Agenda 02/09/2021 Item #16A10 (Purchase Agreement Parcel 209FEE - Project 60168)02/09/2021
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for the purchase of land (Parcel 209FEE) required for
the Vanderbilt Beach Road Extension (Project No. 60168). Estimated Fiscal Impact: $73,694.
OBJECTIVE: To acquire the right-of-way needed for the construction of the Vanderbilt Beach Road
Extension Project (the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 209FEE, a fee simple interest,
needed for construction of the Project. The improved parent tract is located on the south side of 12th
Avenue NW and the north side of the proposed Vanderbilt Beach Road Extension and is owned by
Miguel Mejia and Luz Mejia. Parcel 209FEE is 11,584 square feet in extent and rectangular in shape.
The appraised value of the parcel is $43,200. Please refer in this regard to the attached appraisal report,
dated July 29, 2020, prepared by Wilcox Appraisal Services, Inc. In response to the County’s offer to
purchase, the owners’ attorney furnished their own appraisal report and responded with a counteroffer of
$98,600 plus attorney and expert fees. The attached agreement reflects a negotiated compensation
amount of $62,500, together with statutory attorney fees in the amount of $6,369 and expert fees and
costs in the amount of $4,425. Staff recommends that the Board of County Commissioners (the Board)
approve the agreement. If this parcel is not acquired by negotiation, it will have to be condemned and the
County will become liable for payment of additional attorney and expert fees and costs that will exceed
the difference between the appraised value and the negotiated compensation amount.
FISCAL IMPACT: Funds in the amount of $73,694 will be required, being the negotiated
compensation amount of $62,500, statutory attorney fees in the amount of $6,369, expert fees and costs in
the amount of $4,425, and miscellaneous closing and recording fees not to exceed $400. The primary
funding source for the acquisition of right-of-way is impact fees. Should impact fees not be sufficient
within a particular project, the secondary funding source will be gas taxes.
No maintenance costs are anticipated until such time as the Project is constructed.
GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long-Range
Transportation Plan and the Collier County Growth Management Plan.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a
majority vote for Board approval. - JAB
RECOMMENDATION:
. Approve the attached agreement and authorize the Chairman to execute same on behalf of the Board;
. Accept the conveyance of Parcel 209FEE and authorize the County Manager, or his designee, to
record the conveyance instrument in the public records of Collier County, Florida;
. Authorize the payment of all costs and expenses that Collier County is required to pay under the
terms of the purchase agreement to close the transaction;
. Authorize the County Manager or his designee to take the necessary measures to ensure the County’s
performance in accordance with the terms and conditions of the purchase agreement; and
. Authorize any, and all, budget amendments that may be required to carry out the collective will of the
Board.
Prepared By: Vivian Rodriguez, Property Acquisition Specialist, Right-of-Way Acquisition,
Transportation Engineering Division.
16.A.10
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02/09/2021
ATTACHMENT(S)
1. Location Map (PDF)
2. [Linked] Appraisal Report (PDF)
3. Purchase Agreement (PDF)
16.A.10
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02/09/2021
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.10
Doc ID: 14620
Item Summary: Recommendation to approve an Agreement for the purchase of land (Parcel
209FEE) required for the Vanderbilt Beach Road Extension (Project No. 60168).
