368 RDUE Report
301 Yamato Road, Suite 1240
Boca Raton, FL 33431
Office: (561) 573-0285
E-Mail: fcardo@cardoappraisal.com
Cardo Appraisal Group LLC
APPRAISERS CONSULTANTS
APPRAISAL OF
Parcel Number: 368 Roadway, Drainage & Utility Easement (RDUE)
Project Name: Golden Gate Blvd, (CR 876) Proposed Rd. Easement
Parent Taxpayer of Record: A & M American Investments, LLC
Part Taken Size: 4,350 Square Feet - Land
Parent Location: 3040 Golden Gate Blvd East
For
Collier County
Transportation Right-Of-Way Office
By
Frank J. Cardo, MAI
State-Certified General Real Estate Appraiser RZ1190
Date of Value: February 2, 2016
Date of Report: February 5, 2016
FILE NUMBER: 2016001.368
Cardo Appraisal Group LLC
APPRAISERS CONSULTANTS
Frank J. Cardo, MAI, President
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ1190 Over 25 years quality experience in Florida
301 Yamato Road, Suite 1240
Boca Raton, FL 33431
Office: (561) 573-0285
E-Mail: fcardo@cardoappraisal.com
February 5, 2016
Harry Henderson, SRA
Review Appraiser
Transportation Right-of-Way Office
Collier County
2885 South Horseshoe Drive
Naples, FL 34104
Proposed Acquisition: Parcel 368 (RDUE)
Project Name: (GGB) and (EB) Roadway Widening Project
Parent Tract Location: 3040 Golden Gate Blvd East & South side (GGB), 300’
west of (EB)
Taxpayer of Record: A & M American Investments, LLC
At your request, we have personally appraised the property referenced above. This
parcel is being acquired as part of Collier County making intersection improvements at
Golden Gate Boulevard (GGB) and Everglades Boulevard (EB). This is known as the
(GGB) and (EB) Roadway Widening Project.
The purpose of the appraisal is to estimate compensation due for the taking of the
parcel, and damages to the remainder, if any, for the property to be acquired, as of
January 15, 2016. The intended use of this appraisal is to aid Collier County in
negotiating just compensation for the proposed acquisition.
The parent tract is located on the south side of GGB, also known as County Road 876,
(CR 876) about 300 feet west of EB, in the unincorporated area of Collier County,
Naples, Florida.
In front of the parent tract is an existing roadway easement. This area also appears to
function as drainage area for the road. The proposed easement is for modifying,
improving and expanding the existing roadway for the intersection improvements. The
proposed new Roadway, Drainage and Utility Easement (RDUE) are at the front of the
parent tract and will be used in perpetuity.
CARDO APPRAISAL GROUP LLC
Harry Henderson, SRA
Review Appraiser
Transportation Right-of-Way Office
Collier County
February 5, 2016
Page 2
Based on an examination of all relevant factors, as well as a general knowledge of real
estate valuation procedures, we have formed an opinion that on February 2, 2016,
total compensation due for the taking of Parcel (s), plus damages, if any, to the
remainder is as follows:
As of the date of value, the appraiser has utilized the hypothetical condition assuming
the proposed acquisition and the proposed improvements have been completed.
The following appraisal report contains our analysis of the data along with other
materials on which the estimates of value were predicated. This letter must remain
attached to the report, which contains 49 pages plus related exhibits, in order for the
value opinion set forth to be considered valid. Your attention is directed to the
Assumptions and Limiting Conditions contained within this report.
This appraisal has been prepared for use by the Collier County Board of Commissioners
and is property of the Collier County Board of Commissioners. Reliance upon this
appraisal for other uses is not warranted.
Respectfully submitted,
CARDO APPRAISAL GROUP, LLC
Frank J. Cardo, MAI
State-Certified General Real Estate Appraiser RZ1190
Summary of Compensation
11,000$
-$
-$
-$
11,000$ Total Compensation
Value of Part Taken - Parcel 368 RDUE (Land):
Value of Part Taken - Parcel 368 RDUE (Improvements):
Cost to Cure:
Damages:
CARDO APPRAISAL GROUP LLC
Table of Contents
Summary Of Important Facts And Conclusions .............................................................. 1
Collier County Certification Of Value ............................................................................... 3
General Assumptions And Limiting Conditions ............................................................... 4
Subject Photographs ....................................................................................................... 9
Area / Location Maps .................................................................................................... 11
Parent Tract – Aerial Maps ............................................................................................ 13
Purpose And Date Of Report ........................................................................................ 14
Property Appraised........................................................................................................ 14
Property Inspection ............................................................................................. 15
Parent Tract ........................................................................................................ 15
Part Taken .......................................................................................................... 15
Remainder .......................................................................................................... 15
Client ............................................................................................................................. 15
Intended Use And User ................................................................................................. 15
Scope Of Assignment .................................................................................................... 16
Property Rights Appraised ............................................................................................ 16
Definition Of Just Compensation ................................................................................... 17
Definition Of Market Value ............................................................................................ 17
Neighborhood Description ............................................................................................. 18
Parent Tract - Property Data ......................................................................................... 22
Taxpayer Of Record, Parcel Folio Number (S), Real Estate Assessment And Taxes ... 22
Zoning Map......................................................................................................... 23
Zoning And Future Land Use Discussion ...................................................................... 25
Site Analysis ....................................................................................................... 26
Highest And Best Use ................................................................................................... 27
Sales Comparison Approach ......................................................................................... 30
Valuation Of The Part Taken ............................................................................................ 46
Remainder ..................................................................................................................... 51
Qualifications for Frank J. Cardo, MAI (St. Cert. Gen. REA RZ1190)
Data Book
CARDO APPRAISAL GROUP LLC
Table of Contents – Data Book
Taking Sketch ..............................................................................................................A-1
Zoning Maps ................................................................................................................A-2
Planned Unit Developments, Commercial and Industrial Zoning ............................... A-17
Approved Commercial Centers At Golden Glades Blvd. E & Everglades Blvd. .......... A-18
Subject Deed .............................................................................................................. A-19
Land Sale 1 ................................................................................................................ A-23
Land Sale 2 ................................................................................................................ A-23
Land Sale 3 ................................................................................................................ A-24
Land Sale 4 ................................................................................................................ A-25
Listings ....................................................................................................................... A-32
Property Owner Notification Letter ............................................................................. A-43
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SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Parcel (s) 368 RDUE
Client - Intended User: Collier County Government
Harry Henderson, SRA
Review Appraiser Transportation Right-of-Way Office
Taxpayer of Record: A & M American Investments, LLC
13275 Keystone Terrace
North Miami, Florida 33181
Property Rights Appraised: Fee simple estate
Special Assumptions Reference: Extraordinary Assumption, Refer to # 7, 13 and 23 of the
Assumptions and Limiting Conditions
Unusual Market Externality: None
Parent Tract
Location South side GGB, 300’ west of EB
Parent Tract, Site/Land Area: 51,000 square feet or 1.17 acres
Improvements: Vacant land
Zoning & Land Use Plan: Eligible for SFR and a conditional use in the “E”-Estates
zoning district via the Neighborhood Center Transitional
Conditional Use Provision. However, property could not
be so developed - unless aggregated with an abutting
parcel(s) - due to the 75’ wide buffer requirement’s -
Estates - Collier County
Highest & Best Use: Future assemblage for commercial development or
development in conjunction with corner assemblage.
