values averaged 97% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99 % of the reported sales information. 7. EAST VALLEY NEIGHBORHOOD PROPERTY CHARACTERISTICS 917 parcels. Zoning is predominantly D5 (Minimum 7,000 SF per dwelling unit) and D15 (Multi-family 15 units/acre). Median lot size is 9,362 SF. Median lot value is $101,900 or $10.88 per SF. City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 3

4 ADJUSTMENTS for excess land, unimproved land and wetland 1. Excess land over 14,000 SF valued at $2 per SF or calibrated formula whichever is less. 2. Unimproved land adjustment is (.10). 3. Wetland adjustment is (.50) of full market value for percentage of wetland. SALES DATA - CBJ received information on 52 sales within East Valley between 2011 and assessed values averaged 93%% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99 % of the reported sales information. 8. WEST VALLEY NEIGHBORHOOD PROPERTY CHARACTERISTICS 1,927 parcels. Zoning is predominantly D5 (Minimum 7,000 SF per dwelling unit) and D15 (Multi-family 15 units/acre). Median lot size is 8,484 SF. Median lot value is $102,100 or $12.03 per SF. ADJUSTMENTS for wetland and river frontage 1. Wetland adjustment is (.50) of full market value for percentage of wetland. 2. River front lot adjustment of 35K. SALES DATA - CBJ received information on 83 sales within West Valley between 2011 and assessed values averaged 97%% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99 % of the reported sales information. 9. BACK LOOP NORTH NEIGHBORHOOD PROPERTY CHARACTERISTICS 297 parcels. Consists of several distinct areas including McGinnis, Howell Estates, Montana Creek and Montana Creek West. Zoning is predominantly D3 (Minimum 12,000 SF per dwelling unit) with Montana Creek area zoning as D5 (Minimum 7,000 SF per dwelling unit). Valued as follows; a. Back Loop N McGinnis etc. Zoning is D3 (Minimum 12,000 SF per dwelling unit). Median lot size is 19,400 SF. Median lot value is $143,800 or $7.39 per SF. ADJUSTMENTS for river frontage 1. River front lot adjustment of 35K. SALES DATA - CBJ received information on 10 sales within Back Loop North between 2011 and assessed values averaged 96%% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information. b. Montana Creek 1 thru 4 - Zoning is D5 (Minimum 7,000 SF per dwelling unit). Median lot size is 15,620 SF. Median lot value is $162,000 or $10.37 per SF. ADJUSTMENTS for river frontage 1. River front lot adjustment of 35K. SALES DATA - CBJ received information on 16 sales within Montana Creek 1 thru 4 between 2011 and assessed values averaged 100% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99 % of the reported sales information. c. Montana Creek West - Zoning is D3 (Minimum 12,000 SF per dwelling unit). Median lot size is 6,850 SF. Median lot value is $162,000 or $10.37 per SF. ADJUSTMENTS for river frontage 1. River front lot adjustment of 35K. City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 4

5 SALES DATA - CBJ received information on 11 sales within Montana Creek West between 2011 and assessed values averaged 98% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 97% of the reported sales information. 10. BACK LOOP WEST NEIGHBORHOOD PROPERTY CHARACTERISTICS 169 parcels. Consists of several small subdivisions including one lake front area. Zoning is D3 (Minimum 12,000 SF per dwelling unit). Lot sizes range from 7,000 SF (Moraine Edge) to several acres. Median lot size is 23,700 SF. Median lot value is $125,300 or $5.29 per SF for non-waterfront lots. Median waterfront lot size is 41,447 SF. Median waterfront lot value is $324,500 or $7.83 per SF. ADJUSTMENTS for lake front influence 1. Lake front lot adjustment of $1300 per FF SALES DATA - CBJ received information on 14 sales within Back Loop West between 2011 and assessed values averaged 97% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information. 11. MENDENHALL PENINSULA NEIGHBORHOOD PROPERTY CHARACTERISTICS 181 parcels. Zoning is D1 (One dwelling per 36,000 SF) with some Industrial zoning noted. Lot sizes range from 8,200 SF to more than 4 acres. Median lot size is 44,273 SF. Median lot value is $142,000 or $3.21 per SF. ADJUSTMENTS for unimproved land, saltwater frontage and tide flat influence- 1. Unimproved land adjustment is (40,000). 2. Tide flat adjustment is 10,000 (for view) 3. Saltwater adjustment is $850 per beach FF. SALES DATA - CBJ received information on 8 sales within Mendenhall Peninsula between 2011 and assessed values averaged 105% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information. 12. AUKE BAY NEIGHBORHOOD PROPERTY CHARACTERISTICS 576 parcels. Consists of three distinct areas. See details below. a. Fritz Cove area - Zoning is D1 (Minimum 36,000 SF per dwelling unit). Terrain is typically moderate to steep. For both upland and saltwater. Median lot size is 29,620 SF. Median lot value is $170,200 or $5.75 per SF. ADJUSTMENTS for unimproved land, saltwater frontage and tide flat influence- 1. Unimproved land adjustment is (60,000). 2. Tide flat adjustment is 50,000 (for view) 3. Saltwater adjustment is $1550 per beach FF calibrated at base rate of 144. SALES DATA - CBJ received information on 16 sales within Fritz Cove between 2011 and assessed values averaged 96% of the reported sales price for the upland lots and 93% of the reported sales price for the waterfront lots. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information for the uplands lots and 97% of the reported sales information for the waterfront lots. b. Back Loop area - Zoning varies from D1 to D5(Minimum 36,000 SF to 7,000 SF per dwelling unit) to D10 D18 (Multi Family 10 to 18 units per acre). Median lot size is 13,068 SF. Median lot value is $113,900 or $8.72 per SF. ADJUSTMENTS for unimproved land and river frontage- 1. Unimproved land adjustment is (30,000). City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 5