Meeting Date: 02/09/2021
Prepared by:
Title: – Transportation Engineering
Name: Vivian Rodriguez
12/30/2020 9:06 AM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
12/30/2020 9:06 AM
Approved By:
Review:
Growth Management Department Jeanne Marcella Level 1 Reviewer Completed 12/31/2020 9:21 AM
Transportation Engineering Robert Bosch Additional Reviewer Completed 12/31/2020 12:03 PM
Transportation Engineering Marlene Messam Additional Reviewer Completed 12/31/2020 12:50 PM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 01/04/2021 7:30 AM
Road Maintenance Albert English Additional Reviewer Completed 01/04/2021 10:52 AM
Growth Management Department Lisa Taylor Additional Reviewer Completed 01/04/2021 1:54 PM
Growth Management Department Gene Shue Additional Reviewer Completed 01/04/2021 4:33 PM
Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 01/08/2021 7:17 AM
Public Services Department Vivian Rodriguez Deputy Department Head Review Skipped 12/30/2020 8:39 AM
Growth Management Department Thaddeus Cohen Department Head Review Completed 01/11/2021 4:42 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 01/12/2021 8:37 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 01/12/2021 8:40 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 01/12/2021 1:43 PM
Office of Management and Budget Laura Zautcke Additional Reviewer Completed 01/26/2021 3:52 PM
County Manager's Office Dan Rodriguez Level 4 County Manager Review Completed 01/27/2021 9:07 AM
Board of County Commissioners MaryJo Brock Meeting Pending 02/09/2021 9:00 AM
16.A.10
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LOCATION MAP
60168‐209FEE
/
PARCEL 209FEE
16.A.10.a
Packet Pg. 533 Attachment: Location Map (14620 : 60168-209FEE Vanderbilt Beach Road Extension)
Prepared for and property of Collier County Board of Commissioners
Reliance upon the appraisal for other uses is not warranted.
Appraisal Report
Number 20-05-01 (Parcel No. 209 FEE)
Project: Vanderbilt Beach Road Extension (CR-862)
County Project No. 60168
Parcel No. 209 FEE
Parent Tract: 1.59 Acre Improved Tract.
Improvements: One Single-Family Home and
Associated Site Improvements.
Location: The parent tract is located on the south side of 12th Avenue NW 0.65 miles
west of Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a
street address of 510 12th Avenue NW,
Naples, Florida 34120.
Owners: Miguel Mejia and Luz Mejia.
Folio No.: 37543520007.
Date of Valuation: July 29, 2020.
(Date of the Most Recent Inspection)
For
Harry Henderson, SRA, Review Appraiser
Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
August 2020
Prepared By: Wilcox Appraisal Services, Inc.
1633 SE 41st Street
Cape Coral, Florida 33904-7470
239-542-2311
Email: awilcoxmaisra@comcast.net
Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism
with all of our appraisers being designated members of the Appraisal Institute.
1633 S.E. 41st Street • Cape Coral • Florida 33904-7470
239-542-2311 • Email awilcoxmaisra@comcast.net
Prepared for and property of Collier County Board of Commissioners.
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
August 4, 2020
Harry Henderson, SRA, Review Appraiser
Transportation Right-of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Appraisal Report Number: 20-05-01 (Parcel No. 209 FEE).
Project: Widening of Golden Gate Boulevard.
Parcel No.: 209 FEE.
Parent Tract: 1.59 Acre Improved Tract.
Improvements: One Single-Family Home and Associated Site Improvements.
Location: The parent tract is located on the south side of 12th Avenue NW 0.65
miles west of Wilson Boulevard N in Collier County, Naples, Florida.
The parent tract has a street address of 510 12th Avenue NW,
Naples, Florida 34120.
Owners: Miguel Mejia and Luz Mejia.
Folio No.: 37543520007.
Date of Value: July 29, 2020 (Date of Most Recent Inspection).
Dear Mr. Henderson:
Pursuant to your request, an inspection and valuation analysis has been completed of the
above referenced property for the purpose of estimating the market value of the property rights
and improvements (if any) which are proposed to be acquired, together with all diminution in
value to the remainder land and improvements (if any) which can be attributed to the proposed
use of, or activity upon, the proposed fee simple acquisition area (Parcel No. 209 FEE).
The Appraisal Standards Board of the Appraisal Foundation adopted the “2020-2021 Uniform
Standards of Professional Appraisal Practice” (USPAP) on April 5, 2019. The 2020-2021
standards became effective January 1, 2020 through December 31, 2021. In compliance with
Standards Rule 2-2(a), the appraiser is communicating to the client an “Appraisal Report”, one
of the two reporting options allowed under Standards Rule 2-2.
