312 RDUE Report
Prepared for and property of Collier County Board of Commissioners
Reliance upon the appraisal for other uses is not warranted.
Appraisal Report
Number 15-11-01 (Parcel No. 312 RDUE)
Project: Golden Gate Blvd Widening (20th St NE/SE to Everglades Blvd).
Project No. 60145
Parcel No. 312 RDUE
Parent Tract: 2.34 Acre Improved Tract.
Improvements: One Single-Family Home and
Associated Site Improvements.
Location: The parent tract is located on the south side of Golden Gate Boulevard E.
between 22nd Street SE and Everglades Boulevard S. in Collier County, Naples, Florida.
The parent tract has a street address of 2410 Golden Gate Boulevard E.,
Naples, Florida 34120.
Owner: Peterson Cadet.
Date of Valuation: January 29, 2016.
(Date of the Most Recent Inspection)
For
Harry Henderson, SRA, Review Appraiser
Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
February 2016
Prepared By: Wilcox Appraisal Services, Inc.
1633 SE 41st Street
Cape Coral, Florida 33904-7470
239-542-2311
Email: awilcoxmaisra@comcast.net
Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism
with all of our appraisers being designated members of the Appraisal Institute.
1633 S.E. 41st Street • Cape Coral • Florida 33904-7470
239-542-2311 • Email awilcoxmaisra@comcast.net
Prepared for and property of Collier County Board of Commissioners.
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
February 12, 2016
Harry Henderson, SRA, Review Appraiser
Transportation Right-of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Appraisal Report Number: 15-11-01 (Parcel No. 312 RDUE).
Project: Golden Gate Blvd Widening (20th St NE/SE to Everglades Blvd).
Project No.: 60145
Parcel No.: 312 RDUE.
Parent Tract: 2.34 Acre Improved Tract.
Improvements: One Single-Family Home and Associated Site Improvements.
Location: The parent tract is located on the south side of Golden Gate
Boulevard E. between 22nd Street SE and Everglades Boulevard S.
in Collier County, Naples, Florida. The parent tract has a street
address of 2410 Golden Gate Boulevard E., Naples, Florida 34120.
Owner: Peterson Cadet.
Date of Value: January 29, 2016 (Date of Most Recent Inspection).
Dear Mr. Henderson:
Pursuant to your request, an inspection and valuation analysis has been completed of the
above referenced property for the purpose of estimating the market value of the property rights
and improvements (if any) which are proposed to be acquired, together with all diminution in
value to the remainder land and improvements (if any) which can be attributed to the proposed
use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and
utility easement (Parcel No. 312 RDUE).
The Appraisal Standards Board of the Appraisal Foundation adopted the “2016-2017 Uniform
Standards of Professional Appraisal Practice” (USPAP) on February 6, 2015. The 2016-2017
standards became effective January 1, 2016 through December 31, 2017. In compliance with
Standards Rule 2-2(a), the appraiser is communicating to the client an “Appraisal Report”, one
of the two reporting options allowed under Standards Rule 2-2.
To estimate the compensation due the property owner, the appraiser has estimated the “as is”
market value of the undivided fee simple interest in the parent tract before and after the
proposed acquisition. Accordingly, as of the date of value, January 29, 2016, the appraiser
has utilized the hypothetical condition assuming the proposed acquisition and the
proposed roadway improvements have been completed. A hypothetical condition is
contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions
assume conditions contrary to known facts about physical, legal, or economic characteristics of
the parent tract; or about conditions external to the property, such as market conditions or
trends; or about the integrity of data used in an analysis.
Wilcox Appraisal Services, Inc. is
committed to the highest degree of
professionalism with all of our
appraisers being designated members
of the Appraisal Institute.
Page No. 2 PR
February 12, 2016
Harry Henderson, SRA, Review Appraiser
Wilcox Appraisal Services, Inc.
Prepared for and property of Collier County
Board of Commissioners. Reliance upon the
appraisal for other uses is not warranted.
This letter of transmittal precedes the full narrative appraisal report, further describing the
property and containing the reasoning and most pertinent data leading to the final value
estimates. Your attention is directed to the "General Assumptions", "General Limiting
Conditions", and "Certificate of Appraisal", which are considered usual for this type of
assignment and have been included in the addendum of this report.
By reason of my investigation and analysis, data contained in this report, and my experience in
the real estate appraisal business, it is my opinion that the amount due the property owner, as a
result of the loss of real estate resulting from the property rights and improvements (if any)
which are proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed
perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No. 312
RDUE), as of January 29, 2016, is:
Value of the Property Rights Taken: $ 2,400
Value of the Improvements Taken: $ 7,500
Severance Damages: $23,100
Net Cost to Cure: 0
TOTAL AMOUNT DUE OWNER: $33,000
Respectfully submitted,
WILCOX APPRAISAL SERVICES, INC.
R. Alan Wilcox, MAI, SRA
State-Certified General Real Estate Appraiser
RZ 306
Prepared for and property of Collier County Board of Commissioners. Page 1
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Table of Contents
PAGE
TABLE CONTENTS ........................................................................................................ 1
CERTIFICATION............................................................................................................. 3
SUMMARY OF SALIENT FACTS AND CONCLUSIONS .............................................. 5
INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM ...................... 13
Identification of the Intended User ....................................................................................... 14
Identification of the Real Estate ........................................................................................... 14
Prior Services ...................................................................................................................... 14
Identification of the Property Rights to be Valued ................................................................ 14
Intended Use or Function of the Appraisal ........................................................................... 15
Definition of the Value Estimate(s) ...................................................................................... 15
Date of Value Estimate(s) ................................................................................................... 16
Description of the Scope of the Appraisal ............................................................................ 16
Hypothetical Conditions ....................................................................................................... 16
Other Limiting Conditions .................................................................................................... 17
PHOTOGRAPHS OF THE PARENT TRACT ............................................................... 18
VALUATION ANALYSIS OF THE PARENT TRACT ................................................... 30
Owner of Record ................................................................................................................. 31
Legal Description of the Parent Tract .................................................................................. 31
Real Estate Assessments and Ad Valorem Taxes ............................................................... 31
Sales and Marketing History of the Parent Tract ................................................................. 31
Florida Area and Collier County Map ................................................................................... 32
Parent Tract Local Area Map ............................................................................................... 33
Market Area Data ............................................................................................................... 34
Parent Tract Aerial Map ...................................................................................................... 37
Parent Tract Plat Map ......................................................................................................... 38
Parent Tract Land Use Map ................................................................................................ 39
Parent Tract Zoning Map ..................................................................................................... 40
Site Data ............................................................................................................................ 41
Collier County Future Land Use Designation ....................................................................... 43
Zoning Classification ........................................................................................................... 44
Improvement Sketch ........................................................................................................... 46
Improvement Data ............................................................................................................... 47
Highest and Best Use .......................................................................................................... 48
The Appraisal Process ........................................................................................................ 49
Prepared for and property of Collier County Board of Commissioners. Page 2
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Table of Contents – continued
PAGE
LAND OR SITE VALUATION ....................................................................................... 51
Land Sales Map .................................................................................................................. 53
Application of the Market Data ............................................................................................ 54
Reconciliation of the Market Value Land Estimate ............................................................... 61
THE SALES COMPARISON APPROACH TO VALUE ................................................ 63
Improved Sales Map ........................................................................................................... 66
Application of the Market Data ............................................................................................ 67
Reconciliation of the Market Value Estimate ....................................................................... 71
RECONCILIATION OF THE VALUE INDICATIONS .................................................... 72
ESTIMATION OF REASONABLE EXPOSURE TIME .................................................. 73
DESCRIPTIONS AND VALUATION ANALYSES OF THE PROPOSED PARTIAL
ACQUISITION AREA AND THE REMAINDER PROPERTY ....................................... 74
Parcel No. 312 RDUE Acquisition Area Map ....................................................................... 75
Project Description and Identification of the Proposed Partial Acquisition Area ................... 76
Valuation Analysis of the Proposed Partial Acquisition Area ................................................ 76
Valuation Analysis of the Remainder Property “As Severed” ............................................... 78
Severance Damages to the Remainder Property ................................................................ 79
Cost to Cure Analysis .......................................................................................................... 80
Special Benefits .................................................................................................................. 80
Summary and Conclusion and the Total Compensation Estimate ....................................... 81
ADDENDUM ................................................................................................................. 82
Assumptions and Limiting Conditions .................................................................................. 83
Qualifications of the Appraiser ............................................................................................. 86
Copy of Parent Tract’s Warranty Deed ................................................................................ 87
Yearly Detail – 2015 for Single Family Homes in Collier County .......................................... 89
Land Sales Map .................................................................................................................. 91
Land Sales Data Sheets ...................................................................................................... 92
Improved Sales Map ......................................................................................................... 100
Improved Sales Data Sheets ............................................................................................. 101
Prepared for and property of Collier County Board of Commissioners. Page 3
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Certification
I certify that, to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report,
and I have no personal interest with respect to the parties involved.
• I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment and my engagement in this assignment was not
contingent upon developing or reporting predetermined results.
• My compensation for completing this assignment is not contingent upon the developing
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal.
• The reported analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute.
• The reported analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice.
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• As of the date of this report, R. Alan Wilcox, MAI, SRA, has completed the requirements
under the continuing education program of the Appraisal Institute.
• As of the date of this report, R. Alan Wilcox, MAI, SRA, State-Certified General Real
Estate Appraiser, License No. RZ 306, has completed the requirements under the
continuing education program of the State of Florida for state-certified appraisals.
• I, R. Alan Wilcox, MAI, SRA, have made a personal inspection of the subject property
and sales comparables that are contained in this report.
• No one provided significant professional assistance other than the person signing this
report, unless otherwise indicated within the report.
• I, R. Alan Wilcox, MAI, SRA, have performed no services, as an appraiser or in any
other capacity, regarding the property that is the subject of this report within the three-
year period immediately preceding acceptance of this assignment.
• This report was prepared for and is the property of the Collier County Board of
Commissioners and the reliance upon this appraisal for other uses is not warranted.
• Acceptance and utilization of this appraisal report, or any portion thereof, constitutes
acknowledgement and acceptance of all General Assumptions and Special Conditions
contained herein.
Prepared for and property of Collier County Board of Commissioners. Page 4
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
To estimate the compensation due the property owner, the appraiser has estimated the “as is”
market value of the undivided fee simple interest in the parent tract before and after the
proposed acquisition. Accordingly, as of the date of value, January 29, 2016, the appraiser
has utilized the hypothetical condition assuming the proposed acquisition and the
proposed roadway improvements have been completed. A hypothetical condition is
contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions
assume conditions contrary to known facts about physical, legal, or economic characteristics of
the parent tract; or about conditions external to the property, such as market conditions or
trends; or about the integrity of data used in an analysis.
By reason of my investigation and analysis, data contained in this report, and my experience in
the real estate appraisal business, it is my opinion that the amount due the property owner, as a
result of the loss of real estate resulting from the property rights and improvements (if any)
which are proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed
perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No. 312
RDUE), as of January 29, 2016, is:
Value of the Property Rights Taken: $ 2,400
Value of the Improvements Taken: $ 7,500
Severance Damages: $23,100
Net Cost to Cure: 0
TOTAL AMOUNT DUE OWNER: $33,000
Respectfully submitted,
WILCOX APPRAISAL SERVICES, INC.
R. Alan Wilcox, MAI, SRA
State-Certified General Real Estate Appraiser
RZ 306
Prepared for and property of Collier County Board of Commissioners. Page 5
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Summary of Salient Facts and Conclusions
A. Appraisal Problem:
1. Types of Value (s): Market Value.
2. Property Rights: Undivided Fee Simple Interest.
3. Intended Use of Appraisal Report: The intended use of the appraisal is understood
to be for use as a basis of value for determining
full compensation to the property owner for the
loss of the real estate resulting from the
property rights and improvements (if any) which
are proposed to be acquired, including all
diminution in value to the remainder land and
improvements (if any) which can be attributed
to the use of, or activity upon, the proposed
perpetual, non-exclusive, road right-of-way,
drainage, and utility easement (Parcel No. 312
RDUE).
4. Date of Value: January 29, 2016 (Date of Most Recent
Inspection).
5. Scope of Analysis: Appraisal Report.
6. Owner of Record: Peterson Cadet.
B. Site Data, Before the Taking:
1. Location: The parent tract is located on the south side of
Golden Gate Boulevard E. between 22nd Street
SE and Everglades Boulevard S. in Collier
County, Naples, Florida. The parent tract has a
street address of 2410 Golden Gate Boulevard
E., Naples, Florida 34120.
2. Size & Shape: The parent tract contains 2.34 acres of gross
land area and is rectangular in shape.
Specifically, the parent tract has a northern
property line along Golden Gate Boulevard E.
that measures 150 feet; with a depth there from
along the eastern and western property lines
that measure 680 feet; and a rear, southern
property line that measures 150 feet.
3. Roadway Frontage: The parent tract benefits from 150 feet of
frontage along the southerly right-of-way of
Prepared for and property of Collier County Board of Commissioners. Page 6
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Golden Gate Boulevard E. Golden Gate
Boulevard E. is an arterial, undivided, two lane,
paved roadway.
4. Utilities: The available utilities to the parent tract include
telephone, electrical service and emergency
services. Drinking water would be typically
provided by a private well. Wastewater would
be typically disposed of by a private septic tank
and drain field combination.
5. Topography: The parent tract is a level tract covered with
vegetation that is partially cleared. The parent
tract is situated within an area designated Flood
Zones AH and AE in the Federal Emergency
Management Flood Rate Maps, Map Number
12021C0435H, and dated May 16, 2012. Flood
Zone AH includes areas subject to inundation
by 1-percent-annual-chance shallow flooding
(usually areas of ponding) where average
depths are between one and three feet. Base
Flood Elevations (BFEs) derived from detailed
hydraulic analyses are shown in this zone.
Mandatory flood insurance purchase
requirements and floodplain management
standards apply. Flood Zone AE includes
areas subject to inundation by the 1-percent-
annual-chance flood event determined by
detailed methods. Base Flood Elevations
(BFEs) are shown. Mandatory flood insurance
purchase requirements and floodplain
management standards apply.
6. Predominant Soils: Based on the appraiser's review of the United
States Department of Agriculture’s Soil Survey
of Collier County, Florida, the parent tract is
located in an area with predominant soil types
that includes No. 2, Holopaw fine sand,
limestone substratum; No. 4, Chobee,
Limestone substratum, and Dania mucks,
depressional; No. 6, Riviera, limestone
substratum - Copeland fine sand; No. 14,
Pineda fine sand, limestone substratum; and
No. 21, Boca fine sand. It is important to bring
to the reader’s attention that the information
reported above related to the predominant soil
group(s) on or near the parent tract, are general
in nature, and may or may not apply specifically
to the soil group(s) located on the parent tract.
Prepared for and property of Collier County Board of Commissioners. Page 7
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
7. Exotic Vegetation and Wildlife: Current county, state, and federal regulations
have considered certain areas jurisdictional
based upon vegetation classifications and/or
wildlife species. The appraiser is not an expert
at vegetation groups or wildlife identification
and has not been provided a report prepared by
such an expert. The parent tract is presumed
to be unencumbered by current county, state,
and federal regulations related to certain areas
being considered to be jurisdictional based
upon vegetation classifications and/or wildlife
species. Furthermore, the appraiser has
assumed a reasonable quantity of non-
jurisdictional uplands exist on the parent tract
suitable for the development of the property in
accordance to the estimated highest and best
use.
8. Environmental Liabilities: The parent tract is assumed to be unaffected by
environmental liabilities. However, the reader is
advised that no environmental studies of the
parent tract have been provided to the
appraiser.
9. Easements & Restrictive
Covenants: The parent tract is encumbered by a 50-foot
wide road right-of-way easement along the
northern property line along the property’s
existing frontage to Golden Gate Boulevard E.
The appraiser is not aware of any other
easements or restrictive covenants which might
adversely affect the market value and
development of the parent tract before the
taking. However, the reader is advised that the
appraiser has not been provided any title
information.
10. Land Use and Zoning: The parent tract is designated Estates
Designation on the Collier County Future Land
Use Map, within the Residential Estates Sub-
district, and is further regulated by the Golden
Gate Area Master Plan. Furthermore, the
parent tract is zoned E, Estates District,
according to the Collier County Land
Development Code.
C. Improvement Data, Before
the Taking: The parent tract is improved with a single-family
home and associated site improvements. The
single-family home is located in the northern
portion of the property and is setback
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approximately 125 feet from the existing right-
of-way of Golden Gate Boulevard E. The
setback of the parent tract’s single-family home
exceeds the minimum zoning requirement and
is within typical market setback standards.