6 2. River frontage adjustment is $35,000. SALES DATA - CBJ received information on 15 sales within Back Loop between 2011 and assessed values averaged 98% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 97% of the reported sales information.. c. Spuhn Island area- Zoning is RR (Rural Reserve Minimum 36,000 SF per dwelling unit). Median lot size is 83,245 SF. Median lot value is $193,600 or $2.33 per SF. ADJUSTMENTS for sheltered cove and beach front- 1. Sheltered cove adjustment is $50, Beach front adjustment is $200 to 500 per FF. SALES DATA - CBJ received no sales information on Spuhn Island lots between 2011 and assessed values were adjusted to current owner listing Prices, resulting in a 5% increase to 2013 assessed values. 13. INDIAN COVE NEIGHBORHOOD PROPERTY CHARACTERISTICS 58 parcels. Zoning is D3 (Minimum 12,000 SF per dwelling unit). Median lot size is 22,756 SF. Median lot value is $170,400 or $7.49 per SF. ADJUSTMENTS for excess land, tide flat, saltwater frontage and unimproved land- 1. Excess land over 30,000 SF adjusted to $1 per SF with consideration for medium to steep slope. 2. Unimproved land adjustment is (30,000). 3. Beach front adjustment is 1980 per FF calibrated to 97 FF median. 4. Tide flat view adjustment is 50,000. SALES DATA - CBJ received information on 5 sales within Indian Cove between 2011 and assessed values averaged 91% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information. (Calibrated Beach front to median 97 FF and issued new notices 5/6/13 to 27 affected parcels). 14. POINT LENA NEIGHBORHOOD PROPERTY CHARACTERISTICS 361 parcels. Zoning is mixed as D1 (Minimum 36,000 SF per dwelling unit and D3 (Minimum 12,000 SF per dwelling unit). Median lot size is 31,745 SF. Median lot value is $125,600 or $3.96 per SF. ADJUSTMENTS for Point Lena and Lena Point Heights, salt water frontage and unimproved land- 1. Unimproved land adjustment is (30,000). 2. Beach front adjustment is 1700 per FF calibrated to 129 FF median. 3. Lena Point and Point Lena subdivision market sales adjustment is 20,000 SALES DATA - CBJ received information on 21 sales within Point Lena between 2011 and assessed values averaged 101% of the reported sales price for the upland lots and 97% of the reported sales price for the waterfront lots. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 97% of the reported sales information for the uplands lots and 95% for the waterfront lots.. Calibrated beachfront to median 129 FF and issued new notices 5/6/13 to 142 affected parcels). City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 6

