Agenda 07/12/2016 Item #16A 1 7/12/2016 16.A.1 .
EXECUTIVE SUMMARY
Recommendation to approve an easement agreement for the purchase of a road right-of-way,
drainage and utility easement (Parcel 298RDUE) required for the expansion of Golden Gate
Boulevard from 20th Street East to east of Everglades Boulevard. (Project No. 60145.) Estimated
Fiscal Impact: $8,045.50.
OBJECTIVE: To purchase an easement needed for the four-laning of Golden Gate Boulevard from 20`x'
Street East to east of Everglades Boulevard(Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 298RDUE, a perpetual, non-
exclusive road right-of-way, drainage and utility easement, needed for construction of the Project. The
easement is situated along the road frontage of an unimproved parent tract located on the southwest
corner of Golden Gate Boulevard and 22nd Street Southeast and owned by Sara Garcia Halasz. Parcel
298RDUE is approximately 3,300 square feet in extent and for the most part 53 feet wide; it increases to a
corner clip width of 58 feet where it abuts 22nd Street Southeast.
The appraised value of the easement is $3,500. Please refer in this regard to the attached appraisal report,
dated December 22nd, 2015, prepared by RKL Appraisal and Consulting, PLC. This appraisal does not
account for the overall costs of acquiring the subject easement should the relationship between the
property owner and Collier County become adversarial. The attached easement agreement reflects an
amicably negotiated settlement amount of$8,000. If the relationship between the property owner and the
County becomes adversarial, it is likely that an attorney, an appraiser and perhaps other experts will be
hired to manufacture additional claims for compensation; the easement will have to be taken by
condemnation and the County will be liable for payment of the owner's attorney, appraiser and other
experts fees and costs. In such an event, the cost of acquiring Parcel 298RDUE will far exceed the
difference between the appraised value and the negotiated purchase price. Staff accordingly recommends
that the Board of County Commissioners(Board) approve the agreement.
FISCAL IMPACT: Funds in the amount of$8,045.50, being the purchase price of$8,000 and recording
fees of$45.50,will be required. The primary funding source for the acquisition of right-of-way is impact
fees. Should impact fees not be sufficient within a particular project, the secondary funding source will
be gas taxes.
Incremental maintenance costs for Golden Gate Boulevard from 20`'' Street East to east of Everglades
Boulevard are estimated at $3,000 per year for mowing and garbage removal. The cost to maintain
stormwater management infrastructure will be approximately $5,000 on a three to five year basis. New
roadway construction has a maintenance curve of approximately five to seven years before any
incremental costs are required for repairs.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and requires a
majority vote for Board approval. -ERP
GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long Range
Transportation Plan and the Collier County Growth Management Plan.
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7/12/2016 16.A.1 .
RECOMMENDATION:
1. To approve the attached easement agreement and authorize the Chairman to execute same on behalf
of the Board;
2. To accept the conveyance of Parcel No. 298RDUE and authorize the County Manager, or his
designee,to record the conveyance instrument in the public records of Collier County,Florida;
3. To authorize the payment of all costs and expenses that Collier County is required to pay under the
terms of the easement agreement to close the transaction;
4. To authorize the County Manager or his designee to take the necessary measures to ensure the
County's performance in accordance with the terms and conditions of the easement agreement; and
5. To authorize any and all budget amendments that may be required to carry out the collective will of
the Board.
Prepared By: Robert Bosch, Assistant Manager, ROW Acquisition, Transportation Engineering Division,
Growth Management Department
Attachments:
1)Easement Agreement with Exhibit A
2)Location Map
3)Appraisal Report dated December 22nd, 2015, due to its size accessible at:
http://apps3.colliereov.net/aaenda/ftp/2016BCCMeetings/AgendaJuly 1216/GrowthMgmt/Parcel
298RDUE Appraisal Report.pdf
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7/12/2016 16.A.1 .
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.1.
Item Summary: Recommendation to approve an easement agreement for the purchase
of a road right-of-way, drainage and utility easement (Parcel 298RDUE) required for the
expansion of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard.
(Project No. 60145.) Estimated Fiscal Impact: $8,045.50.
Meeting Date: 7/12/2016
Prepared By
Name: BoschRobert
Title: Operations Analyst, Senior, Transportation Engineering&Construction Management
5/19/2016 12:54:30 PM
Approved By
Name: HendricksKevin
Title: Manager-Right of Way, Transportation Engineering&Construction Management
Date: 6/1/2016 12:29:44 PM
Name: PutaansuuGary
Title: Project Manager, Principal,Transportation Road Maintenance
Date: 6/1/2016 1:29:17 PM
Name: PutaansuuGary
Title: Project Manager, Principal,Transportation Road Maintenance
Date: 6/1/2016 1:29:42 PM
Name: KhawajaAnthony
Title: Chief Engineer-Traffic Operations,Traffic Operations
Date: 6/1/2016 2:40:45 PM
Name: TaylorLisa
Title: Management/Budget Analyst, Senior, Capital Construction&Maintenance Budget/Fiscal
Date: 6/2/2016 8:52:18 AM
Name: ShueGene
Title: Division Director-Operations Support, Growth Management Department
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7/12/2016 16.A.1 .
Date: 6/7/2016 4:37:22 PM
Name: GossardTravis
Title: Division Director-Road Maintenance,Road Maintenance
Date: 6/7/2016 4:48:56 PM
Name: KearnsAllison
Title:Manager-Financial&Operational Sprt, Capital Construction&Maintenance Budget/Fiscal
Date: 6/13/2016 10:01:56 AM
Name: MarcellaJeanne
Title:Executive Secretary,Transportation Administration
Date: 6/15/2016 9:42:47 AM
Name: PepinEmily
Title: Assistant County Attorney,CAO Litigation
Date: 6/22/2016 2:53:34 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 6/24/2016 12:24:37 PM
Name: UsherSusan
Title: Management/Budget Analyst, Senior, Office of Management&Budget
Date: 6/30/2016 12:26:33 PM
Name: CasalanguidaNick
Title:Deputy County Manager, County Managers Office
Date: 7/1/2016 3:11:16 PM
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7/12/2016 16.A.1 .
PROJECT: Golden Gate Blvd. No. 60145
PARCEL No: 298RDUE
FOLIO No: 39390520009
EASEMENT AGREEMENT
THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is
made and entered into on this day of , 2016, by and between
SARA GARCIA HALASZ, whose mailing address is 5975 Lee Vista Boulevard, Apartment
206, Orlando, FL 32822 (hereinafter referred to as "Owner"), and COLLIER COUNTY, a
political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail
East, do the Office of the County Attorney, Suite 800, Naples, Florida 34112 (hereinafter
referred to as "County").
WHEREAS, County requires over, under, upon and across the lands described in
Exhibit "A", which is attached hereto and made a part of this Agreement (hereinafter
referred to as the "Easement"); and
WHEREAS, Owner desires to convey the Easement to County for the stated
purposes, on the terms and conditions set forth herein; and
WHEREAS, County has agreed to compensate Owner for conveyance of the
Easement.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($10.00), and other good and valuable consideration, the receipt and sufficiency of which
is hereby mutually acknowledged, it is agreed by and between the parties as follows:
1. RECITALS - All of the above recitals are true and correct and are hereby expressly
incorporated herein by reference as if set forth fully below, and all Exhibits referenced
herein are made a part of this Agreement.
2. PURCHASE PRICE - Owner shall convey the Easement to County for the sum of:
$8,000.00
subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of
this Agreement (said transaction hereinafter referred to as the "Closing"). Said
payment to Owner, payable by County Warrant or funds wire transfer, shall be full
compensation for the Easement conveyed, including (if applicable) all landscaping,
trees, shrubs, improvements, and fixtures located thereon, and shall be in full and
final settlement of any damages resulting to Owner's remaining lands, costs to cure,
including but not limited to the cost to relocate the existing irrigation system and other
improvements (if any), and the cost to cut and cap irrigation lines (if any) extending
into the Easement, and to remove all sprinkler valves and related electrical wiring (if
any), and all other damages in connection with conveyance of said Easement to
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County, including all attorneys' fees, expert witness fees and costs as provided for in
Chapter 73, Florida Statutes.