Exposure Time: Eight months to one year
Marketing Time: Eight months to one year
Part Taken – Parcel 368 RDUE
Part Taken Site/Land Area: 4,350 square feet
Type of Taking: Perpetual Roadway, Drainage & Utility Easement
Proposed Use: Modifying/ improving/expanding the existing
Roadway intersection, drainage & utility systems.
Highest & Best Use: Future commercial development as part of parent tract.
Remainder of Parent Tract
Site/Land Area: 51,000 square feet.
Highest & Best Use: Same size as before the taking except front will be
encumbered with an expanded roadway, drainage &
utility easements to be used in perpetuity. Future
commercial development or development in
conjunction with possible corner assemblage.
Effects on the Remainder None
Damages to the Remainder No Severance
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SUMMARY OF COMPENSATION
Date of Value: February 2, 2016
Date of Report: February 5, 2016
Dates of Inspection: January 7, 15, 20, 2016 & February 5, 2016
& various other times
Appraiser:
Frank J. Cardo, MAI
State-Certified General Real Estate Appraiser RZ1190
1. Value Before the Taking:(Land)127,500$
2. Value of Part Taken: (Land)
11,000$
116,500$
116,500$
-$
-$
6. Special Benefits:-$
7. Damages (5-6):-$
-$
-$
-$
-$
-$
-$
-$
11,000$
-$
-$
-$
11,000$
Value of Part Taken - Parcel 368 RDUE (Land):
Value of Part Taken - Parcel 368 RDUE (Improvements):
Cost to Cure:
Damages:
Total Compensation
11. Damages Uncurable Severance (7-10):
12. Cost to Cure:
13. Improvements Cured, but paid in (2):
14. Net Cost to Cure (If less than item (10), cost is
justified unless the cost is minor):
Summary of Compensation
Feasibilty of Cost to Cure
8. Value of Remainder (Cured):
9 Value of Remainder (Uncured):
10. Damages (Curable) (8-9):
Summary of Values & Compensation
Partial Acquisition
3. Value of Remainder As Part of Whole (1-2):
4. Value of Remander Uncured:
5. Damages, Total Uncured (3-4):
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COLLIER COUNTY CERTIFICATION OF VALUE
County Road: Golden Gate Blvd.
Road Number: 876
County: Collier
County Project: GGB & EB Roadway, Drainage & Utility
Improvements
Parcel No.: 368 RDUE
I certify to the best of my knowledge and belief, that:
1) The statements of fact contained in this report are true and correct.
2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions
and is my personal unbiased professional analyses, opinions, and conclusions.
3) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias
with respect to the parties involved.
4) My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5) My analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the Uniform
Standards of Professional Appraisal Practice, and the provisions of Chapter 475, Part II, Florida Statutes.
6) I have made a personal inspection of the property that is the subject of this report and I have afforded the property owner
the opportunity to accompany me at the time of the inspection. I also have made a personal field inspection of the comparable
sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making these appraisals were as
represented by the photographs contained in this appraisal.
7) No persons other than those named herein provided significant professional assistance to the person signing this report.
8) I understand that this appraisal is to be used in connection with the acquisition of right of way for a transportation facility to
be constructed by Collier County.
9) This appraisal has been made in conformity with the appropriate state laws, regulations, policies, and procedures
applicable to appraisal of right of way for transportation purposes; and, to the best of my knowledge, no portion of the property
value entered on this certificate consists of items, which are non-compensable under the established law of the State of Florida.
10) I have not revealed the findings or results of this appraisal to anyone other than the proper officials of Collier County and I will not
do so until so authorized by county officials, or until I am required by due process of law, or until I am released from this obligation
by having publicly testified as to such findings.
11) Regardless of any stated limiting conditions or assumptions, I acknowledge that this appraisal report and all maps, data,
summaries, charts, and other exhibits collected or prepared under this agreement shall become the property of Collier County
without restriction of limitation of their use.
12) Statements supplement to this certification required by membership or candidacy in a professional organization are described on
an addendum to this certificate and, by reference, are made part hereof.
13) Based upon my independent appraisal and the exercise of my professional judgment, my opinion of the market value for the part
taken, including net severance damages after special benefits, if any, of the property appraised as of February 2, 2016 is $11,000.00.
MARKET VALUE SHOULD BE ALLOCATED AS FOLLOWS:
LAND $11,000.00 LAND AREA ENGLISH (AC/SF) 4,350 SF
IMPROVEMENTS 0.00 PROPERTY TYPE CODE * (1234) UVP
NET DAMAGES and/or COST TO CURE 0.00
TOTAL $11,000.00 PROPERTY TYPE CODES:
1. R- RURAL U-URBAN
I -Improved
2. V- Vacant
H- (Home) Residence
3. B- (Business) F- (Factory) Industrial
A- Agricultural
S- Special Purpose
W- Whole Taking
4. P- Partial
Frank J. Cardo MAI
State-Certified General Real Estate
Appraiser RZ1190
CARDO APPRAISAL GROUP LLC
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GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal report has been prepared using the following general assumptions and limiting
conditions:
1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of
the market value or the value defined as of the date specified. Market value of real estate is
affected by national and local economic conditions and consequently will vary with future
changes in such conditions.
2. The legal description provided to Cardo Appraisal Group LLC for this report is assumed
to be correct, that the title on the property is in good standing, that there are no restrictions on
the title. The appraiser assumes no responsibility for related legal matters, nor renders any
opinion as to the property’s title. All existing liens and encumbrances, if any, have been
disregarded, and the property has been appraised as though free and clear, under responsible
ownership and competent management.
3. The value estimated in this appraisal report is gross, without any consideration given to
encumbrances, restrictions or questions regarding the title, unless specifically defined.
4. The appraiser’s opinion of value has been based on the assumption of competent
ownership, marketing and management of the subject property. Without competent marketing
and management, then the appraisal value stated herein might not apply.
5. No responsibility is assumed for accuracy of information furnished by or from any parties,
the clients, his designees or public records. Cardo Appraisal Group, LLC is not liable for such
information or the work of subcontractors. When possible, comparable data relied upon for this
report has been confirmed with one or more parties familiar with the particular transaction or
from an affidavit. All comparable data included is considered appropriate to the best of our
knowledge and belief.
6 All engineering studies, if any, are assumed to be correct. The plot plans, sketches and
maps in this report are included only to assist the reader to visualize the property and are not
necessarily to scale. Any photos are included for the same purpose and are not intended to
represent the property other than what is pictured at the time the photo was taken. The
appraiser has made no survey of the property and assumes no responsibility in connection with
any such surveys.
7. The appraiser has inspected the land and any improvements. However, the report was
prepared assuming no hidden or unapparent physical conditions of the property, subsoil or
structures that render the property more or less valuable. The appraiser assumes no
responsibility for such conditions or for obtaining any engineering studies that would possibly
reveal them. Therefore, unless such matters are specifically noted for consideration in this
report, the value estimate is not subject to any such conditions.
