HomeMy WebLinkAbout940736- .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1994, WELD COUNTY, COLORADO
PETITION OF:
WINDSOR ASSOCIATES INC
P 0 BOX 477
WHEATRIDGE, CO 80034
DESCRIPTION OF PROPERTY: PIN: R 1478586 PARCEL: 080720401004 - WIN CST-C
PT E2SE4 20 6 67 CARANNA 1ST FILING BEG S87D46'W
235.03' OF E4 COR SEC S0D12'E 208' S89D47'W 176.89' TH
ALG CURVE TO LEFT (R=40' CHORD N44D16'W 35.93' ) NOD12'W
175.09' N87D46'E 202 TO BEG %812-814 7 ST%
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
organized as the Board of Equalization for the purpose of adjusting, equalizing,
raising or lowering the assessment and valuation of real and personal property
within Weld County, fixed and made by the County Assessor for the year 1994, and
WHEREAS, said petition has been heard before the County Assessor and due
Notice of Determination thereon has been given to the taxpayer(s) , and
WHEREAS, the taxpayer(s) presented a petition of appeal of the County
Assessor's valuation for the year 1994, claiming that the property described in
such petition was assessed too high, as more specifically stated in said
petition, and
WHEREAS, said petitioner not being present, and
WHEREAS, the Board has made its findings on the evidence, testimony and
remonstrances and is now fully informed.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, acting as the Board of Equalization, that the evidence presented at the
hearing clearly supported the value placed upon the Petitioner's property by the
Weld County Assessor. Such evidence indicated the value was reasonable,
equitable, and derived according to the methodologies, percentages, figures and
formulas dictated to the Weld County Assessor by law. The assessment and
valuation of the Weld County Assessor shall be, and hereby is, affirmed as
follows:
940736
jI cSQ!),30 per AS A P
Page 2
RE: BOE - WINDSOR ASSOCIATES INC
ORIGINAL
Land $ 67,561
Improvements OR
Personal Property 352, 797
TOTAL ACTUAL VALUE $ 420,358
BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by
the Board of Equalization may be appealed by selecting one of the following three
options:
1. Board of Assessment Appeals: You have the right to appeal the
County Board of Equalization's (CBOE's) decision to the Board of
Assessment Appeals (BAA) . Such hearing is the final hearing at
which testimony, exhibits, or any other evidence may be
introduced. If the decision of the BAA is further appealed to
the Court of Appeals, only the record created at the BAA hearing
shall be the basis for the Court's decision. No new evidence can
be introduced at the Court of Appeals. (Section 39-8-108(10) ,
CRS)
Appeals to the BAA must be made on forms furnished by the
BAA, and should be mailed or delivered within thirty (30)
days of denial by the CBOE to:
Board of Assessment Appeals
1313 Sherman Street, Room 523
Denver, CO 80203
Phone: 866-5880
OR
2. District Court: You have the right to appeal the CBOE's decision
to the District Court of the county wherein your property is
located. New testimony, exhibits or any other evidence may be
introduced at the District Court hearing. For filing
requirements, please contact your attorney or the Clerk of the
District Court. Further appeal of the District Court's decision
is made to the Court of Appeals for a review of the record.
(Section 39-8-108(1) , CRS)
OR
940736
Page 3
RE: BOE - WINDSOR ASSOCIATES INC
3. Binding Arbitration: You have the right to submit your case to
arbitration. If you choose this option the arbitrator's decision
is final and your right to appeal your current valuation ends.
(Section 39-8-108.5, CRS)
Selecting the Arbitrator: In order to pursue arbitration, you
must notify the CBOE of your intent. You and the OBOE select an
arbitrator from the official list of qualified people. If you
cannot agree on an arbitrator, the District Court of the county
in which the property is located will make the selection.
Arbitration Hearing Procedure: Arbitration hearings are held
within sixty days from the date the arbitrator is selected. Both
you and the OBOE are entitled to participate. The hearings are
informal. The arbitrator has the authority to issue subpoenas
for witnesses, books, records, documents and other evidence. He
also has the power to administer oaths, and all questions of law
and fact shall be determined by him.