The appraiser has physically inspected the front, northern, improved portion of the parent tract.
Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the
parent tract. The rear, southern, portion of the parent tract appears to be level, covered with
vegetation, and is unimproved. The appraiser has not completed a physical field inspection of
the rear, southern, portion of the parent tract including the fee simple acquisition area. The
appraiser has assumed the rear, southern, portion of the parent tract and the fee simple
acquisition area are unimproved. The appraiser reserves the right to amend the findings
of this report if the rear, southern, portion of the parent tract and fee simple acquisition
area are improved. Furthermore, the appraiser was not provided access to the fourth bedroom
and third bath. The owner reported that this area was similarly improved and in similar condition
to the guest bedroom and guest bath. The appraiser has assumed the fourth bedroom and
third bath are in similar in improvements and condition to the guest bedroom and guest
Wilcox Appraisal Services, Inc. is
committed to the highest degree of
professionalism with all of our
appraisers being designated members
of the Appraisal Institute.
Page No. 2 PR
August 4, 2020
Harry Henderson, SRA, Review Appraiser
Wilcox Appraisal Services, Inc.
Prepared for and property of Collier County
Board of Commissioners. Reliance upon the
appraisal for other uses is not warranted.
bath as reported by the owner. Again, the appraiser reserves the right to amend the
findings of this report if this assumption is false. An extraordinary assumption is an
assumption, directly related to a specific assignment, as of the effective date of the assignment
results, which, if found to be false, could alter the appraiser’s opinions or conclusions.
Extraordinary assumptions presume as fact otherwise uncertain information about physical,
legal, or economic characteristics of the subject property.
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, July 29, 2020, 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.
This letter of transmittal precedes the full narrative appraisal report, further describing the
property and containing the reasoning and most pertinent data leading to the final value
estimates. Your attention is directed to the "General Assumptions", "General Limiting
Conditions", and "Certificate of Appraisal", which are considered usual for this type of
assignment and have been included in the addendum of this report.
By reason of my investigation and analysis, data contained in this report, and my experience in
the real estate appraisal business, it is my opinion that the amount due the property owner, as a
result of the loss of real estate resulting from the property rights and improvements (if any)
which are proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed fee
simple acquisition area (Parcel No. 209 FEE), as of July 29, 2020, is:
Value of the Land Taken: $11,300
Value of the Improvements Taken: $ 0
Severance Damages: $31,900
Net Cost to Cure: $ 0
TOTAL AMOUNT DUE OWNER: $43,200
Respectfully submitted,
WILCOX APPRAISAL SERVICES, INC.
R. Alan Wilcox, MAI, SRA
State-Certified General Real Estate Appraiser
RZ 306
Prepared for and property of Collier County Board of Commissioners. Page 1
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Table of Contents
PAGE
TABLE CONTENTS ........................................................................................................ 1
CERTIFICATION............................................................................................................. 3
SUMMARY OF SALIENT FACTS AND CONCLUSIONS .............................................. 5
INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM ...................... 13
Identification of the Intended User ....................................................................................... 14
Identification of the Real Estate ........................................................................................... 14
Prior Services ...................................................................................................................... 14
Identification of the Property Rights to be Valued ................................................................ 14
Intended Use or Function of the Appraisal ........................................................................... 15
Definition of the Value Estimate(s) ...................................................................................... 15
Date of Value Estimate(s) ................................................................................................... 16
Description of the Scope of the Appraisal ............................................................................ 16
Extraordinary Assumption ................................................................................................... 17
Hypothetical Conditions ....................................................................................................... 17
Other Limiting Conditions .................................................................................................... 17
PHOTOGRAPHS OF THE PARENT TRACT ............................................................... 18
VALUATION ANALYSIS OF THE PARENT TRACT ................................................... 25
Owners of Record ............................................................................................................... 26
Legal Description of the Parent Tract .................................................................................. 26
Real Estate Assessments and Ad Valorem Taxes ............................................................... 26
Sales and Marketing History of the Parent Tract ................................................................. 26
Florida Area and Collier County Map ................................................................................... 27
Parent Tract Local Area Map ............................................................................................... 28
Market Area Data ............................................................................................................... 29