3. CLOSING DOCUMENTS AND CLEAR TITLE - Owner shall obtain from the holders
of any liens, exceptions and/or qualifications encumbering the Easement, the
execution of such instruments which will remove, release or subordinate such
encumbrances from the Easement upon their recording in the public records of Collier
County, Florida. Prior to Closing and as soon after the execution of this Agreement
as is possible, Owner shall provide County with a copy of any existing title insurance
policy and the following documents and instruments properly executed, witnessed,
and notarized where required, in a form acceptable to County (hereinafter referred to
as "Closing Documents"):
(a) Road Right-of-Way, Drainage and Utility Easement;
(b) Instruments required to remove, release or subordinate any and all liens,
exceptions and/or qualifications affecting County's enjoyment of the
Easement;
(c) Closing Statement;
(d) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit;
(e) W-9 Form; and
(f) Such evidence of authority and capacity of Owner and its representatives to
execute and deliver this agreement and all other documents required to
consummate this transaction, as reasonably determined by County,
County's counsel and/or title company.
4. TIME IS OF THE ESSENCE - Both Owner and County agree that time is of the
essence. Therefore, Closing shall occur within ninety (90) days of the date of
execution of this Agreement or within thirty (30) days of County's receipt of all Closing
Documents, whichever is the later. This agreement shall remain in full force and
effect until Closing shall occur, until and unless it is terminated for other cause. At
Closing, payment shall be made to Owner in that amount shown on the Closing
Statement as "Net Cash to the Seller."
5. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS - Owner agrees
to relocate any existing irrigation system located on the Easement including irrigation
lines, electrical wiring and sprinkler valves, etc. (if any), prior to the construction of the
project without any further notification from County. Owner assumes full
responsibility for the relocation of the irrigation system (if any) on the remainder
property and its performance after relocation. Owner holds County harmless for any
and all possible damage to the irrigation system in the event owner fails to relocate
the irrigation system prior to construction of the project.
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If Owner elects to retain improvements and/or landscaping ("Improvements") located
on the Easement (if any), Owner is responsible for their retrieval prior to the
construction of the project without any further notification from County. Owner
acknowledges that County has compensated Owner for the value of all
improvements located within the Easement area, and yet County is willing to permit
Owner to salvage said improvements as long as their retrieval is performed before
construction and without interruption or inconvenience to the County's contractor. All
improvements not removed from the Easement prior to commencement of
construction of the project shall be deemed abandoned by Owner.
This provision shall survive Closing and is not deemed satisfied by conveyance of
title.
6. MISCELLANEOUS REQUIREMENTS - Owner and County agree to do all things
which may be required to give effect to this Agreement immediately as such
requirement is made known to them or they are requested to do so, whichever is the
earlier.
7. REPRESENTATIONS AND WARRANTIES - Owner agrees, represents and warrants
the following:
(a) Owner has full right, power and authority to own and operate the property
underlying the Easement, to enter into and to execute this Agreement, to
execute, deliver and perform its obligations under this Agreement and the
instruments executed in connection herewith, to undertake all actions and to
perform all tasks required of Owner hereunder and to consummate the
transaction contemplated hereby.
(b) County's acceptance of the Easement shall not be deemed to be full
performance and discharge of every agreement and obligation on the part of
Owner to be performed pursuant to the provisions of this Agreement.
(c) No party or person other than County has any right or option to acquire the
Easement or any portion thereof.
(d) Until the date fixed for Closing, so long as this Agreement remains in force
and effect, Owner shall not encumber or convey any portion of the property
underlying the Easement or any rights therein, nor enter into any agreements
granting any person or entity any rights with respect to the Easement, without
first obtaining the written consent of County to such conveyance,
encumbrance, or agreement, which consent may be withheld by County for
any reason whatsoever.
(e) There are no maintenance, construction, advertising, management, leasing,
employment, service or other contracts affecting the Easement.
(f) Owner has no knowledge that there are any suits, actions or arbitration,
administrative or other proceedings or governmental investigations or
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requirements, formal or informal, existing or pending or threatened which
affect the Easement or which adversely affect Owner's ability to perform
hereunder; nor is there any other charge or expense upon or related to the
Easement which has not been disclosed to County in writing prior to the
effective date of this Agreement.
(g) County is entering into this Agreement based upon Owner's representations
stated in this Agreement and on the understanding that Owner will not cause
the physical condition of the property underlying the Easement to change
from its existing state on the effective date of this Agreement up to and
including the date of Closing. Therefore, Owner agrees not to enter into any
contracts or agreements pertaining to or affecting the property underlying the
Easement and not to do any act or omit to perform any act which would
adversely affect the physical condition of the property underlying the
Easement or its intended use by County.
(h) The property underlying the Easement, and all uses of the said property,
have been and presently are in compliance with all Federal, State and Local
environmental laws; that no hazardous substances have been generated,
stored, treated or transferred on the property underlying the Easement
except as specifically disclosed to the County; that the Owner has no
knowledge of any spill or environmental law violation on the property
contiguous to or in the vicinity of the Easement to be sold to the County, that
the Owner has not received notice and otherwise has no knowledge of: a)
any spill on the property underlying the Easement; b) any existing or
threatened environmental lien against the property underlying the Easement;
or c) any lawsuit, proceeding or investigation regarding the generation,
storage, treatment, spill or transfer of hazardous substances on the property
underlying the Easement. This provision shall survive Closing and is not
deemed satisfied by conveyance of title.
8. INDEMNIFICATION - Owner shall indemnify, defend, save and hold harmless the
County against and from, and reimburse the County with respect to, any and all
damages, claims, liabilities, laws, costs and expenses (including without limitation
reasonable paralegal and attorney fees and expenses whether in court, out of court,
in bankruptcy or administrative proceedings or on appeal), penalties or fines incurred
by or asserted against the County by reason or arising out of the breach of any of
Owner's representations under paragraph 7(h). This provision shall survive Closing
and is not deemed satisfied by conveyance of title.
9. CURATIVE INSTRUMENTS, PROCESSING FEES, TAXES - County shall pay all
fees to record any curative instruments required to clear title, and all Easement
instrument recording fees. In addition, County may elect to pay reasonable
processing fees required by lien-holders and/or easement-holders in connection with
the execution and delivery of a Release or Subordination of any mortgage, lien or
other encumbrance recorded against the property underlying the Easement;
provided, however, that any apportionment and distribution of the full compensation
amount in Paragraph 2 which may be required by any mortgagee, lien-holder or other
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encumbrance-holder for the protection of its security interest, or as consideration due
to any diminution in the value of its property right, shall be the responsibility of the
Owner, and shall be deducted on the Closing Statement from the compensation
payable to the Owner per Paragraph 2. County shall have sole discretion as to what
constitutes "reasonable processing fees."
10. PRIOR YEAR AD VALOREM TAXES - There shall be deducted from the proceeds of
sale all prior year ad valorem taxes and assessments levied against the parent tract
property which remain unpaid as of the date of Closing.
11. EFFECTIVE DATE - This Agreement and the terms and provisions hereof shall be
effective as of the date this Agreement is executed by both parties and shall inure to
the benefit of and be binding upon the parties hereto and their respective heirs,
executors, personal representatives, successors, successor trustees, and/or
assignees, whenever the context so requires or admits.
12. PUBLIC DISCLOSURE - If the Owner holds the property underlying the Easement in
the form of a partnership, limited partnership, corporation, trust or any form of
representative capacity whatsoever for others, Owner shall make a written public
disclosure, according to Chapter 286, Florida Statutes, under oath, subject to the
penalties prescribed for perjury, of the name and address of every person having a
beneficial interest in the property underlying the Easement before the Easement held
in such capacity is conveyed to County. (If the corporation is registered with the
Federal Securities Exchange Commission or registered pursuant to Chapter 517,
Florida Statutes, whose stock is for sale to the general public, it is hereby exempt
from the provisions of Chapter 286, Florida Statutes.)
