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Agenda 09/15/2009 Item #16B 6 Agenda Item No. 1686 September 15, 2009 Page 1 of 216 EXECUTIVE SUMMARY Recommendation to approve an Easement Agreement for the purchase of a Perpetual Road Right-of-\Vay, Drainage, and Utility Easement which is required for the Collier Boulevard Project. Project No. 68056, Parcel No. 122RDUE (Fiscal Impact: $54,619.50). OBJECTIVE: To obtain the Board of County Commissioners' approval of an Agreement to purchase a sixty foot (60') Road Right-of-Way Drainage and Utility Easement (RDUE) to the County, that is required for the Collier Boulevard Project (Project No. 68056). CONSIDERATIONS: Collier County is seeking to obtain a 60 foot wide Road Right-of-Way Drainage and Utility Easement across the property frontage which is owned by Patrick J. Williams and Dana P. Williams. The 1.14 acre parent tract parcel is improved with a single family home on White Boulevard, and there are improvements located within the proposed easement area. The legal description of the easement is attached to the Easement Agreement as Exhibit "A." There are two project resolutions in place; the Gift and Purchase Resolution No. 2007-326 approved on November 13, 2007 as Agenda Item No. lOB and the Condemnation Resolution No. 2008-353 approved on December 2, 2008 as Agenda Item No. lOB. On or about May 19, 2008, the County received an appraisal for the required property in the amount of $35,100. On June 19, 2008, Collier County made an offer to purchase the required property for the sum of $35,100. On September 25, 2008 Allied Appraisers & Consultants, Inc. prepared an appraisal for the Williams in the amount of $84,200. Subsequently, Mr. Williams' attorney, Ken Jones, entered into negotiations with the County and both parties ultimately agreed to the purchase price of $43,750. Mr. Jones is entitled to a statutory fee in the amount of $2,854.50 and the Allied Appraisers & Consultants, Inc. invoice was negotiated from $12,050 to $6,620. Staff recommends that the Board of County Commissioners purchase the subject property from the Williams for $43,750 plus fees and costs. While land values are down, improvements and damages have not been so affected, and the County has negotiated the purchase price as low as possible. This purchase would avoid additional costs to the County associated with taking the property through condemnation (filing fees, service of process on all interested parties, an appraisal update, mediation expenses, and the time of the staff of the County Attorney's Office). FISCAL IMPACT: The fiscal impact is $54,619.50 which includes the $43,750 negotiated purchase price, fees and costs in the amount of $9,474.50, plus title insurance, bank fees and recording fees not to exceed $1,395. Source of Funds are Gas Taxes and Impact Fees. GROWTH MANAGEMENT IMPACT: This project is consistent with the Long Range Transportation Plan and the Collier County Growth Management Plan. -- LEGAL CONSIDERATION: This item is legally sufficient for Board action, is not quasi-judicial and as such, ex-parte disclosure is not required. This item requires only a majority vote. JBW Agenda Item No. 1686 September 15, 2009 Page 2 of 216 RECOMMENDATION: That the Board of County Commissioners of Collier County, Florida: 1. Approve the attached Easement Agreement and authorize the Chainnan to execute same on behalf of the Board; 2. Accept the conveyance of Parcel 122RDUE (Road Right-of-Way Drainage and Utility Easement) and authorize the County Manager or his designee to: (a) take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the Agreement: and (b) to record same in the public records of Co !lier County, Florida; 3. Authorize the payment of all costs and expenses necessary to close the transaction; and 4. Approve any and all budget amendments, which may be required to carry out the collective will of the Board. Prepared by: Margaret Kreynus, Senior Property Acquisition Specialist, TECM Attachments: Easement Agreement with Exhibit "A" Aerial View of the Property Two Appraisals ,..-'.... ... '-""6'"" .I. V..l. ~ Agenda Item No. 1686 September 15, 2009 Page 3 of 216 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: 16B6 Item Summary: To obtain Board of County Commissioners approval of an Agreement to purchase a sixty foot (60) Road Right-of-Way Drainage and Utility Easement (ROUE) to the County, that is required for the Collier Boulevard Project (Project No. 68056). ($54.619.50) 9/15/200990000 AM Meeting Date: Prepared By Margaret Kreynus Property Acquisition Specialist Date Transportation Services TECM.ROW 8f20/200910:40:25 AM Approved By Jennifer White Assistant County Attorney Date County Attorney County Attorney Office 8/21/2009 8:47 AM Approved By Margaret Kreynus Property Acquisition Specialist Date Transportation Services TECM-ROW 8/21/200910:45 AM Approved By Jeff Klatzkow County Attorney Date County Attorney County Attorney Office 8f24f2009 10:33 AM Approved By Lisa Taylor Management/Budget Analyst Date Transportation Services Transportation Administration 8/24/2009 11 : 17 AM Approved By Marlene Messam Senior Project Manager Date Transportation Services Transportation Engineering & 8/24/2009 11 :25 AM Construction Management Approved By Norm E. Feder, AICP Transportation Division Administrator Date Transportation Services Transportation Services Admin. 8/24/2009 11 :29 AM Approved By Therese Stanley Grants Coordinator Date Transportation Transportation Administration 8f24/2009 2:53 PM Approved By .- Kevin Hendricks Right Of Way Acquisition Manager Date Transportation Services TECM-ROW 8/27f2009 12:22 PM ~l_.lln.\ A ____....l_'T"__L\T:__~___.....\1,.,A c-,_n....___~ () I "'A 1 ~ 0/ '"" 1"\1"\ AAA\ 1 r n 1" '"" to.................., T~~"" Tf'"T""In. ~ _ r. . ..-.,,......,...-,.- ~ (leI;;: .:.. VI .:.. Agenda Item No. 1686 September 15, 2009 Page 4 of 216 Approved By Najeh Ahmad Director Date Transportation Services Transportation Engineering & Construction Management 8/28/20099:51 AM Approved By Pat Lehnhard Executive Secretary Date Transportation Services Transportation Services Admin 8/28/20093:43 PM Approved By Mark Isackson Budget Analyst Date County Manager's Office Office of Management & Budget 9/1/2009 5:47 PM Approved By Leo E. Ochs, Jr. Board of County Commissioners Deputy County Manager Date County Manager's Office 9/1/2009 6:21 PM .cl_.IJ~_'A.____'_"""'_ ~\.. Agenda Item N 1686 September 1 , 2009 Page 5 of 216 PROJECT 68056 P!-\RCEL No: 122RDUE muo No 37990000002 EASEMENT AGREEMENT THIS E/I,.sEf',,~ENT AG"<EEMENT (her,,,inaft€r coferr~d :0 25 th,e "/,gcecnlent") IS made and ent2red l:lto on th;s _ day of _ , 2:)09, by and between PATRICK J. WILLIAMS and DANA P. WILLIAMS, husband and wife, I.hose mailing adcress is 3720 Wtl':e BCl.lev3rd, Naples, FL 34117 -4126, (~ereinaftar co!!ect:vely rs~erred to as "Owner"), alld COLLIER COUNTY, a political subdiVision of the State of Flonda, 'Nhose irai!ing address is 3301 Tamiami Tral East, N3ples, Florida 341 '12 (r~ere:nafter referred to 015 ";-:0 "r~chaser"). " '>NHEREAS, Purchaser r"quires a perpetual, n<::,~-exdll''''Je right-olway, cralna'Je and U1!llty ,"as"n1ent to t:"ctu Jpon and to Install and mi!'-,T<.iin TadNa,', bike palll and s!cie,',':.1ik irnc"rL:;ri-?nt5, dr2',130f: sirucL;rp.$ i;ci'ldina b~Jt ront' :-'Itl?:! t~ j~tc'h€,:i. S,/~..)IE".:;', ''::8::he~ l>;rr13, ;-;~.. ra~' 3T:d ietawllflg '/.:aH' sys~enlS. under.grGLn~d c:p€:s, \ia~;OL~ ~,j'P8S at ,,',!3ter contr")l stru,:;tdres, ~he r;;;;l\ to 'emove and use any and all excavated mater,al, ar,j any a'1d 311 manner of r;ubiic and pri'Jate ,;tiiity faciiities over, under, upon and across the ';)llo','/l'1g de~cnbed lands located in Calloer County, Florida, ana cescribed In Exh'blt 'N, v:h;ch 's a'tached I"ereto and made a part of this ,ll,,:;reer;l'mt (hereinafter referred to as the 'Easement''): ar,,j V\!HEREAS, Owner desTes to convey the Easement to Purchaser for the stated purposes, on the tums and cO'1dltions set forth herein: and WHEREAS, Purchaser has agreed to comperlsate Ow"er fc~ conveyance of the Easement. NOiN THEREFORE, In consideration ,:;;.1 these premi,,(;s, lr,e sum of Ten DDllars ($1000). and oth8r good and valuable cansjjeration, the receipt and sufilcjen,:y of ,,.,ich is hereby mutually ad<nc:wledged. it IS agreed by and cetween the parties as fo:lt)ws 1. All of the 3bove RECIT!\lS 3'C true and correl~t "md are hetcby eXDre~sly illcorpuralcrj herein by reference as if set forth fully belew, ard ill! Exr1itli!s r"',,,r'Oflce,j rerein are maje ,3 pari of this Ag-eement. 2, Owner shall convey the Easement to Purchaser for the Slim of: $43,750.00 subject to the apportionment and distribulion of proceeds pu'suant to ~"aragraph 9 of this f\greement (said transaction hereinafter referred to as the "Cbsing"). Chimer sha!! also be entitled to statutory attorney fees in the amount of $2,854 50, and for prcfess:onal feal estate appraisal services in the amount of 55 620.00. Said payments snail be made to the Roetzel and Andres P.A. Trust I,ecoemt, in a single payment of ,1:53,22450 VVhich shnll be full c0'11pensati:Jn for the Eascnent cc";veye.:i. ind~d:ng :-1!i iajjjscii~lr1g, treesr shru~s, impr::>vements, and fixtures located thereon, ana shail be '" full and final settlement of any camages resulting t:> Owner's remaining lands, costs to cure. Includirg but not I:mlted to tre cost to relocate the existing ihgation system and other 'mprovements, and the cost to C'-lt and cap irrigation lines extending into the Easement, and \0 re'T1ove all sprinkler valves and related electrical wiring, and all other damages in connection With conveyance of sa:d Easement to Purchaser, including all attorneys' fees, expert witness fees and costs as p'ovided for in Chapter 73, Florida Statutes. 3. Prior to Closing, Owner shall obtain from the holders of any liens exoept:ons and/or qualificat:ons encumbering the :::asement, the execution of such instruments which will remove, release or subordinate such encumbrances from tre Easement (jpon their recording in the public records of Collier County, Florida, At or prior to Closing, Owner shall provide Purchaser w:th a copy of any exisiing prror title Insurance pc!cies. Owt:er shall cause to be deli'/ered to Purchaser the items speCified herein iJnd the follcwing documents and it:struments duly executed and acknowledged, in reco,dable form (hereinafter referred to as "Clcsing Docume;1ts'') on or oefo:e the date of Closing: (a) Easement; -. Agenda Item No, 1686 September 15, 2009 Page2 Page6of216 (b) Closing Statement, (c) Grantor's Non-Foreign, Taxpayer Ide~tification and 'Gap" Affidavit (d) VV-9 Form: and (e) Sue,'] e'/'den,-e Qf aUlhonty and cz'paclty of C'\':n::r and its represen:a!I'Jes to c,:ecu'e a'ld (J,~II'!er this agreei1lc:nl end all oln.::;r docu-nerts requi:ed to consurnma'e Ihs tram;action, as reasonably dele:rn'ned by ::>urehaser. Purchaser's counse' and/or tille cornpany 4, 30th Owner and Pwc'l~ser agree thai time IS of Ihe essenc.e iherdcre, ClOSing shall occur WIthin one hundred and twcr,tl' (120) days (rom the 'Ja'e of e\8c:ltlo;, ot this ,A,gceernent by tre Purchaser; prOVided hcwevcr, that ;::>urchaser s',a!l 11ace the .;r)t!titera! rlgh! :0 e,:tend the term Of ths iv;;reemE'-,t pending reeei:)! o~ such instrC:I,-e,;ts qropery ereculed, '.vl-ich either f2:1:0'..-9 Jr release 3ny :~rld all such ';ens, (_"r"-curr'bron.:.'es::r GLl:1lrflcat:~:JflS Dffectlng P',..;r~:flase;'s SnjOjTnert of Ire E3selie...-:t i...t Ci;:,ST:g, r,~j>'r~1:::rJ1 s~ad be 'llade to O'~vner in th.:lt arrDunt sh::)V..'~ on Hie CI':)SL:;) St2tcT:~-:;n~ (:$ 'r-~et Cash 10 Serer ~ 3nd D..-/ner shall dc!i',/er P,e C:C'SFig DCC-GrlCJlt:'1 t8 Purch1sef'n a k'nr 2r..;ce~ta:":e i:) Pur:::'13ser. C"',To::;" 3;:-C::-:':. to -.2:~""'~.:':.'.,:::: ::Jr,'/ "'.,.;..,~:-:;rrfg(i:.,~;[; ~~~~-~\'::r\-: :("~.:,-:Jtcd .-.:n ;ile ~asenl{.ln~ lrCIU(jl~g irr?atlol fines, electr'cal 'Nlri~d ar'd ::pr:rl~;'er '.'21'J"::::. e:c. ;Y1:r 10 the conSh;cll:::'1l of t',e :xCi;ect 'Nlthout any further lc,t,fi:::JtIO:l fr:n: P:;rcnaooer 0'.\"'2r assumes full responsib!itJ 'or the relocation of the irr'gatlon ",ys~em on the ren-,ai'der pro~e'~y a'Cd its :)e'forr.1;)nce ;)fter rE!CCJtion, Ownar :,01d5 Cour,!)' 'la'rrle::s 'cr Any and ail pcss:l~le damage to therrigatie,n system in the event:vvner fails to "eloc2:e ~he :rr~gctt!on sYf~:er1 :;!"ior tc CO;"istruction of :t;e p:-..:::ject. If Owner elects 10 'etain Imp~overnents 2nd lor landseap'ng ('impr:ove'r.en:s") k)cCited or the Easement, the O""'1er is resp::;nsiblc br th.:=ir :etr'eval ::JrIor to the construction of the p-o:ect without any LJrther "C!t:f's3tion from Purchaser O,';w'r ;1ckn'J'!,:edges tnat ?u'chaser has CO~T:p2ns3ted Ov'/;cr for the va:ue cf lhe ;"rpr;::"'.l~~~r:en:s a;~j yet Purchaser IS v.'illin9 :0 perMit Owrer 10 salvage the -nprO'jements as 'ong JS :llelr 'etre'v'al :s perfo~meci befcre construcllon a'ld~lIth')LJt in;erruption or Inoonvenience to :11e CJu,ntys contractor ,t..I1 Irn:xc'lcments r,ot re,10\'eo from the Prc'perty pre;; t'c C:;rnrnencem-::nt of corsiruc'ion :;f the pr:)jec~ shaH be deem~?d a:-;:':iil,joiicd by C'Nner Th;s provision shall surVive CI:Jsing anc} is net decrned satrsfied by' conveyance of Litle, 6 Ow'Cer and Purchaser agree to do all things which rT',ay t:e 'equired (0 gi'.'e effect to this I'..grecnent immediate'y as such reqUirement is made kc;o'Nn to :hem or I~ey ace requested to (iD SJ. vJhicnever is ~he eariier, 7, Owner agrees, represents and warrar-is the fol!owir.g' (a) Owner has full rght, p::l'......er ard aUlhwity to OWIl and operate U",e ;xop.:::rty urderlyin';J the Easement, to enter 'nto and '0 execu:e this Agreenen!, to e>::ec~te, deliver and performts otJllgatio,~s under t!~is ,Ag'ee"nent and tf-e ;nst..~rlents executed In ccn,leclirm herel/:i!h. to ,;nc'er:ake ai' actions ai"j to perforrr ail tasKS required --:l 0\':1'-=:- ~:9"su::der 2'l8 tu t.orSU'T!n~(~-e t~.e ~rC)rlsa.cti8n co;>!emp!<'Jted he'eby, (b) Purchaser's acce:Jtance af tl-e Easement shall not be deemed to be full perfo;:r;arce and discharge of eve'! agreernent and ob:igation en the part of Owner to be performed ::lUrsuant to the piQvisions of this A;Jreerne~t. (c) No par::y or person other tha,l Pu;chaser has any n,;;ht or optien to acquire the Ea::emenl or any portion tne;eof (d) Until the Gate b:ea for Closing, so long as this !1.;:FeeTent remains ir, force and effect, Ovme: shall Ii:)t encun,ber or s::>nvey a:lY portion of t,.e property underl)'io-:g the Easemer.t or any ri,:;hts therein, nor e~ter int::> any agreements ';;ra,iting any person or ef1tlty any rights v;ith respect to the ::Casement. wiU'out first obtain,ng the written consent ,:;f Purchaser 10 such conveya[1C8. er;cumcrance, or agreeT;e;>t. which c~nsent :llay be \....ithhe;d by .;::)urc~aser for arJ/ rC3S0n whats'::;e-ver, (e) There are no maintenance, c-onstcuction, adve1is!ng, management, leasing, employment. serVice or other contracts affecting the Easernent. ------.------.---.... ., Agenda Item No, 1686 September 15, 2009 Page 3 Page 7 of 216 (f) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other oroceedings or gov'3rnmental investigations or requ'rements. for:nal or informal, eXisting or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform heie:.mder; nor IS there any cther charge or expense upon Dr related to the Easement which has not been disclosed to Purchaser in '~:riti'1g prier to ti1e effective date of th,s Agreeme..t. (g) Purchaser is e~1tenng into I"lis Agreement based upon OW:ler's :epresen:alions stated i,n thiS /\greerrenl and on the understandlflg that Owner will not cause the physical condition of the property underlying the Easerren, to change from its existing state on the effective date af this Agreement up to and including the cate of C!oslng, Therefore, Owner agrees not to enter m:o any contracts :Jr agreements pertaining to or affect I1g ltle prClperty under'ying the Easement and not to do any act or omit to perorrn any act which would adversely alfo.:;t the physical condition of the property unjerlYl"lg the Easel11c:nt or its intended use by Purchaser, (h) The ;:;ro;;o,rty"nderlyrng The Ease'rleC1t, ana ail '-'3,-,:; ,,[ the selld property, have been and prese"tly a:e !n corlpl ance with al: Federal State and Local envlronrnenlal lavlo's' that :10 ~-12za:'do:Js substances ;iave hcc~1 g::;;neraled, stored. treated or :rar".iferrecf 'In ~he p":)perty urd.~rl',":~q t:~10 ~2sr:;'71e:;t eXC2r)t 2S z~<!:;if,c.~'f! [!o' :j,~,~:~:;i :: ~'": P ..re',.;';"i, "'::1[ tl1';; ,::,oJ"er nas ;~() I'f',owlecge of "I'll' Spill or envircnrre:;ta! law v;,)lation on the property ,:;o'lllh:"OUS to or In The vlcln,ty of the Easement :0 be solc~ to Ihe Purchaser that the Ovmer has not received notice and otherw'se has no knowledge of a) any spill on lhe prcperty ,mderlYlng the Easement: b) any ex.sting Dr threateroed enVIronmental lien against the property under:yir,g Ihe Easement: or c) any laWSUIt. proceeclng or Investigation re:;;arding the generation, storage, lre,3tment, spill or transfer of h;;Jzardo:.JS substances on 1:1e property underlying the Easement. This provision shall survive ClOSing and is not deerned satisfed by ccnveyance of title, a, Owner shall inderTll1lfy, defend, save 2rod hold harmless the Purchaser agahst and from, and reimburse the purchaser With respect to, any and all damages,:'airrs, liablllt:es. laws, costs and expenses (Including w:lhout Imitation reasGr,a::Jle parategal and attorney fees and expenses whether in court. out of ccul1, In ban~,ruptcy or admlnlstra:ive proceedi.ngs or on appeal). penalties or fines incur:ed by or asserted against the Purchaser by reason '::lr arising out of the breach cf any of ONner's represelltatlons under paragraph 7(h), This provisicn shall survive C:os:ng and is not deened satisfied by conveyance C)f title. 9 Purchaser shan pay all fees ~o record any curative ins:nJl1le,'1ts require::cJ to ciear Wie, all Ea~;emer1t reC(lr'ding fees, and any and all c:Jsts and/or tees associated With securing a'1d recording a Release or Subordination of any mortg2ge, lien or other encumbrance recorded ngt'inst tile proper1y underlYing the Easernent, provided, rcwever, lha~ any apportionment and distribution of the fu!! compensation amount in Paragraph 2 w'lIch may be reqJired by any mortgagee, lien-holder or other encumbrance-holder tor the orotection of its security interest or as conslderat:on for the execution of any release, subordination or satlsfact,on, sr-,aH be the ;esponsibliity of the Owner, and shall be deducted on the Closing Statement from the corrpensation pai'able to the O\N'ler per Paragraph 2. In acc::Jrdance with tr;e provisions of Section 201 01, Florida Statutes, related to the exemplions against payment of doc~Jmentary stamp taxes by Purchaser, Owner shall further pay a'l documentary stan~p ~aYes reqUI."ed on the instrulnen~(s) of t:-ansfer, ur:less the '~3sernent i~ ocquirea uilder threat elf condemnaticn 10, Th.is I\greemen~ and the terms and prOVISions hereof srall De effective as of the date this Agreement is executed by both parties and shall inure to the t:eneril elf and be binding upon the parties hereto and their respective heirS, executors, personal representatlvos, successors. Successor trustees, and/or assignees, whenever the context so re:;uires or adm!ts. 11. If the Owner holds the property underlying the Easement ill the form of a partnership, limited partnership. corp ration, trust or any form of representative caoacily whatsoever for others, Owner shalf make a wntten public disclosu~e, according to C,apter 286, Florida Stalutes, under oath, of the name and ajdress of every person having a benefiCial ir.terest in the property underli':ng the Easement before the Easement hOld in such ca~acity IS conveyed to Purchaser, (If the co;p:::ration ,s registert~d with the Federal .Securities Exchange Commission or r0g!stered Dursuan: ~o Chapter 517, Florida Statutes, wllose stock is for sale to the general pub!:c, It is hereby exempt from the p'ovislDns of Chapter 286, Florida Statutes.) - Agenda Item No. 1686 September 15, 2009 Page 4 Page 8 of 216 12, Conveyance of the Easement or any ir,terest in the property underlying the Easement, by Owner is contingent upOn c'o other proviSionS, condi:'o'lS, or p,emises o(;,er than those so stated herein; and this \w;~ten .Agrecrlent, including "II e'+,18Its a:tached ~e,eto, shall ':onsti:ute the entire A.g"cernent and understanding of the psrties, and the:--e are no other crior or contemporareous,'mlten or o,al agree,nen:s UCld'2rtakings, pro:nises, '.varranlies, or coven8nts net contained herein. \)0 rno~l1flc3tiQn, arn~n:::'rnent or ::::an:er!at:on of this Agreellent shall be ::Jf ilny force or eff,,:;t L:n!ess made in wrrting ar'd execu:ed and dated by both Owner and PU:.:;haser, 13. Silould any ::Jar! of this r~.gree:r,cn: be found to be Ilwaiid, ('-,ell such ;nvaiid part shall be sc'vered froln ~he /\greeTcnt, an::: the 'cr'lainirg prc)'/Isicns of t...-is A,greement shall rerlain in full force and effect and not be arecte::! :>y such I:wal:d,ty 14. ThiS ,t.,greement is governed and construed 'n accordance with lhe :aws of the State of FI:)~'da IN \^-'IH~ESS \VHEREOF, :he ::artl8s hereto have e'eculec thiS Agreement on the date first above writ:en ~ I p.s TO PURC!-JASFR: Of, TED f\ TTEST. DVVIGHT E BROCK, Clerk GOARD OF COUNTY CO;'.1MISSIONERS COLLIER COUNTY, "'LORIDA Deputy Clerk BY' DONNA FIALA Chairman AS TO OWNER: 07 w~4,,~ :bk1\\L~c...e.p JC~ Name (pr~lt or fype) .~ ( A iQL~~1~Ct1It ~ (S:gnature) Gmo..I2d:h.t!LCdQ.. Narle (Print or Type) _drt!~ ~r- V~~~tu.e) J (\ry( f-. C0(6 '- ~ Name (Print or Type) , ' , inl .( 0 fin Wltnes (Signature) t~~i(;)JL-- u:JM~ -- ------ ~ EllIO,be th 'M. Ce~ Name (Print or Type) Approved as to form and legal sufficiency: . A"~~~Y~ ~ ITi- 3~~ N ) 'FE r<.... · - Agenda Item No, 1686 September 15, 2009 Page 9 of 216 \' s~ ~ ....Il.. q 47+0:2 1~';"GO (;>."'; ! \VfIF[ 80UL~"\.'I'r~8 SO+C.Q - 51.t(;0 52+00 , -- I .-. ,--- nf.n___ '___! >'1 <'" --tL- ' r \...., '- F"C~CS::O W)A~\'IAY EASE '.E.'f7" ~A;,':EL 12290;"';[ "-,".'::,,-' ;,i:: T':~ACT : ")6 ~::::> ;"":-;'1 C;>~ C ;-:': 7AL:.::: ur<:'":' ?? ;.;:~.\! B~;;K 7; . AGC, , I' ,-, [,\S-- 7:;,.")F .,":'::~i- 15.:)' ::F 7"r"AC-;-- ~ :16 '~'''iLLll.'./S OR 12T'/.:09 ".]r;: :t, Oil orlj'~>t-..~ F:::JRC'S {EO:'K/P~GF) [X.~- ''''; ':iun or ,-{[ i"~ "U( "oR A:;O J"J,y [:,'coMeT ;RJUE) PEr;PClLJ ~'i,L.. t'~OtJ-EXCl U:;l \iE i\O.~,C HIGHiOF -'t;;>'Y, Dft'\1N4.Gi' N-IOunu'T'" "''''sEI.1ENf FHC"C.:;[C' i':C',,: "V"~'-(. f:'~''';\';:-'CE. ~.c T~~ It![ P[~';::CT'_'A: ,J'SE 7, r....,.Ct- i 7 A F:::,~~. ;01,: c;;- -~f.";T 1 qL'l?l.i': {;;t'_:.:c:\~'::; r)j /,C CD!. ~ ::--f~' (::: .,;~~'~), :.)1., ~;;.. CE.GAl DlSCRIF'T10N F(R "ARCE~ 122RDUE '::l;' lA,"f,J ~;,\"7[ :"~~T,:';TS, .'.'; ~'("'S CCUlf"-y r~_'::;~"iC':,., ~('t<; )\, E.,r:C Cr" ~,\:.; ~,'1::::;:' F/';:;;<>J!I .~y CC:Cr;{ -:CC':OiT' :j~ :)LAf HCC>< ! '.. .,.) -:.}:,',r::Hn':: 4~ 5:)J-f'~. .1'7 Of 7f. CONT.l\If\ING ~.5CC SCl:ARE FE~. MOHt: :)H l::SS. 'HE SU~iH 60 i::E" or lij[ NORTH 90 ~F~ C;c LiE [A.ST 7; '::E1 OF THE \'i,:ST 15C .::::_ .;..',:C' TR;i,GT ; eGo t':::r: C(')L.ILFl Cl::L'~~T( ',";C/!Y'!r.j[NT 80N~C O'=- ~;jvr..Tr C:C,..:i,l~:~S<)t.~tqS n -I;; r.J ;!;.J (~~:=,.~-.~----'~.~ ~;:~"'I.L 1 ~.;tj-;J' IJI / .' "'1/' J---/ /1 u' /l P , Iv/" ~7 ' "{I-/ /'t^-" '1w/~ '~L;'~':'i' :;:" ;, ;:". 1'-"""";1; S~[iCH & DESC'<iPTlON ONLY Nor A BCUNCARY SU~V[Y PARCEL 1.22EDl!E COLU!OP. lJ~l;LE\';,!W SKE~CH &; JitS,'RIPTiON or: PHDPOSED mOET OF' )lAY t..;,.;1 "'''L~ " .Wq.:..... S!!Al. ~ COLLl~Ji CUUNTY, fLGHIDA .~:J:J rj,. '.';,<:;: T ;...,'.-,';~; c.-) '1 j~;-:", - ?:-i G;,H; \I'(,~~.... ;\~''''l''\(It. ~;~,,,:2C...;; ",;I\,~.,.~, ;b"~I~~)fj Pn;::,1r:_i.',":j, ~):,~;<;i~ F-A)( ,<:'II~:f""C.':.;8 l3 'r:. f,'j!;~ }'l Cf; :)::; ,00 GG[,It;. O~'":t ~ ~':'"\',t>. 1;::'1 -::,/c .i I ,(~ > ; ---'-'~'----------_. ,.--.., ., -'-~_""_"m'_________'_N'_'_'_'____~__ , - Agenda Item No, 1686 September 15, 2009 Page 10 of 216 AERIAL VIEW Folio Number: 37990000002 Name: Patrick J. and Dana P. Williams Street: 3720 White Boulevard, Naples, Florida I JJ I I I I I I I Agenda Item No, 1686 September 15. 2009 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Summary Appraisal Report Number 07-06-01 {Parcel No. 122 ROUE} Project: Widening of Collier Boulevard {CR 951} County Project No. 68056 Parcel No. 122 ROUE Parent Tract: 1.136 Acre Improved Tract. Improvements: Single-Family Home and Associated Site Improvements. Location: The Parent Tract is Located on the South Side of White Boulevard Approximately 0.20 Miles East of Weber Boulevard S. in Collier County, Naples, Florida. Owners: Patrick J. Williams and Dana Paige Williams. Date of Valuation: May 19, 2008. (Date of the Most Recent Exterior Inspection) For Harry Henderson, SRA, Review Appraiser Transportation Right-Of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 I I I I I I I ,....,J ~ I May 2008 Prepared By: Wilcox Appraisal Services, Inc. 1633 S,E. 41st Street Cape Coral, Florida 33904-7470 239-542-2311 Fax: 239-542-4995 Email: awilcoxmaisra@comcast.net IIIII Appraisal .11 111i1 Institute'" Pn:ifr.<sional3 Prodding Real ESUlle Solutions Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our appraisers being designated members of the Appraisallnstltule. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page 12 of 216 Wilcox Appraisal Services, Inc. II II Appraisal .11 1111, Institute'M May 19, 2008 Pn,fr..siollals Providing /Ieu/ Estate SullO/iUl" Harry Henderson, SRA, Review Appraiser Transportation Right-of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Wilcox Appraisal Services, Inc. is committed to the highest degree of professionafism with all of our appraisers being designated members of the Appraisal Institute. Re: Summary Appraisal Report Number: 07-06-01 (Parcel No. 122 ROUE), Project: Widening of Collier Boulevard (CR 951). Parcel No,: 122 RDUE, Parent Tract: 1.136 Acre Improved Tract. Improvements: One Single-Family Home and Associated Site Improvements, Location: The parent tract is located on the south side of White Boulevard approximately 0.20 miles east of Weber Boulevard S, in Collier County, Naples, Florida, The parent tract has a street address of 3720 White Boulevard, Naples, Florida, Owners: Patrick J, Williams and Dana Paige Williams, Date of Value: May 19, 2008 (Date of Most Recent Exterior Inspection). Dear Mr. Henderson: Pursuant to your request, an inspection and valuation analysis has been completed of the above referenced property for the purpose of estimating the market value of the property rights and improvements (if any) which are proposed to be acquired, together with all diminution in value to the remainder land and improvements (if any) which can be attributed to the proposed use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No, 122 RDUE), The Appraisal Standards Board of the Appraisal Foundation adopted the "2008-2009 Uniform Standards of Professional Appraisal Practice" (USPAP) on June 8, 2007, The 2008-2009 standards became effective January 1, 2008 through December 31, 2009, In compliance with Standards Rule 2-2(b), the appraiser is communicating to the reader a "Summary Appraisal Report", one of the three reporting options allowed under Standards Rule 2-2, Tb estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition, Accordingly, as of the date of value, May 19, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis, Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis, The appraiser previouslv conducted a detailed interior inspection of the parent tract improvements with the owner representative on April 18, 2008. The appraiser has 1633 S,E, 41st Street. Cape Coral. Florida 33904.7470 239-542.2311 . Fax 239-542-4995 . Email awilcoxmaisra@comcast.net I l- I I I I I I I p- I I I I I I I I I Page No.2 May 19, 2008 Harry Henderson, SRA, Review Appraiser Agenda Item No. 1686 September 15, 2009 Prepared for and property of CollPefltroUh1yof 216 Board of Commissioners, Reliance upon the appraisal for other uses is not warranted. subsequently conducted only exterior inspections of the parent tract improvements, with the most recent exterior inspection on May 19. 2008. The appraiser has assumed that the parent tract improvements on May 19, 2008, the date of valuation, were similar in type and condition to the improvements previouslv inspected on Apri/18. 2008. The parent tract of this appraisal assignment is an improved tract of land located on the south side of White Boulevard approximately 0.20 miles east of Weber Boulevard S. in Collier County, Naples, Florida, The parent tract has a street address of 3720 White Boulevard, Naples, Florida. The parent tract owners of record are listed on the 2008 Collier County Tax Roll as Patrick J. Williams and Dana Paige Williams, The property is identified as Folio No. 37990000002 and S.T.R.A.P. No. 334600 106 04B14 in the Collier County Property Appraiser's Office, The parent tract contains 1,136 acres of gross land area and is rectangular in shape, Specifically, the parent tract has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 75 feet. The parent tract benefits from 75 feet of frontage along the southerly right-of-way of White Boulevard. White Boulevard is a collector, undivided, two lane, paved roadway, The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 120067 0425 D, and dated June 3, 1986, Flood Zone X identifies areas located within the 500-year flood plain. Flood hazard insurance is not required, Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that include No. 14, Pineda Fine Sand, Limestone Substratum; No, 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. It is important for the reader to be advised that no environmental studies of the parent tract have been provided to the appraiser. The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. The parent tract is encumbered by a 3D-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to White Boulevard. The Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Page No.3 May 19, 2008 Harry Henderson, SRA, Review Appraiser Agenda Item No. 1686 September 15. 2009 PaQf~14of216 Prepared for and property of COllier'""County Board of Commissioners, Reliance upon the appraisal for other uses is not warranted appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. The parent tract is improved with a single-family home and associated site improvements, The single-family home is located in the northern portion of the property and is setback approximately 140 feet from the existing right-of-way of White Boulevard, The parent tract's single-family home is one story and has a slab on grade foundation, concrete block with painted stucco exterior walls and a fiberglass shingle roof. The parent tract's single- family home contains 1,663 square feet of gross living area. The home also includes a single car garage and utility area containing 374 square feet and a screened porch containing 214 square feet. The interior of the home is partitioned into three bedrooms, two baths, a foyer area, living room, dining room, and family room. Interior finishing materials include tile and carpet flooring, cathedral ceilings in the living room and dining area, and ceiling fans, Bath areas include granite vanity tops, wood cabinets and tile wainscoting, The master bath has a shower and the haJJ bath has a tub/shower combination, The kitchen includes granite counters, wood cabinets, range, microwave, refrigerator, and dishwasher, Significant site improvements include: asphalt driveway, five foot chain link fencing in the rear, a small vinyl shed, site clearing/fill and grade, a well and water treatment system, a septic tank/drain field, sod and landscaping. The parent tract's single-family home was constructed in 1987 and has been well maintained. Consequently, the building improvements have a chronological age of 21 years and an estimated effective age of 15 years. The appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 45 years. Furthermore, the appraiser has recognized that there is significant market resistance (external obsolescence) to single-family homes that are located along more heavily traveled roadways similar to White Boulevard, External obsolescence is an element of depreciation caused by negative influences outside the property, Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential single-family residential development. Furthermore, the highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements. Parcel No. 122 ROUE is a perpetual, non-exclusive, road right-of-way, drainage, and utilities easement that consists of a strip taking along the southerly right-of-way of White Boulevard, Parcel No. 122 ROUE contains 0,103 acres of gross land area and is rectangular in shape, Specifically, the Parcel No, 122 ROUE has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 60 feet; and a southern property line that measures 75 feet. The only significant improvements that will be taken consist of site improvements including a portion of the asphalt drive, landscaping/sod, site clearing, fill and grading. Pertinent improvements to establish the Wilcox Appraisal Services, Inc. I I I I I I I I I J-. I I I I I I I I- I Page No.4 May 19, 2008 Harry Henderson, SRA, Review Appraiser Agenda Item No. 1686 September 15, 2009 Page 15 of 216 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted, driveway connection(s) to White Boulevard will be re-established by Collier County, The proposed perpetual, non-exclusive. road right-of-way, drainage, and utility easement will be utilized for the widening of Collier Boulevard (CR 951) and portions of Pine Ridge Road (CR 896) and White Boulevard, After the taking, the remainder property shall contain 1.136 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right-of-way, drainage, utilities and maintenance of these uses, However, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right-of-way of White Boulevard containing 0,103 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged, The highest and best use of the remainder property "as though vacant" is estimated to remain the same as before the taking, potential single-famify residential development, Furthermore, the remainder property's improvements are the same as before the taking, except for the taking of some site improvements. The highest and best use of the remainder property "as improved" is estimated to remain the same as before the taking, the continued use of the existing improvements as a single-family home and associated site improvements, Finally, it is the appraiser's opinion that the remainder property's improvements will be damaged after the taking due to the reduction of the setback of the single-family home from 140 feet before the taking to 80 feet after the taking. Most competitive homes in the local market area are typically located 100 feet or more from the adjacent roadway, especially homes located along main roadways, Homes located less than 100 feet are considered to have functional obsolescence due to a below market setback of the building improvements from the adjacent roadway. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No, 122 RDUE). Market Value is defined as "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus, Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale". Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Page No.5 May 19, 2008 Harry Henderson, SRA, Review Appraiser Agenda Item No. 1686 September 15, 2009 Prepared for and property of Collfej300u~f 216 Board of Commissioners, Reliance upon the appraisal for other uses is not warranted, Source: Uniform Standards of Professional Appraisal Practice, 2003 Edition, The Appraisal Foundation, Washington, 0, C" Glossary, Page 224. This letter of transmittal precedes the full narrative appraisal report, further describing the property and containing the reasoning and most pertinent data leading to the final value estimates. Your attention is directed to the "General Assumptions", "General Limiting Conditions", and "Certificate of Appraisal", which are considered usual for this type of assignment and have been included in the addendum of this report, Unless otherwise stated in this report, the existence of hazardous substances, including without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated, The appraiser, however, is not qualified to test for such substance or conditions, If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value, No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them, Furthermore, the appraiser is not an expert in the determination of jurisdictional wetlands or non-jurisdictional uplands, By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No. 122 ROUE), as of May 19, 2008, is: Wilcox Appraisal Services, Inc. I l- I I I I I I I ~- I I I I I I I I I Page No, 6 May 19, 2008 Harry Henderson, SRA, Review Appraiser Agenda Item No, 1686 September 15, 2009 Paae 17 of 216 Prepared for and property of Collier 'County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted, Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: $11,200 $ 9,300 $14,600 $ 0 $35,100 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. ----:L . 0~ G:; ~~ R. Alan Wilcox, MAl, SRA State-Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page 18of216 TABLE OF CONTENTS PAGE CERTIFICATE OF APPRAISAL... .......,........"...,.... ,..,.,..", ......".....,...... ,..........,........... .....". ...... 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS..............................,_............................3 INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM............,................._.... 11 Identification of the Intended User..........................." .....,.......,........,....,..... ........,............... ..12 Identification of the Real Estate........ ....'. '.. .........., ,........,...... ...'.. .....'....' ,_..".. ......., ..,...., ,.....,12 Identification of the Property Rights to be Valued............,...........,...........................,.......... 13 Intended Use or Function of the Appraisal...,.........,.........................................,..,.._............14 Definition of the Value Estimate(s) ................,..,..,....,...........................,........................ ,.. ....14 Date of Value Estimate( s).... .... ..,.., , .. .. ... .., .... ......... ..' , .... .. .., ..... , .., ............ ... , ......... .... .. ......... 15 Description of the Scope of the Appraisal...........................,.. .............................,......'......... 15 Extraordinary Assumption..""....".". ,............. ..,...,.,..",...""..',.,.", ._,......."'....,.""..,'..., .......' 16 Hypothetical Conditions ,...................,.... ........' ....., .....,.... ...... ............ ..... ..,.., ,...... ..... ..... ....... 16 Other Limiting Conditions,.. .......,..'.'"..."",.... ._...""".....,..." ,.......,..."....."""..,....'"...........'" 17 PHOTOGRAPHS OF THE PARENT TRACT................,........................................... ,-......,..,.... 18 VALUATION ANALYSIS OF THE PARENT TRACT..............,...............-...........,..................... 24 Owner of Record......""..",..",."".,." ,_..".'"..."""."..,..'". ,...",.".....",.'"...."",........".."',,... ..25 Legal Description of the Parent Tract,...................,....................................... .......,.............. ,25 Real Estate Assessments and Ad Valorem Taxes....................................,...,........,............. 25 Sales and Marketing History of the Parent Tract.............................,...............,................... 25 Florida Area/Collier County Map.........................................,.......,...............,......"....,.......... ..26 Local Area Map............................... _ .. , .... .. , , ' . .. . .. .. . .. .. .. ,_..... .. .. .... .. . .. , .. .. .... ..-, , ..... .. .. ...... .. ..,27 Market Are a Data .............,..,................"..,...................,......................."..,...................,...... 2 8 Site Lo cati 0 n Map......."........................,..,..........................,. _.. .... ... .. . .. , .. , .. .. .. ..... .. ... . .. , ... .. . .. 30 Aerial Map.,.",...."...,.",.",.",....,..",...""."....""..", ,_...".,..""".."...".,.,....,..,.."...",....,',....... .31 Site Data ,...............,................................,.................,.......,.........,..................... - .. .. .. .. .. .. .. - 32 Collier County Future Land Use Designation.............................................................-........ 34 Zon in g Classificati on ... . .. . .. .. , .. , .. .... . .. .. .. . , __.. , .. .. . .. , . .. , . . .. , .. .. .. .. ..... .. , . .. .. , .. .. . .. , .. .. .... .. .... .., .. .. .. .., 36 1m prove me nt Sketch.......................,..,.........................."..".........,.............................,......... 38 Imp roveme nt Data..........,...........,.............................................,........................................... 39 Highest and Best Use.............,..........,.... .....,.....,..............'.... ...............".....,........ ..-.........,.. 40 The Appra i sal Process.......,..........,..,...........,...................................,...............,................... 44 Lan d or S ite Va I u ation.. .. .... .. .. .. , ... .. ... .. . ....... , .. .. .. , . .. .. .. .. . , .. .. .. .. _.. .... .. .. ... .. .. .. .. . .. , . .. .... ,......... 46 Land Sales Map....,......,.............,............"'..............,......-....................,...., ,.........................48 The Cost Approach to Value...............".............,.....,.....,......".......,..................................... 54 The Sales Comparison Approach to Value..............................................,.......................... 58 Improved Sales Map.."......,..".....".."",. ._.."'.".."","'. ,.."..,., ,..,'....,.......".., ....""'........"",,.. 61 Reconciliation of the Value Indications....,......,........, _........ ._,........................... .....,........,.....,67 Estimation of Reasonable Exposure Time.............................. ._............,............... .....,......,.. 68 Wilcox Appraisal SeNices, Inc. I 1-. I I I I I I I J- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted, Agenda Item No, 1686 September 15, 2009 Page 19 of 216 TABLE OF CONTENTS - continued PAGE DESCRIPTIONS AND VALUATION ANALYSES OF THE PROPOSED PARTIAL ACQUISITION AREA AND THE REMAINDER PROPERTY........................................_............69 Partial Acquisition Area Map",.."...."".,... .....'"" .....".. ,...., ..., ,... ,...... ......."..... ....... .........., ,.,. 70 Project Description and Identification of the ProlDsed Partial Acquisition Area....................71 Valuation Analysis of the Proposed Partial Acquisitbn Area ..............................................., 71 Valuation Analysis of the Remainder Property "As Severed"............................. ..................,73 Severance Damages to the Remainder Property......................,.......................................... 74 Cost to Cure An alysi s,., .... .. .. . , , , .. ... , .. , .. .... ,...' . .. .... , .. ..' .... .. , , ......., , , , , . . , .... . .. .. , .... , , ... .. .., , .... .. .... , 75 Special Benefits..,..., .....,.,..', ...., ........,.,.."......"........,...., ,."....."...,..,........,.",.."... ......." .....' ,75 Summary and Conclusion and tt-e Total Compensation Estimate........................................ 76 ADDENDUM." .....' ........ ...... ....... ,..... ....., .......'...... .... ,.....",...." ,..."."..."..'..,...... ,. .......,..,........... 77 Assumptions and Limiting Conditions...." ........ .........".............."........."