394_RDUE_Report
C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
A P P R A I S A L -C O N S U L T A T I O N -R E A L T O R S
C. William Carlson, MAI, SRA J. Lee Norris, MAI, SRA
State - certified general State - certified general
Real Estate Appraiser RZ667 Real Estate Appraiser RZ643
bcarlson@carlsonnorris.com lnorris@carlsonnorris.com
1919 COURTNEY DRIVE, SUITE 14, FORT MYERS, FLORIDA 33901
239-936-1991 FAX 239-936-7359 CARLSONNORRIS.COM
January 8, 2016
Collier County
Transportation Right-of-Way Group
2885 S. Horseshoe Dr.
Naples, Florida 34104
Harry Henderson, SRA, Review Appraiser
Re: Golden Gate Boulevard Widening
Project No. 60145
Parcel No. 394 RDUE
Location: 3170 Golden Gate Boulevard E.
Golden Gate Estates, Naples, Florida
Our File Number: 15-150-394
Dear Mr. Henderson:
At your request and authorization, Carlson, Norris and Associates, Inc. has completed an
appraisal presented in an Appraisal Report format of the market value estimate for the total
compensation due to the property owner for the proposed acquisition for a road right-of-way,
drainage and utility easement.
The parent tract is located along the south side of Golden Gate Blvd. E. slightly under 0.1 mile east
of Everglades Blvd. N. in Golden Gate Estates, Naples, Florida. It is rectangular and contains a
total of 1.17 acres or approximately 51,000 square feet. The parcel is a mostly cleared site with a
width of 75 feet and a depth of 680 feet.
The parent tract is improved with a single family residence with an attached apartment built in
1987. It contains 1,466 square feet of living area per public records. Other improvements on the
site include without limitation a partially paved driveway, landscaping, well, septic tank, wooden
walkway, carport, concrete block wall, gates, and wooden sheds.
The proposed road right-of-way, drainage and utility easement acquisition area (Parcel 394
RDUE) is rectangular, contains 3,225 square feet, and is 43 feet wide by 75 feet. It is located
along the south side of the existing roadway easement in the northern portion of the parent tract.
Within the acquisition area is an approximately 13 foot wide partially paved driveway, concrete
block wall, gates and minimal landscaping.
The remainder property contains a 1,466 square feet single family residence with an attached
apartment built in 1987 and site improvements. It is rectangular and contains a total of 1.17 acres
or approximately 51,000 square feet including the proposed easement acquisition area.
Data, information, and calculations leading to the value conclusion are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is
January 8, 2016
Collier County
Page 2
an integral part of, and inseparable from, this letter. Any special assumptions and limiting
considerations were especially noted in Section 7 of this report. Your attention is directed to these
General Assumptions and Limiting Conditions which are part of this report.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and
the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, our interpretation of
the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal
Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional
Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), and Title XI Regulations.
Carlson, Norris and Associates, Inc. do not authorize the out-of-context quoting from or partial
reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of media for public communication without the prior
written consent of the appraiser signing this report.
Based upon the results of the investigation and analyses contained in the following report, subject
to the hypothetical condition and extraordinary assumptions noted in the attached appraisal, it is
our opinion the total compensation due to the property owner for the proposed easement
acquisition under market conditions existing December 2, 2015 is:
TEN THOUSAND SIX HUNDRED DOLLARS ............................................................. ($10,600.00).
Respectfully submitted,
CARLSON, NORRIS AND ASSOCIATES, INC.
J. Lee Norris, MAI, SRA
State-certified general real estate appraiser RZ643
Timothy P. Foster
State-certified general real estate appraiser RZ2526
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Parent Tract Aerial Photograph
3170 Golden Gate Boulevard E.
Golden Gate Estates
Naples, Florida
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TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ................................................................................................ 1
SECTION 1 - SUMMARY OF SALIENT FACTS .................................................................. 4
SECTION 2 – PREMISES OF THE APPRAISAL ................................................................. 6
INTENDED USERS OF APPRAISAL ......................................................................................................... 6
SCOPE OF WORK ................................................................................................................................ 6
SALES HISTORY ................................................................................................................................ 10
VALUATION HISTORY ......................................................................................................................... 10
APPRAISAL ANALYSIS AND REPORT TYPE.......................................................................................... 11
EXPOSURE TIME ................................................................................................................................ 11
MARKETING TIME .............................................................................................................................. 12
EXTRAORDINARY ASSUMPTIONS ....................................................................................................... 13
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED .......................................... 15
LOCATION MAP ................................................................................................................................. 15
LOCATION DESCRIPTION.................................................................................................................... 15
MARKET AREA MAP .......................................................................................................................... 27
MARKET AREA DESCRIPTION ............................................................................................................ 27
LEGAL DESCRIPTION ......................................................................................................................... 29
OWNER OF RECORD ......................................................................................................................... 29
ASSESSED VALUE AND TAXES ........................................................................................................... 29
SITE DESCRIPTION............................................................................................................................. 29
FUTURE LAND USE PLAN CLASSIFICATION ........................................................................................ 32
ZONING CLASSIFICATION ................................................................................................................... 32
SUBJECT PROPERTY PHOTOGRAPHS ................................................................................................ 34
SECTION 4 – HIGHEST AND BEST USE ANALYSIS........................................................ 38
HIGHEST AND BEST USE AS THOUGH VACANT ................................................................................... 38
HIGHEST AND BEST USE AS THOUGH IMPROVED ................................................................................ 39
SECTION 5 – VALUATION OF THE SUBJECT ................................................................ 40
VALUE ESTIMATE BY THE COST APPROACH ...................................................................................... 40
VALUE ESTIMATE BY THE INCOME APPROACH .................................................................................. 40
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH .............................................................. 40
LAND SALES LOCATION MAP ............................................................................................................ 43
LAND SALES DATA SHEETS .............................................................................................................. 44
LAND SALES GRID............................................................................................................................. 56
LAND SALES ADJUSTMENT ANALYSIS ............................................................................................... 57
DISCUSSION OF ACTIVE LISTINGS ...................................................................................................... 59
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ACQUISITION AREA DESCRIPTION & VALUATION ................................................................................ 60
REMAINDER PROPERTY DESCRPTION & VALUATION .......................................................................... 64
COMPENSATION DUE OWNER ............................................................................................................ 65
SECTION 6 – RECONCILIATION OF VALUE ................................................................... 66
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS ........................................... 67
CERTIFICATION OF J. LEE NORRIS, MAI, SRA ................................................................................... 67
CERTIFICATION OF TIMOTHY P. FOSTER ............................................................................................. 69
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ............................................................................. 71
SECTION 8 – ADDENDA ............................................................................................... 76
ENGAGEMENT LETTER ...................................................................................................................... 77
LICENSES .......................................................................................................................................... 79
QUALIFICATIONS OF J. LEE NORRIS, MAI, SRA ................................................................................. 80
QUALIFICATIONS OF TIMOTHY P. FOSTER .......................................................................................... 82
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Section 1 – Summary of Salient Facts
Project Name: Golden Gate Blvd. widening & Everglades Blvd.
improvements; Project No. 60145
Parcel Number: 394 RDUE
Property Reference: 40930800000
Property Type: Vacant Residential
Property Location: Golden Gate Boulevard E. in Golden Gate Estates
Naples, Florida
Report Format: Appraisal Report
Date of Report:
Date of Inspection:
January 8, 2016
December 2, 2015
Date of Value:
Real Estate Interest
Appraised:
Purpose of the Appraisal:
December 2, 2015
Fee simple for Parent Tract and Easement for proposed
acquisition
The purpose of this appraisal is to estimate the total
compensation due to the property owner for the proposed
acquisition for a road right-of-way, drainage and utility
easement.
Use of the Appraisal:
Intended User(s):
The intended use of this appraisal is to aid our client by
estimating the total compensation due to the property owner for
the proposed acquisition.
The intended user of the appraisal is Harry Henderson, SRA
Review Appraiser with Collier County Transportation Right-of-
Way Group.
Client: The client for this report is Harry Henderson, SRA Review
Appraiser with Collier County Transportation Right-of-Way
Group.
Location: The subject property is located along the south side of Golden
Gate Blvd. E. slightly under 0.1 mile east of Everglades Blvd.
N. in Golden Gate Estates, Naples, Florida.
Parent Tract:
Acquisition(s):
The parent tract is rectangular and contains a total of 1.17
acres or approximately 51,000 square feet. The parcel is a
mostly cleared site with a width of 75 feet and a depth of 680
feet. It is improved with a single family residence with an
attached apartment built in 1987. It contains 1,466 square feet
of living area per public records. Other improvements on the
site include without limitation a partially paved driveway,
landscaping, well, septic tank, wooden walkway, carport,
concrete block wall, gates, and wooden sheds.
The proposed road right-of-way, drainage and utility easement
acquisition area (Parcel 394 RDUE) is rectangular, contains
3,225 square feet, and is 43 feet wide by 75 feet. It is located
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Remainder:
along the south side of the existing roadway easement in the
northern portion of the parent tract. Within the acquisition area
is an approximately 13 foot wide partially paved driveway,
concrete block wall, gates and minimal landscaping.
The remainder property contains a 1,466 square feet single
family residence with an attached apartment built in 1987 and
site improvements. It is rectangular and contains a total of 1.17
acres or approximately 51,000 square feet including the
proposed easement acquisition area.
Legal Description: Included subsequently in the report.
Future Land Use:
Zoning:
Residential Estates Subdistrict (Within the Estates District)
Estate District (E)
Highest And Best Use As
Vacant:
Single family residential development
Highest And Best Use As
Improved:
Continued use of its single family residence.
Parent Tract Value: Cost Approach: Not Applied
Income Capitalization Approach: Not Applied
Sales Comparison Approach: $28,400*
*The subject’s improvements located outside of the
proposed acquisition area are considered to be unaffected
and their contributory value have therefore not been
estimated or included.
Acquisition Total Value:
Remainder Land Value:
Total Compensation Due:
$10,600
$17,800*
*The subject’s improvements located outside of the
proposed acquisition area are considered to be unaffected
and their contributory value have therefore not been
estimated or included.
$10,600
Appraisers completing
report:
J. Lee Norris, MAI, SRA
State-certified general real estate appraiser RZ643
Timothy P. Foster
State-certified general real estate appraiser RZ2526
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Section 2 – Premise of the Appraisal
Purpose of Appraisal: The purpose of this appraisal is to estimate the total compensation due to
the property owner for the proposed acquisition for a road right-of-way, drainage and utility
easement.
Use of the Appraisal: The intended use of the appraisal is for aid our client by estimating the
total compensation due to the property owner for the proposed acquisition.
Intended User(s): The intended user for this report is Harry Henderson, SRA Review Appraiser
with Collier County Transportation Right-of-Way Group.
Client: The intended client for this report is Harry Henderson, SRA Review Appraiser with Collier
County Transportation Right-of-Way Group.
Competency of Appraisers: The appraisers' specific qualifications are included within this
report. These qualifications serve as evidence of their competence for the completion of this
appraisal assignment in compliance with the competency provision contained within the Uniform
Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of
the Appraisal Foundation. The appraisers' knowledge and experience, combined with their
professional qualifications, are commensurate with the complexity of this assignment based on the
following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraisers have previously provided consultation, value estimates, and compensation due to
property owners for right of way acquisitions.
Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the
scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of
work includes, but is not limited to: the extent to which the property is identified, the extent to which
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tangible property is inspected, the type and extent of market research and the type and extent of
analysis applied to arrive at opinions or conclusions.”
The scope of this appraisal has been to collect, confirm, and report data. Other general market
data and conditions have been considered. Consideration has been given the property’s zoning
and surrounding improvements and neighborhood. The work performed for this assignment
included but is not limited to the following:
• Extent to which the property was identified
o The appraisers relied on sketches, construction plans and right-of-way maps
provided by our client and the parcel number obtained from the Collier County
Property Appraiser’s office relating to the subject property. In addition, we obtained
a copy of the legal description for the parent parcel from the instrument recording
the most recent transfer of the property.
• Extent to which the property was inspected
o An inspection of the property being appraised as well as the neighborhood in which
it is located was done on December 2, 2015. During the inspection, an inventory
of the property attributes was collected based on visual observation and
photographs taken.