13. ENTIRE AGREEMENT - Conveyance of the Easement, or any interest in the property
underlying the Easement, by Owner is contingent upon no other provisions,
conditions, or premises other than those so stated herein; and this written Agreement,
including all exhibits attached hereto, shall constitute the entire Agreement and
understanding of the parties, and there are no other prior or contemporaneous written
or oral agreements, undertakings, promises, warranties, or covenants not contained
herein. No modification, amendment or cancellation of this Agreement shall be of any
force or effect unless made in writing and executed and dated by both Owner and
County.
14. BREACH AND TERMINATION - If either party fails to perform any of the covenants,
promises or obligations contained in this Agreement, such party will have breached
this Agreement and the other party may provide written notice of said breach to the
party in breach, whereupon the party in breach shall have 15 days from the date of
said notice to remedy said breach. If the party in breach shall have failed to remedy
said breach, the other party may, at its option, terminate this Agreement by giving
written notice of termination to the party in breach and shall have the right to seek
and enforce all rights and remedies available at law or in equity, including the right to
seek specific performance of this Agreement.
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15. SEVERABILITY - Should any part of this Agreement be found to be invalid, then such
invalid part shall be severed from the Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and not be affected by such invalidity.
16. VENUE - This Agreement is governed and construed in accordance with the laws of
the State of Florida.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written.
AS TO COUNTY:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
Deputy Clerk DONNA FIALA, CHAIRMAN
AS TO OWNER:
DATED: - 4 '
Witness (Signatufe) SARA GARCIA HALASZ
L.
Name (Print or Type}"
k } f
Witness (Signature)
Name (Print or Type)
Approved as to form and legality:
,1111,
Assistant my Attorney
Last Revised:06/23/15
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EXHIBIT "A"
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Packet Page -143-
Attached :
Are the hyperlink
documents from the
Executive Summary
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
REAL ESTATE APPRAISAL REPORT
GOLDEN GATE BOULEVARD E. WIDENING
Vacant Residential Land
SWC of Golden Gate Boulevard E and 22nd Street SE
Naples, Collier County, Florida, 34117
PREPARED FOR:
Mr. Harry Henderson
Review Appraiser
Collier County Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Client File: 298 RDUE
EFFECTIVE DATE OF THE APPRAISAL:
December 12, 2015
DATE OF THE REPORT:
December 22, 2015
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL APPRAISAL AND CONSULTING, PLC
RKL File Number: 2015-249 (Parcel No. 298 RDUE)
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
December 22, 2015
Mr. Harry Henderson
Collier County Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Real Estate Appraisal
Golden Gate Boulevard E. Widening
SWC of Golden Gate Boulevard E and 22nd Street SE, Naples,
Collier County, Florida, 34117
Client File: 298 RDUE
RKL File Number: 2015-249 (Parcel No. 298 RDUE)
Dear Mr. Henderson:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the parent tract before and after the
proposed acquisition. The intended users for the assignment are Collier County
Transportation Right-Of-Way Group. The intended use of the appraisal is as a basis of
value for determining full compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if any) which are proposed to
be acquired, including all diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-
exclusive, road right-of-way, drainage, and utility easement. We use the appraisal report
option of Standards Rule 2-2 of USPAP to report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
The parent tract is a vacant parcel of land containing an area of 2.81 acres, or 122,400
square feet.
Mr. Harry Henderson
Collier County Transportation Right-Of-Way Group
December 22, 2015
Page 2
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed
perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No.
298 RDUE), as of December 12, 2015, is:
SUMMARY OF JUST COMPENSATION
Value of Property Rights Taken: $3,500
Value of Improvements Taken: $0
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER: $3,500
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
GOLDEN GATE BOULEVARD E. WIDENING TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions ................................................................... 1
Introduction Information ..................................................................................................... 5
Subject Identification ...................................................................................................... 5
Current Ownership and Property History ....................................................................... 5
Appraisal Scope .............................................................................................................. 5
Client, Intended User, and Intended Use ........................................................................ 6
Definition of Market Value ............................................................................................. 6
Definition of Property Rights Appraised ........................................................................ 6
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 6
Scope of Work ................................................................................................................ 7
Market Area Analysis ......................................................................................................... 8
Property Description and Analysis ................................................................................... 11
Site Analysis - Parent Tract .......................................................................................... 11
Real Estate Taxes and Assessments .............................................................................. 18
Highest and Best Use .................................................................................................... 19
Valuation Methodology .................................................................................................... 21
Analyses Applied .......................................................................................................... 22
Valuation Analysis of Parent Tract ................................................................................... 23
Sales Comparison Approach ......................................................................................... 23
Valuation Analysis of Part Taken and Remainder Property ............................................. 29
Description of Part Taken ............................................................................................. 29
Value Analysis Proposed Property Rights and Improvements Taken .......................... 31
Valuation Analysis of Remainder Property As Severed ................................................... 32
Description of Remainder Property as Severed ............................................................ 32
Value Analysis Remainder Property As Severed ......................................................... 32
Severance Damages to the Remainder Property ........................................................... 33
Cost to Cure Analysis ................................................................................................... 33
Special Benefits Analysis ............................................................................................. 33
Summary and Conclusion ............................................................................................. 34
Certification ...................................................................................................................... 35
Assumptions and Limiting Conditions ............................................................................. 37
Addenda
Appraiser Qualifications ....................................................................................... Addendum A
Property Information ............................................................................................ Addendum B
Comparable Data .................................................................................................. Addendum C
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 1
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject:
Golden Gate Boulevard E. Widening
SWC of Golden Gate Boulevard E and 22nd Street SE, Naples,
Collier County, Florida, 34117
Owner: Sara Garcia Halasz
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed perpetual, non-exclusive, road right-of-way, drainage,
and utility easement.
Intended User(s): Collier County Transportation Right-Of-Way Group
PARENT TRACT BEFORE THE TAKING
Current Use: Vacant residential.
Improvements: None
Legal Description: Golden Gate Estates Unit 51, East 180 feet of Tract 102
Tax Identification: 39390520009
Land Area: Total: 2.80992 acres; 122,400 square feet
Shape: Rectangular
Flood Zone: Zone AH
Zoning: E - Estates
Highest and Best Use
As Vacant
As Improved
Single-family residential development
NA
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $53,400
Improvements: $0
Total Market Value of Parent Tract: $53,400
Effective Date(s) December 12, 2015
Property Rights Fee Simple
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 2
PART TAKEN
Identification: 298 RDUE
Intended Use of the Proposed
Acquisition:
The intended use of the proposed acquisition area is for a
perpetual, non-exclusive, road right-of-way, drainage,
and utilities easement.
Description: 53+/- foot wide strip taking along the southerly right-of-
way of Golden Gate Boulevard E, with a small triangular
piece at the corner of Golden Gate Boulevard E and 22nd
Street SE.
Land Area: Total: 0.18517 acres; 8,066 square feet
Shape: Rectangular MOL
Approximate Dimensions: 150' x 53'
Proposed Improvements Taken: None
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Property Rights Taken: $3,500
Improvements Taken: $0
Total: $3,500
Effective Date(s) December 12, 2015
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $53,400
Less Market Value of the Proposed Part Taken: $3,500
Total Market Value of the Remainder Property, As Part of the Whole: $49,900
Effective Date(s) December 12, 2015
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 3
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.80992 acres; 122,400 square feet
Shape: Rectangular
Improvements: None
Existing Easements and
Encumbrances:
The parent tract is encumbered by a 50-foot wide road
right-of-way easement along the northern property line
bordering the property's existing frontage to Golden Gate
Boulevard E as well as a 30-foot wide road right-of-way
easement along the eastern property line bordering the
existing frontage to 22nd Street SE. We are not aware of
any other easement, restrictions, or encumbrances that
would adversely affect value before the taking. However,
a current title report was not provided for the purpose of
this appraisal.
Proposed Easement and
Encumbrances:
Additional 53+/- foot roadway, drainage and utility
easement south of the existing easement along the
northern property line.
