To the editor:

Anthony Gibbons, MAI, CRE, of ReSolve Appraisal and Consulting performed an appraisal of the Suzuki property on Jan. 22, 2016. He concluded with values between $3.5 million to $4.9 million for the lot, depending on allowable density.

His value conclusion is supported by recent market trends and sales data. The low end of the $3.5 million figure represents the value of the property if developed under base zoning (R2), or the value of the property as 28 residential lots. The high end of $4.9 million dollars represents the value of the property if developed under the maximum density allowable by Bainbridge Island’s Housing Design Demonstration Project’s plan (HDDP), a total of 75 residential lots.

The city’s July 2013 appraisal, which concluded to a value of $2 million dollars, should not be used as evidence to develop an opinion of fair market value for the property, due to its age and corresponding irrelevance to today’s market.

In his report, Anthony Gibbons stated that the housing market on Bainbridge Island has increased by 30 to 40 percent since 2013. Furthermore, the 2013 appraisal relied on data from the years previous, which marked our most recent economic recession.

Also, the city’s appraisal does not analyze the lot’s maximum potential under HDDP. Rather the city’s appraisal value of $2 million is based on an analysis of the property assuming a maximum lot potential of 31 residential lots (R2 zoning). It should be noted that at the time of the 2013 appraisal the Suzuki property was recorded as being 14.33 acres in size. According to updated records, the lot has been reduced to 13.83 acres in size.

RASHAM NASSAR

Bainbridge Island