The parent tract’s single-family home is one
story and has a slab on grade foundation,
concrete block with painted stucco exterior
walls and a fiberglass shingle roof. The parent
tract’s single-family home contains 1,868
square feet of gross living area. The home also
includes a covered entry area containing 64
square feet, a covered lanai area containing
169 square feet, and an attached two car
garage containing 420 square feet.
The interior of the home is partitioned into three
bedrooms, two baths, a foyer area, living room,
dining area, kitchen, family room, utility room
and a two car garage. Interior finishing
materials include ceramic tile, carpet flooring; a
cathedral ceiling in the foyer, living room;
vaulted ceilings in the dining area and family
room, and a tray ceiling in the master bedroom.
The kitchen includes thermafoil cabinets and
granite counters. Appliances include a
refrigerator, stove, microwave, and dishwasher.
Also, a washer and dryer are located in the
utility room. The master bath has a Jacuzzi tub
with glass block windows above tub, a separate
shower, thermafoil cabinets, marble counters,
tile wainscot, and a small skylight from roof.
The guest bath area includes a tub/shower
combination with tile wainscot, thermafoil
cabinets, and a marble counter.
Significant site improvements include: an
asphalt driveway, concrete driveway and
walkways, site clearing/fill and grade, a well
and water treatment system, a septic tank/drain
field, sod and landscaping.
The parent tract’s single-family home was
constructed in 2003 and has been adequately
maintained. Consequently, the building
improvements have a chronological age of 13
years and an estimated effective age of 10
years. Furthermore, the appraiser has
estimated the parent tract’s single-family home
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Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
to have a total economic life of 60 years and a
remaining economic life of 50 years.
D. Highest and Best Use, Before
the Taking:
1. As Though Vacant: The highest and best use “as though vacant” is
estimated to be potential single-family
residential development.
2. As Improved: The highest and best use of the parent tract “as
improved” is estimated to be the continued use
of the existing improvements as a single-family
home and associated site improvements.
E. Market Value Estimate,
Before the Taking:
1. Land Value: ........................................................................................................ $ 46,800
2. Improvements: .................................................................................................... $238,200
Total Market Value of the Parent Tract: .................................................................... $285,000
F. Reasonable Exposure Time: Six to twelve months.
G. Intended Use of the Proposed Acquisition
Area and A Description of the Proposed Land
and Improvements Taken:
1. Intended Use of the
Proposed Acquisition: The proposed perpetual, non-exclusive, road
right-of-way, drainage, and utility easement will
be utilized for the widening of Golden Gate
Boulevard E. from Wilson Boulevard to DeSoto
Boulevard. Plans included the widening of
Golden Gate Boulevard E. from two lanes to four
lanes and will include capacity improvements
such as adding turn lanes to the Wilson
Boulevard and Everglades Boulevard
intersections. Other improvements include traffic
signal upgrades at three major intersections
(Wilson, Everglades and DeSoto Boulevards),
on-road bike lanes and sidewalks on both sides
of the roadway. This project will also include the
replacement of bridges over three canals, the
Golden Gate, Miller and Faka Union canals.
2. Proposed Land and
Property Rights Taken: Parcel No. 312 RDUE is a perpetual, non-
exclusive, road right-of-way, drainage, and
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Reliance upon the appraisal for other uses is not warranted.
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utilities easement that consist of a 35 foot wide
strip taking along the southerly right-of-way of
Golden Gate Boulevard E. Parcel No. 312
RDUE contains 0.12 acres (5,250 square feet) of
gross land area and is rectangular in shape.
Specifically, the Parcel No. 312 RDUE has a
northern property line along Golden Gate
Boulevard E. that measures 150 feet; with a
depth there from along the eastern and western
property lines that measure 35 feet; and a rear,
southern property line that measures 150 feet.
3. Proposed Improvements Taken: The only significant improvements that will be
taken consist of site improvements including a
portion of the asphalt drive, sod, landscaping,
site clearing, fill and grading. Pertinent
improvements to establish the driveway
connection(s) to Golden Gate Boulevard E. will
be re-established by Collier County.
H. Market Value of the Proposed Property Rights
and Improvements Taken:
Property Rights Taken: ................................................................................................. $2,400
Improvements Taken: ................................................................................................... $7,500
Total: ............................................................................................................................ $9,900
I. Market Value of the Remainder Property,
As Part of the Whole:
1. Market Value of the Parent Tract, Before the Taking: ......................................... $285,000
2. Less Market Value of the Proposed Part Taken: ................................................. $ 9,900
Total Market Value of the Remainder Property, As Part of the Whole: ..................... $275,100
J. Description of the Remainder Property,
After the Taking:
1. Site Data, Remainder Property: The remainder property shall contain 2.34 acres
of gross land area and is still rectangular in
shape and the same size and shape as before
the taking, since the proposed property rights to
be acquired involve a perpetual easement for
road right-of-way, drainage, utilities and
maintenance of these uses. However, the
remainder property will be encumbered by an
additional perpetual easement located along
the southerly existing right-of-way of Golden
Gate Boulevard E. containing 0.12 acres of
gross land area. The remainder property’s
overall access, availability to utilities,
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Reliance upon the appraisal for other uses is not warranted.
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topography, land use designation, and zoning
are unchanged.
2. Improvement Data,
Remainder Property: The remainder property’s improvements are the
same as before the taking, except for the taking
of minor site improvements.
3. Highest and Best Use,
Remainder Property:
a. As Though Vacant: The highest and best use of the remainder
property “as vacant” is estimated to remain the
same as before the taking, potential single-
family residential development.
b. As Improved: The highest and best use of the remainder
property “as improved” is estimated to remain
the same as before the taking, the continued
use of the existing improvements as a single-
family home and associated site improvements.
K. Market Value of the Remainder Property,
After the Taking:
1. Land Value: ........................................................................................................ $ 44,400
2. Improvements: .................................................................................................... $207,600
Total Market Value of the Remainder Property: ........................................................ $252,000
L. Severance Damages: It is the appraiser’s opinion that the remainder
property’s improvements will be damaged after
the taking due to the reduction of the setback of
the single-family home from 125 feet before the
taking to 90 feet after the taking from the right-
of-way of Golden Gate Boulevard E. Most
competitive homes in the local market area are
typically located 100 feet or more from the
adjacent roadway, especially homes located
along main roadways. Homes located less than
100 feet are considered to have functional
obsolescence due to a below market setback of
the building improvements from the adjacent
roadway.
The appraiser has estimated the remainder
property, as part of the whole, to be $275,100,
which represents the value of the whole
($285,000), less the value of the part taken
($9,900). The appraiser has also estimated the
market value of the remainder property as
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Reliance upon the appraisal for other uses is not warranted.
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severed to be $252,000. Therefore, these
value estimates indicate severance damages in
the amount of $23,100 ($275,100 - $252,000).
M. Cost to Cure: None.
N. Special Benefits: None.
0. Summary of the Just Compensation Estimate:
Value of the Property Rights Taken: $ 2,400
Value of the Improvements Taken: $ 7,500
Severance Damages: $23,100
Net Cost to Cure: 0
TOTAL AMOUNT DUE OWNER: $33,000
P. Extraordinary Assumptions: None.
Q. Hypothetical Conditions: To estimate the compensation due the property
owner, the appraiser has estimated the “as is”
market value of the undivided fee simple
interest in the parent tract before and after the
proposed acquisition. Accordingly, as of the
date of value, January 29, 2016, the
appraiser has utilized the hypothetical
condition assuming the proposed
acquisition and the proposed roadway
improvements have been completed. A
hypothetical condition is contrary to what exists
but is supposed for the purpose of analysis.
Hypothetical conditions assume conditions
contrary to known facts about physical, legal, or
economic characteristics of the parent tract; or
about conditions external to the property, such
as market conditions or trends; or about the
integrity of data used in an analysis.
R. Prior Services: The appraiser signing this report has performed
no services, as an appraiser or in any other
capacity, regarding the property that is the
subject of this report within the three-year
period immediately preceding acceptance of
this assignment.
S. Appraiser: R. Alan Wilcox, MAI, SRA; State-Certified
General Real Estate Appraiser, RZ 306.
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Introduction and Definition of the Appraisal Problem
The first step of the valuation process is the development of a clear statement of the appraisal
problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of
the assignment. The statement of the appraisal problem includes:
• Identification of the Intended User(s);
• Identification of the Real Estate;
• Prior Services;
• Identification of the Property Rights to be Valued;
• Intended Use or Function of the Appraisal;
• Definition of Value;
• Date of the Value Estimate;
• Description of the Scope of the Appraisal;
• Hypothetical Conditions; and
• Other Limiting Conditions.
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IDENTIFICATION OF THE INTENDED USER(S)
This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser,
Transportation Right-of-Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and
its use by others is strictly prohibited. This narrative report is made subject to the Assumptions
and Limiting Conditions as listed in the Addendum to this report.
IDENTIFICATION OF THE REAL ESTATE
The parent tract of this appraisal assignment is an improved tract of land located on the south
side of Golden Gate Boulevard E. between 22nd Street SE and Everglades Boulevard S. in
Collier County, Naples, Florida. The parent tract has a street address of 2410 Golden Gate
Boulevard E., Naples, Florida 34120. The parent tract owner of record is listed on the 2015
Collier County Tax Roll as Peterson Cadet. The property is identified as Folio No.
39396800008 and S.T.R.A.P. No. 342700 174 24C12 in the Collier County Property Appraiser’s
Office.
PRIOR SERVICES
USPAP requires if known prior to accepting an assignment, and/or if discovered at any time
during the assignment, an appraiser must disclose to the client, and in the subsequent
certification:
• any current or prospective interest in the subject property or parties involved; and
• any services regarding the subject property performed by the appraiser within the three
year period immediately preceding acceptance of the assignment, as an appraiser or in
any other capacity.
The appraiser signing this report has performed no services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.
IDENTIFICATION OF THE PROPERTY RIGHTS TO BE VALUED
The valuation of real property includes both the physical real estate and the rights that one or
more individuals or legal entities may hold or contemplate holding in the ownership or use of the
land and improvements. An appraiser may estimate the value of a fee simple estate or a partial
interest created by the severance or division of ownership rights. Special attention must be
given to any limitations on ownership rights such as easements, encroachments, liens, or
leases. Financing must also be considered because fee simple estates, leasehold estates, and
leased fee estates can all be mortgaged. The specific rights to be valued in the probable or
actual financing involved must be ascertained at the start of the assignment because the
complexity of these rights and terms will determine the procedures, skills, and time required to
complete the assignment.
In this particular appraisal assignment, the appraiser has been requested by the client to
estimate the “as is” market value of the undivided fee simple interest in the parent tract before
and after the proposed acquisition. Fee simple ownership is an absolute ownership
unencumbered by any other interest or estate; subject only to the limitations of eminent domain,
escheat, police power and taxation. Eminent domain is the right of the sovereign government to
take private property for public use upon the payment of just compensation. Escheat is the right
to have titular ownership of a property returned to the state if the owner dies and leaves no will
and no known or ascertainable heirs. Police power is the right to regulate property so that the
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public safety, health, morals, and general welfare are protected. Examples of this power are
zoning ordinances, building codes, air and land traffic regulations, and sanitary regulations.
Taxation is the right to take money from owners of valuable goods, products, and rights. In
addition to government restrictions on property, legal private agreements may also impose
limitations. One type is a restriction inserted in a deed. Other private restrictions include certain
easements, rights of way, and party wall agreements.
The proposed property rights to be acquired involve a proposed perpetual, non-exclusive, road
right-of-way, drainage, and utilities easement.
INTENDED USE OR FUNCTION OF THE APPRAISAL
The intended use of an appraisal (formerly known as the Function of the Appraisal), is the
manner in which a client employs the information contained in an appraisal report. Because an
appraisal provides the basis for a decision regarding real property, the nature of the decision
affects the character of the assignment in the appraisal report. For example, a value estimate
may be needed to determine the price at which to buy or sell a property, the amount of a loan, a
basis for taxation, terms of a lease, value of real property assets and financial statements, or a
basis for just compensation and eminent domain proceedings.
The intended use of the appraisal is understood to be for use as a basis of value for determining
full compensation to the property owner for the loss of the real estate resulting from the property
rights and improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use of, or
activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility
easement (Parcel No. 312 RDUE).
DEFINITION OF THE VALUE ESTIMATE(S)
The purpose of any valuation process is to estimate the value of a real property interest.
Therefore, the specified type of value and the interests involved must be clearly defined. Types
of appraised value include market value, fair value, use value, going concern value, investment
value, assessed value, and insurable value.
As previously noted in the letter of transmittal, the type of value to be estimated in this particular
appraisal assignment has been identified as the market value of the undivided fee simple
interest in the parent tract before and after the taking.
Market value is defined as “the most probable price that a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their
best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
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5. The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.”
Source: (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as
amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June
7, 1994)
DATE OF THE VALUE ESTIMATE(S)
The date of a value estimate must be specified because the forces that influence real property
value are constantly changing. Although conditions observed at the time of the appraisal may
persist for a considerable time after that date, an estimate of value is considered valid only for
the exact date specified. Market value is generally seen as a reflection of market participant’s
perceptions of future economic conditions and the perceptions are based on market evidence at
a specific point in time. Value influences reflect economic conditions at a particular time and
sudden changes in business and real estate markets can dramatically influence value.
As previously identified, the appraiser is estimating the market value of the undivided fee simple
interest in the parent tract before and after the taking. The effective date of the appraisal is
January 29, 2016 (Date of the Most Recent Inspection). R. Alan Wilcox, MAI, SRA, inspected
the parent tract.
DESCRIPTION OF THE SCOPE OF THE APPRAISAL
The scope of the appraisal refers to the extent of the process in which data are collected,
confirmed, and reported. The scope is described to protect third parties whose reliance on an
appraisal report may be affected by this information. An appraiser determines the extent of the
work and of the report based on the significance of the appraisal problem. The appraiser is
responsible for describing the scope of the appraisal in the report.
Standards Rule 2-2(a)(vii), USPAP-2016-2017, requires the appraiser to “summarize the scope
of work used to develop the appraisal”. In this regard, pertinent to the extent to which the parent
tract and the remainder property have been identified and inspected, the type of market data
researched, and the type and extent of the analysis applied, the reader is advised to refer to the
appropriate portion of this report.
• Data Collection: The data utilized in this assignment was collected through a thorough
search of the public records of Collier County, Florida, interviews of local real estate
brokers and property owners, and information obtained from this firm’s appraisal office.
Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data.
• Data Confirmation: The appraiser signing this report has independently confirmed the
market data that has been utilized in the development of the value estimates reported
herein. Furthermore, the appraiser signing this report has also physically inspected this
data.
• Data Reporting: The data utilized in this report has been presented in a data sheet
format for the reader’s review. Additional information has been retained in the
permanent files of the appraiser and is available upon request by the client.
HYPOTHETICAL CONDITIONS
To estimate the compensation due the property owner, the appraiser has estimated the “as is”
market value of the undivided fee simple interest in the parent tract before and after the
proposed acquisition. Accordingly, as of the date of value, January 29, 2016, the appraiser
has utilized the hypothetical condition assuming the proposed acquisition and the
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proposed roadway improvements have been completed. A hypothetical condition is
contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions
assume conditions contrary to known facts about physical, legal, or economic characteristics of
the parent tract; or about conditions external to the property, such as market conditions or
trends; or about the integrity of data used in an analysis. A hypothetical condition may be used
in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for purposes of
reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
hypothetical conditions.
OTHER LIMITING CONDITIONS
Statements of limiting conditions are included in a report for the appraiser’s protection, and to
inform and protect the client and other users of the report. For a complete copy of the typical
Assumptions and Limiting Conditions, which govern the appraisal process, please refer to the
Addendum section of this report.
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Photographs of the Parent Tract
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking southeasterly across Golden Gate Boulevard E. showing the parent tract located on the south side of
Golden Gate Boulevard E. between 22nd Street SE and Everglades Boulevard S. in Collier County, Naples, Florida.
View looking southwesterly across Golden Gate Boulevard E. showing the parent tract located on the south side of
Golden Gate Boulevard E. between 22nd Street SE and Everglades Boulevard S.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking easterly along Golden Gate Boulevard E. showing the parent tract located on the south side of Golden
Gate Boulevard E. between 22nd Street SE and Everglades Boulevard S.