The arbitration hearing may be confidential and closed to the
public, upon mutual agreement. The arbitrator's written decision
must be delivered to both parties personally or by registered
mail within ten (10) days of the hearing. Such decision is final
and not subject to review.
Fees and Expenses: The arbitrator's fees and expenses are agreed
upon by you and the OBOE. In the case of residential real
property, such fees and expenses cannot exceed $150. 00 per case.
The arbitrator's fees and expenses, not including counsel fees,
are to be paid as provided in the decision.
940736
Page 4
RE: BOE - WINDSOR ASSOCIATES INC
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following Pda,
vote on the 28th day of July, A.D. , 1994.
BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
JJ
Weld County Clerk to the Board _ ��V/l.�' ttliA
J7 W. bst 'rma�•
BY: ,
Deputy C1e to the oard Dale Hall, 850-Tem
/
i
APPROVED AS TO FORM: t- -ce. ,,,. /f .r., .
eye/g.e Baxter
Vie—a...Th.County Atto ney onstance L. Harbert/
Barbara J. Kirkmeyer
940736
OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
GREELEY, COLORADO 80631
NOTICE OF DENIAL PHONE (303) 353-3845, EXT. 3656
1111 `-I D COU QTY _
or
(NI •,'.1^^I.1,*'^ G 587046'N 236.03• OF E46COP SECN50012'EI208•
COLORAI I 8$+#®D47•Y 176.89• TH ALG CURVE TO LEFT (R-40• CHORD
N44D16• W 35.93• ) N0D12•Y 175.09• Nd7D46•E 202 TO
CLERK BEG %812-814 7 ST%
TO THE CC^:-: 12 7 ST WINDSOR
OWNER !WINDSOR ASSOCIATES INC
WINDSOR ASSOCIATES INC PARCEL 080720401004
PIN A 1478586
P 0 BOX 477 YEAR 1994
YHEATALOGE CO 80034 LOG 00269
05/27/1994
The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determined
that your property should be included in the following category(ies):
RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH•
AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCTIVE
CAPACITY OF THE LAND. CAPITALIZED AT A RATE SET BY LAM.
ALL OTHER PROPERTY. INCLUDING VACANT LAND. IS VALUED BY CONSIDERING THE COST.
MARKET. AND INCOME APPROACHES.
If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hold
budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings.
The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter-
mined the valuation(s) assigned to your property. The reasons for this determination of value are:
NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY.
COLORADO LAY REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL
PROPERTIES ON WHICH ME DO NOT ADJUST THE VALUE.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE
OF VALUE PRIOR TO REVIEW AFTER REVIEW
LAND 67.561 67.561
IMPS 352. 797 352.797
•
TOTALS $ $ 420.358 $ 420.358
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,
39-8-106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
By: WARREN L. LASELL 06/03/94
WELD COUNTY ASSESSOR 5 . /ll DATE 940736 3S
15-DPT-AR �-+�
Form PR-207-87/94 ADDITIONAL INFORMATION ON REVERSE SIDE
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rt , , . ,rn . € . . s3 .. :: „;s';'. '`,h_F A TIMELY APPEAL
,E.tirE.trt.,_ WE P. .,1+..' :liA 0 P.L._ •.,r?::,...",il, -,...:: .. . , w . .,, ,e. ...W_ , . . . ,T.,_..
Based on comparable sales the value of this property is $361 ,200. The comparable sales' used
to reach this value are as follows:
Date Sold Property Address Selling Price
06712/92 706,712,718 & 724 2nd St., Windsor, CO $425,000
10/09/91 3750 24th St., Greely, CO 6,000,000 .
