Kitsap County Assessor Narrative for Countywide Model Tax Year: 2018 Appraisal Date: 1/1/2017 Property Type: Condominium Boat Slip Updated 6/8/2017 by CM20 Area Overview Countywide models are for properties located throughout Kitsap County, rather than by neighborhood. Property Type Overview Kitsap County has four marinas divided for individual sale as condominium (condo) slips. One condo is in Poulsbo, two are on Bainbridge Island, and one is in Bremerton. The Bremerton condo slips lack the correct Department of Natural Resource (DNR) tidelands lease necessary for individual slip sales. We have considered the sale restriction for the Bremerton project, Bridgeview Marina, and valued the project as a marina. Economic Overview: The current market has stabilized with sales transactions occurring annually in all three condo slip marinas. Paired sales analysis was completed annually. s volume were 15 sales in 2013, ten in 2014, ten in 2015, and 19 sales in 2016. Valuation Summary Approach Used: Market/s Comparison Analysis and Conclusion Summary: The three approaches to value were considered. The cost approach was given little consideration in the appraiser's final analysis. Cost approach components such as replacement cost new, effective age, and depreciation are difficult to accurately calculate in a mass appraisal model. The market/sales comparison approach was determined to be the best method for valuing these properties. The income approach was given little consideration in the appraiser s final analysis. Insufficient data from the market was received to accurately calculate a model. Model Calibration Preliminary Ratio Analysis: Analysis of 54 sales resulted in a mean ratio of 84%, a median ratio of 80%, and a coefficient of disperson (COD) of 16.59. Market/s Comparison Approach Data and Analysis s: Range of Dates: 1/1/2013 to 12/31/2016. A total of 54 local sales, and 0 regional sales, and 0 national sales were used in the sales analysis. Additional information is provided on the sales analysis data sheet. Kitsap County attempts to review, analyze, and validate via telephone, mail, or in person interviews, all commercial sales within the county for inclusion or exclusion in our market/sales approach. Market/s Rates: s ranged from $368 to $2851 per lineal foot. Winslow Wharf had 21 sales with a mean ratio of 98%, a median ratio of 99%, and a COD of 5.44. Poulsbo Yacht Club had 26 sales with a mean ratio of 92%, a median ratio of 91%, and a COD of 8.18. Updated 6/8/2017 by CM20
Property type: Condominium Boat Slip (continued) Eagle Harbor had 7 sales with a mean ratio of 98%, a median ratio of 98%, and a COD of 17.04. Model Validation Final Ratio Analysis: Analysis of 54 sales resulted in a mean ratio of 95%, a median ratio of 96%, and a coefficient of disperson (COD) of 9.42. Sources Kitsap County Board of Equalization appeal documentation. Washington State Board of Tax appeal documentation. Kitsap County income and expense surveys. Kitsap County sales questionaires. The Dictionary of Real Estate Appraisal, Appraisal Institute, Third Edition, 1993 Property Appraisal and Assessment Administration, IAAO, 1990 Glossary for Property Appraisal and Assessment, IAAO,1997 LoopNet - loopnet.com Commercial Brokers Association - commercialmls.com Updated 6/8/2017 by CM20
KITSAP COUNTY ASSESSOR Tax Year 2018 Model Definition - Condominium Slips - All Types Label Location Draft depth Slip Type Covered or Open Examples Superior End of Dock Excellent Side Tie Covered Typical Inferior Easy Access/ Exit Small Slip / Limited Open Area Typical / Adequate Shallow/ Limited Use Slip or Side Slip or Side Not Covered Not Covered 8056-001-059-0004, 8056-004-002-0006, 8056-003-053-0006, 8056-004-052-0005 All Eagle Harbor; Many at Winslow Wharf and Poulsbo Yacht Club 8070-001-001-0005, 8070-001-003-0003, 8070-002-001-0003, 8070-002-002-0002, 8070-002-003-0001, 8070-002-004-0000, 8070-004-004-0006, 8070-004-005-0005, 8070-001-040-0008, 8070-001-042-0006. 1. The guidelines here are designed to assist in the uniform classification of properties. Appraiser judgment is an integral part of the process and should be given considerable weight. 2. Do not consider privately owned Boat Houses "covered" in the model. Boat houses are valued separately as personal property.