...,... ..'.....,.. ........"... 78 Qualifications of the Appraiser.. .......... ...... ......". .......",...., ...........,..., .....,."...."....,..', ......,... ..80 Site To Do Business Site Details Report Site To Do Business Executive Summary Report Land Sales Map Land Sales Data Sheets Improved Sales Map Improved Sales Data Sheets Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Pe'"i01Jf 216 Certificate of Appraisal I certify that, to the best of my knowledge and belief: · The statements of fact contained in this report are true and correct. · The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. · I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. · I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment and my engagement in this assignment was not contingent upon developing or reporting predetermined results, · My compensation for completing this assignment is not contingent upon the developing or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. · The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Appraisal Institute's Code of Professional Ethics and Standards of Professional Appraisal Practice, which include the Uniform Standards of Professional Appraisal Practice, · The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. . As of the date of this report, R. Alan Wilcox, MAl, SRA, has completed the requirements under the continuing education program of the Appraisal Institute. . As of the date of this report, R. Alan Wilcox, MAl, SRA, State-Certified General Real Estate Appraiser, License No, RZ 306, has completed the requirements under the continuing education program of the State of Florida for state-certified appraisals, . I, R. Alan Wilcox, MAl, SRA, have made a personal inspection of the subject property and sales comparables that are contained in this report, · No one provided significant professional assistance other than the person signing this report, unless otherwise indicated within the report. · This report was prepared for and is the property of the Collier County Board of Commissioners and the reliance upon this appraisal for other uses is not warranted, Wilcox Appraisal SelVices, Inc. I J- I I I I I I I r I I I I I I I ~ I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted. Agenda Item No, 1686 September 15, 2009 P'S@@ 2~ of 216 . Acceptance and utilization of this appraisal report, or any portion thereof, constitutes acknowledgement and acceptance of all General Assumptions and Special Conditions contained herein, To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple intl:;rest in the parent tract before and after the proposed acquisition, Accordingly, as of the date of value, May 19, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. The appraiser previouslV conducted a detailed interior inspection of the parent tract improvements with the owner representative on April 18. 2008. The appraiser has subsequently conducted only exterior inspections of the parent tract improvements. with the most recent exterior inspection on May 19, 2008. The appraiser has assumed that the parent tract improvements on May 19. 2008. the date of valuation, were similar in type and condition to the improvements previously inspected on Apri/18. 2008. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non-exclusive, road right-ot-way, drainage. and utility easement (Parcel No. 122 ROUE). as of May 19, 2008, is: Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: $11,200 $ 9,300 $14,600 $ 0 $35,100 Respectfully submitted. WILCOX APPRAISAL SERVICES, INC. 1', ' -) r\. '\ '('. 6-- . \~ \...:~ '-~i' R, Alan Wilcox, MAl, SRA State-Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Setv;ces, Inc. ~--- ~- I I I I I I I I I I I I I I I I I I I ,A,genda item fJo. 1686 September 15, 2009 PaoA 22 of 2"6 Page~3 I Prepared for and property of Collier County Board of CommisSioners Reliance upon the appraisal for other uses IS not warranted y-~._ _=-=~__ _,_ ,n"""""'" -~.~,,-,-~~:~~--"'-= I'L Summary of Salient Facts and Conclusions ~, ,":::::::;;V'--' __" _~.i~-':IIL--===-'~"""'o'!:'~~~-""--- :<P~~":';~"~~.~~~~- ~l ~:jj A. Appraisal Problem: 1, Types of Value (s): Market Value, 2, Property Rights: Undivided Fee Simple Interest. 3, Intended Use of Appraisal Report: The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way. drainage, and utility easement (Parcel No. 122 ROUE), 4. Date of Value: May 19, 2008 (Date of Most Recent Exterior Inspection). 5, Scope of Analysis: Summary Appraisal Report. 6, Owners of Record: Patrick J, Williams and Dana Paige Williams. B. Site Data. Before the Taking: The parent tract is located on the south side of White Boulevard approximately 0,20 miles east of Weber Boulevard S, in Collier County, Naples, Florida. The parent tract has a street address of 3720 White Boulevard, Naples, Florida, 1, Location: 2. Size & Shape: The parent tract contains 1.136 acres of gross land area and is rectangular in shape, Specifically, the parent tract has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 75 feet. 3 Roadway Frontage: The parent tract benefits from 75 feet of frontage along the southerly right-of-way of Wi/cox Appraisal Services, Inc. I -< L I I I I I I I - I I I I I I I .. Agenda Item No. 16B6 September 15, 2009 P Page 23 of 216 age 4 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted, White Boulevard, White Boulevard is a collector, undivided, two lane, paved roadway, 4. Utilities: The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. 5, Topography: The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 120067 0425 D. and dated June 3, 1986, Flood Zone X identifies areas located within the 50C-year flood plain. Flood hazard insurance is not required. 6, Predominant Soils: Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that include No. 14, Pineda Fine Sand, Limestone Substratum; No, 18, Riviera Fine Sand, Limestone Substratum, It is importal1t to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. 7. Exotic Vegetation and Wildlife: Current county. state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and/or wildlife species, The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert, The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species, Furthermore, the appraiser has assumed a reasonable quantity of non- jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance to the estimated highest and best use. I Wilcox Appraisal Services, Inc. I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Agenda Item No, 16B6 September 15, 2009 P9gs 2S of 2'16 8. Environmental Liabilities: The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. 9. Easements & Restrictive Covenants: The parent tract is encumbered by a 30-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to White Boulevard. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information, I I I I I I I 10, Land Use and Zoning: The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub- district. and is further regulated by the Golden Gate Area Master Plan, Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore, based on Collier County Resolution 04-48, the parent tract has been approved for a conditional use for a model home sales center. A copy of this resolution is found in the addendum of this appraisal report, I I I I C. Improvement Data, Before the Takin~: The parent tract is improved with a single-family home and associated site improvements. The single-family home is located in the northern portion of the property and is setback approximately 140 feet from the existing right- of-way of White Boulevard I I I The parent tracts single-family home is one story and has a slab on grade foundation, concrete block with painted stucco exterior walls and a fiberglass shingle roof. The parent tract's single-family home contains 1,663 square feet of gross living area. The home also includes a sin;}le car garage and utility area cont311ling 374 square feet and a screened porch containing 214 square feet. Wilcox Appraisal Services, Inc. I f- I I I I I I I ,-- li... I I I I I I I . I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted, Agenda Item No. 16B6 September 15, 2009 pf~~ea25 of 216 The interior of the home is partitioned into three bedrooms, two baths, a foyer area, living room, dining room, and family room, Interior finishing materials include tile and carpet flooring, cathedral ceilings in the living room and dining area, and ceiling fans, Bath areas include granite vanity tops. wood cabinets and tile wainscoting. The master bath has a shower and the hall bath has a tub/shower combination, The kitchen includes granite counters, wood cabinets, range, microwave, refrigerator, and dishwasher, Significant site improvements include: asphalt driveway, five foot chain link fencing in the rear, a small vinyl shed, site clearing/fill and grade, a well and water treatment system, a septic tank/drain field, sod and landscaping. The parent tract's single-family home was constructed in 1987 and has been well maintained. Consequently, the building improvements have a chronological age of 21 years and an estimated effective age of 15 years. The appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 45 years, Furthermore, the appraiser has recognized that there is significant market resistance (external obsolescence) to single-family homes that are located along more heavily traveled roadways similar to White Boulevard External obsolescence is an element of depreciation caused by negative influences outside the property. D. HiQhest and Best Use. Before the Taking: 1. As Though Vacant: The highest and best use "as though vacant" is estimated to be potential single-family residential development. 2, As Improved: The highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements. Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners, Reliance upon the appraisal for other uses is not warranted Agenda Item No, 1686 September 15, 2009 p~g~e'16 of 216 E. Market Value Estimate, Before the Taking: 1 , Land Va I ue: ...... . .. . ... . .. . .. .... .... ... ... .. ... .., .. .. .. .. .. .. , .., .... .. . .. .... . . .. , ... .... , .. .. ... ..... . .. ..... $1 25,000 2. Improvements:....,....,..........,.......,....,...............,....,........ ,....... ......... ...."...... ....... $155,000 Total Market Value of the Parent Tract: ..........,....,.......................,...............,.........., $280,000 F. Reasonable Exposure Time: Six to thirty-six months. G. Intended Use of the Proposed Acquisition Area and A Description of the Proposed Property Riqhts and Improvements Taken: 1, Intended Use of the Proposed Acquisition: The proposed perpetual, non-exclusive. road right-of-way, drainage. and utility easement will be utilized for the widening of Collier Boulevard (CR 951) and portions of Pine Ridge Road (CR 896) and White Boulevard, 2, Proposed Property Rights Taken: Parcel No. 122 ROUE is a perpetual, non- exclusive, road right-of-way, drainage, and utilities easement that consists of a strip taking along the southerly right-of-way of White Boulevard, Parcel No. 122 RDUE contains 0,103 acres of gross land area and is rectangular in shape, Specifically, the Parcel No, 122 ROUE has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 60 feet; and a southern property line that measures 75 feet, 3, Proposed Improvements Taken: The only significant improvements that will be taken consist of site improvements including a portion of the asphalt drive, landscaping/sod, site clearing, fill and grading. Pertinent improvements to establish the driveway connection(s) to White Boulevard will be re- established by Collier County. H. Market Value of the Proposed Property Rights and Site Improvements Taken: Property Rights Taken: ..,..,.........................,...............,..... .... ................................ $11,200 Improvements Taken: ..........................................,..... ,........................,..... . $ 9,300 Total: ........... .... . ........ . ..... .. .... .. , ." ... .... , ." , .... .... .. .. . .... ... .....',...,... -, .. , .. .. .... .... , ... .. .. .., $ 20,500 Wilcox Appraisal Services, Inc. I r I I I I I I I ~ .... I I I I I I I . I Agenda Item No, 1686 September 15, 2009 pi'glW=s27 of 216 Prepared for and property of Collier County Board of CommisSioners Reliance upon the appraisal for other uses is not warranted. I. Market Value of the Remainder Property. As Part of the Whole: 1. Market Value of the Parent Tract, Before the Taking: ......................................,. $280,000 2, Less Market Value of the Proposed Part Taken: ....,........................................... $ 20,500 Total Market Value of the Remainder Property, As Part of the Whole:..............,...... $259,500 J. Description of the Remainder Propert'f., After the Taking: After the taking, the remainder property shall contain 1.136 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right-of-way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right-of-way of White Boulevard containing 0,103 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged, 1, Site Data, Remainder Property: 2. Improvement Data, Remainder Property: The remainder property's improvements are the same as before the taking. except for the taking of some site improvements, 3, Highest and Best Use, Remainder Property: a, As Though Vacant: The highest and best use of the remainder property "as though vacant" is estimated to remain the same as before the taking, to be potential single-family residential development. b, As Improved: The highest and best use of the remainder property "as improved" is estimated to remain the same as before the taking, the continued use of the existing improvements as a single- family home and associated site improvements, Wilcox Appraisal SelVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 ~eptember 15, 2009 P~gee9'8 of 2'16 K. Market Value of the Remainder Property, After the Taking: 1. Land Value: ...................................,......, ..................,........ ..,........................ $113.800 2, Improvement Value: ,....,....., ................. .... ,....................................,',.....,...... S 131.100 Total Market Value of the Remainder Property: ............,............,........................... $244,900 L. Severance Damages: M. Cost to Cure: N. Special Benefits: It is the appraiser's opinion that the remainder property's improvements will be damaged after the taking due to the reduction of the setback of the single-family home from 140 feet before the taking to 80 feet after the taking, Most competitive homes in tre local market area are typically located 100 feet or more from the adjacent roadway, especially homes located along main roadways, Homes located less than 100 feet are considered to have functional obsolescence due to a below market setback of the building improvements from the adjacent roadway, The appraiser has estimated the remainder property, as part of the whole, to be $259,500, which represents the value of the whole ($280,000), less the value of the part taken ($20,500). The appraiser has also estimated the market value of the remainder property as severed to be $244,900, Therefore, these value estimates indicate severance damages in the amount of $14,600 ($259,500 - $244,900). None. None O. Summary of the Just Compensation Estimate: Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: $11,200 $ 9,300 $14,600 $ 0 $35,100 Wilcox Appraisal SeNices, Inc. I r I I I I I I I 1'/_. .... I I I I I I I . I Agenda Item No, 16B6 September 15, 2009 pafi9fcf9 of 216 Prepared for and property of Collier County Board of CommisSioners Reliance upon the appraisal for other uses is not warranted. P. Extraordinary Assumptions: The appraiser previously conducted a detailed interior inspection of the parent tract improvements with the owner representative on April 18. 2008. The appraiser has subseouently conducted only. exterior inspections of the parent tract improvements. with the most recent exterior inspection on May 19. 2008. The appraiser has assumed that the parent tract improvements on May 19, 2008. the date of valuation, were similar in type and condition to the improvements previously inspected on Apri/18, 2008. a. Hvpothetical Conditions: To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition, Accordingly, as of the date of value, May 19, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis, R. Appraiser: R. Alan Wilcox, MAl, SRA; State-Certified General Real Estate Appraiser, RZ 306. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraIsal for other uses 15 not warranted ,A,genda Item ~~o. 1686 September 15. 2009 P Paar;: 30 of ?16 age~ I f ~ , [ Introduction and Definition of th~Appraisal Proble~'~~l ".==::--- __ __ ~::r=:=---""~~' ~---- '1 The first step of the valuation process is the development of a clear statement of the appraisal problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of the assignment. The statement of the appraisal problem includes: Identification of the Intended User(s); Identification of the Real Estate; Identification of the Property Rights to be Valued; Intended Use or Function of the Appraisal; Definition of Value; . Date of the Value Estimate; Description of the Scope of the Appraisal; Extraordinary Assumptions; Hypothetical Conditions: and Other Limiting Conditions, Wilcox Appraisal Services, Inc. I r- I I I I I I I r I I I I I I I . I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No, 16B6 September 15, 2009 P~E1~ of 216 IDENTIFICATION OF THE INTENDED USER(S) This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser, Transportation Right-of-Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and its use by others is strictly prohibited, This narrative report is made subject to the Assumptions and Limiting Conditions as listed in the Addendum to this report. IDENTIFICATION OF THE REAL ESTATE The parent tract of this appraisal assignment is an improved tract of land located on the south side of White Boulevard approximately 0 20 miles east of Weber Boulevard S, in Collier County, Naples, Florida, The parent tract has a street address of 3720 White Boulevard, Naples. Florida, The parent tract owners of record are listed on the 2008 Collier County Tax Roll as Patrick J. Williams and Dana Paige Williams, The property is Identified as Folio No. 37990000002 and STRAP. No. 334600 106 04B14 in the Collier County Property Appraiser's Office, The parent tract contains 1.136 acres of gross land area and is rectangular in shape, Specifically, the parent tract has a northern property line along White Boulevard that measures 75 feet; wIth a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 75 feet. The parent tract benefits from 75 feet of frontage along the southerly right-of-way of White Boulevard, White Boulevard is a collector, undivided, two lane, paved roadway. The available utilities to the parent tract include telephone, electrical service and emergency services, Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 120067 0425 0, and dated June 3, 1986. Flood Zone X identifies areas located within the 50D-year flood plain. Flood hazard insurance is not required, Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that include No, 14, Pineda Fine Sand, Limestone Substratum: No 18, Riviera Fine Sand, Limestone Substratum, It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract. are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. It is important for the reader to be advised that no environmental studies of the parent tract have been provided to the appraiser. The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code, Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Rehance upon the appraisal for other uses IS rIot warra"ted, Agenda Item No. 16B6 September 15, 2009 ~~ 130f216 The parent tract is encumbered by a 30-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to White Boulevard, The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information, The parent tract is improved with a single-family home and associated site improvements, The single-family home is located in the northern portion of the property and is setback approximately 140 feet from the existing right-of-way of White Boulevard. The parent tract's single-family home is one story and has a slab on grade foundation, concrete block with painted stucco exterior walls and a fiberglass shingle roof, The parent tract's single- family home contains 1,663 square feet of gross living area, The home also includes a single car garage and utility area containing 374 square feet and a screened porch containing 214 square feet. The interior of the home is partitioned into three bedrooms, two baths, a foyer area, living room, dining room, and family room, Interior finishing materials include tile and carpet flooring, cathedral ceilings in the living room and dining area, and ceiling fans. Bath areas include granite vanity tops, wood cabinets and tile wainscoting, The master bath has a shower and the hall bath has a tub/shower combination, The kitchen includes granite counters, wood cabinets, range, microwave, refrigerator, and dishwasher. Significant site improvements include: asphalt driveway, five foot chain link fencing in the rear, a small vinyl shed, site clearing/fill and grade, a well and water treatment system, a septic tank/drain field, sod and landscaping. The parent tract's single-family home was constructed in 1987 and has been well maintained, Consequently, the building improvements have a chronological age of 21 years and an estimated effective age of 15 years. The appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 45 years, Furthermore, the appraiser has recognized that there is significant market resistance (external obsolescence) to single-family homes that are located along more heavily traveled roadways similar to White Boulevard. External obsolescence is an element of depreciation caused by negative influences outside the property, Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential single-family residential development Furthermore, the highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements, IDENTIFICATION OF THE PROPERTY RIGHTS TO BE VALUED The valuation of real property includes both the physical real estate and the rights that one or more individuals or legal entities may hold or contemplate holding in the ownership or use of the land and improvements. An appraiser may estimate the value of a fee simple estate or a partial interest created by the severance or division of ownership rights, Special attention must be given to any limitations on ownership rights such as easements, encroachments, liens, or Wilcox Appraisal SelVices, Inc. I J- I I I I I I I r- I I I I I I I ~ I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted, Agenda Item No. 16B6 September 15, 2009 pcfgee~ of 216 leases. Financing must also be considered because fee simple estates, leasehold estates, and leased fee estates can all be mortgaged, The specific rights to be valued in the probable or actual financing involved must be ascertained at the start of the assignment because the complexity of these rights and terms will determine the procedures, skills, and time required to complete the assignment. In this particular appraisal assignment, the appraiser has been requested by the client to estimate the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition, Fee simple ownership is an absolute ownership unencumbered by any other interest or estate: subject only to the limitations of eminent domain, escheat, police power and taxation, Eminent domain is the right of the sovereign government to take private property for public use upon the payment of just compensation. Escheat is the right to have titular ownership of a property returned to the state if the owner dies and leaves no will and no known or ascertainable heirs. Police power is the right to regulate property so that the public safety, health, morals, and general welfare are protected, Examples of this power are zoning ordinances, building codes, air and land traffic regulations, and sanitary regulations, Taxation is the right to take money from owners of valuable goods, products, and rights, In addition to government restrictions on property, legal private agreements may also impose limitations. One type is a restriction inserted in a deed, Other private restrictions [nclude certain easements, rights of way, and party wall agreements. The proposed property rights to be acquired involve a proposed perpetual, non-exclusive, road right-of-way, drainage, and utilities easement, INTENDED USE OR FUNCTION OF THE APPRAISAL The intended use of an appraisal (formerly known as the Function of the Appraisal), is the manner in which a client employs the information contained in an appraisal report. Because an appraisal provides the basis for a decision regarding real property. the nature of the decision affects the character of the assignment in the appraisal report. For example, a value estimate may be needed to determine the price at which to buy or sell a property, the amount of a loan, a basis for taxation, terms of a lease, value of real property assets and financial statements, or a basis for just compensation and eminent domain proceedings, The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the Joss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No, 122 RDUE). DEFINITION OF THE VALUE EST1MATE(S) The purpose of any valuation process is to estimate the value of a real property interest. Therefore, the specified type of value and the interests involved must be clearly defined, Types of appraised value include market value, fair value, use value, going concern value, investment value, assessed value, and insurable value. Wi/cox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Agenda Item No. 1686 September 15, 2009 P'~ 3ffiCJf 216 As previously noted in the letter of transmittal, the type of value to be estimated in this particular appraisal assignment has been identified as the market value of the undivided fee simple interest in the parent tract before and after the taking, Market Value is defined as "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus, Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4, payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale", Source: Uniform Standards of Professional Appraisal Practice, 2003 Edition. The Appraisal Foundation, Washington, D. C., Glossary, Page 224, DATE OF THE VALUE ESTIMATE(S) The date of a value estimate must be specified because the forces that influence real property value are constantly changing. Although conditions observed at the time of the appraisal may persist for a considerable time after that date, an estimate of value is considered valid only for the exact date specified. Market value is generally seen as a reflection of market participant's perceptions of future economic conditions and the perceptions are based on market evidence at a specific point in time, Value influences reflect economic conditions at a particular time and sudden changes in business and real estate markets can dramatically influence value, As previously identified, the appraiser is estimating the market value of the undivided fee simple interest in the parent tract before and after the taking. The effective date of the appraisal is May 19, 2008 (Date of the Most Recent Exterior Inspection), R. Alan Wilcox, MAl, SRA, inspected the parent tract. DESCRIPTION OF THE SCOPE OF THE APPRAISAL The scope of the appraisal refers to the extent of the process in which data are collected, confirmed, and reported, The scope is described to protect third parties whose reliance on an appraisal report may be affected by this information. An appraiser determines the extent of the work and of the report based on the significance of the appraisal problem, The appraiser is responsible for describing the scope of the appraisal in the report. Standards Rule 2-2(b)(vii), USPAP-2008-2009, requires the appraiser to "summarize the scope of work used to develop the appraisal", In this regard, pertinent to the extend to which the parent tract and the remainder property have been identified and inspected, the type of market Wilcox Appraisal Services, Inc. I l- I I I I I I I r--' I I I I I I I I I Prepared for and property of Collier County Board o( Commissioners Reliance upon the appraisal (or other uses is no! warranted, Agenda Item No, 16B6 September 15, 2009 Page 3$lf 216 data researched, and the type and extent of the analysis applied, the reader is advised to refer to the appropriate portion of this report. . Data Collection: The data utilized in this assignment was collected through a thorough search of the public records of Collier County, Florida, interviews of local real estate brokers and property owners, and information obtained from this firm's appraisal office, The appraiser has consulted with Jeff Moore, Landscape Architect, Inc" Naples, Florida, pertinent to the cost estimates for the significant landscaping site improvements taken, Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data. . Data Confirmation: The appraiser signing this report has independently confirmed the market data that has been utilized in the development of the value estimates reported herein. Furthermore, the appraiser signing this report has also physically inspected this data. . Data Reporting: The data utilized in this report has been presented in a data sheet format for the reader's review. Additional information has been retained in the permanent files of the appraiser and is available upon request by the client. EXTRAORDINARY ASSUMPTION An extraordinary assumption is an assumption that is directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. The appraiser previouslV conducted a detailed interior inspection of the parent tract improvements with the owner representative on April 18. 2008. The appraiser has subsequentlv conducted on Iv exterior inspections of the parent tract improvements. with the most recent exterior inspection on Mav 19, 2008. The appraiser has assumed that the parent tract improvements on Mav 19, 2008, the date of valuation, were similar in type and condition to the improvements previously inspected on April 18, 2008. HYPOTHETICAL CONDITIONS To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, May 19, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis, Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: . Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; . Use of the hypothetical condition results in a credible analysis; and . The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of CommissIoners, Reliance upon the appraisal for other uses is not warranted, Agenda Item No. 1686 September 15, 2009 pag~a~136 of 216 OTHER LIMITING CONDITIONS Statements of limiting conditions are included in a report for the appraiser's protection, and to inform and protect the client and other users of the report, For a complete copy of the typical Assumptions and Limiting Conditions, which govern the appraisal process. please refer to the Addendum section of this report. Wilcox Appraisal Services, Inc. J I I I I I I I I I ~ I I I I I I I . I Agenda Item No. 1686 September 15, 2009 paJ'J19fs37 of 216 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted. Photographs of the Parent Tract _'~ _ ~~~~i~JiEiii!iit Wilcox Appraisal Setv;ces, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15. 2009 Page 38 of 216 PhotoQraphs Taken By: R. Alan Wilcox, MAl, SRA 1633 S. E. 41 st Street Cape Coral, Florida 33904-7470 Taken On: April 1 8, 2008 View looking southwesterly across White Boulevard showing the parent tract located on the south side of White Boulevard approximately 0.20 mile east of Weber Boulevard S. in Naples, Collier County. Florida. '..~ -'" ##..........-..- ." , ~ ~ View looking southeasterly across White Boulevard showing the parent tract located on the south side of White Boulevard approximately 0.20 mile east of Weber Boulevard S. WILCOX APPRAISAL SERVICES, INC. I I I I I I I I I - I I I I I I I . Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15. 2009 Page 39 of 216 photoQraphs Taken By: R. Alan Wilcox. MAl, SRA 1633 S.E. 41 st Street Cape Coral, Florida 33904-7470 Taken On: Apri118. 2008 View looking westerly along White Boulevard showing the parent tract located on the south side of White Boulevard approximately 0.20 mile east of Weber Boulevard S. View looking easterly along White Boulevard showing the parent tract located on the south side of White Boulevard approximately 0.20 mile east of Weber Boulevard S. I WILCOX APPRAISAL SERVICES, INC. I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15. 2009 Page 40 of 216 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Photoaraphs Taken By: R. Alan Wilcox, MAl, SRA 1633 S. E. 41 st Street Cape Coral, Florida 33904-7470 Taken On: April 18, 2008 View looking southerly across White Boulevard showing the asphalt driveway to the parent tract located on the south side of White Boulevard. , '. View looking southerly from the asphalt driveway showing the front portion of the single-family home located on the parent tract. WILCOX APPRAISAL SERVICES, INC. I I- I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1666 September 15, 2009 Page 41 of216 photoaraphs Taken By: R. Alan Wilcox, MAl, SRA 1633 S.E 41st Street Cape Coral, Florida 33904-7470 Taken On: April 18, 2008 I I I I I I "'.. . t'........~. ~' .... ..;at "!' j C ~ I t .~..,......... .:,...,.....:.............7....' ,;:~",:>:t't:~. '.q.. '!- ~ . y+:,;:.J;~~i;;::;;~~,'r.t ...........:' I... View looking northerly from the rear yard area showing the rear portion of the single-family home located on the parent tract. ,,-- I I I I I I I View looking northwesterly showing the metal storage shed located in the rear yard area. . I WILCOX APPRAISAL SERVICES, INC. I I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item ~Jo. 1686 September 15, 2009 Page 42 of 216 PhotoQraphs Taken By: R. Alan Wilcox, MAl, SRA 1633 S.E. 41st Street Cape Coral, Florida 33904-7470 Taken On: April 18, 2008 I .' .. ".", ' ..' '". .'- 1". ., I I I I I I I I View looking southerly showing a portion of the rear yard area. I I I '-. /~ J. ."1 .. .Yi?""-.""I' ...,.i;. ., I I I I View looking westerly from just east of the parent tract near White Boulevard showing the acquisition area located along the southerly right-of-way of White Boulevard. I WILCOX APPRAISAL SERVICES, INC. I J- I I I I I I I r I I I I I I I .. I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Pii'~ee~.i of 216 _=____ ~. ~~L: l I Valuation Analysis of the Parent Tract - .,,,,~ij!;-~~.:- ~.- Wilcox Appraisal SelVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15. 2009 ~~of216 OWNER OF RECORD The parent tract owners of record are listed on the 2008 Collier County Tax Roll as Patrick J. Williams and Dana Paige Williams whose mailing address is 3720 White Boulevard, Naples, Florida 34117. LEGAL DESCRIPTION OF THE PARENT TRACT The following legal description is provided: The East 75 feet of the West 150 feet of Tract 106, Golden Gate Estates, Unit 27 , according to the plat thereof recorded in Plat Book 7, Page 17, Public Records of Collier County, Florida. Source: Collier County Property Appraiser's Office. REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES The parent tract is assessed on the 2007 Collier County Tax Rolls as an improved property with a total market value of $251,296, allocated $112,860 value of the land and $138,436 value of the improvements. The property has total exemptions of $195,180, resulting in a taxable value of $56,116. The 2007 taxes for the parent tract totaled $796.93, exclusive of any early payment discounts or late payment penalties. The property is identified as Folio No. 37990000002 and ST R.A. P. No. 334600 106 04 B 14 in the Collier County Property Appraiser's Office. SALES AND MARKETING HISTORY OF THE PARENT TRACT There has been no arm's length transactions involving the parent tract within three years of the date of value (May 19, 2008). Furthermore, the appraiser is not aware of any current listings or valid pending offers involving the parent tract. Wilcox Appraisal SelVices, Inc. I J- I I I I I I I r- I I I I I I I I I Agenda Item No. 1686 September 15, 2009 Page 45 of 216 .. ...#.."" Hendry County "!.. ~ i Q ~ Collier ~ ::l ~ Q County .. Q:l ! ~ ; Q ~ L--..,- .. ..... ~ 13 Cl .. Monroe County ~ :: ::: Q I;.i .. .. o..l ~ ; 8 J t- o ~ ~ :: .. ... ... Hendry County - Florida State and County Maps -Wilcox Appraisal Services, Inc.- i Prepared for and property of Colher County Board of CommisSIoners Rehance upon the appraisal for other uses is not warranted N I I I I I I I I I I I I I I I I I I I ~~~:t~_~~~t~~jJ ~ ; ~f'" yfr' ~"-!fl~~,'~ ''"'._ ::;; :i "._. - \ '1. ~.,.~ o'tI ---ur..;J-... ,._~.A.-e.I.9!.__ _1'""_....1 --.. \r..;.. yj 5 / CJR 0 '(:J!Y Qo.~ +"', c 6{.'~~, ~ a!.'~~ ') ~ IF -uLlOl! ~ s~ :,..) ~ if, CllIlllOS i ----+ ~ ..~-,:. '7 '\, , ~ -'7 ~ r) _ () ~.~....~Jp,El-"~ ':-iJwr~ F~ftVE : ~ s..-.o \! d OR f "'--~ ____ i WED~W~ (-" \ \ - ) >, l'~?(iE -"'~V~IK)HfAR:/DS ~\~)~ ~ I I rfARDS /, /, - ~'NO eEAL '. 11 /1 ~~~JI\.<t ,~:.,,~ (UF? ~ ~.....c""A -&..10 . .<:Ol./.....TMYCI.l.... ~___ -1,,;- ~,t/l--'.""" \_ ~~SECI""E ...--,.$..~-" 'A. ~-\: __, -:-_ __ \'r:::':~I:;-jf#~" ~'> " ~ >:.1 3tlI.r.l: ..F-'~. . :>- ~.., ; ,~;'! ,,". ,".~:&> ':! I _~1nllRsvE.-"" ~ ~-~-"~,, Jg- d , C'l, \ ~! vWlf',~ ~ ~ \ !ru L.~, ,j<-~~e , ' ;'!1.GIlf- --- ,,~ c..y~ -:!"?,# ~ '" \.~SOIIlllIl~t.~, ~"':l~, " "~LAID"~~~---1 .\\"'" ~~. ' ~;-....o 1.;; . lJS'1'lill ,~r I -~fONTW"N';'. ;:';;""'- I F'~~~i<',~"'~1.""~-4J" I :!;;awmO';;'~/~ -::v.t ~~'-4~' ~ ~~~,~ ~' \ ~~ -~HWOOD ~ S., ~ \. ! ..:;;;~ ~;-' PINE ~ ~ ~p~ .::J 'I ~ ;; -' " i1>J ,on.. ~'.' 'n" " "" AV sw "no '!..!lI1:...------ ~~ GF'~EN eL"J~ *" -el"":p.~ '!"::lE~ LN ~ )\ EMERE w~s,.g0P~ L!< !IU GR:..I"'..s eN w ~ ,) t; t:.3 ..:; "- - ~_;3;.;...;S "..>;"........"l~ """:-''''',,-f..NT"f'' ,-N :P f,.:.o,iJf!'''' ~~n,,'" ~ GOLDEN ~A-TE- :JJ.I":...~'Vo 'il;Jl:,~ c),l">[ll...WIW.....cl ~ :p,.-r- ~:c~;:.~.~ '~.~ ~...... :;; I" ,.j "I ;;I ~ Vi ~ ~~~-t;: :.-=--~;~;..."Crq~z....=.~1 ~ ~ .~ ~ ~ ~ .0 CHERAyNOC"O O~ z ~ ~ NW '- .l\JOE ISLANO 'NY "'" ^' HICKQ;;jY W~JO[j C}A "J -<<-~--.- 5TH ZIP CODE CORAL WOOD DR 'IW lAD .\1 -------:i ?J, ..~ -4f;...~ c~p .~ ); I ~-~~ TEAK WOOD DR ----.2E- 'V ~~--,-- ~~-,--~~ ro.tAHc.c.AN'I' =tGGE ~~ '"'0 Sw PALMEnO WOODS DR c .:; ~j ~ ~ ~ ~~~~ AV sw T A,M,6.QtND Rtoor DR SYCAMORE DR YTH AV 9 RD 1lT't1 .. ~JTI1 4' ,~, T1-t .v ~ sw sw RIDGE IJr..._~,;.~o--.-w.I .~t \J U=' SI>'I .....ll - <J1 .A ,,\~ ".. ",H"'i. LJI'-, ji. lil~"""'" .....-. ~-..,.--x:-~ v> '" :> ~ sw '4TH ) SW ~ .lE;-T'fR5-QN I.N GREEN I BLVD 1;:;~ llIl s-w .........--. ~E _ . .__ _ _ .J'I '" ~c1:"'DOOf-t,.hn.-l Pl 5W '- ....IF! ~"~~WNG'r~ im'it--~..-~--,,~!- i -:......-- o.Il'(':""r-- J ._._~ . .~. ~~...!, .e- _.t..::. - - '10 I ~.... ~ s; ","1 ~"'c:. .., .aD8I _,~p'::! I n\J':'~ ~ ~ :n.....~~:n""'d'::::-..!.- utn;- 'n:;.-'---- :;;:,~r-"""\ I ~ '" l~.... - d ,i -:u --...- . ,L.' > ...-............ ::','U~ --:..l.o_, 11.;\:i ~ w,", n;:J Q <fI, #-:~~:n....iJI . ~..:ti.. = i ~;; .~. ^~::) :1-2-_':- _~ <~~"."'~;~~~~"~ - .o!lI-.:::!.L.....,._4'''''' ..",.. . ... ~ . . .".,..-,: ~~-l._~~LF<f- I 1i_~::..;;-")<. ..,.v):j '..v 50'<; :if ~ ~...":..;~~. ~~.. -.:; "<~ -<>~:)< 1 i ( r. ~....... ~::: llLE'.:.' I ';.):~'-""". . 0, ~~;;'.r;'"' .~.. i .;~ 0'-,> -f-&...~~r~~~ .....,,"0 'i?'.:;.-..,. ~?-~~i =-~;'.ir~~j-- .I~ """'''';::l:j1 '" 7'"" ~,<:;. . -is--..,"i q ~ ' . ~ ' '~ ~ ---::;:::~ '"*', ~ ~ ", ~.~ l.~ /f 1 y, a:;;t3l ~ :;; ::~'"J:- \ '_'!:l ~!l' ,"..,,,,1 ::::;;:= ~ i~ z:' . ~,;;, ,1:;:; ,951 ~ ~"" '-"-S~i 'i '~:---:!!' 'iI ~ ;l ::. Si ~?"',c ~,' l.>4 _'1 *'~~~'1~_:Il . ~ ~"~; ~ ~:p1 S'~ ~ u~ -......~," ~ ~.it: ~. .__ ~,., "' ~ ~ -; u.::( ~-~ I <s :"~~p.~ orLllII ;:"l~OPl_::r -S~ ~ Z oIlI ~~.:2_ _.~ ---=!.-~~~.. ~~. J.!T1 PKWY ~v--. ,;tl'01l": -=--_1. J""'H ,,''i!~~ 4(~F-t5'll .a~UI~ I ,...~ R'" A i{ PKW'l'';;. , - :ow 1.olr'f" ~",T-tW"- )0 ... V' ,-OOt;J/'N~'fltj:ilC~. ':;.:~...::rr'"' ~ ~vr ~~~.~_~ ~~ n':.~' >(.,/\~/ <<~.:::.~.., ~ =- ....; ---:. ,1. -es.f' ~,..-(l'. ft;.."i':. , ~ ~ -~;n:t: t: ......~~I'~.......rt -~-",'t.../'~ "''''~ ~-t.,.;.:.~ :~ 0 Q ~ ~i. ""( :.~ ~a r .-, rJa.~~~R"".of~a,~~a tlllifl" 0;. .t;'~ ,,> ~ 0; ~~ ~ \'> "" ~"". i4",;; ':iV;~,_') _Jt,.J~ <1"~. . f;o/ - ;$ 70<,''''''" ~ "0;. r.~w~.. ~~ '%..~~ ~.9/ <$ ..~ '- '.,J>'j9~.. ';ci.", ,r:, ~ ~ ~~.. ~~~ ~ _~~~ ~ ,=- A~~$';: 'C.~ ~ ~. ~~~ \ i'?~ "~~:~ ..j , ,_ <,../ ,-.....,. ~ AI 1 "'''' l"- . _~ II ~ ~ .,~& ~ tI" \n = W ~ m ~~ ....1~ 3: ~ ~ ~ -- . ",,;yo - ~ ~... - ~.'l JI III ion >>....: " ~"'" ;t '- .."IlI . - Ulr.; ~.~",!,,~':J --::-!:-<'T."P1 "1W . C ~ ~o:.l-'~=~ '~.;10 -; .-<;J _;: ~ ~ ",lo~, ,3:;; 2 Pl.;'; "'~5W" III SW ~ ~.~ :5~" %4 ~~! ~ ~~ { a:' ~ ~ :i ~ ~ a:: ~_ _'''~i<-..oi _ ~~_-:--,~~~' ...... ~ ~ 1 :! ~ .::;; ; ~ ;. :; :, ~-~-:~ ~~ ~I J~_llS: - 0 P -.)..E~ u ::. !--~~~ ~;~~:.J._~~ ~<.! ~ ,\''; E~ ili:R'~=::~>v~~~:~~_.:~......,:.;"~~~-_-c-,~~ ~~ ~~.~'T fOREST J1A.ql-i'f;--"'::~"~;",,,~ ~ ._~~~~ ~.:. ~"".uilr LN. _ I ,Jl.';:"c,.\.""...i...~~.;:-J ~DDA ""'-A'!tr!N.~"~'_ (" --.,~ Local Area Map -Wilcox Appraisal Services, lllc.- P:epared for and property of Collier ('ounty Board of C'ommissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Paoe 46 of 216 .:)IL1~~ .:.>Ql..- .:::tlA TTl1 AV "W ~ ill 5'n-t 4V NW -, ;l1' ~, ~' 'AD AV NW . 3AO AV &W ~! :1 I 51"H 4V sw -, ~ ~' ITM AV SW "'" AV sw AV sw ZiP CODE ,~ ., sw ... ':TH 4V SIAl ~9Th iIl,V --SiL- 21$-:- A. SW 2:11'1:> A.V sw __ ~n. _'iW'__ _.__ ~ --AV ',:f1-1 5W 4V zg'n< .. Sw "s; AV sw ~'!'I: ,.c=.----- &.~lf i N I 1-, I I I I I I I r- I I I I I I I a I -', Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 ~~of216 MARKET AREA DATA Definition of Concept: A market area is an area that usually has distinguishing characteristics. A market area may be a section of a community or an entire community. One subdivision may be one market area, while another market area may be comprised of all or parts of two or more subdivisions. In large towns and cities, the market area usually consists of a portion of the larger urban area, whereas the entire community may constitute the market area in small towns and cities. Market area occupants usually have an observable commonality of interests. Obviously, no grouping of inhabitants, buildings, or business enterprises can possess identical features or attributes; therefore, a market area is relatively uniform. That is, a market area exhibits a greater degree of commonality than the larger area. Market Area Delineation: A market area's boundaries may be the physical area that exerts relevant influences on a subject property's value. The boundaries may coincide with changes in prevailing land use, occupant characteristics, or physical characteristics, such as structuresl street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical features often coincide with the change from one market area to another, features such as transportation arteries (highways, major streets, railroads), bodies of water (rivers, lakes, streams), and changes in elevation (hills. mountains, cliffs, valleys) often constitute market area boundaries. The primary market area is defined geographically as the area in which a competitive property would have a similar market area identification and general location appeal. The primary market area, for purposes of this appraisal assignment, consists of those residential properties zoned (E), Estates District, according to the Collier County Land Development Code located near the intersection of Collier Boulevard (CR 951) and Pine Ridge Road (CR 896) in Collier County, Florida. The secondary market area is defined economically to include those areas where a similarly zoned property would be considered by the same basic profile of prospective purchasers as generally competitive with the parent tract. The secondary market area, for purposes of this appraisal assignment, is defined as those residential properties zoned (E), Estates District, located in peripheral locations to the primary market area described above. Staaes of a Market Area's Life Cvcle: A market area's life cycle usually consists of the following stages: 1. Growth - a period during which the market area gains public favor and acceptance. 