10/24/91 . L . 706,708,710 & 712 W. 27th Ave., Greeley 1 ,220,000
CO ,
Attached is the sale to on the thrreerid ti able sacl�e-�/sy?used. b74
f CV ( 11N6C4r S°GIF . IC , 944Y736
BOE DECISION SHEET
PIN 8: R 1478586 PARCEL 8: 080720401004
WINDSOR ASSOCIATES INC
P 0 BOX 477
WHEATRIDGE, CO 80034
HEARING DATE: July 28, 1994 TIME: 9:00 A.M.
HEARING ATTENDED? (Y/4 " NAME:
AGENT NAME:
APPRAISER NAME:
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL SET BY BOARD
Land $ 67,561 $
Improvements OR
Personal Property 352, 797
Total Actual Value $ 420,358 $
COMMENTS:
MOTION BY Q j TO L �// c fy �� j
SECONDED BY (2.74)1— j '”(O, 9jP 1 Baxter -- Y )
Hall --
„4,_ Failed to prove appropriate value Harbert -- N)
No comparables given Kirkmeyer - N)
Other: Webster - N)
RESOLUTION NO.
940736
SALE NUMBER 2
i
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w,}rt Y •a, :q t sH� ,k •- • fj t ` sio±
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w k •,"z- w r k...,t :elLi .Z 4 j��'r$irk. t.M .n1
td; i t; — °`r,""R. . T t.,f e--
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Taken in June 1993
Project Name: Windsor Gardens
Address: 706. 712. 718. and 724 2nd Street. Windsor. CO
Legal Description: Lots' 1. 2 1 and 4 Block 3 Glen Rock Place
Date of Sale: June 12 /992 Sale Price: $425 000
Cash Equivalent Price: , 425 000
Financing: Cash to seller: new loan
Grantor: Section 36. inc.. a Colorado corporation
Grantee: John Hayman and Patrick Hovman
Reception Number: 02292515
Lot Size: 1.84 acres Density: 16.85 dwelling units/acre
Number of Buildings: 4 Number of Units: 31
Net Rentable Area: 24.775 square feet
Construction Date: 1971 Condition: Fair to average
Heating/A.C.: Gas, hot water baseboardlwall-mounted A.C.
• FOSTER VALUATION COMPANY CJ
34U736-
- 52 -
piSale No. 2
Page 2
t
Appliances: Standard: no laundry hook-ups
Utilities Paid By Tenant: Electricity
Utilities Paid By Owner: Gas water and sewer
Furnished at Time of Sale: No
I
Unit Mix: 5 one-bedroom. one-bath units. 1? two-bedroom. one-bath unity.
and 11 three-bedroom. 1 5 bath unity
Location: Central&located in Windsor
Parking:
Off-Street Yes. paved
Carports/Garages None
Amenities: None
Sale Price/Unit: $13.710
Sale Price/SF of Net Rentable Area: $1715
Sale Price/Room: $6 143
Pot. Gross Annual Income: $124.960 Vacancy: $12.216
Eff. Gross Income: $112.744 Expenses: $64.78? (57% EC11
i Net Operating Income: $47.961
piPot. Gross Income Mult.: 1,40 Overall Rate: 11.3%
Remarks: Property is of the same age and general condition as the subject. A previous sale took
place in December 1985 at which time the property sold to the present owners for$603,800, or on
",'^. the basis of$19,477 per unit.
^r
ril
d
2 gFs
lb \\. FOSTER VALUATION COMPANY C'
1.
