Laserfiche WebLink
4. 8-16 6,300 sf 1,091 sf 3 br/1'/4 ba 1955 <br />2 -gar. <br />5.77:1 $480,000. <br />$ 76.19 <br />2034 South Spruce Street, Santa Ana <br />$439.96 <br />5. 10-16 6,000 sf 1,167 sf 3 br/1'/, ba 1962 <br />2 -gar. <br />5.14:1 $508,000. <br />$ 84.67 <br />2526 South Artesia Street, Santa Ana <br />$435.30 <br />6. 11-16 7,241 sf 1,260 sf 3 br/1 ba 1950 <br />2 -gar. <br />5.75:1 $475,000. <br />$ 65.60 <br />1422 South Rosewood Avenue, Santa Ana <br />$376.98 <br />All of the properties surveyed are located within the immediate and general subject market area. The <br />properties contain dwellings ranging in size from 1,091 to 1,260 square feet of living area, and were <br />originally constructed between 1950 and 1963. The floor plans range from 3 bedrooms/I bathroom to 3 <br />bedrooms/1'/4 bathrooms. The parcels range in size from 6,000 to 7,500 square feet of land area. <br />After viewing each of the sale properties, and verifying details of the various transactions, the primary unit <br />of analysis employed herein is the overall purchase price. Two other factors developed from the residential <br />sale properties were utilized as secondary units of analysis; they are the (1) overfill purchase price per <br />square foot of land area, and (2) overall purchase price per square foot of building area. <br />'The overall purchase prices range from $475,000 to $508,000. The purchase prices produce a range of <br />value of $65.60 to $84.67 per square foot of land area, and $376.98 to $441.96 per square foot of dwelling <br />area. <br />The land/building area ratio was also considered in the analysis of the improved residential sale properties <br />when compared to the subject property. The subject property has a ratio of 8.21:1, exclusive of <br />nonconforming room additions. As can be noted, the land/building area ratios of the sale properties range <br />from 4.88:1 to 6.08:1. <br />All of the sales employed herein conveyed title to the fee simple interest, and represent arm's-length. <br />transactions. Pinancing terns of each sale were typical of the subject market area. Adjustments are not <br />warranted for property rights conveyed, conditions of sale, or financing terms. <br />Certain of the sale properties considered extended over a time period back to the second quarter of 2016. <br />The time frame permitted the development of a rather comprehensive real estate market profile. The <br />improved sale properties employed in this study are set forth in chronological order, and took place <br />between June, 2016 and November, 2016. Inasmuch as the sales took place during stable market <br />conditions, adjustments for same are not warranted. <br />After viewing each of the sale properties, and obtaining certain information pertinent to value, the appraiser <br />analyzed the various elements of comparability for each sale property which, among others, include the <br />following: <br />General location, <br />Immediate environmental iuflucnces <br />Zoning. <br />Land size and configuration, <br />Dwelling age and condition. <br />Typc/capacity of on-site parking. <br />Vehicular and pedestrian access. <br />Topography, view amenity. <br />Dwelling size, <br />No, of bedrooms/bathrooms. <br />Construction quality. <br />Extent of on-site improvements. <br />A Relative Comparison Analysis (RCA) has been conducted between the individual comparable properties <br />and the subject property. The RCA is a qualitative technique for analyzing comparable sales, and is a <br />valuable tool employed to illustrate whether the characteristics of a comparable property are inferior, <br />superior, or similar to those of the property under appraisement <br />75P-19 <br />