Highest and Best Use
As Vacant
As Improved
Single-family residential development
NA
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value: $49,900
Improvement Value: $0
Total Market Value of Reminder Property: $49,900
Effective Date(s) December 12, 2015
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 4
Value of the Whole $53,400
Less Value of the Part Taken $3,500
Value of the Remainder Property as Part of the Whole $49,900
Value of the Remainder Property as Severed $49,900
Difference (Severance Damages) $0
Rounded: $0
Severance Damages to the Remainder Property
Cost to Cure: $0
Special Benefits: $0
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $19,000 100%$19,000 2.80992 $53,388 $53,400
Improvements $0
Total $53,400
Proposed Part Taken
Additional Encumbered Land Taken $19,000 99%$18,810 0.18517 $3,483 $3,500
Improvements Taken $0
Total $3,500
Remainder Property, as Part of the Whole $49,900
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $19,000 100%$19,000 2.62475 $49,870 $49,900
Additional Encumbered Land Taken $19,000 1%$190 0.18517 $35 $0
Total Land 2.80992 $49,905 $49,900
Improvements $0
Total $49,900
Damages $0
Special Benefits $0
Net Damages $0
Additional Encumbered Land Taken $19,000 99%$18,810 0.18517 $3,483 $3,500
Value of Improvements Taken $0
Total $3,500
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $3,500
Parcel No. 298 RDUE
Summary of Total Compensation
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
Page 5
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject:
Golden Gate Boulevard E. Widening
SWC of Golden Gate Boulevard E and 22nd Street SE,
Naples,
Collier County, Florida, 34117
Legal Description: Golden Gate Estates Unit 51, East 180 feet of Tract 102
Tax Identification: 39390520009
The parent tract is a vacant parcel of land containing an area of 2.81 acres, or 122,400
square feet.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner: Sara Garcia Halasz
Sale History:
According to public records, a Quitclaim Deed dated
June 22, 2013 transferred title from Serafin Lopez, Jr. to
Sara Garcia Halasz for $0. The deed is recorded with the
Collier County Clerk of Courts OR 5038, Page 3066.
Current
Listing/Contract(s):
The subject is not currently listed for sale, or under
contract.
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser’s responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
● the client and any other intended users;
● the intended use of the appraiser’s opinions and conclusions;
● the type and definition of value;
● the effective date of the appraiser’s opinions and conclusions;
● subject of the assignment and its relevant characteristics
● assignment conditions
● the expectations of parties who are regularly intended users for similar
assignments; and
● what an appraiser’s peer’s actions would be in performing the same or a similar
assignment.
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
Page 6
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation Right-
Of-Way Group. The intended use is as a basis of value for determining full compensation
to the property owner for the loss of the real estate resulting from the property rights and
improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use
of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage,
and utility easement. The appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
6th ed. (Chicago: Appraisal Institute, 2015) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
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 United States 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: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: “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.” (Source: The Dictionary of Real
Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
The proposed property rights to be acquired involve a proposed perpetual, non-exclusive,
road right-of-way, drainage, and utilities easement.
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
Page 7
appraisal is December 12, 2015. The date of the most recent inspection was December
12, 2015. The date of the report is December 22, 2015.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type: This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject has been identified by the legal description and
the assessors' parcel number.
Inspection: A complete on site inspection was made and photographs
were taken.
Market Area and Analysis of
Market Conditions:
A complete analysis of market conditions has been made.
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible, and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Analyses
Cost Approach:
A cost approach was not applied because the subject tract is
vacant land.
Sales Comparison Approach:
A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach:
An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
the proposed roadway improvements have been completed
as of the effective date of the appraisal.
Extraordinary Assumptions: None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Page 8
MARKET AREA ANALYSIS
Boundaries
The subject is located in the north central part of Collier County in the northwestern
portion of the Collier County Rural Estates Planning Community.
This surrounding area is generally delineated as follows:
North Immokalee and Oil Well Roads
South Interstate 75 (Alligator Alley)
East Two miles east of Everglades Blvd.
West Generally County Road 951
The subject is located in Golden Gate Estates which consists of single family homes on
acreage parcels.
Access and Linkages
Primary access to the area is provided by Interstate 75 (I-75), a major arterial that runs
east to Fort Lauderdale and north through Tampa, Florida; I-75 terminates to the north at
the US/Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from
Interstate75 is by:
• State Road 29 (I-75 exit 80) at Miles City.
• County Highway 846 (Immokalee Road, I-75 exit 111).
• Golden Gate Boulevard
Overall, vehicular access is average.
The subject property is accessed from Collier Boulevard which extends from Immokalee
Road to the north to Marco Island to the south. Golden Gate Boulevard West intersects
with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden
Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson
Boulevard N. Wilson Boulevard N. provides access to Immokalee Road from the market
area.
The Southwest Florida International Airport (RSW) is located about 25+/- miles from the
market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The
Naples Municipal Airport (APF) is approximately 15+/- miles and 30 to 40 minutes
southwest. Downtown Naples is approximately 20+/- miles from the market area and 30
to 40 minutes southwest.
Demand Generators
We have utilized STDB Online, an industry respected site analysis and demographic data
provider, to analyze the subject’s market area demand generators. For the purposes of
defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee
GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Page 9
Road, Everglades Boulevard, and Interstate 75. As shown, population and households are
projected to grow by an average annual rate of approximately 1.1% per year through
2020.
The average household income in the market area is slightly less than the overall Collier
County average of $83,281.
Outlook and Conclusions
As with the overall Collier County market, the Rural Estates market had been in those
stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition
as decline and recession since 2006. Most recently, the residential market has entered the
next real estate cycle, an expansion period, with sustained growth in demand and
increasing construction. According to the Office of Federal Housing Enterprise Oversight
(OFHEO) the Naples-Immokalee-Marco Island MSA, began seeing sustained positive
quarterly increases in the house price index (HPI) in mid 2012.
GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Page 10
Surrounding Area Map
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 11
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed roadway easement prepared by RWA Consulting.
Land Summary - Parent Tract Before Taking
Parcel ID Gross Land Area
(Acres)
Gross Land Area
(Sq Ft)
39390520009 2.80992 122,400
SITE
Location: The parent tract is located at the southwest corner of Golden Gate
Boulevard E and 22nd Street SE in Collier County, Naples, Florida.
Current Use of the Property: Vacant residential.
Shape: The site is roughly rectangular.
Road Frontage/Access:
The subject property has average access with frontage as follows:
• Golden Gate Boulevard E.: 180 feet
• 22nd Street SE: 680 feet
The site has an average depth of 680 feet. It is a corner lot.
Visibility: Average
Topography: The subject parent tract is an uncleared heavily wooded parcel with
level topography slightly below grade and no known areas of
wetlands.
Soil Conditions: We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: None, private septic required for single-family home
Water: None, private well required for single-family home
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: None
• Sidewalks: None
• Curbs and Gutters: None
• Curb Cuts: None
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone AH, which is classified as a flood hazard area.
FEMA Map Number: 12021C 0430H
FEMA Map Date: May 16, 2012
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 12
The subject appears to be partially located in a flood zone. The
appraiser is not an expert in this matter and is reporting data from
FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: The parent tract is encumbered by a 50-foot wide road right-of-way
easement along the northern property line bordering the property's
existing frontage to Golden Gate Boulevard E as well as a 30-foot
wide road right-of-way easement along the eastern property line
bordering the existing frontage to 22nd Street SE. We are not aware
of any other easement, restrictions, or encumbrances that would
adversely affect value before the taking. However, a current title
report was not provided for the purpose of this appraisal.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code E
Zoning Authority Collier County
Zoning Description Estates; 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 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.
Permitted Uses Includes single-family dwellings, family care facilities (subject
to section 5.05.04), essential services (as set forth in section
2.01.03), and schools, public, including educational plants.
Current Use Legally Conforming The subject is legal and conforming use.