View looking westerly along Golden Gate Boulevard E. showing the parent tract located on the south side of Golden
Gate Boulevard E. between 22nd Street SE and Everglades Boulevard S.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking southerly across Golden Gate Boulevard E. showing the parent tract’s entrance drive located on the
south side of Golden Gate Boulevard E.
View looking southerly showing the front of the parent tract’s single family home located on the south side of Golden
Gate Boulevard E.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking northeasterly showing the rear of the parent tract’s single family home
View showing a portion of the foyer area.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View showing a portion of the living room.
View showing a portion of the family room.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View showing the kitchen area.
View showing a portion of the dining room area.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View showing a portion of the master bedroom area.
View showing a portion of the master bath area.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View showing a portion of one of the guest bedroom areas.
View showing a portion of one of the guest bedroom areas.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View showing a portion of the guest bath area.
View showing a portion of the utility room area.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View showing a portion of the two car attached garage area.
View looking southeasterly from near the northwest corner of the parent tract showing a portion of the acquisition
area located along the southerly right-of-way of Golden Gate Boulevard E.
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Parcel No. 312 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking westerly from near the northeast corner of the parent tract showing a portion of the acquisition area
located along the southerly right-of-way of Golden Gate Boulevard E.
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Valuation Analysis of the Parent Tract
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OWNER OF RECORD
The parent tract owner of record is listed on the 2015 Collier County Tax Roll as Peterson Cadet
whose mailing address is 2410 Golden Gate Boulevard E., Naples, Florida 34120.
LEGAL DESCRIPTION OF THE PARENT TRACT
The following legal description is provided:
The West 150 feet of Tract 174, Golden Gate Estates, Unit No. 51, according to the Plat thereof
recorded in Plat Book 5, Pages 84 and 85, of the Public Records of Collier County, Florida.
REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES
The parent tract is assessed on the 2015 Collier County Tax Roll as an improved property with
a total market value of $191,296, allocated $22,932 to the value of the land and $168,364 to the
value of the improvements. The property has total exemptions of $31,949, resulting in a taxable
value of $159,347. The 2015 taxes for the parent tract totaled $2,223.38, exclusive of any early
payment discounts or late payment penalties. The property is identified as Folio No.
39396800008 and S.T.R.A.P. No. 342700 174 24C12 in the Collier County Property Appraiser’s
Office.
SALES AND MARKETING HISTORY OF THE PARENT TRACT
There has been no arm’s length transactions involving the parent tract within three years of the
date of value (January 29, 2016). Furthermore, the appraiser is not aware of any current listings
or valid pending offers involving the parent tract.
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Florida State and Collier County Map
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Parent Tract Local Area Map
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MARKET AREA DATA
Definitions:
The following definitions were obtained from The Dictionary of Real Estate Appraisal, Sixth
Edition as published by the Appraisal Institute:
1. Market area is defined as “the geographic region from which a majority of demand
comes and in which the majority of competition is located. Depending on the market, a
market area may be further subdivided into components such as primary, secondary, and
tertiary market areas, or the competitive market area may be distinguished from the
general market area.
2. Neighborhood is defined as “a group of complementary land uses; a congruous
grouping of inhabitants, buildings, or business enterprises.
3. Market area delineation is defined as the process of identifying the geographic area
where a majority of competition is located and from which a majority of demand is drawn.
4. Neighborhood boundaries is defined as the physical limits of a neighborhood; may be
delineated by natural, man-made, or geopolitical features.
5. Market analysis is defined as a process for examining the study of the supply and
demand in a specific area for a specific type of property.
6. Neighborhood life cycle is defined as the typical, but not necessarily universal, four-
stage cycle that describes the life pattern of neighborhoods and districts.
7. Real estate cycle is defined as the successive periods of expansion, peak, contraction,
and trough that characterize activity in a real estate market. Business and real estate
cycles do not generally move in tandem. Since real estate development and sales activity
are especially responsive to a downward movement in interest rates, increased activity in
real estate markets often heralds an economic recovery.
Market Area Analysis:
Social, economic, governmental, and environmental forces influence property values in the
vicinity of the subject property. As a result, they affect the value of that property. Therefore, to
conduct a thorough analysis, the appraiser must delineate the boundaries of the area of
influence. Although physical boundaries may be drawn, the most important boundaries are
those that influence property values.
The area of influence, commonly called a neighborhood or market area, can be defined as a
group of complementary land uses. To identify a market area’s boundaries, an appraiser
examines the subject property’s surroundings. The investigation begins with the subject
property and proceeds outward, identifying all relevant influences on the property’s value that
can be attributed to the property’s location.
Analyzing the market area helps to provide a framework, or context, in which the opinion of
property value is developed. The appraiser identifies the area of influence and establishes
potential limits within which the appraiser searches for data that can be used to apply the
approaches to value.
Market Area Delineation: A market area’s boundaries may be the physical area that exerts
relevant influences on a subject property's value. The boundaries may coincide with changes in
prevailing land use, occupant characteristics, or physical characteristics, such as structures,
street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical
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features often coincide with the change from one market area to another, features such as
transportation arteries (highways, major streets, railroads), bodies of water (rivers, lakes,
streams), and changes in elevation (hills, mountains, cliffs, valleys) often constitute market area
boundaries.
The primary market area is defined geographically as the area in which a competitive property
would have a similar market area identification and general location appeal. The primary
market area, for purposes of this appraisal assignment, consists of those residential properties
zoned (E), Estates District, according to the Collier County Land Development Code located
along and near Golden Gate Boulevard east of Wilson Boulevard and west of Desoto Boulevard
in Collier County, Florida.
The secondary market area is defined economically to include those areas where a similarly
zoned property would be considered by the same basic profile of prospective purchasers as
generally competitive with the parent tract. The secondary market area, for purposes of this
appraisal assignment, is defined as those residential properties zoned (E), Estates District,
located in peripheral locations to the primary market area described above.
Stages of a Market Area’s Life Cycle: A market area’s life cycle usually consists of the
following stages:
1. Growth - a period during which the market area gains public favor and acceptance.
2. Stability - a period of equilibrium without marked gains or losses.
3. Decline - a period of diminishing demand.
4. Revitalization - a period of renewal, modernization, and increasing demand.
Although the stages describe a market area’s evolution in a general way, they should not be
overemphasized as providing guidelines to market area trends. Many market areas are stable
for very long periods of time, and decline is not necessarily imminent in all older market areas.
Unless caused by the advent of some specific external influence, for example, a new highway
that changes traffic patterns, decline may be at a barely perceptible rate and is subject to
interruption by changing use or revival of demand. Therefore, there is no definite life
expectancy for a market area. Moreover, the stages are not always sequential. At any time in
the cycle, major changes can occur which interrupt the order to the cycle's stages. For
example, a market area that is in a stage of growth may decline precipitously rather than
stabilize.
The primary market area is considered to be in the growth stage of its life cycle, as evidenced
by appreciating values, the planned improvements to the area’s infrastructure and the continued
development of residential properties within the market area.
The entire southwest Florida market area has suffered through the previous recession, with the
collapse of the residential and commercial construction industries, the lack of market financing,
and a high unemployment rate. Prior to the recession, the 2004 and 2005 Collier County real
estate market experienced tremendous appreciation. This appreciation was facilitated by rapid
growth and an over active speculative market.
However, the residential bubble collapsed in 2006 and the commercial market collapsed in
2007. Dramatically lower values, higher vacancies, and lower rents all contributed to the
collapse of the residential and commercial construction industry with limited demand for vacant
sites. Accordingly, the number of bank foreclosures and bank influenced sales significantly
affected pricing.
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In 2010 and 2011 prices began to stabilize and recently prices have begun to appreciate.
Positive national economic growth and positive regional economic factors including climate,
beaches, tourism, demographics, the regional airport, and the continued growth of Florida Gulf
Coast University, steady job growth, and low mortgage rates have all contributed to this market
recovery.
General Primary Market Description: The Golden Gate Estates area began development in
the early 1960’s. Based on the Collier County tax rolls, there are approximately 31,000 platted
tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14
acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non-
conforming tracts. The Golden Gate Estates area is composed of two separate sub-markets,
the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates
area, which lies east of Collier Boulevard (CR 951).
The primary roadways that provide the main access to the immediately described primary
market area include:
• Golden Gate Boulevard;
• Collier Boulevard (CR 951);
• Wilson Boulevard;
• Everglades Boulevard; and
• Desoto Boulevard.
Available utilities within the primary market area include telephone, electrical service and
emergency services. Water must be typically provided by private well and wastewater must be
typically disposed of by a private septic tank and drain field combination.
Finally, the appraiser has included in the addendum of this report the “Yearly Market Detail for
2015 for Single Family Homes in Collier County” produced by Florida Realtors with data
provided by Florida’s multiple listings services.
Trends and Conclusions: In conclusion, recognizing the above favorable locational factors and
the current growth stage of the primary market area as evidenced by appreciating values, the
planned improvements to the area’s infrastructure and the continued development of residential
properties within the market area, it is the appraiser’s opinion, that the primary market area should
expect continued economic development into the foreseeable future.
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Parent Tract Aerial Map
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Parent Tract Plat Map
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Parent Tract Land Use Map
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Parent Tract Zoning Map
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SITE DATA
Location: The parent tract is located on the south side of Golden Gate Boulevard E. between
22nd Street SE and Everglades Boulevard S. in Collier County, Naples, Florida. The parent
tract has a street address of 2410 Golden Gate Boulevard E., Naples, Florida 34120.
Size and Shape: The parent tract contains 2.34 acres of gross land area and is rectangular in
shape. Specifically, the parent tract has a northern property line along Golden Gate Boulevard
E. that measures 150 feet; with a depth there from along the eastern and western property lines
that measure 680 feet; and a rear, southern property line that measures 150 feet.
Roadway Frontage: The parent tract benefits from 150 feet of frontage along the southerly
right-of-way of Golden Gate Boulevard E. Golden Gate Boulevard E. is an arterial, undivided,
two lane, paved roadway.
Available Utilities: The available utilities to the parent tract include telephone, electrical
service and emergency services. Drinking water would be typically provided by a private well.
Wastewater would be typically disposed of by a private septic tank and drain field combination.
Exotic Vegetation and Wildlife: Current county, state, and federal regulations have
considered certain areas jurisdictional based upon vegetation classifications and/or wildlife
species. The appraiser is not an expert at vegetation groups or wildlife identification and has
not been provided a report prepared by such an expert. The parent tract is presumed to be
unencumbered by current county, state, and federal regulations related to certain areas being
considered to be jurisdictional based upon vegetation classifications and/or wildlife species.
Environmental Liabilities: Unless otherwise stated above or elsewhere in this report, the
existence of hazardous substances, including, without limitation, asbestos, polychlorinated
biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on
the property, or other environmental conditions, were not called to the attention of nor did the
appraiser become aware of such during the property inspection. The appraiser is not qualified
to test such substance or conditions. If the presence of such substances, such as asbestos,
urea, formaldehyde foam insulation, or other hazardous substances or environmental
conditions, may affect the value of the property, the value estimated is predicated on the
assumption that there is no such condition on or in the property or in such proximity thereto that
it would cause a loss in value. No responsibility is assumed for any such conditions or for any
expertise or engineering knowledge required to discover them. The parent tract is assumed to
be unaffected by environmental liabilities. However, the reader is advised that no environmental
studies of the parent tract have been provided to the appraiser.
Elevation and Topography: The parent tract is a level tract covered with vegetation that is
partially cleared. The parent tract is situated within an area designated Flood Zones AH and AE
in the Federal Emergency Management Flood Rate Maps, Map Number 12021C0435H, and
dated May 16, 2012. Flood Zone AH includes areas subject to inundation by 1-percent-annual-
chance shallow flooding (usually areas of ponding) where average depths are between one and
three feet. Base Flood Elevations (BFEs) derived from detailed hydraulic analyses are shown in
this zone. Mandatory flood insurance purchase requirements and floodplain management
standards apply. Flood Zone AE includes areas subject to inundation by the 1-percent-annual-
chance flood event determined by detailed methods. Base Flood Elevations (BFEs) are shown.
Mandatory flood insurance purchase requirements and floodplain management standards apply.
Predominant Soil Classification(s): Based on the appraiser's review of the United States
Department of Agriculture’s Soil Survey of Collier County, Florida, the parent tract is located in
an area with predominant soil types that includes No. 2, Holopaw fine sand, limestone
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substratum; No. 4, Chobee, Limestone substratum, and Dania mucks, depressional; No. 6,
Riviera, limestone substratum - Copeland fine sand; No. 14, Pineda fine sand, limestone
substratum; and No. 21, Boca fine sand. It is important to bring to the reader’s attention that the
information reported above related to the predominant soil group(s) on or near the parent tract,
are general in nature, and may or may not apply specifically to the soil group(s) located on the
parent tract.
Easements and Restrictive Covenants: The parent tract is encumbered by a 50-foot wide
road right-of-way easement along the northern property line along the property’s existing
frontage to Golden Gate Boulevard E. The appraiser is not aware of any other easements or
restrictive covenants which might adversely affect the market value and development of the
parent tract before the taking. However, the reader is advised that the appraiser has not been
provided any title information.
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COLLIER COUNTY FUTURE LAND USE DESIGNATION
The parent tract is designated Estates Designation on the Collier County Future Land Use
Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate
Area Master Plan.
The geographic framework for growth in Collier County is established by the Future Land Use
Element. As such, the Element is central to planning for: protection and management of natural
resources; public facilities; coastal and rural development; and, housing and community
character and design. The Element is also important to the County’s system of land
development regulations and to private property rights.
The purpose of the Future Land Use Element is to guide decision-making by Collier County on
regulatory, financial and programmatic matters pertaining to land use. Most directly, this
Element controls the location, type, intensity and timing of new or revised uses of land. The
land use strategy in this Element is closely coordinated with a strategy for provision of public
facilities as found in the Capital Improvements and Public Facility Elements of the
Comprehensive Plan, and with the strategies to protect and conserve natural resources as
found in the Conservation and Coastal Management Element.
The Golden Gate Area was previously subject to the regulations outlined in the County’s Growth
Management Plan. However, in 1991, the unique characteristics of the area resulted in
adoption of a separate Master Plan for Golden Gate. This Master Plan became a separate
Element of the County’s Growth Management Plan and supersedes Objective 1, Policy 1.1, and
Policy 1.3 of the County-Wide Future Land Use Element. All other Goals, Objectives, and
Policies contained in the Future Land Use Element and all other Elements are applicable. In
addition, the Golden Gate Area Future Land Use Map will be used instead of the County-Wide
Future Land Use Map.
The Estates Designation is characterized by low-density semi-rural residential lots with limited
opportunities for other land uses. Typical lots are 2.25 acres in size. Intensifying residential
density shall not be permitted.
The Estates Designation also accommodates future non-residential uses including:
• Conditional uses and essential services as defined in the Land Development Code;
• Parks, open space and recreational uses;
• Group Housing shall be permitted subject to the definitions and regulations as outlined in
the Collier County Land Development Code (Ordinance 91-102, adopted October 30,
1991 and consistent with locational requirements in Florida Statutes (Chapter 419.01
F.S.).
• Schools and school facilities in the Estates Designation north of I-75, and where feasible
and mutually acceptable, co-locate schools with other public facilities, such as parks,
libraries and community centers to the extent possible.
• Group Housing includes the following type facilities:
o Family Care Facility, if occupied by not more than six (6) persons shall be
permitted in residential areas;
o Group Care Facility;
o Care Units;
o Adult Congregate Living Facilities; and
o Nursing Homes.
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ZONING CLASSIFICATION
The parent tract is zoned (E), Estates District, according to the Collier County Land
Development Code. The purpose and intent of the Estates District is to provide lands for low-
density residential development in a semi-rural to rural environment, with limited agricultural
activities. In addition to low-density residential development with limited agricultural activities,
the Estates District is also designed to accommodate as conditional uses, development that
provides services for and is compatible with the low-density residential, semi-rural and rural
character of the Estates District. The Estates District corresponds to and implements the
estates land use designation on the future land use map of the Collier County growth
management plan, although in limited instances, it may occur outside of the estates land use
designation. The maximum density permissible in the Estates District shall be consistent with
and not exceed the density permissible or permitted under the Estates District of the future land
use element of the growth management plan or as provided under the Golden Gate Master
Plan.
Permitted uses under this zoning classification are as follows:
• Single-family dwelling; and
• Family care facilities, subject to section 2.6.26.
• Essential services, as set forth in section 2.6.9.1.
