Leschi / Madison Park Area: 014 Residential Revalue for 2015 Assessment Roll Area 14 / Madison Park / Leschi is located east of the Seattle Central Business District and lies along the west shore of Lake Washington. It was among the first areas developed in Seattle. Approximately 96% of the parcels in this area are improved with single family dwellings and a majority portion of the remaining undeveloped land would be considered unbuildable. New construction typically follows a teardown of an existing improvement. The typical grade of homes in the area is 8 or 9 on a scale of 1-13. Approximately 36% of the parcels have some degree of view, most often of Lake Washington and Mount Rainier. High quality homes are scattered throughout the entire area but are most prevalent in the Washington Park and Denny Blaine neighborhoods. Broadmoor, a private, gated community which includes a golf course is in the northern portion of Area 14. Further South is Madrona Park and Leschi which extends south of I-90, and finally, in the Southern portion of Area 14 is the Mt. Baker neighborhood. A number of the homes in the area were early mansions which typically enjoy excellent views of Lake Washington, Mount Rainier and the Cascade Mountains. Many high quality luxury homes have been and continue to be built in this area. Waterfront properties run along Lake Washington along with a number of public parks and beaches. The Seattle Tennis Club also stands along the shores of Lake Washington in Area 14. It is a desirable area in which to live because of its proximity to downtown Seattle and its many parks and recreational opportunities . Department of Assessments Setting values, serving the community, and pursuing excellence 500 Fourth Avenue, ADM-AS 0708 Seattle, WA 98104-2384 OFFICE (206) 296-7300 FAX (206) 296-0595 Email: [email protected] http://www.kingcounty.gov/assessor/ Department of Assessments Accounting Division Lloyd Hara 500 Fourth Avenue, ADM-AS-0740 Seattle, WA 98104-2384 Assessor (206) 205-0444 FAX (206) 296-0106 Email: [email protected] http://www.kingcounty.gov/assessor/ Dear Property Owners: Property assessments for the 2015 assessment year are being completed by my staff throughout the year and change of value notices are being mailed as neighborhoods are completed. We value property at fee simple, reflecting property at its highest and best use and following the requirement of RCW 84.40.030 to appraise property at true and fair value. We have worked hard to implement your suggestions to place more information in an e-Environment to meet your needs for timely and accurate information. The following report summarizes the results of the 2015 assessment for this area. (See map within report). It is meant to provide you with helpful background information about the process used and basis for property assessments in your area. Fair and uniform assessments set the foundation for effective government and I am pleased that we are able to make continuous and ongoing improvements to serve you. Please feel welcome to call my staff if you have questions about the property assessment process and how it relates to your property. Sincerely, Lloyd Hara Assessor Table of Contents Contents Area 014 Map .......................................................................................................................................................................... 5 Area 014 / Madison Park Housing Profile ............................................................................................................................... 6 Glossary for Improved Sales ................................................................................................................................................... 8 Condition: Relative to Age and Grade ................................................................................................................................. 8 Residential Building Grades ................................................................................................................................................ 8 Executive Summary ................................................................................................................................................................. 9 Sales Sample Representation of Population Year Built or Renovated .................................................................................. 10 Sales Sample Representation of Population Above Grade Living Area ................................................................................ 11 Sales Sample Representation of Population Building Grade ................................................................................................ 12 Physical Inspection Process................................................................................................................................................... 13 Appraisal Team Members and Participation .................................................................................................................... 13 Sales Screening for Improved Parcel Analysis ................................................................................................................... 13 Highest and Best Use Analysis .......................................................................................................................................... 13 Standards and Measurement of Data Accuracy ............................................................................................................... 13 Special Assumptions and Limiting Conditions .................................................................................................................. 14 Area Information ................................................................................................................................................................... 15 Name or Designation ........................................................................................................................................................ 15 Boundaries ........................................................................................................................................................................ 15 Maps.................................................................................................................................................................................. 15 Area Description ............................................................................................................................................................... 15 Neighborhood Overview Map .............................................................................................................................................. 16 Neighborhood 10 & 40 Map ................................................................................................................................................. 17 Neighborhood 20 & 30 Map ................................................................................................................................................. 18 Neighborhood 60 Map .......................................................................................................................................................... 19 Neighborhood 50 & 70 Map ................................................................................................................................................. 20 Neighborhood 80 & 90 Map ................................................................................................................................................. 21 Land Valuation ...................................................................................................................................................................... 22 Land Model ........................................................................................................................................................................... 25 Land Value Model Calibration ............................................................................................................................................... 26 Improved Parcel Valuation .................................................................................................................................................... 28 Improved Parcel Total Value Model Calibration ................................................................................................................... 30 Area 014 3 2015 Physical Inspection Department of Assessments Multiplicative Model ......................................................................................................................................................... 30 Supplemental Models and Exceptions .................................................................................................................................. 32 Area 014 Market Value Changes Over Time ......................................................................................................................... 33 Results ................................................................................................................................................................................... 35 Physical Inspection Ratio Study Report (Before) – 2014 Assessments ................................................................................. 36 Physical Inspection Ratio Study Report (After) – 2015 Assessments ..................................................................................