Parent Tract Aerial Map ...................................................................................................... 32
Parent Tract Plat Map ......................................................................................................... 33
Site Data ............................................................................................................................ 34
Improvement Sketch ........................................................................................................... 36
Improvement Data ............................................................................................................... 37
Highest and Best Use .......................................................................................................... 38
The Appraisal Process ........................................................................................................ 39
Prepared for and property of Collier County Board of Commissioners. Page 2
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Table of Contents – continued
PAGE
LAND OR SITE VALUATION ....................................................................................... 41
Land Sales Map .................................................................................................................. 43
Application of the Market Data ............................................................................................ 44
Reconciliation of the Market Value Land Estimate ............................................................... 48
THE SALES COMPARISON APPROACH TO VALUE ................................................ 49
Improved Sales Map ........................................................................................................... 52
Application of the Market Data ............................................................................................ 53
Reconciliation of the Market Value Estimate ....................................................................... 56
RECONCILIATION OF THE VALUE INDICATIONS .................................................... 57
ESTIMATION OF REASONABLE EXPOSURE TIME .................................................. 58
DESCRIPTIONS AND VALUATION ANALYSES OF THE PROPOSED PARTIAL
ACQUISITION AREA AND THE REMAINDER PROPERTY ....................................... 59
Parcel No. 209 FEE Acquisition Area Map .......................................................................... 60
Project Description and Identification of the Proposed Partial Acquisition Area ................... 61
Valuation Analysis of the Proposed Partial Acquisition Area ................................................ 61
Valuation Analysis of the Remainder Property “As Severed” ............................................... 62
Severance Damages to the Remainder Property ................................................................ 63
Cost to Cure Analysis .......................................................................................................... 63
Special Benefits .................................................................................................................. 63
Summary and Conclusion and the Total Compensation Estimate ....................................... 64
ADDENDUM ................................................................................................................. 65
Assumptions and Limiting Conditions .................................................................................. 66
Qualifications of the Appraiser ............................................................................................. 68
Quarterly Market Detail for the 1st Quarter 2020
for the Single-Family Homes in the Naples-Immokalee-Marco Island MSA ......................... 70
Land Sales Map .................................................................................................................. 72
Land Sales Data Sheets ...................................................................................................... 73
Improved Sales Map ........................................................................................................... 78
Improved Sales Data Sheets ............................................................................................... 79
Prepared for and property of Collier County Board of Commissioners. Page 3
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Certification
I certify that, to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report,
and I have no personal interest with respect to the parties involved.
• I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment and my engagement in this assignment was not
contingent upon developing or reporting predetermined results.
• My compensation for completing this assignment is not contingent upon the developing
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal.
• The reported analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute.
• The reported analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice.
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• As of the date of this report, R. Alan Wilcox, MAI, SRA, has completed the requirements
under the continuing education program of the Appraisal Institute.
• As of the date of this report, R. Alan Wilcox, MAI, SRA, State-Certified General Real
Estate Appraiser, License No. RZ 306, has completed the requirements under the
continuing education program of the State of Florida for state-certified appraisals.
• I, R. Alan Wilcox, MAI, SRA, have made a personal inspection of the subject property
and sales comparables that are contained in this report.
• No one provided significant professional assistance other than the person signing this
report, unless otherwise indicated within the report.
• I, R. Alan Wilcox, MAI, SRA, have performed no services, as an appraiser or in any
other capacity, regarding the property that is the subject of this report within the three-
year period immediately preceding acceptance of this assignment.
• This report was prepared for and is the property of the Collier County Board of
Commissioners and the reliance upon this appraisal for other uses is not warranted.