:: aK„ - 53 - 940736
SALE NUMBER 4
‘, F t.1fY. • ,t .. a. .y';
•
7 nice, '¢Wray j PrAI - r
� .-�; �' 1 "-�'�P , 1 �1• I�f B7 .ems '
IL;
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1
Taken in September 1992
' Project Name: Gateway Place Apartments
Address: 4750 24th Street. Greeley. CO
Legal Description: A portion of Lot 1 Gateway Park Filing No 2 (amended)
1
Date of Sale: October 9. 1991 Sale Price: $6.000.000
' Cash Equivalent Price: $6.000.000
Financing: Cash to seller
I
Grantor: Capitol Federal Savings and Loan Association under RTC receivership
Grantee: Gate Way Place. Ltd.. a limited Partnership
Reception Number: 02265894
Lot Size: 9.78 acres Density: 21.47 dwelling units/acre
Number of Buildings: 11 Number of Units: 210
Net Rentable Area: 169.906 square feet
Construction Date: 1987 Condition: Good
Heating/A.C.: Gas.forced air/central air conditioning
1/4 1
FOSTER VALUATION COMPANY �l
- 56 - 940736
iSale No. 4
Page 2
I
Appliances: Standard: laundry hook-ups
Utilities Paid By Tenant: Electricity andais
Utilities Paid By Owner: Water and sewer
Furnished at Time of Sale: No
Unit Mix: 78 one-bedroom one-bath units: 48 two-bedroom. one-bath units: and
84 two-bedroom two-bath units
Location: On the southwestern edge of the city in a developed area
Parking:
Off-Street Yes. paved
Carports/Garages 42 garages available
Amenities: Clubhouse. outdoor swimming pool. tennis courts. volleyball courts
Sale Price/Unit: $28 571
Sale Price/SF of Net Rentable Area: $?5 71
Sale Price/Room: $7 874
Pot. Gross Annual Income: $1.108.700 Vacancy: $77.609
Eff. Gross Income: $1.031.091 Expenses: $389.085 (38% EGI)
Net Operating Income: $642.006
Pot. Gross Income Mult.: 5.41 Overall Rate: 10.7%
Remarks: Units have fireplaces. This complex and Country Club West Apartments are
considered to be Greeley's newest and nicest projects. The property sold out of foreclosure at close
to its $6,400,000 asking price.
I •I
I E
■
FOSTER VALUATION COMPANY j
57 - 940736
II
rSALE NUMBER 5
Ill -
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IPTaken in September 1992
r Project Name: Village Gardens Apartments
Address: 706. 708. 710. and 712 West 27th Avenue Greeley CO
Legal Description: Part of the SW'ASE�/a of Section 1 Township 5 North
IllRange 66 West of the 6th P.M.
Date of Sale: October 24. 1991 Sale Price: $1.220.000
I-- Cash Equivalent Price: $1.220.000
Financing: Cash to seller
0
Grantor: Everitt Enterprises. Inc.. a Colorado corporation
Grantee: Bruce DeUlk
Reception Number: 02267/65
rLot Size: 2 13 acres Density: 30.90 dwelling units/acre
Number of Buildings: 3 Number of Units: 72
• Net Rentable Area: 51 280 square feet
Construction Date: 1971 Condition: Average to good
Heating/A.C.: Central. gac fired hot water baseboardlwall A.(
r
FOSTER VALUATION COMPANY �/
N - 58 - 640736
Sale No. 5
Page 2
I
Appliances: Standard: no laundry hook-ups
Utilities Paid By Tenant: Electricity and gas
Utilities Paid By Owner: Water and sewer
Furnished at Time of Sale: No
Unit Mix: 36 one-bedroom. one-bath units: and 36 two-bedroom. one-bath units
Location: Centrally located in a predominantly residential area
Parking:
Off-Street Yes paved
Carports/Garages Carports
Amenities: Clubhouse with two saunac and outdoor pool
1 Sale Price/Unit: $16.944
Sale Price/SF of Net Rentable Area: Q2J 90
Sale Price/Room: $4 841
Pot. Gross Annual Income: $105.880 Vacancy: $18.153
Eff. Gross Income: $287.527 Expenses: $I 19.234 (48% EGII
Net Operating Income: $148 291
Pot. Gross Income Mult.: 1 99 Overall Rate: 12.2%
Remarks: Apartment units are accessed via interior hallways. Resident population is comprised
of a proportionately large number of seniors. Many have been long-time tenants. A new membrane
roof cover was installed on the buildings approximately five to six years ago.