• Type and extent of the data researched
o Investigation of public records for the property’s future land use, zoning, flood
hazard area classification, property appraiser records, and tax collector records for
attributes of the property.
o Collection and analysis of comparable land sales in order to form an opinion of the
value of the underlying land.
§ Sales and listings in the market area were located and were selected
based on physical and location characteristics.
§ The data was verified with the buyer, seller, or representative of the
comparable as well as the public records.
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• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of
the market conditions affecting real property value, including land values and sales
data for similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost
Approach – either replacement or reproduction cost is used to develop a value
indication for the subject property. 2) Income Approach – valued on the ability of a
property generating a cash stream. 3) Sales Comparison Approach – value
indication is derived by comparing sales of similar properties. It is the most
common and preferred method of land valuation when an appropriate supply of
comparable sales are available.
o The Cost Approach was not utilized in our analysis because under current
economic conditions it is not considered to be a reliable indicator of value and it is
typically not used for the valuation of single family residences.
o The Income Approach was not used since typically vacant land and single family
residences are not purchased for their ability to generate a cash stream.
o The analyst will utilize the Sales Comparison Approach exclusively in estimating
the market value for the subject property.
§ An investigation of comparable land sales and active listings of similar
unimproved properties were utilized. The sales and listings were
considered in order to make a comparative analysis which would lead to
the completion of the Sales Comparison Approach.
§ The appraisers used information from a report commissioned by Collier
County that estimated price impacts for residential buildings located on
busy streets. The findings of this report indicated that improvements less
than 100 feet from the right-of-way line suffered from a loss of value. The
subject’s single family residence exceeds this distance at an estimated 174
feet from the proposed road right-of-way, drainage and utility easement
acquisition area (Parcel 394 RDUE). As a result, the subject’s
improvements located outside of the proposed acquisition area are
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considered to be unaffected and their contributory value have therefore not
been estimated or included.
o The value opinion presented in this report is based upon review and analysis of
the market conditions affecting real property value, including land values, cost and
depreciation estimates (where appropriate), the attributes of competitive
properties, and sales data for similar properties.
o In estimating the compensation due to the property owner, the analyst provided
different values for the property. Initially a value estimate for the parent tract was
obtained prior to the proposed acquisition(s). Next an estimate was obtained for
the acquisition area(s). Then the remainder property land before and after the
acquisition was estimated. Finally, we provided an estimate of the total
compensation due the owner.
o Preparation of a written report.
To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as
defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal,
Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable
value indication.
Furthermore, the value conclusion reflects information about the subject and market conditions.
This appraisal of the subject has been presented in the form of an Appraisal Report, which is
intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the
USPAP.
Property Rights Appraised: The property ownership rights appraised in this appraisal are those
known as fee simple for the parent tract and easement for the proposed road right-of-way,
drainage and utility easement.
Fee simple estate 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: “The right to use another’s land for a stated purpose.”
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Bundle of Rights Theory is defined as: “The concept that compares property ownership to a
bundle of sticks with each stick representing a distinct and separate right of the property
owner, e.g., the right to use real estate, to sell it, to lease it, to give it away, or to choose to
exercise all or none of these rights.”
Market Value Definition: The following definition of market value is used by agencies that
regulate federally insured financial institutions in the United States: “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:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their
best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• 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: Appraisal Institute; The Dictionary of Real Estate Appraisal, 6th edition
Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of
the listings, purchase contracts and sales history of the subject property for the five years prior to
the appraisal date. No qualified transactions were noted occurring in the past five years. On
February 11, 2011 the property was sold per a Special Warranty Deed by Federal National
Mortgage Association for $35,000 per instrument number 4530359 of the Official Records of
Collier County, Florida. To our knowledge the subject is not currently listed for sale and we are not
aware of contracts or offerings to purchase at this time.
Valuation History: The Uniform Standards of Professional Appraisal Practice requires the
appraiser to divulge any services provided on the subject property during the preceding five years.
J. Lee Norris, Timothy P. Foster or Carlson, Norris and Associates, Inc. have not completed an
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appraisal of the subject property, nor have we provided any services related to the property during
the five years preceding the date of this appraisal.
Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of
making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which
all appraisals and resulting reports are made. The process of administration of those rules and
guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The
Appraisal Standards Board issues the rules and guidelines in the form of a document update
published each year by The Appraisal Foundation. That document is entitled “The Uniform
Standards of Professional Appraisal Practice” (USPAP).
As of January 1, 2014, the two types of appraisal types are; Appraisal Report and Restricted
Appraisal Report. The appraisers have used the Appraisal Report option. The following
definitions have been adopted for each type of report:
• An Appraisal Report: A written report prepared under Standards Rule 2-2(a).
• Restricted Appraisal Report: A written report prepared under Standards Rule 2-
2(b).
Exposure Time is defined 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 appraisal. Exposure time is a retrospective opinion based
on an analysis of past events assuming a competitive and open market.” Exposure time is
therefore interrelated with appraisal conclusion of value.”
An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-
line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more
of the following:
• statistical information about days on the market
• information gathered through sales verification
• interviews of market participants.
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The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate
of time alone. Exposure time is different for various types of real estate and under various market
conditions.
In consideration of these factors, we may have analyzed the following:
• Exposure periods of comparable sales revealed during the course of this appraisal;
• Macroeconomic exposure times for the subject property type across the Subject MSA
and the entire United States as published in multiple articles and websites.
• Knowledgeable real estate professionals.
The sales used in this report sold in a period of one to seventeen months. A majority of the sales
sold in less than twelve months. It is our opinion that properties that are competitively marketed
would have an exposure time of up to 12 months. This exposure time assumes the subject parcel
would have been competitively priced and aggressively promoted within the market area.
Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or
personal property interest at the concluded market value level during the period immediately after
the effective date of an appraisal. Marketing time differs from exposure time, which is always
presumed to precede the effective date of an appraisal.” The marketing time is an estimate of the
number of months it will require to sell the subject from the date of value, into the future. The
anticipated marketing time is essentially a measure of the perceived level of risk associated with
the marketability, or liquidity, of the subject property. The marketing time estimate is based on the
data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated
changes in market conditions following the date of appraisal. The future price for the subject (at the
end of the marketing time) may or may not equal the appraisal estimate. The future price depends
on unpredictable changes in the physical real estate, demographic and economic trends, real
estate markets in general, supply/demand characteristics for the property type, and many other
factors.
Based on the premise that present market conditions are the best indicators of future performance,
a prudent investor will forecast that, under the conditions described above, the subject will require
a marketing time of up to 12 months.
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Hypothetical Condition is defined as: “A condition, directly related to a specific assignment,
which is contrary to what is known by the appraiser to exist on the effective date of the assignment
results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known facts
about physical, legal, or economic characteristics of the subject property; 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.
Please note the following hypothetical condition:
• For the sake of this report we assumed the proposed acquisition and roadway
improvements have been completed as of the date of value, December 2, 2015.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false, could
alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact
otherwise uncertain information about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or trends; or
about the integrity of data used in an analysis.” An extraordinary assumption may be used in an
assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to
support the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
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• It is assumed that there are no hidden or unapparent conditions to the property, soil, or
subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral
rights were not considered in this report unless otherwise stated. The analyst is not an
expert with respect to subsurface conditions, and would recommend that an expert be
consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the
evaluation of site contamination, and would recommend that an expert be consulted.
• The appraisers were not provided a wetland study or report for the subject property. The
value conclusions are based on the extraordinary assumption that any wetlands on the
subject property would be minimal and would not affect its development potential.
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Section 3 – Description of Real Estate Appraised
Location Map
COLLIER COUNTY AREA ANALYSIS
Overview: The subject property is located in Golden Gate Estates within Collier County, Florida,
some 170 miles south of Tampa and some 120 miles northwest of Miami. Collier County is
located on the extreme southwestern portion of the state of Florida. It is the largest county in the
state (in terms of land area) with 2,026 square miles which includes 821,600 acres of preserves,
parks, and refuges. The most highly developed areas within the county are west of Interstate 75
and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse the
more easterly the location in the county; and these easterly areas of the county contain a
considerable amount of preserved land. There are three incorporated cities within the county;
namely City of Naples, City of Marco Island, and Everglades City.
Collier County was created during the Florida land boom in the 1920s, the start of modern
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development of the area. (1) Collier County was actually created in 1923 and was separated out
from what was a larger Lee County. Collier County is named for Barron Collier, a New York City
advertising mogul and real estate developer had moved to southwest Florida and established
himself as prominent business man and land owner. By the end of the decade railroads and
Tamiami Trail were in-place which opened the area to agricultural and resort development.
Florida’s first commercial oil well was drilled in 1943, and the county’s pine and cypress logging
industry flourished into the 1950s. The county’s economy boomed along with its population shortly
after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by
1980. The economy was sustained from agribusiness, tourism and real estate. This turned the
county into one of the fastest growing areas in the country.
The county is famous for its subtropical climate with average high temperatures ranging from 75o
F. in January to 91o Fahrenheit in July and August. The average annual precipitation for the
county is 51.9 inches. This area is also subject to tropical storms and hurricanes. The hurricane
season runs from June through November. The most recent damaging storm to hit this area was
named Wilma. National Public Radio described this storm with the following quote: “Hurricane
Wilma hit southwest Florida at dawn as a Category 3 storm, packing winds of 125 mph that took
off roofs, damaged homes, downed power lines and brought flooding as far south as Key West.
The storm remained powerful as it crossed from the Gulf of Mexico to the Atlantic Ocean.” This
storm occurred late October 2005.
Population: According to the office of demographic and economic research, Collier County is
Florida’s 17th most populous county with 1.7% Florida’s overall population. The most recent
population estimates indicate there is a population of 339,642 people living in Collier County. This
figure represents an increase of more than 25% since 2000; and current projections anticipate this
trend will continue with an increase of more than 22% over the next ten years.
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Currently, US Census Bureau population data for the incorporated areas of the county is broken
down as follows: (2013 Census estimates)
• City of Naples – 20,537
• City of Marco Island – 17,163
• City of Everglades City – 403 (year 2010)
The 2014 U.S. Census Bureau provides estimates-projections for Collier County:
• Persons per household (2009-2013) – 2.64
• Median Household Income (2009-2013) – $55,843
• Total Housing Units (2009-2013) – 122,972
Additional population estimates reflect population projections from the year 2015 to the year 2040
and compare the five counties in the southwest Florida area. The counties include; Glades,
Hendry, Charlotte, Collier and Lee. The population estimate for the year 2015 for Collier County is
345,100 and increases to 492,533 in year 2040. This represents a 43% increase in population
over this 25 year period.
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Tourism is important business for Naples, Marco Island and the Everglades. As the leading
employer and the primary economic engine for the region, the tourism industry is responsible for
over 34,000 jobs in Collier County. Over 1.6 million visitors in 2013 spent over $1.08 million
dollars, resulting in a total economic impact of over $1.6 billion to Collier County. Collier County
enacts a 4% tax on all hotel, campground, vacation rental stays of less than six months. The
distribution of tourist development tax dollars is set according to Collier County ordinance. The
funds are dispersed as follows; Category A is beach related projects and re-nourishment, 50% of
the first 2% allocated for beach re-nourishment, beach park facilities and inlet management. 100%
of the third percent collected is allocated to beach re-nourishment, beach park facilities and inlet
management. Category B is tourism promotion, 24% of the first 2% collected pays for tourism
administration and for re-imbursement of emergency advertising funds. 100% of the fourth
percent pays for tourism advertising and promotion. Category C is museums, 26% of the first 2%
is allocated for museums. County owned museums receive 22% , non-county museums receive
4.764%.
New Development: A relatively new town is developing in the eastern part of Collier County
known as Ave Maria. The town is located on what was once largely agricultural land and it is
centered around Ave Maria University, the country’s newest Catholic University. The university
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opened its doors in 2007 and plans to grow to 5,500 undergraduate and graduate students. The
town is designed to be a compact, walk-able, self-sustaining town that reflects the community’s
rural roots while offering a full range of residential options and commercial services to its residents.
The Ave Maria community totals about 5,000 acres, of which nearly 20% has designated as the
University Campus. A Town Core anchored by the landmark oratory that also incorporates retail,
commercial, and residential living space provides a central connection between the town and the
university. Business is expanding in Collier County as evidenced by a surgical device company
that recently broke ground on a site near Ave Maria University to build a $25 million manufacturing
plant. This construction project is expected to bring 500 construction jobs to the area this year;
and once complete, the plant will employ 403 to 500 workers.