2. Stability - a period of equilibrium without marked gains or losses. 3. Decline - a period of diminishing demand. 4. Revitalization - a period of renewal, modernization, and increasing demand. Although the stages describe a market area's evolution in a general way, they should not be overemphasized as providing guidelines to market area trends. Many market areas are stable for very long periods of time, and decline is not necessarily imminent in all older market areas. Unless caused by the advent of some specific external influence, for example, a new highway that changes traffic patterns, decline may be at a barely perceptible rate and is subject to interruption by changing use or revival of demand. Therefore, there is no definite life Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page4~Sf 216 expectancy for a market area. Moreover, the stages are not always sequential. At any time in the cycle, major changes can occur which interrupt the order to the cycle's stages. For example, a market area that is in a stage of growth may decline precipitously rather than stabilize. The primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. General Primary Market Description: The Golden Gate Estates area began development in the early 1960's. Based on the Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. The Golden Gate Estates area is composed of two separate sub-markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). Commercial development has occurred at the intersections of Collier Boulevard (CR 951) with Vanderbilt Beach Road (CR 862) and Pine Ridge Road (CR 896), and along the western side of Collier Boulevard (CR 951) between Green Boulevard and Golden Gate Parkway (CR 886). The primary roadways that provide the main access to the immediately described primary market area include: · Collier Boulevard (CR 951); · Vanderbilt Beach Road (CR 862); . Golden Gate Boulevard; · Pine Ridge Road (CR 896); and . Golden Gate Parkway (CR 886). Available utilities within the primary market area include public water, center sewers, telephone, electrical service and emergency services. In those areas without public water and central sewers, water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field combination. Furthermore, the appraiser has included in the addendum of this report the following market analysis reports prepared by the appraiser via the "Site To Do Business" web site: 1. Site Details Report.; and 2. Executive Summary Report. Trends and Conclusions: In conclusion, recognizing the above favorable locational factors and the current growth stage of the primary market area as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the immediate market area, it is the appraiser's opinion, that the primary market area should expect, continued economic development into the foreseeable future. Wilcox Appraisal Services, Inc. I l- I I I I I ,Y .1" .~~.t:~::.Ir>J;>:;"9?~'.c ';:r~.,........,..;,,~.C, ".u ~~,~-~...h.-.-~,tfi~ , ~355 , t '" <D - 'D' I I I ' I a; I ?, ~ I A I l' ~ I Y';, I . I I I I I ~ t" , : : t I I I a'\ : W , L-..._____________u_ I 345 I I r- I, .1' I I I I , I I ' w! ~1 I i I I ;. , tl': , _<' I n,r,..",., 'i n~~ I I j. I i t::: ~if I : - .t!J ___ ~ _LL__ 345 I I I I (D Parcel 122 ROUE ~ / /'660 .I>- c.o G) (D ~ Q) W @ 3015 ..... .I>- co @ U1 o Agenda Item No. 16B6 September 15, 2009 Pa e49of216 160,'" @ ~ 150 ./,. ,-180 N -.j " 150 ~:f ....1 ~:aw~ @ ~ (V G o U1 --- -~-- -----------.--^---------- -----------....- --- ---......- ---_.- (D ..... U1 .... '" o -----....---.---....-.-.------------------- -,~_.- -----.-- -- ---------- ---- -_._- , , I t I , I : I : wi t ~: :r; I ! I -rl: ;01 ml m! , @ '" <> m m <> ..... .I>- ...... N co ~ '" <> ~ '0 ~ @ (!) ([) CJ1 N @ '" <> 160 75 75 150 160 160 75 75 (]) 160 150 '" <> U1 W @ ... / '" [) (!) @ @ m .... m '" 0 " .... ..... .l>- N 0> c.o ... / ... 0 @ 690 345 @ U1 .e. N CJ1 cv @) (!) 180 150 75 180 75 75 75 75 75 w (I)@ ~~ @ N .e. -.--........1._. ___..,_._._ .1__ Site Location Map -Wilcox Appraisal Services, Inc.- Prepared for and property nf Collier County Board of Commissioners Reliance upon the appraisal for other uses 1$ not warranted .... o ...... r N I I I I I I I I I I I I I I I I I I I Agenda Item No, 1686 September 15, 2009 Page 50 of 216 Parcel 122 ROUE Aerial Map i -Wilcox Appraisal Services, Inc.- Prepared for and property of Collier County Board of Cl:lmmissioners. Rdiance upon the appraisal for other use.! i.I nol waJT3Ilted. N I I- I I I I I I I r I I I I I I I I I 0_, Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 fP:a:g,Q 53120f 216 SITE DATA Location: The parent tract is located on the south side of White Boulevard approximately 0.20 miles east of Weber Boulevard S. in Collier County, Naples, Florida. The parent tract has a street address of 3720 White Boulevard, Naples, Florida. Size and Shape: The parent tract contains 1.136 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 75 feet. Roadwav FrontaQe: The parent tract benefits from 75 feet of frontage along the southerly right-of-way of White Boulevard. White Boulevard is a collector, undivided, two lane, paved roadway. Available Utilities: The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. Exotic VeQetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and/or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. Environmental Liabilities: Unless otherwise stated above or elsewhere in this report, the existence of hazardous substances, including, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the property inspection. The appraiser is not qualified to test such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. Elevation and TOPoQraphv: The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 120067 0425 0, and dated June 3, 1986. Flood Zone X identifies areas located within the 500-year flood plain. Flood hazard insurance is not required. Predominant Soil Classification(s): Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that include No. 14, Pineda Fine Sand, Limestone Substratum; No. 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the Wilcox Appraisal SelVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page S3Jf 216 reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. Easements and Restrictive Covenants: The parent tract is encumbered by a 3D-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to White Boulevard. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. Wilcox Appraisal Services, Inc. I l- I I I I I I I r I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other use's is not warranted Agenda Item No. 1686 September 15, 2009 Page 534>f 216 COLLIER COUNTY FUTURE lAND USE DESIGNATION The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. The geographic framework for growth in Collier County is established by the Future Land Use Element. As such, the Element is central to planning for: protection and management of natural resources; public facilities; coastal and rural development; and, housing and community character and design. The Element is also important to the County's system of land development regulations and to private property rights. The purpose of the Future Land Use Element is to guide decision-making by Collier County on regulatory, financial and programmatic matters pertaining to land use. Most directly, this Element controls the location, type, intensity and timing of new or revised uses of land. The land use strategy in this Element is closely coordinated with a strategy for provision of public facilities as found in the Capital Improvements and Public Facility Elements of the Comprehensive Plan, and with the strategies to protect and conserve natural resources as found in the Conservation and Coastal Management Element. The Golden Gate Area was previously subject to the regulations outlined in the County's Growth Management Plan. However, in 1991, the unique characteristics of the area resulted in adoption of a separate Master Plan for Golden Gate. This Master Plan became a separate Element of the County's Growth Management Plan and supersedes Objective 1, Policy 1.1, and Policy 1.3 of the County-Wide Future Land Use Element. All other Goals, Objectives, and Policies contained in the Future Land Use Element and all other Elements are applicable. In addition, the Golden Gate Area Future Land Use Map will be used instead of the County-Wide Future Land Use Map. The Estates Designation is characterized by low-density semi-rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non-conforming lots as small as 1.14 acres. Intensifying residential density shall not be permitted. The Estates Designation also accommodates future non-residential uses including: . Conditional uses and essential services as defined in the Land Development Code; . Parks, open space and recreational uses; . Group Housing shall be permitted subject to the definitions and regulations as outlined in the Collier County Land Development Code (Ordinance 91-102, adopted October 30, 1991 and consistent with locational requirements in Florida Statutes (Chapter 419.01 F.S.). . Schools and school facilities in the Estates Designation north of 1-75, and where feasible and mutually acceptable. co-locate schools with other public facilities, such as parks, libraries and community centers to the extent possible. . Group Housing includes the following type facilities: o Family Care Facility, if occupied by not more than six (6) persons shall be permitted in residential areas; o Group Care Facility; o Care Units: Wilcox Appraisal SelVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Colher County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No, 1686 September 15, 2009 P'age 5S5Jf 216 o Adult Congregate Living Facilities; and o Nursing Homes. All of the above uses shall be consistent with all of the Goals, Golden Gate Area Master Plan. Objectives and Policies of the Wilcox Appraisal SelVices, Inc. I l- I I I I I I I W- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page 53S::>f 216 ZONING CLASSIFICATION The parent tract is zoned (E), Estates District, according to the Collier County Land Development Code. The purpose and intent of the Estates District is to provide lands for low- density residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to low-density residential development with limited agricultural activities, the Estates District is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low-density residential, semi-rural and rural character of the Estates District. The Estates District corresponds to and implements the estates land use designation on the future land use map of the Collier County growth management plan, although in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the Estates District shall be consistent with and not exceed the density permissible or permitted under the Estates District of the future land use element of the growth management plan or as provided under the Golden Gate Master Plan. Permitted uses under this zoning classification are as follows: . Single-family dwelling; and . Family care facilities, subject to section 2.6.26. . Essential services, as set forth in section 2.6.9.1. Uses accessory to permitted uses are as follows: . Uses and structures that are accessory and incidental to uses permitted as of right in the Estates District; . Field crops raised for the consumption by persons residing on the premises; . Keeping of fowl or poultry, not to exceed 25 in total number subject to specific conditions; . Keeping of horses and livestock (except for hogs), not to exceed two such animals for each acre and subject to specific conditions; . One guesthouse, subject to section 2.6.14; . Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat. These facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields; and . Excavation and related processing and production that are subject to specific conditions. Conditional uses in the Estates District that are subject to the standards and procedures established in division 2.74 are as follows: . Churches and other places of worship; . Social and fraternal organizations; . Child care centers and adult day care centers; . Schools, public and private; and . Group care facilities (category I); care units, nursing homes, assisted living facilities, and continuing care retirement communities; all subject to section 2.6.26. . Category II group care facilities and care units, subject to section 2.6.26 only when tenancy of the person or persons under care would not: o Constitute a direct threat to the health or safety of other individuals; Wilcox Appraisal SelVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 fllage 5t7of 216 o Result in substantial physical damage to the property of others; or o Result in the housing of individuals who are engaged in the current, illegal use of or addiction to a controlled substance. . Extraction or earthmining, and related processing and production not incidental to the development of the property subject to the following criteria: o The site area shall not exceed 20 acres. . Essential services, as set forth in section 1.6.9.2. The following dimensional standards apply to all permitted, accessory, and conditional uses in the Estates District: Minimum Lot Size: Minimum Yard Requirements: Front yard, feet: Side yard, feet: Rear yard, feet: Minimum Yard Requirements for nonconforming lots of record: Front yard, feet: One full depth setback for corner lots along the shorter lot line along the street. Setback along longer lot line may be reduced by up to 50 percent. See definition of yard, front for lots that do not conform to a minimum lot width or area requirements. 10% of lot width with max. of 30 75 150 1,000 SF 30 One dwelling unit per 2 ~ acres As required in division 2.3 As required in division 2.4 As required in division 2.5 Two and one-fourth (2 1/4) Acres 75 30 75 Side yards, feet: Rear yard, feet: Minimum Lot Width, feet: Minimum Floor Area: Maximum Height: Maximum density: Minimum off-street parking: Landscaping: Signs: Wilcox Appraisal Services, Inc. I I- I I I I I I I 19.5' Screened Porch o "'" ..... Family Room 8.5' 15.3' I I Moster Moster Kitchen Dining - Bath Bedroom Area M !Xl Coth Ceiling ...... 6.8' Coth. Ceiling 5.1 ' 5.1' Living Room ,..... Foyer a\ --q 0 8.0' N 3.7' a- 0 Garage ...... 17.0' I I I I I I I 13.2 · Bedroom Hall Bath Bedroom 16.1' Agenda Item No. 1686 September 15, 2009 Paoe 57 of 216 Parcel 122 3720 White Boulevard Year Built: 1987 3 Bedrooml2 Bath Living Area: Garage: Screened Porch: ~ co N Improvements Sketch -Wi/cox Appraisal Services, IlIc.- Prepared for and property of Collier County Board of COOl missioners Reliance upon the appraIsal for other lISes is not warranted, 1,663 SF 374 SF 214 SF I N I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier Counly Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No 1686 September 15, 2009 Page Sl9::>f 216 IMPROVEMENT DATA The appraiser previouslV conducted a detailed interior inspection of the parent tract improvements with the owner representative on April 18, 2008. The appraiser has subsequentlv conducted onlv exterior inspections of the parent tract improvements, with the most recent exterior inspection on Mav 19, 2008. The appraiser has assumed that the parent tract improvements on Mav 19, 2008. the date of valuation. were similar in type and condition to the improvements previously inspected on April 18, 2008. The parent tract is improved with a single-family home and associated site improvements. The single-family home is located in the northern portion of the property and is setback approximately 140 feet from the existing right-of-way of White Boulevard. The parent tract's single-family home is one story and has a slab on grade foundation, concrete block with painted stucco exterior walls and a fiberglass shingle roof. The parent tract's single- family home contains 1,663 square feet of gross living area. The home also includes a single car garage and utility area containing 374 square feet and a screened porch containing 214 square feet. The interior of the home is partitioned into three bedrooms, two baths, a foyer area, living room, dining room, and family room. Interior finishing materials include tile and carpet flooring, cathedral ceilings in the living room and dining area, and ceiling fans. Bath areas include granite vanity tops, wood cabinets and tile wainscoting. The master bath has a shower and the hall bath has a tub/shower combination. The kitchen includes granite counters, wood cabinets, range, microwave, refrigerator, and dishwasher. Significant site improvements include: asphalt driveway, five foot chain link fencing in the rear, a small vinyl shed, site clearing/fill and grade, a well and water treatment system, a septic tank/drain field, sod and landscaping. The parent tract's single-family home was constructed in 1987 and has been well maintained. Consequently, the building improvements have a chronological age of 21 years and an estimated effective age of 15 years. The appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 45 years. Furthermore, the appraiser has recognized that there is significant market resistance (external obsolescence) to single-family homes that are located along more heavily traveled roadways similar to White Boulevard. External obsolescence is an element of depreciation caused by negative influences outside the property. Wilcox Appraisal Services, Inc. I I- I I I I I I I r- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted, Agenda Item No. 1686 September 15, 2009 Page S4nJf 216 HIGHEST AND BEST USE Highest and best use is defined in The Dictionary of Real Estate Appraisal, Third Edition as published by the Appraisal Institute: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgment and analytical skill, Le., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable. Hiahest and Best Use Analysis "As Thouah Vacant": This part of the highest and best use analysis assumes that a parcel of land is vacant or that it can be made vacant through the demolition of any improvements. The question to be answered in this part of the highest and best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what type of building or other improvement (if any) should be constructed on the land? The purpose of estimating the highest and best use for land or a site is to identify the use that causes the land to have value. This identification also helps to identify comparable properties. For highest and best use of land as though vacant, a use must meet four criteria. The four criteria are (1) legally permissible, (2) physically possible (3) financially feasible, and (4) maximally productive. The following analysis is presented: 1. Legally Permissible Uses: The most significant elements to be considered in regards to those uses which are legally permissible for the parent tract include, but are not necessarily limited to the following: . The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. . The parent tract is zoned E, Estates District, according to the Collier County Land Development Code. . The parent tract is encumbered by a 30-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to White Boulevard. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. . The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page64'bf 216 2. Physically Possible Uses: The most significant facts related to the parent tract in regards to those uses which are physically possible include, but are not necessarily limited to the following: . The parent tract is located on the south side of White Boulevard approximately 0.20 miles east of Weber Boulevard S. in Collier County, Naples, Florida. The parent tract has a street address of 3720 White Boulevard, Naples, Florida. . The parent tract contains 1.136 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 75 feet. . The parent tract benefits from 75 feet of frontage along the southerly right-of-way of White Boulevard. White Boulevard is a collector, undivided, two lane, paved roadway. . The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. . The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 120067 0425 0, and dated June 3, 1986. Flood Zone X identifies areas located within the SOO-year flood plain. Flood hazard insurance is not required. . Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that include No. 14, Pineda Fine Sand, Limestone Substratum; No. 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and may or may not apply specifically to the soil group(s) located on the parent tract. . The appraiser has assumed a reasonable quantity of non-jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance to the estimated highest and best use. . The parent tract is assumed to be unaffected by environmental liabilities. 3. Financially Feasible Uses: Having determined the uses that are physically possible and legally permissible, the appraiser must further analyze these uses to determine those that are likely to produce some income, or return, greater than the combined income needed to satisfy operating expenses, financial expenses and capital amortization. All uses that are expected to produce a positive return are regarded as financially feasible. The most important data related to those uses that are financially feasible for the parent tract include, but are not necessarily limited to the following: . The primary market area consists of those residential properties zoned (E), Estates District, according to the Collier County Land Development Code located near the intersection of Collier Boulevard (CR 951) and Pine Ridge Road (CR 896) in Collier County, Florida. . The secondary market area is defined as those residential properties zoned (E), Estates District, located in peripheral locations to the primary market area. Wilcox Appraisal SelVices, Inc. I l- I I I I I I I I-- I I I I I I I I I Prepared for and property of Collier County Board or Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page E42Jf 216 . The primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. . The Golden Gate Estates area began development in the early 1960's. Based on the Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. . The Golden Gate Estates area is composed of two separate sub-markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). . Commercial development has occurred at the intersections of Collier Boulevard (CR 951) with Vanderbilt Beach Road (CR 862) and Pine Ridge Road (CR 896), and along the western side of Collier Boulevard (CR 951) between Green Boulevard and Golden Gate Parkway (CR 886). . The primary roadways that provide the main access to the immediately described primary market area include: o Collier Boulevard (CR 951); o Vanderbilt Beach Road (CR 862); o Golden Gate Boulevard; o Pine Ridge Road (CR 896); and o Golden Gate Parkway (CR 886). . Available utilities within the primary market area include public water, center sewers, telephone, electrical service and emergency services. In those areas without public water and central sewers, water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field combination. . It is the appraiser's opinion that the primary market area should expect continued economic development into the foreseeable future. 4. Maximallv Productive: Among the financially feasible uses, the use that provides the highest rate of return, or value (given a constant rate of return), is the highest and best use. In summary, the parent tract is legally, physically and financially capable of supporting potential single-family residential development. Due to the fact that these uses for the parent tract are limited to potential single-family residential development, as opposed to a set of multiple options, the maximally productive use is the same use. Accordingly, it is the appraisers' opinion that the highest and best use of the parent tract "as though vacant" is estimated to be potential single-family residential development. Analvsis "As Improved": For this portion of the highest and best use analysis, the appraiser will provide the reader with an overview of the analysis and support of the highest and best use estimate for the parent tract "as improved". Again, under this portion of the highest and best use analysis, the appraiser will consider whether or not the existing improvements should be demolished, changed in some manner, or be retained. The following analysis is presented. As previously stated, the appraiser previously conducted a detailed interior inspection of the parent tract improvements with the owner on April 18, 2008. The appraiser has subsequently conducted only exterior inspections of the parent tract improvements, with Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 F.'age 64ilif 216 the most recent exterior inspection on May 19, 2008. The appraiser has assumed that the parent tract improvements on May 19, 2008. the date of valuation, were similar in type and condition to the improvements previouslv inspected on Apri/18, 2008. Conclusion of the Highest and Best Use: In summary, the appraiser has estimated the highest and best use of the parent tract "as though vacant" to be potential single-family residential development. Furthermore, the parent tract is improved with a single-family home and associated site improvements. The parent tract's single-family home was constructed in 1987 and has been well maintained. Accordingly, it is the appraisers' opinion that the highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements. Wilcox Appraisal Services, Inc. I l- I I I I I I I t- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 IP-age E4:4Jf 216 The Appraisal Process There are three standard approaches to property valuation: 1. Cost Approach 2. Sales Comparison Approach 3. Income Capitalization Approach The Cost Approach requires the estimation of the reproduction cost new of the subject improvements on current market price levels for labor and materials. The second component is the estimate of accrued depreciation, or diminished utility, which is computed and subtracted from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of the subject improvements. Finally, the land value, as obtained from a market comparison approach, is added to obtain a value of the property as a whole. The underlying premise in the Cost Approach is the theory of substitution, which states that an informed purchaser would pay no more for a property than would be required to substitute of equal utility. This approach is most applicable when the improvements are new and represent the highest and best use of the subject, as though vacant. Conversely, when the improvements are old and adequate land sales are not available, the Cost Approach tends to lose credence. The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of buyers and sellers for a similar class of property in a simulation model to project the most probable selling price. This approach is also based upon the theory of substitution as well as the concept of anticipation and contribution. This approach is most applicable when there has been a sufficient amount of market transactions of similar properties to ascertain patterns of behavior of the market participants. This valuation can only be as accurate as the quality of information permits. If the comparative properties are quite dissimilar to the parent tract and large adjustments are required, then this approach loses credibility. The Income Approach is the valuation process which measures value as a function of the present worth of the property's net income capacity. This approach is based upon the concept of anticipation, contribution, and increasing and decreasing returns. This approach requires market oriented income and expense data as well as current mortgage and equity rates (income and yield). This approach is generally considered most reliable in the valuation of commercial properties, as it best represents investor's and lender's expectations and actions in the market. Each of the above three approaches will usually indicate different values. After all of the factors of the three approaches have been carefully weighted, the indications of value are correlated to arrive at a final estimate of value. Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared ror and property of Collier County Board of CommIssioners Reliance upon the appraIsal for other uses is not warranted Agenda Item No. 1686 September 15. 2009 Page 64~f 216 Identification of the Applicable Valuation Procedure(s): It is the appraiser's opinion that the Sales Comparison Approach to Value and the Cost Approach to Value are the only applicable approaches for the valuation of the parent tract. The Sales Comparison Approach to Value is considered applicable since an adequate number of sales of similar improved residential properties have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The Cost Approach to Value is also considered applicable due to the fact that the parent tract's improvements have been previously estimated to represent the highest and best use of the site and have been reasonably maintained. The Income Approach to Value is not considered applicable due to insufficient rental data and since the parent tract is not generally considered to be an income producing property. Wilcox Appraisal SeNices, Inc. I I~- I I I I I I I 1--- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Pag:e6a6>f 216 Land or Site Valuation Introduction: In general, the supply of land is relatively stable. Although physical and ecological changes may result in the accretion or destruction of land, these occurrences are rare. Land has value because it has specific utility and is in demand. Several appraisal concepts and principles contribute to the formation of land value. Anticipation, the expectation of increased demand for sites suitable to a particular use, motivates speculators to acquire land. The supply of and demand for sites tend towards the equilibrium in the long run, but short-term imbalances do occur. Intense market competition can create land values that exceed profitability. The principle of substitution holds that the greatest demand is generated for the lowest priced sites. Balance and price at value is sustained when the various elements in an economic or environmental mix are in equilibrium. Land Valuation Procedures: Traditionally, there are six land valuation techniques or procedures available to the appraiser for utilization in this process. These six procedures are identified as follows: 1. Sales Comparison: The Sales Comparison Approach may be used to value land that is actually vacant or land that is being considered as though vacant for appraisal purposes. Sales comparison is the most common technique for valuing land and it is the preferred method when comparable sales are available. To apply this method, sales of similar parcels of land are analyzed, compared, and adjusted to provide a value indication for the land being appraised. In the comparison process the similarity or dissimilarity of the parcels is considered. Elements of comparison include property rights, legal encumbrances, financing terms, conditions of sale (motivation), market conditions (sale date), location, physical characteristics, available utilities, zoning, and highest and best use. The most variable elements of comparison are the physical characteristics of the site that includes the size and shape, frontage, topography, location and view. 2. Allocation: Vacant sites in densely developed urban locations may be so rare that their values cannot be estimated by direct comparison. Similarly, sales of vacant sites in remote rural areas may occur so seldom that comparable data are inadequate. In such cases, land value can be estimated by allocation or extraction. The allocation method is based on the principle of balance and the related concept of contribution, which affirm that there is a normal or typical ratio of land value to property value for specific categories of real estate in specific locations. The allocation method does not produce conclusive value indications, but it can be used to establish land value when the number of vacant land sales is inadequate. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property or Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 16B6 September 15, 2009 Pa~6~llf 216 3. Extraction: Extraction is a variant of the allocation method in which land value is extracted from the sales price of an improved property by deducting the value contribution of the improvements, which is estimated from their depreciated costs. The remaining value represents the value of the land. 4. Subdivision Development: The subdivision development method is used to value land when subdivision and development represent the highest and best use of the appraised parcel and sales data on finished lots are available. The subdivision development analysis may involve industrial, residential, or recreational land. The subdivision of land is the normal pattern of real estate development. A landowner divides a large plot into smaller pafcels to sell or lease them. 5. Land Residual: The land residual technique may also be used to estimate land value when sales data on similar parcels of vacant land are not available. This technique is based on the principle of balance and the related concept of contribution, which are concerned with equilibrium among the agents of production including labor, capital, coordination, and land. The land residual technique can be used to estimate land value when: (1) building value is known or can be accurately estimated, (2) stabilized, annual net operating income to the property is known or can be estimated, and (3) both building and land capitalization fates can be extracted from the market. 6. Ground Rent Capitalization: Ground rents can be capitalized at an appropriate rate to indicate the market value of a site. Ground fent is the amount paid for the right to use and occupy the land according to the terms of the ground lease. It corresponds to the value of the landowner's interest in the land, and the leased-fee interest. Market-derived capitalization rates are used to convert ground rent into market value. Summary of the Land Valuation Problem: The appraisef has considered each of the six land valuation procedures identified above and has determined that the Sales Comparison Approach to Value is the only applicable valuation procedure for this portion of the valuation assignment. This procedure is considered applicable due to the fact that an adequate number of recent and relevant unimproved acreage transactions exist which can be utilized by the appraiser in predicting buyer and seller behavior for this type of property. Presentation of the Market Data: The appraiser has reviewed economic data related to a number of sales and listings of comparable unimproved properties located within the primary and secondary market areas. Based on this research, the appraiser has assembled five competitive unimproved sales zoned E, Estates District, transacted between December 2006 and April 2007 as being most comparable to the parent tract. The data sheets for each of the sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilcox Appraisal Services, Inc. I I """"olkO ~ 8AN::.ull~ CT I ~ CT "~~..., '.....~J ,~..~ I I I I N I ,,., ,.,. .. I ~ LH t I .~ ~~/~ s Ii' t l; 1..... "i:. 8 ( I~ -~\ ~ , .. \ :;; '\ ~-oV I I I I I I I I C r ;; Agenda Item No. 1686 September 15, 2009 P f if'; ... " b c.~Y"''' -" " ~. - -~i : _~ CIA ~ ~ ~ ~:"~i" ~ .C~ Il-s.........~) rg ,f, - LWllIll -1'" ' ~"i!.; ill HICKORY WOOD Oil '- eDNOOS .. '7t. '" . ~i!"- #'<oJ l ,,~~; E~ .::~..~ FtE5ERVE ~ ~ -~t-!Of'e.."''--- " \ CIA - - _ !i: "E!lGEWOCl:l f. i::'MSER~ )HE~.> ..r~e ~ ~. _ _ I (viNEYARDS \.r ~ I ~ I, ~~ II!W. C..3... -(I [-r:o"l-E ~==~":' J,:;io~~NA :.\-~,- -c:~:?~~.~ ~~~<11 ?Ozji\:- ~'VV !!? ~.""..t i'" O;l ( ~ v~'f'Jr~ < ~ 'llQ ~ -"~- GAI_~ ,l-;; ~VIGllf IAPA ...,.<1-.(,<;'-...::3.- 5~ , ....?.?oo IlIIlGE " '^-..--- ~ ~ ;s,- i"~"'~ ~rSO~OW;-~E':-~ . ' llo;f.' ~t:ms..:t;;-~ ~\ ~ ...L.~.t ...~ 51 l' i.' . " ~ ~<;'V1LU '~~ ~~ lU~ ,;:~fON1~~..-r~': i ~. I I "rz,~'~i~'l;.~J . ..:gwmOllllQ~~ .;;!t .~-... !l: ~ '" ill :::-- ;,.t 1. ,,,t:\ i :1 ~~I~_'~ i " \ ~ _-r ,_.fBIIlWOOD I J . .~~ l. PINE ... HW 0 > ;t S1'H All NW 5TH All " ill J~__~,~ _ I<'N ~ 3110 AV NW CORAL WOOD OR NW TEA,K WOOD OA 1ST AV NW ,~ ,.." NW GOLDEN GATl! ___.i:..!'. sw 'liT .'"""ESSe:z.at ,,"v sw 1ST J.V _OMAHOGANY RIDGE OR 3RO A.V S'N 3110 A~ SW C> > et ."., AV sw sw Sw i l!i ... '" .: ;: '" .. 5l>! ~ ~_ -E-__ P"'-METTO WOODS OR; o _sw T AMAAINO RlOGE OR rrO sw All SYCAMORE DR .--.L~TH __ RIDGE ~ RO ~ ( w_~..v 0-- sw -~ '9 sw t1TH AV 11TM A~ sw ':'" a . \:rn-t' .~ ...., Sw , $.,,, ,~ . '5"'" AV l5W .. ,;r.-lo.t'" AV Sw .. ~ ~ ~~ __=__ AV sw 1-:JTH AV sw '. ~ ~y ~-~ "T'N All sw ~ l'i'!'H AV sw GAtE"N sw aUlD .. ,... _ -.!~ _ AV SW o r:er:;.I.t~ "!"'J:lE:E c > ..J III eN ''L-.:ilL- __~~.E!.-_. ___._ .!!L-, '" ~_ _____Q~.__b!!.__ ?'ST sw AV '" StAR .....,it.ltWJI...~~J1 5~C:C#lIf"E1I G:'o:lASS ~~ \ .rTa~ .f,E'T'tW~~_\ :;_~~ W~_~~.<_ t_ i I .2iTH- _AV- ---$W__ <i.OLDEN ~:;::.- GATE- SMnA ~"'" o..,vmLA~ ~~::,., 1I1&nAl. 1'EAt"" ./'..... . "';;- ~~. ~ CIotlVlS'!"'.- .,.."..... AV SN 2m< jj I j- I I I ~ .. AV 2!;T'N !\1W 1 Ge~""'''N woc:-cs=- ~ .. ~ .. AV ]1ST ~ .. ;;; L J . -&...... iii I- I --- . -~\-. _ ~ WlUM --"'.. ;r-...,.,~~. ~~L~ _ r.~'\ ~..- <",,-__..::: -~ '1! ME' - , _~;/. ~ WATERFORD .1-~~QflJ j M _ :10 Unimproved Land Sales Map i -Wilcox Appraisal Services, Inc.- Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted N I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 p~6aDf 216 APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected five competitive unimproved sales zoned E, Estates District, transacted between December 2006 and April 2007 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Buyers, sellers, and active real estate agents have reported that competitive unimproved properties within the market area are typically purchased based on a price per acre of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); and market conditions (time). The following sales comparison grid is presented: Sales Comparison Grid - Unimproved land Sales: Element of Comparison Date of Value/Sale Highest and Best Use Location ~ ~ Sale s.lli Sale Subject ~ No.2 No.3 No.4 No.5 May-200a Dec-2006 Mar-2007 Mar-2007 Mar-2007 Apr-2007 ReSidential Residential Residential ResidentJal ReSidential Residential South side of West side of North side of South Side of South side of North side of White Blvd Collier Blvd 7th Ave SW Boxwood Way 15th Ave SW Mahogany Ridge Dr 1 136 227 250 1 59 1 14 259 White Blvd Collier Blvd 7th Ave SW Boxwood Way 15th Ave SW Mahogany Ridge Dr Estates Estates Estates Estates Estates Estates Estates Estates Estates Estates Estates Estates E T E. T E. T E, T E, T E. T NA $325 000 $340.000 $212,000 $129,000 $410.000 NA $143,172 $136.000 $133,333 $113158 $158.301 Size (Gross Acres) Road Frontage Land Use Designation Zoning Utilities Sales Price Sales Price (Per Gross Acre) Transaction Adiustments Property Rights Conveyed Financing Conditions of Sale (Motivation) Market Conditions (Time) Adjusted Price Adjusted Price (Per Gross Acre) Additional Adiustments Locatio n Size (Gross Acres) Road Frontage Land Use/Zoning Utilities Net Percentage Adjustment Adjusted Price (Per Gross Acre) 000% 000% -1000% o DO~~ 000% -1000% $107,352 o O'J~!n 000% 000% -1000% 000% 000% -1000% $105,283 $122,379 $89,368 $126,070 Explanation of Adjustments: The following explanations of adjustments are presented: · Adjustments for Property RiQhts Conveyed, FinancinQ and Conditions of Sale (Motivation), and Conditions of Sale (Motivation): AU sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Furthermore, all sales were verified to be typically motivated arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. However, verification of Sale Nos. 1 and 5 indicated the sale property was purchased by the owner of the adjacent property that is improved with an existing single-family home. The appraiser Wilcox Appraisal Services, Inc. I L I I I I I I I ,'-' I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 P~6S6f 216 recognizes that many buyers of adjacent (assembled) tracts of land will sometimes pay a premium above market value. This assemblage motivation will be considered by the appraiser in the final reconciliation. . Adiustments for Marketinq Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment", the passing of time is not the cause of the adjustment, but rather, the market conditions that mayor may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. It should be remembered that the purpose of the market conditions adjustment is to adjust all sales from the date of sale to the date of value. The five closed sales utilized in direct comparison to the parent tract are the most recent similar sales that sold between December 2006 and April 2007. Therefore, the appraiser is concerned with any market condition changes between the oldest sale (December 2006) and the date of value (May 19, 2008). As previously reported in the market area analysis, the primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. However, subsequent to January 2006, residential market values have significantly declined. Furthermore, during this timeframe the number of residential listings has increased dramatically and the number of sales has also decreased. The appraiser has utilized, as most appropriate, a negative 12.0% annual adjustment or a negative 1.0% per month adjustment to the previously adjusted sales prices for market conditions (time) for the time frame between the oldest sale (December 2006) and the date of appraisal (May 19, 2008). It should be understood that this market conditions adjustment (time) is made to the "adjusted" sales prices (after adjustments for property rights conveyed, financing and conditions of sale (motivation), if any. The following time adjustment grid is provided: Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 ~7$tf 216 Time Adjustment Grid: Sale Sale Sale Sale Sale No.1 No.2 No.3 NO.4 No.5 Date of Sale Dec-20G6 Mar-2007 Mar-2007 Mar-2007 Apr-2007 Date of Value May-2008 May-2008 May-2008 May-2008 May-2008 No. of Months Diff. 17 14 14 14 13 (X) Time Adj. Per Mo. 1.00% 1.00% 1.00% 1.00% 1.00% Time Adj. Factor 0.170 0.140 0.140 0.140 0130 Sales Price $325,000 $340,000 $212,000 $129,000 $410,000 (+/-) Adjustments: $0 $0 $0 SO $0 Adjusted Sales Price $325,000 $340,000 $212,000 $129,000 $410,000 (+) Time Adj. Factor 1.170 1.140 1.140 1.140 1.130 Indicated Adj. Sales Price $277,778 $298,246 $185,965 $113,158 $362,832 Rounded $277,800 $298,200 $186,000 $113,200 $362,800 Indicated Time Adjustment $47,200 $41,800 $26,000 $15,800 $47,200 Adiustments for Location: All sales are competitive vacant residential sites located in the primary market area. Minor locational differences will be considered by the appraiser in the final reconciliation. Accordingly, no adjustments were made for this element of comparison. · Adiustments for Size: All sales range in size from 1.14 gross acres to 2.59 gross acres, as compared to the parent tract's size of 1.136 gross acres. Minor size differences will be also considered by the appraiser in the final reconciliation. Accordingly, no adjustments were made for this element of comparison. · Adjustments for Road FrontaQe: The parent tract is located along the south side of White Boulevard a collector, undivided, two lane, paved roadway. Sale NO.1 is located along the west side of Collier Boulevard (CR 951). However, Sale Nos. 2, 3,4 and 5 are considered to have superior road frontages, with all these sales located along less busy roadways. Accordingly, Sale Nos. 2, 3,4 and 5 were given a negative 10% adjustment for this element comparison. Adiustments for Land Use/ZoninQ and Utilities: All sales have similar land use designations, zoning classifications and available utilities. Accordingly, no adjustments were made for these element of comparisons. Discussion of Sales: · Unimproved Land Sale No. 1 contains 2.27 acres of gross land area and is a December 2006 transaction. Unimproved Land Sale NO.1 is located on the west side of Collier Boulevard (CR 951) between 3rd Avenue S.W. and 5th Avenue S.W. Unimproved Land Sale No. 1 benefits from frontage along the westerly right-of-way of Collier Boulevard (CR 951). Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale NO.1 has a future land use designation of Estates and is zoned Estates by Collier County. Verification of this sale indicated that at the time of sale, the property was vacant land. This vacant residential site was purchased by the owner of the adjacent property that is Wilcox Appraisal Services, Inc. I l- I I I I I I I l- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 16B6 September 15. 2009 Fa~ 752Jf 216 improved with an existing single-family home. Unimproved Land Sale NO.1 provided an indicated adjusted value of $122,379 per acre of gross land area. . Unimproved Land Sale No.2 contains 2.50 acres of gross land area and is a March 2007 transaction. Unimproved Land Sale No.2 is located on the north side of ih Avenue S.W. approximately 0.90 miles west of Collier Boulevard (CR 951). Unimproved Land Sale No. 2 benefits from frontage along the northerly right-of-way of ih Avenue S.W. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale NO.2 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No.2 is encumbered by a 50-foot wide road right-of-way easement along the southern property line (for ih Avenue S.W.) and a small easement along the western property line for the encroachment of a concrete drive for the adjacent improved property. Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale NO.2 provided an indicated adjusted value of $107,352 per acre of gross land area. . Unimproved Land Sale No. 3 contains 1.59 acres of gross land area and is a March 2007 transaction. Unimproved Land Sale NO.3 is located on the south side of side of Boxwood Way (f1k1a 10th Avenue S.W.) approximately 0.50 mile east of Logan Boulevard. Unimproved Land Sale No. 3 benefits from frontage along the southerly right-of-way of Boxwood Way (f1k1a 10th Avenue S.W.). Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 3 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale NO.3 is encumbered by a 3D-foot wide road right-of-way easement along the southern property line along the northern property line (for Boxwood Way). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale No.3 provided an indicated adjusted value of $105,283 per acre of gross land area. . Unimproved Land Sale No.4 contains 1.14 acres of gross land area and is a March 2007 transaction. Unimproved Land Sale No. 4 is located on the south side of 15th Avenue S.W. approximately 0.80 miles east of 39th Street S.W. Unimproved Land Sale No. 4 benefits from frontage along the southerly right-of-way of 15th Avenue S.W. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 4 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale NO.4 is encumbered by a 3D-foot wide road right-of-way easement along the northern property line (for 15th Avenue S.W.). Verification of this sale indicated the sale property was vacant land at the time of sale. The site is currently under construction with a single family home. Unimproved Land Sale NO.4 provided an indicated adjusted value of $89,368 per acre of gross land area. . Unimproved Land Sale No.5 contains 2.59 acres of gross land area and is an April 2007 transaction. Unimproved Land Sale No. 5 is located on the north side of Mahogany Ridge Drive approximately 0.10 miles east of Logan Boulevard. Unimproved Land Sale No. 5 benefits from frontage along the northerly right-of-way of Mahogany Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page7S3>f 216 Ridge Drive. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale NO.5 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale NO.5 is encumbered by a 30-foot private access and public utility easement along the eastern property line and a 30-foot wide road right-of-way easement along the southern property line (for Mahogany Ridge Drive). Verification of this sale indicated that at the time of sale, the property was vacant land. This vacant residential site was purchased by the owner of the adjacent property that is improved with an existing single- family home. Unimproved Land Sale No. 5 provided an indicated adjusted value of $126,070 per acre of gross land area. Reconciliation of the Market Value land Estimate: In summary, the appraiser has selected five competitive unimproved sales zoned E, Estates District, transacted between December 2006 and April 2007 for direct comparison to the parent tract and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these five sales range from a low of $89,368 per gross acre for Sale NO.4 to a high of $126,070 per gross acre for Sale NO.5. The arithmetical mean from this database was $110,090 per gross area with an arithmetical median of $107,352 per gross acre. All five sales conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Also, all sales utilized in direct comparison to the parent tract were verified to be arm's length transactions. In addition, it was the appraiser's opinion, that a negative 12.0% annual adjustment or a negative 1.0% per month adjustment was appropriate for a market conditions (time) adjustment for the time frame between the sale date and the date of appraisal (May 19, 2008). All sales are considered to have the same highest and best use "as vacant" (potential single- family residential development), and are all located in the primary market area. All sales range in size from 1.14 gross acres to 2.59 gross acres, as compared to the parent tract's size of 1.136 gross acres. Furthermore, all sales have a similar land use designation, zoning classification and availability of utilities. Sale Nos. 2, 3, 4 and 5 are considered to have superior road frontages, with all these sales located along less busy roadways. Accordingly, Sale Nos. 2, 3, 4 and 5 were given a negative 10% adjustment for this element comparison. In conclusion, the final estimate of value, after reviewing each of the five comparable sales utilized in direct comparison to the parent tract, is $110,000 per gross acre, which results in the following estimate of value: Market Value of the of the Parent Tract Land: (1.136 Gross Acres) x ($110,000 Per Gross Acre) = $124,960 Rounded to, Say = $125,000 Wilcox Appraisal Services, Inc. I L I I I I I I I ,-- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 ~7~4f 216 The Cost Approach to Val ue INTRODUCTION The Cost Approach is based upon the theory of substitution whereby it is assumed that a prudent and well-informed purchaser would pay no more than the cost of procuring a substitute property of equal desirability and utility. The following steps are considered to be the proper process for the application of this approach: 1. Estimate the value of the site as though vacant and available to be developed to its highest and best use. 2. Estimate the cost to reproduce (or replace) the building improvements, new, as of the effective appraisal date. 3. Estimate the amount of accrued depreciation. 4. Deduct the estimated depreciation from the cost new of the building improvements to derive the present depreciated cost of the building improvements. 5. Estimate the contributory value of the associated site improvements that have not already been considered. Note: Site improvements are often appraised at their contributory value, i.e., directly on a depreciated-cost basis. 6. Add the site value to the total depreciated cost of all the improvements to arrive at the indicated value of the property. PART ONE: ESTIMATE THE VALUE OF PARENT TRACT'S SITE "AS THOUGH VACANT" AND AVAILABLE TO BE DEVELOPED TO ITS HIGHEST AND BEST USE It is the appraisers' opinion that the highest and best use of the parent tract "as though vacant" is estimated to be to be potential single-family residential development. The market value estimate of the parent tract's land was obtained through the application of the Sales Comparison Approach to Value. The appraiser has previously estimated the parent tract land to have a unit value of $110,000 per gross acre, which results in the following estimate of value: Market Value of the Parent Tract land: (1.136 Gross Acres) x ($110,000 Per Gross Acre) Rounded to, Say $124,960 $125,000 = = PART TWO: ESTIMATION OF REPLACEMENT COST Replacement Cost is defined as "the estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout". Based on a review of the Marshall Valuation Service, discussions with local contractors, and the appraiser's experience, Wilcox Appraisal SelVice5, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 ~7-S5f 216 the following replacement costs are indicated for the parent tract's building and significant site improvements: Replacement Cost New: Cost New PSF $7305 $30.50 $24.35 x X X X Size SF = 1.663 = 374 = 214 = Total Cost New $121,482 $11,407 $5,211 $138,100 1.07 1 02 $150,722 $150,700 $6,000 $156,700 I. BuildinQ Improvements: 1. Living Area: 2. Attached Garage: 3. Screen Porch: Subtotal: (Times) Current Cost Multiplier: (Times) Local Cost Multiplier: Replacement Cost New (Structure): Rounded to. Say: (Plus) Replacement Cost New of Appliances/Fans: Total Replacement Cost New (Single-Family Home): II. SiQnificant Site Improvements: Significant site improvements include: asphalt driveway, five foot chain link fencing in the rear, a small vinyl shed, site clearing/fill and grade, a well and water treatment system, a septic tank/drain field, sod and landscaping. The appraiser has estimated the replacement cost new of all significant site improvements total $100,200. III. Total Replacement Cost New: Accordingly, based on the above market data and analysis, the total replacement cost new of the parent tract's building and significant site improvements total $256,900 ($156,700 + $100,200). PART THREE: ESTIMATE OF ACCRUED DEPRECIATION As previously stated, the parent tract's single-family home was constructed in 1987 and has been well maintained. Consequently, the building improvements have a chronological age of 21 years and an estimated effective age of 15 years. The appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 45 years. Accrued depreciation is the loss of value from the replacement cost of the improvements that may derive from physical deterioration, functional obsolescence, external obsolescence, or any combination of these sources. There are several methods that can be applied to estimate accrued depreciation. It should be remembered that accrued depreciation is applied only to the improvements, since the land or site value is included in the value estimate at its current market value. The appraiser has selected the breakdown method as being most appropriate for this appraisal problem. Accordingly, each cause of depreciation (diminished utility) is analyzed and measured separately and then the estimates are totaled to derive a lump-sum amount that is deducted from the estimated replacement cost. Physical Deterioration: Physical deterioration is an element of depreciation caused by wear, tear, age and use. The appraiser has selected the economic age/life method as being most appropriate to estimate the Wilcox Appraisal Services, Inc. I L I I I I I I I J- I I I I I I I I I Prepared for and property or Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 lPqe7$6f 216 physical deterioration. To estimate the total accrued depreciation, the appraiser will determine a ratio of the estimated effective age to the estimated total economic life of the parent tract's single-family home and then apply this ratio to the current replacement cost new. Accordingly, the following estimation of physical deterioration is presented: I. Physical Deterioration: Total Replacement Cost New: Estimated Total Economic Life: Actual Age: Estimated Economic Age: Percent Depreciated: Indicated Physical Deterioration: Rounded to, Say: Indicated Depreciated Replacement Cost New Before Subtracting Functional and External Obsolescence: $256,900 60 21 15 25.00% $64,225 $64,200 $192,700 Functional Obsolescence: Functional obsolescence is an element of depreciation caused by deficiencies and superadequacies of the improvements located on the property. A deficiency is an inadequacy in a structure or one of its components. A superadequacy is an excess in the capacity or quality of a structure or structural component; determined by market standards. Incurable functional obsolescence is an element of depreciation; a defect caused by a deficiency or superadequacy in the structure, materials, or design, which cannot be practically or economically corrected. No elements of functional obsolescence were observed in the parent tract improvements. II. Functional Obsolescence: None $0 Extemal Obsolescence: External obsolescence is an element of depreciation caused by negative influences outside the property. As previously stated, the appraiser has recognized that there is market resistance (external obsolescence) to single-family homes that are located along more heavily traveled roadways similar to White Boulevard. Accordingly, the appraiser has estimated a total of 10% of the depreciated replacement cost new as being appropriate for this appraisal analysis. The following sets forth the appraiser's estimate of external obsolescence: III. External Obsolescence: Indicated Depreciated Replacement Cost New Before Subtracting Functional and External Obsolescence: Estimated 10% Depreciation for External Obsolescence Due to House 8eing Located Along Heavily Traveled Roadway: Rounded to, Say: $192,700 10.00% $19,270 $19,300 Wilcox Appraisal SelVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item ~h 1686 September 15. 2009 Page 70N 216 Summary of the Total Estimated Accrued Depreciation: The following sets forth the summary of the total estimated accrued depreciation: Summary of Total Estimated Accrued Depreciation: I. Physical Deterioration: II. Functional Obsolescence: III External Obsolescence: Total Estimated Accrued Depreciation: $64,200 $0 $19,300 $83,500 PART FOUR: RECAPITULATION OF THE COST APPROACH TO VALUE Based on the aforementioned data and analysis as presented under the Cost Approach analysis, the value indication by the Cost Approach is presented: Recapitulation of the Cost Approach to Value: Total Replacement Cost New: (Less) Total Depreciation: Total Depreciated Replacement Cost New: (Add) Land Value - Via Sales Comparison Approach: Indicated Value of the Parent Tract Via the Cost Approach $256,900 $83,500 $173,400 $125,000 $298,400 Wilcox Appraisal Services, Inc. I I- I I I I I I I J- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page 7SS:>f 216 The Sales Comparison Approach to Value ,. -..'" -.-. -== ., PART ONE: INTRODUCTION In the Sales Comparison Approach, market value is estimated by comparing the parent tract to similar properties that have been sold recently or for which offers to purchase have been made. A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. A comparative analysis in the Sales Comparison Approach focuses on differences in legal, physical, locational, and economic characteristics of similar properties and the parent tract and on differences in the real property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the financing arrangements for each sales transaction which can account for variations in prices. The Sales Comparison Approach is applicable to all types of real property interest when there are sufficient, recent, and reliable transactions to indicate value patterns in the market. For property types that are bought and sold regularly, the Sales Comparison Approach often provides a reliable indication of market value. When data are available, this is the most direct and systematic approach to value. When the number of market transactions is insufficient, the applicability of the Sales Comparison Approach may be limited. For example, the Sates Comparison Approach is rarely applied to a special purpose property because few similar properties may be sold in a given market. To value such properties, the Cost or Income Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales and offers for similar properties may establish broad limits for the value of the property being appraised. When economic conditions are changing rapidly, the usefulness of the Sales Comparison Approach may be limited. For example, changes in income tax laws and zoning regulations, the availability in cost of financing, or the supply of similar properties may cause the sale prices of comparable properties with similar uses to be unreliable indicators of the value of the parent tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable market basis on which to make adjustments for these changes. Rapid inflation or deflation can also jeopardize the reliability of an appraiser's adjustments and limit the usefulness of the Sales Comparison Approach. To apply the Sales Comparison Approach, an appraiser follows a systematic procedure: A. Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the parent tract. B. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's length market considerations. C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per income multiplier) and develop a comparative analysis for each unit. D. Compare the parent tract and comparable sale properties using the elements of comparison and adjust the sale price of each comparable appropriately or eliminate the property as a comparable. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Colher County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 P~7S9f 216 E. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. An imprecise market may indicate a range of values. PART TWO: PRINCIPLES OF SALES COMPARISON APPROACH TO VALUE The application of the Sales Comparison Approach is based on, and consistent with, the operation of value influences and appraisal principles. The following appraisal principles are generally considered most relevant to the Sales Comparison Approach: A. Supply and Demand: Property prices are determined by the market. They result from negotiations between buyers and sellers; buyers constitute market demand and the properties offered for sale constitute the supply. If the demand for a particular type of property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts in the supply of improved properties frequently lag behind shifts in demand because supply is created by time-consuming construction, while demand can change rapidly. B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution holds that the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and desirability. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market. C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the market, but absolute equilibrium is almost never attained. The balance between supply and demand changes continually. Due to shifts in population, purchasing power, and consumer tastes and preferences, demand varies greatly over time. The construction of new buildings and the demolition of old ones cause supply to vary as well. Another aspect of this principle is that the relationship between land and improvements and the relationship between a property and its environment must both be in balance for a property to reflect its actual market value. If, for example, a property has too much land in relation to its improvements or too many expensive amenities for its location, an imbalance is created. Appraisers must watch for imbalances in the market and within properties because they can cause the market to impute different prices to otherwise comparable properties. D. Externalities: Positive and negative external forces affect all types of property. A period of economic development or economic depression can often influence property values. An appraiser analyzes the market area of a parent tract to identity all significant external influences. To a great extent, these external forces are reflected in the adjustments made for property location. Two properties with identical physical characteristics may have quite different market values if one of the properties has less attractive surroundings. Factors such as the condition and lighting of streets, the convenience of transportation facilities, the adequacy of police protection, and the proximity to shopping and restaurant facilities vary with location. They must be considered by the appraiser to determine if they have a positive or negative effect on the value of the property being appraised. PART THREE: PRESENTATION OF THE MARKET DATA The appraiser has reviewed economic data related to a number of improved sales of comparable properties located within the primary and secondary market areas. Based on this Wilcox Appraisal SeNices, Inc. I I ,-. I I I I I I I I- I I I I I I I I I .- Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Pas:e7iQf 216 research, the appraiser has assembled four improved sales that were transacted between September 2007 and January 2008 as being most comparable to the parent tract. The data sheets for each of the improved sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I HerreJl ;"'ve ~d SE C \In~ lmrnoK"lee R:l 646 Immck31ee Rd 8 ~S1 o Q. ~ s: w '" '" .. -< ~1..0' ~ ':.:~,f R~ c:: K ?? ~v'i I.:-fn o g, 7th ;','",e fI./', ~ C h e- Shady ",ella,', 81~d 'Iv 0:'5: ;..,..~ \',N 3~~h ,4,...e N./y' 3-:-th A'./e ~J\J'J 3. 35th A,e N'N 33rd Iwe MV ~ 0: " o o ".. OJ <' "- ~ 5 '" w 10 CD :;v Cl. E'Ier_ ~ :;; :2 - ~ S? c') C:J ;f n ?? ,~ z 29t.., ~,ye hE ;,.' . ''1 13,9 2? @ ::;. ~ ~ ~ :7- ;7 -J -' c.. VI a.. ~ ~ ~ ~ g ~ fLl z z Z z rn Z "7 ~ ~ ~ ~ K m rl f'ar.d311 Blid '" " ~ ~,~.:~ h ^ :::;:; Q. ;; <: W ~ ~ c. (II ()' '" ~ 22r.d A.ve ~~""V g :::J ;lJ 0. "- ~ ::01hA'JE Nl/V ~ "- 181h A'Je Nv'l z 161h Ace ;.;oN l-1:hA....e r.J\N ;c c. 12~h ,Ave trlJ 1:Jtn ,;'vc:: ~J,'/J 5;11 Ave Nil" ~ 5m ;'.'Ie r~',~v A ')e r-Jl.N ::.. 3rd t.., '~fe N'"V \.'anoe~:;i!l ::€:a::t'h Rd '" ~ ~ ~ ~ ~ :T - - - ~ 3~d ~ st .o..ve t~',N G~;j~~ Gate=t'i;: '/'/ 3rj ::",-.: ;;.'/v ~ :.....~ S\~J 3rd 5t~ A'.;e s.../....' 5th /l,ce S'N 7th Ave S "./'i 1 lth 12th P-:-Ie S'l" ~ 3~:1 to'/e S'/v' n ;n 5,....0 Green Sf-,.d g ~ OJ "Golden Gate ~r~ Av8; Gale 2k'fi'YGz,l:;th ""e C:'~.' ~"'3 - ...-,.., ....."" ::,6~ 27tn ,~'Je 5'-.."1 29th Ace S'N 3: sl~'ie S\,l..; 2::c ;'.ve S'",'V ~f7f::::j~~~~~~ _ ~ r.; ~ ~ If2 ~ L1 L1 ~ 1S:;I A'Je S'/'J ~- ~ '5 :T -, SO ~ ~ ~. ~ ~ ~ ~. z ,"" -~- 2~lh Ave NE 22!1d A,e NE B,amie~ Sh.d O ~ ~ ~ --l ro - ~ ~ "5- ~SD0~SQ c en (11 ('1 en ~~~~~ 2C1r. A-.;e ~,,= 13th Ave ~n: 15t~, A,e r.;E 1':rh P'/e J'J:: 1~,~ A,Ie !\'== 1 en-. .~, ~c (!) ~ :T AJ "- ~ ~- G';; F[an~!~ar! i75 Vi 2- Qj ~ g. :t) .\1arkl':?j Av~_ "' - ro ..s c >- Improved Sales Map -H"ilcox Appraisal Services, Inc.- Prepared for ~lT1d properly' ofColJIl.'r Count'.' Soard DfC(lll~1T1I::,;s;oacrs Reliance npon the <J11pr<Jlsal f\:r lJl:ler llses:s not \"'Q!T~Hlkd a ~ f'... ~ ~ ~ ~ ;"' ~. S:2 '!2 S:: "/'0 sa f!} 1ii m ~ ~ ~ Ol!- "tjell Rd C'l ';T ':2 z m 18th Ave ~IE '6th Aoe NE ~4rh A'.I€ ~~E 121" Ave r.,E \;= 10t~ ;t.,'.:e NE tJ t.} ~ ~ g ~ - - :T ct. _ S? S:? ~ :""Je o () <: CD -l ro '" <;12 Agenda Item No. 1686 September 15, 2009 Page 80 of 216 e 581,;; Ave NE Ci- , ., -' cO Seth .A.ve Nt:. ~ 5.::~ ,A.'ce NE ::R 52rc Ave N~ ~ c. 5C1;, Ave NE z -I ~~2-~: . ~ 47th Ave Ni;_.-_ d= ~5th A.",; ~J E 4~rd AJe NE ..:~ sl _Ave t'J=_. 391r, Ave r, E' 37111 .G.ve ~JE 35th A~e NE _. _*- I """"":.i--,;;---:: .:::6 3'51 Ave NE 29th :we rJ E 271'1 Ave r, E -~_...--:-:- " 24:h fJ.,y,# NE 22nd Av.e NE 20th Ave NE , 0_1 . ....-.- 16t11 /l,Je NE 14r~ Ave NE 12th Iwe NE 1 Cith Ave N!:: 5rh A..e ~IE 5tr,t .tve ~jE- 4:h ~'lVe NE- ::;.,~ A':e "IE _' - G3!~ _ 3i'!,: E ::nc A.e ~E,_,._ - 4:r:A...e SE 6th A'o'e SE .... elh ,t..,e ~E_=-d~__ 1 Cth(\ve SE 12th Ave SE 14th Ace SE ;:tl~ :~: 0 ~i 2Cth Ave SE .- :?2nd A'Je SE- 24:h~lVe SE - Benten Rd 26th A:e SE 28:h A.e S=: 3C:h Ave S;;: _. GOlden Gates Es:ates < r N I I~- I I I I I I I t- I I I I I I I I I Prepared for and property of Collier County Board of CommisSioners Reliance upon the appraisal for other uses IS not warranted Agenda Item No. 1686 September 15, 2009 wage ffi20f 216 PART FOUR: APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected four improved sales that were transacted between September 2007 and January 2008 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time) and other locational and physical characteristics. The following sales comparison grid is presented: Sales Comparison Grid - Improved Sales: Subiect ~ Sale Sale Sale Element of Comparison: ~ No.1 No.2 No.3 No.4 Date of Value/Sale May-2008 Sep-2007 Sep-2007 Dec-2007 Jan-2008 Property Rights Conveyed NA Fee Simple Fee Simple Fee Simple Fee Simple Financing NA Typical Typical Typical Typical Conditions of Sale (Motivation) NA Arm's Length Arm's Length Arm's Length Arm's Length Location 3720 White Blvd. 3341 23rd Ave SW 3220 16th Ave. SE 1041 Golden Gate Blvd 3621 18th Ave NE Site Data: ,- - __JLIi~ I -YifIilII Land Area (Gross Acres) 1.136 1.140 1.140 2340 1 140 Site Improvements Average Average Average Average Aver age Improvement Data: V __H r ~- --- .......011 Construction/Quality CBS/Avg. CBS/Avg CBS/Avg. CBS/Avg CBS/Avg. Year BuiltJEffective Age 1987/15 Yrs 1990/15 2002/5 Yrs. 1995/6 Yrs 1995/10 Vrs Design & Appeal 1 Story/Avg. 1 Story/Avg. 1 Story/Avg 1 Story/Avg. 1 Slory/Avg. Gross Living Area 1.663 1,446 1.111 1.125 1.101 Bedrooms/Baths 3/2 3/2 3f2 3f2 3/2 Garage Lg 1-Car 2-Car, Sup~ 1-Car, In!. 1-Car, Inf 1-Car. lnf Lanai Lanai Lanai, Inf. Lanai. Inf. Lanai. Sim Open Patio, In!. External Obsolescence Ves No. Sup No, Sup. Yes. Sim Ves/Somewhat Sup Transaction Adiustments: Sales Price Property Rights Conveyed Year Built/Effective Age Conditions of Sale (Motivation) Market Conditions (Tima) Adjusted Sales Price Other Adiustments: Site Data: Location/Land Area (Gross Acres) Site Improvements Improvement Data: Construction/Quality $0 $0 $0 $0 Year Built/Effective Age $0 -$42,800 -$38,500 -$21.400 Design & Appeal $0 $0 $0 $0 Gross Living Area $12,700 $32,300 $31,400 $32,800 Bedrooms/Baths $0 $0 $0 $0 Garage -$2,500 $2.000 $2,000 $2.000 Lanai $1.500 $1.500 $0 $4,000 External Obsolescence -$19.000 .$19.000 $0 -$9.500 Final Adjusted Sales Price $284,400 5257000 5281.000 $266,800 Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Agenda Item No. 1686 September 15, 2009 Page ~:pf 216 Explanation of Adjustments: The following explanation of adjustments is presented: · Adjustments for Property RiQhts Conveyed and Financinq: All sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate. Also, all sales involved market financing or were all cash to seller transactions. Accordingly, no adjustments were made for these two elements of comparison. · Adjustments for Conditions of Sale (Motivation): All sales were verified to be arm's length transactions. However, verification of all sales indicated the seller paid atypical closing costs for the benefit of the buyer. Accordingly, all sales were adjusted for this condition. · Adjustments for Marketinq Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment", the passing of time is not the cause of the adjustment, but rather, the market conditions that mayor may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. It should be remembered that the purpose of the market conditions adjustment is to adjust all sales from the date of sale to the date of value. The four improved closed sales utilized in direct comparison to the parent tract are the most recent similar sales that sold between September 2007 and January 2008. Therefore, the appraiser is concerned with any market condition changes between the oldest sale (September 2007) and the date of value (May 19, 2008). As previously reported in the market area analysis, the primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. However, subsequent to January 2006, residential market values have significantly declined. Furthermore, during this timeframe the number of residential listings has increased dramatically and the number of sales has also decreased. The appraiser has utilized, as most appropriate, a negative 12.0% annual adjustment or a negative 1.0% per month adjustment to the previously adjusted sales prices for market conditions (time) for the time frame between the oldest sale (September 2007) and the date of appraisal (May 19, 2008). It should be understood that this market conditions adjustment (time) is made to the "adjusted" sales prices (after adjustments for property rights conveyed, financing and conditions of sale (motivation), if any. The following time adjustment grid is provided: Wilcox Appraisal Services, Inc. I I- I I I I I I I t- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 ~ ai4of216 Time Adjustment Grid: Date of Sale Date of Value No. of Months Ditt. (X) Time Adj. Per Mo. Time Adj. Factor Sales Price (+/-) Adjustments: Adjusted Sales Price (+) Time Adj. Factor Indicated Adj. Sales Price Rounded Indicated Time Adjustment Sale !:!Q:..1 Sep-2007 May-2008 8 1.00% 0.080 $325,000 ($10,000) $315,000 1.080 $291,667 $291,700 $23,300 Sale No.2 Sep-2007 May-200B 8 1.00% 0.080 $222,500 ($B,790) $213,710 1.080 $197,880 $197,900 $15,810 Sale No.3 Dec-2007 May-2008 5 1.00% 0.050 $263,000 ($7,890) $255,110 1.050 $242,962 $243,000 $12,110 Sale No.4 Jan-2008 May-2008 4 1.00% 0.040 $187,000 ($6,300) $180,700 1.040 $173,750 $173,800 $6,900 Adjustments for Other Locational and Physical Characteristics: All sales were further adjusted for significant differences, including differences in location/land area, year builUeffective age, gross living area, garage areas, lanai/patio areas, and external obsolescence. Discussion of Sales: . Improved Sale No. 1 has a street address of 3341 23rd Avenue S.W., Naples, Florida, and is a September 2007 transaction. Improved Sale No. 1 contains 1.14 acres of gross land area and is located on the north side of 23rd Avenue S.W. approximately 0.80 mile east of 39th Street S.W., Collier County, Florida. 23rd Avenue provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore, the sale property is encumbered by a 30-foot wide road right-of-way easement along the southern property line along the existing frontage to 23rd Avenue S.W. Improved Sale No. 1 is improved with a 3 bedroom, 2 bath, two car garage, screened porch, one-story, single-family residential structure with CBS construction, and a fiberglass shingle roof. The home contains 1,446 square feet of gross living area and was built in 1990. Significant site improvements include an asphalt drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod, and landscaping. Improved Sale No. 1 sold for $325,000. Verification of this sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $10,000. Accordingly, the actual sales price was adjusted for this condition. Improved Sale No.1, after appropriate additional adjustments, provided an indicated value of $284,400. . Improved Sale No.2 has a street address of 3220 16th Avenue S.E., Naples, Florida, and is a September 2007 transaction. Improved Sale NO.2 contains 1.14 acres of gross land area and is located on the south side of 16th Avenue S. E approximately 0.15 mile Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal ror other uses is not warranted Agenda Item No. 1686 September 15, 2009 p,:tage OOfuf 216 east of Everglades Boulevard S., Collier County, Florida. 16th Avenue S.E. provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore, the sale property is encumbered by a 3D-foot wide road right-of-way easement along the northern property line along the existing frontage to 16th Avenue S.E. Improved Sale NO.2 is improved with a 3 bedroom, 2 bath, one car garage, screened porch, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,111 square feet of gross living area and was built in 2002. Significant site improvements include an asphalt and gravel drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod and landscaping. Improved Sale NO.2 sold for $222,500. Verification of this sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $8,790. Accordingly, the actual sales price was adjusted for this condition. Improved Sale No.2, after appropriate additional adjustments, provided an indicated value of $257,000. . Improved Sale No.3 has a street address of 1041 Golden Gate Boulevard E., Naples, Florida, and is a December 2007 transaction. Improved Sale NO.3 contains 2.34 acres of gross land area and is located on the north side of Golden Gate Boulevard E. 180 feet east of 10th Street N.E., Collier County, Florida. Golden Gate Boulevard E. provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore, the sale property is encumbered by a 50-foot wide road right-of-way easement along the southern property line along the existing frontage to Golden Gate Boulevard. Improved Sale NO.3 is improved with a 3 bedroom, 2 bath, one car garage, screened porch, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,125 square feet of gross living area and was built in 1995. The sale property was remodeled in 2007. Significant site improvements include an asphalt drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod and landscaping. Improved Sale NO.3 sold for $263,000. Verification of this sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $7,890. Accordingly, the actual sales price was adjusted for this condition. Improved Sale No.3, after appropriate additional adjustments, provided an indicated value of $281,000. . Improved Sale No.4 has a street address of 3621 18th Avenue N.E., Naples, Florida, and is a January 2008 transaction. Improved Sale NO.4 contains 1.14 acres of gross land area and is located on the north side of 18th Avenue N.E. approximately 0.65 mile east of Everglades Boulevard N., Collier County, Florida. 18th Avenue N.E. provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Wilcox Appraisal SeNices, Inc. I L I I I I I I I r- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 ~ tB50f 216 Furthermore, the sale property is encumbered by a 30-foot wide road right-of-way easement along the southern property line along the existing frontage to 18th Avenue N. E. Improved Sale NO.4 is improved with a 3 bedroom, 2 bath, one car garage, patio, one- story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,101 square feet of gross living area and was built in 1995. Significant site improvements include a gravel drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod and landscaping. Improved Sale No. 4 sold for $187,000. Verification of this sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $6,300. Accordingly, the actual sales price was adjusted for this condition. Improved Sale No.4, after appropriate additional adjustments, provided an indicated value of $266,800. Reconciliation of the Market Value Estimate: In summary, the appraiser has selected four improved sales that were transacted between September 2007 and January 2008 for direct comparison to the parent tract and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these four sales range from a low of $257,000 for Sale No. 2 to a high of $284,400 for Sale NO.1. The arithmetical mean from this database was $272,300. All sales are considered to be competitive homes located within the Golden Gate Estates market area. All sales have been compared to the parent tract and adjusted for significant differences, including differences in conditions of sale (motivation), market conditions (time), location/land area, year built/effective age, gross living area, garage areas, lanai/patio areas, and external obsolescence. In conclusion, the final estimate of value, after reviewing each of the four improved sales utilized in direct comparison to the parent tract, as indicated via the Sales Comparison Approach, as of May 19, 2008, is $272,000. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15. 2009 Pa~86of 216 "fl. -1 Reconciliation of the Value Indications In summary, the appraiser has obtained the following value indications from the valuation approaches presented earlier in the appraisal report as follows: The Cost Approach to Value: $298,400 $272,000 The Sales Comparison Approach to Value: The Income Capitalization Approach to Value: N/A Reconciliation is the analysis of alternative conclusions to arrive at a value estimate. Reconciliation is required because different value indications result from the use of more than one valuation approach and within the application of a single approach. Furthermore, the final value estimate should not be derived simply by applying technical and quantitative procedures; rather, it should involve the exercise of judgment. The value conclusion reached should be consistent with market thinking and the quantity of data used should correspond to the amount of data the market considers relevant to the problem. An appraiser shall produce a meaningful, defensible value estimate by considering three criteria: appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of certain approaches and specific assignments. All data, calculations, estimates, and adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if the conclusion reached is sufficiently supported in the market. Market data reflects past phenomena, but an appraiser must rely on data to estimate future benefits and the present value of these benefits. Nevertheless, the data available should not dictate the range of future possibilities under consideration. It was the appraiser's opinion that the Sales Comparison Approach to Value and the Cost Approach to Value were the only applicable approaches for the valuation of the parent tract. The Sales Comparison Approach to Value was considered applicable since an adequate number of sales of similar improved properties have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The Cost Approach to Value was considered applicable due to the fact that the parent tract's improvements have been reasonably maintained, are consistent with other single-family homes found within the primary market area, and are estimated to represent the highest and best us "as improved". The Income Approach to Value was not considered applicable due to insufficient rental data and since the parent tract is not generally considered to be an income producing property. Greatest weight was given to the Sales Comparison Approach to Value with support consideration given to the Cost Approach to Value. In conclusion, it is the appraiser's opinion, that the market value of the parent tract, as of May 19, 2008, is $280,000, allocated $125,000 to the land value and $155,000 to the improvements. Wilcox Appraisal Services, Inc. I l- I I I I I I I t-' I I I I I I I ~ I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda Item No, 1686 September 15, 2009 Page cBs:'f 216 Estimation of Reas~nableExposure Time: In this portion of the analysis, the appraiser will provide the reader with a narrative overview relating to the estimate of the reasonable exposure time or normal marketing period for the parent tract. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as follows: the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. The appraiser has estimated a reasonable exposure time for the parent tract to be six to thirty- six months, based on the appraiser's research of market activity and available listings and interviews with numerous market participants. Wilcox Appraisal SetVices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15. 2009 Page 869:>f 216 ~-""'-'= .._._,,-~. Descriptions and Valuation Analyses of the Proposed Partial Acquisition Area and the Remainder Property ---. -..- - ~ .~--_... ,-.,_.~-:::- --", ~,.- '''''..-- Wilcox Appraisal Services, Inc. I Agenda Item No. 1686 September 15, 2009 Page 89 of 216 I- I '" ~ ;; I . ' l~ ~ I t I 8 ~ i I r , . , N .+, _J --.-J _ _, I~I-~-- WHrrt BOUU:."\lARD )'. 00 ~.~~~' /1/. ------t- V 6ft?; ~~Xi :Ii ~I PROPOSED~OAD:AY EASEMENT PARCEl. 122ROUE '.>00 so Ft 1 :1.'/.00 1- I ------1- 47...00 ~~C ! I s I I R t I I I ,{ 1- ~ I ~ f f ~ i TRACT 125 \ TRACT 106 GOLDEN GATE ESTATES UNIT 27 PlAT BOOK 7, PAGE 17 I EAST 75' OF I i W::S; \50' Ofl T!<.<.cr 10e WlL1.J,tJ.tS OR 1277/409 I I I /i;\O::;r:i ~R =-2'.:!o.' t B~2 I ~ R~ISv &. :liE" .. .~" /'\ ~- ....Fi .;;;"'~I ....-'J04 . ,- :; I 1 I I OR - OFFICIAL RECORDS (3ooK/PACE) I ~ [ZZl PROPOSED ROADWAY. DRAINAGE. AND UTIUTY EASE~ENT (ROUE) EXISTING RIGHT OF WAY DEDICATED TO THE PERPETuI>.L USE OF THE PUBLIC PER PlAT BOOK 7. PAGE 17 '..EGAL DESeR/PTlON FOR PARCEL 1 Z2RDUE A P0lt:10N OF TRACT 106, GOLDEN ::ATE ESTATES. UNIT 27 AS RECORDED IN PlAT BOOK 7, PAGE 17 OF THE PUBLIC RECORDS OF COLLIER COUNiY, FLORIO,," LYING IN SECTION 14. TOWNSHIP 49 SOUTH, RANCE 26 EAST, COLUER COUNiY, FlORIOA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS. I THE SOUTH 60 FEET OF THE NORTH 90 FEET OF THE EAST 75 FEET OF THE WEST 150 FEET OF SAID TRACT 106 CONTAINING ',500 SQUARE FEET, "ORE OR U:SS. I o ..0 80 SKETCH at DESCRI PTlON ONLY 1 NOT A BOUNDARY SURVl:Y 1IC.u, 1'-'" FOR: COWER COUNTY GOYERN~ENT BOARD ()IF COUNTr COtr.llr,iI$SIONERS '00 1 ~ /f}J)v;;~7 .~...a. #.. 'IIAlIt). ~~fW. .H<<: "1.IJlY"C~ f'1.OA'W,"~llOttt.1Jl'tV\C.A,,.t la(l.lUOl ~~TL IC.Yf w.uIl ..ft>'C',.r 'i'ot( ~~ --'T.lltt .. ~ 0I101.StD II.AI. ~ " ,.....QRIQI. .r~.fJf(r:, fOfICFi"..$!l\CooOllf.o. n.Pot1"lJll NCJ WllPPCIl.. I COllIER 130U1.ZVARD SKE'l'CIi !< DESCRIPTlDN 01: PROPOSED R1GIl1' OF WAY P~CEL l22RDUJ: CDWER COUNTY, FLORlD.!. Rl~lA""'~ Jl. ..., ,.... ... _It_ N111 wa.. p.a DIM........ .....,.... .... ~; (2::lI) N1..cren FAX: l'IaI) 117-4871 ;..e.~.tIC'5r I ~. ~;E,~.~ ~ ~~.;r.L ~ I j~~~/~;-~JE' I Dr SnE!1 I ..iCE N..JM:3ER . ~ RfVI~l(J"" I' SE.CTlC*, 11CJW~Sr;!F I ;~..\m,j.~ I )O~O'5 ~i DC' CD~~I F\![Vi2 ,. 49 :'5 s~ ," . -~:;. ~ Partial Acquisition Area I -Wilcox Appraisal Services, Inc.