Minimum Lot Area 2.25 acres or 98,010 square feet
Minimum Floor Area 1,000 square feet
Minimum Street Frontage 150 feet
Set Back Distance Front and Rear Yards: 75 feet
Side Yard Distance 30 feet, 37.5 feet for corner lots along longest side
Maximum Density One dwelling unit per 2.25 acres.
Maximum Building Height 30 feet
Future Land Use Designation Estates Designation
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 13
Aerial - Parent Tract
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 14
Plat Map - Parent Tract
Approximate boundary lines of parent tract shown in blue.
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 15
Site Photographs
Golden Gate Boulevard E - Westerly (Parent Tract on Left)
(Photo Taken on December 12, 2015)
Golden Gate Boulevard E - Easterly (Parent Tract on Right)
(Photo Taken on December 12, 2015)
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 16
Site Photographs
Parent Tract - Southerly
(Photo Taken on December 12, 2015)
Parent Tract - Westerly
(Photo Taken on December 12, 2015)
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 17
Site Photographs
22nd Street SE - Southerly (Parent Tract on Right)
(Photo Taken on December 12, 2015)
22nd Street SE - Northerly (Parent Tract on Left)
(Photo Taken on December 12, 2015)
GOLDEN GATE BOULEVARD E. WIDENING REAL ESTATE TAXES AND ASSESSMENTS
Page 18
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. The
property tax identification number and assessed value of the property for tax year 2015
are as follows:
ASSESSED VALUES - PARENT TRACT
Tax Identification Number 39390520009
Land Assessed Value $18,996
Building Assessed Value $0
10% Assessment Cap - $7,283
Total Assessed Value $11,713
Totals
Total Land Assessed Value $18,996
Total Building Assessed Value $0
10% Assessment Cap - $7,283
Total Assessment $11,713
Total Assessment per Land Acre
(Prior to Assessment Cap)
$6,760
Rates, Taxes, More
Tax Rate 1.51%
Ad Valorem Tax Amount $177
Special Assessment Amount $0
Special Assessment Comments None
Total Tax Liability $177
Property Tax Comments A tax certificate has been issued for the
delinquent 2014 taxes. The certificate can be
redeemed for $202.52 as of the effective date
of the appraisal. The 2015 taxes have not
been paid, but are not yet delinquent.
The tax assessment for subject property, excluding the assessment cap, is currently
$6,760 per acre. Based on our valuation analysis, the subject’s assessment appears low.
GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
Page 19
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
Physically possible for the land to accommodate the size and shape of the
ideal improvement.
Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
Financially feasible to generate sufficient income to support the use.
Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The subject site is 2.81 acres or 122,400 square feet with 180 feet of frontage along
Golden Gate Boulevard E. and 680 feet along 22nd Street SE. The parent tract is
encumbered by a 50-foot wide road right-of-way easement along the northern property
line bordering the property's existing frontage to Golden Gate Boulevard E as well as a
30-foot wide road right-of-way easement along the eastern property line bordering the
existing frontage to 22nd Street SE. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect value before the taking.
However, a current title report was not provided for the purpose of this appraisal. The
physical characteristics of the parent tract should reasonably accommodate any use that is
not restricted by its size.
The subject's utilities are typical and adequate for the market area. The site is roughly
rectangular. The site appears to be located in a FEMA flood zone AH area per FEMA
Floor Map Number: 12021C 0430H, dated May 16, 2012, which is classified as a flood
hazard area.
There are no known physical reasons that would unusually restrict development. The site
is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned E, which permits uses that include single-family dwellings,
family care facilities (subject to section 5.05.04), essential services (as set forth in section
2.01.03), and schools, public, including educational plants. Recognizing the principle of
conformity, we consider the prevailing land use patterns in the area. Therefore, only
1 The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015)
GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
Page 20
single-family uses are given further consideration in determining the highest and best use
of the site, as if vacant.
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
From 2006 through early/mid 2011 the Southwest Florida real estate market had been in
those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th
Edition as decline and recession. Since early/mid 2011 to date, the market has been in the
recovery stage which is characterized by increasing demand and decreasing vacancy.
Most recently, the residential market has entered the next real estate cycle, an expansion
period, with sustained growth in demand and increasing construction.
On this basis, barring unforeseen changes in the market, if developed with a well-
designed residential product that is appropriately marketed and priced, should be received
favorably by the market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses. Single-
family residential development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, single-family residential
development is concluded to be the maximally productive and highest and best use of the
site.
Highest and Best Use as Improved
No improvements are situated on the site. Therefore, a highest and best analysis as
improved is not applicable.
Most Probable Buyer
Consider the size, class, and location of the property, the most probable buyer is an
owner-user.
GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
Page 21
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is lease reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor’s perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
GOLDEN GATE BOULEVARD E. WIDENING ANALYSES APPLIED
Page 22
ANALYSES APPLIED
A cost analysis was considered and was not developed because the subject tract is vacant
land.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 23
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Comparables
I have researched seven comparables for this analysis. These are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per acre as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 24
Comp Address Date Price Land SF
Comp City Price per Acre Acres
Subject SWC of Golden Gate Boulevard E
and 22nd Street SE
12/12/2015 122,400
Subject Naples 2.81
1 Golden Gate Blvd E 1/30/2015 $30,000 122,400
1 Naples $10,676 2.81
2 2535 Golden Gate Blvd E 4/2/2015 $34,500 112,200
2 Naples $13,372 2.58
3 14th St SE 6/26/2015 $43,000 99,000
3 Naples $18,943 2.27
4 810 14th St SE 8/12/2015 $40,000 118,800
4 Naples $14,652 2.73
5 481 22nd St SE 8/27/2015 $50,000 118,800
5 Naples $18,315 2.73
6 735 18th St NE 10/1/2015 $17,000 49,500
6 Naples $14,912 1.14
7 10th Ave NE 10/22/2015 $38,000 108,900
7 Naples $15,200 2.50
Vacant parcel located along east side of 18th St NE. Listed on
9/2/2015 for $19,700.
Vacant parcel located along east side of 14th St SE. Lot is reportedly
uplands. Listed in April 2015 for $45,000 and reduced to $44,500
5/13/15. Title was transfered to Angela Rius (local investor) in
September. Ms. Rius has recently purchased three other lots in the
Golden Gate Estates area, including the adjacent lot to the north
($40,000 in 8/2015). Lot was re-listed in 11/2015 for $69,999.
Vacant parcel located along west side of 22nd St SE. Listed June 3,
2015 for $39,900 as uplands lot. Sold June 24, 2015 to Audi Homes &
Land Inc. Re-listed July 1, 2015 for $54,900. Purchased by affiliate of
Custom Homes by Kaye.
Vacant parcel located along south side of 10th Ave NE. Small section
at rear east coner has wetlands. Originally listed in 6/2014 for $37,500.
Listing expired 6/2015. Re-listed on October 2, 2015 for $38,000.
Vacant parcel located along north side of Golden Gate Blvd E, east of
22nd St NE. Lot sold as a short sale at reported price of $17,000 in
10/2014. Deed reports closing at $16,000. Re-listed immediately at
$59,900 in 10/2014 and reduced multiple times. Most recent price
reduction was in 12/14 to $28,900 and then increased to $35,000 in
1/2015. Magdevys reported the lot had wetlands.
Comments
Vacant parcel located along north side of Golden Gate Blvd E, east of
14th St NE.
Vacant parcel located along east side of 14th St SE. Listed July 2,
2015 for $89,000 and reduced to $44,900 on July 7, 2015. Title was
transfered to Angela Rius (local investor) in September. Ms. Rius has
recently purchased three other lots in the Golden Gate Estates area,
including the adjacent lot to the south ($43,000 in 6/2015).
Comparables Map
3
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 25
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price
This takes into consideration unusual conditions involved in the sale
that could affect the sales price, such as excess land, non-realty
components, commissions, or other similar factors. Usually the sale
price is adjusted for this prior to comparison to the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms
Favorable or unfavorable seller financing, or assumption of existing
financing.
