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REAPPRAISAL IN TODAY’S MARKET

REAPPRAISAL IN TODAY’S MARKET. Where do the values come from?. Some may think……. But no…. The Real Key is ……. DATA, DATA, DATA!!!!. MARKET CHALLENGE IN TODAY’S ECONOMY. FINANCIALLY DISTRESSED SALES NOT CONSIDERED QUALIFIED SALES HOW DAMAGED ARE THE PROPERTIES LOWERS THE QUALIFIED SALES

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REAPPRAISAL IN TODAY’S MARKET

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  1. REAPPRAISAL IN TODAY’SMARKET Where do the values come from?

  2. Some may think…… But no…. The Real Key is ……..

  3. DATA, DATA, DATA!!!!

  4. MARKET CHALLENGE IN TODAY’S ECONOMY • FINANCIALLY DISTRESSED SALES • NOT CONSIDERED QUALIFIED SALES • HOW DAMAGED ARE THE PROPERTIES • LOWERS THE QUALIFIED SALES • WHEN A “SUBSTANTIAL MAJORITY OF THE MARKET” IS DISTRESSED SALES • USE LISTINGS “BENCHMARKS” • USE SIMILAR SUBDIVISIONS

  5. MARKET DATA • DEED RECORDINGS • SALES LETTERS • COST LETTERS • INCOME LETTERS • APPRAISERS • BROKERS • BANKERS • DEVELOPERS • MLS • LOOPNET • LOCAL WEB SITES LAND VALUE STRUCTURE VALUE SOURCES:

  6. SALES LETTER FRONT BACK

  7. LoopNet

  8. Cabarrus County Economic Development

  9. COST DATA

  10. Marshall & Swift Cost Estimates

  11. INCOME DATA • LOOPNET • INCOME/EXPENSE LETTERS TO PROPERTY OWNERS • PROPERTY MANAGEMENT COMPANIES • BROKERS

  12. Income / Expense Letters

  13. DATA, DATA, DATA MARKET COST INCOME SCHEDULE OF VALUES

  14. Cabarrus County 2012 Revaluation

  15. CABARRUS COUNTY 2012 APPRAISAL FACTORS • IMPROVEMENTSLAND • BASE RATE BASE RATE • MARKET FACTOR LOT VALUE (15% VS 25%) • EFFECTIVE AGE SIZE FACTORS • RECLASSIFY TYPESPUV-

  16. SCHEDULE OF VALUESIMPROVEMENTS BASE RATE

  17. MARKET AND QUALITY FACTORS 2008 2012

  18. SCHEDULE OF VALUESLAND

  19. PUV- INCREASE

  20. PUV 2008

  21. PUV 2012

  22. Final Results

  23. Sales Ratio • Homes built in 2011 and sold in 2011 Number of Sales 293 Median Ratio 98.136% COD 4.129% • All Parcels sold in 2011 Number of Sales 1,129 Median Ratio 97.667% COD 3.492%

  24. County Wide Value Change 2011 Value $19,448,839,388 2012 Value $16,792,282,758 Percent of Change -13.659%

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