7 15. TEE HARBOR NEIGHBORHOOD PROPERTY CHARACTERISTICS 198 parcels. Zoning is D1 (Minimum 36,000 SF per dwelling unit) with some WC (Commercial Waterfront) zoning. Median lot size is 32,482 SF. Median lot value is $147,100 or $4.53 per SF. ADJUSTMENTS for no road access, salt water frontage and unimproved land- 1. Unimproved land adjustment is (40,000). 2. Beach front adjustment is $900 per FF calibrated from a base of 151 FF. 3. Non road access adjustment is (.50) SALES DATA - CBJ received information on 4 sales within Tee Harbor between 2011 and assessed values averaged 94% of the reported sales price for both upland and waterfront lots. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 100% of the reported sales information for the upland lots and 95% for the waterfront lots. 16. AMALGA NEIGHBORHOOD PROPERTY CHARACTERISTICS 75 parcels. Zoning is RR and D1 (Minimum 36,000 SF per dwelling unit). Median lot size is 2 acres. Median lot value is $147,100 or $4.53 per SF. ADJUSTMENTS for salt water frontage tide flat and unimproved land- 1. Unimproved land adjustment is (30,000). 2. Beach front adjustment is $395 per FF calibrated from a base of 225 FF. 3. Tide flat adjustment of $50,000. SALES DATA - CBJ received information on 3 sales within Amalga between 2011 and assessed values averaged 93% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 98% of the reported sales information. 17. LYNN CANAL NEIGHBORHOOD PROPERTY CHARACTERISTICS 14 parcels. Zoning is RR (Minimum 36,000 SF per dwelling unit). Median lot size is 5 acres. Median lot value is $98,500 or $19,700 per AC. ADJUSTMENTS for salt water frontage - 1. Beach front adjustment is $353 per FF calibrated from a base of 215 FF. SALES DATA - CBJ received information on 2 sales within Lynn Canal during 2009, trended to assessed values averaged 88% of the trended sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 98% of the reported sales information. 18. DOUGLAS NEIGHBORHOOD PROPERTY CHARACTERISTICS 493 parcels. Zoning is D5 (Minimum 7,000 SF per dwelling unit) D18 (Multi Family 18 units/ac) LC and GC (Light and General Commercial. Median lot size is 6,100 SF. Median lot value is $108,600 or $17.80 per SF. ADJUSTMENTS for salt water frontage, tide flat, wetness, slope, shape and unimproved land - 1. Unimproved land adjustment of (30,000) 2. Beach front adjustment is $777 per FF calibrated from a base of 79 FF. 3. Tide flat adjustment of $50, Wetness, slope and shape adjustments (See notes). SALES DATA - CBJ received information on 19 sales within Douglas between 2011 and assessed values averaged 90% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 98% of the reported sales information. City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 7

8 19. WEST JUNEAU NEIGHBORHOOD PROPERTY CHARACTERISTICS 400 parcels. Zoning is D5 (Minimum 7,000 SF per dwelling unit) and D18 (Multi Family 18 units/ac). Median lot size is 8,260 SF. Median lot value is $107,700 or $13.04 per SF. ADJUSTMENTS for salt water frontage, tide flat and unimproved land - 1. Unimproved land adjustment of (30,000) 2. Beach front adjustment is $837 per FF calibrated from a base of 100 FF. 3. Tide flat adjustment of $50, Wetness, slope and shape adjustments (See notes). 5. View adjustment (30% of site value) for Blueberry Hill and portions of Channel Heights subdivisions. SALES DATA - CBJ received information on 30 sales within West Juneau between 2011 and assessed values averaged 96% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 99% of the reported sales information. After notices of assessment were issued, inquiries were received regarding the decrease in value to view lots in Blueberry Hill and Channel Heights. A review of sales in both sub areas noted, a distinct difference in sales price for both subdivisions. Extracted sales data denoted a median adjustmen t of 30% for view lots in areas. New assessments mailed 5/6/2013 to 88 affected parcels. 20. NORTH EAST & WEST DOUGLAS NEIGHBORHOOD PROPERTY CHARACTERISTICS 707 parcels. Zoning is D1 D3 D5 (Minimum 36,000 SF, 12,000 SF and 7,000 SF per dwelling unit). Median lot size is 27,605 SF. Median lot value is $117,100 or $4.24 per SF. ADJUSTMENTS for salt water frontage, tide flat, wetness, access and unimproved land - 1. Unimproved land adjustment of (40,000) 2. Beach front adjustment is $756 per FF calibrated from a base of 125 FF. 3. Tide flat adjustment of $50, Wetness and access adjustments at (.50). SALES DATA - CBJ received information on 38 sales within North Douglas between 2011 and assessed values averaged 93% of the reported sales price. After the 2013 modeling and internal adjustments, the 2013 assessed values averaged 98% of the reported sales information. 21. SOUTH DOUGLAS SHELTER ISLAND AND TAKU RIVER NEIGHBORHOOD PROPERTY CHARACTERISTICS 382 parcels. Zoning is RR (Minimum 36,000 SF per dwelling unit). Property not included in 2013 residential land model or inspection. NO CHANGE FOR FIELD INSPECTION scheduled for City and Borough of Juneau, AK I:\2013 ASSESSMENT INFO\2013 VALUATION AND LAND STUDIES 8