Government: The county government is headed by a Board of Commissioners. There are five
commissioners, each assigned to a specific geographical area within the county. A County
Manager coordinates most of the departments including county services, public services,
community development/environmental services, utilities and transportation. The county is
currently experiencing a decline in revenues which will result in future capital improvement plans
being significantly cut back. Additionally operating expenses are under increasing pressures due
to legislative mandates from the state, escalating costs of property insurance and health benefits,
and the overall economic downturn.
Transportation: The infrastructure of the county continues to see improvements. Interstate 75
has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County
recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake
Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening
projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south
roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County
Government has worked diligently to develop an efficient road system that will accommodate
future growth; and it is likely to continue to develop the necessary road infrastructure in the years
to come.
Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic
needs for the fast growing population of Southwest Florida. RSW is the eighth fastest growing
airport in the nation, servicing more than 8 million passengers a year. More than two dozen
commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to
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more than 27 domestic and two international destinations. The Southwest Florida International
Airport also maintains customs clearing facilities for international cargo. RSW is located off
Interstate-75 in South Lee County, an approximate 30 minute drive from most areas of Naples. In
2005 the airport was completely updated and expanded to meet the growing demand of area
businesses and visitors. The $386 million ultra-modern complex includes a two story terminal with
28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a
three story parking structure. The facility will allow for incremental expansion up to 65 gates.
Construction was recently completed on a direct access connection between I-75 and the airport.
In March 2015 passenger activity for the three southwest Florida airports grew to 1,425,354
persons of 31% over February 2015 and 4% higher than March 2014. Premier International in
southwest Florida had passenger activity totaling 1,181,382 enplanements in March 2015 which is
a 3% over one year earlier.
The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO
services for general aviation including fueling and catering. It is the home to charter airlines,
aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental
agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over
40 additional aviation and non-aviation businesses. The airport encompasses approximately 732
acres of land, approximately two miles northeast of Old Naples with convenient access to major
roads and Interstate-75.
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Employment: Collier County’s largest employment concentrations continue to be in industries
that are fueled by population growth. The retail trade, construction, and hotel industries have the
most employees in Collier County. Those three industries combined employ more than 62,000
people in Collier County. The fourth largest industry in Collier County is the healthcare industry,
which employs more than 13,000 people. Major employers in this area are NCH Healthcare with
4,000 employees and Collier County Public Schools which employs nearly 3,000 teachers. As the
Collier County population matures, employment in the healthcare industry will continue to make up
a larger part of overall employment. Below you will find a top 25 employer chart in Collier County
as developed through Reference USA and FGCU.
The unemployment rate in Collier County has decreased to 5.6% for September 2015 vs. 6.4% in
September 2014. Collier’s top 25 employers are listed below.
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Below you will find a chart which shows Collier County employment by industry as well as Collier
County average wage distribution by industry. This chart clearly shows retail trade employing the
largest number of persons with 17,217 people. In addition, the largest wage by industry is
management of companies and enterprises with an average wage of $127,905.
Education: The Collier County public school system currently contains a total of 56 schools with
45,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The
below chart shows more detail with regards to the public schools system.
High speed fiber optic networks now span all of Collier County, providing businesses with leading
edge internet, VOIP, and wireless services. Collier County Public Schools are all interconnected
via multiple fiber rings enabling the educational institutions to leverage technology to present our
students with multi-faceted learning opportunities.
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Collier County is home to several colleges and universities. As mentioned, Ave Maria University is
a newly established Catholic University offering liberal arts oriented baccalaureate degrees as well
as some graduate degree programs. The county is also home to branch campuses of Florida
Southwestern State College and Florida Gulf Coast University.
General Real Estate Discussion: Collier County was not spared from the national economic
downturn (2007-2009). Collier County experienced a significant increase in residential and
commercial property values from 2004 through 2006. Several news publications rated Naples as
the most over-valued area of the country with respect to residential housing values. The decline in
residential property values began in 2006. Inventory levels began to rise as investors and owners
positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase
any property with a sense that the economy as a whole was headed for trouble. Many investors
were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida
became the epicenter for residential property foreclosures with communities such as Golden Gate
at the forefront of the crisis in Collier County.
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Residential construction projects in various stages of development were stopped as housing
inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the
residential construction industry; and with no homes to build, this industry was quickly decimated.
Contractors that supplied this industry typically ran their businesses from various industrial
locations in Collier and Lee Counties. This type of property was the first commercial property to be
adversely affected with retail and office properties following.
There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each
park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier
County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research
and Technology Parks, which are based on commerce parks and offer advanced infrastructure to
attract technology based businesses.
Single family permits are an indicator of health in an economy of a given area. Below is a chart
showing single family permits issued on a monthly basis from 2005 to 2014. This chart shows
clearly that at the height of the market in 2005 over 300 permits being issued per month. In the
bottom of the recession in 2009 Collier County was below 50 permits per month. In 2014 the
average was approaching 200 permits per month. This indicates a steady improvement in the
economic conditions as far as the real estate market is concerned. Single family permits identify
houses under construction and therefore reflect jobs in the construction industry.
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Conclusion: In summary, Collier County is located along the west coast of Florida along the Gulf
of Mexico. The climate is sub-tropical with mild winters that allow for year round enjoyment of the
many attractions this area offers. Collier County is a desirable destination for residents and non-
residents alike. In spite of the many positives, portions of Collier County were greatly affected by
the past housing debacle which resulted in a significant number of residential foreclosures, a
significant decline in residential and commercial development, and a high unemployment rate.
While the current “improving” economic climate will keep commercial and residential development
at bay in the short term, the availability of commercial vacant land, the county's numerous natural
attractions, and the anticipated future population growth will bode well for this area over the long
term.
Collier County has tremendous opportunities as far as employment is concerned in many different
industries. The diversity of job opportunities spans a significant range from low income persons to
jobs of very high income people as well. There are tremendous recreational facilities with
numerous golf course, beaches and recreational parks, not to mention the significant amount of
land that is federally held in conservation in the eastern portions of the county. The public school
system is good and provides for a well-rounded public education for the students that reside within
the county. Property values continue to increase, the median price for a single-family home was
$392,000 up 23% from a year earlier. In fact, Collier County is one the leading areas in the nation
in terms of property appreciation over the last 12 months with significant construction and
development occurring.
GOLDEN GATE ESTATES AREA
Overview: The subject property is located in Golden Gate Estates within the eastern portion of
Naples in Collier County, Florida. This community was acquired and developed in 1960 and was
planned to become one of the largest residential subdivisions in Naples. Home building of any
significance did not start until the late 1970’s. Golden Gate Estates covers a total of 80 square
miles in a rural area including uplands and wetlands. It has acreage properties typically from 1.14
acres that are 75 foot wide to 660 feet deep, to up to ten acres. Many of the properties allow
horses. There are no homeowner associations and homes are on well and septic tank.
Residents in Golden Gate Estates consist primarily of the local workforce. Second home owners
make up a small percentage of the owners.
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The Golden Gate Area Future Land Use Map depicts the following primary arterial roads within
North Golden Gate Estates. The north/south roads from west to east include I-75, CR 951 (Collier
Blvd.), Wilson Blvd., Everglades Blvd. and Desoto Blvd. The primary east/west roads from north
to south include Immokalee Road, Randall Blvd., Golden Gate Blvd., and I-75. The primary
boundaries are I-75 to the west and south, Immokalee Road to the north and Desoto Blvd. to the
east.
The eastern portion of Golden Gate Estates does not have nearby gas stations, stores or other
services. The western portion is closer to these services and has fewer vacant lots. There is a
planned Publix supermarket that would be the anchor for the Neighborhood Shoppes at Orange
Tree at the northeast corner of Immokalee Road and Randall Blvd. Approvals are still being
obtained with a target opening date by the end of 2016. Existing shopping areas are primarily
located along Immokalee Road and Collier Blvd. From the intersection of Golden Gate Blvd. and
Everglades Blvd. in eastern Golden Gate Estates it is approximately 19 miles to the Naples
Municipal Airport and 23 miles to the Naples beach.
The schools in the vicinity of Golden Gate Parkway and Collier Blvd. are Golden Gate Elementary,
Middle and High Schools as well as other schools. The schools shown as being in the subject’s
district include Palmetto Ridge High, Cypress Palm Middle and Palmetto Elementary. Police
services are provided by Collier County Sheriff’s Department and fire services are provided by
Golden Gate Fire Control and Rescue District.
A search of the Southwest Florida Multiple Listing Service for the Golden Gate Estates area was
completed that provided the following information. The average sales price for a single family
residence for 2015 through November was $260,125 and the median sales price was $230,000.
The average sales price for vacant land for 2015 through November was $33,417 and the median
sales price was $22,500.
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Market Area Map
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.”
Market Area:
Boundaries: Northern Randall Boulevard
Southern 18th Avenue SE
Eastern Desoto Boulevard
Western Wilson Boulevard
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Life Stage: “Because market areas are perceived, organized, constructed, and
used by people, each has a dynamic quality. Appraisers describe this
quality as a market area’s life cycle. The complimentary land uses
that make up neighborhoods and homogeneous land uses within
districts typically evolve through four 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, redevelopment,
modernization and increasing demand”
It is our opinion that the subject market area in the eastern portion of
Golden Gate Estates is currently in the growth cycle. Sales prices
and transactions have been increasing for the last couple of years for
single family residences and for vacant land.
Public Transportation: Public transportation is provided by Collier Area Transit to the western
portion of the market area.
Maintenance/Condition: Varying levels of maintenance is evident throughout the subject
market area. These conditions range from relatively new to fair.
Property Compatibility: This area contains vacant residential acreage typically ranging from
1.14 to 5.00 acres and single family residential uses on acreage sites.
Appeal/Appearance: This area has generally average to good appeal. Appearance ranges
from newer construction to older structures with generally good to fair
appearance.
Neighborhood Access: Good access from major north-south corridors including Wilson Blvd.,
Everglades Blvd. and Desoto Blvd. The major east-west corridors
include Randall Blvd. and Golden Gate Blvd. E.
Police/Fire: Collier County Sheriff’s Dept./ Golden Gate Fire Control and Rescue
District
Development Trend: Single family residential development has been increasing in the last
couple of years.
Residential land price
range: Vacant similar land sales typically range from $10,000 to $20,000 per
acre.
Supply of Vacant Tracts Vacant land is available throughout the market. Much of the market
area still has undeveloped lots.
Demand for Vacant Tracts: Real estate professionals indicate the demand for vacant land parcels
has been increasing.
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Allowable Uses in the
District:
Single family residential, family care facilities, essential services, public
schools and accessory uses such as agricultural, horses and
livestock, guesthouses, recreational facilities and certain excavation
uses.
Legal Description: It is recommended that a survey be obtained to verify the accuracy of the
legal description. A Special Warranty Deed filed in the Collier County Official Records as recorded
in Book 4655, Pages 3124 and 3125 indicates the subject’s legal description is as follows:
The East 75 feet of the West 150 Feet of Tract 98, Golden Gate Estates, Unit No. 81, according to
the plat thereof, recorded in Plat Book 5, Page 19 and 20, Public Records of Collier County,
Florida.
Owner of Record: According to information obtained from the Collier County Property
Appraiser’s office, the current owner of record for the subject property is Miguel Garcia, 3170
Golden Gate Blvd. E., Naples, FL 34120-3717.
Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by its Parcel number 40930800000. For 2015 the market value is $86,545
and assessed value is $72,645 after applying based on a 10 percent CAP. The taxable value for
schools is $86,545 and the remaining taxing agencies have taxable values of $72,645. The taxes
based on a March 2016 payoff amount are $1,112.42.
Only the Collier County Property Appraiser’s office can assess properties for taxation purposes.
The actual tax liability is calculated utilizing the millage rate as set by the Collier County
Commission then multiplying this by the assessed value for the property. Should the millage rate
or the assessed value change for the site the tax liability would be different from that as reported
herein.
Unpaid Taxes: The Collier County Tax Collector's web site did not indicate any delinquent taxes
as of the effective date of this report.
Site Description: We invite your attention to the aerial and plat maps that follow which show the
relative size, configuration and location of the subject property. This will be followed by general
site information and data as well as information on the physical characteristics and economic
factors that affect the site.
