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75P - PH - RESO NECESSITY 1301 W CAMDEN
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75P - PH - RESO NECESSITY 1301 W CAMDEN
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Last modified
6/19/2017 9:10:45 AM
Creation date
6/15/2017 4:22:51 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
75P
Date
6/20/2017
Destruction Year
2022
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STATEMENT OF NST COMPENSATION <br />As improved: Existing use. <br />Date of Value: December 22, 2016 <br />Public Use for Property: Bristol Street Improvement project. <br />Estate to be Acquired: Fee simple acquisition of entire subject property. <br />Legal Description: Lot 37, Tract No. 2209, per map recorded in Book 64, Pages 25 and <br />26 of Maps, in the office of the County Recorder, County of <br />Orange, California. <br />Area to be Acquired: 8,276 square feet of land area (full acquisition). <br />Market Value: $500,000. <br />Summary of the Basis for Just Compensation <br />There are three conventional methods (approaches) which can be utilized to estimate value. They are the <br />Sales Comparison Approach, Cost -Summation Approach, and Income Capitalization Approach. The Sales <br />Comparison Approach is the only approach considered applicable as a reliable indicator of value. The <br />Cost -Summation Approach is without meaningfut application due to the age and nonconforming status of <br />the existing development and resultant difficulty in accurately estimating accrued depreciation. The <br />Income Capitalization Approach has not been applied inasmuch as the subject property would not typically <br />be acquired for investment -type purposes. <br />Sales Comparison Approach: <br />The Sales Comparison Approach takes into account properties which have sold in the open market. This <br />approach, whether applied to vacant or improved property, is based on the Principle of Substitution, which <br />states, "The maximum value of a property tends to be set by the cost of acquiring an equally desirable <br />substitute property, assuming no costly delay is encountered in malting the substitution." Thus, the Sales <br />Comparison Approach attempts to equate the subject property with sale properties by analyzing and <br />weighing the various elements of comparability. <br />The Sales Comparison Approach has been applied to the subject property after an investigation and analysis <br />was conducted of single family residential properties located within the immediate and general subject <br />market area. Following is a summary of those sales considered helpful when estimating the value of the <br />subject property as presently improved. <br />Data Date Lot Dwelling Size Br/Ba <br />On-site <br />Land/Bldg. <br />Size Built <br />Parkin <br />Ratio <br />1. 6-16 6,039 sf 1,120 sf 3 br/l%ba 1959 <br />2 -gar. <br />5.39:1 <br />2010 West Edison Way, Santa Ana <br />$505,000. <br />$ 67.33 <br />2. 7-16 6,003 sf 1,231 sf 3 br/1'/a ba 1963 <br />2 -gar. <br />4.88:1 <br />1821 West Carlton Place, Santa Ana <br />3. 8-16 7,500 sf 1,234 sf 3 br/13/a ba 1958 2 -gar. 6.08:1 <br />1618 West Lingan Lane, Santa Ana <br />75P-18 <br />Sale Price $/Sly Land <br />$/SP Dwel. <br />$495,000. <br />$ 81.97 <br />$44196 <br />$475,000. <br />$ 79.13 <br />$385.87 <br />$505,000. <br />$ 67.33 <br />$409.24 <br />
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