routt county board of equalization

ROUTT COUNTY BOARD OF COUNTY COMMISSIONERS AGENDA COMMUNICATION FORM

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FROM: Routt County Assessor - Gary Peterson TODAY’S DATE: 7/13/2021

AGENDA TITLE

R8166607 – Neidecker – Lot 145 Replat, Sanctuary F5

I. DESCRIBE THE REQUEST OR ISSUE: CBOE Hearing

II. RECOMMENDED ACTION (motion):

Consider evidence from petitioner and assessor and make a determination by a preponderance of the evidence. Refer to section IV for recommended action and other option(s).

III. BACKGROUND INFORMATION:

Please review the submitted reports from Office of the Assessor and submission from petitioner.

IV. SUMMARY AND OTHER OPTIONS:

Recommended Action: For account number R8166607 , for tax year(s) 2021 Motion to accept the Assessor’s recommendation and DENY the petitioner’s request to lower the subject’s actual value to $2,578,220. Uphold the Assessor’s 2021 Reappraisal Assessor Level value of $3,150,710. ------------------------------------------------------------------------------------------------------------------------ Other Option: For account number R8166607 , for tax year(s) 2021 Motion to APPROVE the petitioner’s request to lower the subject’s actual value to $2,578,220. --OR— For account number R8166607 , for tax year(s) 2021 Motion to not accept the Assessor’s recommendation or petitioner’s request resulting in the following: The actual value of the property is $__________________

V. LIST OF ATTACHMENTS: 2021 Assessor CBOE Appraisal Report and supporting documentation.

This agenda communication form does not constitute a part of the County Appraiser’s appraisal report.

ITEM DATE: 7/14/2021 ITEM TIME: 9:20a.m.

Routt County Assessor’s Office

2021 ROUTT COUNTY BOARD OF EQUALIZATION

Hearing Date:

Account#: R8166607 PIN#: 223600145

Owner of Record: NEIDECKER, SUSAN P & PETER J (JT)

Legal Desc: LOT 145 REPLAT, SANCTUARY, F.5

Appraisal Date: June 30, 2020 Assessment Date: January 1, 2021

Sales Collection Period: 24 months from July 1, 2018 thru June 30, 2020 Definition of Market Value: “The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.” The Appraisal of Real Estate, 12th ed., 2001, page 22. 2021 Original Assessor Value: $2,506,780 Adjusted to $3,150,710 at 2021 assessor-level appeal. Property Type: Residential Single Family Appeal Summary: Petitioner appealed the 2021RA value of $2.5m asking for a valuation of $2,076,666 for his 2007 year built custom home of 7,123sf. Comparables submitted included two sales past the data collection period. Sale 1was a 1972 year built duplex of 4,512sf located near the Thunderhead lift in June 2020 for $1.6m. The 2nd comp submitted wat a 1982 duplex of 5,414sf located on Glacier Ridge above the Sheraton golf course – selling in August of 2020 for $1.5m – after the date collection period. The 3rd comp is a 1996 single-family home on Blackberry Lane off of Tamarack Dr. totaling 3,350sf. This also sold in August of 2020 just beyond the collection period, for $1.15m. In reviewing the appropriate and several sales within the subject’s large subdivision that is the Sanctuary, Susan Siggson, the Steamboat Residential appraiser, came to the determination that the grade quality of the subject house that was lowered in a 2015 appeal from its original grade of ‘Excellent’ and was undervaluing the property significantly and moved the grade back up from the ‘Very Good’ grade to the original ‘Excellent’ quality. This change in grade resulted in an increase in the valuation from the $2.5m figure to the current level of $3,150,710 - a difference of $644,000. The Petitioner in his appeal to the CBOE level has resubmitted his original comparables, along with four new comps (3 in the time-period and one post collection period) with 3 of the 4 within the subject’s Sanctuary subdivision. The. Petitioner also submitted a cover memo of “evidence to support appeal” that claims the assessor’s records are incorrect to his homes sq. footage count and that we are using a comp from a 2013 sale of a house nearby that sits on two lots. Petitioner concludes a $$/sf of $395.19 and a total value of $2,578,220 (rounded) on 6,524sf.