Conditions of Sale
Circumstances that atypically motivate the buyer or seller, such as
1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding land
use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 26
Name
Address
City
Date
Price
Acres
Acre Unit Price
Property Rights
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Financing Cash0.0%Cash0.0%Cash0.0%Cash0.0%
Private
Equity 0.0% Cash 0.0% Cash 0.0%
Conditions of Sale
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Market Trends Through 12/12/2015 20.0%
Location
% Adjustment
$ Adjustment
Road Frontage
% Adjustment
$ Adjustment
Acres
% Adjustment
$ Adjustment
Wetlands
% Adjustment
$ Adjustment
Shape
% Adjustment
$ Adjustment
Zoning
% Adjustment
$ Adjustment
Net Adjustments
Gross Adjustments
0%
$18,315 $14,912
10.0% 10.0%
$30,000 $43,000
8/12/2015
10th Ave NE
10th Ave NE
481 22nd St SE
10/1/2015
2.73
$15,592
3.7%
22nd St SE
$15,458$19,321
-10%
14th St SE 18th St NE
12/12/2015 1/30/2015
$34,500
Golden Gate
Estates
$14,652
$0
5.5%
Golden Gate
Estates
2.73
$13,372
$15,573
$18,315
0%
2.73
$0
0%
-10%
-$1,932
0%
$0
$15,200
$38,000
$15,200
Comp 7
2.50
Naples
10/22/2015
$14,912
2.6%
Naples
8/27/2015
1.14
$0
$17,000
$14,652
6.3%
2.73
$0
0%
Rectangular
0%
E
$0
$0
0%
0% 0%
$0
$0
Golden Gate
Estates
None known
$0
0%
Rectangular
$0
0% 20%
$0
Rectangular
Golden Gate
Blvd. E.
-10%
$0
Golden Gate
Estates
0%
$0
$0
-10%
0%
0%
2.81
$3,036
None known Wetlands
0%
$0
0%
0%
None known
$0
-$1,557
17.1%
Golden Gate
Estates
-$2,061
2.27
14th St SE
481 22nd St SE
$50,000$40,000
Comp 6Comp 4
810 14th St SE
Naples
810 14th St SE
Comp 5
735 18th St NE
Naples
735 18th St NE
Comp 3
14th St SE
Land Analysis Grid Comp 1
Transaction Adjustments
1400 Block
Golden Gate Blvd
E
2535 Golden Gate
BlvdE
Golden Gate Blvd
E
14th St SE
$10,676
6/26/2015
SWC of Golden
Gate Boulevard E
and 22nd Street SE
NaplesNaples
$18,943
NaplesNaples
2.81
$18,943$13,372
2.58
Comp 2
Golden Gate
Boulevard E.
Widening
4/2/2015
2.272.81
2535 Golden Gate
Blvd E
Fee Simple
$10,676Adjusted Acre Unit Price
0%
Adjusted Acre Unit Price $12,502
Golden Gate Estates Golden Gate
Estates
None known
10%
$0
10%
Golden Gate
Blvd. E.
Golden Gate Blvd.
E. / 20th St. SE
E
Rectangular
2.81
$1,518$1,250
2.58
0%
$0
E
$0
0%
E
$0
0%
$0
Rectangular
30.0%
30.0%
$13,752 $19,735
10.0% 10.0%
E
0%
$0
E
Rectangular
$0
$0$0
$0$0
0% 0%
Minimal
E
0%
$0
$0
0%
0%
$0
None known
Rectangular
$0
E
0%
$0
Rectangular
0%
0%
0%
0%
-10%
1.14
-$1,546
$0
2.50
-$1,559
10th Ave NE
None known
$20,611
13.5%
$15,181
8.8%
0% 0%
Golden Gate
Estates
10.0%
$14,015
-10.0%
Adjusted Acre Unit Price $18,550
10.0% -10.0% -10.0%
$17,388 $14,033
-10.0%-10.0%
10.0%
$13,913
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 27
Comparable Sale Adjustments
Property Rights
All the comparable sales transferred in fee simple interest; therefore, no adjustment for
property rights is required.
Financing
All the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustment for financing is required.
Conditions of Sale
All the comparable sales were arm’s length transactions; therefore, no adjustments are
required.
Economic Trends
The sales all occurred within the last eleven months. Sale prices have been increasing
during this period and a 20.0% annual adjustment is applied based on an analysis of
recent sales and active listings.
Location
The comparables are all located within the Golden Gate Estates market area; therefore, no
adjustments are required.
Road Frontage
The subject parent tract is located at the southwest corner of Golden Gate Boulevard E
and 22nd Street SE. Golden Gate Boulevard E, is a main arterial through Golden Gate
Estates and is heavily traveled in relation to the interior streets. The subject also has
frontage along 22nd Street SE which is an interior street. Comparables 3 through 7 are all
located on interior streets and are considered superior in terms of location. Comparables 1
and 2 are located along Golden Gate Boulevard E with no secondary frontage along an
interior street. Comparables 1 and 2 are considered inferior to the subject in terms of
location.
Size
For this analysis, the comparables range in size from 1.14 to 2.81 acres in size. Any size
adjustment due to the typical inverse relationship between size and price per acre is
generally offset by the direct relationship between frontage and price per acre. No
adjustments could be quantified; therefore, none are made.
Wetlands
For this analysis, the subject and comparables 1, 3, 4, 5 and 6 are considered to be
uplands with no wetland areas. Therefore, no adjustments are required. The listing agent
for comparable 2 reported some wetlands were identified; therefore, this sale is adjusted
upward appropriately. The listing agent for comparable 7 reported some wetlands located
in the rear of the site which reportedly did not affect the purchase price.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 28
Shape
For this analysis, the sales are all rectangular; therefore, no adjustments are required.
Zoning
For this analysis, the sales have similar zoning and highest and best use; therefore, no
adjustments are required.
Sales Comparison Approach Conclusion
The adjusted values of the comparable properties range from $13,752 to $19,735; the
average is $15,912. All of the value indications have been considered, and in the final
analysis, due to the overall improving residential market conditions, we conclude toward
the high end of the range in arriving at my final reconciled per acre value of $19,000.
MARKET VALUE OF PARENT TRACT
Indicated Value per Acre: $19,000
Subject Size: 2.80992
Indicated Value: $53,388
Rounded: $53,400
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 6 months to 12 months.
GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN
Page 29
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 298 RDUE is a perpetual, non-exclusive, road right-of-way, drainage, and
utility easement. The easement will be utilized for the widening of Golden Gate
Boulevard E. from Wilson Boulevard to DeSoto Boulevard. The proposed plans are to
widen Golden Gate Boulevard E. from two lanes to four lanes and will include capacity
improvements such as adding turn lanes to the Wilson Boulevard and Everglades
Boulevard intersections. Other improvements include traffic signal upgrades at three
major intersections (Wilson, Everglades and DeSoto Boulevards), on-road bike lanes and
sidewalks on both sides of the roadway. This project also includes the replacement of
bridges over three canals, the Golden Gate, Miller and Faka Union canals.
The part taken consists of an approximate 53+/- foot wide strip taking along the southerly
right-of-way of Golden Gate Boulevard E, with a small triangular piece at the corner of
Golden Gate Boulevard E and 22nd Street SE.
Land Area: Total: 0.18517 acres; 8,066 square feet
Shape: Rectangular MOL
Approximate Dimensions: 150' x 53'
Proposed Improvements Taken: None
GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN
Page 30
Sketch and Legal Description of Proposed Part Taken
GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Page 31
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $19,000 per gross acre. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, Parcel No. 298 RDUE is a perpetual easement for road right-of-
way, drainage, utilities and maintenance of these uses. Accordingly, the proposed
easement will essentially take the entire bundle of rights, with the owner only allowed to
utilize the proposed easement area for density calculations.
