With the issue of the costs/sanctions and injunctive relief behind us, Mr. Meyer got busy. First, he reviewed the requested appraisals. Remember back if you will for a moment. When this first started, David had an appraisal done and using the appraised value of $665k he proceeded to justify why he felt that his offer to the other owners of $600k (including all contents) was reasonable. The encroachment, critters, poor state of the cottage, landlocked issues, etc. included.
When directed by the court to obtain independent appraisals, we had one done in April of 2007. It was very close to the one David had used. Ours, $668,700.
David however felt the need to quickly obtain ANOTHER appraisal. In regard to the comparables, both David's appraisal and ours used a property at 151 Old Stage Road that had a sale price of $620,000.
The new appraisal estimated the fair market value of the property at $545k. With the various adjustments, their appraisal came in at $558,900.00. A major deduction in value under the new and improved Symons appraisal was the subjective amount of $50,000 because of the "encroachment" onto the neighboring property. Also, the Symons appraisal deducted an additional $66,000 from the comparable price due to the "site".
So what did Mr. Meyer do with this information? Ignoring the plan for a third appraisal if the two that were obtained weren't close, he decided that the "sale" would be held in the manner of an auction and the starting bid price would be $545,000. What???????????? As we've said... you can't make this crap up if you tried.