Discussion: The issue of a discrepancy of sq. footage count is inaccurate. Petitioner submitted a property sketch from a mortgage appraisal showing above-grade living area of 6,524sf – assessor records lists 6,520sf. What Petitioner is not recognizing is the 603sf basement level consisting of mechanical room and storage area. This area is shown on the submitted sketch by Petitioner as well as in the assessor records as unfinished basement, thus giving an Actual sq. footage count of 7,123sf for the property in our records - a difference of four sq. feet with the submitted sketch. The 3rd comp submitted by the Petitioner located at 1845 Steamboat Blvd. is a duplex totaling 10,861sf. It was built in 2008 and is/was of ‘Excellent’ quality with 10 bedrooms and 12 baths – basically 5-Bdrms/5 ½ baths per side. The structure was townhomized by Plat into two legal properties just 5 days before the sale of the north side –which is the Petitioner’s comp. The one side after being townhomized totals 5,289sf and has a time-adjusted sales price of $2,259,600 or $427/sf. As a townhome (one-half of a duplex), this sale should not be considered as a comparable to the single-family property that is the subject. Particularity when there are plenty of similar properties selling within the subject’s own subdivision of similar size. The Assessor has chosen five comparable properties from which to analyze against the current valuation of the subject – one of the five selected is one of the three submitted by the Petitioner, 674 Steamboat Blvd. Assessor believes this to be the most similar of the five comps selected. It sold for a TASP of $2,934,800 or $401.75/sf on its Actual sq. footage. The following pages show the comp grid of the five sales selected, along with a corresponding map and pictures of all comps submitted by both Petitioner and Assessor. Below is the street view of the subject property – 2811 Whitewater Lane.

2007 year built. Total sq. footage = 7,123sf, Above-grade = 6,520sf and Effective = 6,640sf


Assessor’s Map of Comps Selected:

Sales #s are hard to read on this picture so they are (top of page to bottom): 233, 232, 226, 227 and 231

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SUBJECT Property 2811 Whitewater Lane

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Petitioner's Comp Sale #234

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Assessor’s Comp Grid:

A printed hard copy of this sales grid will be made available at hearing for easer reading on legal-size paper.

Sale #

PropertyAddress

Legal Description

SaleDate

AdjustedS-Price

Time-Adj. Sale Price House Style

Hse Grade/Quality

Actual Yr. Blt

Eff. Yr. Blt

Actual Sq. Ft.

Effective Sq. Ft.

TASP/ESF

Living Sq. Ft.

Hse Only $$/SF

Bdrm Ct.

Bath Ct.

FPCt.

Gar Cap

Lot Size (acres)

Land Value

Sale or PropertyComments

n/a2811 WHITEWATER LN

LOT 145 SANCTUARY, F.5

SUBJECT SUBJECT $3,150,710 Contemporary Excellent 2007 2007 7,123 6,641 $474 6,520 $388 4 5.5 1 3 0.52 $575,000Located on dead-end street and Fish Creek

close by

232674 STEAMBOAT BLVD

LOT 117, ROBBINS SUBD, .60A

8/10/2018 $2,725,000 $2,934,800 Contemporary Excellent 2007 2007 7,305 6,999 $419 7,305 $362 5 6 3 3 0.60 $400,000Most Comparible , steep Lot, but good

views

227 3071 ASPEN WOOD LN

LOT 86 SANCTUARY SUBD FILING 4

7/6/2018 $2,595,000 $2,803,900 Contemporary Excellent 2002 2005 6,887 5,581 $502 4,569 $431 3 6 3 3 0.52 $400,000 inferior location