- Prepared for and property of Culli.r County Board OfCUIllIll'sSloners Reliance upon the appraIsal for nlher lIses 15 not ......arrantcd I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board at Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page 9li1Jf 216 PROJECT DESCRIPTION AND IDENTIFICATION OF THE PROPOSED PARTIAL ACQUISITION AREA Proiect Description: The proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement will be utilized for the widening of Collier Boulevard (CR 951) and portions of Pine Ridge Road (CR 896) and White Boulevard. Description of the Proposed ACQuisition Area: Parcel No. 122 ROUE is a perpetual, non- exclusive, road right-of-way, drainage, and utilities easement that consist of a strip taking along the southerly right-of-way of White Boulevard. Parcel No. 122 RDUE contains 0.103 acres of gross land area and is rectangular in shape. Specifically, the Parcel No. 122 RDUE has a northern property line along White Boulevard that measures 75 feet; with a depth there from along the eastern and western property lines that measure 60 feet; and a southern property line that measures 75 feet. The only significant improvements that will be taken consist of site improvements including a portion of the asphalt drive, landscaping/sod, site clearing, fill and grading. Pertinent improvements to establish the driveway connection(s) to White Boulevard will be re-established by Collier County. Le!:Jal Description of the Partial ACQuisition Area: The legal description of the proposed perpetual easement acquisition area is as follows: A portion of Tract 106, Golden Gate Estates, Unit 27 as recorded in Plat Book 7, Page 17 of the Public Records of Collier County, Florida, lying in Section 14, Township 49 South, Range 26 East, Collier County, Florida being more particularly described as follows: The South 60 Feet of the North 90 feet of the East 75 feet of the West 150 feet of said Tract 106, containing 4,500 square feet, more or less. Source: RWA Consulting, Inc., Naples, Florida. VALUATION ANALYSIS OF THE PROPOSED PARTIAL ACQUISITION AREA Value of the land Taken: The appraiser has previously estimated the market value of the fee simple interest of the parent tract to have a unit value of $110,000 per gross acre. This value estimate was obtained through the application of the Sales Comparison Approach to Value. Since the part taken is to be valued as part of the whole, this value will serve as a basis of value for the valuation of the property rights taken. As previously stated, Parcel No. 122 ROUE 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, the appraiser has estimated Parcel No. 122 RDUE will include 99% of the fee simple value resulting in an estimated overall unit value of $108,900 per acre (0.99 x $110,000). Therefore, the value of the property rights taken is estimated as follows: Wilcox Appraisal Services, Inc. I L I I I I I I I t- I I I I I I I I I Prepared for and property of Collier County Board at Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page SYi2::>f 216 Market Value of the of the Property Rights Taken: (0.103 Gross Acres) x ($108,900 Per Acre) $11,217 $11,200 = Rounded to, Say = Value of the Improvements Taken: The only significant improvements that will be taken consist of site improvements including a portion of the asphalt drive, landscaping/sod, site clearing, fill and grading. Pertinent improvements to establish the driveway connection(s) to White Boulevard will be re-established by Collier County. The appraiser has reviewed cost estimates from the Marshall Swift Manual and has consulted with Jeff Moore, Landscape Architect, Inc., Naples, Florida, pertinent to the cost estimates for the significant site improvements taken. Based on this research and the appraiser's experience, the appraiser has estimated the contributory market value of the depreciated site improvements taken to be $9,300. The following table is provided to help the reader review the appraiser's estimate of the contributory value for the depreciated site improvements taken: Contributory Value of the Site Improvements Taken for Parcel No. 122 ROUE: Indicated Depreciated Value Rounded $5,500 $2,600 $1,200 $9,300 1 Site Clearing/Fill/Grade: 2 Asphalt Drive: 3. Landscaping/Sod: Total: Indicated Replacement Cost $5 500 $2900 $1.200 $9,600 % Depree. 000% 10 00% 0.00% Summary of the Property RiQhts and Improvements Taken: The following is the appraiser's summary of the value of the property rights and improvements taken from the parent tract: 1. Property Rights Taken: ........................................................................................ $11,200 2. Improvements Value Taken: ................................................................................ $ 9,300 Market Value of the Part Taken:.................................. .................. ........ $20,500 Valuation of the Remainder Property, as Part of the Whole: The following sets forth the arithmetic analysis of the valuation of the remainder property, as part of the whole (before value less value of part taken): 1. Market Value of the Parent Tract, Before the Taking: ........................................ $280,000 2. Less Market Value of the Part Taken: ................................................................ $ 20,500 Total Market Value of the Remainder Property, As Part of the Whole: ............... $259,500 Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal rO( other uses is not warranted Agenda Item No. 1686 September 15. 2009 Page9ZJJf 216 VALUATION ANALYSIS OF THE REMAINDER PROPERTY "AS SEVERED" Value of the Remainder Property Land: After the taking, the remainder property shall contain 1.136 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired invorve a perpetual easement for road right-of-way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right-of-way of White Boulevard containing 0.103 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The highest and best use of the remainder property "as though vacant" is estimated to remain the same as before the taking, potential single-family residential development. Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide road right-of-way easements along the property's adjacent roadway frontages. Prior to the taking, the parent tract is encumbered by a 30-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to White Boulevard. As stated above, after the taking, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right-of-way of White Boulevard containing 0.103 acres of gross land area. Although the appraiser has recognized that most buyers, sellers, and active real estate agents have reported that competitive unimproved Golden Gate Estate properties within the market area are typically purchased based on a price per acre of gross land area unit of value, the appraiser has also recognized the proposed additional easement area precludes almost all practical uses by the owner. Therefore, the appraiser has estimated Parcel No. 122 ROUE will take 99% of the fee simple value. Accordingly, the appraiser has estimated the residual value to proposed additional easement area to be 1 % of the fee simple value resulting in an estimated unit value of $1,100 per acre (0.01 x $110,000) for this portion of the property. The appraiser has previously estimated the market value of the undivided fee simple interest in the parent tract to have unit value of $110,000 per gross acre. The remainder land area exclusive of the additional encumbered area taking, containing 1.033 acres (1.136 - 0.103), is estimated to have the same unit value, as before the taking. Based on the aforementioned data and analysis, the following sets forth the appraiser's estimate of the remainder property land value as follows: Market Value of the of the Remainder Property Land: Land Area Exclusive of the Additional Encumbered Area Taken: (1.033 Gross Acres) x ($110,000 Per Acre) Rounded up to, Say = $113,630 $113,700 = Additional Encumbered Area Taken: (0.103 Gross Acres) x ($1,100 Per Acre) Rounded to, Say $ $ 113 100 = = Total $113,800 = Wilcox Appraisal Services, Inc. I L I I I I I I I t- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Agenda Item No. 1686 September 15, 2009 P~9741f 216 Value of the Remainder Property Improvements: The remainder property's improvements are the same as before the taking, except for the taking of some site improvements. The highest and best use of the remainder property "as improved" is estimated to remain the same as before the taking, the continued use of the existing improvements as a single-family home and associated site improvements. Furthermore, it is the appraiser's opinion that the remainder property's improvements will be damaged after the taking due to the reduction of the setback of the single-family home from 140 feet before the taking to 80 feet after the taking. Most competitive homes in the local market area are typically located 100 feet or more from the adjacent roadway, especially homes located along main roadways. Homes located less than 100 feet are considered to have functional obsolescence due to a below market setback of the building improvements from the adjacent roadway. Before the taking, the appraiser estimated the parent tract's improvements to have a contributory value of $155,000 ($280,000 minus the land value of $125,000). Furthermore, the appraiser has previously estimated the value of the site improvements taken located within the partial acquisition area to be $9,300. Accordingly, the appraiser has estimated the value of the remainder improvements to be $145,700 ($155,000 - $9,300), before making an additional negative adjustment for functional obsolescence specifically caused by all impacts caused by the reduction of the setback of the home from the new road right-of-way. The appraiser has estimated the remainder property's improvements to have an additional functional obsolescence of 10.0% due to all impacts caused by the reduced setback of the home or $14,600, rounded ($145,700 x 0.10). Therefore, after recognizing the additional loss of value of $14,600 due to functional obsolescence caused by all impacts caused by the reduced setback of the home, the appraiser has estimated the remainder property improvements to have a contributory value of$131,100 ($145,700 - $14,600). Summary of the Value of the Remainder Property: Based on the aforementioned data and analysis, the following is the appraiser's summary of the valuation of the remainder property: 1. Market Value of the Remainder Property Land: ................................................. $113,800 2. Market Value of the Remainder Property Improvements: ................................... $131.100 Total Market Value of the Remainder Property: ....................................................... $244,900 SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Technically, severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. The appraiser has estimated the remainder property, as part of the whole, to be $259,500, which represents the value of the whole ($280,000), less the value of the part taken ($20,500). The appraiser has also estimated the market value of the remainder property as severed to be Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted ,L\genda Item ~~o. 1686 September 15, 2009 Page 97ifuf 216 $244,900. Therefore, these value estimates indicate severance damages in the amount of $14,600 ($259,500 - $244,900). COST TO CURE ANALYSIS Based on the analysis of the remainder property, it is the appraiser's opinion, that there is no net cost to cure. SPECIAL BENEFITS Based on the analysis of the remainder property, it is the appraiser's opinion, that there are no special benefits. Wilcox Appraisal Services, Inc. I 1,- I I I I I I I r- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Agenda Item No. 1686 September 15, 2009 Page 9TJ6Jf 216 SUMMARY AND CONCLUSION AND THE TOTAL COMPENSATION ESTIMATE Accordingly, based on all the aforementioned data and analysis, the following summarizes the appraiser estimates of the total just compensation estimate: Summary of Values for Parcel No. 122 ROUE: Proposed Additional Easement Acquisition: 1. Before Property: A land: B Improvements: C Total: Fee Indicated Indicated Indicated Value % of Value Quantity Value Y.!.!!!! (Por Ac.) lli (Per Ac.l (Acresl Indicated Rounded Total $110,000 100.00% $110,000 1.136 $124.960 $125,000 $155.000 $280.000 $110,000 9900% $108.900 0103 $11,217 $11.200 $9,300 $20.500 $259,500 2 Proposed Part to be Acquired: A Additional Encumbered land Taken: B Improvements Taken: C. Total: 3. Remainder as Part of the Whole: 4. Remainder Property: A Land: 1 land Area (Exclusive of Additional Encumbered land Taken): 2 Additional Encumbered land Taken: Totals: B Improvements: C Total: $110,000 100.00% $110.000 $110000 1.00% $1,100 1033 0103 1 136 $113.630 $113 $113.743 $113,700 '" $100 $113,800 $131,100 S244,900 5 Damages (Total): $14.600 6 Special Benefits: $0 7 Damages (Net): $14,600 Summary of Total Compensation: 1 Proposed Part to be Acquired: A Additional Encumbered land Taken: B Improvements Taken: C Total: 2 Damages (Net): 3 Cost to Cure, Net: TOTAL COMPENSATION: '"Rounded Up $110.000 9900% $108,900 0.103 $11.217 $11,200 $9,300 $20,500 $14,600 $0 $35,100 Wilcox Appraisal SeN;ces, Inc. ..........___...'M I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of CommiSSioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15. 2009 Pag~9lof 216 Addendum Wilcox Appraisal Services, Inc. I I- I I I I I I I J- I I I I I I I I I Prepared lor and property of Collier County Board of Commissioners Reliance upon the appraisal lor other uses is not warranted Agenda Item 1\10. 1686 September 15, 2009 P'~O S18Jf 216 Assumptions and Limiting Conditions _ _.. -" ~"-----------:--.~..,d!.i<:: . -~,,~- The Market Value estimate of the property or properties appraised herein is subject to certain assumptions and limiting conditions. Specifically they are: 1. Any legal descriptions furnished are assumed to be correct. 2. No responsibility is assumed for matters legal in character, nor is any opinion rendered herein as to title, which is assumed to be good and merchantable. It is assumed that the property is under responsible ownership and management on the appraisal date. 3. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. The appraiser has not made a land surveyor caused one to be made, and therefore, assumes no responsibility for their accuracy. 4. Certain data used in compiling this report was furnished the appraiser from sources which they consider reliable, however, they do not guarantee the correctness of such data, although as far as is reasonably possible, the data has been checked and is believed to be correct. 5. The soil of the area under appraisement appears to be firm and solid, unless otherwise stated. Subsidence in the area is unknown or uncommon but the appraiser does not warrant against this condition of occurrence. 6. Subsurface rights (minerals and oil) were not considered in making this report unless otherwise stated. 7. The tracts that according to survey, map or plat, indicate riparian rights and/or littoral rights are assumed to go with the property unless easements or deeds of record were found by the appraiser to the contrary. 8. Possession of this report, or copy thereof, does not carry with it the right of publication or reproduction, nor may it be used by any but the applicant without prior written consent of the applicant and the appraiser, and in any event only in its entirety. 9. The appraiser by reason of this report is not required to give testimony in court with reference to the property herein appraised, nor is the appraiser obligated to appear before any governmental body, board or agent unless arrangements have been previously made therefore. 10. A careful inspection was made of any and all buildings involved in this appraisal report and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations was reported as a matter of information by the appraiser, but no guarantee as to the amount or degree of damages, if any, is given herein. 11. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal ror other uses IS not warranted Agenda Item No. 1686 September 15, 2009 Page 9]9Jf 216 12. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser, or firms with which they are connected, or any reference to the Appraisal Institute, or to the MAl designation. 13. Unless specifically stated in the report, the appraiser did not determine the flood plain status of the property appraised. If such data is available, it is recommended it be obtained prior to any development that might be contemplated. 14. Inspection of the parent tract revealed no obvious environmental hazards. The existence of potentially hazardous materials used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste, which mayor may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances and reserves the right to amend or alter this report and the value conclusions tendered herein should an Environmental Risk Audit (or other similar study) be conducted on the parent tract at a later date. 15. This appraisal was prepared by the appraiser who signed this report for the exclusive use of the client. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. Wilcox Appraisal SeIVices, Inc. I l- I I I I I I I t- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Illage S80Jf 216 - Qualifications of the Appraiser R. Alan Wilcox, MAl, SRA Ati.. -~ OVERVIEW R. Alan Wilcox has over 23 years of appraisal experience in the state of Florida specializing in eminent domain and litigation assignments. Mr. Wilcox has worked for both the condemnor and the property owner with experience in a variety of appraisal problems concerning commercial, industrial, residential, and special use properties. Mr. Wilcox has expertise in providing the client with strong market research for a reliable factual foundation to support the valuation opinion combined with effective communications including report writing, trial exhibits and expert testimony. PROFESSIONAL MEMBERSHIPS . MAl and SRA Designations, Appraisal Institute, Certificate No. 9613 . Member, Appraisal Institute, Leadership Development & Nominating Committee, 2005- Present . Member, Appraisal Institute, Regional Ethics and Counseling Panel, 1993-Present . Member, Real Estate Investment Society, Present . Member, National Board of Directors, Appraisal Institute, Region X, Chair, 2004 . Member, National Board of Directors, Appraisal Institute, 2001-2003 . Director, Association of Eminent Domain Professionals, 2000-2001 . President, West Cost Florida Chapter of the Appraisal Institute, 2001 . Regional Representative, West Coast Florida Chapter of Appraisal Institute, 1994-2001 . Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000 . Secretary, West Cost Florida Chapter of the Appraisal I nstitute, 1999 . Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998 . Member, Region X, Appraisal Institute, National General Appraisal Board Guidance Subcommittee, 1996-1998 . Director, West Coast Florida Chapter of Appraisal Institute, 1993-1996 . Chairperson, MAl Admissions Committee, West Coast Florida Chapter of the Appraisal Institute, 1997 . Chairperson, MAl, Candidate Guidance, West Coast Florida Chapter of the Appraisal Institute, 1993-1996 AWARDS . Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal Institute, 1996 S1 A TE CERllFICA TIONlUCENSES . State-Certified General Real Estate Appraiser, RZ 306 (Florida) . Real Estate Brokers License, BK 326544 (Florida) Wi/cox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board or Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item ~~o. 1686 September 15. 2009 ~gel~'1Jf 216 ft n III - .... --- -.....---. .--. ...--. .. --.. . --.~~~-~=-.--l Qualifications of the Appraiser R. AlanWilcox,MAI, 8RA - Continued j _0'''' ~mii:"-_ --- _ _..., -~.:::i'~. .................- __~_..~_,,_.....: _ _u =?"'J'.~ .~._.--: m' 4.; .__no ...... .'=-"-_-""~ EDUCATIONAL BACKGROUND . Bachelor of Science Degree, West Virginia University, Morgantown, West Virgin ia, 1971 o Graduated with High Honors (No. One in Graduating Class) o Gamma Sigma Delta National Honor Society of Agriculture o Xi Sigma Pi National Honor Society of Forestry o Senior Recognition Certificate (No. One in Graduating Class) o College Bowl Participant o Senior Scholarship Award of Merit · Master of Science Degree, University of Washington, Seattle, Washington, 1976 . Post Graduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980- 1983 . Post Graduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982 REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED R. Alan Wilcox, MAl, SRA, has completed the specialized appraisal educational requirements for obtaining the MAl, SRA, designation and the continuing education program of the Appraisal Institute, as well as the continuing education requirements for State Certification. Furthermore, R Alan Wilcox, MAl, SRA has made special efforts to exceed the required minimum educational requirements and to attend the highest quality of appraisal educational offerings, including courses and seminars sponsored by the Appraisal Institute, American Law Institute & American Bar Association (All-ABA), Continuing Legal Education (CLE) Institute, and the Association of Eminent Domain Professionals. EXPERIENCE . President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 to Present . Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990 to September 1998 . Expert Witness for the Florida Real Estate Appraisal Board, July 1998 . Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to February 1990 . Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986 . Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March 1986 . Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985 Wilcox Appraisal Services, Inc. I l- I I I I I I I r- I I I I I I I a I Agenda Item No. 1686 September 15, 2009 Page 101 of216 Site Details Report Prepared by Wilcox Appraisal Services, Inc. Ii-~.~ '-. - . ", ~"...' w :.'" ", . Widening of Collier Boulevard (CR 951) Pine Ridge Rd and Collier Blvd Naples, FL 34119 I . .~.~. . ""'.S: ~l': ) 1 4 i /1 ,J ;...... i '...J ~ '\', cf I L'A-~'. '/ ...,.j ". { ~ -.... ~ .. .~!'1t]q~t Dr """ ;J ~ -';'::;;--. ::';} . · in:qH.rl~,....~ b _.";",;, ::':Jfl(,*~"'~!JlIf'\W{ :::Iut \ ,,9#.;'f ;;:~~]' l(. l b.. ) l~", \} C,cL. ~.'", r---e~'~ -. "",,",~ ..~: _ 'S::"'L lH .J1"~i Gatt Clutl '<o,..~r RiI!~~?,'rV c.:ub <i...' =., '. ~ r .~ .., .~ g ngrori,q,ke ...~ ,,~~...~ ::l ,iP I .' Ptp8f .6'....0 ~ ~~f"~n'l G~I(.'t;fI,k" " :1~~~-- ~;t.....::- _4.:' ~" ~ ,~ ~ ' ;~ ~. .- ;i! '~"1.~vlctJria. .". II< I'i!,.;. . .",..t~"""" P9bl'~I~1:!t~1 Gqrt::..!utl..- A '0. ~~~ ~' <::r.1dt.".JlOr\ ~ S .1 t:;1 ;"1IP...r~~" . 35th A''l'f! NW CI..'\i1Y Dr ~ '.I'; ~ ~ C":I);:I~Jr ~ ~ 0, ~ ? 12 z :< ~ 12 iE ~ ~ \:? '!! co f.n ~ " ~ '" r:. ~ ~,lr- A'/t: t.J'N .1,..-0 A;;e ~W ~ ~ ~ ~ .... .~ ,.~ .. -Uu;,)Il ....l:'AL-opH-L 'u . I~~'i--". ::':0u iitr/6~ :O!>~0~,\5S i W .1 :...:.> ~ .jj;~ r.r: :n ? ge Rd and :OIIi(!_J"SIVd - l IW. :'~e S'N Golden Ga te 1 ~!tt, A,e SW 1ft ~ N\",~"".J 1<" x '1" ! , ~ ~7fi'"1tl1 es .~~~~::!.=-}r ~1'Orid~ ~.""",- RadIO RII RadIO R<\.-...--'i! [,"". B'f'ir-:", j...... / ~ ~ ~ 1"'J. I ':t ~ -':,V.:H:. ':3c.M ':Jut' J,. ~ - ~~ y_~~ .>:~I.1(1~,;:.e~"J..qe yO. ri s - ~ ~ 1'4.1' ")"1,111 :;'uir ':Iut. r' :, ~; ~ ." '" ,C:.Jb This site Is located in: City: State: Florida ZIP: County: Collier Census Tract: Census Block Group: 102008 ESRI On-eMmend reporla and map. from Bu.I..... Anllysl Online. On:Ier It wwwearl cornlblo or call 800-292-2224 Latitude: 26.212345 Longitude: -81.687508 "J9t.h Av. " ~. " " ::- '" - Coonrl ~ll 8!i8 ~\tj 't!. . ,';Jjt Iii Rl!fl<lan Blvll ~ 2~llij A...e NeE ~ J'..mg B;~ E ~ m ~ '" '" Q, ::T 5' 2! SE ~ S!' z z Z .." ". in '" GoIOl!n Gste Blvd E .. '" .. ? ? or 'B !a 't! '" <~ "' m m m ... ? g ~ '" ::! ~ :";l ~ ~ Ci ~ ~ .3 ~ '" " '" ~ Sna;.;12' Rc 410812008 Pag@ 1 011 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15, 2009 ExecutivG'9t1m~rY 6 Prepared by Wilcox Appraisal Services, Inc. Pine Blvd Widening of Collier Boulevard ICR 951) Site Type: Radius Ridge Rd and Collier Pine Ridge Rd and Collier Blvd Pine Ridge Rd and Collier Blvd Naples, FL 34119 Radius: 1.0 mile Naples, FL 34119 Radius: 3.0 mile Naples, FL 34119 RadIus: 5.0 mile 2007 Population Total Population 2,128 44,768 88,920 Male Population 51.1% 51.4% 50.0% Female Population 48.9% 48.6% 50.0% Median Age 38.4 36.4 41.3 2007 Income Median HH Income $73,389 $64,607 $65,652 Per Capita Income $26,180 $30,411 $34,227 Average HH Income $81,136 $91,637 $91,424 2007 Households Total Households 708 15,179 33,264 Average Household Size 3.01 2.94 2.67 1990-2000 Annual Rate 8.37% 5.09% 8.36% 2007 Housing Owner Occupied Housing Units 80.0% 67.6% 63.0% Renter Occupied Housing Units 17.5% 21.4% 20.3% Vacant Housing Units 2.5% 11.0% 16.7% Population 1990 Population 662 19,172 27,483 2000 Population 1,692 32,965 59,410 2007 Population 2,128 44,768 88,920 2012 Population 2,506 53,012 109,001 1990-2000 Annual Rate 9.84% 5.57% 8.01% 2000-2007 Annual Rats 3.21% 4.31% 5.72% 2007-2012 Annual Rate 3.32% 3.44% 4.16% In the identified market area, the current year population is 88.920. In 2000, the Census count in the market area was 59,410. The rate of change since 2000 was 5.72 percent annually. The five-year projection for the population in the market area is 109,001, representing a change of 4.16 percent annually from 2007 to 2012. Currently, the population is 50.0 percent male and 50.0 percent female. Households 1990 Households 2000 Households 2007 Households 2012 Households 1990-2000 Annual Rate 2000-2007 Annual Rate 2007-2012 Annual Rate 253 565 708 835 8.37% 3,16% 3.35% 6,620 10,875 15,179 18,085 5.09% 4.71% 357% 9,759 21,777 33,264 41,114 8.36% 6.02% 4.33% The household count in this market area has changed from 21,777 in 2000 to 33.264 in the current year, a change of 6.02 percent annually. The five-year projection of households is 41,114, a change of 4.33 percent annually from the current year total. Average household size is currently 2,67, compared to 2.72 in the year 2000. The numoer of families in the current year is 24,417 in the market area. Housing Currently, 63,0 percent of the 39,936 housing units in the market area are owner occupied; 20.3 percent, renter occupied; and 16.7 percent are vacant. In 2000, there were 25,791 housing units- 62.0 percent owner occupied, 22.2 percent renter occupied and 15.8 percent vacant. The rate of change in housing units since 2000 is 6.22 percent. Median home value in the market area is $436,481, compared to a median home value of $192,285 for the U.S. In five years, median home value is projected to change by 2.75 percent annually to $499,940. From 2000 to the current year, median home value changed by 16 86 percent annually. Cl2001 ESRI On-demand reports and maps from Business AnalY8t Online. Order at www earl comlbao or call 800-292-2224 4108/2008 Page 1 01 2 I I- I I I I I I I r- I I I I I I I a I .:.~ B ""'.O.~l'.....- ".'~'';; .,",,8~'" -~".~. :Ut;l ._ ,., ~ Agenda Item No. 1686 September 15, 2009 ExecutivGSJoiWih~?y 6 Prepared by Wilcox Appraisal Services, Inc. Ridge Rd and Collier Pine Ridge Rd and Collier Blvd Pine Ridge Rd and Collier Blvd Pine Blvd Widening of Collier Boulevard (CR 951) Site Type: Radius Median Household Income 1990 Median HH Income 2000 Median HH Income 2007 Median HH Income 2012 Median HH Income 1990-2000 Annual Rate 2000.2007 Annual Rate 2007-2012 Annual Rate Naples, FL 34119 Radius: 1.0 mile Naples, FL 34119 Radius: 3.0 mile Naples, FL 34119 Radius: 5.0 mile $35,455 $58.591 $73,389 $85,383 5.15% 3.15% 3.07% $35,382 $50,214 $64,607 $75,724 3.56% 3.54% 3.23% $35,718 $50,936 $65,652 $77,690 3.61% 3.56% 3.42% Per Capita Income 1990 Per Capita Income 2000 Per Capita Income 2007 Per Capita Income 2012 Per Capita Income 1990-2000 Annual Rate 2000-2007 Annual Rate 2007 -2012 Annual Rate $14,309 $13,819 $15,387 $20,097 $21,183 $25,224 $26,1 BO $30.411 $34,227 $30,609 $3B,035 $42,225 3.45% 4.36% 5.07% 3.71% 5.11% 4.3% 3.17% 4.58% 4.29% $40,549 $39,708 $42,821 $63,596 $64,491 $68,162 $81,136 $91,637 $91,424 $94,728 $114,136 $111,893 4.6% 4.97% 4.76% 3.42% 4.96% 4.13% 3.15% 4.49% 4.12% Average Household Income 1990 Average Household Income 2000 Average Household Income 2007 Average HH Income 2012 Average HH Income 1990.2000 Annual Rate 2000-2007 Annual Rate 2007-2012 Annual Rale Households by Income Current median household income is $65,652 in the market area, compared to $53,154 for all U.S. households. Median household income is projected to be $77,690 in five years. In 2000, median household income was $50,936, compared to $35,718 in 1990. Current average household income is $91,424 in this markel area, compared to $73,126 for all U.S. households. Average household income is projected to be $111,893 in five years. In 2000, average household income was $68,162, compared to $42,821 in 1990. Current per capita income is $34,227 in the market area, compared to the U.S. per capita income of $27,916. The per capita income is projected to be $42,225 in five years. In 2000, the per capila income was $25,224, compared to $15,387 in 1990. Population by Employment Total Businesses Tolal Employees 122 574 1,777 9.449 3,678 20,734 Currently, 96.4 percent of the civilian labor force in the identified market area is employed and 3.6 percent are unemployed. In comparison, 93.4 percent of the U.S. civilian labor force is employed, and 6.6 percent are unemployed. In five years the rate of employment in the market area will be 96.9 percent of the civilian labor force, and unemployment will be 3.1 percent. The percentage of the U.S. civilian labor force that will be employed in five years is 93.9 percent, and 6.1 percent will be unemployed. In 2000, 63.6 percent of the population aged 16 years or older in the market area parlicipated in the labor force, and 0.0 percent were in the Armed Forces. In the current year, the occupational distribution of the employed population is: . 54.4 percent in white collar jobs (compared to 60.2 percent of U.S. employment) . 20.8 percent in service jobs (compared to 16.5 percent of U,S. employment) . 24.8 percent in blue collar jobs (compared to 23.3 percenl ot U.S. employment) In 2000, 78.9 percent of the market area population drove alone to work, and 4.2 percent worked at home. The average travel lime to work in 2000 was 24.3 minutes in the market area, compared to the U.S. average of 25.5 minutes. Population by Education In 2000, the educational attainment of the population aged 25 years or older in the market area was distributed as follows: - . 17.2 percent had not earned a high school diploma (19.6 percent in Ihe U.S.) . 30.3 percent were high school graduates only (28.6 percent in the U.S.) . 6.1 percent had completed an Associate degree (6.3 percent in the U.S.) . 16.0 percent had a Bachelor's degree (15.5 percent in the U.S.) . 7.6 percenl had earned a Master's/Professional/Doctorate Degree (8.9 percent in the U.S.) mOO7 ESRI O....dem.nd reports and maps frDm Bu.lne.. Analys1 Online. Order at wwwesrl comlbao or call aoo.292a2224 4IOlII2oo8 paga 2 of 2 I I I I I I I I I I I I I I I I I I I l.H ",-1. . ~. It. =;0: ~"'''''- n-~~."" ;t_~- -' ~ I 2'.. ( ~ME:.~, i l ~ ,-' I, , ~ C ,.,,' i ,,- 0 '1 ,..RJlWA.."'I.....lAl ... ~ u ( ~ y.r.>>""'l~ t:t"",r[A I !41 ~~L~'E~; :.' ~~ GATE- ~. ~Aii/II~'U a.OIVl.A~ ~~~.. ...;~~'" ~: ....,.,~ ~l$~_ :lNo._O -=r- ~~ C'T ~ '" "'lo<- -.-2!~..:r ~ ~-:../ ,~,~ ~ -... "'" " ~ h '-~_;fl" ----, \ ~':....(...... CIA ~ ~'\.~..O~~.. [foLo r.,..~ ;,i.3- ':..I'.. ) ~/ - WJll\IE ,.~.. ,'~~' ~" CONDOS 3 ~ I i#/"'" :.r''\, , --g-! ,;~- -,~ ,- ( ~ i-~~' E,-ilIE ~ -~.l.G.5. ~:..x;R'''E ~ :i s,HOp, - \ 0JiI .. - ~ _ i ,^,E:lGEWC~:;O ..- i r" {. > 'NY - I I.! """A3E ''';'>E.Je )iHE' (p",",,: I - gs; , - ' "ERD" ~ j.' I (V1NfYAROS: (:::Yj I ~ : ~INO"EAl. ("'~ 7, ---""~.::"._---,--- ! ~~~'""f '/WoY....-re SOJ ? t'J, .. I'oiA ~ -BlVD . ...~,u.. (~i"- ~L.N : \ "~VE C::~> .' : i'\-=7.r.:-~~/ ~~~.-;.~~~ ' I' -, "" '" II 4"", ~ i~ , ~,""r~ . ~ _ ~ j>;!< _ I ~ "fE!.1El."Ii I ;i ~t.~",'7:..~,1 ~ ~ . I -1 ( ~ VAiliT"~.;I :iilA 2: ~,_W_.:..- ~~ f' ~ 'lIGJif WA ;~-~;-.--~ 5 -~ ' P.&.LMEiTO WOODS DR I ,...~ RIeGE .....to .,r.,'""t ...~ '& -~ __ I ~~':" 'To "':SOHOMA~,.;; ~- . I "'lI ""', ~.."",- [Am::t ;; '/--ii ~ ..,; \~, -.,,:~~. .; B j '\1"- -;.VilU ,~,,:.,t;.~.i~ Ie m:;;:;\K!~~fON;AN~'~"""':-:"::'E r-r"" j ~~-....:....."CI..""'~~~~ I !; j ~~~o~~tr~~"T;"': I ll!~:JOHflA'!:. ......~~._:: .:;~_~-=:.~v: ?.J "-......i! ~.p.--~'l:. ""..... ; ....= .....,f - "~ <$'!:l'" \ ~-~as i .~'U"woo1i ~ i .-' \ ~ .~~ '.' PINE IJ ~ .---...!. Q.1}i 0-- l;;~ AV SW -_.~-_._-_.- I' 5 ~ ~" ~- GPE:::8 r:l/~ ,...~......~ T~eE IN _ _ Wt::ST;:OI=l'!"____~__._ ~- ____-9~__ b!'!-_ ~ ~ :;; :;; i i. ~ De:::.M,Io/'. WOCOS:-=- -~7*~. =-..... "~tAI:;HIRE->" ~ ,~~.....'::. - \ ~ , ."'+- ,~~'-~~ ~ -~ _~'". ~ WATElFORO ~ ----....-- -... --0- !! ~~w~~ I <;: Agenda Item No. 1686 September 15, 2009 Pq('l<=:> 1 n.d f ?1F; - 5! ;S "" AV WW sn< AV NW " '" " w 3~__ NW ~ >110 ~ AV NW '5':' AV NW 'ST AV NW :.. 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';" &~i '~ "!l- .~ ~... s-~ --:.' --~':.....e"--:. ~ -""~_ _.~u - ;;06f(loll~ C.."f,.. ~;.c=-Tf.....,. ~ ~~s 0ClI,"*,~'" ~ ~ FOREST PAIIX ~--~' ,'}i..J...."":.~ "-'- - .......!No.... n~':.lJ~1"AM ~_" ~:\....,~~~~C'I", P";)NDDJlI m1':'l!'!. ~ _~~:. 5>--" ~ '""l; ~!:"li06lli Pm- """'.. ~ ~ i ""= - lC""!'k 'V ow o --y::-~ ",v ~ =,'5T ...... sw Z'RO ~.~~--~,~ 25'TH-- -AV --SW- ---~~ A. sw ,."" A. 5" A. 5" .~~IT ..;:~31' : ; Unimproved Land Sales Map -Wilcox Appraisal Services, Inc.- r ?rcpared for and pr:)per1y of Collier County 80ard of CommissIoners R el1ance 1lpon the llppralsal for other Llses 1\ not warranted N I Ir- I I I I I I I l- I I I I I I I -\ I I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page 105 of 216 SALES DATA Recording Data Grantor Grantee Sales Date Sales Price Financing Conditions of Sale Sales History Legal Description PROPERTY DATA Property Type Present Use Highest and Best Use Location Roadway Frontage Folio No. STRAP No. Land Use Designation Zoning Size Dimensions (Gross) Easements Utilities UNIT OF COMPARISON Sales Price/Gross Acre VERIFICATION DATA: COMMENTS: UNIMPROVED LAND SALE NO.1 Collier County, Florida, OR Book 4165, Page 3318 Bonnie Padron Tania Cantin December 27, 2006 $325,000 Cash to seller transaction Typical market The sale property previously sold for $200,000 on August 28, 2006 The North 150 feet of Tract 112, Golden Gate Estates, Unit 1, according to the plat thereof recorded in Plat Book 4, pages 73 and 74, Public Records of Collier County, Florida Residential Vacant land Single-family residential development The West side of Collier Boulevard (CR 951) between 3rd Avenue S.W. and 5th Avenue S.W. Collier Boulevard (CR 951) 36617600003 325600 112 04B1 0 Estates Estates 2.27 Gross Acres 1 50' x 660' None Telephone, Electric, Well, Septic $143,172 Per Gross Acre R. Alan Wilcox, MAl, SRA, verified this sale on April 13, 2007 with Tania Cantin, grantee, 239-352-9395; and on April 24, 2007 with Bonnie Padron, grantor, 239-348-2648. Verification indicated the sale property was vacant land at the time of sale. This vacant residential site was purchased by the owner of the adjacent property that is improved with an existing single- family home. Wilcox Appraisal SeNices, Inc. 1633 S.E. 41"' Street . Cape Coral . Florida 33904-7470 239-542-2311 . Fax 239-549-8704 . Emall awllcoxmalsra@comcastnet I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15, 2009 A r:- r ,,",<'I r-. Unimproved Residential Land Sale 1 i~ i~ l I @ I I '- ' @ '51 I I 0 @ en '" ~ ) I ~ 150 165 ~e5 165 155 165 155 I ( I r - 150 1ao 165 165 15D 1ao i en I (9 '" I I 109 I I 86 91 102 I I 0 M <"l V'l I I ('~ ~ I I co I i <.0 I i r-- <.0 330 ,/ Z30 ~ I I :. @ (:~) 1:', ~ (V 1) ! 110 I "'" ~ ,Q 0 I I 8, ,.., 0 @ M , [' <"l "" I Ii I I _______.o_ -------- - --_._----- -----------,- -- ---- -------+-----------t--------~.---- -- _._-----------~ I -- I --------1----_____ 3rd Avenue S.W. b - .------.---- --_.__.~-_.- -------- ------- --------- *-------------- --------_._--~---- I I ----- 111 i i I I I I a 85 92 101 r3 :,:.:.:y M I d ,.., I Ii I Ii S 330 330 i i i ~ / ) - - I co / 11( I \ ec:: fi~ I I / "'. .....J a" I - I i OJ ~) (g) I @ @ g I ::\ !.;;) <I:: ~ (0) I I I .::;, C' Z I I - I i i I <( I I 0 I , I 6: ;! 0 0 I I 1 ~ 165 165 ~, 30 I 15:1 1':0 i 130 I , >- , <- 165'-1 't:"" f- ---- 165 I 165 1[5 i55 Ih I en ] Z '" ~ :) ~ 113 I 0 / 84 93 100 co 1 / <"l ~ ,.., 0 (ill CD i I 'I '" I ~ : :::> I Ii :0 I CO - I ,;:\ @ Ii) :g1 (!) rID ::;> I \::J (~) 114 It') I '~!:.I I I I I 0 M Q I: <"l i I (9 a5 0;: ! ~ ---. h-----r-- -- -- ____,-uu__ ----1---- __u__ i --------- ----. ".- ..__._.._~~~_._._._-- ------------_._------ -- _.~~~------- -- -, .;;;1 I -----------i-----mh+-------. __ j_m__+___ juu_mn ______uu_?dl A ven,ue S W.-------u_-----------.:".---m-1 ~ Ii f== Unimproved Land Sales Map i - Wilcox Appraisal Services, Inc.- p, epored for and property of ColI,er Counly Board of Comm,ss,oners Re!i.:wcc: upon the appraisal for Giller uses IS nol wananled N I -- I I I I I I I t-. I I I I I I I a I - Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page107of216 SALES DATA Recording Data Grantor Grantee Sales Date Sales Price Financing Conditions of Sale Sales History Legal Description PROPERTY DATA Property Type Present Use Highest and Best Use Location Roadway Frontage Folio No. STRAP No. Land Use Designation Zoning Size Dimensions (Gross) Easements Utilities UNIT OF COMPARISON Sales Price/Gross Acre VERIFICATION DATA: COMMENTS: UNIMPROVED LAND SALE NO.2 Collier County, Florida, OR Book 4202, Page 0806 David Malo and Melody Malo Robert L. Engler and Melissa Engler March 23, 2007 $340,000 Cash to seller transaction Typical market No arms length transactions of the sale property in the past three years The East 160 feet of tract 2, Unit 1, Golden Gate Estates, according to the plat thereof, recorded in Plat Book 4, Page 73 and 74, of the Public Records of Collier County, Florida. Residential Vacant land Single-family residential development The North side of ih Avenue S.W. approximately 0.90 miles west of Collier Boulevard (CR 951) ih Avenue S.W. 36610100005 325600214B10 Estates Estates 2.50 Gross Acres 160' x 680' 50-foot wide road right-of-way easement along the southern property line (for 7lh Avenue S.W.) and a small easement along the western property line for the encroachment of a concrete drive for the adjacent improved property Telephone, Electric, Well, Septic $136,000 Per Gross Acre R. Alan Wilcox, MAl, SRA, verified this sale on September 4, 2007 with Melody Malo, grantor, 239-455-6052; and on April 16, 2007 with Diane W. Beattie, listing agent, 239-394-8121. Verification indicated the sale property was vacant land at the time of sale. Wilcox Appraisal Services, Inc. 1633 S.E. 41" Street. Cape Coral. Florida 33904-7470 239-542-2311 . Fax 239-549-8704 . Emall awllcoxmalsra@comcast.net I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15, 2009 rl -in,-,f '""A Unimproved Residential Land Sale 2 ~~: @ -I-@=~fl l ~ ~'1 N N r/\ ~-r~e @-r-~ .-- -6\1 ---,'31>-- ---135-- --61- -----------1---------- -------- ---------- ----------- --------- --------- -------. 2--1---ASl4.5B--- ------198----- ------------~----------L---------- __________ _________ ______ _________ _________. I I I I , I I I I , , I I , 1 3 14 19 30 35 Q') ~ ~g; R SL8 1!>2 p,::; 39 o 2E o CD CD CD @ (8) I I , , I , , , ! @) @ @) @ @ @ 205.10 198 180 165 165 165 165 165 165 330 170 160 180 15(, I. 18 31 34 I~ I @ I ,-- .^. ------- _._--- ----.---.-- 150 160 15 D C> co CD @ I I ~ r I I u_ _ u___ __un__ L_ __ I i I ~------- __h______ .. . _~nJ - --[--------..---'----------1-----------_.----------.-,-------- ____nnnnn________________n ________nn J!~~_~~!:r~~~__~~~._ '--______, _ __________ n__~______ _________ ! @ @> @ @ €D @ 608.61 16 17 32 33 Unimproved Land Sales Map i -Wilcox Appraisal Services, Inc.- Prepared for nnd property of ColILer County Boar d of CommissIOners RelIance upon the appraisal for other uses IS not w<lrranred N I l- I I I I I I I t- I I I I I I I .-. a I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page 109 of 216 SALES DATA Recording Data Grantor Grantee Sales Date Sales Price Financing Conditions of Sale Sales History Legal Description PROPERTY DATA Property Type Present Use Highest and Best Use Location Roadway Frontage Folio No. STRAP No. Land Use Designation Zoning Size Dimensions (Gross) Easements Utilities UNIT OF COMPARISON Sales Price/Gross Acre VERIFICATION DATA: COMMENTS: UNIMPROVED LAND SALE NO.3 Cpllier County, Florida, OR Book 4206, Page 1777 Jorge Aguiar Toteta Inc. March 30, 2007 $212,000 Cash to seller transaction Typical market No arms length transactions of the sale property in the past three years The West 105 feet of Tract 86, Golden Gate Estates, Unit 34, according to the map or plat thereof as recorded in Plat Book 7, Page 23, Public Records of Collier County, Florida Residential Vacant land Single-family residential development The South side of Boxwood Way (f1k1a 10th Avenue S.W.) approximately 0.50 mJle east of Logan Boulevard Boxwood Way 38396640007 33760086 14816 Estates Estates 1.59 Gross Acres 105' x 660' 3D-foot wide road right-of-way easement along the northern property line (for Boxwood Way) Telephone, Electric, Well, Septic $133,333 Per Gross Acre R. Alan Wilcox, MAl, SRA, verified this sale on April 13, 2007 with Colleen A. Osmolski, listing agent, 239-455-4202 and with Verna 80S, selling agent, 239-659-4200. Verification indicated the sale property was vacant land at the time of sale. Wilcox Appraisal SelYices, Inc. 1633 S.E. 41" Street. Cape Coral. Florida 33904.7470 239.542-2311 . Fax 239.549-8704 . Emall awllcoxmalsra@comcast.net I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15, 2009 - A "'''''' ~ ""'..;..... Unimproved Residential Land Sale 3 rrl." :. s:~~<r~_~~tr.f/~J;~ L- .t.I~/r] 1, 7'1-="'~ ~ ~~ :~ -- :.::J~;;-~.:: -~ r~:.::=- c-:,: -1 :r ~:LR'D'I:,"[}~~~:' '"~-=- -,~ - t N i i I I I: 174 ~~: i 20 I ' ~ I i €I : I : i @ ~ I @ ~ 13i@ I ~ @ @ ~ ~ @I 0 j [,,0- €J ~ ~ @ E i I .: "1' t ~;~::F-~":"_:~;~: '''":"e:";~:::::! :~:~:i, "'~.::C~~ ., i= ,. Bt~~~~:- "'~71:~~ ''''',~ : .3;! i i uti i' ,:' ~ .. 'Ii i . i. I 'I h' i : i i! G Ii ~I. ~I riI I@I@G I ~~. @ €l ~ .:@16J : : I : i @l ~i 100 I 15<) i 15 '7' '"0 I '"0 1,50 I 150 ,ao 105 7' "" ,'" "'" If' 7S 1SO '.1; i 23--- llIT-~--- i-- : "I": I i 180 I 180 1--1 i: :j ~ -I I i I : Ii i I I --I 111 I ~ ,I i" I I,' 44 'I I"' I I" I " " "I ill,," '. I I II I I I 'cJjL_ @ - .,',0, I _. ,oJ. 1,0.1. r. oJ , · k..~~bu:~~~ I,.J 0,. ,- ,;,: i' '~'~ I~ "',I,'" I' r~: "1"1 "-T,, r=JI:eWJQo:jl-~-~.r-f j I ) I I : I I : I I i 3-40 J..IO I I I ' ~T-- ;~ ! : I I ' ! II ' I 26 @ ~ A @ I I @ @ 0 ! :/: --.--j.. . I i I I @ _I I i I I I I . __ 180 I 150 150 I '.0 ,"o! '''' I 'so i '.0 ). 'I, i 27 I I '6' 15' i I 'I'; 0>:il I 1 j, I J ~l ! JIl'..' ;! : ::.. " 35 46 I 51 ! 1; l II j ~ ~, I -i~II':: _. ~I -----l~ I I Gl @ G (!) €l ~ ~ '.e I "'" Irr i I 110 150' '60 ':;' 75 I 78 i I 83 62 67 Unimproved Land Sales Map I -Wilcox Appraisal Services, Inc.- P: "pared for ond plopen)' of Collier County Boa: d of CommISSioners Rdiance upon the arpr3JS;)j for ot!lt~r I:ses is nol \'w'JrT<Jtlted N I I~- ( I I I I I I I t- I I I I I I I I I -. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page1110f216 SALES DATA Recording Data Grantor Grantee Sales Date Sales Price Financing Conditions of Sale Sales History Legal Description PROPERTY DATA Property Type Present Use Highest and Best Use Location Roadway Frontage Folio No. STRAP No. Land Use Designation Zoning Size Dimensions (Gross) Easements Utilities UNIT OF COMPARISON Sales Price/Gross Acre VERIFICATION DATA: COMMENTS: UNIMPROVED LAND SALE NO.4 Collier County, Florida, OR Book 4227, Page 2725 Charles Hildebrand and Barbara Hildebrand Santiago Eloy March 30, 2007 $129,000 Cash to seller transaction Typical market No arms length transactions of the sale property in the past three years The West 75 feet of the East 150 feet of Tract 31, Golden Gate Estates, Unit No. 27, according to the plat thereof recorded in Plat Book 7, Pages 17 and 18, Public Records of Collier County, Florida Residential Vacant land Single-family residential development The South side of 15th Avenue S.W. approximately 0.80 miles east of 39th Street S.W. 15th Avenue S. W. 37982640001 33460031 24B14 Estates Estates 1.14 Gross Acres 75' x 660' 30-foot wide road right-of-way easement along the northern property line (for 15th Avenue S.W.) Telephone, Electric, Well, Septic $113,158 Per Gross Acre R. Alan Wilcox, MAl, SRA, verified this sale on September 3, 2007 with Arian Santiago, grantee representative, 239-289-8394. Verification indicated the sale property was vacant land at the time of safe. The site is currently under construction with a single family home. Wilcox Appraisal Services, Inc. 1633 S.E. 410' Street. Cape Coral. Florida 33904-7470 239-542-2311 . Fax 239-549-8704 . Emall awllcoxmalsra@comcast.net I I I I I I I I I I I I I I I I I I I ________~--nn ____'Un______ n_n_____e________'_ . __n__n____ __n_____ ----nh=i-------n- ---::.:::-::.:::-::.:::-~-=-::.:::-= ::.:::-::.:::-=- ~______nL ___u I -:: ___ ~15:h A v"nue svv=:::-r -:: -:::: 1" :: ::TnJ:::::::: ::nnT~ un __un V I \ N (0 -Po ' , , I I , f; 180 150 @) m' -~:' 180 165 @ U1 U1 ~ ~9 <€9 180 75 75 1 05 75 1 50 :E; I@ <9 ()1 -Po (@ I ;",., Wi I e\ 1(2); 2:D 105 75 75 180 ~50 ~, ~8 c.n N Agenda Item No. 1686 September 15, 2009 '" A...... r 0.