KITSAP COUNTY ASSESSOR Tax Year 2018 Condominium Boat Slip Model Rates 8056 - Winslow Wharf 8055 - Eagle Harbor 8070 - Poulsbo Yacht Club Rent Class A Rent Class A Rent Class A From To Typical Superior From To Typical From To Typical Superior Inferior 0 25 $1,847 0 25 $1,283 26 28 $1,853 26 28 $1,283 29 30 $1,969 29 30 $1,283 Rent Class B Rent Class B Rent Class B 31 32 $2,034 31 32 $1,298 0 30 $317 $285 33 34 $2,238 33 34 $1,314 31 34 $324 $736 $291 35 36 $2,576 35 36 $1,328 35 37 $368 $889 $331 37 38 $2,713 37 38 $1,342 Rent Class C Rent Class C Rent Class C 39 40 $2,851 39 40 $1,355 38 42 $519 41 42 $2,881 41 42 $1,367 43 45 $576 $1,167 43 44 $2,914 43 44 $1,380 46 48 $700 $1,317 45 46 $2,953 45 46 $1,391 Rent Class D Rent Class D Rent Class D 47 48 $2,999 $3,599 47 48 $1,403 49 58 $767 49 50 $3,071 $3,686 49 50 $1,414 59 62 $1,152 51 52 $3,187 $3,693 51 52 $1,424 63 + $1,152 53 54 $3,305 $3,966 53 54 $1,435 Rent Class E Rent Class E Rent Class E 55 57 $3,422 $4,106 55 57 $1,445 58 61 58 61 $1,464 62 64 62 64 $1,482
Tax Year 2018 Countywide Condominium Slips s from 01/01/2013 to 12/31/2016 No. Neighborhood - Vicinity Account Number Units (LF) Winslow Wharf s Excise VC Date Price TrendedS Trended ale price s per price Assessed Value 1 8303660 - Bainbridge Condo Slips 8056-001-008-0006 32 2013EX00372 L 1/10/2013 $52,500 $65,625 $2,051 $65,090 $2,034 99% 2 8303660 - Bainbridge Condo Slips 8056-004-020-0004 40 2013EX01755 L 3/22/2013 $95,000 $118,750 $2,969 $114,040 $2,851 96% 3 8303660 - Bainbridge Condo Slips 8056-003-002-0008 30 2013EX02758 L 4/26/2013 $47,500 $59,375 $1,979 $59,070 $1,969 99% 4 8303660 - Bainbridge Condo Slips 8056-003-005-0005 30 2013EX03769 L 6/7/2013 $80,000 $100,000 $3,333 $59,070 $1,969 59% 5 8303660 - Bainbridge Condo Slips 8056-002-009-0003 28 2013EX05142 L 7/26/2013 $41,500 $51,875 $1,853 $51,880 $1,853 100% 6 8303660 - Bainbridge Condo Slips 8056-002-033-0003 28 2013EX06944 L 10/1/2013 $42,000 $52,500 $1,875 $51,880 $1,853 99% 7 8303660 - Bainbridge Condo Slips 8056-003-010-0008 30 2013EX08816 L 12/27/2013 $48,000 $60,000 $2,000 $59,070 $1,969 98% 8 8303660 - Bainbridge Condo Slips 8056-004-005-0003 30 2014EX01600 L 3/18/2014 $35,000 $43,750 $1,458 $59,070 $1,969 135% 9 8303660 - Bainbridge Condo Slips 8056-002-031-0005 28 2014EX02197 L 4/14/2014 $42,000 $52,500 $1,875 $51,880 $1,853 99% 10 8303660 - Bainbridge Condo Slips 8056-005-036-0003 24 2015EX02481 L 4/9/2015 $45,000 $45,000 $1,875 $44,330 $1,847 99% 11 8303660 - Bainbridge Condo Slips 8056-004-037-0005 30 2015EX02768 L 4/27/2015 $59,000 $59,000 $1,967 $59,070 $1,969 100% 12 8303660 - Bainbridge Condo Slips 8056-004-039-0003 30 2015EX02771 L 4/27/2015 $59,000 $59,000 $1,967 $59,070 $1,969 