8. It is assumed the subject property is in full compliance with all local, state and federal
environmental laws and regulations, unless any lack of compliance is stated, described or
considered in the appraisal report.
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9. It is assumed the subject property conforms to all applicable zoning and use regulations
unless a non-conforming use has been identified, described and considered in this appraisal
report.
10. It is assumed all required licenses, certificates of occupancy, consents and other
administrative or legislative authority from any local, state or national government agency, or
from any private entity, have been or can be obtained or renewed for any use on which the
appraised value of the subject property, stated in this report, is based.
11. No environmental impact study, special market study, or highest-and-best-use analysis
has been either requested or made unless otherwise specified in the agreement between Cardo
Appraisal Group, LLC and its client. Should any previous or subsequent study become known
the appraiser, the appraiser reserves an unlimited right to alter, amend, revise or rescind any
statement, finding, opinion, values, estimates or conclusions.
12. It is assumed that the use of land and improvements is confined within the boundaries of
the subject property described, and that there is no encroachment or trespass unless noted in
the report.
13. Unless otherwise stated in this report, the existence of hazardous material, which may or
may not be present on the property, was not observed by the appraiser nor called to the
attention of the appraiser. The appraiser has no knowledge of the existence of such materials on
or in the property. The appraiser, however, is not qualified to detect such substances and may
not be held accountable for the presence of substances such as asbestos, urea-formaldehyde
foam insulation or other potentially hazardous materials that might affect the value of the
property. The value estimate is predicated on the assumption that there is no such material on
or in the property that 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 client
is urged to retain an expert in this field, if desired.
14. The appraiser has not made a specific compliance survey or analysis to determine
whether the subject property conforms to the American with Disabilities Act (ADA), which took
effect Jan. 26, 1992. Non-conformity, as determined by an ADA compliance survey, along with a
detailed analysis of ADA requirements, could result in a lower property value. However, the
appraiser did not consider possible ADA non-compliance in preparing this report and estimating
value. The appraiser recommends that parties who seek to determine ADA compliance hire a
competent legal professional, along with architects and engineers versed in ADA requirements,
to conduct an “ADA Audit” of the property and structures. Although the cost to remedy any non-
compliance could reduce the property value estimate contained in this report, the appraiser
assumes no responsibility for any such condition, nor for any ADA expertise needed to discover
possible non-compliance.
15. This appraisal is to be used only in its entirety. All opinions and conclusions included in
the report were prepared by the appraiser(s) whose signature(s) appear on the report. No
changes of any item in the report shall be made by anyone other than the appraiser(s), and the
Cardo Appraisal Group, LLC shall have no responsibility should any unauthorized changes be
made.
16. The distribution of the total valuation stated in this report between land and improvements
applies only under the stated program of utilization. The separate valuations for land and
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building(s) must not be used in conjunction with any other appraisal, no matter how similar, and
are invalid if used as such.
17. Possession of the report, or a copy of it, does not carry any right to publish the report, nor
may it be used other than for its intended use. The fee attached is for analytical services only.
The report may not be used for any purpose or by any person or corporation other than the
client or party to whom it is addressed. Nor may it be copied without written consent of an officer
of Cardo Appraisal Group LLC., and then only in its entirety.
18. This appraisal report has been prepared for the exclusive benefit of the client, its
successors or assigns. It may not be used or relied upon by any other party without express,
written permission of the appraiser and client. Furthermore, any party who uses or relies upon
any information in this report, without written consult “does so at his own risk”. If client refers this
report to an approved party, client is responsible for making the party aware of all the
assumptions and limiting conditions of this report.
19. Disclosure of the contents of this appraisal report is governed under the By-Laws and
Regulations of the Appraisal Institute. Neither all nor any part of this report shall be made public
without the written of the author, including the valuation conclusions, the identity of the appraiser
or appraisal firm. In addition, this includes any reference to the Appraisal Institute or to the MAI
designation.
20. The appraiser may not divulge the material contents of the report, analytical findings or
conclusions or give a copy of the report to anyone but the client or his designee, as specified in
writing, except in cases where the report has been requested, by the Appraisal Institute, a court
of law or any entity with the power to subpoena.
21. The appraiser(s) is not required to give testimony in deposition, in court, or at a
governmental hearing, about this appraisal or the subject property, unless prior arrangements
have been made and the appraiser has granted prior approval. The arrangements must be
made no less than 30 days before the anticipated date of testimony. Further, the appraiser
reserves the right to consider and evaluate additional data that becomes available between the
date of the report and the date of the hearing, if applicable, and to make any necessary
adjustments to the value opinion. In addition, no testimony will be rendered unless the entire
appraisal fee has been paid. Further, all testimony will be subject to expert witness fees
previously approved by the appraiser.
22. Liability of Cardo Appraisal Group, LLC and its employees is limited to the fee collected
for the appraisal. There is no accountability or liability to any third party.
23. The appraisers have been instructed, by the client, to perform an exterior only inspection
of the subject property. At the inspection the property was fenced and locked, prohibiting the
appraisers’ access to the exterior of the building. The appraisers have relied upon building
information available through the Property Appraiser’s Office of Collier County and exterior
measurements by the appraiser from outside of the property to complete this analysis. If this
information should prove to be incorrect, the appraisers reserve the right to alter the estimate of
value contained herein. This is considered an extraordinary assumption.
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24. Should the appraiser be required to enforce the above assumptions and limiting
conditions against any entity, person or persons claiming damages because of reliance upon or
use of this appraisal report, such parties shall be liable to the appraiser for all reasonable
attorney’s fees, costs and expenses incurred by the appraiser in enforcing this contract or
defending the contingent conditions set forth in this appraisal report. That includes any costs
incurred either with or without a lawsuit, and any trials or appeals. Acceptance of the delivery
or payment of this report constitute acceptance of this condition and all other conditions
detailed under Assumptions and Limiting Conditions.
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PARENT TRACT
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SUBJECT PHOTOGRAPHS
Front View of subject looking south across Golden Gate Boulevard
Looking east along Golden Gate Boulevard
Parent Tract Size = 51,000 SF
Parent Tract
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Front view looking southeasterly across Golden Gate Boulevard.
Looking east along Golden Gate Boulevard
Parent Tract
Parent Tract
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AREA / LOCATION MAPS
Collier County Base Map
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PARENT TRACT – AERIAL MAPS
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PURPOSE AND DATE OF REPORT
The purpose of this appraisal is to estimate compensation due for the proposed
acquisition described herein, and damages to the remainder, if any, for the property to be
acquired, as of February 2, 2016.
PROPERTY APPRAISED
This parcel is being appraised as part of Collier County making intersection
improvements at Golden Gate Boulevard (GGB) and Everglades Boulevard (EB). This
is known as the (GGB) and (EB) Roadway Widening Project.
The parent tract is located on the south side of GGB, also known as County Road 876,
(CR 876) about 300 feet west of EB, in the unincorporated area of Collier County,
Naples, Florida.
The Part Taken is the front 50 feet in depth of the parent tract. The total area of Part Taken
contains 4,350 square feet. (75’ x 50’ = 4,350 SF).