-1 Unimproved Residential Land Sale 4 .:::. .:::. W W N N ~ ~ 01 8> 18 ~~ (~ )"3) (0 CD @) @ (~ 150 180 ,80 75 75 75 75 180 330 150 ',80 150 150 180 180 150 165 ;E:J @) @ @) r.2PJ> @ .::2) W N ~ -...j N W 0 150 180 (~ (~ ,-Po CJ1 co '.3 -!:>. I~ I ~~, W --' t '~iS' / , , I I~' '-~'; I , , I , I , , : 3~O I~) 19 ---, ',J~ '8) '~) 75 :50 180 :5 75 75 75 laD , 75 175 ~".O 330 I~ i .g, =~8 I I , , I Ol I Ol ' o I 180 175 75 . :'0 1< 05 1-5 i 75 li5 ;0 !:,-~~---=~l_~ 1.;7C. @ 1:sJ .~ ~ I~':) 1':'-" :'iJ l!~ i I: I IE]; v ..>; .'CO ~ /CO ~ N ()1 150 Unimproved Land Sales Map i -Wilcox Appraisal Services, Inc.- Prepared for and properly of Collier Counly Board ofComm.ss,onels Reliance "pan the appra,sal for olher IIses IS nDl \VatTanled N I ~. I I I I I I I r- I I I I I I I I I ~ Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted Agenda Item No. 1686 September 15, 2009 Page 113 of 216 SALES DATA Recording Data Grantor Grantee Sales Date Sales Price Financing Conditions of Sale Sales History Legal Description PROPERTY DATA Property Type Present Use Highest and Best Use Location Roadway Frontage Folio No. STRAP No. Land Use Designation Zoning Size Dimensions (Gross) Easements Utilities UNIT OF COMPARISON Sales Price/Gross Acre VERIFICATION DATA: COMMENTS: UNIMPROVED LAND SALE NO; 5 Collier County, Florida, OR Book 4214, Page 2790 Anna Roque Robert M. Cohen April 12, 2007 $410,000 Cash to seller transaction Typical market No arms length transactions of the sale property in the past three years Lot 1, Mahogany Estates, according to the Plat thereof, of record in Plat Book 37, Page 22, of the Public Records of Collier County, Florida Residential Vacant land Single-family residential development The North side of Mahogany Ridge Drive approximately 0.10 miles east of Logan Boulevard Mahogany Ridge Drive 56340000028 474350 14809 Estates Estates 2.59 Gross Acres 329.88' x 342.00' a 30-foot private access and public utility easement along the eastern property line and a 3D-foot wide road right-of-way easement along the southern property line (for Mahogany Ridge Drive) Telephone, Electric, Well, Septic $158,301 Per Gross Acre R. Alan Wilcox, MAl, SRA, verified this sale on September 4, 2007 with Robert M. Cohen, grantee, 239-348-3387. Verification indicated the sale property was vacant land at the time of sale. This vacant residential site was purchased by the owner of the adjacent property that is improved with an existing single- family home. Wilcox Appraisal SelVices, Inc. 1633 S.E. 41.' Street. Cape Coral . Florida 33904.7470 239-542.2311 . Fax 239-549-8704 . Emall awlleoxmalsra@eomcast.net I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15. 2009 Unimproved Residential Land Sale 5 ~ , .t ci '-?~ o f ~I <-)/ <'). "I:' 479.82 r :.,. I -~I' B I :: ;? . '"' (i) tt: I '" ~ ~ ! '" ',i]) I: I ,11 i ~ i 475.18 68038 I: II ~g .,/ u ;': '" / I -l\n ! I"': ~I I~I /680 36 //(-';' , ."'-' ;..:. Ul ~ ,:8; @) (0 150.19 / / 15019 1eq 180 3.0 __ 3:j,Q.Qfi. _ 30 __ 33019 o r-- ,., <-) . " , i I C'1! "" ~OO a::i' I <01 !~! __L-- f' -+-- \50 ....0: f"" 1 l:~ 1 : u, : .lJ1 , , , I , , I , , ! !3; ~l:l @ r-- C'1 __ _ _ __ _6.80.11L __ --- o ~~ ---------- 475.18 \---0::; \ ,~ \. 1..0 c.iB ) .... 30 DRAINAGE EASEMi:NT w .. '" CD !Il , I'. I , 'I '" '" , I I I i, I ! t JOw ." b I' ; ~ ~,,,'i;./ ~ !~ 15 ~ Ii II~I!' .., '::l .2, / ~"=II.I / ~ . ~~;. /' c: ~ '- ,\~... :~ '''"; E E:'~ ~r ~ s Ii .,.r j ,~/ "Ii , TI '>~4'~ <~t:'" ~..: " : g; '3 ~ Y./ ; : i Q) ./ " ' 4.3.03 ~ 1 B ':', I ! I .. 13 i e 0 38 g J .' ~'I 1" ;,j) .3 i ~ @ . ,. i ,~.' I ilL ...'..m ...... m m : l______ .n___'__...'n____.... __.n, ",,-um __ u".u -c.uc.'==-c.uc.--. ~" ~. ':;J" I; i I ';]:;;::;;;';~@'::'::1'" ~ CY9~~o,g3 flY R,~ 9 ~[)~ ~~u ~ m3:' m 'm' ~~'m n __u 11 :: ..~ ,~.;. r J I .JI.. I 1 :~P'8] I ! ! ,,~\ "'""" I' 50971 I ~ T":' ~ 0 11 ;. "~\ "':" I i ~~{~~l<.;i.lf ig : '" g r.,1 l' . ,i' / 'I 16 .J., PB20PG4olI m en C"1 o " w (J> '" en :.... <X> '" 01 <') c80 c.~ (0 '" '" S' N "" -. , i~ 14 10> :0 I I' I' 1 I 329.88 3ao 30 48469 17 (,.) 1 (j '" 4: co MANURI sue IN UNIT 3::<Jl I ~ PSlClI PG33 U ~ (0 " @ <2.> 25 f1.lAHOGAjilY EST~ PB 37:-'PG 22 !2'~ Cn o 300 J~O 340 20 .~J --. :~ @ ~. ~) m en (22) w I: i II j II ! I i II Ii 225 ,50 ~I '~ ", en 150 51806 1ao 150 Unimproved Land Sales Map i -Wilcox Appraisal Services, Inc.- Prepared for and prope'1)' of Collie, COlllll)' Board of COmmtS,lOners Reli;wee upon the appraisal for 01 her IIses is not warranted N I I- I I I I I I I r- I I I I I I I I I Harrell A"e ~d SE C \ln~ irnmokalee Rd 8461'Ilm2ka~ Rd OJ 951 '.'\lolr Rc () g, ~ Cl ~ ~ ~ ~ ~dJ' ~ '< t-o fC .t Cle () g, 7th ,4:~'e t J'l'i f! '../ande:-bl!t ~rr, Ale N'/j ~ 5r~ Ase ~~iN ....... A".',e Nl;J ::.. 3rc AJe N'v~ ~ sl .;,,, ~r.V G:Ad€~ Gare=;\';: V'J w rd c:: ~ ~ 3(~ .~,\'e ~.J\' 3~d :t'.'e S'iV i!2 i!2 Sir. A./<~ S'N .5t~ 1'"" SW co (fl ~ 7th Ave SV'J' F'L.~e R i;~.~ ?::: ..., ~ . ~ t1"": 1-:..... :".'.Je S'i'V : }:~ A".;e S'l"i .. _ .,1 S:~n S:.c ~ co ,Golden Gate r .:.,0", :-:;r;:: c; Zote ?~'-.'t'i'ail,~~, ..~ __.n ~~ :-tr-: ~4, I~ S'/1/ ~'.e :'./v :::21h .....'=' S-/~. 31st .:....e SW 2nc A,.e SW ~l:-~~~~~~~~___ h = :? ;j) g r:o [ 3S:h AJe NW Z S'hady Holb.. Slvd VII .:: 1 ~f ;'.ve ~~"N 37th A,e ~NV 'I :::51", A,e r'l':V 3.3~d .c..ve f~\l"i Agenda Item No. 1686 September 15, 2009 Paoe 115of216 E '" '" o '" no 10 ro ;1J CJ. e [' g 5C1h IV "-l Q "-l ':J' 5- ~ ~ 47th A'/e N.~ :-'-,:;: 45rh A','e NE 43rdA,e NE A.e NE ~ c:: :; o o ~ i:::l <: CJ. ~ ~ ~ l ~ l ~ ~~0~g~~ 3:P Z ~ ~ ~ ~ rJ e s san, A;.fi NE :ii- 5Eth Ave NE ~ c. 541r.A,',e Nt:: rn 52nc Ave N~ ~ c.. !we NE z ..,o...=.. '" .,:"Pft J.-" ,,<, C.' ;~,~-' 2~r.c Al/e..r~VV ~ c:: ~:T~5~~~ s: S2. SQ fJ2 SD ~ z . r.1 ~. 39tht...ve ~J E '- 39th Ave NE 37lh Ave. NE 35th Ave rJE ~-~. --;- '.-:-'"~~;. ;C ;oc; ;;; s. ~ ~ Q.l (II Iii a. to ~ - 0- n "" ; n ~ :. \4' " '1 :::J ::0 J:l a. ~ :;-:;1h Ale i.;\iV ~ c. , Sir ~V~ ~~'~,v 2- - Oil 'Nell Rd ~:::: ::0 c. -; 5~h A..-e ~:';'.i 14:h Ave ~J'/'J 12th p.,'J':: ,~f/I 10th Ave rJ'N 2eact"t'; Rj '" ... ;; !2 ~ ~ ~ f:' S2 -g ~~~:i:r- ~ ~. ~ ~ ~ ~ 7? ~ ~ ~ ~ ~ ~ ~ 31sl A"e NE 29th Ave NE -.. z ~ z z ~ ~ ~ ~ :ii .::;olc.;:n Go:e 5:'.d IN Goiaen Ge1e E,,',d 'N ~ r_~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ oJ ..... t (j) 0 ~? ~9:'~~~5Q~~s!!SD":_~ :JS:2- '...l (/l (J':: en ro ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ K 8ranrle S'.d ~ ~3:n A..e 5~./',J ~~~-""--.j C Q.. !C. '" ~ '!! ~ ~ ~ = C/l en en 01 ~<~~< 5 ~ :; -. o i!2 5:: !e2 c/'; (ft r.n ~ ~ ~ ~. Ol ~ ~ <: r;; r;; Co 27th Ave \jE (I, i? :r .:::J a. 'J ro ... 2' Par.jaJi 81,d Markle! Av~... 24tt'1 A;e ~';E _::2nd I.....e N::. OJ :T :?:! -':II' 2~~h. f.~~e_ r~E 22~d ~ye '}iE 29th !-ye NE '" :'C-t:"': A'~e i~E ~ if. 1E:th A,e r'IE O~' ... - i 5:h Af'e N::-: ~ ~31."', Ave i-J E 16th Ave NE 16lh A:e NE 14:h Ave Nt:: 12:h Ave rJE 14th Ave r<E "'\ ~th Ave 1 2th Ave 1(1" A'/e 1 Dth A've ~IE :!th ;"';e 5t!, !<\e ~JE r'IE -~ 12:h A"Je NE NE r.JE NE 1 Cth A.;e ~JE R ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ !e2 fC.' ':::h A~e ~lE' m m ~ ~ Z '? Z Z Z r: r;; 1'1'1 m [11 2-:0 A'J~ NE . . G""ri:=.n Gaie__~JYo ;; ~ ~ ~ i{~ - - c;. ff_Z: r\ _~_ =_0'1 ~ - a - - ~ ~ 2nd 1>,;2 iil;~~_~_ ~:I' A.!' :3E +. 6th Ale SE ~ ~ ~ ~ f:2 S1 f2 ~ ~ SQ (r) Ui G0 ~ ~ ~ m ~ ~ ~ ~ ~ ~ ~ - F:a~(,'::ar', ii'i ~ .3 8th A. ve :>-E.=--_ :_. ~:~h A:.,;e SE "".~ '2"".11 A,eSE o o < '" -I tD ,~ t.f.: 14:nA_e SE ~Eth A.e S;: - 18th A,'e 0 ~~ 2:)th A'oIe SE - 22:1: ;:",'"e SE- 24~M "Ave SE. 3e~lc'" Rd 26th ,A,.'e SE 2~h A...e SE 3C~h A'.e SE :n '" . ~ '3 ;;; ~~'3' Golden Gates .,Es:ales o , Improved Sales Map -rVilcox Appraisal Services, lnc.- i Prepari.:-cl f('<r and propert\' of Coli icr COLlnry Board of CO[n1TIlssioncrs Rellance lIpon the 3ppralsa! for other uses is no! \\"Jrranted N I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon this sale data for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page 1160f216 IMPROVED SALE NO.1 3341 23rd Avenue S.W. WARRANTY DEED: OR Book 4284 Page 3702. September 12, 2007, Collier County, Florida. GRANTOR: Rory E. Kiser and Jean A. Kiser. GRANTEE: William G. Breen and Monika Helzel. LEGAL DESCRIPTION: The West 75 feet of the West 150 feet of Tract 3, Golden Gate Estates, Unit No. 28, according to the plat thereof, recorded in Plat Book 7, Pages 19 and 20. of the Public Records of Collier County. Florida. FOLIO NO.: 38040320000. STRAP NO.: 3349003 24B26. SITE DATA: The sale property contains 1.14 acres of gross land area and is located on the north side of 23rd Avenue S.W. approximately 0.80 mile east of 39th Street S.W.. Collier County, Florida. 23rd Avenue provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore, the sale property is encumbered by a 30-foot wide road right-of-way easement along the southern property line along the existing frontage to 23rd Avenue S.W. IMPROVEMENT DATA: The sale property is improved with a 3 bedroom. 2 bath, two car garage, screened porch, one- story, single-family residential structure with CBS construction, and a fiberglass shingle roof. The home contains 1,446 square feet of gross living area and was built in 1990. Significant site improvements include an asphalt drive, a well/pump/water treatment system, a septic tank/drain field, fill/grading, sod, and landscaping. SALES PRICE: $325.000. ADJUSTED SALES PRICE: $315,000.* FINANCING: Cash to Seller Transaction. SALES HISTORY: There are no previous arm's length sales of the sale property within the past three years. YERIFICATION DATA: Patricia A. Wilcox, SRA verified this sale on May 6, 2008 with Susan J. Holland, listing agent. 239-455-2426. Verification of this sale indicted that the seller paid atypical closing costs in the amount of $10,000. Wilcox Appraisal Services, Inc. I 1- I I I I I I I J- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners. Reliance upon this sale data fOf other uses Is not warranted. Agenda Item No. 1686 September 15, 2009 Page 1170f216 IMPROVED SALE NO.2 3220 16th Avenue S.E. WARRANTY DEED: O.R. Book 4286 Page 0385, September 28, 2007, Collier County, Florida. GRANTOR: Cynthia Connors and Judith Moriarty. GRANTEE: Nancy Gonzalez and Abel Sanchez. LEGAL DESCRIPTION: The East 75 feet of the West 180 feet of Tract 129, Golden Gate Estates. Unit 82, according to the plat thereof, as recorded in Plat Book 5, Page 21, Public Records of Collier County, Florida. FOLIO NO.: 40990960003. STRAP NO.: 351400129 24D18. SITE DATA: The sale property contains 1.14 acres of gross land area and is located on the south side of 16111 Avenue S.E approximately 0.15 mile east of Everglades Boulevard S., Collier County, Florida. 16111 Avenue S.E. provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore. the sale J,Jroperty is encumbered by a 3D-foot wide road right-of-way easement along the northem property line along the existing frontage to 16 Avenue S.E. IMPROVEMENT DATA: The sale property is improved with a 3 bedroom, 2 bath, one car garage, screened porch, one-story, single- family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,111 square feet of gross living area and was built in 2002. Significant site improvements include an asphalt and gravel drive, a well/pumplwater treatment system, a septic tank/drain field, fill/grading, sod and landscaping. SALES PRICE: $222,500. ADJUSTED SALES PRICE: $213,710.* FINANCING: Cash to Seller Transaction. SALES HISTORY: There are no previous arm's length sales of the sale property within the past three years. VERIFICATION DATA: Patricia A. Wilcox, SRA verified this sale on March 31, 2008 with Town & Country Title Company, Inc., 239- 566-8908. .COMMENTS: Verification of lI1is sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $8,790. Accordingly, the actual sales price was adjusted for this condition. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon this sale data for other uses is not warranted. Agenda item ~~o. 1686 September 15. 2009 Page118of216 IMPROVED SALE NO.3 1041 Golden Gate Boulevard E. WARRANTY DEED: O.R. Book 4319 Page 2845, December 14, 2007. Collier County, Florida. GRANTOR; Laco Holding, Inc. GRANTEE: Rigoberto Horta. LEGAL DESCRIPTION: The East 150 feet of Tract 37, Golden Gate Estates, Unit 49, according to the plat thereof, as recorded in Plat Book 5, Pages 80 and 81. Public Records of Collier County, Florida. FOLIO NO.: 39261760008. STRAP NO.: 34210037 04C02. SITE DATA: The sale property contains 2.34 acres of gross land area and is located on the north side of Golden Gate Boulevard E. 180 feet east of 10111 Street N.E., Collier County, Florida. Golden Gate Boulevard E. provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthennore, the sale property is encumbered by a 50-foot wide road right-of-way easement along the southem property line along the existing frontage to Golden Gate Boulevard. IMPROVEMENT DATA: The sale property is improved with a 3 bedroom, 2 bath. one car garage, screened porch, one-story, single- family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,125 square feet of gross living area and was built in 1995. The sale property was remodeled in 2007. Significant site improvements include an asphalt drive, a well/pump/water treatment system. a septic tank/drain field, fill/grading, sod and landscaping. SALES PRICE: $263.000. ADJUSTED SALES PRICE: $255,110" FINANCING: Cash to Seller Transaction. SALES HISTORY: The sale property sold for $180,000 in March, 2007. VERIFICATION DATA: Patricia A. Wilcox. SRA verified this sale on March 31, 2008 with Barbie Mitchell, assistant to Peter Kollar, listing agent. 239-777-0022 and with Emmanuel LLC Title Services. 239-513-0011. *COMMENTS: Verification of this sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $7.890. Accordingly, the actual sales price was adjusted for this condition. Wilcox Appraisal Services, Inc. I L I I I I I I I r- I I I I I I I I I Prepared for and property of Collier County Board of Commissioners. Reliance upon this sale data for other uses is not warranted. Agenda Item No. 1686 September 15, 2009 Page 119 of 216 IMPROVED SALE NO.4 36211Sth Avenue N.E. WARRANTY DEED: O.R. Book 4318 Page 3893, January 7, 2008, Collier County, Florida. GRANTOR: Louis Absolu and Julia Absolu. GRANTEE: Wanner Seide and Meprina Pierre. lEGAL DESCRIPTION: The East 75 feet of the West 180 feet of Tract 87, Golden Gate Estates. Unit 71, according to the plat thereof, as recorded in Plat Book 5, Page 7, Public Records of Collier County. Florida, FOLIO NO.: 40361400008. STRAP NO.: 3478008723029. SITE DATA: The sale property contains 1.14 acres of gross land area and is located on the north side of 18th Avenue N.E. approximately 0.65 mile east of Everglades Boulevard N., Collier County, Florida. 18th Avenue N.E. provides access to the sale property. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Furthermore, the sale ~roperty is encumbered by a 3D-foot wide road right-of-VVclY easement along the southem property line along the existing frontage to 18 Avenue N.E. IMPROVEMENT DATA: The sale property is improved with a 3 bedroom, 2 bath, one car garage, patio, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,101 square feet of gross living area and VVclS built in 1995. Significant site improvements include a gravel drive, a well/pump/VVclter treatment system, a septic tank/drain field, fill/grading, sod and landscaping. SALES PRICE: $187.000. ADJUSTED SALES PRICE: $180,700.* FINANCING: Cash to Seller Transaction. SALES HISTORY: There are no previous arm's length sales of the sale property within the past three years. VERIFICATION DATA: Patricia A. Wilcox, SRA verified this sale on March 31, 2008 with Vivian M. Ferreira, listing agent, 239-777- 4731. *COMMENTS: Verification of this sale indicated the seller paid atypical closing costs for the benefit of the buyer in the amount of $6,300. Accordingly, the actual sales price VVclS adjusted for this condition. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I ,.6,genda Item No. 16B6 C;pr,tomh,;:.r 1::; ?nnQ Page 120 of 216 SUMMARY APPRAISAL #2007-1117 P A TRICK AND DANA WILLIAMS PARCEL NO. 122 RDUE 3720 WHITE BOULEVARD NAPLES, FLORIDA VALUATION DATE SEPTEMBER 25, 2008 PREPARED FOR MR. KENNETH A. JONES ROETZEL & ANDRESS 2320 FIRST STREET, SUITE 1000 FORT MYERS, FLORIDA 33901-2904 PREPARED BY ALLIED APPRAISERS & CONSULTANTS, INe. 1642 MEDICAL LANE FORT MYERS, FLORIDA 33907 I l- I I I I I I I r I I I I I I I ,...-.- I I Agenda Item No. 1686 September 15, 2009 Page 121 of216 ALLIED APPRAISERS & CONSULTANTS, INC. Appraisers. Consultants. Market Analysts 1642 Medical Lane. Fort Myers, FL 33907-1192. (239) 939-1557. FAX (239) 275-1196 H NEAL SCOTT, MAl, SRA STATE-CERTIFIED GENERAL APPRAISER RZ743 allied@alliedappraisers.us wvvw alliedappraisers.us September 30, 2008 Mr. Kenneth A. Jones Roetzel & Andress 2320 First Street, Suite 1000 Fort Myers, Florida 33901-2904 Re: Summary Appraisal #2007-1117 -- Parcel No. 122 RDUE, 3720 White Boulevard, Naples, Florida Dear Mr. Jones: As requested, a personal inspection, analyses, and investigation was done in order to perform an opinion ofthe market value of the subject property for the widening of Collier Boulevard (CR 951). The purpose of this appraisal was to estimate the just compensation due to the property owner as a result of a partial acquisition. The parent tract is a single-family home that is located at 3720 White Boulevard in Naples, Florida. The improvements are all situated on a site that contains 1. 136::!: acres. The date of this valuation is September 25,2008. The appraisal report contains the data, analyses, limiting conditions, and conclusions of value. The property was assumed to be free of all liens and encumbrances except for typical mortgage financing. The Appraisal Standards Board of the Appraisal Foundation has approved revisions and modifications of the departure provision and Standards Rule 2 and 3 in the definition section of the Uniform Standards of Professional Appraisal Practice (USP AP). In compliance with Standard Rule 2-2 the appraisers are communicating to the reader that this report is considered to be a summary appraisal. This is one of the three reporting options allowed under this standards rule. Allied Appraisers & Consultants, Inc. Appraisal #2007-/ / /7 Agenda Item No. 1686 September 15, 2009 Page 122 of 216 I I I I I I I I I I I I I I I I I I I Mr. Kenneth A. Jones Page 2 September 30, 2008 In my opinion the compensation due to the property owner of the subject property as of September 25, 2008, was: EIGHTY-FOUR THOUSAND TWO HUNDRED DOLLARS ($84,200.00) This is allocated as follows: Land Improvements Damages Cost to Cure $11,800.00 $10,500.00 $61,900.00 -0- Mr. Scott certifies that, during the completion of the assignment, he has personally inspected the property that is the subject of this report and is the principal appraiser involved in all value conclusions. I would like to recognize the assistance of Mrs. Amanda Davis in the data collection for this report. VvT e certifY we have no past, present or future interest in the real estate and to the best of our knowledge the facts contained herein are true and correct. We appreciate this opportunity to be of service. Respectfully submitted, ALLIED APPRAISERS & CONSULTANTS, me. ( .)/.. /l (/ "', ; / / 4-, /. ) I 1/ ./. /' (.~ ' / ^-L. i G~-1 ''/../ I / / ^,.-" H. NEAL SCOTT, MAl, SRA State-Certified General Appraiser 0000743 :bp Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I Agenda Item No. 1686 SF> po &:i Page 123 of 216 TABLE OF CONTENTS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS.................................................. 1 PREMISES OF THE APPRAISAL ........................... ............................................................ ......... 3 INTEREST TO BE ACQUIRED................... .............. ............................... ............................. ....... 5 SCOPE OF THE APPRAISAL................... ............................................................. ............. .......... 6 EXPOSURE TIME AND MARKETABILITY .............................................................................. 8 ASSUMPTIONS AND LIMITING CONDITIONS ....................................................................... 9 IDENTIFICATION OF THE PARENT TRACT ......................................................................... 13 STATEMENT OF OWNERSHIP AND.... ........................................ ......... .................................. 14 HISTORY OF THE SUBJECT PROPERTY ............................................................................... 14 IDENTIFICATION OF THE SUBJECT PROPERTy................................................................. 15 COLLIER COUNTY DATA............... ......... .............. ........... ............................ .... ........... ............ 16 MARKET AREA ANALYSIS.. ............................ ...................................................... ................. 25 SITE ANAL YSIS.......................................................................................................................... 29 IMPROVEMENTS ANALYSIS ........................ ..................... ................ ................. .................... 33 HIGHEST AND BEST USE ANALYSIS .................................................................................... 41 LAND VALUATION ................ ................ ..... ...... ................................................... ..... ....... ......... 44 COST APPROACH........................... ............................... ....................... ........ ............................. 55 SALES COMP ARlSON APPROACH ............... ................. .............................................. ........... 61 INCOME APPROACH ............. ................................................................. ......... ......................... 78 RECONCILIATION AND FINAL VALUE ............................................. .......... ......................... 80 ESTIMATE BEFORE THE TAKE .................................. ................... ......................................... 80 VALVA TION OF THE TAKE.................... ................................................................................. 82 REMAINDER VALUE AFTER THE TAKE .............................................................................. 86 CERTIFICATION............ .............. ....................... ..... .......... ........... ......................... ........ ............. 90 QUALIFICATIONS...................................... ....................... ............................... .......................... 92 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 C::pntpmhpr oj r::; ?nnQ Page 124 of 216 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Owner's Name STRAP Number Area of the Whole Area of the Take Area of the Remainder Present Use Highest and Best Use Before the Take Highest and Best Use After the Take Current Zoning Comp Plan Summary of Value Before Property Part Acquired (Land and Improvements) Remainder (as Part of the Whole) Remainder (Uncured) Damages Special Benefits Damages Cost to Cure Damage Remainder (Cured) Remainder (Uncured) Damages-Curable Damages-Incurable Cost to Cure (or Re-establish) Improvements Cured but Paid For Net Cost to Cure Patrick J. and Dana P. Williams 37990000002 1.136:1:: acres (easement) 0.1 13:1:: acres plus site improvements 1.136:1:: acres The subject site is presently improved with a single- family home and amenities Single-family Single- family Estates Estates $305,000.00 $22,300.00 $282,700.00 $220,800.00 $61,900.00 -0- $61,900.00 -0- $282,700.00 -0- $61,900.00 -0- -0- -0- Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 Agenda Item No. 1686 Sp.ntAmhp.r 15, 2009 Page 125 of 216 .- Summary of Total Compensation Part Taken Land Improvements Damages Cost to Cure Total Compensation $11,800.00 $10,500.00 $61,900.00 -0- $84,200.00 I I I I I I I I I I I I I I I I I I I 2 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Seotember 15 2009 Page 126 of 216 PREMISES OF THE APPRAISAL Purpose Intended Use Intended User Effective Date Date of Inspection Date of Report Definition of Market Value The purpose of this appraisal is to estimate the just compensation due to the property owner as a result of a partial acquisition of the subject property. Just compensation is the payment to the property owner of the market value of the interest in the real estate which was taken. In the appraisal the ownership interest to be acquired is a perpetual, non- exclusive, road right of way drainage and utilities easement in Parcel No. 122 RDUE. The intended use or function of this appraisal is for the exclusive use by the client for negotiations with Collier County. The intended user of this report is Roetzel & Andress. September 25, 2008 September 25, 2008 - Last Date ofInspection September 30, 2008 The most probable pnce which 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 oftitle 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 own best interests; Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 .., -' Agenda Item No. 1686 Seotember 15. 2009 Page 1Lf ot L'lb I I I I I I I I I I I I I I I I I I I - - A reasonable time is allowed for exposure in the open market; - Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and, - The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. "- - 4 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Spntpmhpr1S ?noq Page 128 of 216 INTEREST TO BE ACQUIRED Property Right to be Appraised - Fee Simple Parcel The valuation of the parent tract is the fee simple interest. A fee simple interest or estate is absolute ownership unencumbered by any other interest or escheat; subject only to the limitations of eminent domain, escheat, police power, and taxation. The proposed property rights to be acquired for Parcel No. 122 RDUE is a perpetual, non-exclusive, road right of way, drainage and utility easement. Allied Appraisers & Consultants, Inc. 5 Appraisal #2007-1117 Agenda Item No. 1686 1&; ?009 Page 129 of 216 I I I I I I I I I I I I I I I I I I I -~ - SCOPE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the parent tract, before the take, then value the parent tract after the take which ultimately indicates the value of the take. The parent tract before the take is a rectangular shaped parcel that contains 1.136:l: acres and is improved with a single-family home and supporting amenities that were built in 1987. The home contains 1 ,663:l: square feet of living area. - The take of Parcel 122 RDUE contains 4,500:l: square feet and is a perpetual, non-exclusive, road right of way, drainage and utility easement. It is to be located on the north 60 feet of the subject site. In addition, there are site improvements that include driveway, culverts, etc. The remainder parcel will contain 1.136:l: acres along with the single- family home. This analysis will undertake a thorough study of the immediate neighborhood, as well as the general area, to identify the primary market competition for the subject property and an analysis of the site improvements will also be included. The highest and best use will be analyzed to estimate the highest and best use of the site as though vacant and then compare this to the highest and best use of the site with the existing improvements. - To value the subject property the appraiser will consider the various forces that influence value within the neighborhood, the site and the improvements. Typically all three approaches to value are utilized in estimating market value, the cost, sales comparison, and income approaches. The income approach is not applicable in this analysis. 6 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Q.~ ~ r 1 c; ')",,(') Page 130 of 216 The cost approach is an appraisal process that reflects market thinking and the recognition that market participants relate value to costs. The principle of substitution is basic in this approach. Under this principle no prudent investor would pay more for a property than the amount for which the site can be acquired and for which improvements that have equal desirability and utility can be constructed without undue delay. Other appraisal principles inherent in the cost approach are supply and demand, the principle of balance, external forces, and highest and best use. The cost approach is the most applicable approach when the improvements are new or suffer only minor physical deterioration, functional obsolescence, or external obsolescence, and therefore represent a use that either is or as close to the highest and best use of the land as though vacant. This approach is widely used in estimating the market value of special use properties that are not frequently exchanged in the market. The sales comparison approach is a method of estimating market value whereby comparable properties that have sold recently are compared to the subject. The primary appraisal principle inherent in the sales comparison approach is the principle of supply and demand. If demand for potential types of properties is high then prices tend to increase. Shifts in the supply of real estate tend to lag behind shifts in demand, thus the emphasis in analyzing real estate markets at a particular point in time tend to be on the demand side. A closely related principle to supply and demand is the principle of balance. Another primary principle is the principle of substitution. The principle as it applies to the sales comparison approach holds that the value of a property that is replaceable in the market tends to be set by the cost of acquiring an equally desirable substitute property. As with all properties, external forces, both positive and negative, affect all property types. These forces are evident within the neighborhood of a property . Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 7 Agenda Item No. 1686 C:::",nt",rnh",r 1" ?nnQ Page 131 of 216 EXPOSURE TIME AND MARKETABILITY ,~ Normal marketing period is defined as: The most probable amount oftime necessary to expose a property, in its entirety, to the open market in order to achieve a sale. Implicit in this defmition are the following characteristics: -- The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers of similar type properties. -- The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. -- A sale will be consummated under the terms and conditions of the definition of market value set forth in this policy. According to local realtors, a reasonable exposure and marketing period for properties like the subject is estimated to be from 6 to 18 months under current market conditions and priced accordingly. - I I I I I I I I I I I I I I I I I I I I 8 Appraisal #2007-1117 Allied Appraisers & Consultants, rnc. I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 ~'" , 1 c:: ')(')(')n Page 132 of 216 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal represents the best opinion of the evaluators as to market value of the property as of the appraisal date. The term "market value" is defined in the appraisal report. No survey of the property was made or caused to be made by the appraisers. It is assumed the legal description closely delineates the property, and was checked with tax records for accuracy. Drawings in this report are to assist the reader in visualizing the property and are only an approximation of grounds or building plan. No engineering survey was made or caused to be made by the appraisers, and any estimates of fill or other site work are based on visual observation, and accuracy is not guaranteed. No test borings or typing and analysis of sub-soils were made or caused to be made by the appraisers. Soil of the parcel under appraisement appears firm and solid, typical for the area; and subsidence in the area is unkno\\-TI or uncommon. The appraisers, however, cannot warrant against such condition or occurrence. Sub-surface rights (minerals, oil, or water) were not considered in this report. Any tracts that, according to survey, map or plat, indicate riparian and/or littoral rights, are assumed to go with the property unless easements or deeds are found by the appraisers to the contrary. Information as to the type and variety of trees, shrubs, and other vegetation mentioned in the report are believed correct from observation and personal knowledge, but no responsibility is assumed for complete accuracy. Description and condition of physical improvements, if any, described herein are based on visual observation. As no engineering tests were conducted, no liability can be assumed for soundness of structural members. The appraisers have carefully inspected any improvements described in the report, and any reference as to termites, dry rot, wet rot, or other infestation was reported as a matter of information by the appraisers; and existence or amount of damage noted, if any, is not guaranteed and the appraisers expressly disclaim any responsibility relating thereto. Inspection by a reputable pest control company is recommended for any existing improvement. Allied Appraisers & Consultants, Inc. Appraisal #2007-1 J J 7 9 - Agenda Item No. 1686 -C""n+""~h,,,r 1 r::: ')(\nQ Page 133 of 216 All value estimates have been made contingent on zoning regulations and land use plans in effect as of the date of appraisal, and based on information provided by governmental authorities and employees. I I I I I I I I I I I I I I I I I I I This appraisal report covers only the premises herein, and no figures provided, analysis thereof, or any unit values derived therefrom are to be construed as applicable to any other property, however similar they may be. Distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. Separate valuations of land and improvements must not be used in any other manner, nor in conjunction with any other appraisal, and are invalid if so used. Certain data used in compiling this report was furnished by the client, his counsel, employees, and/or agent, or from other sources believed reliable. Data has been checked for accuracy as possible, but no liability or responsibility may be assumed for complete accuracy. ~~ No responsibility is assumed for matters legal in nature, nor is any opinion rendered herein as to title, which is assumed to be good and merchantable. The property is assumed free and clear of all liens and encumbrances, unless specifically enumerated herein, and under responsible ownership and management as of the appraisal date. Consideration for preparation of this appraisal report is payment in full by the employer of all charges due the appraisers in connection therewith. Any responsibility by the appraisers for any part of this report is conditioned upon full and timely payment. The appraisers, by reason of this report, are not required to give testimony in court with reference to the property herein, nor obligated to appear before any governmental body, board, or agent, unless arrangements have been previously made therefor. Neither all nor any portion of the contents of this appraisal shall be conveyed to the public through advertising, public relations, news, sales, or other media without the written consent and approval ofthe appraisers, particularly as to valuation conclusions, identity of the appraisers or firm with which they are connected, or any reference to the Appraisal Institute, or to the MAl or SRA designations. - Possession of this report or copy thereof does not convey any right of reproduction or publication, nor may it be used by any but the client, the mortgagee, or its successors or assigns, mortgage insurers, or any state or federal department or agency without the prior written consent of both the client and the appraisers, and, in any event, only in its entirety. 10 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1666 Cont",,,,,hnr 1 r::; ')()f'\n Page 134 of 216 Before any loans or commitments are made predicated on value conclusions reported in this appraisal, the mortgagee should verify facts and valuation conclusions contained in this report with the apprmsers. Cost estimates for construction or replacement of improvements were referenced with known replacement of similar facilities and compared with data obtained from Marshall and Swift Cost Service. Unless specifically stated in the report, the appraisers did not determine the flood plain status of the property appraised. If such data is available, it is recommended it be obtained prior to any development that might be contemplated. Estimates of expenses, particularly as to assessment by the county property appraiser and subsequent taxes, are based on study of historical or typical data. Such estimates are based on assumptions and projections which, as with any prediction, are affected by external forces, many unforeseeable. While all estimates are based on our best knowledge and belief, no responsibility can be assumed that such projections will come true. The use of this report is subject to the requirements ofthe Appraisal Institute relating to review by its duly authorized representatives. No one provided significant professional assistance other than person(s) signing this report. The forecasts or projections included in this report are used to assist in the valuation process and are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are therefore subject to changes in future conditions, which cannot be accurately predicted by the appraiser and could affect the future income and/or value forecasts. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. Properties contaminated with toxic waste is a newly emerging topic. In some instances, the cost of government ordered remedial action may be substantial compared to or may even exceed a property's value. Also, a government may restrict the use of contaminated property in ways which substantially limits market value. In valuing your property, it is assumed that the site does not contain any contaminated waste products. We were not provided with a test Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 11 ,4 Agenda Item No. 1686 -~pntpmh",~ 1 c; ?nnQ Page 135 of 216 depicting this to be the case, yet this is an assumption that will be built into the value. Obviously, if at a later date any form of contaminated waste is found upon the site, the appraised value will be affected accordingly. Many structures in Florida and Southwest Florida were constructed with asbestos insulation. As per federal guidelines, this asbestos is being eliminated from many buildings. The appraisal of this property is as though there are no asbestos situated within your structure, unless reported to us by a qualified expert. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis ofthis property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. ..... i-. I I I I I I I I I I I I I I I I I I I 12 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 C::pnt",mh"'r 1 t:; ?nna Page 136 of 216 IDENTIFICATION OF THE PARENT TRACT The parent tract is described as a single-family home that is located at 3720 White Boulevard in Naples, Florida. The single-family home contains 1,663::1: square feet of living area with an attached screened porch and 2-car garage. The home was built in 1987. The improvements are all located on a site that contains 1.136::1: acres. The parent tract can be legally described as follows: The east 75 feet of the west 150 feet of Tract 106, Golden Gate Estates, Unit 27, according to the plat thereof recorded in Plat Book 7, Pages 17-18, of the Public Records of Collier County, Florida. The parent tract can also be identified by the STRAP No. or Folio N umber of the Collier County Property Appraiser's office as 37990000002. Allied Appraisers & Consultants, Inc. Appraisal #2007-ll J 7 13 Agenda Item No. 1686 Sentpmher 15 2009 Page 137 of 216 I I I I I I I I I I I I I I I I I I I - STATEMENT OF OWNERSHIP AND HISTORY OF THE SUBJECT PROPERTY The parent tract is in the name of Patrick J. and Dana P. Williams, who have owned the property for more than 10 years. ..... 14 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 C::pntprnhpr 1 t:; ?nnQ Page 138 of 216 IDENTIFICATION OF THE TAKE The Take The area of the take consists of the north 60 feet of the subject property for a total of 4, 5 OO::J: square feet or 0.1 03::J: acres. The only improvements located within the partial fee simple acquisition area consists of site improvements as follows: Driveway Sod Landscaping Site Cleaning Fill and Grading The legal description for the take can be found later in the report. Allied Appraisers & Consultants, Inc. 15 Appraisal #2007-1117 Agenda Item No. 1686 Seotember 15. 2009 Page 139 of 216 COlliER COUNTY DATA ~ Location Collier County is located in the southwest portion of the State of Florida in an area known as "Southwest Florida." Southwest Florida consists of Sarasota, Hendry, Glades, Charlotte, Lee, and Collier Counties. The major cities located in Southwest Florida include Sarasota, Venice, La Belle, Moore Haven, Punta Gorda, Fort Myers, Cape Coral, and Naples. - Naples, located in the western and coastal area of Collier County, is the largest of the three incorporated cities in Collier County, Everglades City lies southeast of Naples and Marco Island lies south along the Gulf of Mexico. Other major communities within Collier County include North Naples, East Naples, Golden Gate, Chokoloskee, Goodland, Lely, Orangetree, Pine Ridge, and Immokalee. Naples is located about 150 miles south of Tampa and 100 miles west of the Fort Lauderdale-Miami area. U.S. 41 (Tamiami Trail) connects the area with Tampa and Miami. The Naples Municipal Airport has commuter service to Miami, Tampa, and Orlando for connections with major airlines. ,....-. The major commercial airlines use Southwest Florida International Airport located in south Lee County, approximately 30 miles from Naples. Twenty major airlines have a number of daily flights to all parts of the country, and five international carriers have direct flights to Germany and Canada. A $900-million expansion that adds a second runway and midfield terminal broke ground in February 2002 and opened in September 2005. According to the Lee County Port Authority Department of Public Relations and the Southwest Florida Regional Planning Council, airport passengers totaled over seven million people in 2006 at the Southwest Florida International Airport, and over 66,000 passengers flew from the Naples Municipal Airport. 