Since the proposed taking is an easement versus a fee simple taking, the bundle of rights
taken is something less than 100%. However, since the proposed easement precludes
almost all practical uses by the owner, Parcel No. 298 RDUE is estimated to include 99%
of the fee simple value resulting in an estimated overall unit value. The concluded value
of the Land and Property Rights Taken is shown in the following table.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Proposed Part Taken
Additional Encumbered Land Taken $19,000 99%$18,810 0.18517 $3,483 $3,500
Improvements Taken $0
Total $3,500
Value Indications Proposed Property Rights and Improvements Taken
The valuation of the remainder property, as part of the whole is shown in the following
table.
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $53,400
Less Market Value of the Proposed Part Taken: $3,500
Total Market Value of the Remainder Property, As Part of the Whole: $49,900
Effective Date(s) December 12, 2015
GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
Page 32
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The remainder property will consist of the same size and shape as before the taking, since
the proposed property rights to be acquired involve a perpetual easement for road right-
of-way, drainage, utilities and maintenance of these uses. However, the remainder
property will be encumbered by an additional perpetual easement located along the
existing right-of-way of Golden Gate Boulevard E. The remainder property’s overall
access, availability to utilities, topography, land use designation, and zoning are
unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.80992 acres; 122,400 square feet
Shape: Rectangular
Improvements: None
Existing Easements and
Encumbrances:
The parent tract is encumbered by a 50-foot wide road
right-of-way easement along the northern property line
bordering the property's existing frontage to Golden Gate
Boulevard E as well as a 30-foot wide road right-of-way
easement along the eastern property line bordering the
existing frontage to 22nd Street SE. We are not aware of
any other easement, restrictions, or encumbrances that
would adversely affect value before the taking. However,
a current title report was not provided for the purpose of
this appraisal.
Proposed Easement and
Encumbrances:
Additional 53+/- foot roadway, drainage and utility
easement south of the existing easement along the
northern property line.
Highest and Best Use
As Vacant
As Improved
Single-family residential development
NA
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide
road right-of-way easements along the property’s adjacent roadway frontages. Prior to the
taking, the parent tract is encumbered by a 50-foot wide road right-of-way easement
along the northern property line bordering the property's existing frontage to Golden Gate
Boulevard E as well as a 30-foot wide road right-of-way easement along the eastern
property line bordering the existing frontage to 22nd Street SE. We are not aware of any
other easement, restrictions, or encumbrances that would adversely affect value before
the taking. However, a current title report was not provided for the purpose of this
appraisal. After the taking, an there will be an additional 53+/- foot roadway, drainage
and utility easement south of the existing easement along the northern property line.
GOLDEN GATE BOULEVARD E. WIDENING SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Page 33
The proposed easement area precludes almost all practical uses by the owner. Therefore,
the proposed easement is estimated to take 99% of the fee simple value of the area taken.
Accordingly, the appraiser has estimated the residual value to proposed additional
easement area to be 1% of the fee simple value. The value of the Land and Property
Rights Remaining is calculated in the following table.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $19,000 100%$19,000 2.62475 $49,870 $49,900
Additional Encumbered Land Taken $19,000 1%$190 0.18517 $35 $0
Total Land 2.80992 $49,905 $49,900
Improvements $0
Total $49,900
Value Indications Remainder Property, After the Taking
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Value of the Whole $53,400
Less Value of the Part Taken $3,500
Value of the Remainder Property as Part of the Whole $49,900
Value of the Remainder Property as Severed $49,900
Difference (Severance Damages) $0
Rounded: $0
Severance Damages to the Remainder Property
COST TO CURE ANALYSIS
Based on the analysis of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY AND CONCLUSION
Page 34
SUMMARY AND CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of December 12, 2015, subject to the Limiting
Conditions and Assumptions of this appraisal.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $19,000 100%$19,000 2.80992 $53,388 $53,400
Improvements $0
Total $53,400
Proposed Part Taken
Additional Encumbered Land Taken $19,000 99%$18,810 0.18517 $3,483 $3,500
Improvements Taken $0
Total $3,500
Remainder Property, as Part of the Whole $49,900
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $19,000 100%$19,000 2.62475 $49,870 $49,900
Additional Encumbered Land Taken $19,000 1%$190 0.18517 $35 $0
Total Land 2.80992 $49,905 $49,900
Improvements $0
Total $49,900
Damages $0
Special Benefits $0
Net Damages $0
Additional Encumbered Land Taken $19,000 99%$18,810 0.18517 $3,483 $3,500
Value of Improvements Taken $0
Total $3,500
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $3,500
Parcel No. 298 RDUE
Summary of Total Compensation
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION
Page 35
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our 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.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION
Page 36
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding acceptance of this assignment.
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program of the Appraisal Institute.
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 37
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 38
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third-
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 39
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner’s financial ability with
the cost to cure the non-conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner’s financial ability to cure non-accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner’s
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 40
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client’s use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
4500 Executive Drive, Suite 300
Naples, Florida 34119
Phone: 239-596-0800; Fax: 239-596-0801
www.rklac.com
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our over 60-years of combined
appraisal experience to provide our clients with the highest quality of Real Estate
Appraisal and Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, business/industry and
government, life insurance companies and pension fund advisors, and mortgage bankers.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 – Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 – Present)
Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida
Naples, FL (2003 – 2009)
Research Associate, Integra Realty Resources – Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
ACTIVITIES:
Member:
Member/Board of
Directors:
Member:
Member:
Member:
Licensed:
Licensed:
Appraisal Institute – MAI Certificate Number 451177
Appraisal Institute Florida Gulf Coast Chapter
(2015-2017)
CCIM Institute - CCIM Designation Pin Number 21042
Naples Area Board of REALTORS
The American Real Estate Society (ARES)
Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Real Estate Broker (Florida)
License No. BK3077672
EXPERT
WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier
County
EDUCATION: Bachelor of Arts
Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Honor Society, Key Club, Phi Eta Sigma
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS
FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused
on community/neighborhood shopping centers, power centers, office-buildings,
warehouse/distribution, multi-family and single family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized
services include appraisals, market feasibility studies, and litigation support in
connection with real estate transactions. Clients served include banks and financial
institutions, developers and investors, law firms, business/industry and government, and
mortgage bankers. Valuations have been performed for condemnation purposes, estate,
financing, and due diligence support.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
$ 0
$ 0
$ 0
$ 175,000
$ 11,200
$ 0
$ 18,996
$ 0
$ 18,996
$ 7,283
$ 11,713
$ 18,996
$ 11,713
Collier County Property AppraiserProperty Summary
Parcel No.39390520009 Site Adr.
Name / Address HALASZ, SARA GARCIA
5975 LEE VISTA BLVD APT 206
City ORLANDO State FL Zip 32822
Map No. Strap No. Section Township Range Acres *Estimated
4C12 342700 102 04C12 12 49 27 2.81
Legal GOLDEN GATE EST UNIT 51 E 180FT OF TR 102
Millage Area 61 Millage Rates *Calculations
Sub./Condo 342700 - GOLDEN GATE EST UNIT 51 School Other Total
Use Code 0 - VACANT RESIDENTIAL 5.48 6.1927 11.6727
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
06/22/13 5038-3066
11/05/09 4519-2287
08/05/08 4383-3898
08/09/05 3863-3985
10/12/89 1476-86
11/01/76 666-1964
2015 Certified Tax Roll
(Subject to Change)
Land Value
(+) Improved Value
(=) Market Value
(-) 10% Cap
(=) Assessed Value
(=) School Taxable Value
(=) Taxable Value
If all Values shown above equal 0 this parcel was created after the Final Tax Roll
Page 1 of 1
12/3/2015http://www.collierappraiser.com/main_search/Recorddetail.html?Map=No&FolioNum=39390520009
Collier County Property AppraiserProperty Detail
Parcel No.39390520009 Site Adr.