I
I
I
i
I ,
FOSTER VALUATION COMPANY
- 59 -
94073“
DEPARTMENT OF FINANCE AND ADMINISTRATION
PHONE(303)356-4000 EXT.4218
P.O. OO. BOX 758
GREELEY,COLORADO 80632
C.
COLORADO
July 19, 1994
Parcel No. : 080720401004 PIN No. : R 1478586
WINDSOR ASSOCIATES INC
P 0 BOX 477
WHEATRIDGE, CO 80034
Dear Petitioner(s) :
The Weld County Board of Equalization has set a date of Thursday, July 28,
1994, at or about the hour of 9:00 A.M. , to hold a hearing on your
valuation for assessment. This hearing will be held at the Weld County
Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor
Hearing Room.
You have a right to attend this hearing and present evidence in support of
your petition. The Weld County Assessor will be present before the Board.
The Board will make their decision on the basis of the record made at the
aforementioned hearing, as well as your petition, so it would be in your
interest to have a representative present. If you plan to be represented
by an agent or an attorney at your hearing, prior to the hearing you shall
provide, in writing to the Clerk to the Board' s Office, an authorization
for the agent or attorney to represent you. If you do not choose to
attend this hearing, a decision will still be made by the Board by the
close of business on August 5, 1994, and mailed to you on or before
August 10, 1994.
Because of the volume of cases before the Board of Equalization, all cases
shall be limited to 15 minutes. Also due to volume, cases cannot be
rescheduled. It is imperative that you provide evidence to support your
position. This may include evidence that similar homes in your area are
valued less than yours or you are being assessed on improvements you do
not have. Please note: The fact that your valuation has increased cannot
be your sole basis of appeal. Without documented evidence as indicated
above, the Board will have no choice but to deny your appeal.
940736
WINDSOR ASSOCIATES INC - R 1478586
Page 2
At least two (2) working days prior to your hearing the Assessor will have
available, at your request, the data supporting his valuation of your
property.
Please advise me if you decide not to keep your appointment as scheduled.
If you need any additional information, please call me at your
convenience.
Very truly yours,
Luc
OF EQUALIZATI,ON
/ 01114
Donald D. Warden,
Clerk to the Board /// 11(},el—ehL
BY: - i27%1 Y'///6/ (
Ki erlee A. Schuett, Deputy
cc: Warren Lasell, Assessor
WELD COUNTY COLORADO
OFFICE OF WELD COUNTY ASSESSOR
1400 N. 17TH AVENUE
GREELEY, COLORADO 80631
PROPERTY VALUATION
SUMMERY
PETITIONER: WINDSOR ASSOCIATES INC .
ADDRESS: P O BOX 477
WHEATRIDGE, COLORADO 80034
PARCEL NOS: 080720401003
080720401004
PREPARED BY
LARRY RODRIGUEZ
WELD COUNTY PROPERTY APPRAISER
940736
OFFICE OF WELD COUNTY ASSESSOR
TABLE OF CONTENTS
Table of Contents 1
Property Identification 2
Assessed Valuation 3
Sales Comparison Approach (Square Foot Method) 4
Sales Comparison Approach (Per Unit Method) 5
Total Confirmed Sales 6
Value Estimate 7
Correlation and Final Estimate of Value 8
Subject Photograph 9
Comparable Sales No . 1 Photograph 10
Comparable Sales No . 2 Photograph 11
Comparable Sales No . 3 Photograph 12
-1-
940736
PROPERTY IDENTIFICATION
Type of Property:
The subject property consists of a 52 unit apartment complex. This
complex is comprised of 4 low rise apartment buildings, 2 - 16
unit, 1 - 13 unit and 1 - 7 unit which were constructed from 1971
to 1973 (effective age 1972) . Total gross area of the subject
apartment buildings is 35, 040 square feet. The improvements are
situated on a 99 , 752 square foot site zoned primarily residential,
under a City of Windsor zoning ordinance.