Uses accessory to permitted uses are as follows:
• Uses and structures that are accessory and incidental to uses permitted as of right in the
Estates District;
• Field crops raised for the consumption by persons residing on the premises;
• Keeping of fowl or poultry, not to exceed 25 in total number subject to specific
conditions;
• Keeping of horses and livestock (except for hogs), not to exceed two such animals for
each acre and subject to specific conditions;
• One guesthouse, subject to section 2.6.14;
• Recreational facilities that serve as an integral part of a residential development and
have been designated, reviewed and approved on a site development plan or
preliminary subdivision plat. These facilities may include but are not limited to golf
course, clubhouse, community center building and tennis facilities, parks, playgrounds
and playfields; and
• Excavation and related processing and production that are subject to specific conditions.
Conditional uses in the Estates District that are subject to the standards and procedures
established in division 2.74 are as follows:
• Churches and other places of worship;
• Social and fraternal organizations;
• Child care centers and adult day care centers;
• Schools, public and private; and
• Group care facilities (category I); care units, nursing homes, assisted living facilities, and
continuing care retirement communities; all subject to section 2.6.26.
• Category II group care facilities and care units, subject to section 2.6.26 only when
tenancy of the person or persons under care would not:
o Constitute a direct threat to the health or safety of other individuals;
o Result in substantial physical damage to the property of others; or
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o Result in the housing of individuals who are engaged in the current, illegal use of
or addiction to a controlled substance.
• Extraction or earthmining, and related processing and production not incidental to the
development of the property subject to the following criteria:
o The site area shall not exceed 20 acres.
• Essential services, as set forth in section 1.6.9.2.
The following dimensional standards apply to all permitted, accessory, and conditional uses in
the Estates District:
Minimum Lot Size: Two and one-fourth (2 1/4) Acres
Minimum Yard Requirements:
Front yard, feet: 75
Side yard, feet: 30
Rear yard, feet: 75
Minimum Yard Requirements for nonconforming lots of record:
Front yard, feet: One full depth setback for corner lots
along the shorter lot line along the street.
Setback along longer lot line may be
reduced by up to 50 percent. See
definition of yard, front for lots that do not
conform to a minimum lot width or area
requirements.
Side yards, feet: 10% of lot width with max. of 30
Rear yard, feet: 75
Minimum Lot Width, feet: 150
Minimum Floor Area: 1,000 SF
Maximum Height: 30
Maximum density: One dwelling unit per 2 ¼ acres
Minimum off-street parking: As required in division 2.3
Landscaping: As required in division 2.4
Signs: As required in division 2.5
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Improvement Sketch
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IMPROVEMENT DATA
The parent tract is improved with a single-family home and associated site improvements. The
single-family home is located in the northern portion of the property and is setback
approximately 125 feet from the existing right-of-way of Golden Gate Boulevard E. The setback
of the parent tract’s single-family home exceeds the minimum zoning requirement and is within
typical market setback standards.
The parent tract’s single-family home is one story and has a slab on grade foundation, concrete
block with painted stucco exterior walls and a fiberglass shingle roof. The parent tract’s single-
family home contains 1,868 square feet of gross living area. The home also includes a covered
entry area containing 64 square feet, a covered lanai area containing 169 square feet, and an
attached two car garage containing 420 square feet.
The interior of the home is partitioned into three bedrooms, two baths, a foyer area, living room,
dining area, kitchen, family room, utility room and a two car garage. Interior finishing materials
include ceramic tile, carpet flooring; a cathedral ceiling in the foyer, living room; vaulted ceilings
in the dining area and family room, and a tray ceiling in the master bedroom. The kitchen
includes thermafoil cabinets and granite counters. Appliances include a refrigerator, stove,
microwave, and dishwasher. Also, a washer and dryer are located in the utility room. The
master bath has a Jacuzzi tub with glass block windows above tub, a separate shower,
thermafoil cabinets, marble counters, tile wainscot, and a small skylight from roof. The guest
bath area includes a tub/shower combination with tile wainscot, thermafoil cabinets, and a
marble counter.
Significant site improvements include: an asphalt driveway, concrete driveway and walkways,
site clearing/fill and grade, a well and water treatment system, a septic tank/drain field, sod and
landscaping.
The parent tract’s single-family home was constructed in 2003 and has been adequately
maintained. Consequently, the building improvements have a chronological age of 13 years
and an estimated effective age of 10 years. Furthermore, the appraiser has estimated the
parent tract’s single-family home to have a total economic life of 60 years and a remaining
economic life of 50 years.
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HIGHEST AND BEST USE
Highest and best use is defined in The Dictionary of Real Estate Appraisal, Sixth Edition, as
published by the Appraisal Institute as “the reasonably probable use of property that results in
the highest value. The four criteria that the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and maximum productivity.”
Implied is that the determination of highest and best use results from the appraiser's judgment
and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact
to be found. In appraisal practice, the concept of highest and best use represents the premise
upon which value is based. In the context of most probable selling price (market value) another
appropriate term to reflect highest and best use would be most probable.
Highest and Best Use Analysis "As Though Vacant": This part of the highest and best use
analysis assumes that a parcel of land is vacant or that it can be made vacant through the
demolition of any improvements. The question to be answered in this part of the highest and
best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what
type of building or other improvement (if any) should be constructed on the land? The purpose
of estimating the highest and best use for land or a site is to identify the use that causes the
land to have value. This identification also helps to identify comparable properties. For highest
and best use of land as vacant, a use must meet four criteria. The four criteria are (1) legally
permissible, (2) physically possible (3) financially feasible, and (4) maximally productive.
In summary, the parent tract is legally, physically and financially capable of supporting potential
single-family residential development. Accordingly, it is the appraisers’ opinion that the highest
and best use of the parent tract “as though vacant” is estimated to be potential single-family
residential development.
Highest and Best Use Analysis "As Improved": For this portion of the highest and best use
analysis, the appraiser will provide the reader with an overview of the analysis and support of
the highest and best use estimate for the parent tract "as improved". Again, under this portion
of the highest and best use analysis, the appraiser will consider whether or not the existing
improvements should be demolished, changed in some manner, or be retained. The following
analysis is presented.
In summary, the appraiser has estimated the highest and best use of the parent tract "as though
vacant" to be potential single-family residential development. Furthermore, the parent tract is
improved with a single-family home and associated site improvements. The parent tract’s
single-family home was constructed in 2003 and has been adequately maintained.
Consequently, the building improvements have a chronological age of 13 years and an
estimated effective age of 10 years. Furthermore, the appraiser has estimated the parent tract’s
single-family home to have a total economic life of 60 years and a remaining economic life of 50
years.
Accordingly, it is the appraisers’ opinion that the highest and best use of the parent tract “as
improved” is estimated to be the continued use of the existing improvements as a single-family
home and associated site improvements.
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The Appraisal Process
There are three standard approaches to property valuation:
1. Cost Approach
2. Sales Comparison Approach
3. Income Capitalization Approach
The Cost Approach requires the estimation of the reproduction cost new of the subject
improvements on current market price levels for labor and materials. The second component is
the estimate of accrued depreciation, or diminished utility, which is computed and subtracted
from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of
the subject improvements. Finally, the land value, as obtained from a market comparison
approach, is added to obtain a value of the property as a whole. The underlying premise in the
Cost Approach is the theory of substitution, which states that an informed purchaser would pay
no more for a property than would be required to substitute of equal utility. This approach is
most applicable when the improvements are new and represent the highest and best use of the
subject, as though vacant. Conversely, when the improvements are old and adequate land
sales are not available, the Cost Approach tends to lose credence.
The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of
buyers and sellers for a similar class of property in a simulation model to project the most
probable selling price. This approach is also based upon the theory of substitution as well as
the concept of anticipation and contribution. This approach is most applicable when there has
been a sufficient amount of market transactions of similar properties to ascertain patterns of
behavior of the market participants. This valuation can only be as accurate as the quality of
information permits. If the comparative properties are quite dissimilar to the parent tract and
large adjustments are required, then this approach loses credibility.
The Income Approach is the valuation process which measures value as a function of the
present worth of the property's net income capacity. This approach is based upon the concept
of anticipation, contribution, and increasing and decreasing returns. This approach requires
market oriented income and expense data as well as current mortgage and equity rates (income
and yield). This approach is generally considered most reliable in the valuation of commercial
properties, as it best represents investor’s and lender’s expectations and actions in the market.
Each of the above three approaches will usually indicate different values. After all of the factors
of the three approaches have been carefully weighted, the indications of value are correlated to
arrive at a final estimate of value.
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Identification of the Applicable Valuation Procedure(s): It is the appraiser’s opinion that the
Sales Comparison Approach to Value is the only applicable approach for this valuation
assignment. The Sales Comparison Approach to Value is considered applicable since an
adequate number of similar improved sales have recently occurred within the market area that
may be utilized by the appraiser in predicting typical buyer and seller behavior. Furthermore, the
Sales Comparison Approach is the most often used approach to value single family homes.
Finally, the Sales Comparison Approach to Value is considered sufficient and adequate to provide
a reliable value conclusion.
The Cost Approach to Value is typically used with new construction and therefore this approach is
not considered applicable due to the difficulty in estimating accrued depreciation. The Income
Approach to Value is not considered applicable due to insufficient rental data and since the parent
tract is not generally considered to be an income producing property.
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Land or Site Valuation
INTRODUCTION:
In general, the supply of land is relatively stable. Although physical and ecological changes
may result in the accretion or destruction of land, these occurrences are rare. Land has value
because it has specific utility and is in demand. Several appraisal concepts and principles
contribute to the formation of land value. Anticipation, the expectation of increased demand for
sites suitable to a particular use, motivates speculators to acquire land. The supply of and
demand for sites tend towards the equilibrium in the long run, but short-term imbalances do
occur. Intense market competition can create land values that exceed profitability. The
principle of substitution holds that the greatest demand is generated for the lowest priced sites.
Balance and price at value is sustained when the various elements in an economic or
environmental mix are in equilibrium.
LAND VALUATION PROCEDURES:
Traditionally, there are six land valuation techniques or procedures available to the appraiser for
utilization in this process. These six procedures are identified as follows:
1. Sales Comparison: The Sales Comparison Approach may be used to value land that is
actually vacant or land that is being considered as though vacant for appraisal purposes.
Sales comparison is the most common technique for valuing land and it is the preferred
method when comparable sales are available. To apply this method, sales of similar parcels
of land are analyzed, compared, and adjusted to provide a value indication for the land
being appraised. In the comparison process the similarity or dissimilarity of the parcels is
considered.
Elements of comparison include property rights, legal encumbrances, financing terms,
conditions of sale (motivation), market conditions (sale date), location, physical
characteristics, available utilities, zoning, and highest and best use. The most variable
elements of comparison are the physical characteristics of the site that includes the size and
shape, frontage, topography, location and view.
2. Allocation: Vacant sites in densely developed urban locations may be so rare that their
values cannot be estimated by direct comparison. Similarly, sales of vacant sites in remote
rural areas may occur so seldom that comparable data are inadequate. In such cases, land
value can be estimated by allocation or extraction.
The allocation method is based on the principle of balance and the related concept of
contribution, which affirm that there is a normal or typical ratio of land value to property
value for specific categories of real estate in specific locations. The allocation method does
not produce conclusive value indications, but it can be used to establish land value when the
number of vacant land sales is inadequate.
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3. Extraction: Extraction is a variant of the allocation method in which land value is
extracted from the sales price of an improved property by deducting the value contribution of
the improvements, which is estimated from their depreciated costs. The remaining value
represents the value of the land.
4. Subdivision Development: The subdivision development method is used to value land
when subdivision and development represent the highest and best use of the appraised
parcel and sales data on finished lots are available. The subdivision development analysis
may involve industrial, residential, or recreational land. The subdivision of land is the normal
pattern of real estate development. A landowner divides a large plot into smaller parcels to
sell or lease them.
5. Land Residual: The land residual technique may also be used to estimate land value
when sales data on similar parcels of vacant land are not available. This technique is based
on the principle of balance and the related concept of contribution, which are concerned with
equilibrium among the agents of production including labor, capital, coordination, and land.
The land residual technique can be used to estimate land value when: (1) building value is
known or can be accurately estimated, (2) stabilized, annual net operating income to the
property is known or can be estimated, and (3) both building and land capitalization rates
can be extracted from the market.
6. Ground Rent Capitalization: Ground rents can be capitalized at an appropriate rate to
indicate the market value of a site. Ground rent is the amount paid for the right to use and
occupy the land according to the terms of the ground lease. It corresponds to the value of
the landowner's interest in the land, and the leased-fee interest. Market-derived
capitalization rates are used to convert ground rent into market value.
SUMMARY OF THE LAND VALUATION PROBLEM:
The appraiser has considered each of the six land valuation procedures identified above and
has determined that the Sales Comparison Approach to Value is the only applicable valuation
procedure for this portion of the valuation assignment. This procedure is considered applicable
due to the fact that an adequate number of recent and relevant unimproved acreage
transactions exist which can be utilized by the appraiser in predicting buyer and seller behavior
for this type of property.
PRESENTATION OF THE MARKET DATA:
The appraiser has reviewed economic data related to a number of sales and listings of
comparable unimproved properties located within the primary and secondary market areas.
Based on this research, the appraiser has assembled eight competitive unimproved sales zoned
E, Estates District, transacted between March 2015 and December 2015 as being most
comparable to the parent tract. The data sheets for each of the sales used to estimate the
value of the parent tract are presented in the addendum of this report.
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Land Sales Map
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APPLICATION OF THE MARKET DATA
As previously stated, the appraiser has selected eight competitive unimproved sales zoned E,
Estates District, transacted between March 2015 and December 2015 as being most comparable
to the parent tract. All sales have been compared to the parent tract and adjusted for significant
differences. Buyers, sellers, and active real estate agents have reported that competitive
unimproved properties within the market area are typically purchased based on a price per acre
of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of
adjustments including the following order: property rights conveyed; financing; conditions of sale
(motivation); market conditions (time); and other significant locational and physical
characteristics. The sales comparison grid is presented on the following two pages:
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Parent Sale Sale Sale Sale
Element of Comparison Tract No. 1 No. 2 No. 3 No. 4
Date of Value/Sale Jan-2016 Dec-2015 Nov-2015 Aug-2015 Jul-2015
Location South side of South side of South side of West side of SE Corner of
Golden Gate Blvd. E.Golden Gate Blvd. E.Golden Gate Blvd. E.22nd St. SE Golden Gate Blvd. E.
& 6th St. SE
Size (Acres)2.34 2.34 5.15 2.73 2.65
Roadway Frontage Golden Gate Blvd. E.Golden Gate Blvd. E.Golden Gate Blvd. E.22nd St. SE Golden Gate Blvd. E.
& 6th St. SE
Land Use Designation Estates Estates Estates Estates Estates
Zoning Estates Estates Estates Estates Estates
Utilities Limited Limited Limited Limited Limited
Sales Price NA $43,000 $130,000 $50,000 $40,000
Sales Price (Per Acre)NA $18,376 $25,243 $18,315 $15,094
Transaction Adjustments
Property Rights Conveyed $0 $0 $0 $0
Financing $0 $0 $0 $0
Conditions of Sale (Motivation)$0 $0 $0 $0
Market Conditions (Time)$400 $2,600 $2,500 $2,400
Adjusted Price $43,400 $132,600 $52,500 $42,400
Adjusted Price (Per Acre)$18,547 $25,748 $19,231 $16,000
Additional Adjustments
Location 0.00%0.00%0.00%0.00%
Roadway Frontage 0.00%0.00%-25.00%-10.00%
Size 0.00%0.00%0.00%0.00%
Land Use/Zoning 0.00%0.00%0.00%0.00%
Utilities 0.00%0.00%0.00%0.00%
Net Percentage Adjustment 0.00%0.00%-25.00%-10.00%
Adjusted Price (Per Acre)$18,547 $25,748 $14,423 $14,400
Sales Comparison Grid - Land Sales:
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Parent Sale Sale Sale Sale
Element of Comparison Tract No. 5 No. 6 No. 7 No. 8
Date of Value/Sale Jan-2016 Jun-2015 Mar-2015 Mar-2015 Mar-2015
Location South side of East side of North side of South side of East side of
Golden Gate Blvd. E.14th St. SE 4th Ave. SE 2nd Ave. SE 20th St. SE
Size (Acres)2.34 2.27 1.14 1.59 2.27
Roadway Frontage Golden Gate Blvd. E.14th St. SE 4th Ave. SE 2nd Ave. SE 20th St. SE
Land Use Designation Estates Estates Estates Estates Estates
Zoning Estates Estates Estates Estates Estates
Utilities Limited Limited Limited Limited Limited
Sales Price NA $43,000 $23,000 $29,000 $40,000
Sales Price (Per Acre)NA $18,943 $20,175 $18,239 $17,621
Transaction Adjustments
Property Rights Conveyed $0 $0 $0 $0
Financing $0 $0 $0 $0
Conditions of Sale (Motivation)$0 $0 $0 $0
Market Conditions (Time)$3,000 $2,300 $2,900 $4,000
Adjusted Price $46,000 $25,300 $31,900 $44,000
Adjusted Price (Per Acre)$20,264 $22,193 $20,063 $19,383
Additional Adjustments
Location 0.00%0.00%0.00%0.00%
Roadway Frontage -25.00%-25.00%-25.00%-25.00%
Size 0.00%0.00%0.00%0.00%
Land Use/Zoning 0.00%0.00%0.00%0.00%
Utilities 0.00%0.00%0.00%0.00%
Net Percentage Adjustment -25.00%-25.00%-25.00%-25.00%
Adjusted Price (Per Acre)$15,198 $16,645 $15,047 $14,537
Sales Comparison Grid - Land Sales - Continued:
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Explanation of Adjustments:
The following explanations of adjustments are presented:
• Adjustments for Property Rights Conveyed, Financing and Conditions of Sale
(Motivation): All sales utilized in direct comparison to the parent tract conveyed
property rights involving a fee simple estate and involved market financing or were all
cash to seller transactions. Also, all sales were verified to be typically motivated arm’s
length transactions. Accordingly, no adjustments were made for these three elements of
comparison.