Parent Tract Size = 51,000 SF
Part Taken Size = 4,350 SF
75 ft
680 ft
75 ft
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Property Inspection
Frank J. Cardo, MAI made a number of inspections of the subject between December 1,
2015 and February 2, 2016.
The property owner was notified via letter sent by U.S. Mail, and advised of our
intentions to make a formal inspection of the subject. We invited the property owner
and/or their agents to share any information that they have on the subject property.
Frank J Cardo conducted a final exterior site inspection on February 2, 2016, which is
the effective date of valuation.
Parent Tract
The parent tract is located on the south side of GGB, also known as County Road 876,
(CR 876) about 300 feet west of EB, in the unincorporated area of Collier County,
Naples, Florida.
The parent tract is a vacant tract of land containing 51,000 square feet. Legal Description See deed in addendum Part Taken - See sketch and legal description in part taken section of this report.
Remainder
The remainder will be the same as before the taking except there will be an easement
at the front of the subject's parent tract. The taking has no effect to the remainder.
CLIENT
Collier County Government c/o
Harry Henderson, SRA
Review Appraiser
Transportation Right-of-Way Office
INTENDED USE AND USER
The intended use of this appraisal is to aid Collier County in negotiating just
compensation for the right-of-way acquisitions described herein.
This appraisal has been prepared for use by the Collier County Board of
Commissioners and is property of the Collier County Board of Commissioners. Reliance
upon this appraisal for other uses is not warranted.
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SCOPE OF ASSIGNMENT
The taking was not physically delineated on site by engineering stakes. We used due
diligence locating the taking boundaries by approximating measurements from the
Collier County Property Appraisers website and using landmarks on site to locate the
boundaries of the takings.
Based on our review of the parent tract, as well as the taking, we find that the reduction
in size of the parent tract does not adversely impact the future development of the
remainder. Therefore, the taking has no adverse impact on the function, marketability or
value of the remainder.
The value of the land is estimated by the Sales Comparison Approach.
Because the subject property is being valued as vacant land, the cost and income
approaches are not applicable. Therefore, only the sales comparison analysis is being
utilized. The omission of the other two approaches is not considered misleading to the
client.
Sales data considered for this appraisal was obtained from the Collier County Public
Records, LoopNet and similar properties previously appraised by Cardo Appraisal
Group, LLC.
Total compensation has been calculated by estimating the fee simple market value of
the parent tract before and after the taking(s) including the valuation of the part(s) taken
and an analysis of potential damages resulting from the proposed taking.
PROPERTY RIGHTS APPRAISED
The property rights being appraised are those of fee simple title and an easement.
"Fee Simple" is defined as absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power and escheat.
"Easement" is defined as an interest in real property that conveys use, but not
ownership, of a portion of an owner's property.
Source: The Dictionary of Real Estate Appraisal, Fourth Edition, American
Institute of Real Estate Appraisers, 2002.
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DEFINITION OF JUST COMPENSATION
Just Compensation is defined as "...the amount of the loss for which a property owner
has established a claim to compensation. It is the payment of the market value of the
real estate which was taken." Another definition says, "just compensation" means value
of land taken and damage, if any, to land not taken."
It universally has been held that damages to a remainder parcel in a partial taking case
are part and parcel of just compensation in a constitutional sense.
The basic premise is that the owner must be compensated for the taking of the land, as
opposed to being compensated for the land taken. It is also generally recognized that
property encompasses the entire bundle of rights inherent in the ownership of the real
estate and the taking or infringement on these rights often constitutes a taking, even if
no part of the physical real estate is taken."
Source: Real Estate Valuation Litigation, 2nd Edition, American Institute of
Real Estate Appraisers, Copyright 1995, Page 17.
DEFINITION OF MARKET VALUE
Fair Market Value is defined as "...the amount of money that a purchaser willing but not
obliged to buy the property would pay an owner willing but not obliged to sell, taking into
consideration all uses to which the property is adapted and might be applied in reason."
Source: Florida Eminent Domain Practice and Procedures, 5th ed., The
Florida Bar Continuing Education, 1996, Page 9-64. State Road
Department v. Stack, 231 So.2d 859 (Fla. 1st DCA 1969).
Market Value is also defined as "...the price which would be agreed to by an informed
seller who is willing but not obligated to sell, and an informed buyer who is willing but
not obligated to buy."
Source: Uniform Eminent Domain Code, Copyright 1974, § 1004, Page
10.7.
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NEIGHBORHOOD DESCRIPTION
General Area Description for Golden Gate Estates
The preceding map shows the general outline of the subject’s neighborhood. Golden
Gate Estates was founded by the Gulf American Land Corporation by purchasing 177
square miles of land area that now contain 31,000 ± platted lots. This area is located 7
miles northeast of the City of Naples, on the north side north of Alligator Alley (I-75)
within the unincorporated areas of Collier County but bears a Naples address. About
50% of the lots in Golden Gate Estates have some wetlands. Green Boulevard is an old
landing strip and many buyers saw their lot from the air. Sales were slow and by 1970
there fewer than 2,000 residents.
Subject
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The primary roadways that provide the main access to the neighborhood include the
following primary roadways:
• Golden Gate Boulevard;
• Collier Boulevard (CR 951);
• Wilson Boulevard;
• Everglades Boulevard; and
• Desoto Boulevard.
The home sites range in size from one acre to over five acres. Some homesteads can
be as large as ten acres. 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).
Homes can be entry-level homes to glamorous mansions closer to the beach.
Guesthouses, pickup trucks, all-terrain vehicles (ATV) and recreational vehicles (RV)
also allowed on all premises unlike many other communities. Single family homes are
found in Golden Gate Estates with some located on mile-long streets that dead-end at a
canal-providing desired privacy for owners.
All wetland lots are buildable, though special permits are required. The size of the house
and pool are not restricted, but detached structures may not be placed within a wetland.
Most lots that have wetland have upland.
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Available utilities within the primary market area include telephone, electrical service and
emergency services. Water is typically via by private a well and wastewater is typically
via a private septic tank and drain field combination.
Golden Gate Estates favors horses and some more exotic animals like Alpacas and
Llamas. Many hiking trails have year round access. Picayune Strand State Forest is
located in South Golden Gate Estates and Belle Meade is more than 65,000 acres of
recreational land.
MARKET AREA ATTRIBUTE RATINGS
Highway Access Average
Demand Generators Average
Convenience to Support Services Average
Convenience to Public Average
Property Compatibility Good
General Appearance of Properties Average to Good
Appeal to Market Average to Good
Prices/Value Trend Stable/ Some increases
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Conclusion
It is our opinion, that the neighborhood will maintain its socioeconomic status in relation
to surrounding communities for the foreseeable future.
In general, the residential market is in a state of stable to increasing property values
following a long period of decline with many foreclosures. Recently, the number of bank
foreclosure sales has decreased and the number of listings has declined causing some
price increases.
Good economic conditions, low unemployment and reasonable financing requirements
will continue the recovery on a slow but steady pace. This trend is expected to continue.