Street Address:
The subject properties are located at: 812 - 814 7th Street and
810 Stone Mountain Court, in Windsor, Colorado.
Parcel Numbers and Legal Descriptions:
Parcel number 080720401003 is legally identified as :
PT E2SE4 20 6 67 CARANNA 1ST FILING BEG SOD12 ' E 325 .25 ' &
S89D47 'W 50 ' OF E4 COR SEC S89D47 'W 184 . 89 ' NOD12 ' W 317 '
N87D46 ' E 185 ' SOD12 ' E 323 . 5 ' TO BEG
Parcel number 080720401004 is legally identified as :
PT E2SE4 20 6 67 CARANNA 1ST FILING BEG S87D46 'W 235 . 03 ' OF
E4 COR SEC S0D12 'E 208 ' S89D47 'W 176 . 89 ' TH ALG CURVE TO LEFT
(R-40 ' CHORD N44D16 'W 35 . 93 ' ) NOD12 'W 175. 09 ' N87D46 ' E 202 TO
BEG
Ownership:
According to records kept in the office of the Weld County
Assessor, the owner of the subject property is :
WINDSOR ASSOCIATES INC.
P O BOX 477
WHEATRIDGE, COLORADO 80034
Amenities:
Complex includes on site laundromat, fenced in swimming pool and
off-street parking.
Date of Valuation
June 30 , 1992
-2-
940736
ASSESSED VALUATION
Property Value:
For tax purposes the subject property is assessed by the Weld
County Assessor' s Office under parcel numbers 080720401003 and
080720401004 . The valuation for tax years 1993 and 1994 by the
assessor ' s office are detailed as follows :
Assessed Land Value $ 164,591
Assessed Improvements Value $ 808, 394
Total Assessed Value $ 972, 985
Assessed Land Value:
The subject is located in a zoned residential area. Market sales
indicate the value of land in this neighborhood to be $1. 65 per
square foot. Subject land consists of 99 , 752 square feet .
99 , 752 * $1 . 65 = $164 , 591 .
Assessed Improvements Value:
Based on sales collected by the assessor ' s office, market indicates
value of $23 . 070605 per square foot for improvements of this type.
Subjects improvements consists of 35 , 040 square feet .
20, 466 * $22 . 23317 = $455, 024 .
Total Assessed Value:
Total assessed value according to the assessor ' s office is
calculated as $164, 591 for land, and $808 , 394 for improvements, for
a total assessed value of $972 , 985 .
Support of Values:
Presented on the succeeding pages are the sales comparison approach
(market approach) to value, which is used to support the value
assigned by the county assessor ' s office. Two types of units of
comparison are used in the sales comparison approach, the square
foot method and the per unit method.
-3-
940736
SALES COMPARISON APPROACH
(SQUARE FOOT METHOD)
SUBJECT COMP. 1 COMP. 2 COMP. 3
ADDRESS 812 -814 7TH ST 706- 712 27TH AVE 706- 724 2ND ST 3750 W 24TH ST
810 STN MTN CT GREELEY WINDSOR GREELEY
WINDSOR
SALES DATE 10/24/91 06/12/92 10/09/91
SALES PRICE $972,985 $1,220,000 $425,000 $6,000,000
TIME ADJUSTMENT $45,048 $1,008 $234,891
TIME/ADJ SALES PRICE $1,265,048 $426,008 $6,234,891
IMPS SQ/FT. 35040 61875 25520 186652
SALE PRICE SQ/FT. $20.45 $16.69 $33.40
YEAR BUILT 1972 1971 1971 1987
QUALITY AVERAGE AVERAGE FAIR AVERAGE
CONDITION AVERAGE AVERAGE AVERAGE AVERAGE
AMENITIES $33,654 $75,044 $11,491 $92,930
ADJUSTMENT MATRIX:
SIZE ($549,044) $158,889 ($5,063,841)
AGE $0 $0 ($81,924)
QUALITY $0 $58,490 $0
CONDITION $0 - $0 $0
AMENITIES ($8,307) $17,876 $15,997
TOTAL ADJUSTMENTS ($557,351) $235,255 ($5,129,768)
ADJUSTED IMPS VALUES $707,697 $661,263 $1,105,123
SUBJECT SQ/FT. 35040 35040 35040