100% 13 8303660 - Bainbridge Condo Slips 8056-002-026-0002 36 2015EX03780 L 6/1/2015 $100,000 $100,000 $2,778 $92,740 $2,576 93% 14 8303660 - Bainbridge Condo Slips 8056-003-033-0001 36 2015EX04425 L 6/24/2015 $98,000 $98,000 $2,722 $92,740 $2,576 95% 15 8303660 - Bainbridge Condo Slips 8056-002-029-0009 28 2015EX05569 L 8/1/2015 $52,000 $52,000 $1,857 $51,880 $1,853 100% 16 8303660 - Bainbridge Condo Slips 8056-005-032-0007 24 2016EX01721 L 3/18/2016 $43,500 $43,500 $1,813 $44,330 $1,847 102% 17 8303660 - Bainbridge Condo Slips 8056-004-043-0007 30 2016EX02121 L 3/25/2016 $60,000 $60,000 $2,000 $59,070 $1,969 98% 18 8303660 - Bainbridge Condo Slips 8056-002-003-0009 28 2016EX05046 L 6/30/2016 $52,000 $52,000 $1,857 $51,880 $1,853 100% 19 8303660 - Bainbridge Condo Slips 8056-005-015-0008 24 2016EX05168 E 6/30/2016 $47,000 $47,000 $1,958 $44,330 $1,847 94% 20 8303660 - Bainbridge Condo Slips 8056-003-004-0006 30 2016EX06977 L 9/6/2016 $63,000 $63,000 $2,100 $59,070 $1,969 94% 21 8303660 - Bainbridge Condo Slips 8056-003-022-0004 30 2016EX07357 L 9/28/2016 $62,000 $62,000 $2,067 $59,070 $1,969 95% $ per Ratio Count 21 Median 99% Mean 98% AAD 0.05 COD 5.44 Page 1
No. Neighborhood - Vicinity Account Number Units (LF) Poulsbo Yacht Club s Excise VC Date Price Trended s price price per Assessed Value 1 8400206 - Poulsbo Yacht Club 8070-003-024-0004 36 2013EX04022 L 6/17/2013 $15,000 $15,000 $416.67 $13,250 $368 88% 2 8400206 - Poulsbo Yacht Club 8070-005-028-0005 70 2013EX05697 L 8/16/2013 $80,000 $80,000 $1,143 $80,640 $1,152 101% 3 8400206 - Poulsbo Yacht Club 8070-001-041-0007 48 2013EX06200 L 9/5/2013 $44,000 $44,000 $917 $33,600 $700 76% 4 8400206 - Poulsbo Yacht Club 8070-005-008-0009 50 2013EX06499 L 9/13/2013 $45,000 $45,000 $900 $38,350 $767 85% 5 8400206 - Poulsbo Yacht Club 8070-002-025-0005 44 2013EX07370 L 10/22/2013 $27,500 $27,500 $625 $25,340 $576 92% 6 8400206 - Poulsbo Yacht Club 8070-001-018-0006 48 2013EX07333 L 10/22/2013 $70,000 $70,000 $1,458 $63,220 $1,317 90% 7 8400206 - Poulsbo Yacht Club 8070-003-009-0003 36 2013EX07944 L 11/13/2013 $15,000 $15,000 $417 $13,250 $368 88% 8 8400206 - Poulsbo Yacht Club 8070-001-008-0008 48 2013EX08396 L 12/10/2013 $70,000 $70,000 $1,458 $63,220 $1,317 90% 9 8400206 - Poulsbo Yacht Club 8070-002-035-0003 44 2014EX03105 L 5/13/2014 $25,000 $25,000 $568 $25,340 $576 101% 10 8400206 - Poulsbo Yacht Club 8070-005-023-0000 60 2014EX03895 L 6/23/2014 $71,250 $71,250 $1,188 $69,120 $1,152 97% 11 8400206 - Poulsbo Yacht Club 8070-005-019-0006 50 2014EX06255 L 9/19/2014 $45,000 $45,000 $900 $38,350 $767 85% 12 8400206 - Poulsbo Yacht Club 8070-001-038-0002 48 2014EX06465 L 10/1/2014 $45,000 $45,000 $938 $33,600 $700 75% 13 8400206 - Poulsbo Yacht Club 8070-001-044-0004 48 2014EX06657 L 10/1/2014 $36,000 $36,000 $750 $33,600 $700 93% 14 8400206 - Poulsbo Yacht Club 8070-001-016-0008 48 2014EX06942 L 10/7/2014 $67,250 $67,250 $1,401 $63,220 $1,317 94% 15 8400206 - Poulsbo Yacht Club 8070-005-024-0009 60 2014EX08137 L 12/11/2014 $75,000 $75,000 $1,250 $69,120 $1,152 92% 16 8400206 - Poulsbo Yacht Club 8070-002-038-0000 48 2015EX02276 L 4/6/2015 $37,500 $37,500 $781 $33,600 $700 90% 17 8400206 - Poulsbo Yacht Club 8070-001-041-0007 48 2015EX03371 L 5/20/2015 $36,000 $36,000 $750 $33,600 $700 93% 18 8400206 - Poulsbo Yacht Club 8070-003-013-0007 36 2015EX04172 L 6/18/2015 $12,000 $12,000 $333 $13,250 $368 110% 19 8400206 - Poulsbo Yacht Club 8070-005-026-0007 70 2015EX06586 L 9/1/2015 $75,000 $75,000 $1,071 $80,640 $1,152 108% 20 8400206 - Poulsbo Yacht Club 8070-005-010-0005 50 2016EX01240 L 2/24/2016 $52,250 $52,250 $1,045 $38,350 $767 73% 21 8400206 - Poulsbo Yacht Club 8070-002-029-0001 44 2016EX02324 L 4/3/2016 $20,000 $20,000 $455 $25,340 $576 127% 22 8400206 - Poulsbo Yacht Club 8070-001-024-0008 48 2016EX03470 L 5/19/2016 $40,000 $40,000 $833 $33,600 $700 84% 23 8400206 - Poulsbo Yacht Club 8070-005-024-0009 60 2016EX03963 L 6/8/2016 $75,000 $75,000 $1,250 $69,120 $1,152 92% 24 8400206 - Poulsbo Yacht Club 8070-005-015-0000 50 2016EX04874 L 7/1/2016 $40,000 $40,000 $800 $38,350 $767 96% 25 8400206 - Poulsbo Yacht Club 8070-005-013-0002 50 2016EX08028 L 10/20/2016 $43,500 $43,500 $870 $38,350 $767 88% 26 8400206 - Poulsbo Yacht Club 8070-001-005-0001 44 2016EX09159 L 11/29/2016 $28,500 $28,500 $648 $25,340 $576 89% $ per Ratio Count 26 Median 91% Mean 92% AveDev 0.07 COD 8.18 Page 2
No. Neighborhood - Vicinity Account Number Units (LF) Eagle Harbor s Excise VC Date Price Trended s price price per Assessed Value 1 8303660 - Bainbridge Condo Slips 8055-002-016-0005 38 2014EX04196 L 7/3/2014 $45,000 $45,000 $1,184 $30,600 $805 68% 2 8303660 - Bainbridge Condo Slips 8055-002-026-0003 38 2016EX00686 L 2/2/2016 $30,000 $30,000 $789 $30,600 $805 102% 3 8303660 - Bainbridge Condo Slips Multi-Parcel 3300 2016EX03494 D 5/25/2016 $2,800,000 $2,800,000 $848 $2,743,570 $831 98% 4 8303660 - Bainbridge Condo Slips 8055-003-004-0007 46 2016EX03991 L 6/1/2016 $26,500 $26,500 $576 $38,390 $835 145% 5 8303660 - Bainbridge Condo Slips 8055-003-019-0000 42 2016EX05291 L 7/15/2016 $35,000 $35,000 $833 $34,450 $820 98% 6 8303660 - Bainbridge Condo Slips 8055-003-021-0006 42 2016EX06635 L 8/31/2016 $50,000 $50,000 $1,190 $34,450 $820 69% 7 8303660 - Bainbridge Condo Slips 8055-004-013-0004 60 2016EX07824 L 10/13/2016 $50,000 $50,000 $833 $52,700 $878 105% $ per Ratio Count 7 Median 98% Mean 98% AveDev 0.17 COD 17.04 Page 3