Positive regional economic factors including climate, beaches, tourism, demographics,
the regional airport, and the continued growth of Florida Gulf Coast University, will
continue to have positive long range economic impacts.
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PARENT TRACT - PROPERTY DATA
Taxpayer of Record, Parcel Folio Number (s), Real Estate Assessment and Taxes
Five-Year Sales History
The appraisers have not been provided with a title abstract on the property appraised,
nor have they conducted a title search of their own. However, based upon the most
recent available data from the Collier County Tax Rolls, the subject last sold via a Quit
Claim Deed in April 2011 for $10. See addendum for copy of deed. The property does not
appear to be listed for sale.
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Zoning Map
Parent Tract
Parent Tract Zoning
Designation
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ZONING AND FUTURE LAND USE DISCUSSION
Previously, Golden Gate was subject to regulations included in the County's Growth
Management Plan. However, in 1991, the area’s distinctive characteristics resulted in
the adoption of a separate Master Plan for Golden Gate. This most recent Master Plan
became a separate part of the County's Growth Management Plan and supersedes the
County-Wide Future Land Use Plan. Therefore, the Golden Gate Area Future Land
Use Map will be used to value the subject property instead of the County-Wide Future
Land Use Map. This separate Future Land Use Map is on the preceding page and found in
the data book.
Both, the Zoning Map and Collier County Future Land Use Map show the parent tract
as having the Estates Designation.
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. However,
there are some legal non-conforming lots as small as 1.14 acres. Intensifying residential
density shall not be permitted.
On the Golden Gate Future Land Use Map, the parent tract is marked Estates
Designation within the Mixed Use Residential Estates Subdistrict and Conditional
Use Subdistrict.
The intersection of Everglades Boulevard and Golden Gate Boulevard East has a red
box outline that is marked Neighborhood Sub-district.
The Neighborhood Subdistrict recognizes the need to provide basic goods, services
and amenities to Estates residents. Neighborhood Centers have been designated on the
Golden Gate Area Future Land Use Plan. The Neighborhood Center designation does
not guarantee that commercial zoning will be granted. The designation only provides the
opportunity to request commercial zooming.
There are four Neighborhood centers. The subject’s intersection is known as Everglades
Boulevard and Golden Gate Boulevard Center. A copy of the Golden Gate Area Master
Plan is contained in our data book.
The Master Plan states that parcels immediately adjacent to commercial zoning within
the Neighborhood Centers located at the intersection of Everglades Boulevard and
Golden Gate Boulevard may qualify for Conditional Uses Subdistrict under the
transitional conditional use provision of the Conditional Uses Subdistrict of this
Master Plan Element.
Properties eligible for Neighborhood Center Transitional Conditional Use shall abut
the arterial or collector road serving the Neighborhood Center.
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Zoning and Future Land Use Conclusion
Eligible for SFR and a conditional use in the “E”-Estates zoning district via the
Neighborhood Center Transitional Conditional Use Provision. However, property could
not be so developed - unless aggregated with an abutting parcel(s) - due to the 75’ wide
buffer requirement.
Based on the preceding data, we conclude that the subject’s typical buyer is a developer
or investor that would develop or assemble the subject for quasi-commercial
development or commercial development outlined in the Neighborhood Center
Transitional Conditional Use Plan. This factor is taken into consideration for choosing
comparable sales for valuing the subject property.
It is our opinion that the subject’s highest and best use is not suited for single family
development but rather for commercial development because Everglades Boulevard and
Golden Gate Boulevard are the main arterials in the Golden Gate Area.
Site Analysis
The appraisers have referenced the Collier County Property Appraisers Geographic
Information System "GIS" which locates the subject in Section 7, Township 49, Range
28. It is assumed that this source as well as the legal descriptions obtained from the
property appraisers' accurately represents the size and shape of the parent tract as of
the date of value. These sources, as well as an inspection of the site, have been utilized
for the following site description.
Size and Shape: The parent tract contains 1.17 acres of gross land area and is
rectangular. Specifically, the parent tract has a northern property line along Golden
Gate Boulevard E. that measures 75 feet; with a depth there from along the eastern and
western property lines that measure 680 feet; and a rear, northern property line that
measures 75 feet.
Roadway Frontage: The parent tract benefits from 75 feet of frontage along the southerly
right- of-way of Golden Gate Boulevard E. GGB are an arterial, undivided, two lanes,
and paved roadway.
Utilities: The available Utilities available to the parent tract include telephone, electrical
service and emergency services. No public water is available. Therefore, a private well
is necessary. Wastewater would be typically disposed of by a private septic tank and
drain field combination.
Topography: A topographical survey or environmental survey of the site was not
provided. The parent tract is a level tract and covered in native vegetation.
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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 that might adversely affect the market value and
development of the parent tract before the taking. However, the reader is advised that
the appraiser was not given any title information.
Environmental Hazards: We are not aware of, nor did we observe any adverse
environmental conditions. An environment survey of the subject is beyond the scope of
this appraisal and the client is urged to obtain the opinion of an expert on environmental
issues.
Building & Site Improvement Analysis
None
HIGHEST AND BEST USE
The Appraisal Institute defines "Highest and Best Use" as follows:
"The reasonably probable and legal use of vacant land or improved property which is
physically possible, appropriately supported, financially feasible and that results in the
highest value. The four criteria the highest and best use must meet are legal permissibility,
physical possibility, financial feasibility and maximum productivity"
Source: The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the
Appraisal Institute.
In estimating highest and best use, there are four aspects to be considered:
1. Physically Possible. What uses are physically appropriate to the site in
question?
2.
3.
4.
Legally Permissible. What uses are permitted by zoning, deed restriction, etc.
on the site in question?
Financially Feasible. Which possible and permissible uses will produce a net
return to the owner of the site?
Maximally Productive. Among the feasible uses, which use will produce the
highest present worth?
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The highest and best use of a site, considered as if vacant, may be different from the
highest and best use of the entire property as improved at the date of appraisal. The
existing use may then be considered an economically justified interim use until land
value alone exceeds the value of the property as improved, plus demolition costs. Factors that must be considered in estimating highest and best use include accessibility and transportation, local facilities and services available, the physical attributes of the site, the effect of taxes and zoning, and the broader concept of environmental harmony within the neighborhood. The use must be reasonably probable, legally permitted, and logical; if a use is merely possible but is remote in time and likelihood, it cannot be considered highest and best use. Highest and Best Use of the Site - As Vacant
1.
2.
3. 4.
Physically possible: The subject site is square in shape. The topography is
generally flat, level and below the approximate road grade. These characteristics
allow the site to support a variety of development types. However, fill maybe
required. No physical impediments to development are known.
Legally permissible: The site is located in the Estates section zoned general
commercial. Uses permitted by zoning include a wide variety of retailing and
service oriented activities as well as businesses and professional offices.
Financially feasible: Financially feasible uses tend to occur naturally in free-
market environments, and are evident upon observing the marketplace directly.
Considering current value trends and economic conditions, construction of a
commercial building would not be a financially feasible at this time.
Maximally productive: Given the above, the highest and best use of the site, if
vacant, would be holding onto the property until economic conditions allow
development to be financially feasible.