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Aerial Map
Plat Map
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General Site Information
Assessor’s Parcel Number: 40930800000
Location: The subject is located along the south side of Golden Gate Blvd. E.
slightly under 0.1 mile east of Everglades Blvd. N. in Golden Gate
Estates, Naples, Florida.
Physical Characteristics of the Site
Frontage: 75 feet of frontage along the south side of Golden Gate Boulevard
E.
Total Site Area: 1.17 acres or 51,000 square feet per the Collier County plat map.
Dimensions:
Shape of Tract:
75 feet along Golden Gate Blvd. E. and along its rear boundary &
680 feet of depth along its eastern and western boundaries
Rectangular
Access: Access is along the south side of Golden Gate Boulevard E., a two
lane paved road.
Corner Influence: This property is not located at a corner.
Utilities to Site: Sewer: Septic tank/drainfield required
Water: Well required
Electric: Florida Power & Light
Phone: CenturyLink
Police/Fire: Collier County Sheriff’s Dept./
Golden Gate Fire Control &
Rescue District
Flood Designation:
Flood Zone AH, Map Number 120067-12021C0435H, Dated May
16, 2012. The subject is in an area inundated by 100-year
flooding.
Easements: According to a sketch for the Golden Gate Blvd. widening project,
the northern 50 feet or 3,750 square feet of the subject is within an
existing roadway easement dedicated to the perpetual use of the
Public per Plat Book 5, Page 19.
Topography: The subject site is mostly cleared. There is a drainage swale along
the road frontage. The appraisers were not provided a wetland
study or report for the subject property. The value conclusions are
based on the extraordinary assumption that any wetlands on the
subject property would be minimal and would not affect its
development potential.
Economic Factors Affecting the Site
Supply of Vacant Tracts: There are vacant residential parcels located within the immediate
and general vicinity of the subject property.
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Demand for Vacant Tracts: Realtors have indicated that demand is improving.
Neighboring Property Uses: The subject’s nearby or neighboring uses include single family
residences and vacant parcels.
Future Land Use Designation: The subject has a future land use designation within the
Estates District. This district 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. Residential density is limited to a
maximum of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of record,
exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures
containing two or more principal dwellings, are prohibited in all Districts and Subdistricts in
this Designation.
Generally, the Estates Designation also accommodates future non-residential uses, including:
● Conditional uses and essential services as defined in the Land Development Code, except
as prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses
Subdistrict.
● 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 No. 04-41, adopted June 22, 2004,
effective October 18, 2004) and consistent with locational requirements in Florida Statutes
(Chapter 419.001 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.
The subject’s future land use designation is also within the Residential Estates Subdistrict.
This indicates that single-family residential development is allowed within this Subdistrict at a
maximum density of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of
record, exclusive of guesthouses.
Estate District (E) Zoning Classification: The subject is zoned Estate District (E). The
purpose and intent of the estates district (E) 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 E district
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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 E
district. The E district corresponds to and implements the estates land use designation on the
future land use map of the Collier County GMP, although, in limited instances, it may occur
outside of the estates land use designation. The maximum density permissible in the E
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 Collier County GMP as provided under
the Golden Gate Master Plan. A complete copy of the zoning including accessory uses,
conditional uses, and other details is available in the Collier County Land Development Code.
1. The following subsections identify the uses that are permissible by right and the
uses that are allowable as accessory or conditional uses in the estates district (E).
a. Permitted uses.
1. Single-family dwelling.
2. Family care facilities
3. Essential services
4. Schools, public, including "Educational plants."
The dimensional standards include a minimum lot area of 98,010 square feet or 2.25 acres and a
minimum lot width of 150 feet. The maximum building height is 30 feet and the minimum floor
area is 1,000 square feet. The subject contains 1.17 acres and is a legal non-conforming lot of
record.
Improvements Description: The parent tract is improved with a single family residence with an
attached apartment built in 1987. It contains 1,466 square feet of living area per public records.
Other improvements on the site include without limitation a partially paved driveway, landscaping,
well, septic tank, wooden walkway, carport, concrete block wall, gates, and wooden sheds. The
subject’s improvements located outside of the proposed acquisition area are considered to be
unaffected and their contributory value have not been estimated or included.
Please note the subject property photos that follow.
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Subject Property Photographs
View: Front and
side of the subject’s
single family
residence
Photograph date:
December 2, 2015
Taken by: Tim
Foster
View: Back of the
subject’s single
family residence
Photograph date:
December 2, 2015
Taken by: Tim
Foster
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Subject Property Photographs
View: Looking
west of Golden
Gate Blvd. E. with
the subject to the
left
Photograph date:
December 2, 2015
Taken by: Tim
Foster
View: Looking
west of the
acquisition area
from near the
eastern boundary
Photograph date:
December 2, 2015
Taken by: Tim
Foster
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Subject Property Photographs
View: Looking east
of the acquisition
area from near the
western boundary
Photograph date:
December 2, 2015
Taken by: Tim
Foster
View: Looking
north of the
concrete wall in the
acquisition area
Photograph date:
December 2, 2015
Taken by: Tim
Foster
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Subject Property Photographs
View: Looking
south of palms, a
gate and a portion
of the wall in the
acquisition area
Photograph date:
December 2, 2015
Taken by: Tim
Foster
View: Palm tree in
the acquisition area
Photograph date:
December 2, 2015
Taken by: Tim
Foster
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined 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.”
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the
site in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the
owner of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net
return or the highest present worth?
Highest and Best Use “As Vacant”
Legally Permissible: Factors that impact the legally permissible uses for the subject
property include such things as the comprehensive land use plan classification, zoning
classification, deed restrictions and government regulations. The subject has a future land
use designation within the Estates District. This district 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.
Residential density is limited to a maximum of one unit per 2.25 gross acres, or one unit per
legal non-conforming lot of record, exclusive of guesthouses. Multiple family dwelling units,
duplexes, and other structures containing two or more principal dwellings, are prohibited in all
Districts and Subdistricts in this Designation.
The subject’s future land use designation is also within the Residential Estates Subdistrict.
This indicates that single-family residential development is allowed within this Subdistrict at a
maximum density of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of
record, exclusive of guesthouses.
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The subject is zoned Estate District (E). The purpose and intent of the estates district (E) is to
provide lands for low density residential development in a semi-rural to rural environment,
with limited agricultural activities. The dimensional standards include a minimum lot area of
98,010 square feet or 2.25 acres and a minimum lot width of 150 feet. The subject property
contains 1.17 acres and is a legal non-conforming lot.
Physically Possible: The physical aspects of the site impact legally permissible uses. The
subject property is rectangular in configuration containing 1.17 acres or 51,000 square feet with
frontage along Golden Gate Blvd. E. It is 75 foot wide and 680 feet deep. Utilities include a septic
tank, drainfield, well, electric and phone services. The subject site is mostly cleared and its
topography is typical for its market area. Based on the size and configuration of the site, it is our
opinion the physically possible and legally permissible uses of the subject property would include a
single family residential use.
Economically and Financially Feasible: Any physical possible and legal use of the vacant land
that produces a positive return to the land after considering risk and all costs to create and
maintain the use. The subject is located along the south side of Golden Gate Blvd. E. slightly
under 0.1 mile east of Everglades Blvd. N. in Golden Gate Estates, Naples, Florida. Single family
residential properties are increasingly being developed in the subject’s immediate area and
throughout Golden Gate Estates. The most probable buyer would purchase the subject property
for single family residential development which in our opinion is a financially feasible use.
Maximally Productive: With the increase in single family residential activity in the subject’s
market area, it appears this is a financially feasible use. The future land use and zoning
classifications allow single family residential uses. Considering the nearby land uses and the
typical buyers, it is our opinion that the highest and best use as vacant is for single family
residential development.
Highest and Best Use as though Improved: It is a reasonable assumption that the single family
residence provides value in excess of the underlying value of the land as if vacant and ready for
development. Therefore it is our opinion that the highest and best use as improved for the subject
property is for continued use of its single family residence.
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Section 5 – Valuation of the Subject
VALUE ESTIMATE BY THE COST APPROACH
Cost Approach is defined as: “A set of procedures through which a value indication is derived for
the fee simple estate by estimating the current cost to construct a reproduction of (or replacement
for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation
from the total cost; and adding the estimated land value. Adjustments may then be made to the
indicated value of the fee simple estate in the subject property to reflect the value of the property
interest being appraised.” The Cost Approach was not utilized in our analysis because under
current economic conditions it is not considered to be a reliable indicator of value and it is typically
not used for the valuation of single family residences.
VALUE ESTIMATE BY THE INCOME APPROACH
The Income Approach is defined as “Specific appraisal techniques applied to develop a value
indication for a property based on its earning capability and calculated by the capitalization of
property income.” This conversion can be accomplished in two ways. One year's income
expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that
reflects a specified income pattern, return on investment, and change in the value of the
investment. Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield rate.”
The Income Approach is widely applied in appraising income-producing properties. Anticipated
future income and/or reversions are discounted to a present worth figure through the capitalization
process. The Income Approach was not used since typically vacant land and single family
residences are not purchased for their ability to generate a cash stream.
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH
Sales Comparison Approach is defined as: “The process of deriving a value indication for the
subject property by comparing sale of similar properties to the property being appraised, identifying
appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as
appropriate) of the comparable properties based on relevant, market-derived elements of
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comparison. The sales comparison approach may be used to value improved properties, vacant
land, or land being considered as though vacant when an adequate supply of comparable sales is
available.”
The Sales Comparison Approach will be used and it involves the direct comparison of sales of
similar properties, adjustments for variances, and correlation of the results into a property value
indication. Adjustments to the sale prices of competitive properties selected for comparison are
considered as they relate to the subject property and to the various dissimilar investment features.
The application of this approach produces an estimate of value for a property by comparing it with
similar properties which have been sold or are currently offered for sale in the same or competing
areas.
The subject’s improvements located outside of the proposed acquisition area are considered to be
unaffected and their contributory value has not been estimated or included. The site valuation is
shown as follows.
Site Valuation: The valuation of the subject site involves research, analysis, and comparison of
sales of similar properties to the subject. There are several units of comparison applicable for
appraisal purposes. Due to the nature of the subject property and comparable sales, it is our
opinion the sales price per acre would be the most appropriate for utilization. This unit is
calculated by dividing the sale price of the comparable sales by the number of acres contained
within the sale.
The subject site is being valued based on highest and best use; and as such, data selection
begins by limiting the sales considered to include only those sites with a highest and best use
similar to that of the subject. From these sales, only the most similar to the subject in terms of
physical and locational characteristics were selected. The appraiser’s research uncovered
multiple sales of sites that were considered appropriate for comparison purposes. These
transactions were included in the analysis process. The appraiser also considered listings.
In the analysis process, the analyst will utilize a qualitative procedure. In the initial step the
appraiser will utilize a cumulative adjustment for each of the sale properties considering property
rights, financing, conditions of sale, expenditures immediately after sale, and market conditions
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(commonly known as time). As the adjustments are cumulative in nature they must be performed
in the order in which they occur.
Next the analyst will utilize a qualitative procedure by considering physical characteristics including
location, site size, future land use, zoning, topography, and access. These properties will be rated
and compared to the subject. They will be considered as similar, inferior, or superior. After
completion of the analysis of each individual sale based on its physical characteristics, an overall
property rating will be assigned to each of the sale properties. This property rating will be similar,
inferior, or superior. After completion of the analysis and adjustment process, the appraiser will
estimate an appropriate value per acre and multiply this by the number of acres contained within
the property in order to estimate the market value for the site. This value estimate will then be
rounded to an appropriate figure for appraisal purposes.
We now invite your attention to a land sales location map which follows. This map shows the
relative location of each of the sales to that of the subject property. Following this will be a land
sales exhibit which will contain land sales data sheets for each transaction utilized in the analysis
process showing the relative size, configuration and location of the site as well as the relative
information for each individual sales transaction. Following the land sales exhibit will be a sales
grid showing the relevant information for the subject and each of the comparable sales as well as
the adjustments and factors which were considered in providing an overall rating for each of the
comparable properties.
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Land Sales Location Map
Please consider the sale exhibits on the following pages. The exhibits furnish aerial views along
with locational, site and financial information for each of the sales.