2262745 WHITEWATER LN


7/20/2018 $2,950,000 $3,187,500 Contemporary Excellent 2008 2015 5,716 5,434 $587 5,716 $481 5 5.5 4 3 0.5 $575,000Same Street, 2 doors

down, Fish Creek close by


LOT 10SANCTUARY SUBDFILING 2

11/26/2018 $2,400,000 $2,559,600 Mtn Modern Excellent 2017 2017 5,136 4,896 $523 5,136 $445 5 4.5 1 2 0.54 $380,00010 years newer on

construction, steep lot



8/1/2018 $2,650,000 $2,854,100 Contemporary Excellent 2010 2010 5,088 4,754 $600 4,836 $516 4 5 3 3 0.71 $400,000 Steep Lot, but good views

Averages: $2,664,000 $2,867,980 Contemporary AVG 2009 2011 6,026 5,533 $526 $5,512 $447 4.4 5.4 2.8 2.8 0.574

Medians: $2,650,000 $2,854,100 Contemporary AVG 2008 2010 5,716 5,434 $523 $5,136 $445 5 5.5 3 3 0.54

2342600 HEAVENLY VIEW

LOT 121 SANCTUARY, F5

12/16/2019 $2,900,000 $2,960,900 Contemporary Excellent 2005 2008 10,334 9,224 $321 8,313 $253 6 7 3 3 1.72 $625,0003,200sf bigger, large lot, but w/driveway

easement

= Petitioner's Submitted Comps= Attributes fairly similar to the SUBJECT= Attributes far different to the SUBJECT

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Aerial Photo of the Subject

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Sale # 232 – 674 Steamboat Blvd. 2007yb 7,305sf TASP = $2,934,800 or $419/eff. sqft

Sale #232 Listed as one of Petitioner’s Comps as well.

Sale # 227 – 3071 Aspen Wood Ln. 2002yb 6,887sf TASP = $2,803,900 or $502/eff. sqft


Sale # 226 – 2745 Whitewater Ln. 2008yb 5,716sf TASP = $3,187,500 or $587/eff. sqft


House style is “Mountain Modern” – lots of steel, large glass, simple rectangular shapes



Petitioner’s Submitted Comps Sale # 234 – 2600 Heavenly View 2008yb 10,334sf TASP = $2,854,100 or $600/eff. sqft


Petitioner’s Submitted Comps (continued)

Sale # xxx – 1530 Kinnikinnick Ln. 1972yb 4,512sf TASP = $1,600,000 or $433/eff. sqft

House style is “Duplex” – Structure in poor shape, even for its age. Buyer immediately pulled permits to convert to single-family as a major renovation and addition. Land value exceeds $925,000 Sale # xxx – 2142/44 Glacier Ridge 1982yb 5,414sf TASP = $1,500,000 or $288/eff. sqft

House style is “Duplex” – Structure in in normal to good condition for its age. Assessor’s Land Value = $375,000 and is located high above golf course with excellent views.


Conclusion to Value:

The subject property’s current valuation is supported by very similar sales nearby in the same subdivision. The house two doors down on the same desirable private street of Whitewater Lane sold for a TASP of $3,187,500 and is 1,400sf small in Actual sq. footage and 800sf smaller in above-grade Living Area; while its architectural design is may be a bit more modern or appealing, the difference is slight and the sale speaks to the superior nature of this Whitewater Lane location adjacent to Fish Creek and its running whitewater sounds dominating the backyards. Sale #232, also listed by the Petitioner, is very similar in size & age, but its architectural design is built for the steep lot, taking advantage of the elevated views and may very well be a buyer’s choice or preference over the subject’s low-lying creek-side location. But on physical attributes of age, size, bath & garage counts – very similar or identical. However, market history has shown the subject’s location (i.e., lot values) as being superior and certainly a rarer attribute in the marketplace than a good view of the south valley or golf course. Recommendation: Deny the petitioner’s request to lower the subject’s actual value to the suggested valuation of $2,578,220 and uphold the current valuation of $3,150,710.

Gary Peterson Certified Residential Appraiser, CR40021518, Exp. 12/31/2021 Elected Routt County Assessor

routt county board of equalization

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