ADJUSTED SQ.FT.VALUE $27.77 • $20.20 $18.87 $31.54
ADJUSTED PRICE RANGE $18.87- $31.54
ADJUSTED MEAN $23.54 PER FOOT
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940736 _
SALES COMPARISON APPROACH
(PER UNIT METHOD)
SUBJECT COMP. 1 COMP. 2 COMP. 3
ADDRESS 812- 814 7TH ST 706- 712 27TH AVE 706- 724 2ND ST 3750 W 24TH ST
810 STN MTN CT GREELEY WINDSOR GREELEY
WINDSOR
SALES DATE 10/24/91 06/12/92 10/09/91
SALES PRICE $972,985 $1,220,000 $425,000 $6,000,000
TIME ADJUSTMENT $45,048 $1,008 $234,891
TIME/ADJ SALES PRICE $1,265,048 $426,008 $6,234,891
NO. OF UNITS 52 72 32 210
SALE PRICE UNIT $18,711 $16,944 $13,281 $28,571
IMPS SQ/FT. 35040 61875 25520 186652
AVG. SQ/FT. UNIT 674 859 798 889
YEAR BUILT 1972 1971 1971 1987
QUALITY AVERAGE AVERAGE FAIR AVERAGE
CONDITION AVERAGE AVERAGE AVERAGE AVERAGE
AMENITIES $33,654 $75,044 $11,491 $92,930
ADJUSTMENT MATRIX:
SIZE ($3,794) ($2,064) ($7,189)
AGE $0 $0 ($390)
. QUALITY $0 $1,827
CONDITION $0 $0 $0
AMENITIES ($115) $559 $76
TOTAL ADJUSTMENTS ($3,794) ($237) ($7,579)
•
ADJUSTED IMPS VALUES $18,711 $13,150 $13,044 $20,992
ADJUSTED PRICE RANGE $13,044- $20,992
ADJUSTED MEAN $15,729
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940736
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940736
VALUE ESTIMATE
Parcel Nos : 080720401003
080720401004
Property: 812 - 814 7TH STREET
810 STONE MOUNTAIN COURT
WINDSOR, COLORADO 80550
SALES COMPARISON APPROACH
Square Foot Method:
Concluded value per square foot $23 . 54
Number of square feet 35, 040
Sales comparison approach - square foot method $824, 842
Per Unit Method:
Concluded value per unit $15, 729
Number of units 52
Sales comparison approach - per unit method
$817, 908
TOTAL CONFIRMED SALES :
Square Foot:
Concluded value per square foot $26 . 63
Number of square feet - 35, 040
Total confirmed sales - square foot $933,115
Per Unit:
Concluded value per unit $28 , 099
Number of units 52
Sales comparison approach - per unit method $1, 461, 148
•
Value estimate by the sales comparison approach:
$1, 009,250
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940736
CORRELATION AND FINAL ESTIMATE OF VALUE
The sales comparison approach, utilizing the square foot and per
unit methods of determining value have been extensively detailed in
this valuation summary analysis . The sales comparison approach
(market approach) to value is the only type of valuation method
used in this summary in keeping with the state laws of Colorado,
which state that residential property must be valued by market
sales for ad valorem purposes .
Sales Comparison Approach:
The value as indicated by recent sales of comparable
properties, as adjusted to account for all differences in
physical, location and economic characteristics.
Comparable sales summary (page 7) $1, 009,250
SUMMARY
Of the data available, the preponderance of supportable data was
present in the sales comparison approach. After considering all
available data, it is the conclusion of Weld County Assessor ' s
Office that the market value of the subject property as June 30
1992 is:
NINE HUNDRED SEVEN'T'Y-TWO THOUSAND NINE HUNDRED
EIGHTY-FIVE DOLLARS
•
$ 972, 985
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940736
AS0030
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