• Acceptance and utilization of this appraisal report, or any portion thereof, constitutes
acknowledgement and acceptance of all General Assumptions and Special Conditions
contained herein.
Prepared for and property of Collier County Board of Commissioners. Page 4
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
The appraiser has physically inspected the front, northern, improved portion of the parent tract.
Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the
parent tract. The rear, southern, portion of the parent tract appears to be level, covered with
vegetation, and is unimproved. The appraiser has not completed a physical field inspection of
the rear, southern, portion of the parent tract including the fee simple acquisition area. The
appraiser has assumed the rear, southern, portion of the parent tract and the fee simple
acquisition area are unimproved. The appraiser reserves the right to amend the findings
of this report if the rear, southern, portion of the parent tract and fee simple acquisition
area are improved. Furthermore, the appraiser was not provided access to the fourth bedroom
and third bath. The owner reported that this area was similarly improved and in similar condition
to the guest bedroom and guest bath. The appraiser has assumed the fourth bedroom and
third bath are in similar in improvements and condition to the guest bedroom and guest
bath as reported by the owner. Again, the appraiser reserves the right to amend the
findings of this report if this assumption is false. An extraordinary assumption is an
assumption, directly related to a specific assignment, as of the effective date of the assignment
results, which, if found to be false, could alter the appraiser’s opinions or conclusions.
Extraordinary assumptions presume as fact otherwise uncertain information about physical,
legal, or economic characteristics of the subject property.
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, July 29, 2020, the appraiser has
utilized the hypothetical condition assuming the proposed acquisition and the proposed
roadway improvements have been completed. A hypothetical condition is contrary to what
exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions
contrary to known facts about physical, legal, or economic characteristics of the parent tract; or
about conditions external to the property, such as market conditions or trends; or about the
integrity of data used in an analysis.
By reason of my investigation and analysis, data contained in this report, and my experience in
the real estate appraisal business, it is my opinion that the amount due the property owner, as a
result of the loss of real estate resulting from the property rights and improvements (if any)
which are proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed fee
simple acquisition area (Parcel No. 209 FEE), as of July 29, 2020, is:
Value of the Land Taken: $11,300
Value of the Improvements Taken: $ 0
Severance Damages: $31,900
Net Cost to Cure: $ 0
TOTAL AMOUNT DUE OWNER: $43,200
Respectfully submitted,
WILCOX APPRAISAL SERVICES, INC.
R. Alan Wilcox, MAI, SRA
State-Certified General Real Estate Appraiser
RZ 306
Prepared for and property of Collier County Board of Commissioners. Page 5
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Summary of Salient Facts and Conclusions
A. Appraisal Problem:
1. Types of Value (s): Market Value.
2. Property Rights: Undivided Fee Simple Interest.
3. Intended Use of Appraisal Report: The intended use of the appraisal is understood
to be for use as a basis of value for determining
full compensation to the property owner for the
loss of the real estate resulting from the
property rights and improvements (if any) which
are proposed to be acquired, including all
diminution in value to the remainder land and
improvements (if any) which can be attributed
to the use of, or activity upon, the proposed fee
simple acquisition area (Parcel No. 209 FEE).
4. Date of Value: July 29, 2020 (Date of Most Recent Inspection).
5. Scope of Analysis: Appraisal Report.
6. Owners of Record: Miguel Mejia and Luz Mejia.
B. Site Data, Before the Taking:
1. Location: The parent tract is located on the south side of
12th Avenue NW 0.65 miles west of Wilson
Boulevard N in Collier County, Naples, Florida.
The parent tract has a street address of 510
12th Avenue NW, Naples, Florida 34120.
2. Size & Shape: The parent tract contains 1.59 acres of gross
land area and is rectangular in shape.
Specifically, the parent tract has a northern
property line along 12th Avenue NW that
measures 105 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 105 feet.
3. Roadway Frontage: The parent tract benefits from 105 feet of
frontage along the southerly right-of-way of 12th
Avenue NW. 12th Avenue NW is a local,
undivided, two lane, paved roadway.
