SLCA Executive Committee Meeting Minutes - April 21, 2010

STARING LANE COMMUNITY ASSOCIATION
EXECUTIVE COMMITTEE
April 21, 2010

In Attendance: Gwynn Shamlin, Brunetta Shamlin, Pete Territo, Cathy & L. J. Cusimano, Mr. Herke and Judy Barbay.

As agreed upon by the Association, an executive committee met with appraisers to determine who could best meet the needs of Association members.

1st Interview: Octavius Butler of Reva Scott’s Appraisal Company, RSB Appraisal Services

Ms. Scott was unable to attend, so Octavius Butler represented RSB Appraisal Services.
This company has been in existence 15 years and has operated in the States of California and Louisiana.

They have expertise in residential and small commercial appraisals.
RSB Services has two employees.

Appraise vacant lots as well.

Appraise home and land value within your subdivision by looking at comparable homes—age, condition, exterior and interior.

48 hour turnaround to receive report (unless extenuating circumstances.

Appraises shrubberty, trees (considers historic value of trees)
Calculates external obsolescence (noise due to schools, railroad tracks)—the percentage is based on different neighborhoods.

Land value is determined on vacant land.

Have never been taken to court over the result of their appraisal.

Appraisal: broken down to land, carport, depreciation of home—breaks down square footage to home itself, carport/garage and lot
Appraise improvements—itemized as part of value.

Must make a special request to get commercial and residential value of land.
Will have a proposal ready for the Association by early Friday morning.

2nd Interview: Kermit “Wayne” Williams

Has testified many times as an expert witness.

Is a certified real estate appraiser who has contracted with the city on the sewer project. Can work with both sides of controversy. Will work with objectivity.

If has at least 10 appraisals from the Association will charge $1500 per parcel and $200 per hour for other expertise. If there aren’t 10, then the charge will be $3,000.

He urges everyone to hire an attorney to represent them with negotiations with the city-parish.
His appraisals are composed of “Before and After” approach/”Paired Sales”—courts say you are to be compensated to the full extent of the loss. He would do a study on properties and will look at the plan and compare to other properties where similar things have happened (paired sales) such as on Stanford Avenue and the street is very close to the front of the houses—he would compare their value with the value of houses within the Southdowns area and show how the estimated worth of square foot value is decreased due to this. Will see what this street widening project would do to the value of your property.

He is confident itemizing small objects on land but not large trees and shrubbery—recommends getting an expert in this area to determine their worth.
“A good settlement is better than a good fight.”

People have challenged the “quick take” law and lost.

Usually the servitude is used for construction and you get it back.

Heat and noise are not being addressed in the appraisal.

Looking at “paired sales” to prove detrimental effects of the construction project.

Two ways to measure damages—cost to fix damages (such as moving carport; could require a double driveway) Have to have other experts to determine landscaping losses.

Each property would be appraised on its own merit.

Consistent use principal: can’t value land as commercial and house as residential.

You need an attorney and having a solid front would do a lot more for negotiations.