Name / Address HALASZ, SARA GARCIA
5975 LEE VISTA BLVD APT 206
City ORLANDO State FL Zip 32822
Permits
Tax Yr Issuer Permit # CO Date Tmp CO Final Bldg Type
Land
#Calc Code Units
10 ACREAGE 2.81
Building/Extra Features
# Year Built Description Area Adj Area
Page 1 of 1
12/3/2015http://www.collierappraiser.com/main_search/Recorddetail.html?Map=No&FolioNum=39390520009
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
December 4, 2015
Sara Garcia Halasz
5975 Lee Vista Blvd Apt 206
Orlando, FL 32822
Re: Golden Gate Blvd. E. widening
Real Estate Appraisal
Golden Gate Blvd E.. Naples
Collier County, Florida, 34117
Dear Ms. Halasz:
As you may be aware, Collier County Growth Management Division C&M is planning the above
referenced road-widening project and has engaged RKL Appraisal and Consulting, PLC to
appraise Parcel 298 RDUE which is a portion of the property located along Golden Gate Blvd E.,
Naples.
We will be conducting a field inspection of your property within the next few weeks and will be
photographing the site and improvements (if any).
Please contact me if you have any questions or comments. Thank you for your cooperation and
assistance in this matter.
Sincerely,
Rachel M. Zucchi, MAI, CCIM
Partner / Managing Director
RKL Appraisal and Consulting, PLC
4500 Executive Drive, Suite 300
Naples, Florida 34119
Phone: 239-596-0800 Ext. 203
Fax: 239-596-0801
www.rklac.com
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3065 Date 1/30/2015
Address Golden Gate Blvd E Price $30,000
City Naples Price per Acre $10,676
State Florida Financing Cash
Tax ID 39269760000 Property Rights Fee Simple
Grantor Judy Weigard fka Judy M
Dickerson
Days on Market 5-6 months
Grantee Fredy Salgado Villa and
Janete Salgado
Verification Source Richard J Woodruff;
Premiere Plus Realty
Legal Description
Acres 2.8 Topography Treed
Land SF 122,400 Zoning Type E - Estates
Road Frontage 180 Environmental Issues None known
Depth 680 Shape Rectangular
Encumbrance or Easement
Land Comparable 1
Transaction
Site
East 180' of Tract 110, Golden Gate Esates, Unit No. 49
50' wide road ROW Easement along southern property line, Golden Gate Blvd E
Comments
Vacant parcel located along north side of Golden Gate Blvd E, east of 14th St NE.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3193 Date 4/2/2015
Address 2535 Golden Gate Blvd E Price $34,500
City Naples Price per Acre $13,372
State Florida Financing Cash
Tax ID 40622560001 Property Rights Fee Simple
Grantor Alex Suarez Days on Market 2-3 months
Grantee Jade Retail North LLC Verification Source Magdevys Abreu
Legal Description
Acres 2.6 Topography Treed
Land SF 112,200 Zoning Type E - Estates
Road Frontage 165 Environmental Issues None known
Depth 680 Shape Rectangular
Encumbrance or Easement
Comments
Land Comparable 2
East half of Tract 37, Golden Gate Esates, Unit No. 76
50' wide road ROW Easement along southern property line, Golden Gate Blvd E
Vacant parcel located along north side of Golden Gate Blvd E, east of 22nd St NE. Lot sold as a short sale at
reported price of $17,000 in 10/2014. Deed reports closing at $16,000. Re-listed immediately at $59,900 in 10/2014 and
reduced multiple times. Most recent price reduction was in 12/14 to $28,900 and then increased to $35,000 in 1/2015.
Magdevys reported the lot had wetlands.
Site
Transaction
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3431 Date 6/26/2015
Address 14th St SE Price $43,000
City Naples Price per Acre $18,943
State Florida Financing Cash
Tax ID 39208400004 Property Rights Fee Simple
Grantor Susan Colgan, Trustee Days on Market 1-2 months
Grantee JD Investment Group of
Naples, LLC
Verification Source Magdevys Abreu; Coldwell
Banker
Legal Description
Acres 2.3 Topography Treed
Land SF 99,000 Zoning Type E - Estates
Road Frontage 150 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement 30' wide road ROW Easement along western property line, 14th St SE
Comments
Transaction
South 150 feet of Tract 112, Golden Gate Esates, Unit No. 48
Site
Vacant parcel located along east side of 14th St SE. Lot is reportedly uplands. Listed in April 2015 for $45,000 and
reduced to $44,500 5/13/15. Title was transfered to Angela Rius (local investor) in September. Ms. Rius has recently
purchased three other lots in the Golden Gate Estates area, including the adjacent lot to the north ($40,000 in
8/2015). Lot was re-listed in 11/2015 for $69,999.
Land Comparable 3
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3432 Date 8/12/2015
Address 810 14th St SE Price $40,000
City Naples Price per Acre $14,652
State Florida Financing Cash
Tax ID 39208440006 Property Rights Fee Simple
Grantor Manuel and Maria Garcia Days on Market 10 days
Grantee JD Investment Group of
Naples, LLC
Verification Source Dave Huff; Sun Realty
Legal Description
Acres 2.7 Topography Treed
Land SF 118,800 Zoning Type E - Estates
Road Frontage 180 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement
North 180 feet of Tract 112, Golden Gate Esates, Unit No. 48
30' wide road ROW Easement along western property line, 14th St SE
Comments
Vacant parcel located along east side of 14th St SE. Listed July 2, 2015 for $89,000 and reduced to $44,900 on July 7,
2015. Title was transfered to Angela Rius (local investor) in September. Ms. Rius has recently purchased three other
lots in the Golden Gate Estates area, including the adjacent lot to the south ($43,000 in 6/2015).
Site
Transaction
Land Comparable 4
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3433 Date 8/27/2015
Address 481 22nd St SE Price $50,000
City Naples Price per Acre $18,315
State Florida Financing Private Equity
Tax ID 39391360006 Property Rights Fee Simple
Grantor Audi Homes and Land,
Inc
Days on Market 6 days
Grantee KSWFL Homesites, LLC Verification Source Angel Madera Jr.; Premiere
Plus Realty
Legal Description
Acres 2.7 Topography Treed
Land SF 118,800 Zoning Type E - Estates
Road Frontage 180 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement 30' wide road ROW Easement along eastern property line, 22nd St SE
South 180 feet of Tract 110, Golden Gate Esates, Unit No. 51
Transaction
Land Comparable 5
Site
Comments
Vacant parcel located along west side of 22nd St SE. Listed June 3, 2015 for $39,900 as uplands lot. Sold June 24,
2015 to Audi Homes & Land Inc. Re-listed July 1, 2015 for $54,900. Purchased by affiliate of Custom Homes by
Kaye.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3436 Date 10/1/2015
Address 735 18th St NE Price $17,000
City Naples Price per Acre $14,912
State Florida Financing Cash
Tax ID 39322240001 Property Rights Fee Simple
Grantor Hayri Solms Days on Market 8 days
Grantee Agniel Marquez Verification Source Diego Figueroa; Florida
Home Realty Inc
Legal Description
Acres 1.1 Topography Treed
Land SF 49,500 Zoning Type E - Estates
Road Frontage 75 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement
South 75 feet of the North 150 feet of Tract 22, Golden Gate Esates, Unit No. 50
30' wide road ROW Easement along eastern property line, 18th St NE
Vacant parcel located along east side of 18th St NE. Listed on 9/2/2015 for $19,700.
Site
Comments
Transaction
Land Comparable 6
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3437 Date 10/22/2015
Address 10th Ave NE Price $38,000
City Naples Price per Acre $15,200
State Florida Financing Cash
Tax ID 40570760005 Property Rights Fee Simple
Grantor GG Land Trust Days on Market 1 day
Grantee Juan, Maritza, and Juan
JR Hernandez
Verification Source Timothy Summers; Florida
Home Realty
Legal Description
Acres 2.5 Topography Treed
Land SF 108,900 Zoning Type E - Estates
Road Frontage 165 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement
Site
West 1/2 of Tract 16, Golden Gate Esates, Unit No. 75
30' wide road ROW Easement along northern property line, 10th Ave NE
Land Comparable 7
Transaction
Comments
Vacant parcel located along south side of 10th Ave NE. Small section at rear east coner has wetlands. Originally
listed in 6/2014 for $37,500. Listing expired 6/2015. Re-listed on October 2, 2015 for $38,000.