• Adjustments for Marketing Conditions (Time): The date of sale identifies the market
conditions under which the comparable sale occurred. Changes in market conditions can
be caused by inflation, deflation, changes in supply and demand, and other factors.
Although the adjustment for market conditions is sometimes referred to as a "time
adjustment", the passing of time is not the cause of the adjustment, but rather, the
market conditions that may or may not have changed over the time period analyzed.
Changes in market conditions are usually measured as a percentage of a previous price.
An analysis of a resale of the sale property, or two (2) paired sales considered very
similar, can provide an indication of the rate of price change.
The appraiser has interviewed numerous buyers and sellers and real estate brokers,
who indicated market appreciation of property values since the date of the oldest sale
(March 2015). As previously reported in the market area analysis, the primary market
area is considered to be in the growth stage of its life cycle, as evidenced by
appreciating values, the planned improvements to the area’s infrastructure and the
continued development of residential properties within the market area.
The appraiser has utilized, as most appropriate, a 12.0% annual adjustment or a positive
1.0% per month adjustment to the previously adjusted sales prices for market conditions
(time) for the time frame between the oldest sale (March 2015) and the date of appraisal
(January 29, 2016). It should be understood that this market conditions adjustment
(time) is made to the “adjusted” sales prices (after adjustments for property rights
conveyed, financing and conditions of sale (motivation), if any. The following market
conditions (time) adjustment grid is provided on the next page:
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Sale Sale Sale Sale
No. 1 No. 2 No. 3 No. 4
Date of Value Jan-2016 Jan-2016 Jan-2016 Jan-2016
Date of Sale Dec-2015 Nov-2015 Aug-2015 Jul-2015
No. of Months Diff.1 2 5 6
(X) Time Adj. Per Mo.1.00%1.00%1.00%1.00%
Time Adj. Factor 0.010 0.020 0.050 0.060
Sales Price $43,000 $130,000 $50,000 $40,000
Adjustments:$0 $0 $0 $0
Adjusted Sales Price $43,000 $130,000 $50,000 $40,000
(X) Time Adj. Factor 0.010 0.020 0.050 0.060
Indicated Time Adj.$430 $2,600 $2,500 $2,400
Rounded $400 $2,600 $2,500 $2,400
Sale Sale Sale Sale
No. 5 No. 6 No. 7 No. 8
Date of Value Jan-2016 Jan-2016 Jan-2016 Jan-2016
Date of Sale Jun-2015 Mar-2015 Mar-2015 Mar-2015
No. of Months Diff.7 10 10 10
(X) Time Adj. Per Mo.1.00%1.00%1.00%1.00%
Time Adj. Factor 0.070 0.100 0.100 0.100
Sales Price $43,000 $23,000 $29,000 $40,000
Adjustments:$0 $0 $0 $0
Adjusted Sales Price $43,000 $23,000 $29,000 $40,000
(X) Time Adj. Factor 0.070 0.100 0.100 0.100
Indicated Time Adj.$3,010 $2,300 $2,900 $4,000
Rounded $3,000 $2,300 $2,900 $4,000
Market Conditions (Time) Adjustment Grid:
• Adjustments for Location: All sales are competitive vacant residential sites located in
the primary Golden Gate Estates market area. Accordingly, all sales were considered to
have a similar overall location. However, the appraiser is aware that land sales located
furthest west toward Wilson Boulevard sell for greater prices per gross acre as
compared to land sales located furthest east. No specific location adjustment was made
to any sales. However, the specific locational characteristics of each sale are
considered in the appraiser’s final reconciliation of value.
• Adjustments for Road Frontage: The parent tract has road frontage along the south
side of Golden Gate Boulevard E. Golden Gate Boulevard E. is an arterial, undivided,
two lane, paved roadway. Sale Nos. 1 and 2 have similar road frontages along Golden
Gate Boulevard E. Therefore, no adjustments were made for these two sales for this
element of comparison.
Sale No. 4 also has road frontage along Golden Gate Boulevard E. However, Sale No.
4 is a corner parcel that also benefits from favorable road frontage along a less travelled
interior roadway. Accordingly, Sale No. 4 was given a negative 10% adjustment for this
superior characteristic.
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Finally, all other sales benefit from favorable road frontages along nearby less travelled
interior streets connecting to Golden Gate Boulevard. Accordingly, all other sales were
given a negative 25% adjustment for this superior characteristic.
• Adjustments for Size: All sales range in size from 1.14 to 5.15 acres, as compared to
the parent tract’s size of 2.34 acres. For many sale properties, sales of significant larger
size will typically sell for a lower unit value, as compared to sales of smaller size.
However, based on the analysis of the eight land sales utilized, no size adjustment was
considered necessary.
• Adjustments for Land Use/Zoning and Utilities: All sales have similar land use
designations, zoning classifications and available utilities. Accordingly, no adjustments
were made for these elements of comparisons.
DISCUSSION OF SALES:
• Unimproved Land Sale No. 1 contains 2.34 acres of gross land area and is a
December 2015 transaction. Unimproved Land Sale No. 1 is located on the south side
of Golden Gate Boulevard E. between 6th Street SE and 8th Street SE, Collier County,
Naples, Florida. Unimproved Land Sale No. 1 benefits from frontage along the southerly
right-of-way of Golden Gate Boulevard E. Available utilities to the sale property include
telephone, electrical service and emergency services. Drinking water is typically
provided by private well. Wastewater is typically disposed of by a private septic tank and
drain field combination. Sale No. 1 has a future land use designation of Estates and is
zoned Estates by Collier County. Unimproved Sale No. 1 is encumbered by a 91-foot
wide road right-of-way easement along the northern property line and along the
property’s existing frontage to Golden Gate Boulevard E. Verification of this sale
indicated that at the time of sale, the property did not include any significant contributory
improvements. Unimproved Land Sale No. 1 was adjusted for differences in market
conditions (time). Land Sale No. 1 provided an indicated adjusted value of $18,547 per
acre.
• Unimproved Land Sale No. 2 contains 5.15 acres of gross land area and is a
November 2015 transaction. Unimproved Land Sale No. 2 is located on the south side
of Golden Gate Boulevard E. between 2nd Street SE and 4th Street SE, Collier County,
Naples, Florida. Unimproved Land Sale No. 2 benefits from frontage along the southerly
right-of-way of Golden Gate Boulevard E. Available utilities to the sale property include
telephone, electrical service and emergency services. Drinking water is typically
provided by private well. Wastewater is typically disposed of by a private septic tank and
drain field combination. Sale No. 2 has a future land use designation of Estates and is
zoned Estates by Collier County. Unimproved Sale No. 2 is encumbered by a 91-foot
wide road right-of-way easement along the northern property line and along the
property’s existing frontage to Golden Gate Boulevard E. Verification of this sale
indicated that at the time of sale, the property did not include any significant contributory
improvements. Unimproved Land Sale No. 2 was adjusted for differences in market
conditions (time). Land Sale No. 2 provided an indicated adjusted value of $25,748 per
acre.
• Unimproved Land Sale No. 3 contains 2.73 acres of gross land area and is an August
2015 transaction. Unimproved Land Sale No. 3 is located on the west side of 22nd
Street SE approximately 0.60 miles south of Golden Gate Boulevard, Collier County,
Naples, Florida. Unimproved Land Sale No. 3 benefits from frontage along the westerly
right-of-way of 22nd Street SE. Available utilities to the sale property include telephone,
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electrical service and emergency services. Drinking water is typically provided by
private well. Wastewater is typically disposed of by a private septic tank and drain field
combination. Sale No. 3 has a future land use designation of Estates and is zoned
Estates by Collier County. Unimproved Sale No. 3 is encumbered by a 30-foot wide
road right-of-way easement along the eastern property line and along the property’s
existing frontage to 22nd Street SE. Verification of this sale indicated that at the time of
sale, the property did not include any significant contributory improvements.
Unimproved Land Sale No. 3 was adjusted for differences in market conditions (time)
and roadway frontage. Land Sale No. 3 provided an indicated adjusted value of $14,423
per acre.
• Unimproved Land Sale No. 4 contains 2.65 acres of gross land area and is a July 2015
transaction. Unimproved Land Sale No. 4 is located at the southeast corner of Golden
Gate Boulevard E. and 6th Street SE, Collier County, Naples, Florida. Unimproved Land
Sale No. 4 benefits from frontages along the southerly right-of-way of Golden Gate
Boulevard E. and the easterly right-of-way of 6th Street SE. Available utilities to the sale
property include telephone, electrical service and emergency services. Drinking water is
typically provided by private well. Wastewater is typically disposed of by a private septic
tank and drain field combination. Sale No. 4 has a future land use designation of
Estates and is zoned Estates by Collier County. Unimproved Sale No. 4 is encumbered
by road right-of-way easements along the northern and western property lines along the
property’s existing frontages to Golden Gate Boulevard E. and 6th Street SE.
Verification of this sale indicated that at the time of sale, the property did not include any
significant contributory improvements. Unimproved Land Sale No. 4 was adjusted for
differences in market conditions (time) and roadway frontage. Land Sale No. 4 provided
an indicated adjusted value of $14,400 per acre.
• Unimproved Land Sale No. 5 contains 2.27 acres of gross land area and is a June
2015 transaction. Unimproved Land Sale No. 5 is located on the east side of 14th St SE
approximately 1.05 miles south of Golden Gate Boulevard, Collier County, Naples,
Florida. Unimproved Land Sale No. 5 benefits from frontage along the easterly right-of-
way of 14th St SE. Available utilities to the sale property include telephone, electrical
service and emergency services. Drinking water is typically provided by private well.
Wastewater is typically disposed of by a private septic tank and drain field combination.
Sale No. 5 has a future land use designation of Estates and is zoned Estates by Collier
County. Unimproved Sale No. 5 is encumbered by a 30-foot wide road right-of-way
easement along the western property line and along the property’s existing frontage to
14th St SE. Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements. Unimproved Land Sale No. 5 was
adjusted for differences in market conditions (time) and roadway frontage. Land Sale
No. 5 provided an indicated adjusted value of $15,198 per acre.
• Unimproved Land Sale No. 6 contains 1.14 acres of gross land area and is a March
2015 transaction. Unimproved Land Sale No. 6 is located on the north side of 4th
Avenue SE approximately 0.20 miles west of Everglades Boulevard S., Collier County,
Naples, Florida. Unimproved Land Sale No. 6 benefits from frontage along the northerly
right-of-way of 4th Avenue SE. Available utilities to the sale property include telephone,
electrical service and emergency services. Drinking water is typically provided by
private well. Wastewater is typically disposed of by a private septic tank and drain field
combination. Sale No. 6 has a future land use designation of Estates and is zoned
Estates by Collier County. Unimproved Sale No. 6 is encumbered by a 30-foot wide
road right-of-way easement along the southern property line and along the property’s
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existing frontage to 4th Avenue SE. Verification of this sale indicated that at the time of
sale, the property did not include any significant contributory improvements.
Unimproved Land Sale No. 6 was adjusted for differences in market conditions (time)
and roadway frontage. Land Sale No. 6 provided an indicated adjusted value of $16,645
per acre.
• Unimproved Land Sale No. 7 contains 1.59 acres of gross land area and is a March
2015 transaction. Unimproved Land Sale No. 7 is located on the south side of 2nd
Avenue SE approximately 0.10 miles west of Everglades Boulevard S., Collier County,
Naples, Florida. Unimproved Land Sale No. 7 benefits from frontage along the southerly
right-of-way of 2nd Avenue SE. Available utilities to the sale property include telephone,
electrical service and emergency services. Drinking water is typically provided by
private well. Wastewater is typically disposed of by a private septic tank and drain field
combination. Sale No. 7 has a future land use designation of Estates and is zoned
Estates by Collier County. Unimproved Sale No. 7 is encumbered by a 30-foot wide
road right-of-way easement along the northern property line and along the property’s
existing frontage to 2nd Avenue SE. Verification of this sale indicated that at the time of
sale, the property did not include any significant contributory improvements.
Unimproved Land Sale No. 7 was adjusted for differences in market conditions (time)
and roadway frontage. Land Sale No. 7 provided an indicated adjusted value of $15,047
per acre.
• Unimproved Land Sale No. 8 contains 2.27 acres of gross land area and is a March
2015 transaction. Unimproved Land Sale No. 8 is located on the east side of 20th Street
SE approximately 1.20 miles south of Golden Gate Boulevard, Collier County, Naples,
Florida. Unimproved Land Sale No. 8 benefits from frontage along the easterly right-of-
way of 20th Street SE. Available utilities to the sale property include telephone,
electrical service and emergency services. Drinking water is typically provided by
private well. Wastewater is typically disposed of by a private septic tank and drain field
combination. Sale No. 8 has a future land use designation of Estates and is zoned
Estates by Collier County. Unimproved Sale No. 8 is encumbered by a 30-foot wide
road right-of-way easement along the western property line and along the property’s
existing frontage to 20th Street SE. Verification of this sale indicated that at the time of
sale, the property did not include any significant contributory improvements.
Unimproved Land Sale No. 8 was adjusted for differences in market conditions (time)
and roadway frontage. Land Sale No. 8 provided an indicated adjusted value of $14,537
per acre.
RECONCILIATION OF THE MARKET VALUE ESTIMATE:
In summary, the appraiser has selected eight competitive unimproved sales zoned E, Estates
District, transacted between March 2015 and December 2015 for direct comparison to the
parent tract and which will provide the database for the application of the Sales Comparison
Approach. The indicated adjusted sales prices associated with these eight sales range from a
low of $14,400 per gross acre for Sale No. 4 to a high of $25,748 per gross acre for Sale No. 2.
The arithmetical mean from this database was $16,818 per gross area.
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In conclusion, the final estimate of value, after reviewing each of the eight comparable sales
utilized in direct comparison to the parent tract is $20,000 per gross acre, which results in the
following estimate of value:
Market Value of the Parent Tract Land:
(2.34 Gross Acres) x ($20,000 Per Gross Acre) = $46,800
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The Sales Comparison Approach to Value
PART ONE: INTRODUCTION
In the Sales Comparison Approach, market value is estimated by comparing the parent tract to
similar properties that have been sold recently or for which offers to purchase have been made.
A major premise of the Sales Comparison Approach is that the market value of a property is
directly related to the prices of comparable, competitive properties. A comparative analysis in
the Sales Comparison Approach focuses on differences in legal, physical, locational, and
economic characteristics of similar properties and the parent tract and on differences in the real
property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the
financing arrangements for each sales transaction which can account for variations in prices.
The Sales Comparison Approach is applicable to all types of real property interest when there
are sufficient, recent, and reliable transactions to indicate value patterns in the market. For
property types that are bought and sold regularly, the Sales Comparison Approach often
provides a reliable indication of market value. When data are available, this is the most direct
and systematic approach to value. When the number of market transactions is insufficient, the
applicability of the Sales Comparison Approach may be limited. For example, the Sales
Comparison Approach is rarely applied to a special purpose property because few similar
properties may be sold in a given market. To value such properties, the Cost or Income
Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales
and offers for similar properties may establish broad limits for the value of the property being
appraised.