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COMPARABLE 1
Property Reference:
Property Type: Residential Vacant Land
Address: 14th Avenue NE
Naples, FL 34120
County: Collier
Location: South side of 14th Avenue NE west of Everglades
Blvd. N. in Golden Gate Estates
STRAP/ID: 40576800008
Grantor: A & M American Investments, LLC
Grantee: Dayely Gonzalez
Legal Data:
Sale Date: October 01, 2015
Sale Price: $22,500
Sale Price per Acre: $19,800
Recording: Inst. # 5181351
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Residential Estates Subdistrict (In the Estates District)
Zoning: Estate District (E)
Highest and Best Use: Single family residential development
CNA Data # 621
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Site Data:
Site Dimensions: 75' x 660'
Site Size: 49,500 square feet, 1.14 acres
Shape: Rectangular
Topography: Heavily wooded
Corner Influence: No
Utilities: Well & septic required
Access: 2 lane paved road
Visibility: Average
Sale Analysis:
Sale Price: $22,500
Financing: Cash to the seller
Price per SF: $0.45
Price per Acre: $19,800
Sale Confirmation:
Verification: Angel Madera, Jr.-Selling agent, 239-253-2815
Verifying Appraiser: Tim Foster, December 14, 2015
Sale History: A prior sale on September 11, 2015 was for a larger
parcel
Comments:
The property was purchased to build a single family residence. It was listed for sale for
$26,900 for 88 days. Per the listing information the property contains 100% uplands. Our file
# 15-150
CNA Data # 621
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COMPARABLE 2
Property Reference:
Property Type: Residential Vacant Land
Address: 735 18th Street NE
Naples, FL 34120
County: Collier
Location: West side of 18th Street NE north of Golden Gate
Blvd. E. in Golden Gate Estates
STRAP/ID: 39322240301
Grantor: Hayri Solms
Grantee: Agniel Marquez
Legal Data:
Sale Date: October 01, 2015
Sale Price: $17,000
Sale Price per Sq. Ft.: $0.34
Sale Price per Acre: $14,960
Recording: Inst.# 5179297
Interest Conveyed: Fee simple
Deed Conveyed: Gen. Warranty Deed
Land Use: Residential Estates Subdistrict (Within the Estates
District)
Zoning: Estate District (E)
Highest and Best Use: Single family residential development
CNA Data # 622
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Site Data:
Site Dimensions: 75' x 660'
Site Size: 49,500 square feet, 1.14 acres
Shape: Rectangular
Topography: Heavily wooded
Corner Influence: No
Utilities: Well & septic required
Access: 2 lane paved road
Visibility: Average
Sale Analysis:
Sale Price: $17,000
Financing: Cash to the seller
Price per SF: $0.34
Price per Acre: $14,960
Sale Confirmation:
Verification: Diego Figueroa-Listing agent, 239-692-7757
Verifying Appraiser: Tim Foster, December 09, 2015
Sale History: No sales in the prior three years
Comments:
The property was purchased to build a single family residence. It was listed for sale for
$19,700 for 33 days. It is unknown if the property contains wetlands. The property was also
verified with Gisel Cardenas the selling agent. Our file # 15-150
CNA Data # 622
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COMPARABLE 3
Property Reference:
Property Type: Residential Vacant Land
Address: 6th Avenue SE
Naples, FL 34117
County: Collier
Location: North side of 6th Avenue SE east of Everglades Blvd.
S. in Golden Gate Estates
STRAP/ID: 40932960003
Grantor: Alicia Odom Hinte, Trustee
Grantee: Habitat for Humanity of Collier County, Inc.
Legal Data:
Sale Date: August 17, 2015
Sale Price: $17,000
Sale Price per Sq. Ft.: $0.34
Sale Price per Acre: $14,960
Recording: Inst.# 5162482
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Residential Estates Subdistrict (In the Estates District)
Zoning: Estate District (E)
Highest and Best Use: Single family residential development
CNA Data # 624
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Site Data:
Site Dimensions: 75' x 660'
Site Size: 49,500 square feet, 1.14 acres
Shape: Rectangular
Topography: Heavily wooded
Corner Influence: No
Utilities: Well & septic required
Access: 2 lane paved road
Visibility: Average
Sale Analysis:
Sale Price: $17,000
Financing: Cash to the seller
Price per SF: $0.34
Price per Acre: $14,960
Sale Confirmation:
Verification: Ruth Huff-Listing agent, 239-596-1678
Verifying Appraiser: Tim Foster, December 09, 2015
Sale History: No sales in the prior three years
Comments:
The property was purchased to build a single family residence. It was listed for sale for
$17,901 for 263 days. The listing agreement did not mention the presence of wetlands. Our
file # 15-150
CNA Data # 624
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COMPARABLE 4
Property Reference:
Property Type: Residential Vacant Land
Address: 731 Everglades Blvd. N.
Naples, FL 34120
County: Collier
Location: West side of Everglades Blvd. N. south of 8th Avenue
NE in Golden Gate Estates
STRAP/ID: 40630480005
Grantor: Michael J. Sugrue, Individually and as Trustee
Grantee: Ariel Falcon & Marlene Fernandez
Legal Data:
Sale Date: September 21, 2015
Sale Price: $31,900
Sale Price per Sq. Ft.: $0.28
Sale Price per Acre: $12,385
Recording: Inst.# 518305
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Residential Estates Subdistrict (Within the Estates
District)
Zoning: Estate District (E)
Highest and Best Use: Single family residential development
CNA Data # 625
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Site Data:
Site Dimensions: 165' x 680'
Site Size: 112,200 square feet, 2.58 acres
Shape: Rectangular
Topography: Heavily wooded
Corner Influence: No
Utilities: Well & septic required
Access: 2 lane paved road
Visibility: Average
Sale Analysis:
Sale Price: $31,900
Financing: Cash to the seller
Price per SF: $0.28
Price per Acre: $12,385
Sale Confirmation:
Verification: Ruth Huff-Listing agent, 239-596-1678
Verifying Appraiser: Tim Foster, December 09, 2015
Sale History: No sales in the prior three years
Comments:
The property was purchased to build a single family residence. It was listed for sale for
$39,901 for 123 days. The listing agreement indicated the property had no department of
environmental protection report. The sale was also verified with David Noval, the selling
agent, who indicated there was a small portion of wetlands in the back of the site that had no
development impact on the site. Our file # 15-150
CNA Data # 625
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COMPARABLE 5
Property Reference:
Property Type: Residential Vacant Land
Address: 10th Avenue NE
Naples, FL 34120
County: Collier
Location: North side of 10th Avenue NE east of Everglades
Blvd. N. in Golden Gate Estates
STRAP/ID: 40525120001
Grantor: Susan Colgan, Trustee
Grantee: Jairo Tapia & Rosita Tapia
Legal Data:
Sale Date: October 23, 2015
Sale Price: $35,000
Sale Price per Sq. Ft.: $0.29
Sale Price per Acre: $12,833
Recording: Inst.# 5191081
Interest Conveyed: Fee simple
Deed Conveyed: Spec. Warranty Deed
Land Use: Residential Estates Subdistrict (Within the Estates
District)
Zoning: Estate District (E)
Highest and Best Use: Single family residential development
CNA Data # 626
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Site Data:
Site Dimensions: 180' x 660'
Site Size: 118,800 square feet, 2.73 acres
Shape: Rectangular
Topography: Heavily wooded
Corner Influence: No
Utilities: Well & septic required
Access: 2 lane paved road
Visibility: Average
Sale Analysis:
Sale Price: $35,000
Financing: Cash to the seller
Price per SF: $0.29
Price per Acre: $12,833
Sale Confirmation:
Verification: Angel Madera, Jr.-Selling agent, 239-253-2815
Verifying Appraiser: Tim Foster, December 11, 2015
Sale History: Sold in Nov. 2014 for $25,000 & June 2014 for
$26,900
Comments:
The property was purchased to build a single family residence. It was listed for sale for
$35,000 for 181 days. The listing agreement indicated the property had 99% uplands per a
Tropical Environmental Resources report dated March 2015. The sale was also verified with
the grantor, Susan Colgan. Our file # 15-150
CNA Data # 626
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COMPARABLE 6
Property Reference:
Property Type: Residential Vacant Land
Address: 14th Avenue NE
Naples, FL 34120
County: Collier
Location: South side of 14th Avenue NE east of 8th Street NE in
Golden Gate Estates
STRAP/ID: 37444760005
Grantor: Simeon D. Francis
Grantee: Audi Homes & Land, Inc.
Legal Data:
Sale Date: August 28, 2015
Sale Price: $58,000
Sale Price per Sq. Ft.: $0.27
Sale Price per Acre: $11,600
Recording: Inst.# 5169071
Interest Conveyed: Fee simple
Deed Conveyed: Warranty Deed
Land Use: Residential Estates Subdistrict (In the Estates District)
Zoning: Estate District (E)
Highest and Best Use: Single family residential development
CNA Data # 627
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Site Data:
Site Dimensions: 330' x 660'
Site Size: 217,800 square feet, 5.000 acres
Shape: Rectangular
Topography: Heavily wooded
Corner Influence: No
Utilities: Well & septic required
Access: 2 lane paved road
Visibility: Average
Sale Analysis:
Sale Price: $58,000
Financing: Cash to the seller
Price per SF: $0.27
Price per Acre: $11,600
Sale Confirmation:
Verification: Angel Madera, Jr.-Selling agent, 239-253-2815
Verifying Appraiser: Tim Foster, December 11, 2015
Sale History: No sales in the prior three years
Comments:
The property was purchased for single family residential development. It was listed for sale
for $60,000 for 519 days. The selling agent did not believe there were wetlands on the site.
The sale was also verified with Ruth Huff, the listing agent. Our file # 15-150
CNA Data # 627
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Criteria Subject-394 RDUE Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6
Location Golden Gate Blvd. E.14th Avenue NE 735 18th Street NE 6th Avenue SE 731 Everglades Blvd. N.10th Avenue NE 14th Avenue NE
Golden Gate Estates Golden Gate Estates Golden Gate Estates Golden Gate Estates Golden Gate Estates Golden Gate Estates Golden Gate Estates
Recording N/A Inst. 5181351 Inst.# 5179297 Inst.# 5162482 Inst.# 518305 Inst.# 5191081 Inst.# 5169071
Sales Price N/A $22,500 $17,000 $17,000 $31,900 $35,000 $58,000
Sale/Appraisal Date December 2, 2015 October 1, 2015 October 1, 2015 August 17, 2015 September 21, 2015 October 23, 2015 August 28, 2015
Parcel Size (Acres)1.17 1.14 1.14 1.14 2.58 2.73 5.00
Sale Price N/A $22,500 $17,000 $17,000 $31,900 $35,000 $58,000
Sale Price per Acre N/A $19,737 $14,912 $14,912 $12,364 $12,821 $11,600
Transactional Adjustments
Property Rights Fee simple Fee simple Fee simple Fee simple Fee simple Fee simple Fee simple
Financing N/A Cash to the seller Cash to the seller Cash to the seller Cash to the seller Cash to the seller Cash to the seller
Conditions of Sale N/A None noted None noted None noted None noted None noted None noted
Expenditures After Sale N/A None noted None noted None noted None noted None noted None noted
Market Conditions N/A $900 $680 $1,020 $1,276 $700 $3,480
Adjusted Sale Price N/A $23,400 $17,680 $18,020 $33,176 $35,700 $61,480
Adjusted Sale Price per Acre N/A $20,526 $15,509 $15,807 $12,859 $13,077 $12,296
Physical Properties
Location Golden Gate Blvd. E.14th Avenue NE 735 18th Street NE 6th Avenue NE 731 Everglades Blvd. N.10th Avenue NE 14th Avenue NE
Parcel Size (Acres)1.17 1.14 1.14 1.14 2.58 2.73 5.00
Future Land Use Residential Estates Residential Estates Residential Estates Residential Estates Residential Estates Residential Estates Residential Estates
Zoning Estate District (E)Estate District (E)Estate District (E)Estate District (E)Estate District (E)Estate District (E)Estate District (E)
Topography Mostly Cleared Wooded Uplands Wooded Uplands Wooded Uplands Wooded Uplands Wooded Uplands Wooded Uplands
Access 2 lane paved road 2 lane paved road 2 lane paved road 2 lane paved road 2 lane paved road 2 lane paved road 2 lane paved road
Location Golden Gate Blvd. E.Similar Similar Similar Similar Similar Similar
Parcel Size 1.17 Similar Similar Similar Similar Similar Similar
Future Land Use Residential Estates Similar Similar Similar Similar Similar Similar
Zoning Estate District (E)Similar Similar Similar Similar Similar Similar
Topography Mostly Cleared Similar Similar Similar Similar Similar Similar
Access 2 lane paved road Similar Similar Similar Similar Similar Similar
Overall Rating Similar Similar Similar Similar Similar Similar
Land Sales Adjustment Analysis - Qualitative
Physical Property Ratings
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the real property rights involved in a transaction.” In
this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “An element of comparison in the sales comparison approach; comparable properties
can be adjusted for differences in the financing terms of a transaction, also called cash
equivalency adjustment.” In this analysis the transactions were either market financed or cash to
the seller, no adjustments were necessary.