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VALUATION OF THE PARENT TRACT
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SALES COMPARISON APPROACH
The Sales Comparison Approach requires that the appraiser locate recent sales of
similarly improved properties and through an adjustment process arrive at an indication
of what these properties would have sold for if they possessed all of the salient
characteristics of the subject property. These adjusted sales prices are then correlated
into an estimate of the market value of the property via the Sales Comparison Approach
to Value.
A search of Collier County Official Records, paid subscription data services, local
multiple listing service records, discussions with local brokers and appraisers and a
personal inspection of the subject area produced several sales of similar type properties
and one current listing. The sales and listing used in the analysis were the best
comparables that we were able to verify with a party to the transaction.
We compared the selected sales with the subject, considering differences and possible
adjustments. We utilized a quantitative process to compare the subject property with the
comparables to reflect a value for the subject property.
The following pages feature a detailed write up of each comparable used in the
analysis, a location map and summary of the selected comparable sales data, which is
followed by a discussion of the pertinent adjustments and conclusion of value.
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Land Sale 1 – OR Book/Page – 5106/317
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
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Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
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Land Sale 2 – OR Book/Page – 5020/3283
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Sale No. 2 OR 5020/3283
For 3 parcels in 3/14 sold for $10.19/sf
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Land Sale 3 – OR Book/Page – 5116/2795
Sale No 3 OR 5116/2795
In 1/14 sold for $9.43/SF
Sale No.3 OR 5116/2795
In 1/14 sold for $9.43/SF
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Sale No.3 OR 5116/2795
In 1/14 sold for $9.43/SF
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Land Sale 4 - OR Book/Page – 5002/2720
Sale No.4 5002/2720
In 12/13 sold for $7.50/SF
Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
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Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
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Sales Discussion
We have valued the subject on a price per square foot of land area basis as is
customary in this market locale.
To value the subject, a search was made for sales in the northeastern part of Collier
County.
A total of four recent sales and three listing are found and are shown on the following
pages in chart form. The detailed information for each sale and listing is contained in the
data book in the addendum of this report. In addition, more details have been retained
in our file.
Each sale and listing was analyzed and compared to the subject on a price per square
foot of land area as that was deemed to provide the highest degree of correlation.
Interest Conveyed: To properly relate the sales to the subject, it must be determined to
the degree possible what property rights were conveyed in the sale transaction. Each of
the sales was a retail or retail/office property and the fee simple/leased fee interest was
conveyed.
Financing Terms: Existing mortgage financing at a favorable rate may affect the
purchase price. It appeared, based on available data that each of the sales was either an
all-cash to seller transaction or subject to conventional financing.
Conditions of Sale: Conditions of sale adjustments usually involve the motivations of the
buyers and sellers when those motivations are considered extraordinary and when they
have an impact on the price paid. If non-market conditions of sale have significantly
affected the price of a property, the sale may be discarded as not being indicative of
market value. There were no unusual conditions of sale involved in the data used.
Market Conditions: This adjustment relates to the economic climate and market
demand occurring at the time of sale. The sales occurred within the past 24 months
from our date of value. Values have remained relatively stable during this period in the
subject neighborhood. No adjustments to the sales are necessary or warranted.
General Location: This category compares a property’s specific location to that of the
subject. The sales analyzed are located in the general area of the Golden Gate Estates
areas of northeastern Collier County.
Zoning and Future Land Use: This category is a key component for choosing sales
for this report. The Master Plan states that parcels immediately adjacent to commercial
zoning within the Neighborhood Centers located at the intersection of Everglades
Boulevard and Golden Gate Boulevard may qualify for Conditional Uses Subdistrict
under the transitional conditional use provision of the Conditional Uses Subdistrict of this
Master Plan Element. Properties eligible for Neighborhood Center Transitional
Conditional Use shall abut the arterial or collector road serving the Neighborhood
Center. The sales used in this report are the best indicators to value the subject.
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Access/Exposure: Amount and quality of road frontage are also key factors that the
market considers when purchasing commercial properties in this market.
Comparable Sales Map
Parent Tract
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
Sale No. 2 OR 5020/3283
For 3 parcels in 3/14 sold for $10.19/SF
Sale No. 3 OR 5116/2795
In 1/14 sold for $9.43/SF
Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
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Aerial Comparable Sales Map
Parent Tract
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
Sale No.3 OR 5116/2795
In 1/14 sold for $9.43/SF
Sale No. 2 OR 5020/3283
For 3 parcels in 3/14 sold for $10.19/sf
Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
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SALES ANALYSIS CHART
Sale Number Subject 1 2 3 4
OR
Book/Page N/A 5106/317 5020/3283 5116/2795 5002/2720
Address 3040 Golden
Gate Blvd. E.
5349 Golden
Gate Pkwy.
4087 Green
Blvd.
11965 Collier
Blvd.
Golden Gate Blvd.
West
Location
Golden Gate
Blvd. &
Everglades
Blvd.
North side
GGP, West of
Collier Blvd.
Northwest
corner of
Green Blvd. &
Collier Blvd.
West side of
Collier Blvd. ¼
mile N. GGP
Southeast corner
Golden Gate Blvd.
West &
Wilson Blvd.
County Tax
Parcel No.(s) 40930600006 36319960009
751800000120
751800000421
751800000489 00288800006 37221120208
Grantor N/A Pfpl, LLC
Wynn
Properties,
Inc.
Dorothy I. Martin Liberty Bank,
F.S.B.
Grantee N/A Milutico, LLC Collier Health
Services, Inc.
Pop Florida
Properties, LLC
Central Florida
Real Estate
Owned, LLC.
Sale Date N/A 12/19/2014 3/18/2014 1/28/2014 5/15/2014
Sale Price N/A $76,600 $2,900,000 $595,000 $490,000
Land Size
(SF) 51,000 16,553 284,629 63,070 65,340
Price/SF N/A $4.63 $10.19 $9.43 $7.50
County Tax
Use Code
0-Vacant
Residential
10-Vacant
Commercial
10-Vacant
Commercial
10-Vacant
Commercial
10-Vacant
Commercial
Future
Land Use (A)
Commercial
Mixed Use
Activity Center
Subdistrict
Golden Gate
Estates
Commercial
Infill
Subdistrict.
Golden Gate
Commercial
Estates
Neighborhood
Shopping
Center
Subdistrict
“E”-Estates zoning
district via the
Neighborhood
Center
Land Cleared No Yes Yes Yes Yes
Topography
Road Grade
Average
Below Grade
Good
Level Grade
Good
Level Grade
Good
Level Grade
Good
Level Grade
Highest &
Best Use
Future
Commercial
Development
Future
Commercial
Development
Future
Commercial
Development
Future
Commercial
Development
Future
Commercial
Development
QUALITATIVE ANALYSIS
Conditions of Sale Similar (0) Similar (0) Similar (0) Similar (0)
Market Conditions Similar (0) Similar (0) Similar (0) Similar (0)
Location Inferior (+) Superior (-) Superior (-) Superior (-)
Zoning/Future Land Use Superior (--) Superior (-) Superior (-) Superior (-)
Size Inferior (+) Similar (-) Similar (-) Similar (0)
Site Conditions Superior (-) Superior (-) Superior (-) Superior (-)
Overall comparison per SF to
Subject Property
Superior less
than $4.64
Superior less
than $10.19
Superior less
than $9.43
Superior less than
$7.50
(A) Eligible for SFR and a conditional use in the “E”-Estates zoning district via the Neighborhood Center
Transitional Conditional Use Provision. However, property could not be so developed - unless aggregated
with an abutting parcel(s) - due to the 75’ wide buffer requirement.