When economic conditions are changing rapidly, the usefulness of the Sales Comparison
Approach may be limited. For example, changes in income tax laws and zoning regulations, the
availability in cost of financing, or the supply of similar properties may cause the sale prices of
comparable properties with similar uses to be unreliable indicators of the value of the parent
tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable
market basis on which to make adjustments for these changes. Rapid inflation or deflation can
also jeopardize the reliability of an appraiser’s adjustments and limit the usefulness of the Sales
Comparison Approach.
To apply the Sales Comparison Approach, an appraiser follows a systematic procedure:
A. Research the market to obtain information on sales transactions, listings, and offerings
to purchase properties similar to the parent tract.
B. Verify the information by confirming that the data obtained are factually accurate and
that the transactions reflect arm's length market considerations.
C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per
income multiplier) and develop a comparative analysis for each unit.
D. Compare the parent tract and comparable sale properties using the elements of
comparison and adjust the sale price of each comparable appropriately or eliminate the
property as a comparable.
E. Reconcile the various value indications produced from the analysis of comparables
into a single value indication or a range of values. An imprecise market may indicate a
range of values.
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PART TWO: PRINCIPLES OF SALES COMPARISON APPROACH TO VALUE
The application of the Sales Comparison Approach is based on, and consistent with, the
operation of value influences and appraisal principles. The following appraisal principles are
generally considered most relevant to the Sales Comparison Approach:
A. Supply and Demand: Property prices are determined by the market. They result from
negotiations between buyers and sellers; buyers constitute market demand and the
properties offered for sale constitute the supply. If the demand for a particular type of
property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts
in the supply of improved properties frequently lag behind shifts in demand because
supply is created by time-consuming construction, while demand can change rapidly.
B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution
holds that the value of a property tends to be set by the price that would be paid to
acquire a substitute property of similar utility and desirability. This principle implies that
the reliability of the Sales Comparison Approach is diminished if substitute properties are
not available in the market.
C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the
market, but absolute equilibrium is almost never attained. The balance between supply
and demand changes continually. Due to shifts in population, purchasing power, and
consumer tastes and preferences, demand varies greatly over time. The construction of
new buildings and the demolition of old ones cause supply to vary as well. Another
aspect of this principle is that the relationship between land and improvements and the
relationship between a property and its environment must both be in balance for a
property to reflect its actual market value. If, for example, a property has too much land
in relation to its improvements or too many expensive amenities for its location, an
imbalance is created. Appraisers must watch for imbalances in the market and within
properties because they can cause the market to impute different prices to otherwise
comparable properties.
D. Externalities: Positive and negative external forces affect all types of property. A
period of economic development or economic depression can often influence property
values. An appraiser analyzes the market area of a parent tract to identity all significant
external influences. To a great extent, these external forces are reflected in the
adjustments made for property location. Two properties with identical physical
characteristics may have quite different market values if one of the properties has less
attractive surroundings. Factors such as the condition and lighting of streets, the
convenience of transportation facilities, the adequacy of police protection, and the
proximity to shopping and restaurant facilities vary with location. They must be
considered by the appraiser to determine if they have a positive or negative effect on the
value of the property being appraised.
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PART THREE: PRESENTATION OF THE MARKET DATA
The appraiser has reviewed economic data related to a number of improved sales of
comparable properties located within the primary and secondary market areas. Based on this
research, the appraiser has assembled three improved sales that were transacted between July
2015 and December 2015 as being most comparable to the parent tract. The data sheets for
each of the improved sales used to estimate the value of the parent tract are presented in the
addendum of this report.
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Improved Sales Map
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PART FOUR: APPLICATION OF THE MARKET DATA
As previously stated, the appraiser has selected three improved sales that were transacted
between July 2015 and December 2015 as being most comparable to the parent tract. All sales
have been compared to the parent tract and adjusted for significant differences. Furthermore,
the appraiser has applied the proper sequence of adjustments including the following order:
property rights conveyed; financing; conditions of sale (motivation); market conditions (time) and
other locational and physical characteristics. The improved sales comparison grid is presented
on the following page:
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Parent Sale Sale Sale
Element of Comparison:Tract No. 1 No. 2 No. 3
Date of Value/Sale Jan-2016 Dec-2015 Aug-2015 Jul-2015
Property Rights Conveyed NA Fee Simple Fee Simple Fee Simple
Financing NA Typical Typical Typical
Conditions of Sale (Motivation)NA Arm's Length Arm's Length Arm's Length
Location 2410 Golden Gate Blvd. E.110 14th St. NE 4265 2nd Ave. NE 3663 2nd Ave. NE
Site Data:
Land Area (Gross Acres)2.34 1.59 2.50 2.50
Site Improvements Average Similar Similar Similar
Improvement Data:
Construction/Quality CBS/Avg.CBS/Sim.CBS/Sim.CBS/Sim.
Year Built/Condition 2003/Avg.2003/Sim.2003/Sim.2006/Sup.
Design & Appeal 1 Story/Avg.1 Story/Avg.1 Story/Avg.1 Story/Avg.
Gross Living Area 1,868 1,882 1,759 2,167
Bedrooms/Baths 3/2 4/2 3/2 3/3
Garage/Workshop Att. 2-Car Att. 2-Car, Sim.Att. 2-Car, Det. Workshop, Sup.Att. 2-Car, Sup.
Entry/Lanai Entry/Lanai Entry/Lanai, Sup.Entry/Lanai, Sim.Entry/Lanai, Sim.
Transaction Adjustments:
Sales Price $280,000 $273,000 $282,000
Property Rights Conveyed $0 $0 $0
Financing $0 $0 $0
Conditions of Sale (Motivation)$0 ($1,800)$0
Market Conditions (Time)$2,800 $13,600 $16,900
Adjusted Sales Price $282,800 $284,800 $298,900
Other Adjustments:
Site Data:
Location/Land Area (Gross Acres)$15,000 -$3,200 -$3,200
Site Improvements $0 $0 $0
Improvement Data:
Construction/Quality $0 $0 $0
Year Built/Condition $0 $0 $7,500
Design & Appeal $0 $0 $0
Gross Living Area $0 $5,500 -$15,000
Bedrooms/Baths $0 $0 -$6,000
Garage/Workshop $0 -$6,800 -$3,100
Entry/Lanai -$4,700 $0 $0
Final Adjusted Sales Price $293,100 $280,300 $279,100
Sales Comparison Grid - Improved Sales:
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Explanation of Adjustments:
The following explanations of adjustments are presented:
• Adjustments for Property Rights Conveyed and Financing: All sales utilized in
direct comparison to the parent tract conveyed property rights involving a fee simple
estate and involved market financing or were all cash to seller transactions. Accordingly,
no adjustments were made for these two elements of comparison.
• Adjustments for Conditions of Sale (Motivation): All sales were verified to be
typically motivated arm’s length transactions. However, verification of Sale No. 2
indicated the buyer paid a portion of the seller’s closing costs. Accordingly, this sale was
adjusted for this condition.
• Adjustments for Marketing Conditions (Time): The date of sale identifies the market
conditions under which the comparable sale occurred. Changes in market conditions can
be caused by inflation, deflation, changes in supply and demand, and other factors.
Although the adjustment for market conditions is sometimes referred to as a "time
adjustment", the passing of time is not the cause of the adjustment, but rather, the
market conditions that may or may not have changed over the time period analyzed.
Changes in market conditions are usually measured as a percentage of a previous price.
An analysis of a resale of the sale property, or two (2) paired sales considered very
similar, can provide an indication of the rate of price change.
The appraiser has interviewed numerous buyers and sellers and real estate brokers,
who indicated market appreciation of property values since the date of the oldest sale
(December 2014). As previously reported in the market area analysis, the primary
market area is considered to be in the growth stage of its life cycle, as evidenced by
appreciating values, the planned improvements to the area’s infrastructure and the
continued development of residential and commercial properties within the market area.
The appraiser has utilized, as most appropriate, a 12.0% annual adjustment or a positive
1.0% per month adjustment to the previously adjusted sales prices for market conditions
(time) for the time frame between the oldest sale (December 2014) and the date of
appraisal (January 29,2015). It should be understood that this market conditions
adjustment (time) is made to the “adjusted” sales prices (after adjustments for property
rights conveyed, financing and conditions of sale (motivation), if any. The following
market conditions (time) adjustment grid is provided on the next page:
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Sale Sale Sale
No. 1 No. 2 No. 3
Date of Value Jan-2016 Jan-2016 Jan-2016
Date of Sale Dec-2015 Aug-2015 Jul-2015
No. of Months Diff.1 5 6
(X) Time Adj. Per Mo.1.00%1.00%1.00%
Time Adj. Factor 0.010 0.050 0.060
Sales Price $280,000 $273,000 $282,000
Adjustments:$0 ($1,800)$0
Adjusted Sales Price $280,000 $271,200 $282,000
(X) Time Adj. Factor 0.010 0.050 0.060
Indicated Time Adj.$2,800 $13,560 $16,920
Rounded $2,800 $13,600 $16,900
Market Conditions (Time) Adjustment Grid:
Adjustments for Other Locational and Physical Characteristics: All sales were
further adjusted for significant differences, including differences in location/land area,
year built/effective age, gross living area, garage/workshop areas and entry/lanai areas.
DISCUSSION OF SALES:
• Improved Sale No. 1 has a street address of 110 14th Street NE, Naples, Florida, and
is a December 2015 transaction. Improved Sale No. 1 contains 1.59 acres of gross land
area and is located on the east side of 14th Street NE approximately 0.10 miles north of
Golden Gate Boulevard E. in Collier County, Naples, Florida. 14th Street NE provides
access to the sale property. Available utilities to the sale property include telephone and
electrical service. The property is designated Estates on the Collier County Future Land
Use Map and is zoned E, Estates District, according to the Collier County Land
Development Code. Furthermore, the sale property is encumbered by a 30-foot wide
road right-of-way easement along the western property line along the existing frontage to
14th Street NE.
Improved Sale No. 1 is improved with a 4 bedroom, 2 baths, covered entry, screened
lanai, attached two car garage, one-story, single-family residential structure with CBS
construction and a fiberglass shingle roof. The home contains 1,882 square feet of
gross living area and was built in 2003. Significant site improvements include an asphalt
drive, a rolling chain link gate, wire mesh fencing on wood posts, a well/pump/water
treatment system, a septic tank/drain field, fill/grading, sod, and landscaping.
Improved Sale No. 1 sold for $280,000. Improved Sale No. 1, after appropriate
adjustments, provided an indicated value of $293,100.
• Improved Sale No. 2 has a street address of 4265 2nd Avenue NE, Naples, Florida,
and is an August 2015 transaction. Improved Sale No. 2 contains 2.50 acres of gross
land area and is located on the north side of 2nd Avenue NE approximately 0.35 miles
west of Desoto Boulevard N. in Collier County, Naples, Florida. 2nd Avenue NE
provides access to the sale property. Available utilities to the sale property include
telephone and electrical service. The property is designated Estates on the Collier
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County Future Land Use Map and is zoned E, Estates District, according to the Collier
County Land Development Code. Furthermore, the sale property is encumbered by a
30-foot wide road right-of -way easement along the southern property line along the
existing frontage to 2nd Avenue NE.
Improved Sale No. 2 is improved with a 3 bedroom, 2 baths, covered entry, screened
lanai, attached two car garage, one-story, single-family residential structure with CBS
construction and a fiberglass shingle roof. The home contains 1,759 square feet of
gross living area and was built in 2003. Significant site improvements include a
detached workshop, a gravel drive, a well/pump/water treatment system, a septic
tank/drain field, fill/grading, sod, and landscaping.
Improved Sale No. 2 sold for $273,000. Verification of this sale indicated the seller paid
$1,800 of the buyers closing cost. Accordingly, the actual sales price was adjusted for
this condition. Improved Sale No. 2, after appropriate adjustments, provided an
indicated value of $280,300.
• Improved Sale No. 3 has a street address of 3663 2nd Avenue NE, Naples, Florida,
and is a July 2015 transaction. Improved Sale No. 3 contains 2.50 acres of gross land
area and is located on the north side of 2nd Avenue NE approximately 0.70 miles east of
Everglades Boulevard N. in Collier County, Naples, Florida. 2nd Avenue NE provides
access to the sale property. Available utilities to the sale property include telephone and
electrical service. The property is designated Estates on the Collier County Future Land
Use Map and is zoned E, Estates District, according to the Collier County Land
Development Code. Furthermore, the sale property is encumbered by a 30-foot wide
road right-of-way easement along the southern property line along the existing frontage
to 2nd Avenue NE.
Improved Sale No. 3 is improved with a 3 bedroom, 3 baths, covered entry, screened
lanai, attached two car garage, one-story, single-family residential structure with CBS
construction and a tile roof. The home contains 2,167 square feet of gross living area
and was built in 2006. Significant site improvements include a gravel drive, a
well/pump/water treatment system, a septic tank/drain field, fill/grading, sod, and
landscaping.
Improved Sale No. 3 sold for $282,000. Improved Sale No. 3, after appropriate
adjustments, provided an indicated value of $279,100.
RECONCILIATION OF THE MARKET VALUE ESTIMATE:
In summary, the appraiser has selected three improved sales that were transacted between July
2015 and December 2015 for direct comparison to the parent tract and which will provide the
database for the application of the Sales Comparison Approach. All sales are considered to be
competitive homes located within the Golden Gate Estates market area. All sales have been
compared to the parent tract and adjusted for significant differences including differences in
condition of sales (motivation), market conditions (time), location/land area, year built/effective
age, gross living area, garage/workshop areas and entry/lanai areas. In conclusion, the final
estimate of value, after reviewing each of the three improved sales utilized in direct comparison
to the parent tract, as indicated via the Sales Comparison Approach, as of January 29,2015, is
$285,000.
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Reconciliation of the Value Indications
In summary, the appraiser has obtained the following value indications from the valuation
approaches presented earlier in the appraisal report as follows:
The Cost Approach to Value: NA
The Sales Comparison Approach to Value: $285,000
The Income Capitalization Approach to Value: N/A
Reconciliation is the analysis of alternative conclusions to arrive at a value estimate.
Reconciliation is required because different value indications result from the use of more than
one valuation approach and within the application of a single approach.
Furthermore, the final value estimate should not be derived simply by applying technical and
quantitative procedures; rather, it should involve the exercise of judgment. The value
conclusion reached should be consistent with market thinking and the quantity of data used
should correspond to the amount of data the market considers relevant to the problem. An
appraiser shall produce a meaningful, defensible value estimate by considering three criteria:
appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of
certain approaches and specific assignments. All data, calculations, estimates, and
adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if
the conclusion reached is sufficiently supported in the market. Market data reflects past
phenomena, but an appraiser must rely on data to estimate future benefits and the present
value of these benefits. Nevertheless, the data available should not dictate the range of future
possibilities under consideration.
It was the appraiser’s opinion that the Sales Comparison Approach to Value was the only
applicable approach for this valuation assignment. The Sales Comparison Approach to Value
was considered applicable since an adequate number of similar improved sales have recently
occurred within the market area that may be utilized by the appraiser in predicting typical buyer
and seller behavior. Furthermore, the Sales Comparison Approach was the most often used
approach to value single family homes. Finally, the Sales Comparison Approach to Value was
considered sufficient and adequate to provide a reliable value conclusion.
The Cost Approach to Value is typically used with new construction and therefore this approach
was not considered applicable due to the difficulty in estimating accrued depreciation. The
Income Approach to Value was not considered applicable due to insufficient rental data and since
the parent tract is not generally considered to be an income producing property.
In conclusion, it is the appraiser’s opinion, that the market value of the parent tract, as of
January 29, 2016, is $285,000, allocated $46,800 to the land value and $238,200 to the
improvements.
Prepared for and property of Collier County Board of Commissioners. Page 73
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Estimation of Reasonable Exposure Time:
In this portion of the analysis, the appraiser will provide the reader with a narrative overview
relating to the estimate of the reasonable exposure time or normal marketing period for the
parent tract. Exposure time is defined in The Dictionary of Real Estate Appraisal, Sixth Edition
as “the estimated length of time that the property interest being appraised would have been
offered on the market prior to the hypothetical consummation of a sale at market value on the
effective date of the appraisal. Furthermore, exposure time is a retrospective opinion based on
an analysis of past events assuming a competitive and open market.
The appraiser has estimated a reasonable exposure time for the parent tract to be six to twelve
months, based on the appraiser’s research of market activity and available listings and
interviews with numerous market participants.