Conditions of Sale: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales were all at “arm’s length” including no conditions of sale.
Expenditures made immediately after purchase: “An element of comparison in the sales
comparison approach; comparable properties can be adjusted for any additional investment (e.g.,
curing deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” The appraisers are not
aware of any expenditures made immediately after the sale of these transactions.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The comparables occurred recently from August 2015 to October 2015 and the date of value is
December 2, 2015. Per market information and discussions with realtors, property values have
been increasing in the subject’s market area. To estimate the amount of the increase the
appraisers utilized information from the multiple listing service. A search was completed of vacant
acreage and residential lot sales from 2011 through 2015 year to date within an approximate three
mile radius of the subject property. The search criteria considered 373 properties.
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The properties had an average sales price for 2011 of $18,064 increasing to $27,007 through
2015. The average increase over these four years is 12.38% per year or 1.03% per month. The
properties had an average sales price for 2013 of $18,199 increasing to $27,007 through 2015.
The average increase over these two years is 24.20% per year or 2.02% per month. The
properties had an average sales price for 2014 of $18,928 increasing to $27,007 through 2015.
The average increase over this period is 42.68% per year or 3.56% per month. Over the three
different time frames used the price increases ranged from 1.03% per month to 3.56% per month.
Based on this information, the appraisers have estimated an increase of 2.0% per month and have
adjusted the sales accordingly.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, size, future land use, zoning,
topography and access. This process involves a qualitative analysis. Qualitative analysis involves
distinctions based on qualities which do not in themselves provide quantifiable results.
Location Adjustment: The subject property is located along the south side of Golden Gate
Boulevard E. slightly under 0.1 mile east of Everglades Blvd. N. in the eastern portion of Golden
Gate Estates, Naples, Florida. The sales have similar locations to the subject based on their
proximity to areas with commercial services.
Size: The subject property contains 1.17 acres and the comparables range in size from 1.14
acres to 5.00 acres. The sales are all small acreage parcels and are considered similar to the
subject property.
Future Land Use: The subject property has a Residential Estates Subdistrict future land use
designation. The sales were considered similar with the same designation.
Zoning Classification: The subject property has an Estate District (E) zoning designation. The
sales were considered similar with the same designation.
Topography: The subject property is mostly cleared and the value conclusions are based on the
extraordinary assumption that any wetlands on the subject property would be minimal and would
not affect its development potential. Each of the sales are similar since they are either uplands or
only contain a minimal amount of wetlands.
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Access: The subject property is located along a two lane paved road. Each of the sales were
considered similar with two lane paved road frontage.
Land Sales Discussion: Following will be a brief discussion of each of the sales transactions
utilized in this analysis to estimate the value for the subject property.
Sale One was purchased on October 1, 2015 and is located along the south side of 14th Avenue
NE west of Everglades Blvd. N. in Golden Gate Estates, Naples, Florida. The property consists of
1.14 acres and was acquired for an adjusted price of $23,403 or $20,526 per acre.
Sale Two was purchased on October 1, 2015 and is located along the west side of 18th Street NE
north of Golden Gate Blvd. E. in Golden Gate Estates, Naples, Florida. The property consists of
1.14 acres and was acquired for an adjusted price of $17,680 or $15,509 per acre.
Sale Three was purchased on August 17, 2015 and is located along the north side of 6th Avenue
SE east of Everglades Blvd. S. in Golden Gate Estates, Naples, Florida. The property consists of
1.14 acres and was acquired for an adjusted price of $18,020 or $15,807 per acre.
Sale Four was purchased on September 21, 2015 and is located along the west side of
Everglades Blvd. N. just south of 8th Avenue NE in Golden Gate Estates, Naples, Florida. The
property consists of 2.58 acres and was acquired for an adjusted price of $33,176 or $12,859 per
acre.
Sale Five was purchased on October 23, 2015 and is located along the north side of 10th Avenue
NE east of Everglades Blvd. N. in Golden Gate Estates, Naples, Florida. The property consists of
2.73 acres and was acquired for an adjusted price of $35,700 or $13,077 per acre.
Sale Six was purchased on August 28, 2015 and is located along the south side of 14th Avenue
NE east of 8th Street NE in Golden Gate Estates, Naples, Florida. The property consists of 5.00
acres and was acquired for an adjusted price of $61,480 or $12,296 per acre.
Competitive Listings: A search was completed for active listings within an approximate two mile
radius of the subject property. Fourteen listings were considered ranging from 1.14 acres to 5.00
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acres. On a per acre basis the listing prices range from $11,999 to $21,842 per acre with a mean
of $17,577 per acre.
Final Analysis: When evaluating the comparable land sales, considerations including location,
size, future lane use, zoning, topography and access were utilized. The sales have adjusted sales
prices range from $12,296 per acre to $20,526 per acre with a mean of $15,012 per acre.
Consideration was also given to the listings prices that had a mean of $17,577 per acre. It is our
opinion that the appropriate unit of value for the subject property should be $16,000 per acre.
Multiplying $16,000 per acre times the subject’s 1.17 acres equals an estimated value of $18,720
or $19,000 rounded for the Parent Tract Land. The contributory value of the site improvements in
the proposed acquisition area have been estimated at $9,400 subsequently in this report. Adding
these amounts is a total of $28,400 ($19,000 + $9,400).
It is our opinion the market value of the fee simple interest of the Parent Tract “As Is” under the
hypothetical condition, extraordinary assumptions, and market conditions effective December 2,
2015 utilizing the Sales Comparison Approach is $28,400*.
*The subject’s improvements located outside of the proposed acquisition area are
considered to be unaffected and their contributory value have therefore not been estimated
or included.
Project Description: Collier County is completing roadway improvements to widen Golden Gate
Boulevard (C.R. 876) to four lanes from Wilson Boulevard to Desoto Boulevard. The gross length
of the project is 6.098 miles. A portion of Everglades Boulevard will also receive improvements
where it intersects with Golden Gate Boulevard. The intersection improvements along Everglades
Boulevard include the acquisition area of the subject property. The information is based on 60%
Contract Plans and is part of Project No. 60145. The improvements will include without limitation
new roadway including turn lanes, shoulders, drainage structures, curbs and gutters, utilities,
sidewalks, brick pavers, sodded areas and portions with a grass median.
Acquisition Parcel 394 RDUE
Description Parcel 394 RDUE: Collier County has a proposed road right-of-way, drainage and
utility easement acquisition area known as (Parcel 394 RDUE). It is rectangular, contains 3,225
square feet or 0.074, and is located in the northern portion of the parent tract. It is 43 feet wide
along its east and west boundary and is 75 feet along its north and south boundary. Its northern
boundary is located along the south side of the existing roadway easement. The parcel 394
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RDUE acquisition area is improved with an approximately 13 foot wide partially paved driveway
with an estimated 559 square feet, a 335 square foot concrete block wall, two entry gates and
minimal landscaping.
Collier County has used the following wording in describing other similar road right-of-way,
drainage and utility easements they have acquired. The easement conveys, grants, bargains and
sells unto the Grantee (Collier County), a perpetual, non-exclusive road right-of-way, drainage, and
utility easement to enter upon and to install and maintain roadway, bikepath and sidewalk
improvements, drainage structures, including but not limited to ditches, swales, earthen berms, rip-
rap and retaining wall systems, underground pipes, various types of water control structures and
any and all manner of public and private utility facilities over, under, upon and across the subject
property. The grantee has the right to enter upon said land and to place and/or excavate materials
for the purpose of constructing, operating, and maintaining roadway, sidewalk, drainage and utility
facilities thereon. “Utility facilities” includes public as well as private utilities, such as electric,
telephone and cable television, but only if such facilities have Collier County’s consent and proper
authorization. This easement includes the right to remove and use any and all excavated material.
The easement granted herein shall constitute and easement running with the land and shall
burden the lands described above.
Legal Description Parcel 394 RDUE: The legal description for proposed Parcel 394 RDUE is
provided from a sketch and description prepared by RWA Consulting, Inc. as shown on the
following page.
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Sketch & Description of Proposed Acquisition (394 RDUE):
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Land Valuation Parcel 394 RDUE: Easements should be evaluated based on how they impact
the utility/efficiency of the underlying fee simple ownership. They are not typically bought and sold
on the open market. The subject’s proposed perpetual road right-of-way, drainage and utility
easement acquisition significantly reduces the bundle of rights (previously defined in this report)
remaining to the property owner. The easement has permanent above and below ground
improvements with access rights to maintain these improvements. It is our estimate that the
easement consumes 99% of the fee simple value.
The proposed road right-of-way, drainage and utility easement acquisition area known as (Parcel
394 RDUE) is valued as follows. Previously the value for the parent tract was estimated at $16,000
per acre. The easement was estimated to consume 99% of this value or $15,800 per acre
rounded ($16,000 x 99%). Applying $15,800 per acre times the easement area of 3,225 square
feet or 0.074 results in the following estimate.
Land Valuation Parcel 394 RDUE:
0.074 x $15,800 Per Acre = $1,169.20
$1,200 Rd.
Improvement Valuation Parcel 394 RDUE: The parcel 394 RDUE acquisition area is improved
with an approximately 13 foot wide partially paved driveway with an estimated 559 square feet, a
335 square foot concrete block wall, two entry gates and minimal landscaping. In order to
estimate the contributory value of the improvements we have utilized the Marshall Valuation
Service, a nationally recognized cost estimating service. Addition information was obtained from
tree nurseries. The depreciated value of the driveway in the acquisition area was estimated at
$2.25 per square foot or $1,300. The depreciated values of the concrete wall and gates were
estimated at $4,200 and $600 respectively. The landscaping was estimated at $3,300. The
following summary shows these rounded estimates.
Improvement Valuation Parcel 394 RDUE:
559 Square Feet (Driveway) x $2.25 Per Square Foot $1,300
Concrete Wall $4,200
Entry Gates $600
Landscaping $3,300
Total $9,400 Rd.
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Valuation Summary Parcel 394 RDUE:
Land Valuation: $1,200
Improvement Valuation: $9,400
Total $10,600
Remainder Property
Description of Remainder: The remainder property contains a 1,466 square feet single family
residence with an attached apartment built in 1987 and site improvements. Its land size is
unchanged at 1.17 acres for an estimated 51,000 square feet. It continues to have access and 75
feet of frontage along Golden Gate Blvd. E. The remainder now contains a proposed road right-of-
way, drainage and utility easement acquisition area (Parcel 394 RDUE) containing 3,225 square
feet. It is estimated that the remainder’s highest and best use as vacant is unchanged for single
family residential development and as improved remains the same for its continued use as a single
family residence.
The appraisers used information from a report commissioned by Collier County that estimated
price impacts for residential buildings located on busy streets. The findings of this report indicated
that improvements less than 100 feet from the right-of-way line suffered from a loss of value. The
subject’s single family residence exceeds this distance at an estimated 174 feet from the proposed
road right-of-way, drainage and utility easement acquisition area (Parcel 394 RDUE). As a result,
the subject’s improvements located outside of the proposed acquisition area are considered to be
unaffected and their contributory value have therefore not been estimated or included. In our
opinion the remainder property is not damaged as a result of the proposed acquisition and no cost
of cure is necessary.
Valuation of Remainder Property Land: The value of the remainder property land before and
after the proposed acquisition is estimated to be the same. The value of the remainder property
land is obtained by subtracting the value of the acquisition from the parent tract. We invite your
attention to the following information that summarizes these values.