16 Allied Appraisers & Consultants, Inc. Appraisal #2007-] I] 7 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I Population Population Growth Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 '" r nQ . Page 140 of 216 According to the Department of Commerce, Woods & Poole Economics, Inc., 2002, Naples had an annual growth rate of 6.45%, the highest in the nation. The estimated 2005 population for Collier County was 317,788 persons. A recapitulation of annual growth from 1970 to 2005 is as follows: Population Estimates Collier County and City of Naples Year Entire County Naples 1970 38,040 12,042 1980 85,971 17,581 1990 152,099 19,505 1992 168,514 21,097 1993 174,664 19,881 1995 186,504 20,605 1996 193,036 21,]27 1997 200,024 21,202 1998 210,095 21,233 1999 219,685 21,087 2000 251,377 20,976 2001 265,769 24,000 2002 277,457 22,057 2003 292,466 22,343 2004 306,186 22,443 2005 317,788 22.490 Source: University of Florida, BERR The 2005 population was estimated to be 317,788. Thus, between 1990 and 2005 there was an average increase of 18,753 new residents per year. While the number of births usually exceeds the number of deaths in Collier County each year, the main force of population growth is immigration of new households, particularly retiree households, into the county. The above figures include only legal residents. Many winter and part-time residents own homes in Naples, but maintain legal residences elsewhere and are not reported in census figures. It is estimated that the winter population of Naples increases by as much as 40%. Appraisal #2007-1117 17 Age Distribution -. "...... 18 Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 -~pntprnhpr 1 c:; ?nng Page 141 of 216 The State of Florida has historically attracted a large number of retirees. These retired individuals live primarily along the coastal areas of the state similar to the Naples-Collier County area. A summary of the age distribution for the Naples-Collier County area has been set out as follows: I I I I I I I I I I I I I I I I I I I Age o to 1 7 years 18 to 34 years 35 to 54 years 55 to 64 years 65 to 79 years 80 and over TOTAL 2005 Estimated Population by Age Population 64,696 56,326 80,235 41,936 55,553 19 , 042 317,788 Percentage 20.4% 17.7% 25.2% 13.2% 17.5% 6.00% Source: University of Florida. BEBR The age distribution of the population shows that the market area has a high concentration of retirees. Persons 65 years of age and older make up 23.5% of the population. Another large segment of the population is composed of persons aged 55 to 64, accounting for 13.2% of the population. It should also be noted that during the past few years births have consistently numbered more than deaths locally and, thus, there has been net natural growth in the market area. This is not typical of most Florida retirement markets. It indicates young families make up an important segment of the housing market. Younger households have been migrating into the county during the past few years and the age distribution pattern is showing faster increases in the 35-54 year age segments affected by the baby boom generation. The public school system faces a challenge in keeping up with the growing population. The county now has 30 elementary schools, 10 Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 ~ , 1 c:: ')(VH"I - - Page 142 of 216 middle schools, 8 high schools, 15 alternative schools, and 3 workforce education centers. In summary, the population growth within the Naples-Collier County area has been quite favorable during the past years and is expected to continue during the years to follow. This is the characteristic that has spawned the continued development of numerous residential housing projects and related commercial support facilities. Employment The Naples-Collier County area is primarily tourist oriented, thus having a large employment base in the service and trade fields along with a large agricultural employment base. Please refer to the following summary of the employment by industry in 2005. Industry Collier Florida Construction 15.3% 7.6% Education & Health Services 10.8% 18.4% Financial Activities 5.8% 6.8% Information 1.4% 2.2% Leisure & Hospitality 16.4% 11.5% Manufacturing 2.5% 5.2% Natural Resources & mining 4.9% 1.3% Other Services 3.8% 3.1% Professional & Business Services 11.2% 17.1% Public Administration 4.3% 5.8% Trade, Transportation, and Utilities 18.6% 20.8% Unclassified 0.2% 0.1% Source: http://v,ww.eflorida.com/orofiles Due to the area's heavy dependence upon a somewhat seasonal agriculture and tourist industry, the Naples-Collier County area, as well as the Southwest Florida area, has been seeking new light manufacturing industries to help stabilize a somewhat volatile economic base. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 19 .~ - 20 Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 C'ont"'mh",r 11:; ?nnQ Page 143 of 216 Although Southwest Florida is attempting to attract manufacturing firms, tourism and service industries remain as the primary industries in the Naples-Collier County area. A great number of large planned unit developments are under construction within Collier County. The Naples-Collier County area is traditionally a winter home for the seasonal residents of the northeast and midwest portions of the United States. Many of the seasonal residents either own a home or condominium or rent during the winter months. These seasonal residents enjoy fishing, boating, golfing, and socializing. Therefore, a great number of planned unit developments exist within the Naples- Collier County area, which offer some or all of these amenities for a leisurely lifestyle. I I I I I I I I I I I I I I I I I I I A list of the major employers within the Naples-Collier County area has been summarized as follows: Prh'ate Sector Major Employers Employer NCH Healthcare System Ritz-Carlton Hotel Registry Resort Shaw Aero Companies Allen Systems Group, Inc. Kraft Construction Company Wilsonmiller Inc. Smartdisk Corporation Hellennann Tyton Corporation Fischer International Systems Product/Service Healthcare Hotels Hotels Aircraft Parts/Equipment, NEC Prepackaged Software Construction Engineering Services Computer Peripheral Equipment, NEC Plastics Products, NEC Prepackaged Software SOllRCE: http://eflorida.com/profiles As previously stated, the economy of Collier County is retirement and tourist oriented. The past decade has experienced very rapid growth caused by population in-migration from the North and the Appraisal #2007-1 I 17 I I I I I I I I I I I I I I I I I I I Forces Causing Growth Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 ':::';pntpmhpr 1 c::; ')()nO Page 144 of 216 accompanying need for construction of homes and expansion of businesses, services, and schools. Employment Growth Estimates (2006) Labor Force Labor Force Percentage of County Population Number in County Unemployed Unemployment Rate 153,365 48.7% 4,652 3.0% SOllRCE: hltP://www.etlorida.com/profiles In the past years, new industrial growth in Collier County has occurred primarily in the area adjacent to and northeast of the municipal airport. An industrial area also exists north of Pine Ridge Road between Airport Road and U.S. 41. The demand for new housing in the market area is based primarily on population growth, changes m population characteristics and household size. Replacement of existing housing is not a significant factor in the demand for new housing, because the existing housing stock is relatively new. The many factors knovm to produce demand for new housing are the most significant areas, increased employment opportunities, and the formation of new households by local residents. For many years Collier County and the Naples area have been known as a retirement center. Relatively low living costs, a pleasant sub- tropical climate, good public services, and abundant recreational opportunities have all combined to increase the appeal of the area to persons retiring from the northern states. The retiree influx causes strong seasonal swings in the local economy. A large share of the retirees only reside in the area during the winter months. Some maintain homes in the area and others lease dwellings on a seasonal basis. Appraisal #2007-1117 21 _L, e'- I-. 22 Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 Sentember 15 2009 Page 145 of 216 I I I I I I I I I I I I I I I I I I I Collier County is steadily becoming known as a vacation area for many families. Tourism, which plays a major role in the economy of many Florida counties, is important in the creation of housing demand for two basic reasons. First, tourist exposure to areas generates a demand for second homes. Second, tourists require many services which creates new jobs and an influx of people to fill those jobs. Second-home buying has been popular in Collier County. Every type of housing product offered in the county has appealed to second home buyers in the local market, but condominiums have definitely been the most popular in recent years. Collier County Housing Units Year Number Units % Change 1970 17,580 N/A 1980 50,743 188% 1990 94,165 86% 2005 181,261 92% SOURCES; us. Census Bureau In 1970, there were 17,580 permanent dwelling units in the market area. According to the 1980 data, the housing stock expanded to 50,743 housing units by that year, an average annual increase 0f3,316 units. Total housing stock in 2005 was estimated to be 181,261 units. From 1990-2005, a net annual increase of 5,806 units was indicated. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Summary Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 ~o 0 or 1 nnQ Page 146 of 216 Number of Housing Units Authorized by Building Permits Housing Units Authorized Year Single Multi Total 1996 2,383 3,066 5,449 1997 2,806 3,019 5,825 1998 3,200 4,481 7,681 1999 3,392 3,524 6,916 2000 4,065 3,905 7,970 2001 3,878 4,280 8,158 2002 4,173 3,109 7,282 2003 3,376 2,444 5,820 2004 4,202 2,719 6,921 2005 4,052 2,570 6,622 SOl.'RCE: University of Florida, BEBR As can be seen, single family permits for the past few years have outnumbered the permits for multi-family housing units. The future of Collier County appears excellent based on previous performance and the projections for future gro\vth. Population is growing rapidly and the demand for housing is increasing with the population and tourist activities. The economy of Collier County is expected to grow with the expanding population and increased tourist activities created by the expanding hostelry industry. As a result, the economy is highly dependent on the service, trade, and retail sectors. A more diversified economic base, with light industries, would create a more stable economy, which is less dependent on tourism. In conclusion, prospects for future value appreciation appears excellent. The future for Collier County business activities appears to be positive and durable. Real estate will be a major source of the business growth, but alternate industries will flourish with the real estate and service sectors. Appraisal #2007-11/7 .,,, ..;..) L < "Ione 4' $WI Cortos Pwtr. fort~' - ea_oo 1 "', -- s,mga :u P......~ ..~~J!CT __port!. !~ fClf1n ,\ .........l: , )1 r GoIdIIn Ga ., ......... "'-.-..;;- NopIn , ........ IIlI -co" e i} ,. r III t' _( .r ( i) , , 24 Allied Appraisers & Consultants, Inc. .L.... .. ~j !", P " :at .- ... I I I I I 27 I PALM 5EACH I r h e F lOR I [) A Big Cypress tndUfft R6:senMtwn '1,__ 'If;. I .'~=(J"C=-=' = C i) L L r f;: E I,' f: { 9 f a rJ e IJ_flOIidllilState . MiC'CDsu~ee Indi.n _" ,w<,,_~';;'"'=:"':-;:;:;;"<_ R.c.1:t~'_~"~tUfI f,'p.Q -W='L,f,.-!:,,,-,,,.=.. I 20 i g J f ' Eo S W a Ii: P tJIQ C.YDi e8S ~i4lio-n.Q1 Plese-eve 7,J'Ii!!' '1".[, TLrlil~!w.d U,b~'.H.b,.. ~;-, -"r ~'I'!"l: ]:t~'l~ltH; JL;IHIl.~i P4/$t ,,~(', f- fj .r: AREA MAP llJf:i'rgl.Hies "Vlil-tilife - . MaAaQemenl Area. I I ., . M tAM I. t; ft. (J E I I I I I I I Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 (:~AntAmhAr 1" ?nna Page 148 of 216 MARKET AREA ANALYSIS Definition Neighborhood and district boundaries identify the physical area that influences the value of a subject property. These boundaries may coincide with obsen'able changes in prevailing land use or occupant characteristics. Physical features such as the type of structures, street patterns, terrain, vegetation, and lot sizes tend to identify land use districts. Transportation arteries (highways, major streets, and railroads), bodies of water (rivers, lakes, and streams), and changing elevation (hills, mountains, cliffs, and valleys) can also be significant boundaries. 1 General Location The subject property is located on the south side of White Boulevard in the southeast area of Collier County. The area is known as Golden Gate Estates. County Road 951 has emerged as a secondary major north/south vehicular route in Collier County in the recent years. County Road 951 is part of the Naples bypass and is the last exit on Interstate 75 before Interstate 75 crosses the Everglades. County Road 951 runs from Immokalee Road south all the way into Marco Island. In Southwest Florida Interstate 75 is a north/south highway extending north from Naples through Fort Myers~ Tampa~ northwest to Atlanta, Georgia~ and continuing north to the Canadian border. Interstate 75 has interchanges with Immokalee Road, Pine Ridge Road and County Road 95 I. There is a new interchange at Golden Gate Parkway. Immokalee Road and County Road 951 are considered to be the Naples bypass routes for U.S. 41. lmmokalee Road begins just north of the Vanderbilt Beach Drive area and County Road 951 travels eastward with connectors at U.S. 41 ~ Airport-Pulling Road, 1-75, County Road 951, and continues in a northeasterly direction to the farming community ofImmokalee. The Pine Ridge Road area starts at U.S. 41 and continues past Airport-Pulling Road to 1-75 and I Appraisal Institute, The Appraisal of Real Estate, Tenth Edition (1992), p. 172. Allied Appraisers & Consultants, Inc. 25 Appraisal #2007-1117 -'''''' ~ Neighborhood Trends and Land Use Patterns Agenda Item No. 16B6 Q",,.,t,,,mh"'r 11:; ?nnQ Page 149 of 216 virtually stops at County Road 951. The immediate area is known as Golden Gate Estates. Airport Road has several east/west intersections that connect the Golden Gate Estates area to the east with Naples. These are primarily Immokalee Road, Pine Ridge Road, Golden Gate Parkway, Radio Road, Davis Boulevard, and U.S. 41 (East Tamiami Trail). I I I I I I I I I I I I I I I I I I I Golden Gate Estates and the unincorporated area of Golden Gate is considered to be the general boundary of the subject property and the neighborhood which is bisected by 1-75. Golden Gate Parkway leads into the central urban area of Golden Gate. This four-lane roadway is divided with a central grass median and access cuts. County Road 951 is also a four-lane asphalt paved road that is divided with center grass median and access cuts. Golden Gate Estates is contiguous to the north and south of the subject property and is north and east ofI-75. The typical lot size in the Estate section of Golden Gate is 2v,; acres and it is estimated that about 40% or less of the area is currently developed. The subj ect' s general area encompasses some 10:1: square miles and exhibits a variety ofland uses. Primarily, residential uses are evident on those interior sites that are either a part ofthe Golden Gate Estates or platted subdivisions. Most of the residential areas are those existing uses specifically located along lmmokalee Road and Golden Gate Parkway between Airport Road and Santa Barbara Boulevard in Golden Gate. The Golden Gate Parkway area exhibits a variety of uses including single-family homes, model homes/sales offices, churches, small retail strip centers, subdivision entrances and shopping centers. 26 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Conclusion Agenda Item No. 1686 ~ontprTlhpr 1 C) ?noq Page 150 of 216 Primarily, commercially intensive uses in the area are located at the major comers of Pine Ridge Road, Golden Gate Park'Way, Radio Road, Davis Boulevard, and County Road 951. The heavier intensive uses are on the west and southwest areas of the neighborhood in the Pine Ridge! Airport Road area. The southeastern section of Collier County, more specifically the Golden Gate community, is growing and the desire for commercial, industrial uses to support the growing residential needs should be experienced in the future. Collier County's general population includes outlying communities such as Immokalee and Marco Island. The increase and demand for commercial properties within this area is directly related to the increase in the surrounding residential growth. Within a 10-mile radius there has been tremendous growth from a residential development standpoint. In conclusion, the subject neighborhood is in the growth stage of the neighborhood life cycle with increasing traffic on County Road 951 and the other major roads of the area. The traffic increase is directly attributable to the residential growth of east Collier County along with 1-75. As the area continues to grow, as currently seems likely, the demand for property within these boundaries should continue to increase. Therefore, the future outlook appears favorable for the subject neighborhood. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 27 Agenda Item No. 1686 I "'r 1 C; Q Page 151 of216 I I I I '-- Sloes __~d_ i F""s.-n. mnao_ Illt Hooen CJeIts Ln _I'ld lQi f __fld ! if \ :0 if <;l ... i!! ~ 2<<1110..,._ ~ 22nd....,. 'flY ~ 20th Ave WI I ,11th ",.,.NN z 111th "''''' 'flY 14tl1.."" 'flY 12th Ave NN ,CIh.."" ,.,., 24llI_NE 22nd "''''' IE 2atl Ave fIE ,11th ".,.IE 18th Ave N: ,4th Ave IE 12lh ...,. IE 1ct1l "vo IE I ... ~~ .t "'*"" ,.;;... ~ :0 oJ ... 'z \ Sheely C.... Ln e.. 0... Ln WcIlI'ld I i .. J Naples :0 ... - z " f t os, 112 v~ Eloec/1 I'ld 1,1__ !iH<:h lid VencletNl _ lid tn v...-t>ll - II.. _ "" !f ... - to' f i ~ 102 711'>""""'" ~1ll"'~"'~W;;1Il ~" .... ~ !l!!!l! 3! II As<1#s<:rIl:t"" ~% I/ll/lllllil Iill/llll .I II !II> .."" NN ii. 5II,"VI! _Ill III 1/1 III III I/l II III 1/1 It III ); f l!: I: ~ ~ 1$ &'l III D<owloltd;.: f 3<0,0.""...... ~d...,._ I J ~!! f j! I : Ii ~ E,~,~;::.,'" ~! 1'1 ... '<1 "ve - " 1$\...... ""'" _ GoIIe l!I,oa ON :: ClcMWl o.i.. I'llva i -. o.t&JlMl ! ; ~.." Itd,(, ! ~::::: : 3rtE:T ~ IH,19 ~ ;I! ~ ! i : ~ ~ ~ ~ ! . ~ ~ i i l !:fJ ii. 5lh"""SW 9.i~ llll~l!l~~I/l~~~l/lt ri:l~dlKlI4I/l P.... Rldgo lid ... Pr1e II~ Rd ",' '0 'i11, s:""""o Or l'th "...., SW . 7lIl ~ ~1I. &.od 10l ~ _ _ ~ i~"';' "'... III Kl )1 ,'" ,~, ..... '9N ... "' lilt, "... sw .. II , ~ i' : 'I! I/lIQlOlIl ~~~ II I t:", ill 1:llh ..... SW lJlh ....., SW ~ ~ ~ ~ 1lI III II J - i. .} 15111 ....,. SIN ~ ~ i III i (;0_ l!I,oa "'- I.It'1l ",- - 171>1.... SW 'lIlh Ave s:w -: i III [Ceder T"", Lni ,ith ...... SIN Ii" .=:Lni' _Gol. "t ~ r f' . i 1..J S? 1i.o:1ff-tce 51. ~ Ln. :'3rd A.... SN ... f i f i ~.... '1-- ___~ _,,~ i t il' ~ III II! 32rld ... SlI'/ il. O$' Q._ BkJs_ Or I iJac- il! I I I 104artdey...,,,, I I I I I I MARKET AREA MAP I 28 Allied Appraisers & Consultants, Inc. Appraisal #2007-1/17 I I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Seotember 15 2009 Page 152 of 216 SITE ANALYSIS Location Size Access Topography Easements Assessed Value and Taxes The subject property is located on the south side of White Boulevard, east of Collier Boulevard (CR 951) in the Golden Gate area of Collier County. The specific address of the subject property is 3720 White Boulevard. The subject site is rectangular in shape with 75-3::. feet of frontage on White Boulevard, 660:f: feet on the east property line, 660:l: feet on the west property line, and 75:f: feet on the rear property line. The site contains 1.136-3::. acres. Access to the subject property is from White Boulevard. White Boulevard is a 2-lane asphalt paved road that is maintained by the County. As of the date of inspection, the site has been cleared and improved. Soil and subsoil in this area are typically sandy loam and appear to have adequate load bearing qualities, although this is not warranted by the appraisers as bore tests were not provided. The appraisers do not have any reason to suspect that there are any subterranean problems. All easements and restrictions of record have been considered in the valuation of the subject property. The subject was assessed in 2007 for a total of$227,403.00. Of this amount, $102,828.00 was allocated to land and $124,575.00 is allocated to improvements. Taxes for the same period of time were $629.26. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 29 Agenda Item No. 1686 I ~pntpmhpr 1!,) ?OOq Page 1530f216 Utilities Utilities available to the subject site are public electricity, police and I "- fire protection, and garbage collection. These services are typical for properties located in the area. The subject site is presently serviced I by water from a well and pump and sewage treatment by a septic tank system. I Zoning The subject property is zoned Estates by the Collier County Zoning I Department. I Comprehensive Land Use Plan Designation According to the Collier County Land Use Plan the subject property I is located within the Estates area of the Comprehensive Plan. I Census Tract The subject property is located in Census Tract 104.14. I Flood Zone Data The subject property is located in Flood Zone X as per Panel No. 120067-0425G, dated November 17,2005. I Functional Utility I of the Site The subject site has adequate frontage, depth and size for a wide range of uses including those as improved. I I I I I I I 30 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I t,~~J----' -I I ~I -'~( ,~ ~ ~ 1\: ~,.'_~ ~'T' ~ <~'Q 'I~rl "": '" ~ ,--'! I ~~ I,~ "I,", ~ . ~ ~~, '6. n (I r ~ \t ;; i 'tP'i - 1'1 * ~ tl -i,,'- i"'- -~. ! i : tl 1'1: $ ,':;: Ii i -' :>;t I ".; I !if ~Z' ~-'--i-"- ;1 r ,'"^"" l -- : '''. :5 : ............._.....-.~~~~~~~.~~.. WHfffl 'CB.L\1D ~: (.'1 t ill! 1 - ~>- i ... ~ I 1 1 :' ' S~l:-'- .1 ! (: R litL- .,--~ ~ S ~ 'I~l (, " I . - ~~ cn.____,_"_ ! , ~:d! ' ~ I ~ im! ' , ~ .--t.. -, ~.~~~-~- ~ i(/): ~, ~ 8i I I I I ;~ ~ '~ .--- ,~~ ~ I 'I I (f', (f- ~:~---~ I -v ~.. '. _ ~'~I i I I u~uf ~tl I . i~~-.~L;l-~~'.--~;il-1 :i ; 0. 'f H!> ___.e:l4~~'.-;:1 ~; ~N' -1~ U'Io :\1 I" · i I, iL___ ,~._- 'I_~- I I I I I I I :~ I~ Agenda Item No. 1686 C:onto r 1 c; ?nnO Page 154 of 216 ,~ " \ j j , I.Ll" I :~i.J.:.i-.u.. ~-!..l:~--1--a.'- ~.!.J___\ - ..... II Ii! I'r- ~ _II~' I'~ I i ~ ~, I,g; ! 1 ' . '! " 'rc- '.~ \-.:l I 1fi1(l "'"_r_ ,~ I I '.. , _!.Li:..... ~ ''''''\.',r t,' .t, "\. - ~ I, , I [~f ~ I i ~ ;~ I . ,. r. I -~ f( ~ 1 ~I : -~ ~. I 1# i -'I:':" '" L~~-" ~~J~J ,~ l_~J.-- '" I'" "'."'1'''1' 1'''1 I~ I G I (, I.!. I ! I I I lrl g; I I i n -, I ""r~'~T r~~ I~ ~ II ,! I" I::':' . ); I F IV. ll' 1~ ; ,~~ I ,~ - -..:!--:-===_._:.:::....:__---==-~L_;_:;: . ~-:::-:--.::__ . rl ~ ~ ~ i; ,. ,." "i) ~ , "f) I .'" ,.1,,: '~;-';T " !!J ':~ l:t ! i I~ I'" ~ ~) B ~ ~ t'~J G " ': SITE LOCATION I Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 31 I I I I I I I I I I I I I I I I I I I AERIAL ....") .)- Allied Appraisers & Consultants, Inc. ../ppraisa/ :1]O()7-/ 1/7 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 ~ontomhor 1 t:; ?nna Page 156 of 216 IMPROVEMENTS ANALYSIS The house is a single- family home that contains 1,663:1: square feet of living area with a screened porch and 2-car garage. According to the Public Records the subject property was built in 1987. The subject is a 3-bedrooml2-bath home. Typical floor covering is ceramic tile or wall-to-wall carpeting. Construction details as taken from the Public Records and observation are as follows: Description Year Built Foundation Exterior Walls Roof Interior Walls Floors Heating/Air Conditioning Living Area 1987 Concrete Concrete block and stucco Shingle Drywall Carpet or tile Central 1,663::1: square feet "Accrued depreciation is a loss in value from the reproduction or replacement cost of improvements that may emanate from physical deterioration, functional obsolescence, external obsolescence, or any combination of these sources. ,,2 Accrued Depreciation There are three basic sources of accrued depreciation: physical deterioration, functional obsolescence, and external obsolescence. These elements will be considered by the breakdown method whereby an estimate of each element of accrued depreciation is analyzed separately. There are five basic elements of accrued depreciation: curable physical depreciation, incurable physical deterioration, curable functional obsolescence, incurable functional obsolescence, and external obsolescence. These elements will be analyzed separately. 2 Appraisal Institute, The Appraisal of Real Estate, Tenth Edition. (1992), p. 343. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 33 - -. Curable Physical Deterioration Incurable Physical Deterioration ...... Curable Functional Obsolescence Incurable Functional Obsolescence Agenda Item No. 1686 ~"mtpmhpr 1 c; ?onq Page 157 of 216 I I I I I I I I I I I I I I I I I I I This element of accrued depreciation is best identified as deferred maintenance. This estimate is applicable only to items which can be repaired immediately. Therefore, the measure oftrus element is the cost of these repairs. The subject property is in average condition with no major items of deferred maintenance needed. This element of deterioration is composed of those items which are not currently feasible to count. It relates to structural elements not included in the physically curable category. The estimate of this component of accrued depreciation is by the modified useful life method. According to the Marshall Valuation Service, the single family residence has a useful life of 65 years. The effective age is estimated at 20 years. By this method, the ratio of effective age to useful life provides the following indication for the element of accrued depreciation. Effective AQe = Useful Life 20 = 30.77% Incurable Physical Deterioration 65 This element of accrued deterioration is a result of poor design or design becoming obsolete as a result of improved current standards or materials. For functional obsolescence to be curable, the expense incurred in fixing a problem must at least be offset by an anticipated increase in value. The measure of this component of accrued depreciation is the cost to effect the cure. The improvements appear to be adequately designed for their use. Therefore, there is no curable functional obsolescence inherent within the improvements. This element of deterioration may be the result of a deficiency or a superadequacy within an improvement. A deficiency is measured by the net income loss, which is a result of the deficiency, in comparison 34 Appraisal #2007-1 I 17 Allied Appraisers & Consultants, Inc. I I I I I I I I I I I I I I I I I I I External Obsolescence Agenda Item No. 1686 C:ontomhor 1 J:; ?nnQ Page 158 of 216 to other similar properties. The net income loss is capitalized at the building capitalization rate. Functional obsolescence which is the result of an overimprovement is measured by capitalizing the net income which can be attributable to the superadequacy, as well as by subtracting the excess cost of the superadequacies. The improvements are adequately designed and use materials commonly found in this type of property. There appears to be no deficiencies or superadequacies associated with the properties. This form of obsolescence is a result of negative influences outside of the property and is always incurable. External obsolescence may be calculated by the capitalization of rent loss attributable to the negative factors, or by pairing sales of similar properties that are comparable in most respects, except that one of the properties is subject to the negative influence, while the other property is not. When appropriate, this loss may be allocated between the land and improvements based upon the ratio of the value of the improvements to total property value. Therefore, the subject property does not suffer from this type of obsolescence in the before condition. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 35 19,5' 5creeMd b Porch '<i ..... Fdm/ly ~(lQm 8.5' 15.3' 1"1 ~. Mos'ter Master ~ath Bedroom Kitchen Dining Area C~th. Ceiling 6.S' Colh. Ctm"ll Livin9 Room 5.1< 5..1' Q'I d ..... f'.. 0\ Foyet, :ZQ cl N 8.0' 3-:7' Garage ~7.Q' 13.2.' Bedroom Hall 0 Bath cO N Bedf:'oom 16.1' I I I I I I I I I I I I I I I I I I I Page 159 of 216 Parcel 122 3720 White. Boulevard Ye.ar Built: 1987 3 Bedl"Oom/2 Bath . Living Area: Garage.: Scre.ene.d Porch: IMPROVEMENTS SKETCH 36 Allied Appraisers & Consultants, Inc. 1,663 SF 374 SF 214 SF A/'I"'aisa/ ::_'Olr-f f 17 I Agenda Item No. 1686 <:;ontp or 1 c; ') Q Page 160 of 216 I I I I I I I I I View of the subject property from White Boulevard I ~.. ~. '~...~..~.~ . ....;.;'.. . lir. _' .~ '" I I I I I I I View of the front of the house I Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 37 Agenda Item No. 1686 to 0. 1 n Page 161 of 216 I I I I I I I I I I I I I I I I I I I View of the east side of the house ,~"-.. View of the area of the take 38 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Spt. hpr1S ?noq Page 162 of 216 View of the area (lethe take View of the area of the take Allied ^pprai,ers & Consultants. Inc. .Ipl'raisal "2(J()7-! / ! 7 39 I I I I I I I I I I I I I I I I I I I View of White Boulevard, facing east View of White Boulevard, facing west 40 Allied Appraisers & Consultants, Inc. Appraisal #2007-11! 7 I I I I I I I I I I I I I I I I I I I i\genda Item t~o. 1686 S"-lotember 15 20()9 Page 164 of 216 HIGHEST AND BEST USE ANALYSIS Definition Real estate is appraised in terms of its highest and best use which is defined as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported.finandally feasible, and that results in the highest value.,,3 In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The definition of market value includes the words "most probable price." In the context of highest and best use, the concept of "most probable use" is utilized. The definition of highest and best use indicates there are two types of highest and best use. The first type is highest and best use of the site as though vacant. The second type is highest and best use of a property as improved. Each type requires a separate analysis. Hiqhest and Best Use as thouqh Vacant This analysis assumes that a parcel of land is vacant or can be made vacant through demolition of the improvements. The question this analysis answers is what type of improvement should be constructed. To represent the highest and best use (as vacant or improved), a use must meet four criteria. The criteria are that the highest and best use must be: Legally Permissible Physically Possible Financially Feasible Maximally Productive 3 Appraisal Institute, The Appraisal of Real Estate, Tenth Edition (1992), p. 275. Allied Appraisers & Consultants, Inc. 41 .rpprais,d "::007-1 ! /7 - - - 42 Agenda Item No. 1686 -<:;pntpmho.r 1 S ?nna Page 165 of 216 Legally Permissible There are two major legal restrictions on the subject site. These are the zoning and the Comprehensive Land Plan Designations. The zoning on the subject site is (E) Estates District. This is a single- family zoning. The subject is located in the Estates designation on the Collier County Future Land Use Map. Therefore, the only legally permitted uses are those uses that are permitted under the current zoning classification and the Comprehensive Land Use Plan Designation which is a single-family use. I I I I I I I I I I I I I I I I I I I Physical Possible In analyzing the highest and best use of the site as though vacant, the physical aspects of the site must be considered. These include size, shape, terrain, as well as topography, soil, and subsoil conditions. The site to be considered in this appraisal is rectangular in shape with 75:f: feet of frontage on the south side of White Boulevard. The site contains 1.136:f: acres. Access to the subject site is from White Boulevard. The frontage along White Boulevard provides good access to the site and the depth and shape provide good usability for a range of possible uses. Soil and subsoil are a sandy loam which is typical for Southwest Florida. Preliminary observations show the soil and subsoil to be suitable for development. Size, shape, topography and access of the subject site make possible a wide variety of possible uses. These possible uses include a single-family residence, multi- family complex at maximum density, a retail complex, office complex or special use properties such as restaurants, churches, fitness centers, etc. Financially Feasible Financially feasible uses refer to those uses that produce a positive net operating income. The classification of physically possible and legally permissible uses for the subject site are single-family residential development. A commercial use is not considered to be a financially feasible use of the subject site as the property is located too far east from the major residential developments at this time. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Maximally Productive Agenda Item No. 1686 <:;o.nto.rnhor 1 c; ?nna 'Page 166 of 216 Therefore, in our opinion, the only financially feasible use of the subject property is with a residential use. The legally permissible, physically possible and financially feasible uses of the subject site have been determined to be single-family use. The use that is maximally productive is one that would be at current sizes and densities as permitted by the zoning and Comprehensive Land Use Plan. Therefore, in our opinion, the highest and best use of the subject site as vacant is with a residential use. Highest and Best Use as Improved The subject site is presently improved with a single-family residence and support amenities. The home was built in 1987 and meets all the requirements of legally permissible, physically possible, financially feasible and maximally productive. Therefore, in our opinion, the present improvements are the highest and best use of the property as improved. Allied Appraisers & Consultants. Inc. Appra~al#2007-JJJ7 43 Agenda Item No. 1686 <:;pntpmhpr 1 c:; ?nnq Page 167 of 216 ~- LAND VALUATION The market value of the land is determined by its potential highest and best use and can be estimated by the use of several procedures: (1) the sales comparison approach, (2) allocation, (3) extraction, (4) the capitalization of ground rental, and (5) the land residual technique. Of the various procedures available for estimating land value, the sales comparison approach is considered the best approach to value the subject site due to the availability of several recent sales of sites that are considered similar to the subject. In the sales comparison approach, sales of unimproved sites are analyzed, compared, and adjusted to derive an indication of value for the site being appraised. '- On the following pages are the most recent land sales that have taken place in the immediate or similar areas. Following the sales is an analysis of the sales and adjustments to the sales considering time, size, location, and other characteristics, such as market or financing conditions. The applicable unit of comparison is the price per acre. I I I I I I I I I I I I I I I I I I I 44 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 C:;pntomho.r 1 c; ?nno Page 168 of 216 COMPARABLE LAND SALE NO.1 SALE INFORMATION County Identification Number Location legal Description Collier 38286740004 4920 Tamarind Ridge Drive, Naples The east] /2 of Tract 99, Unit 32, Golden Gate Estates, Plat Book 7, Pages 21 and 22 Confirmed Sale Price Cash Equivalent Price Grantor Grantee $290,000.00 $290,000.00 Christopher A. Braun and Mary R. Braun Douglas R. Shipp and Margaret M. Shipp Date of Sale Recorded Confirmed With Financing June 2008 Official Record Book 4373, Page 2985 Chris Braun Conventional mortgage for $]25,000.00 with Third Federal Savings and Loan SITE DATA Zoning land Plan Classification Site Use Best Use E Estates Vacant Residential Street Surface Water/Sewer Sidewalk Curb and Gutter Asphalt No/No No No Descriptive Data The property is located on the south side of Tamarind Ridge Drive, east of Logan Boulevard in Naples. Dimensions Area Varies 2.50:1: acres or ] 08,900:1: square feet UNIT OF COMPARISON Price Per Square Foot $116,000.00 REMARKS Prior sale in May 2000 for $155,000.00 per OR 2678/1882. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 45 Agenda Item No. 1686 I pr I I I I I I I I I I I I I I I I I 46 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 -C;:ontomhor 1 c:; ?nno . Page 170 of216 COMPARABLE LAND SALE NO.2 SALE INFORMATION County Identification Number Location Legal Description Collier 37928520004 11 th Avenue SW, Naples The east 165 feet of Tract 92, Unit 26, Golden Gate Estates, Plat Book 7, Pages 15 and 16 Confirmed Sale Price Cash Equivalent Price Grantor Grantee $275,000.00 $275,000.00 Erwin B. Friedrick Robert W. Altemus and Tatiana C. Lewicki Date of Sale Recorded Confirmed With Financing June 2008 Official Record Book 4368, Page 3720 Erwin Friedrick Cash SITE DATA Zoning Land Plan Classification Site Use Best Use E Estates Vacant Residential Street Surface Water/Sewer Sidewalk Curb and Gutter Asphalt N oIN 0 No No Descriptive Data The property is located on the north side of 11 th Avenue SW, west of Collier Boulevard in Naples. Dimensions Area Varies 2.50:1: acres or 108,900:1: square feet UNIT OF COMPARISON Price Per Square Foot $110,000.00 REMARKS None Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 47 Agenda Item No. 1686 c:'" '" Page 171 of 216 I I I I I I I I I I I I I I I I 48 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 -co r 1 &:. ')nno , Page 172 of 216 COMPARABLE LAND SALE NO.3 SALE INFORMATION County Identification Number Location Legal Description Collier 37991200005 3761 19th Avenue SW, Naples The east 75 feet of the east 150 feet of Tract 116, Unit 27, Golden Gate Estates, Plat Book 7, Page 17 Confirmed Sale Price Cash Equivalent Price Grantor Grantee $135,000.00 $135,000.00 Amy K. Taylor Robert K. Lockhart Date of Sale Recorded Confirmed With Financing March 2008 Official Record Book 4339, Page 4013 Amy Taylor Cash SITE DATA Zoning Land Plan Classification Site Use Best Use E Estates Vacant Residential Street Surface Water/Sewer Sidewalk Curb and Gutter Asphalt N olN 0 No No Descriptive Data The property is located on the north side of 19th A venue SW, east of Collier Boulevard in Naples. Dimensions Area Varies 1.14::1:: acres or 49,658::1:: square feet UNIT OF COMPARISON Price Per Square Foot $118,421.00 REMARKS Prior sale in August 2006 for $125,000.00 per OR 4081/3635. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 49 Agenda Item No. 1686 ? Page 173 of 216 I ~: yft~.. r:2\AIJ. 7~.. '" "-- I I I I I I I I I I I I I I I I I 50 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I Agenda Item No. 1686 r;ontpmhpr 1 z:; ?onq Page 174 of 216 I I I I I ,,' !it .... <J; w '!i/ .... '" ffi !< f r:r :r ;; a. 11 '" :r :r HIckory Wood Dr 51h Ave NW !e 5th Ave NW !a !a !!J !!J !!J !a sa !!J !!J CD ... il ~ i ~ i i i i i i ~ a. 3rd Ave NW Cera' Wood Dr 3rd Ave NW ... G. Z an,els Rd 1st AYe NW Teek Wood Dr 1 51 Ave NW unters Rd ~ ~1 1- Golden Gate Bltd W Golden Gale B"d W ~ i ~ ~ .: lsl !we SW cr 1st Ave SW !'l '" '" :r .. 15AU~)'i ~'r ~ . !!J !!J !!J f!? and.I..-ood Ln a. "-' -.. 3rd Avo SW a:> 3d A.ve SW ~ ~ ~ ~ ~ :::~ ,,- "- Palmetto woo~0Pr " "~-;w !!J ~ .~ J " 51h A'tO SW ~~ ~ 'oWebrust, Ln Tam.nnd R,dge iJr' ~ ~r1 d Y\l.f ~0.2 .. -~~ 71h A.... ... l1 :r :;0.. :r '" '!2 !!J !!J !!J ~ ~ Sycemor. V"",,. Bf.J i :::i ;;, ,ne Ridge Rd ~ ~ ~ ~ !'l '" '" ::r Ul Vl !!J !!J :JJ 101t, ~e SW <'"> 'f) 'IJ ~ W ." IIlh Ave SW · It ~ .lr: ... ~ ~ ~ ~ ~ w lD ! ... 12th Ave SW c: ~ ... .. 13th Ave SW i ,., 13th Ave SW j 14th Ave SW 'J Ave SW ~ Green Blvd Green Blvd '~~NO.-;.i 16th Ave SW (I) r .. 17th ..... SW ',,1.n AVfI SW " ., Cecar Tree In a;-~ CIl " CD" 19th'Ave SW c! !. .. ;;- a-sa .. Weslport Ln ... ~~ ,y, _Gel. ~ ~ S? <->'e,. 21st "'Ye SW Sea Grass Ln ... '" !!J c. ! 23rd Ave SW Star Grass Ln 2Jrd Ave SW ~ Brantl.y Blvd .~.an. AV1IJ ., , f.. ___ '"!:,... AIIP SIN - I I I I I I I I I I I I COMPARABLE LAND SALES MAP I Allied Appraisers & Consultants, Ine. Appraisal #2007-1117 Sl .- Analysis of Comparable Sales Explanation of Adjustments 52 Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 c::'" 1 c; ?nno Page 175 of 216 I I I I I I I I I I I I I I I I I I I Sale No.1 was purchased in June 2008 for $290,000.00. There was a conventional mortgage for $125,000.00 with Third Federal Savings placed on the property. This property is located on the south side of Tamarind Ridge Drive, east of Logan Boulevard. Sale No. I contains 2.50::1:: acres and indicated a price of $116,000.00 per acre. Sale No.2 was purchased in June 2008 for $275,000.00. Tills was an all cash transaction. This property is located on the north side of 11 th A venue SW, west of Collier Boulevard. Sale No.2 contains 2.50::1:: acres and indicated a price of $11 0,000.00 per acre. Sale No.3 was purchased in March 2008 for $135,000.00. This was an all cash transaction. This property is located on the north side of 19th Avenue SW, east of Collier Boulevard. Sale No.3 contains 1.14:I: acres and indicated a price of $118,421.00 per acre. The comparable sales indicate a range from $110,000.00 to $118,421.00 per acre before adjustments for time, size, location, and physical characteristics. Time Adjustment: The comparable sales occurred over a time period from March 1008 to June 2008. No time adjustment is adopted. Size Adjustment: The comparable sales range in size from 1.14:I: acres to 2.50::1:: acres. The subject property contains 1.136:I: acres. Typically a smaller parcel will sell for a higher price per acre than a similar larger parcel with all else being equal. When the comparable sales are compared to each other there is no adjustment indicated. No size adjustment is adopted. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Seotember 15 2009 Page 176 of 216 Location Adjustment: All ofthe sales have similar locations to that of the subject property. Physical Characteristics: The subject and the sales all have similar zonings and utilities. In our opinion, no adjustment is required for this category. The following is a comparable land sales grid showing the previously mentioned adjustments. COMPARABLE LAND SALES GRID Subiect Sale No.1 Sale No.2 Sale No.3 Sales Price $290,000 $275,000 $135,000 Cash Equivalent Price $290,000 $275,000 $135,000 Price Per Acre $116,000 $110.000 $118.421 Date of Sale 06/08 06/08 03/08 Time Adjustment -0- -0- -0- Adj usted Price Per Acre I $116,000 $110.000 $118.421 Size (acres) 1.13 6:i 2.50:r 2.50:i 1.14:r Adjustment -0- -0- -0- Location White Blvd. Tamarind 11Th Ave. SW 19Ih Ave. SW Ridge Dr. Adjustment -0- -0- -0- Physical Characteristics Zoning E E E E Water/Sewer No/No No/No No/No No/No Adjustment -0- -0- -0- Adjusted Price Per Acre $116,000 $11 0.000 $118,421 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 -" )-' 54 Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 p 0 Page 177 of 216 The adjusted prices range from $110,000.00 to $118,421.00 per acre with a mean of $114,807.00 per acre. Considering the comparable sales it is our opinion that the subject site has a value of $116,000.00 per acre. I I I I I I I I I I I I I I I I I I I 1.136::1: acres @ $116,000.00 per acre = $131,776.00 $132,000.00 SAY Appraisal #2007-1117 ,L\genda Item ~Jo. 1686 Q.onto.,-,hor 1 r::. '">nno I I I I I I I I I I I I I I I I I I I Page 178 of 216 COST APPROACH The cost approach is an appraisal process that reflects market thinking in the recognition that market participants relate value to cost. The principle of substitution is basic to this approach. Under this principal, no prudent investor would pay more for a property than the amount for which the site can be acquired and for which improvements that have equal desirability and utility can be constructed without undue delay. Other appraisal principles inherent in the cost approach are supply and demand, the principle of balance, external forces, and highest and best use. The cost approach is most applicable when the improvements are new or suffer only minor physical deterioration, functional obsolescence or external obsolescence, and therefore represent a use that either is or is close to the highest and best use of the land as though vacant. This approach is also widely used in estimating the market value of special use properties that are not frequently exchanged in the market. One of the most important features in the cost approach is that it can aid an appraiser in determining accurate adjustments for physical differences in comparable sale properties. The following steps are considered the proper steps to derive a value indication by the cost approach. The appraiser: Estimates the value of the land as though vacant and available to be developed to its highest and best use. Estimates the reproduction or replacement cost ofthe improvements on the effective appraisal date. This includes direct and indirect costs. Estimates other costs and indirect costs incurred after construction to bring the new vacant building up to market conditions and occupancy levels. Allied Appraisers & Consultants, Inc. Appraisal #2007-1 J J 7 55 - Agenda Item No. 1686 ~ontomhor 1 c; ?nnq Page 179 of 216 Estimates entrepreneurial profit when appropriate from an analysis of the market. Adds estimated replacement or reproduction costs, indirect costs, and entrepreneurial profit, often expressed as a percentage of total direct and indirect costs, and sometimes land value to arrive at the total replacement or reproduction cost of the primary structure (s). Estimates the amount of accrued depreciation in the structure, which is divided into three major categories: a. physical deterioration b. functional obsolescence c. external obsolescence Deducts the estimated depreciation from the total reproduction or replacement cost of the structure to derive an estimate of the structure's depreciated reproduction or replacement cost. ,"-, Estimates reproduction or replacement cost and depreciation for any accessory buildings and site improvements, and then deducts estimated depreciation from the reproduction or replacement cost of these improvements. Site improvements and minor buildings are often appraised at their net value--i.e., directly on a depreciated cost basis. Adds the depreciated reproduction or replacement cost of the structure, the accessory buildings, and the site improvements to obtain the estimated total depreciated reproduction or replacement cost of aU improvements. Adds the land value to the total depreciated reproduction or replacement cost of all improvements to arrive at the indicated value of the fee simple interest in the property. Adjust the indicated fee simple value to reflect the proper interest being appraised, if necessary, to produce an indicated value for the interest in the subject property. These steps, as they relate to the subject property, will be summarized in the recapitulation section of this report. The land values have been previously estimated at $132,000.00. !.o... The second step in the cost approach is described as to estimate the reproduction cost or replacement cost of the improvements. I I I I I I I I I I I I I I I I I I I 56 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I A.genda Item No. 1686 C:ontomhor 1 c; ?nna Page 180 of 216 "Reproduction cost is the estimated cost to construct, at current prices as of the effective appraisal date, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality ofworkmanship, and embodying all the deficiencies, superadequacies, and obsolescence of the subject building. ,,4 "Replacement cost is the estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards. design, and layout. ,,5 The cost to be considered in this report is the replacement cost new of the improvements. To estimate the replacement cost new, the appraisers have consulted the Marshall Valuation Service. The single family residence is considered to be a very good cost Class C single family residence as found in the Marshall Handbook. The costs include contractor's overhead and profit, financing costs including construction interests, architect's fees and utility connection costs. The base cost figures are refined for differences for number of stories, height, floor area, perimeter, current, and local multipliers. Accrued Depreciation "Accrued depreciation is a loss in value ji-om the reproduction or replacement cost of improvements that may emanate ji-om physical deterioration,jimctionalobsolescence, external obsolescence, or any combination o.fthese sources.'f, There are three basic sources of accrued depreciation: physical deterioration, functional obsolescence, and external obsolescence. These elements will be considered by the Breakdo'wn Method whereby an estimate of each element of accrued depreciation is analyzed separately. There are five basic elements of accrued depreciation: curable physical depreciation, incurable physical 4Appraisal Institute, The Appraisal of Real Estate, Tenth Edition. (1992), p. 318. 5 Appraisal Institute, The Appraisal of Real Estate, Tenth Edition. (1992), p. 319. 6 Appraisal Institute, The Appraisal of Real Estate, Tenth Edition. (1992), p. 343. Allied Appraisers & Consultants, Inc. Appraisal #2007-1 117 57 .~ Curable Physical Deterioration Incurable Physical Deterioration - Curable Functional Obsolescence -. Agenda Item No. 1686 -C:o.nto.mhor 1 c; ?nno Page 181 of216 deterioration, curable functional obsolescence, incurable functional obsolescence, and external obsolescence. These elements will be I I I I I I I I I I I I I I I I I I I analyzed separately. This element of accrued depreciation is best identified as deferred maintenance as is applicable only to items which can be repaired immediately. Therefore, the measure of this element is the cost of these repairs. No significant repairs were noted in the subject property, so none will be included. This element of deterioration is composed of those items which are not currently feasible to count. It relates to structural elements not included in the physically curable category. The estimate of this component of accrued depreciation is by the modified useful life method. According to the Marshall Valuation Service, the single family residence has a useful life of 65 years. The effective age is estimated at 20 years. By this method, the ratio of effective age to useful life provides the following indication for the element of accrued depreciation. Effective Age = Useful Life 20 = 30.77% Incurable Physical Deterioration 65 This element of accrued deterioration is a result of poor design or design becoming obsolete as a result of improved current standards or materials. For functional obsolescence to be curable, the expense incurred in fixing a problem must at least be offset by an anticipated increase in value. The measure of this component of accrued depreciation is the cost to effect the cure. The subject's improvements are efficiently being used as they were intended and therefore do not suffer from any functional obsolescence. 58 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Incurable Functional Obsolescence External Obsolescence Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 -C:pntomhor 11') ?nna Page 182 of 216 This element of deterioration may be the result of a deficiency or a superadequacy within an improvement. A deficiency is measured by the net income loss, which is a result of the deficiency, in comparison to other similar properties. The net income loss is capitalized at the building capitalization rate. Functional obsolescence which is the result of over improvement is measured by capitalizing the net income loss which can be attributable to the superadequacy as well as by subtracting the excess cost of superadequacies. The improvements do not suffer from this form of obsolescence. This form of obsolescence is a result of influences outside of the property and is always incurable. This form of obsolescence is estimated by a thorough neighborhood analysis. This form of obsolescence may be estimated by the capitalization of rent loss attributable to the negative intluences or by comparing sales of similar properties, some but not all of which are subject to the same negative influences. When appropriate, this loss may be allocated between the land and improvements based upon the ratio of the value of the improvements to total property value. The subject property does not suffer from external obsolescence in the before condition. Appraisal #2007-1117 59 Agenda Item No. 1686 C::ont(:>mhor 1 t:; ?nnQ Page 183 of 216 214::1: square feet @ $30.28 per square foot = 6,480.00 I I I I I I I I I I I I I I I I I I I The following is a recapitulation of the cost approach. -- Living Area 1,663::1: square feet @ $90.85 per square foot = Garage 374::1: square feet @ $45.43 per square foot = $151,084.00 16,991.00 Porch Site Improvements 80.200.00 Total Estimated Cost New $254,755.00 Less Depreciation Curable Physical Incurable Physical $254,755.00 x 0.3077 Functional Obsolescence External Obsolescence Total Accrued Depreciation -0- $78,388.00 -0- -0- ($78.388.00) Depreciated Value of the Improvements $176,367.00 Estimated Land Value $132.000.00 INDICA TED VALUE BY THE COST APPROACH $308,367.00 SAY $308,000.00 ...... 60 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 ,A,qenda Item No. 1686 ~<:;o.ntornhor 1 c:, ')nno I I I I I I I I I I I I I I I I I I I Page 184 of 216 SALES COMPARISON APPROACH The sales comparison approach is a method of estimating market value whereby a subject property is compared with comparable properties that have sold. The primary appraisal principle inherent in the market approach is the principle of supply and demand. If demand for a potential type of property is high, then prices tend to increase. Shifts in the supply of real estate tend to lag behind shifts in demand. Thus, the emphasis in analyzing real estate markets at a particular point in time tend to be on the demand side. A closely related principle to supply and demand is the principle of balance. Another primary principle is the principle of substitution. This principle, as it applies to the market approach, holds that the value of a property that is replaceable in the market tends to be set by the cost of acquiring an equally desirable substitute property. As with all properties, external forces, both positive and negative, affect all property types. These forces are evident within the neighborhood of a property . The sales comparison approach is applicable to all property types for which there are a sufficient number of reliable transactions to create value patterns in a market. When sufficient sales information is accurately verified, such as financing tem1s, conditions of sale, market conditions, location, physical characteristics, and income characteristics, this approach is usually the best indicator of value. In applying the sales comparison approach, an appraiser follows a systematic procedure. The appraiser must always compare like properties with like properties. That is, the appraiser must adjust each comparable to the subject property. The steps of the procedure are as follows: Allied Appraisers & Consultants, Inc, Appraisal #2007-1117 (d .. Agenda Item No. 1686 C::o.~'~-L-o.r 1 e::; ')nnn Page 185 of 216 Research the market to obtain information about transactions, listings, and other offerings of properties similar to the subject property. I I I I I I I I I I I I I I I I I I I Verify the information by considering whether the a. data obtained are factually accurate b. transactions reflect arms length market considerations. An appraiser verifies information by consulting a knowledgeable source, usually one of the participants in the transaction. Determine relevant units of comparison (e.g., acre, square foot, multiplier), and develop a comparative analysis for each unit. Compare the subject and comparable sales according to the elements of comparison and adjust the sale price of each comparable as appropriate or eliminate the property as a comparable. Reconcile the multiple value indications that result from the comparables into a single indication. The following pages represent recent sales of comparable properties: .... 62 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 C::o.nt mhor 1 c:; ?nna Page 186 of 216 RESIDENTIAL SALE NO.1 -;.t,';'k'''~',. ~.,.;. - - -'-.~-, SALE INFORMATION Name 5670 Spanish Oaks Lane, Naples, Florida Sales Price $300,000.00 Date of Sale May 2008 Recording Information Official Record Book 4365, Page 188 Financing Conventional mortgage for $270,000.00 with Bank of America. Cash Equivalent Price $300,000.00 Grantor T. Richard Scobey and Gail A. Scobey Grantee Lauro Edgar Pezua and Lidia A. Diaz Verification Barry Bro'A-TI - Coldwell Banker Prior Sales Information None Allied Appraisers & Consultants, Inc. 63 Appraisal #2007-1 I 17 Agenda Item No. 1686 r 1 c:; 0nnQ Page 187 of 216 Sales Price Per Square Foot Living Area $216.92 I I I I I I I I I I I I I I I I I I I RESIDENTIAL SALE NO.1 DESCRIPTION OF IMPROVEMENTS Site Size 1.14:f: acres or 49,65 8:f: square feet Living Area 1 ,383:f: square feet Year Built 1998 Description This is a single-family home built in 1998 with 1,383:1: square feet of living area, 3-bedrooms, 2- baths, a 2-car garage, an open porch and a screened porch. UNITS OF COMPARISON Physical Units REMARKS Parcel Number 41940600008 _. 64 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I (i). ~ .... Allied Appraisers & Consultants, Inc. Agenda Item ~~o. 1686 Seotember 15. 2009 Page 188 of 216 ~ " ~"'"""'i/i " l> "1':7 .. ~\.11 .' . e. .:"-' '''":" !J::'. ~N" . - i ;' - ..... \;;. ~. -L. :'.,'':''' :..-,',:'" : r P \~~'.'.'..,.I .> ~ , ~ .frt-; .;. '.' 5; e : '_,~:;' R ~ . , / t~l4;1 '~.. '...,....."c.,.. :1 ft Q~ ::lt~~::- .. Appraisal #2007-1117 65 Agenda Item No. 1686 o I I I I I I I I I I I I I I I I I I I RESIDENTIAL SALE NO.2 SALE INFORMATION Name 5980 Dogwood Way, Naples, Florida Sales Price $309,300.00 Date of Sale June 2008 Recording Information Official Record Book 4370, Page 352 Financing Conventional mortgage for $278,370.00 with Suncoast Schools Federal Credit Union. Cash Equivalent Price $309,300.00 Grantor Jonas Burgos and Mirna Burgos Grantee Raymond F. Erickson and Lori L. Erickson Verification Diana Fricke - Bowning Frye Prior Sales Information Prior sale in September 2004 for $235,000.00 per OR 3397/209. 66 Allied Appraisers & Consultants, Inc. Appraisal #2007-1 I 17 I I I I I I I I I I I I I I I I I I I RESIDENTIAL SALE NO.2 DESCRIPTION OF IMPROVEMENTS Site Size Living Area Year Built Description UNITS OF COMPARISON Physical Units A.genda Item No. 1686 c:"""......j-......~L........ -"'i c: '1f\r1t""\ - -:- Pag~ -190- ~f 216 1.59::l: acres or 69,260::l: square feet 1,678:l:: square feet 1985 This is a single-family home built in 1985 with 1,678:l:: square feet of living area, 3-bedrooms, 2- baths, a 2-car garage and screened porches. Sales Price Per Square Foot Living Area $184.33 REMARKS Parcel Number 38336160000 - The seller paid $9,000.00 ofthe buyers closing costs. Allied Appraisers & Consultants, Inc. Appraisal #2007-1 117 67 Agenda Item No. 1686 Page 191 of 216 I I I I I I I I I I I I I I I I I I I 68 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 ,........-.-4-............... ,....... '1 r: 'Jf"'\r\r. - j- -'~ , '~'...., Page 192 of 216 RESIDENTIAL SALE NO.3 .-. """'" t!' ""- ,,~;, . '''~'''''':1'" ~ ,:~~~);<:,,;~~~, .." . ,...."1(, ...,; ;t.,--. t .. SALE INFORMATION Name 5975 Star Glass Lane, Naples, Florida Sales Price $325,000.00 Date of Sale May 2008 Recording Information Official Record Book 4356, Page 197 Financing Conventional mortgage for $260,000.00 with Electronic Registration Systems. Cash Equivalent Price $325,000.00 Grantor Thomas M. Keller and Sharon J. Keller Grantee Erika Turnbull and Christopher Turnbull Verification Heather Dameron - Auchon Realty Prior Sales Information Prior sale in January 2004 for $305,000.00 Per OR 3488/2022. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 69 Agenda Item No. 1686 c r1~ ~^^^ T , Page 193 of 216 Sales Price Per Square Foot Living Area $196.37 I I I I I I 1 I I I I I I I I I I I I RESIDENTIAL SALE NO.3 ~ DESCRIPTION OF IMPROVEMENTS Site Size 1.14::r acres or 49,658::r square feet Living Area 1,655::r square feet Year Built 1980 Description This is a single-family home built in 1980 with 1,655::r square feet of living area, 3-bedrooms, 2- baths, a 2-car garage, open porches and a screened swimming pool. UNITS OF COMPARISON Physical Units .- REMARKS Parcel Number 30225240002 - The seller paid $5,000.00 of the buyers closing cost. .- 70 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 C'Dl""\tOrY"l r1r:::. ')n a Page 194 of 216 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 71 Agenda Item No. 1686 I r 1 c:: ')(\nn Page 195of216 ~ -...elbl ~SALtNJ. I ~ lmlCkIIae IbI .... __fld I f!i\ ......... N:Mth Avo """" -- SIlorQ l~i 2:In:I Ave """" 't:AIt S<lMMIt it' - ~~ . f f ' i! -..n Oel<o Ii i " .. I '>1 :lah ..... """" m. r .. if lBlh ..... """" "w"""_rh ::~ 0.1 ,. 00Ill0n Oel<o ln i '\ Slondhg 0.... Ln - CIrdt lBlh..... """" i ", Shody Oei<. Ln f Shody In l""'vo """" '\ ...... IbI t.., · 4- '2111 Ave """" l< if . 8<.r OoIcs Ln lQ ,",,"""""RIt ':Er"Qlsh OOks In . 'lIIh A.. """" z 182 Vondotbol llMctllbl '!i IOJ v..- llMctl ReI v..- _ ReI j j i i fi! ~ , ~ i 7lh"''' Wi !!i W ~ ~ .. !:I: i ~'15 7lh......_ ~ .. 11.I IQ lQ IQ .. f !ilh"'''''_~ IQ IQ 1$' I ~.~ SIh........_ lQ lQ IQ lQ IQ IQ IQ IQ I j J j ; ,,-npe ~sal\ 0. t r 3rd"'ve _ I I I I I I I j I I t I. f 3rd........_ Bi) :. YUE'SS llomlIO I'l:l ;r z f J 1 re" _ 0. U''''vt- .sw{,~:p - if T G... !IIvd W ~o.._w , ~ II' t? { '11... SlN ~ ~ ~ i j !Ii i i ~ !I r I iJ&C- i { )r(I I've sw ~~- ~^ rIA .'" 11.I IQ IQ 11.I IQ lQ IQ lQ 11.I z i III e ~ ~ i i i ~ i i i I 5lI\ Ave SlN r SllIl!!ct if i 'U,. ~ rw Co') ,,,(.... SIN 11 - t;t' COUlJI' 0. i ... El..>!,,)i.l-;'~' 10 PIt. pt;jgo flit ;; CO, SAUOO2 , """...",. tl !:I: i i Pr1e flldgo Rd p.., ~ - ~ i , ... :, ,(Jt1 ..... SW .., !::! ... .. ; ~ 1th Ave Si'I .. 10 I ,,);12111 AvhN n III IQ IQ 11.I IQ 11.I IQ I 102 S1 ~ i ~ ~ ~ ~ b-s ..,'. OIl', ....... SW lJ1h A.. SW ~ ~ I. 14th I've SiN I f l!ilh Ave SW 16m ...... $IN Green _ ~- c.-_ fIMl .. !i ~ t 17th Ave WI I SAtE NO. ] -~Ln ,lllh A.... WI (1 J ~ GoIcIIIn GM ! 21. ..... SlN .. JDt ,Se. In Ln ~ . Ii 23rd ....... SW Zlrd Ave SlN sa.. Or"" Ln r , Me 25lI1"'YO SiN Ilrorlley _ K.... AVI' .~."---l.'. '_~'. ft...... .-. .". '.. ,""u .,,_1 :i ... s >--'. COMPARABLE SALES MAP I I I I I I I I I I I I I I I I I 72 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I Agenda Item No. 16B6 <:;ontpmhor 1 &:; ?nnq Page 196 of 216 I Analysis of Comparable Sales Sale No.1 is located at 5670 Spanish Oaks Lane in the Golden Gate I area of Naples, Florida. This home was purchased in May 2008 for $300,000.00. There was a conventional mortgage placed on the I property that did not influence the sales price. This is a I-story, CBS residence that contains 1,383:1: square feet ofliving area. There are 3 I bedrooms and 2 baths. In addition, the home has a screened porch and a 2-car garage. The home was built in 1998 and is located on 1.14:1: I acres. The indicated sales price per square foot of living area was $216.92. I Sale No.2 was purchased in June 2008 for $209,300.00. There was a I conventional mortgage placed on the property that did not influence the sales price. This house is located at 5980 Dogwood Way in the I Golden Gate area of Naples, Florida. Sale No.2 is a I-story, CBS residence that contains 1,678:1: square feet of living area with 3 I bedrooms and 2 baths. In addition, there is a 2-car garage and screened lanai. The home was built in 1985 and is located on 1.59:1: I acres. The indicated sales price per square foot of living area was $184.33. The seller paid $9,000.00 of the buyer's closing costs. I I Sale No.3 was purchased in May 2008 for $325,000.00. There was a conventional mortgage placed on the property that did not influence I the sales price. This home is located at 5975 Star Glass Lane in the Golden Gate area of Naples, Florida. This is a I-story, CBS residence I that contains 1 ,655::l-: square feet ofliving area. There are 3 bedrooms, 2 baths with an additional 2-car garage and a screened swimming I pool. This home was built in 1986 and is located on 1.14:1: acres. The sale indicated a price per square foot of living area of $196.37. The I seller paid $5,000.00 of the buyer's closing costs. I I I Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 73 Explanation of Adjustments L....- - Agenda Item No. 1686 ~o. . 1 c: ')nna Page 197 of 216 To estimate the market value ofthe subject using the physical units of comparison, the sales will be analyzed and compared to the subject property. I I I I I I I I I I I I I I I I I I I Time Adjustment: No time adjustment was adopted. Site Size Adjustment: When Sale No.1 and No.3 are compared to Sale No.2, it indicates the market is not recognizing small site size differences. Living Area Adjustment: All of the sales are larger than the subject property. A size adjustment of $50.00 per square foot is adopted and applied to all sales. Age Adjustment: An age adjustment of $1,000.00 per year is adopted and applied to all sales. Quality Adjustment: All sales are similar to the subject. Garage Adjustment: The subject property has a 2-car garage. All sales are similar. Pool Adjustment: Sales No.1 and 2 do not have pools. Sale No.3 has a pool. Sale No.3 is adjusted downward $15,000.00 for the pool. On the following pages are adjustment grids showing the indicated adjustments to the subject property. 74 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item f'Jo. 1686 September 15. 2009 rage L:Jti 01 i. I b ITEM SUBJECT COMPARABLE NO.1 Address 3720 White Boulevard 5670 Spanish Oaks Lane Proximity to Subject \'i mile northwest Sales Price N/A I $300,000 Price/Gross Living Area N/A $216.92 Data and/or Verification OR Book 4365/188 \",ALlIE ADJUST\fENTS DESCRIPTION DESCRIPTION Sales or Financing Conventional Concessions Date ofSalerrime 05/08 Location Golden Gate Golden Gate LeaseholdlFee Simple Fee Simple Fee Simple Site 1.136::1: acres 1.14::1: acres View Residential Residential Design and Appeal CBS/Ranch CB!Ranch Quality of Construction I Good Good Year Built 1987 1998 - $1 1.000 Condition Good Good Above Grade TOlal Bdrm Bath Total ! Bdrm Bath I Room Count 8 3 2 I 7 I 3 2 Gross Living Area 1,663 sq.ft. 1,383 sq.ft. $14,000 Other None I None Structures Functional Utility Average Average Heating/Cooling Central Central Energy Efficient Items Average Average Garage/Carport Garage-2 I Garage-2 Porch, Patio. Deck, Lanai Sc. Porch Fireplace(s). ctc. None None Pool. ctc None None Net Adjustment (Total) [RJ.,..q - $3,000 Adj Price of Comparable S303,000 Improvement, Only Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 75 I ITEM SUBJECT COMPARABLE NO.2 Address 3720 White Boulevard 5980 Dogwood Way Proximity to Subject Ih mile west Sales Price N/A $309,300 Price/Gross Living Area N/A $184.33 Data and/or Verification OR Book 4370/352 v ALUE ADJUSTMENTS DESCRJPTION DESCRIPTION Sales or Financing Conventional - $9,000 Con cess ions Date of Saleffime 06/08 Location Golden Gate Golden Gate Leasehold!Fee Simple Fee Simple Fee Simple Site I.] 36:1: acres 1.59:1: acres View Residential Residential Design and Appeal CBS/Ranch CBSlRanch Quality of Construction Good Similar Year Built 1987 1985 $2,000 Condition Good Good Above Grade Total Bdnn Bath Total Bdnn Bath Room Count 8 3 2 8 3 2 Gross Living Area 1,663 sq.ft. 1,678 sq. ft. Other None None Structures Functional Utility Average Average Heating/Cooling Central Central Energy Efficient Items Average Average Garage/Carport Garage-2 Garage-2 Porch, Patio, Deck, Sc. Porch Sc. Porch Fireplace(s), etc. None None Pool, etc, None None Net Adjustment (Total) 0+ [2] - - $7,000 Adj Price of Comparable $302,300 Improvements Only I I I I I I I I I I I I I I I I I 76 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 September 15, 2009 I-'age LUU at [I b ITEM SUBJECT I COMPARABLE NO.3 Address 3720 White Boulevard I 5975 Star Glass Lane Proximity to Subject I I mile northeast Sales Price N/A $325,000 Price/Gross Living Area N/A $196.37 Data and/or Verification OR Book 43561)97 \ .\L[ T '\Oil_'T\JL '\:TS DESCRlPTION DESCRlPTlON Sales or Financing I Conventional - $5,000 Concessions Date ofSaleffime 05/08 Location Golden Gate I Golden Gate LeaseholciJF ee Simple Fee Simple Fee Simple Site I. J 36::1: acres I, ] 4::1: acres View Residential Residential Dcsign and Appeal CBS/Ranch CBS/Ranch Quality of Construction Good Good Year Built 1987 1980 $7,000 Condition Good I Good Above Grade Total Bdnn Bath Total , Bdnn Bath I Room Count 8 3 2 8 I 3 2 Gross Living Arca 1,663 sq.ft. 1,655 sq. ft. Othcr None I None , Structures Functional Utility Average I Average I Heating/Cooling I Central Central Energy Efficientltcms Average Average Garagc/Carport Garage-2 Garage-2 Porch, Patio, Deck, Sc Porch Porch Fireplace(s). etc. None None I Pool, etc. I None I Sc. Pool I - $15,000 I Net Adjustment (Total) 0""" !El - - $13,000 Ad). Price of Comparable $312,000 II Improvements Only The comparable sales indicate a range from $302,300.00 to $312,000.00 with a mean of$305,767.00. In our opinion the subject parent tract has a before value of $305,000.00. Indicated Value by Sales Comparison Approach $305,000.00 Allied Appraisers & Consultants, Inc. Appraisal #2007-11 17 77 Agenda Item No. 1686 r 1 c; ?nnQ Page 201 of 216 primary concern in income-producing properties. Investor's I I I I I I I I I I I I I I I I I I I INCOME APPROACH The income approach is based on the premise that an investor who purchases income-producing real estate is trading a sum of present dollars for the right to receive future dollars. The income capitalization approach to value consists of methods, techniques, and mathematical procedures that are used to analyze a property's capacity to generate monetary benefits and then converting the benefits into an indication of present value. The primary appraisal principles inherent in the income capitalization approach are the principles of anticipation and change. Anticipation is created by the expectation of benefits to be derived in the future. Value is defined by the present worth of all rights to future benefits. The effect of change is of ..'-. expectations of changes in income levels, expenses necessary to ensure income, and probable increases or decreases in property value must be adequately addressed to provide sound indications of value. Other principles basic to the income capitalization approach are supply and demand, substitution, balance, and external forces. The income capitalization approach consists of the following steps: Estimate Effective Gross Income. This is done by estimating the economic rent of the property from comparable rent and subtracting an appropriate amount for vacancies and collection losses. Both the quantity and quality of the gross income stream are important. Estimate Operating Expenses. expenses must be considered: replacement. Three categories of operating fixed, variable, and reserves for Estimate Net Operating Income. This is done by subtracting the result of Step 2 from the result of Step 1. ~- Capitalize Net Operating Income into Value. Capitalization is a process of converting net income into value, usually by division. An appraiser has various methods and techniques available. He selects 78 Allied Appraisers & Consultants, Inc. Appraisal #2007-11 I 7 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1666 C',...".......+r,"'r'lh.......... -1 c:: "1nnfl Page 202 of 216 the one or ones which are applicable according to the availability of reliable data. The reliability of the mcome approach IS dependent upon four conditions: the reasonableness of the estimate of net annual income, the duration of the net income, usually the remaining economic life of the building, the capitalization rate, and the method of conversion (income to capital). The income approach is not applicable because single family homes are not typically purchased or sold for their income potential. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 79 Agenda Item No. 1686 - l'" --1 c: ,)r\i\/i -. , Page 203 of 216 I I I I I I I I I I I I I I I I I I I RECONCiliATION AND FINAL VALUE ESTIMATE BEFORE THE TAKE "- The three approaches to value indicated the following results: Cost Approach Sales Comparison Approach Income Approach $308,000.00 $305,000.00 Not Applicable The purpose of this appraisal was to estimate the "as is'. market value of the fee simple interest in the subject property that is located at 3720 White Boulevard in Naples, Florida. The subject property consists of a single family residence and supporting amenities. The improvements are all located on a site that contains 1.136:l: acres. \-- To value the property we considered the various forces that influence values within the neighborhood, the site, the improvements, and the highest and best use of the site as vacant and improved. Typically, all three approaches to value are utilized in estimating market value, i.e., the cost approach, sales comparison approach, and income approach. The cost approach involved an analysis of various costs in replacing the improvements. The total cost to replace each of the improvements was estimated and then depreciated. The site value was estimated by an analysis of the most recent land sales of vacant property within the area. The value of the site was added to the depreciated value of the improvements to indicate an overall value estimate via the cost approach. - The sales companson approach is based upon the principle of substitution, which states that a typical purchaser will pay no more for a property than prices paid for similar properties with equal or like utility in the marketplace. The appraisers utilized the most recent 80 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 <:;ontQ~hOr 1c; ')()(lO Page 204 of 216 sales of single family homes located in the area to value the subject property. Generally, the sales comparison approach is given heavy emphasis when adequate similar sales are available. The income approach is based upon the principle of anticipation, which states that a typical purchaser of income-producing properties anticipates certain benefits. These are in the form of periodic or annual cash flows and in the resale or reversion value at the end of the holding period. The improvements located on the subject property include a family home that is not typically bought and sold for its income potential. Therefore, the income approach is considered not applicable. Based upon the data contained in this appraisal report, it is our opinion the subject's "as is" market value before the take as of September 25, 2008, was: THREE HUNDRED FIVE THOUSAND DOLLARS ($305,000.00) This is allocated as follows: Land $132,000.00 $173,000.00 Improvements Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 81 Agenda Item No. 1686 r 1 t:; ?nnq Page 205 of 216 I I I I I I I I I I I I I I I I I I I .- '- VALUATION OF THE TAKE ~, 82 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 ~ont"'mhor 1 c; ?nno Page 206 of 216 VALUATION OF THE TAKE The Take Parcel 122 RDUE is a perpetual, nonexclusive, road right of way, drainage and utilities easement that is located on the north side of the subject site and the southerly right of way of White Boulevard. The parcel has 75 feet along the north and south sides and 60 feet along the east and west sides for a total area of 4,500::1: square feet. Improvements in the take area consist of asphalt drive, sod, landscaping, site cleaning, fill and grading. It is assumed the Collier County will reestablish the driveway connect to White Boulevard. The survey and legal can be found on the following page. Allied Appraisers & Consultants, Inc. Appraisal #2007-1 I 17 83 Agenda Item No. 1686 or 1 Page 207 of 216 I I f_ 1I, . 1 ~ ~. 1_ ,. ! l ~ - l I 1 . I I ,. " I I 1 i f t I I 1 t I <--- ;;::;;- - -L- -1 ~ -l - ;;;;; I 'I\'~ :JO\I'~ ----J 7// _ __ _ J , - - -L. - - - k_ ..... I- I - -- - - - I I :II .+. 5 I - '- ~1Ial.PW>\.\' f:ASC4DIT PJolI:%!. 12:ll0Ul ..... ... ,. I I Tft.ICT t 2$ I 'TJW:r 1 06 GOl..DEN GA.l! .ESTA1'!S UHlT 2.1 ,..A lOOK 2. ,~ 11 \ DC ;~ C'. ~~r ~ I OR ~/.:.. I , ~,,- -~~ lWIClI'Il . "".' uu,t,_ I I I I (lit . Ch'!"I:W. IltCOltOS IIICX*IJ'ACt) ~ _ Il_Y. \lIWMOl;E. _ unurr _ \,IlllUQ CZZl :-== ~!It""'~~l11}.~~,~ \ISI: lOlo\I. llD:IlPllCIIl ~ I'IW:Cl. 1%2IlIlUI: " P'IlImON or'llloC:l' 101. GClMll CA.'It DIIrA'TD. UNIl' 21 AS ~ If PV1 IOOlC 1. ,.,0<< 17 r:rr TIlt I'U!LlC RIXiOIllIS t:1f CQJ.ItIl Cl:MtlT, I'tCtIlloI.. L'rlNC II IIC'llQl 14, ~ .1 IOl.mI, _~ 11 fAIT. CXlUlIll CClUICTT. ftCIlIlI. 8DIC lolOIlt ,.AImtUAI!LY DDc:llIIIJ> AS POW:M. Tlit lIOUlH 10 rtlT Of T11t NORtH to FlIT Of M EAST 1$ rtCT OF TIC WES1 1$0 n:tl' Of SotIl -mer 101. I COHT_ 4~ IOUNlt ~. llOtlt 011 L.DS. I 1lCETC:M II llOClIIl'TJllH OIU' r.... lICIT ... 100I_ SlIIM:'l' __ ,._ """.~c::ll!.wn__"""",,,,,_o(IT____, MjJ~lr; ,.........-.-....~..... ',.0 ~...,.. ..... . .... ... ....,.,.- .-....-....w _ ....-. ___ ... .- . "..,..---- ~..-:._.......... . lWj,.~..~.~ ,". ~.~ .....- ...... ........ '..........-.......... -...................... --- I "--........ ,M&:..... .... "- .,u...._, _.-= I ~ tS&.."TOC1 ~I'''''''' I StU. 'I"~ ; ~!I71 ~.~. 'I' s.al' ;o,OlIlJi>>,~ 'Il!-I~ , 1" I ... I ~~. I ".;.: sit $.zJ...c,.1 5:1,..... LlMti ~Jt I ,e;.., .oo , I cowz:a ~.IJIP __ ". ~llSCllln1CIIl 01: P\Ul'0All _11:I' (11 nY .~.~~if~~ . cilWlil catDtri; n.cm:tl4 I I I I 84 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I I Valuation of the Take Value of the Take Value of Remainder as Part of the Whole i'\genda Item No. 1686 Qo.~tpmhpr 1 c; ?nno Page 208 of 216 Based on the land sales included in this report it is our opinion the fee simple value of the land is $116,000.00 per acre. The subject is an easement, but there is nothing that the underline land owner can do with the property. Therefore in our opinion 99% of the fee value is taken. 0.103:l:: acres @ $116,000.00 per acre x 0.99 = SAY $11,829.00 $11,800.00 The site improvements within the take have a value as follows: Driveway $3,840.00 1,600.00 6.250.00 $11,690.00 (1.169.00) $10,521.00 $10,500.00 Sod/Landscaping Site Cleaning/Fill/Grade Total Less Depreciation (l0%) Depreciated Value SAY Land $11,SOO.on 10.500.00 $22.300.00 Improvements The value of the remainder as a part of the whole is the before value of the parent tract less the value of the take. Value of the Whole Before Take Less Value of the Take Value of the Remainder as Part of the Whole $305.000.00 27.300.00 $282.700.00 Allied Appraisers & Consultants, Inc. A.ppraisal #2007-1117 85 Agenda Item No. 1686 -Conto.mhor 1 t::. ')nnQ Page 209 of 216 I I I I I I I I I I I I I I I I I I I ~ '- REMAINDER VALUE AFTER THE TAKE 1-... 86 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item ~Jo. 1686 Seoto.mho.r 15 ?onq Page 210 of 216 REMAINDER VALUE AFTER THE TAKE Value of the Remainder Property "As Severed" Uncured The remainder site is I, 136::!: acres but is subject to the easement. The site is still rectangular in shape and the land use and zoning are the same. Access to the site is from White Boulevard. The highest and best use of the remainder parcel is still the same as in the before analysis, for a single family use. The value of the land in the before valuation was $116,000.00 per acre, and in our opinion the remainder land value is the same. Value of the Remainder Land (Uncured) 1.033::!: acres @ $116,000.00 per acre = 0.1 03:1 acres @ $1,160.00 per acres = $119,828.00 $119.00 $119,947.00 $120,000.00 SAY The remainder parcel is improved with a single family home and supporting amenities. The take was located along the White Boulevard frontage. The setback from the road has been reduced from 11 O::!: feet to 50::1: feet. In our opinion the property has been damaged after the take due to the reduction ofthe front setback from White Boulevard. In our opinion the subject improvements will suffer from external obsolescence due to the reduced setback, noise and access problems from White Boulevard. After the take, in our opinion, the remainder improvements will have external obsolescence in the amount of35% of the improvements. This is calculated as follows: Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 87 Agenda Item No. 1686 11:; ?nna Page 211 of 216 Depreciated value of Improvements External Obsolescence $176,367.00 35.0% $61,728.00 $61,700.00 I I I I I I I I I I I I I I I I I I I SAY Therefore, the remainder property's improvements (uncured) will suffer an additional $61,700.00 in depreciation due to the loss of value caused by the external obsolescence. The contributory value of the improvements was $173,000.00. The appraisers have estimated the contributory value of the improvements taken at $10,500.00. The estimated value of the remainder property improvements (uncured) is as follows: L-. Contributory Value of Improvements Less Site Improvements Taken Less External Obsolescence Value ofImprovements (Uncured) $173,000.00 ($10,500.00) ($61.700.00) $100,800.00 Value of the Remainder Property (Uncured) Value of the Remainder Land (Uncured) Value of the Remainder Improvements (Uncured) Value of the Remainder Property (Uncured) $120,000.00 100,800.00 $220.800.00 -. Severance Damages The measure of damages is the difference between the value of the property before the take and the value of the remainder property uncured. The value of the remainder parcel is the same per acre as that of the parent tract in the before condition. But as indicated earlier in the report, there is significant external obsolescence that is suffered by the improvements due to the widening of White Boulevard in that the improvements will be closer to White Boulevard. 88 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Agenda Item No. 1686 Sent~mhAr 1 S ?009 Page 212 of 216 Value of Remainder Parcel Before the Take $282.700.00 220.S00.00 $61.900.00 Value of Remainder Uncured Damages Cost to Cure Damages There is no cost to cure. Summary of Value 1 Before Property 2 Part Acquired (Land and Improvements) 3 Remainder (as Part of the Whole) 4 Remainder (Uncured) 5 Damages 6 Special Benefits 7 Damages $305,000.00 $22,300.00 $282,700.00 $220,800.00 $61,900.00 -0- $61,900.00 Cost to Cure Damage 8 Remainder (Cured) 9 Remainder (Uncured) (4) 10 Damages-Curable (8-9) 11 Damages-Incurable (7-10) 12 Cost to Cure (or Re-establish) 13 Improvements Cured but Paid For 14 Net Cost to Cure (12-13) -0- $282,700.00 -0- $61,900.00 -0- -0- -0- Summary of Total Compensation Part Taken Land Improvements Damages-Uncured (11) Cost to Cure (14) Total Compensation $11,800.00 $10,500.00 $61,900.00 -0- $84,200.00 In my opinion the compensation due to the property owner of the subject property as of September 25, 2008, was: EIGHTY-FOUR THOUSAND TWO HUNDRED DOLLARS ($84,200.00) Allied Appraisers & Consultants, Inc. 89 Appraisal #2007- 1117 Agenda Item No. 1686 Qo.ntprnho.r 1"i ?nno Page 213 of216 I I I I I I I I I I I I I I I I I I I CERTIFICATION The undersigned does hereby certify that, except as otherwise noted in this appraisal report: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. ~- My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. No one provided significant professional assistance to the person signing this report. The appraisal is in compliance with the Appraisal Institute's Code of Professional Ethics and Standards of Professional Appraisal Practice. .L..... The client and third parties are advised that the Appraisal Institute has the right to review this report. 90 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Allied Appraisers & Consultants, Inc. Agenda Item No. 1686 So tom pr 1 z:; ?nnq Page 214 of 216 The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. Neither all nor any part of the contents ofthis report (especially any conclusions as to value, the identity ofthe appraiser or the firm with which he is connected, or any reference to the Appraisal Institute--MAI shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication without the prior written consent and approval of the undersigned. The Appraisal Institute conducts a program on continuing education for its designated members. As of the date of this report, H. Neal Scott has completed the requirements of the continuing education program of the Appraisal Institute. ( I , , / /'/ .//. j ./' . (/' . .' H. NEAL SCOTT, MAl, SRA State-Certified General Appraiser RZ743 Appraisal #2007-1117 91 Agenda Item No. 1686 " or 11:; ?n()Q Page 215 of 216 I I I I I I I I I I I I I I I I I I I QUALIFICATIONS <'- H. NEAL SCOTT, MAl, SRA State-Certified General Appraiser RZ743 Professional Membership Appraisal Institute (MAl) Certificate No. 6215 Society of Real Estate Appraisers (SRA), President, 1979, Southwest Florida, Chapter No. 186 Registered Real Estate Broker - State of Florida Experience President - Allied Appraisers & Consultants, Inc. Full-time real estate appraiser since 1973. Territory covered is the state of florida, as well as selected areas outside the state. Life-time resident of Fort Myers, Florida. Educational Background RA Degree - 1972 - University of Florida, Gainesville, Florida Major: Business Administration/Real Estate AA Degree - 1970 - Edison Junior College, Fort Myers, Florida Courses Attended American Institute of Real Estate Appraisers: Course lA - Principles of Real Estate Appraising Course lB - Capitalization Theory and Techniques Course II - Urban Properties Course IV - Litigation Valuation Course VI - Investment Analysis Society of Real Estate Appraisers: Course 101 - Residential Property Course 201 - Income Property Appraising Numerous seminars and workshops by the Appraisal Institute and others - Partial Listing of Clients Financial Institutions: Northern Trust Bank, SunTrust Bank, Colonial Bank, AmSouth Bank, Wachovia, Busey Bank, Bank of America, Riverside Bank, Republic Bank, first National Bank offlorida, Florida Community Bank, First Florida Bank, Orion Bank, TIB Bank of the Keys, Old Florida Bank Law Firms: Hal Adams, P.A; Roetzel & Andress; Henderson, franklin, Starnes & Holt, P.A; Cummings & Lockwood; The Pavese Law Firm; Goldstein, Buckley, Cechman, Rice & Purtz, P.A.; Thompson family Law, P.A.; Becker & Poliakoff; Rubinstein & Holz; Goetz, Hartman & Landsteiner, Melissa G, Skeen, P.A., Fried & Fried, P.A. 92 Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 I I I I I I I I I I I I I I I I I I I Partial Listing of Properties Appraised Qualified Expert Witness For Agenda Item No. 1686 Seotember 15. 2009 Page 216 of 216 Public Agencies: Resolution Trust Corporation, FDIC, City of Fort Myers, City of Cape Coral, Collier County, The School District of Lee County, Office of County Lands, Lee County Board of County Commissioners, City of Sanibel, Lee County Port Authority, City of Fort Myers Community Redevelopment Agency, The Trust for Public Lands Others: U.S. Home Corporation, Lennar, Arthur Rutenberg Corporation, Mobil Oil, Texaco, Sun Oil, Seaboard Railroad, Taco Bell, IBM Corporation, Florida Gulf Coast University, Colonial Homes, The Weiner Corporation Single family homes, apartment complexes, office buildings, condominium projects, mobile home parks, shopping centers, hotels/motels, warehouses, vacant acreage, subdivisions, special use properties Specialty assignments include highest and best use studies, feasibility studies, market studies, buy versus build scenarios Circuit Court of Lee County, Collier County, Charlotte County, and Palm Beach County, United States District Court Middle District of Florida, Federal Bankruptcy Court. Acted as a special magistrate for Lee County, hearing real property assessed valuation appeals from property ovmers and making recommendations to the Value Adjustment Board. Allied Appraisers & Consultants, Inc. Appraisal #2007-1117 93