Prepared for and property of Collier County Board of Commissioners. Page 74
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Descriptions and Valuation Analyses of the Proposed Partial
Acquisition Area and the Remainder Property
Prepared for and property of Collier County Board of Commissioners. Page 75
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Parcel No. 312 RDUE Acquisition Area Map
Prepared for and property of Collier County Board of Commissioners. Page 76
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
PROJECT DESCRIPTION AND IDENTIFICATION OF THE PROPOSED
PARTIAL ACQUISITION AREA
Project Description: The proposed perpetual, non-exclusive, road right-of -way, drainage, and
utility easement will be utilized for the widening of Golden Gate Boulevard E. from Wilson
Boulevard to DeSoto Boulevard. Plans included the widening of Golden Gate Boulevard E.
from two lanes to four lanes and will include capacity improvements such as adding turn lanes
to the Wilson Boulevard and Everglades Boulevard intersections. Other improvements include
traffic signal upgrades at three major intersections (Wilson, Everglades and DeSoto
Boulevards), on-road bike lanes and sidewalks on both sides of the roadway. This project will
also include the replacement of bridges over three canals, the Golden Gate, Miller and Faka
Union canals.
Description of the Proposed Acquisition Area: Parcel No. 312 RDUE is a perpetual, non-
exclusive, road right-of-way, drainage, and utilities easement that consist of a 35 foot wide strip
taking along the southerly right-of-way of Golden Gate Boulevard E. Parcel No. 312 RDUE
contains 0.12 acres (5,250 square feet) of gross land area and is rectangular in shape.
Specifically, the Parcel No. 312 RDUE has a northern property line along Golden Gate
Boulevard E. that measures 150 feet; with a depth there from along the eastern and western
property lines that measure 35 feet; and a rear, southern property line that measures 150 feet.
Legal Description of the Partial Acquisition Area: The legal description of the proposed
perpetual, non-exclusive, road right-of-way, drainage, and utilities easement acquisition area is
as follows:
Source: RWA Consulting, Inc., Naples, Florida.
VALUATION ANALYSIS OF THE PROPOSED PARTIAL ACQUISITION AREA
Value of the Property Rights Taken: The appraiser has previously estimated the market
value of the fee simple interest of the parent tract to have a unit value of $20,000 per gross
acre. This value estimate was obtained through the application of the Sales Comparison
Approach to Value. Since the part taken is to be valued as part of the whole, this value will
serve as a basis of value for the valuation of the property rights taken.
As previously stated, Parcel No. 312 RDUE is a perpetual easement for road right-of-way,
drainage, utilities and maintenance of these uses. Accordingly, the proposed easement will
essentially take the entire bundle of rights, with the owner only allowed to utilize the proposed
easement area for density calculations.
Prepared for and property of Collier County Board of Commissioners. Page 77
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Since the proposed taking is an easement versus a fee simple taking, the bundle of rights taken
is something less than 100%. However, since the proposed easement precludes almost all
practical uses by the owner, the appraiser has estimated Parcel No. 312 RDUE will include 99%
of the fee simple value resulting in an estimated overall unit value of $19,800 per acre (0.99 x
$20,000). Therefore, the value of the property rights taken is estimated as follows:
Market Value of the Property Rights Taken:
(0.12 Gross Acres) x ($19,800 Per Acre) = $2,376
Rounded to, Say = $2,400
Value of the Improvements Taken: The only significant improvements that will be taken
consist of site improvements including a portion of the asphalt drive, sod, landscaping, site
clearing, fill and grading. Pertinent improvements to establish the driveway connection(s) to
Golden Gate Boulevard E. will be re-established by Collier County.
The appraiser has reviewed cost estimates from the Marshall Swift Manual and has consulted
with local contractors pertinent to the cost estimates for the significant site improvements taken.
Based on this research and the appraiser’s experience, the appraiser has estimated the
contributory market value of the depreciated site improvements taken to be $7,500. The
following table is provided to help the reader review the appraiser’s estimate of the contributory
value for the depreciated site improvements taken:
Estimated
Value
1. Site Clearing/Fill/Grade:$4,200
2. Asphalt Drive:$1,200
3. Landscaping/Sod:$2,100
Total:$7,500
Contributory Value of the Site Improvements Taken
for Parcel No. 312 RDUE:
Summary of the Property Rights and Improvements Taken: The following is the appraiser’s
summary of the value of the property rights and improvements taken from the parent tract:
1. Property Rights Taken: ........................................................................................... $2,400
2. Improvements Taken: ............................................................................................. $7,500
Market Value of the Part Taken: ................................................................................... $9,900
Valuation of the Remainder Property, as Part of the Whole: The following sets forth the
arithmetic analysis of the valuation of the remainder property, as part of the whole (before value
less value of part taken):
1. Market Value of the Parent Tract, Before the Taking: ......................................... $285,000
2. Less Market Value of the Part Taken: ................................................................. $ 9,900
Total Market Value of the Remainder Property, As Part of the Whole: ..................... $275,100
Prepared for and property of Collier County Board of Commissioners. Page 78
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
VALUATION ANALYSIS OF THE REMAINDER PROPERTY "AS SEVERED"
Value of the Remainder Property Land: The remainder property land shall contain 2.34 acres
of gross land area and is still rectangular in shape and the same size and shape as before the
taking, since the proposed property rights to be acquired involve a perpetual easement for road
right-of-way, drainage, utilities and maintenance of these uses. However, the remainder
property will be encumbered by an additional perpetual easement located along the southerly
existing right-of-way of Golden Gate Boulevard E. containing 0.12 acres of gross land area.
The remainder property’s overall access, availability to utilities, topography, land use
designation, and zoning are unchanged. The highest and best use of the remainder property
“as vacant” is estimated to remain the same as before the taking, potential single-family
residential development.
Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide road
right-of-way easements along the property’s adjacent roadway frontages. Prior to the taking,
the parent tract was encumbered by a 50-foot wide road right-of-way easement along the
southern property line and along the property’s existing frontage to Golden Gate Boulevard E.
As stated above, after the taking, the remainder property will be encumbered by an additional
perpetual easement containing 0.12 acres of gross land area located along the southerly
existing right-of-way of Golden Gate Boulevard E.
Although the appraiser has recognized that most buyers, sellers, and active real estate agents
have reported that competitive unimproved Golden Gate Estate properties within the market
area are typically purchased based on a price per acre of gross land area unit of value, the
appraiser has also recognized the proposed additional easement area precludes almost all
practical uses by the owner. Therefore, the appraiser has estimated Parcel No. 312 RDUE will
take 99% of the fee simple value. Accordingly, the appraiser has estimated the residual value
to proposed additional easement area to be 1% of the fee simple value resulting in an estimated
unit value of $200 per acre (0.01 x $20,000) for this portion of the property. The appraiser has
previously estimated the market value of the undivided fee simple interest in the parent tract to
have unit value of $20,000 per gross acre. The remainder land area exclusive of the additional
encumbered area taking, containing 2.22 acres (2.34 – 0.12), is estimated to have the same unit
value, as before the taking.
Based on the aforementioned data and analysis, the following sets forth the appraiser’s
estimate of the remainder property land as follows:
Market Value of the Remainder Property Land:
Land Area Exclusive of the Additional Encumbered Area Taken:
(2.22 Gross Acres) x ($20,000 Per Acre) = $44,400
Additional Encumbered Area Taken:
(0.12 Gross Acres) x ($200 Per Acre) = $ 24
Rounded to, Say = $ 0
Total = $44,400
Value of the Remainder Property Improvements: The remainder property’s improvements
are the same as before the taking, except for the taking of some site improvements. The
highest and best use of the remainder property “as improved” is estimated to remain the same
as before the taking, the continued use of the existing improvements as a single-family home
and associated site improvements.
Prepared for and property of Collier County Board of Commissioners. Page 79
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
It is the appraiser’s opinion that the remainder property’s improvements will be damaged after
the taking due to the reduction of the setback of the single-family home from 125 feet before the
taking to 90 feet after the taking from the right-of -way of Golden Gate Boulevard E. Most
competitive homes in the local market area are typically located 100 feet or more from the
adjacent roadway, especially homes located along main roadways. Homes located less than
100 feet are considered to have functional obsolescence due to a below market setback of the
building improvements from the adjacent roadway.
Before the taking, the appraiser estimated the parent tract’s improvements to have a
contributory value of $238,200 ($285,000 minus the land value of $46,800). Furthermore, the
appraiser has previously estimated the value of the site improvements taken located within the
partial acquisition area to be $7,500. Accordingly, the appraiser has estimated the value of the
remainder improvements to be $230,700 ($238,200 – $7,500), before making an additional
negative adjustment for functional obsolescence specifically caused by all impacts caused by
the reduction of the setback of the home from the new road right-of-way.
The appraiser has estimated the remainder property’s improvements to have an additional
functional obsolescence of 10.0% due to all impacts caused by the reduced setback of the
home or $23,100, rounded ($230,700 x 0.10). Therefore, after recognizing the additional loss of
value of $23,100 due to functional obsolescence caused by all impacts caused by the reduced
setback of the home, the appraiser has estimated the remainder property improvements to have
a contributory value of $207,600 ($230,700 – $23,100).
Summary of the Value of the Remainder Property: Based on the aforementioned data and
analysis, the following is the appraiser’s summary of the valuation of the remainder property:
1. Market Value of the Remainder Property Land: .................................................. $ 44,400
2. Market Value of the Remainder Property Improvements:.................................... $207,600
Total Market Value of the Remainder Property: ........................................................ $252,000
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Technically, severance damages are calculated as the negative difference between the value of
the remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of the
remainder property, as part of the whole, the difference is the actual measurement of the
damages to the remainder property. When the value of the remainder property, as severed, is
greater than the value of the remainder property, as part of the whole, the difference is not
damage but is considered a benefit.
The appraiser has estimated the remainder property, as part of the whole, to be $275,100,
which represents the value of the whole ($285,000), less the value of the part taken ($9,900).
The appraiser has also estimated the market value of the remainder property as severed to be
$252,000. Therefore, these value estimates indicate severance damages in the amount of
$23,100 ($275,100 - $252,000).
Prepared for and property of Collier County Board of Commissioners. Page 80
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
COST TO CURE ANALYSIS
Based on the analysis of the remainder property, it is the appraiser’s opinion, that there is no net
cost to cure.
SPECIAL BENEFITS
Based on the analysis of the remainder property, it is the appraiser’s opinion, that there are no
special benefits.
Prepared for and property of Collier County Board of Commissioners. Page 81
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
SUMMARY AND CONCLUSION AND THE TOTAL COMPENSATION
ESTIMATE
Accordingly, based on all the aforementioned data and analysis, the following summarizes the
appraiser estimates of the total just compensation estimate:
Fee Indicated Indicated Indicated
Value % of Value Quantity Value Value
1. Before Property:(Per Ac.)Fee (Per Ac.)(Acres)Indicated Rounded Total
A. Land:$20,000 100.00%$20,000 2.34 $46,800 $46,800
B. Improvements:$238,200
C. Total:$285,000
2. Proposed Part to be Acquired:
A. Additional Encumbered Land Taken:$20,000 99.00%$19,800 0.12 $2,376 $2,400
B. Improvements Taken:$7,500
C. Total:$9,900
3. Remainder as Part of the Whole:$275,100
4. Remainder Property:
A. Land:
1. Land Area (Exclusive of Additional
Encumbered Land Taken):$20,000 100.00%$20,000 2.22 $44,400 $44,400
2. Additional Encumbered Land Taken:$20,000 1.00%$200 0.12 $24 $0
Totals:2.34 $44,424 $44,400
B. Improvements:$207,600
C. Total:$252,000
5. Damages (Total):$23,100
6. Special Benefits:$0
7. Damages (Net):$23,100
Summary of Total Compensation:
1. Proposed Part to be Acquired:
A. Additional Encumbered Land Taken:$20,000 99.00%$19,800 0.12 $2,376 $2,400
B. Improvements Taken:$7,500
C. Total:$9,900
2. Damages (Net):$23,100
3. Cost to Cure, Net:$0
TOTAL COMPENSATION:$33,000
Summary of Values
Parcel No. 312 RDUE:
Prepared for and property of Collier County Board of Commissioners. Page 82
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Wilcox Appraisal Services, Inc.
Addendum
Prepared for and property of Collier County Board of Commissioners. Page 83
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
ASSUMPTIONS AND LIMITING CONDITIONS
The Market Value estimate of the property or properties appraised herein is subject to certain
assumptions and limiting conditions. Specifically they are:
1. Any legal descriptions furnished are assumed to be correct.
2. No responsibility is assumed for matters legal in character, nor is any opinion rendered
herein as to title, which is assumed to be good and merchantable. It is assumed that
the property is under responsible ownership and management on the appraisal date.
3. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and
used in the making of this report are correct. The appraiser has not made a land
survey or caused one to be made, and therefore, assumes no responsibility for their
accuracy.
4. Certain data used in compiling this report was furnished the appraiser from sources
which they consider reliable, however, they do not guarantee the correctness of such
data, although as far as is reasonably possible, the data has been checked and is
believed to be correct.
5. The soil of the area under appraisement appears to be firm and solid, unless otherwise
stated. Subsidence in the area is unknown or uncommon but the appraiser does not
warrant against this condition of occurrence.
6. Subsurface rights (minerals and oil) were not considered in making this report unless
otherwise stated.
7. The tracts that according to survey, map or plat, indicate riparian rights and/or littoral
rights are assumed to go with the property unless easements or deeds of record were
found by the appraiser to the contrary.
8. Possession of this report, or copy thereof, does not carry with it the right of publication
or reproduction, nor may it be used by any but the applicant without prior written
consent of the applicant and the appraiser, and in any event only in its entirety.
9. The appraiser by reason of this report is not required to give testimony in court with
reference to the property herein appraised, nor is the appraiser obligated to appear
before any governmental body, board or agent unless arrangements have been
previously made therefore.
10. A careful inspection was made of any and all buildings involved in this appraisal report
and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations
was reported as a matter of information by the appraiser, but no guarantee as to the
amount or degree of damages, if any, is given herein.
11. The distribution of the total valuation in this report between land and improvements
applies only under the existing program of utilization. The separate valuations for land
and buildings must not be used in conjunction with any other appraisal and are invalid
if so used.
12. Neither all nor any part of the contents of this report shall be conveyed to the public
through advertising, public relations, news, sales or other media without the written
consent and approval of the author, particularly as to valuation conclusions, the
identity of the appraiser, or firms with which they are connected, or any reference to
the Appraisal Institute, or to the MAI designation.
13. Unless specifically stated in the report, the appraiser did not determine the flood plain
status of the property appraised. If such data is available, it is recommended it be
obtained prior to any development that might be contemplated.
Prepared for and property of Collier County Board of Commissioners. Page 84
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Wilcox Appraisal Services, Inc.
ASSUMPTIONS AND LIMITING CONDITIONS - Continued
14. Inspection of the parent tract revealed no obvious environmental hazards. The
existence of potentially hazardous materials used in the construction or maintenance
of the building, such as the presence of urea formaldehyde foam insulation, and/or
existence of toxic waste, which may or may not be present on the property, has not
been considered. The appraiser is not qualified to detect such substances and
reserves the right to amend or alter this report and the value conclusions tendered
herein should an Environmental Risk Audit (or other similar study) be conducted on the
parent tract at a later date.
15. This appraisal was prepared by the appraiser who signed this report for the exclusive
use of the client. The information and opinions contained in this appraisal set forth the
appraiser’s best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions
taken based on this report.
Prepared for and property of Collier County Board of Commissioners. Page 85
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA
OVERVIEW
R. Alan Wilcox has over 31 years of appraisal experience in
the state of Florida specializing in eminent domain and
litigation assignments. Mr. Wilcox has worked for both the
condemnor and the property owner with experience in a
variety of appraisal problems concerning commercial,
industrial, residential, and special use properties. Mr.
Wilcox has expertise in providing the client with strong
market research for a reliable factual foundation to support
the valuation opinion combined with effective
communications including report writing, trial exhibits and
expert testimony.