Value of Parent Tract: $28,400*
Less Value of Acquisition (Parcel 394 RDUE): ($10,600)
Value of Remainder Land Before & After Severance: $17,800*
*The subject’s improvements located outside of the proposed acquisition area are
considered to be unaffected and their contributory value have therefore not been estimated
or included.
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We invite your attention to the following summary of the estimated compensation due to the
owner.
Compensation Due Owner:
Acquisition Land (Parcel 394 RDUE): $1,200
Acquisition Improvements (Parcel 394 RDUE): $9,400
Total Compensation Due Owner: $10,600
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Section 6 – Reconciliation of Value
The Cost Approach was not utilized in our analysis because under current economic conditions it
is not considered to be a reliable indicator of value and it is typically not used for the valuation of
single family residences. The Income Approach was not used since typically vacant land and
single family residences are not purchased for their ability to generate a cash stream.
The Sales Comparison Approach was used exclusively in estimating the market value of the
parent tract prior to the right of way acquisition(s). In using this approach, the Parent Tract
valuation was initially completed followed by a valuation of the acquisition area(s). The subject’s
improvements located outside of the proposed acquisition area are considered to be unaffected
and their contributory value has not been estimated or included. The value of the Remainder
Property Land was than estimated and was not considered to be damaged as a result of the
proposed acquisition(s). Finally the appraisers estimated the compensation due to the property
owner.
Based upon the results of the investigation and analyses contained in the following report, subject
to the hypothetical condition and extraordinary assumptions noted in the attached appraisal, it is
our opinion the total compensation due to the property owner for the proposed easement
acquisition under market conditions existing December 2, 2015 is:
TEN THOUSAND SIX HUNDRED DOLLARS ............................................................. ($10,600.00).
CARLSON, NORRIS AND ASSOCIATES, INC.
J. Lee Norris, MAI, SRA
State-certified general real estate appraiser RZ643
Timothy P. Foster, Associate
State-certified general real estate appraiser RZ2526
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Section 7 – Certification and Limiting Conditions
Certification of J. Lee Norris, MAI, SRA
I certify 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 is our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• 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 development
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.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of
The Appraisal Foundation and the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the
requirements of the State of Florida relating to review by its duly authorized
representatives. This report also conforms to the requirements of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• J. Lee Norris has completed the requirements of the continuing education program of the
Appraisal Institute. Certification is current through December 31, 2016.
• J. Lee Norris has made a personal inspection of the property that is the subject of this
report.
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• No one provided significant real property appraisal assistance to the persons signing this
report.
• J. Lee Norris has extensive experience in the appraisal/review of similar property types.
• J. Lee Norris is currently certified in the state where the subject is located and has
completed the continuing education requirements set forth with the State of Florida.
Certification is current until November 30, 2016.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
• J. Lee Norris is in compliance with the Competency Provision in the USPAP as adopted in
FIRREA 1989 and has sufficient education and experience to perform the appraisal of the
subject property.
• Carlson, Norris and Associates Incorporated has not previously appraised the subject
property in the past five years.
Based upon the results of the investigation and analyses contained in the following report, subject
to the hypothetical condition and extraordinary assumptions noted in the attached appraisal, it is
our opinion the total compensation due to the property owner for the proposed easement
acquisition under market conditions existing December 2, 2015 is:
TEN THOUSAND SIX HUNDRED DOLLARS ............................................................. ($10,600.00).
CARLSON, NORRIS AND ASSOCIATES, INC.
J. Lee Norris, MAI, SRA
State-certified general real estate appraiser RZ643
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Certification of Timothy P. Foster
I certify 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 is our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• 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 development
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.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of
The Appraisal Foundation and the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the
requirements of the State of Florida relating to review by its duly authorized
representatives. This report also conforms to the requirements of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• Timothy P. Foster has completed the requirements of education for registration through the
State of Florida is current until November 30, 2016.
• Timothy P. Foster has made an inspection of the property that is the subject of this report.
• No one provided significant real property appraisal assistance to the persons signing this
report.
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• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
• Timothy P. Foster is in compliance with the Competency Provision in the USPAP as
adopted in FIRREA 1989 and has sufficient education and experience to perform the
appraisal of the subject property.
• Carlson, Norris and Associates Incorporated has not previously appraised the subject
property in the past five years.
Based upon the results of the investigation and analyses contained in the following report, subject
to the hypothetical condition and extraordinary assumptions noted in the attached appraisal, it is
our opinion the total compensation due to the property owner for the proposed easement
acquisition under market conditions existing December 2, 2015 is:
TEN THOUSAND SIX HUNDRED DOLLARS ............................................................. ($10,600.00).
CARLSON, NORRIS AND ASSOCIATES, INC.
Timothy P. Foster, Associate
State-certified general real estate appraiser RZ2526
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General Assumptions & Limiting Conditions
Information Used: No responsibility is assumed for accuracy of information furnished by others
or from others, including the client, its officers and employees, or public records. We are not liable
for such information or for the work of contractors, subcontractors and engineers. The comparable
data relied upon in this appraisal has been confirmed with one or more parties familiar with the
transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my
factual judgment and knowledge.
Certain information upon which the opinions and values are based may have been gathered by
research staff working with the appraiser. Names, professional qualifications and extent of their
participation can be furnished to the client upon request.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil:
No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of
any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the
legal nature or condition of the title to the property, which is presumed to be good and marketable.
The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances,
unless otherwise stated in particular parts of this report.
The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise.
I assume no responsibility for the survey, any encroachments or overlapping or other
discrepancies that might be revealed thereby.
I have inspected, as far as possible by observation, the land thereon; however, it was not possible
to personally observe conditions beneath the soil or hidden; as a result, no representation is made
herein as to such matters unless otherwise specifically stated. The estimated market value
assumes that no such conditions exist that would cause a loss of value. I do not warrant against
the occurrence of problems arising from any of these conditions. It is assumed that there are no
hidden or unapparent conditions to the property, soil, subsoil or structures, which would render
them more or less valuable. No responsibility is assumed for any such conditions or for any
expense or engineering to discover them.
Information relating to the location or existence of public utilities has been obtained through inquiry
to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has
been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas
or mineral rights were not considered in this report unless otherwise stated.
Legality of Use: The appraisal is based on the premise that there is or will be full compliance with
all applicable Federal, State and local environmental regulations and laws, unless otherwise stated
in the report; and that all appropriate zoning, building and use regulations and restrictions of all
types have been or will be complied with and required licenses, consent, permits or other authority,
whether local, State, Federal and/or private, have been or can be obtained or renewed for the use
intended and considered in the value estimate.
Component Values: The distribution of the total valuation of this report between land and
improvements applies only under the proposed program of utilization. The separate valuations of
land and buildings must not be used in conjunction with any other appraisal, and are invalid if so
used.
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A report related to an estate that is less than the whole fee simple estate applies only to the
fractional interest involved. The value of this fractional interest, plus the value of all other fractional
interests, may or may not equal the value of the entire fee simple estate considered as a whole.
A report relating to the geographic portion of a larger property applies only to such geographic
portion and should not be considered as applying with equal validity to other portions of the larger
property or tract. The value for such geographic portions, plus the value of all other geographic
portions, may or may not equal the value of the entire property or tract considered as a single
entity.
All valuations in the report are applicable only under the estimated program of the highest and best
use and are not necessarily appropriate under other programs of use.
Auxiliary and Related Studies: No environmental or impact studies, special market study or
analysis, highest and best use analysis study or feasibility study has been requested or made by
us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited
right to alter, amend, revise or rescind any of these statements, findings, opinions, values,
estimates or conclusions upon any subsequent study or analysis or previous study or analysis that
subsequently becomes available to us.
Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the
date of the estimate of value. All dollar amounts are based on the purchasing power and price of
the United States dollar as of the date of value estimate
Inclusions: Furnishings and equipment or business operations, except as otherwise specifically
indicated, have been disregarded, with only the real estate being considered.
Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site
improvements proposed, if any, as well as any repairs required, are considered to be completed in
a good and workmanlike manner according to information submitted and/or considered by us. In
cases of proposed construction, the report is subject to change upon inspection of the property
after construction is complete. The estimate of value, as proposed, is as of the date shown, as if
completed and operating at levels shown and projected.
Value Change, Dynamic Market Influences: The estimated value is subject to change with
market changes over time. Value is highly related to interest rates, exposure, time, promotional
effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The
value estimate considers the productivity and relative attractiveness of the property both physically
and economically in the marketplace.
The estimate of value in this report is not based in whole or in part upon race, color or national
origin of the present owners or occupants of the properties in the vicinity of the property appraised.
In the event this appraisal includes the capitalization of income, the estimate of value is a reflection
of such benefits and my interpretation of income and yields and other factors which were derived
from general and specific market information. Such estimates are made as of the date of the
estimate of value. As a result, they are subject to change, as the market is dynamic and may
naturally change over time. The date upon which the value estimate applies is only as of the date
of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for
economic or physical factors occurring at some later date which may affect the opinion stated
herein.
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An appraisal is the product of a professionally trained person, but nevertheless is an opinion only,
and not a provable fact. As a personal opinion, a valuation may vary between appraisers based
upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
estimate as of the date of valuation. There are no guaranties, either written or implied, that the
property would sell for the expressed estimate of value.
Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating
to the subject property. No title search has been made, and the reader should consult an attorney
or title company for information and data relative to the property ownership and legal description.
It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel.
Any information given by the appraiser as to a sales history is information that the appraiser has
researched; to the best of my knowledge, this information is accurate, but not warranted.
Management of the Property: It is assumed that the property which is the subject of this report
will be under prudent and competent ownership and management over the entire life of the
property. If prudent and competent management and ownership are not provided, this would have
an adverse effect upon the value of the property appraised.
Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this
report and analytical findings or conclusions, or give a copy of this report to anyone other than the
client or his designee, as specified in writing, except as may be required by the Appraisal Institute,
as they may request in confidence for ethic enforcement, or by a court of law with the power of
subpoena.
All conclusions and opinions concerning the analyses as set forth herein are prepared by the
appraisers whose signatures appear. No change of any item in the report shall be made by
anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized
change is made.
Whenever our opinion herein with respect to the existence or absence of fact is qualified by the
phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to
indicate that, during the course of our review and investigation of the property, no information has
come to our attention which would give us actual knowledge of the existence or absence of such
facts.
The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of
receipt and return of the report, along with all copies, to the appraiser for corrections prior to any
use whatsoever. Neither our name nor this report may be used in connection with any financing
plans which would be classified as a public offering under State or Federal Security Laws.
Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy
thereof, does not carry with it the right of publication, nor may it be used for other than its intended
use. The physical report remains the property of the firm for the use of the client, with the fee
being for the analytical services only. This report may not be used for any purpose by any person
or corporation other than the client or the party to whom the report is addressed. Additional copies
may not be made without the written consent of an officer of the firm, and then only in its entirety.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations effort, news, sales or other media without my prior written consent and
approval of the client.
It has been assumed that the client or representative thereof, if soliciting funds for his project, has
furnished to the user of this report complete plans, specifications, surveys and photographs of land
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and improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
Authentic Copies: Any copy that does not have original signatures of the appraiser is
unauthorized and may have been altered and, therefore, is considered invalid.
Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for
appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion
of the report. The appraisers or those assisting in the preparation of the report will not be asked or
required to give testimony in court or hearing because of having made the appraisal in full or in
part, nor will they be asked or required to engage in post appraisal consultation with client or third
parties except under separate and special arrangement and at an additional fee.
Any subsequent copies of this appraisal report will be furnished on a cost plus expenses basis, to
be negotiated at the time of request.
Limit of Liability: Liability of the firm and the associates is limited to the fee collected for
preparation of the appraisal. There is no accountability or liability to any third party.
Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the
physical report. The acceptance of the report by the client takes with it the agreement and
acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal
or written. The fee is in no way contingent on the value estimated.
Special Limiting Conditions: The Americans with Disabilities Act became effective January 26,
1992. Not withstanding any discussion of possible readily achievable barrier removable
construction items in this report, Carlson, Norris and Associates, has not made a specific
compliance survey and analysis of this property to determine whether it is in conformance with the
various detailed requirements of the A.D.A. It is possible that a compliance survey of the property
together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is
not in compliance with one or more of the requirements of the A.D.A. If so, this fact could have a
negative effect on the value estimated herein. Since Carlson, Norris and Associates has no
specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make
such an assessment, the effect of any possible non compliance with the requirements of the
A.D.A. was not considered in estimating the value of the subject property.