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Comparable Listings Map
Listing No. 1
$3.79/SF
Listing No. 2
$10.51/SF
Listing No. 3
$3.15/SF
Subject
Property
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Listing Analysis Chart
Listing Number Subject 1 2 3
Name - Location
Unknown
Golden Gate Blvd. &
Everglades Blvd.
Big Bear Plaza
NEC Golden Gate
Blvd. &
Everglades Blvd.
William Vine
SWC Golden Gate
Blvd. & Everglades
Blvd.
Fakahatchee Plaza
NWC Golden Gate Blvd. &
Everglades Blvd.
County Parcel No. 40930600006 40680040000 40930720009 40629000001
Years or Months
Listed N/A Over 2 years 9 months Over 2 years
Listing Price N/A $900,000 $2,500,000 $750,000
Land Size (SF) 51,000 total 237,838 total 237,838 total 237,838 total includes R/W’s
170,755 excludes R/W’s
Price/SF N/A $3.79 $10.51 $3.15
County Tax Use
Code 0-Vacant Residential 10-Vacant
Commercial 0-Vacant Residential 10-Vacant Commercial
Zoning - Future
Land Use
Eligible for SFR and a
conditional use in the
“E”-Estates zoning
district via the
Neighborhood Center
Transitional Conditional
Use Provision. However,
property could not be so
developed - unless
aggregated with an
abutting parcel(s) - due
to the 75’ wide buffer
requirement.
Estates – Mixed
Use District,
Neighborhood
Subdistrict. This
site has an
approved
Commercial PUD
Ordinance
Eligible to be
rezoned to allow
commercial.
Estates – Mixed Use
District,
Neighborhood
Subdistrict. There is
no site plan on
record at the county.
Estates – Mixed Use District,
Neighborhood Subdistrict.
This site has an approved
Commercial PUD Ordinance
Site Plan None
Has site plan that is
approved for
Commercial PUD.
See data book.
None
Has site plan that is
approved for Commercial
PUD.
See data book
Land Cleared Site
Condition No & Heavily Wooded No & Heavily
Wooded
No & Heavily
Wooded No & Heavily Wooded
Topography Road
Grade
Average
Level Grade
Average
Level Grade
Average
Level Grade
Average
Level Grade
Highest & Best
Use
Future Commercial
Development
Future Commercial
Development
Future Commercial
Development
Future Commercial
Development
Qualitative Analysis
Conditions of Sale Similar (0) Similar (0) Similar (0)
Market Conditions Similar (0) Similar (0) Similar (0)
Location (Corner) Superior (-) Superior (-) Superior (-)
Zoning/Future Land Use Superior (-) Similar (0) Superior (-)
Site Plan Superior (-) Similar (0) Superior (-)
Size Larger (++) Larger (++) Larger (++)
Site Conditions Similar (0) Similar (0) Similar (0)
Overall comparison per SF to
Subject Property
Superior less than
$3.79
Superior less than
$10.51
Superior less than
$3.15
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Sales Discussion Continued
The subject is not located at the corner and by itself could only be developed with a
single family home. However, if aggregated with an abutting parcel (s) – due to the 75’
wide buffer requirement, then it could be developed either as commercial or as a
commercial transitional use. This factor is given heavy consideration in estimating the
subject’s value.
Sales 2, 3 and 4 are located within the Golden Gate Area Future Land Use areas.
These were the best and most recent commercial sales found in the eastern part of
Collier County. Sale 4 is located within the Estates section of Collier County. This sale
was used because of the lack of recent sales in the Estates section. However, it is still a
good indicator of commercial land values in eastern Collier County.
Sale 2 and 3 are located along Collier Boulevard, which is a main thoroughfare similar
to the subject, however, it has much more traffic. Therefore, the sales are considered
superior to the subject. Sale 1 is located in an older section of the County called Golden
Gate. This eastern older established area shows how much commercial properties have
been selling. All sales were adjusted accordingly. See previous adjustment chart for
each sale analysis. The sales ranged in price from $4.64 to $10.19 per square foot.
All of the listings are located at the Intersection of Golden Gate Boulevard and
Everglades Boulevard. These list prices set the ceiling for valuing the subject and are
the best indicators. The list prices are $3.79, $10.51 and $3.15 per square foot
respectively. According to real estate broker, Matthew Stepan, CCIM with Premier
Commercial in Bonita Springs, there was a recent offer made on his Listing Number 3
for $600,000 or $2.52 per square foot, however, the offer was considered too low and
the seller rejected it. Based on this information, we conclude that the subject would
most likely sell between the offer price of $2.52 per square foot and the list price of
$3.15 per square foot. Based on our analysis and considering the risk involved to
assemble the property, a value conclusion at the lower end of the scale is reasonable.
Based on the previous sales and listings, we conclude a value for the Parent Tract at
$2.50 per square foot of land. The total value is calculated as follows:
51,000 SF @ $2.50 per square foot = $127,500
Rounded to:
PARENT TRACT MARKET VALUE VIA SALES COMPARISON: $127,500
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VALUATION OF THE PART TAKEN
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PART TAKEN - Proposed Use
In front of the parent tract is an existing perpetual, non-exclusive public roadway easement. This
area also appears to function as drainage area for the existing road. The proposed easement is
for modifying, improving and expanding the existing roadway for the intersection improvements.
The taking is a perpetual non-exclusive, road right-of way, drainage and utilities easement
(RDUE) is at the front of the parent tract and will be used in perpetuity. See following sketch for
legal description, dimensions, shape and size. No significant improvements are located within
the proposed easement.
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Value of the Proposed Easement
The total impact of the acquisition cannot be estimated until the appraiser determines:
1) the loss of present utility, 2) the loss of future utility, 3) the accessory rights to be
acquired and 4) the obligation of the parties.
The easement is non-exclusive, perpetual and will essentially take most of the owner's
bundle of rights. For the most part the property owner will only be allowed to utilize the
land for density calculations.
Considering the restrictive nature of the easement, we have compensated the property
owner for 99% of the full fee simple value for the land underlying the Parcel (s).
The underlying land value for the parent tract is $2.50 per square foot. The same unit
value is applied when calculating the value of the land underlying the proposed
easement parcel.
The value of drainage easement (s) is calculated as follows:
4,350 square feet @ $2.50 per square foot x 99% = $10,875
Rounded to:
LAND VALUE OF EASEMENT PARCEL $11,000
Improvements in the Easement
No significant improvements are located within the proposed easement.
Summary of Values for the Easement
Land: $ 11,000
Improvements: $ 0
Total Value of the Easement $11,000
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VALUATION OF THE REMAINDER
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REMAINDER – Effects on the Remainder
The remainder will retain the same shape as it did before the taking. The taking includes
three easements in the same area in perpetuity.