PROFESSIONAL MEMBERSHIPS
• MAI and SRA Designations, Appraisal Institute, Certificate No. 9613
• Member, Appraisal Institute, Regional Ethics and Counseling Panel, 1993-Present
• Member, Real Estate Investment Society, Present
• Trustee, Real Estate Appraiser Group Insurance Trust, 2014
• President and Board of Director, Appraisers Liability Insurance Program, 2012
• Vice President and Board of Director, Appraisers Liability Insurance Program, 2011
• Board of Director, Appraisers Liability Insurance Program, 2010
• Member, Appraisal Institute, Leadership Development & Nominating Committee, 2005-
2008
• Member, National Board of Directors, Appraisal Institute, Region X, Chair, 2004
• Member, National Board of Directors, Appraisal Institute, 2001-2003
• Director, Association of Eminent Domain Professionals, 2000-2001
• President, West Cost Florida Chapter of the Appraisal Institute, 2001
• Regional Representative, West Coast Florida Chapter of Appraisal Institute, 1994-2001
• Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000
• Secretary, West Cost Florida Chapter of the Appraisal Institute, 1999
• Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998
• Member, Region X, Appraisal Institute, National General Appraisal Board Guidance
Subcommittee, 1996-1998
• Director, West Coast Florida Chapter of Appraisal Institute, 1993-1996
• Chairperson, MAI Admissions Committee, West Coast Florida Chapter of the Appraisal
Institute, 1997
• Chairperson, MAI, Candidate Guidance, West Coast Florida Chapter of the Appraisal
Institute, 1993-1996
AWARDS
• Appraisal Institute’s “Volunteer of Distinction Award”, Region X, 2011
• Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal
Institute, 1996
Prepared for and property of Collier County Board of Commissioners. Page 86
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA - Continued
STATE CERTIFICATION/LICENSES
• State-certified general real estate appraiser, RZ306 (Florida)
• Real Estate Broker’s License, BK 326544 (Florida)
EDUCATIONAL BACKGROUND
• Bachelor of Science Degree, West Virginia University, Morgantown, West Virginia, 1971
o Graduated with High Honors (No. One in Graduating Class)
o Gamma Sigma Delta National Honor Society of Agriculture
o Xi Sigma Pi National Honor Society of Forestry
o Senior Recognition Certificate (No. One in Graduating Class)
o College Bowl Participant
o Senior Scholarship Award of Merit
• Master of Science Degree, University of Washington, Seattle, Washington, 1976
• Post Graduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980-
1983
• Post Graduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982
REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED
R. Alan Wilcox, MAI, SRA, has completed the specialized appraisal educational requirements
for obtaining the MAI, SRA, designation and the continuing education program of the Appraisal
Institute, as well as the continuing education requirements for State Certification. Furthermore,
R. Alan Wilcox, MAI, SRA has made special efforts to exceed the required minimum educational
requirements and to attend the highest quality of appraisal educational offerings, including
courses and seminars sponsored by the Appraisal Institute, American Law Institute & American
Bar Association (ALI-ABA), Continuing Legal Education (CLE) Institute, and the Association of
Eminent Domain Professionals.
EXPERIENCE
• President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 to
Present
• Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990
to September 1998
• Expert Witness for the Florida Real Estate Appraisal Board, July 1998
• Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to
February 1990
• Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986
• Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March
1986
• Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985
Prepared for and property of Collier County Board of Commissioners. Page 87
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Wilcox Appraisal Services, Inc.
Copy of Parent Tract’s Warranty Deed
Prepared for and property of Collier County Board of Commissioners. Page 88
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Wilcox Appraisal Services, Inc.
Copy of Parent Tract’s Warranty Deed - Continued
Prepared for and property of Collier County Board of Commissioners. Page 89
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Wilcox Appraisal Services, Inc.
Yearly Market Detail –2015
For Single Family Homes in Collier County
Produced by Florida Realtors with data provided by Florida’s multiple listings services.
Prepared for and property of Collier County Board of Commissioners. Page 90
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Yearly Market Detail –2015
For Single Family Homes in Collier County
Produced by Florida Realtors with data provided by Florida’s multiple listings services.
Continued
Prepared for and property of Collier County Board of Commissioners. Page 91
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Land Sales Map
Prepared for and property of Collier County Board of Commissioners. Page 92
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Wilcox Appraisal Services, Inc.
Land Sale No. 1
SALES DATA
Recording Data General Warranty Deed, Collier County, OR Book 5227, Page 1073.
Grantor Joseph Coci, III, Kathleen C. Cummings, Anita C. Luce, and Karen C. Weaver.
Grantee Luis Damian Malagon Perez.
Sales Date ~ Price December 17, 2015 ~ $43,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past three years.
Legal Description The West 150 feet of Tract 128, Golden Gate Estates Unit No. 13, according to
the map or plat thereof as recorded in Plat Book 7, Pages 71 and 72, Public
Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of Golden Gate Boulevard E.
between 6th Street SE and 8th Street SE, Collier County, Naples, Florida.
Roadway Frontage Golden Gate Boulevard E.
Folio No. 37228560007.
STRAP No. 329200 128 4C10.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 91-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to
Golden Gate Boulevard E.
Size (Gross) 2.34 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $18,376 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Alonzo
Holguin-Bueno, selling agent, 305-744-6747.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 93
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Land Sale No. 2
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5219, Page 2655.
Grantor Carolyn L. Coomes and Jeffrey S. Coomes.
Grantee Miossotys Espinosa.
Sales Date ~ Price November 25, 2015 ~ $130,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past three years.
Legal Description All of Tract 55, Golden Gate Estates Unit No. 13, according to the map or plat
thereof as recorded in Plat Book 7, Pages 71 and 72, Public Records of Collier
County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of Golden Gate Boulevard E.
between 2nd Street SE and 4th Street SE, Collier County, Naples, Florida.
Roadway Frontage Golden Gate Boulevard E.
Folio Nos. 37223920008 and 37223920105.
STRAP Nos. 329200 55 4C10 and 329200 55 14C10.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 91-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to
Golden Gate Boulevard E.
Size (Gross) 5.15 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $25,243 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Mary Ann
Bonard, listing agent, 239-216-1889.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 94
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 3
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5196, Page 1048.
Grantor Audi Homes and Land, Inc.
Grantee KSWFL, Homesites, LLC.
Sales Date ~ Price August 27, 2015 ~ $50,000.
Conditions of Sale Typical market.
Sales History The sale property previously sold for $36,000 on June 24, 2015.
Legal Description The South 180 feet of Tract 110, Golden Gate Estates Unit No. 51, according to
the map or plat thereof as recorded in Plat Book 5, Pages 84 and 85, Public
Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the west side of 22nd Street SE approximately
0.60 miles south of Golden Gate Boulevard, Collier County, Naples, Florida.
Roadway Frontage 22nd Street SE.
Folio No. 39391360006.
STRAP No. 342700 110 24C12.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the eastern property line and along the property’s existing frontage to 22nd
Street SE.
Size (Gross) 2.73 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $18,315 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Sandra D.
Schlauptiz, selling agent, 239-450-8971.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 95
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 4
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5174, Page 2780.
Grantor Angel Rojas.
Grantee Jefferson Sousa.
Sales Date ~ Price July 9, 2015 ~ $40,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past three years.
Legal Description The North 350 feet of Tract 127, Golden Gate Estates Unit No. 13 according to
the map or plat thereof as recorded in Plat Book 7, Pages 71 and 72, Public
Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located at the southeast corner of Golden Gate Boulevard E.
and 6th Street SE, Collier County, Naples, Florida.
Roadway Frontage Golden Gate Boulevard E. and 6th Street SE.
Folio No. 37228540001.
STRAP No. 329200 127 14C10.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by road right-of-way easements along the
northern and western property lines along the property’s existing frontages to
Golden Gate Boulevard E. and 6th Street SE.
Size (Gross) 2.65 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $15,094 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Carla Masse,
selling agent, 239-207-5614.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 96
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 5
SALES DATA
Recording Data Special Warranty Deed, Collier County, OR Book 5171, Page 469.
Grantor Susan Colgan, Trustee.
Grantee JD Investment Group of Naples LLC.
Sales Date ~ Price June 26, 2015 ~ $43,000.
Conditions of Sale Typical market.
Sales History The sale property previously sold for $32,000 on February 17, 2015.
Legal Description The South 150 feet of Tract 112, Golden Gate Estates Unit No. 48, according to the
map or plat thereof as recorded in Plat Book 5, Pages 78 and 79, Public Records of
Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the east side of 14th St SE approximately 1.05 miles
south of Golden Gate Boulevard, Collier County, Naples, Florida.
Roadway Frontage 14th St SE.
Folio No. 39208400004.
STRAP No. 341800 112 04C11.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along
the western property line and along the property’s existing frontage to 14th St SE.
Size (Gross) 2.27 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $18,943 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Susan Colgan,
grantor representative, 239-272-8226 and with Magdevys Abreu, selling agent, 239-
289-0749.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not include
any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 97
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 6
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5135, Page 2293.
Grantor Dietrich E. Neumann and Leoney P. Neumann.
Grantee Premium Investments of Florida, LLC.
Sales Date ~ Price March 20, 2015 ~ $23,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past three years.
Legal Description The West 75 feet of Tract 76, Golden Gate Estates Unit No. 81, according to the
map or plat thereof as recorded in Plat Book 5, Page 19, Public Records of
Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the north side of 4th Avenue SE approximately
0.20 miles west of Everglades Boulevard S., Collier County, Naples, Florida.
Roadway Frontage 4th Avenue SE.
Folio No. 40928280001.
STRAP No. 350800 76 24D07.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the southern property line and along the property’s existing frontage to 4th
Avenue SE.
Size (Gross) 1.14 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $20,175 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Timothy Scott
Summers, listing agent, 239-682-6178.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 98
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 7
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5130, Page 2823.
Grantor Patricia Ramirez Marin.
Grantee Yusleivy Gonzalez.
Sales Date ~ Price March 13, 2015 ~ $29,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past three years.
Legal Description The East 105 feet of Tract 75, Golden Gate Estates Unit No. 81, according to the
map or plat thereof as recorded in Plat Book 5, Page 19, Public Records of
Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of 2nd Avenue SE approximately
0.10 miles west of Everglades Boulevard S., Collier County, Naples, Florida.
Roadway Frontage 2nd Avenue SE.
Folio No. 40928120006.
STRAP No. 350800 75 24D07.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to 2nd
Avenue SE.
Size (Gross) 1.59 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $18,239 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on December 30, 2015 with Becky Mato,
selling agent, 239-601-7046.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 99
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 8
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5129, Page 1062.
Grantor Neptali F. Sandoval.
Grantee Yusleivy Gonzalez.
Sales Date ~ Price March 9, 2015 ~ $40,000.
Conditions of Sale Typical market.
Sales History The sale property previously sold for $20,000 on August 25, 2014.
Legal Description The North 150 feet of Tract 81, Golden Gate Estates Unit No. 51, according to the
map or plat thereof as recorded in Plat Book 5, Pages 84 and 85, Public Records of
Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the east side of 20th Street SE approximately 1.20
miles south of Golden Gate Boulevard, Collier County, Naples, Florida.
Roadway Frontage 20th Street SE.
Folio No. 39388600106.
STRAP No. 342700 81 14C12.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along
the western property line and along the property’s existing frontage to 20th Street SE.
Size (Gross) 2.27 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $17,621 Per Gross Acre.
VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on May 14, 2015 with Magdevys Abreu, listing
agent, 239-289-0749.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not include
any significant contributory improvements. The sale property was reported to be
100% uplands.
Prepared for and property of Collier County Board of Commissioners. Page 100
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sales Map
Prepared for and property of Collier County Board of Commissioners. Page 101
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sale No. 1
110 14th Street NE, Naples, FL
WARRANTY DEED: O.R. Book 5226, Page 18, December 14, 2015, Collier County, Florida.
GRANTOR: Brian K. Wathen and Ashley M. Wathen. GRANTEE: Marie F. Williams.
LEGAL DESCRIPTION: The South 105 feet of Tract 111, Golden Gate Estates, Unit No. 49, according to the plat
thereof, recorded in Plat Book 5, Pages 80 and 81, of the Public Records of Collier County, Florida.
FOLIO NO.: 39269880003. STRAP NO.: 342100 111 24C02.
SITE DATA: The sale property contains 1.59 acres of gross land area and is located on the east side of 14th Street NE
approximately 0.10 miles north of Golden Gate Boulevard E. in Collier County, Naples, Florida. 14th Street NE provides
access to the sale property. Available utilities to the sale property include telephone and electrical service. The property
is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the
Collier County Land Development Code. Furthermore, the sale property is encumbered by a 30-foot wide road right-of-
way easement along the western property line along the existing frontage to 14th Street NE.
IMPROVEMENT DATA: The sale property is improved with a 4 bedroom, 2 baths, covered entry, screened lanai,
attached two car garage, one-story, single-family residential structure with CBS construction and a fiberglass shingle
roof. The home contains 1,882 square feet of gross living area and was built in 2003. Significant site improvements
include an asphalt drive, a rolling chain link gate, wire mesh fencing on wood posts, a well/pump/water treatment
system, a septic tank/drain field, fill/grading, sod, and landscaping.
SALES PRICE: $280,000. FINANCING: Cash to Seller Transaction.
SALES HISTORY: The sale property previously sold on August 19, 2013 for $182,500; on May 17, 2013 for $138,500;
and on May 17, 2013 for $111,000.
VERIFICATION DATA: R. Alan Wilcox, MAI, SRA verified this sale on February 9, 2016 with Cari Ouintero, listing
agent, 321-231-6559.
Prepared for and property of Collier County Board of Commissioners. Page 102
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sale No. 2
4265 2nd Avenue NE, Naples, FL
WARRANTY DEED: O.R. Book 5189, Page 1581, August 26, 2015, Collier County, Florida.
GRANTOR: Brooke Abbott Peyton, Thomas Christopher Hoelzer and Julie Lange Peyton.
GRANTEE: Scott Allen Norris and Sheena Yvonne Norris.
LEGAL DESCRIPTION: The West 165 feet of Tract 70, Golden Gate Estates, Unit No. 78, according to the plat thereof,
recorded in Plat Book 5, Page 16, of the Public Records of Collier County, Florida.
FOLIO NO.: 40745640002. STRAP NO.: 349900 70 04D04.
SITE DATA: The sale property contains 2.50 acres of gross land area and is located on the north side of 2nd Avenue NE
approximately 0.35 miles west of Desoto Boulevard N. in Collier County, Naples, Florida. 2nd Avenue NE provides access to
the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated
Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land
Development Code. Furthermore, the sale property is encumbered by a 30-foot wide road right-of-way easement along the
southern property line along the existing frontage to 2nd Avenue NE.
IMPROVEMENT DATA: The sale property is improved with a 3 bedroom, 2 baths, covered entry, screened lanai, attached two
car garage, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home
contains 1,759 square feet of gross living area and was built in 2003. Significant site improvements include a detached
workshop, a gravel drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod, and landscaping.
SALES PRICE: $273,000. ADJUSTED SALES PRICE: $271,200.*
FINANCING: Cash to Seller Transaction.
SALES HISTORY: The sale property previously sold on November 29, 2013 for $228,000.
*VERIFICATION DATA: R. Alan Wilcox, MAI, SRA verified this sale on February 12, 2016 with Steven Fisher, selling agent,
603-321-3730. Verification of this sale indicated the seller paid $1,800 of the buyers closing cost. Accordingly, the actual sales
price was adjusted for this condition.
Prepared for and property of Collier County Board of Commissioners. Page 103
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sale No. 3
3663 2nd Avenue NE, Naples, FL
WARRANTY DEED: O.R. Book 5177, Page 3672, July 15, 2015, Collier County, Florida.
GRANTOR: Stephen R. Covil and Tina Marie Covil. GRANTEE: Ramon Arca and Margarita Arca.
LEGAL DESCRIPTION: The West 1/2 feet of Tract 102, Golden Gate Estates, Unit No. 77, according to the plat
thereof, recorded in Plat Book 5, Page 15, of the Public Records of Collier County, Florida.
FOLIO NO.: 40688120003. STRAP NO.: 349600 102 04D05.
SITE DATA: The sale property contains 2.50 acres of gross land area and is located on the north side of 2nd
Avenue NE approximately 0.70 miles east of Everglades Boulevard N. in Collier County, Naples, Florida. 2nd
Avenue NE provides access to the sale property. Available utilities to the sale property include telephone and
electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E,
Estates District, according to the Collier County Land Development Code. Furthermore, the sale property is
encumbered by a 30-foot wide road right-of-way easement along the southern property line along the existing
frontage to 2nd Avenue NE.
IMPROVEMENT DATA: The sale property is improved with a 3 bedroom, 3 baths, covered entry, screened lanai,
attached two car garage, one-story, single-family residential structure with CBS construction and a tile roof. The
home contains 2,167 square feet of gross living area and was built in 2006. Significant site improvements include
a gravel drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod, and landscaping.
SALES PRICE: $282,000. FINANCING: Cash to Seller Transaction.
SALES HISTORY: There are no other arm’s length sales of the sale property in the past three years.
VERIFICATION DATA: R. Alan Wilcox, MAI, SRA verified this sale on February 9, 2016 with Zetty Rivera, selling
agent, 239-910-2853.