This analysis is made in conformity with the requirements with the Uniform Standards of
Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal
Institute.
Hypothetical Condition is defined as: “A condition, directly related to a specific assignment,
which is contrary to what is known by the appraiser to exist on the effective date of the assignment
results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known facts
about physical, legal, or economic characteristics of the subject property; 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.
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Please note the following hypothetical condition:
• For the sake of this report we assumed the proposed acquisition and roadway
improvements have been completed as of the date of value, December 2, 2015.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false, could
alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact
otherwise uncertain information about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or trends; or
about the integrity of data used in an analysis.” An extraordinary assumption may be used in an
assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to
support the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or
subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral
rights were not considered in this report unless otherwise stated. The analyst is not an
expert with respect to subsurface conditions, and would recommend that an expert be
consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the
evaluation of site contamination, and would recommend that an expert be consulted.
• The appraisers were not provided a wetland study or report for the subject property. The
value conclusions are based on the extraordinary assumption that any wetlands on the
subject property would be minimal and would not affect its development potential.
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Section 8 – Addenda
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ENGAGEMENT LETTER
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ENGAGEMENT LETTER
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C A R L S O N , N O R R I S A N D A S S O C I A T E S , I N C .
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License of J. Lee Norris, MAI
License of Timothy P. Foster
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QUALIFICATIONS OF J. LEE NORRIS, MAI, SRA
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ643
EDUCATION:
Florida State University - 1978 Bachelor of Science - Real Estate
Edison Community College - Associate of Arts Degree
PROFESSIONAL EDUCATION:
Narrative Report Writing Seminar - 1980
S.R.E.A. #101: Florida State University - 1978
S.R.E.A. R-2 Exam - 1981
A.I.R.E.A.: Course 1-B, Part 1, 2 & 3 - 1983
Farm and Land Institute - Citrus Seminar - 1982
A.I.R.E.A.: Standards of Professional Practice - 1984
S.R.E.A: Income Property Appraising - 1984
R41c Florida League of Financial Institutions - 1986
S.R.E.A.: Uniform Residential Appraisal Report - 1987
S.R.E.A. #202: Applied Income Property Valuation - 1987
A.I.R.E.A.: Rates, Ratio and Reasonableness - 1988
S.R.E.A.: Professional Practice Seminar - 1988
S.R.E.A.: Depreciation Analysis - 1988
Appraisal Institute: Appraisal Theory and Overview - 1992
Appraisal Institute: Banking Regulations - FIRREA - 1992
Appraisal Institute: Rates, Ratios, Reasonableness - 1992
Ted Whitmer Seminars: Comprehensive Appraisal Workshop 1992
Appraisal Institute: Standards of Professional Practice - Part A & B - 1992
Appraisal Institute: Appraisal Review - Income Properties - 1993
Appraisal Institute: New Uniform Residential Appraisal Report - 1993
Appraisal Institute: Understanding Limited Appraisals - 1994
Appraisal Institute: USPAP Core Law Update - 1994
Appraisal Institute: Electromagnetic Fields - 1994
Hondros Career Centers: Home Inspections - 1995 (40 Hours)
Appraisal Institute: USPAP Core Law Update - 1995
Appraisal Institute: Appraising Retail Properties - 1996
Appraisal Institute: Standards of Professional Practice - Part A - 1996
Appraisal Institute: Standards of Professional Practice - Part B - 1996
NAIFA: Fair Lending Practices - 1997
SFWMD: Rural Properties in Southwest Florida - 1998
Appraisal Institute: USPAP/Core Law - 1998
Appraisal Institute: Appraisal Office Management -1998
Appraisal Institute: Core Law Update - 1998
Appraisal Institute: Attacking & Defending an Appraisal in Litigation - 2000
U.S. Department of Justice: Everglades/Big Cypress Market Study - 1999
Appraisal Institute: Defending an Appraisal in Litigation - 2000
Appraisal Institute: Appraisers Florida Law Update - 2000
Appraisal Institute: Course 430 - Standards - Part C - 2000
Appraisal Institute: 410 - Principles of Condemnation Appraising
SFWMD: Appraisal Fundamentals, Project Influence and Natural Resource
Impacts - 2001
Bert Rodgers - Online - Florida State Law & USPAP Review for Real Estate
Appraisers - 2002
SFWMD: Current Appraisal Issues in Florida - 2002-2005
National USPAP Update Course – 2004, 2006, 2008
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The Professional’s Guide to the URAR Form - June, 2005
SFWMD: 2006 Appraisal Seminar - April, 2006
Florida State Law for Real Estate Appraisers – August, 2006; September, 2008
Reappraising, Reassigning and Readdressing Appraisals, May 2007
Appraisal Challenges: Declining Markets and Sales Concessions - May, 2008
SFWMD: 2008 Appraisal Seminar - May, 2008
Supervisor Trainee Roles and Rules – September, 2008
Appraisal Institute: Business Practices and Ethics – December, 2008
Florida Department of Revenue – Value Adjustment Board Training – Sept., 2009
Appraisal Institute: USPAP Update Course – August, 2010
Appraisal Institute: Supervisor Trainee Roles and Rules – August, 2010
Appraisal Institute: Florida Law Update – August, 2010
Appraisal Institute: Forecasting Revenue – October, 2010
Appraisal Institute: The Uniform Appraisal Dataset from Fannie Mae and Freddie Mac–
August, 2011
Appraisal Curriculum Overview (2 Day General) – November, 2011
Appraisal Institute: Appraising Convenience Stores Online Education – Dec., 2011
Florida Appraisal Law – May, 2012
Appraisal Institute: National USPAP Update Course – May, 2012
Appraisal Institute: Online Using Your HP12C financial Calculator – Oct 3, 2012
Appraisal Institute: How to Systemize Your Appraisal Business – April 17, 2013
Appraisal Institute: Online Appraisal Curriculum Overview-Residential –April 21, 2013
Appraisal Institute: Online Appraisal Curriculum Overview-General – April 28, 2013
Appraisal Institute: Online Appraisal Curriculum Overview-General –May 1, 2013
Appraisal Institute: Problems in Critical Thinking – February, 2014
Appraisal Institute: Florida Appraisal Law – April, 2014
Appraisal Institute: National USPAP Update Course – April, 2014
Appraisal Institute: Statistics, Finance and Valuation Modeling – September, 2014
Appraisal Institute: Trial Components – November, 2014
EXPERIENCE:
7/85 to present: Carlson, Norris and Associates, Inc.
3/82 to 6/85: Stewart & Stephan, Inc. Fort Myers, Florida
6/78 to 3/82: Webster & Associates, Inc. Fort Myers, Florida
1990-2005, 2009/13: Special Magistrate, Lee County Value Adjustment Board
PROFESSIONAL MEMBERSHIP:
1989 - 1990 - President, S.R.E.A. Chapter 186
MAI Member #09852 - Appraisal Institute - 1993
SRA Member - Society of Real Estate Appraisers - 1983
Certification - State Certified General Appraiser #0000643
Member - Board of Realtors
State of Florida - Registered Real Estate Broker
Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial
buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse
condominiums, single family homes, duplexes, apartment projects (3 units and more), individual
condominium projects, residential lots, acreage, wetlands and other miscellaneous properties.
Appraisal clients include banks, savings and loan associations, attorneys, corporations, builders,
developers, mortgage companies, home transfer companies, private individuals, and government
agencies.
Has been qualified as an expert witness in Lee County Circuit Court. Has been qualified as an
approved appraiser for the Florida Department of Transportation, the Florida Department of
Environmental Protection, National Park Service, the Lee County School Board, Lee County
Division of Public Works, and the South Florida Water Management District.
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QUALIFICATIONS OF TIMOTHY P. FOSTER
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2526
EDUCATION:
University of South Florida - 1986 Bachelor of Science - Accounting
Norwich University, Vermont – 1979 Bachelor of Arts - Government
PROFESSIONAL EDUCATION:
Appraisal Institute: Appraisal Principles, Course 110 – March 1993
Appraisal Institute: Appraisal Procedures, Course 120 – April 1993
Appraisal Institute: Basic Income Capitalization, Course 310 – October 1997
Appraisal Institute: General Applications, Course 320 – April 1999
Appraisal Institute: Standards of Professional Practice Part A, Course 410 – April 1993
Appraisal Institute: Standards of Professional Practice Part B, Course 420 – April 1993
Appraisal Institute: Standards of Professional Practice Part C, Course 430 – Oct. 2002
Appraisal Institute: Advanced Income Capitalization, Course 510 – October 2001
Appraisal Institute: Highest & Best Use & Market Analysis, Course 520 – Sep. 2000
Appraisal Institute: Advanced Sales Comparison/Cost Approaches, Course 530 – Oct. 2002
Appraisal Institute: Report Writing & Valuation Analysis, Course 540 – Oct. 2003
Appraisal Institute: Advanced Applications, Course 550 – May 2004
Appraisal Institute: USPAP 7-Hour Update – October 2004 and August 2006
Appraisal Institute: Florida State Law – September 2004
Appraisal Institute: General Appraisal Report Writing – May 2003 and September 2005
Academy of Real Estate Education Inc.: Valuation of Partial Interest – November 2006
Academy of Real Estate Education Inc.: Diversity – October 2006
Appraisal Institute: Case Studies in Commercial Highest and Best Use – September 2005
Academy of Real Estate Education Inc.: Red Flags – August 2008
Academy of Real Estate Education Inc.: Techniques of Income Property Appraisal –
August 2008
Academy of Real Estate Education Inc.: National USPAP – August 2008
Academy of Real Estate Education Inc.: Supervisor Trainee Roles and Relationships –
August 2008
Academy of Real Estate Education Inc.: Core Law for Appraiser – August 2008
Appraisal Institute: 420 Business Practice and Ethics – November 2007
Robert E. Keller Inc.: Bullet Proof Work File Course – October 2010
Robert E. Keller Inc.: Ethics in the Appraisal Business – October 2010
Robert E. Keller Inc.: FREAB Complaints and Your License – October 2010
Robert E. Keller Inc.: Mortgage Fraud: A Dangerous Business – October 2010
Robert E. Keller Inc.: Roles & Rules of Supervisors & Trainees – October 2010
Robert E. Keller Inc.: USPAP Update – October 2010
Robert E. Keller Inc.: The Florida Rule and Law Update for 2010 – October 2010
Robert E. Keller Inc.: Mortgage Fraud a Year in Review the FBI – November 2012
Robert E. Keller Inc.: Ethics in the Appraisal Business – November 2012
Robert E. Keller Inc.: Investigative Review Course – November 2012
Robert E. Keller Inc.: Bullet Proof Work File Course – November 2012
Robert E. Keller Inc.: Roles & Rules of Supervisors & Trainees – November 2012
Robert E. Keller Inc.: FREAB Complaints and your License – November 2012
Robert E. Keller Inc.: The Florida Rule and Law Update for 2010 – November 2012
Robert E. Keller Inc.: Florida Law Update – July 2014
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Robert E. Keller Inc.: USPAP Update – July 2014
Robert E. Keller Inc.: Ethics in the Appraisal Business – September 2014
Robert E. Keller Inc.: FHA/VA Appraiser: Thriving & Surviving – September 2014
Robert E. Keller Inc.: Bullet Proof Work File Course – September 2014
Robert E. Keller Inc.: FREAB Complaints and Your License – September 2014
Robert E. Keller Inc.: Roles and Rules of Supervisors & Trainees – September 2014
EXPERIENCE:
7/12 to present: Carlson, Norris and Associates, Inc. Fort Myers, Florida
2/96 to 9/10: Hanson Real Estate Advisors, Inc. Fort Myers, Florida
10/93 to 1/96: Allied Appraisers & Consultants, Inc. Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
State of Florida State-Certified General Real Estate Appraiser RZ2526
State of Florida Real Estate Broker BK581243
Properties appraised include: commercial and residential acreage, industrial buildings,
warehouses, retail centers, office buildings, commercial buildings, apartment complexes,
agricultural land, vacant land, special use properties, and other miscellaneous properties.
Appraised numerous properties for eminent domain purposes and qualified as an expert witness in
Lee County Circuit Court.
Appraisal clients include attorneys, banks, corporations, developers, private individuals, and
government agencies.