The remainder will contain the same amount of square feet as it did before the taking,
however, the area along the front of the site will be encumbered by the easement. The
remainder has ample depth and can still be developed the same way as before the
taking. Therefore, the taking has no adverse impact on the function, marketability or
value of the remainder and there are no severance damages to the remainder.
HIGHEST AND BEST USE
In our analysis of highest and best use of the remainder, we have considered the same
methodology and criteria used in the highest and best use of the parent tract.
We have concluded that the remainder will continue to have the same highest and best
use as before the acquisition, which is for assemblage for future transitional (quasi)
commercial use.
Valuation of the Remainder
Based on our analysis of the sales utilized in the value of the parent tract, we have
concluded a remainder value based on $2.50 per square foot, which is applied to 99,688
square feet (51,000 square feet – 4,350 square feet = 46,650 square feet) of the
remainder unencumbered by the RDUE.
$0.03 per square foot ($2.50 less 99% = $0.03) has been applied to the 4,350 square
feet of the remainder that is located within the easement parcel.
The value of the remainder is calculated as follows:
46,650 square feet @ $2.50 per square foot = $116,625
4,350 square feet @ $0.03 per square foot = $ 130
$116,755
Rounded to:
LAND VALUE OF THE REMAINDER $116,500
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SUMMARY OF COMPENSATION
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1. Value Before the Taking:(Land)127,500$
2. Value of Part Taken: (Land)
11,000$
116,500$
116,500$
-$
-$
6. Special Benefits:-$
7. Damages (5-6):-$
-$
-$
-$
-$
-$
-$
-$
11,000$
-$
-$
-$
11,000$
Value of Part Taken - Parcel 368 RDUE (Land):
Value of Part Taken - Parcel 368 RDUE (Improvements):
Cost to Cure:
Damages:
Total Compensation
11. Damages Uncurable Severance (7-10):
12. Cost to Cure:
13. Improvements Cured, but paid in (2):
14. Net Cost to Cure (If less than item (10), cost is
justified unless the cost is minor):
Summary of Compensation
Feasibilty of Cost to Cure
8. Value of Remainder (Cured):
9 Value of Remainder (Uncured):
10. Damages (Curable) (8-9):
Summary of Values & Compensation
Partial Acquisition
3. Value of Remainder As Part of Whole (1-2):
4. Value of Remander Uncured:
5. Damages, Total Uncured (3-4):
QUALIFICATIONS OF FRANK J. CARDO, MAI
President of Cardo Appraisal Group, LLC
State-Certified General Real Estate Appraiser, State of Florida, License No. RZ1190
Overview
More than 30 years experience in all facets of real estate appraising and consulting, as well as
brokerage of Florida properties since 1983.
Qualified Real Estate Valuation Expert Witness expert witness in Palm Beach, Broward, Dade,
Indian River, Martin and Collier County courts; extensive testimony experience in cases involving
property disputes, condemnation, bankruptcy, foreclosure and a wide range of real property
valuation issues.
Professional Experience and Affiliations
CARDO APPRAISAL GROUP, LLC, PRESIDENT AND OWNER.
Prior Experience: 27 years with Anderson & Carr, Inc., vice president and principal, 1998 – 2010.
Member Appraisal Institute (MAI)
Member, Board of Directors, Appraisal Institute, South Florida Chapter, 2001 - 05, and 2009 to 2012.
House Committee Chairman, Appraisal Institute, South Florida Chapter, 2000 to 2012.
Member, the Education Committee, Appraisal Institute - Palm Beach Chapter, 1992 - 93.
Appraisals and Related Projects
Apartment Buildings Nursing Homes Banks
Office Buildings Houses of Worship Residences - All Types
Auto Dealerships’ Restaurants Service Stations
Department Stores Shopping Centers Funeral Homes
Special Purpose Buildings Hotels - Motels Store Buildings
Industrial Buildings Supermarkets Leasehold Interests
Mobile Home Parks Medical Buildings Vacant Lots & Acreage
Warehouses Marinas Residential Project
Adult Congregate Living Facilities Easements Citrus Groves
Condominiums - Residential & Office Schools Agricultural Properties
Eminent Domain Appraisals Road Right-of-Ways Golf Courses
Education
B.S., Florida State University, College of Business, (Double-major in Real Estate and Risk Management Insurance),
1983.
Successfully completed more than a dozen post-graduate courses and seminars through the Appraisal Institute.
APPRAISAL DATA BOOK
Collier County Project Road Number: 876
for
Intersection Improvements to
Golden Gate East Boulevard & Everglades Boulevard
Roadway, Drainage & Utility Easements (RDUE)
for
Parcel Numbers
368 RDUE, 370 RDUE, 380 RDUE, 382 RDUE & 391 RDUE
TAKING SKETCH
A-1
ZONING MAPS
Subject’s Map
Parent Tract
Parent Tract Zoning
Designation
A-2
North Side Intersection Maps
A-3
A-4
A-5
Parent Tract Land Use Plan
Parent Tract Land Use Plan
Parent Tract Land Use Plan
A-6
A-7
Parent Tract Land Use Plan Conditional Uses
Parent Tract Land Use Plan
A-8
A-9
A-10
A-11
Parent Tract Land Use Plan Conditional Uses
A-12
Parent Tract Land Use Plan Conditional Uses
A-13
A-14
A-15
A-16
PLANNED UNIT DEVELOPMENTS, COMMERCIAL AND INDUSTRIAL ZONING
Parent Tract
A-17
APPROVED COMMERCIAL CENTERS AT GOLDEN GLADES BLVD. E & EVERGLADES BLVD.
A-18
SUBJECT DEED
A-19
A-20
A-21
A-22
Land Sale 1 – OR Book/Page – 5106/317
A-23
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
A-24
Sale No. 1 OR 5106/317
In 12/14 sold for $4.63/SF
Land Sale 2 – OR Book/Page – 5020/3283
A-25
Sale No. 2 OR 5020/3283
For 3 parcels in 3/14 sold for $10.19/sf
Sale No. 2 OR 5020/3283
For 3 parcels in 3/14 sold for $10.19/sf
Land Sale 3 – OR Book/Page – 5116/2795
A-26
Sale No.3 OR 5116/2795
In 1/14 sold for $9.43/SF
Sale No.3 OR 5116/2795
In 1/14 sold for $9.43/SF
Land Sale 4 - OR Book/Page – 5002/2720
A-27
Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
A-28
Sale No. 4 OR 5002/2720
In 12/13 sold for $7.50/SF
A-29
A-30
Parent Tract
Size = 51,000
SF
A-31
Parent Tract
Size = 51,000
SF
Listing No. 1 – Big Bear Plaza - Everglades Blvd. Naples, Fl 34120
A-32
A-33
A-34
A-35
Listing No. 2 – SWC Golden Gate Blvd. & Everglades Blvd. Naples, Fl 34120
A-36
A-37
A-38
A-39
Listing No. 3 – Fakahatchee Plaza - NWC of Golden Gate Blvd. & Everglades Blvd., Naples, 34120
A-40
A-41
A-42
A-43