Prepared for and property of Collier County Board of Commissioners. Page 6
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
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 appears to be a level tract
partially cleared.
6. Predominant Soils: Only a limited visual surface inspection of the
property was made, and no soil or subsoil
problems were observed. No soil or subsoil
engineering reports were provided to the
appraiser. The appraiser has assumed no soil
or subsoil problems exist that would negatively
affect the market value of 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.
8. Environmental Liabilities: Unless otherwise stated above or elsewhere in
this report, the existence of hazardous
substances, including, without limitation,
asbestos, polychlorinated biphenyls, petroleum
leakage, or agricultural chemicals, which may
or may not be present on the property, or other
environmental conditions, were not called to the
attention of nor did the appraiser become aware
of such during the property inspection. The
appraiser is not qualified to test such substance
or conditions. If the presence of such
substances, such as asbestos, urea,
formaldehyde foam insulation, or other
hazardous substances or environmental
Prepared for and property of Collier County Board of Commissioners. Page 7
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
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.
9. Easements & Restrictive
Covenants: The parent tract is encumbered by a 30-foot
wide road right-of-way easement along the
northern property line along the property’s
existing frontage to 12th Avenue NW. The
appraiser is not aware of any other easements
or restrictive covenants which might adversely
affect the market value and development of the
parent tract before the taking. However, the
reader is advised that the appraiser has not
been provided any title information.
10. Land Use and Zoning: The parent tract is designated Estates
Designation on the Collier County Future Land
Use Map, within the Residential Estates Sub-
district, and is further regulated by the Golden
Gate Area Master Plan. Furthermore, the
parent tract is zoned E, Estates District,
according to the Collier County Land
Development Code.
C. Improvement Data, Before
the Taking: The parent tract is improved with a single-family
home and associated site improvements.
D. Highest and Best Use, Before
the Taking:
1. As Though Vacant: The highest and best use “as though vacant” is
estimated to be potential single-family
residential development.
2. As Improved: The highest and best use of the parent tract “as
improved” is estimated to be the continued use
of the existing improvements as a single-family
home and associated site improvements.
Prepared for and property of Collier County Board of Commissioners. Page 8
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
E. Market Value Estimate,
Before the Taking:
1. Land Value: ........................................................................................................ $ 66,800
2. Improvements: .................................................................................................... $263,200
Total Market Value of the Parent Tract: .................................................................... $330,000
F. Reasonable Exposure Time: Six to twelve months.
G. Intended Use of the Proposed Acquisition
Area and A Description of the Proposed Land
and Improvements Taken:
1. Intended Use of the
Proposed Acquisition: The proposed fee simple acquisition area will be
utilized for the Vanderbilt Beach Road Extension
(Project No. 60168). The Vanderbilt Beach
Road Extension (Collier Boulevard to 16th Street
NE) is an approximate 7-mile extension of the
existing roadway. Plans include: 1) a four-lane
divided urban roadway to Wilson Boulevard; 2)
two lanes from Wilson Boulevard to 16th Street
NE; 3) minor improvements to existing
intersecting streets including Weber Boulevard,
Massey Street and Douglas Street; 4) new
roadway intersections at Wilson Boulevard, 8th
Street NE and 16th Street NE; 5) a new traffic
signal at the Vanderbilt Beach road/Wilson
Boulevard intersection; and 6) canal relocation to
the south of the roadway from 29th Street NW to
15th Street NW.
2. Proposed Land Taken: Parcel No. 209 FEE is a fee simple acquisition
area that consists of a strip taking along the rear,
southerly boundary of the property. Parcel No.
209 FEE contains 0.27 acres (11,584 square
feet) of gross land area and is basically
rectangular in shape. Specifically, Parcel No.
209 FEE has a southern property line that
measures 104.99 feet; with a depth there from
along the western property line that measures
110.33 feet; with a depth there from along the
eastern property line that measures 110.34 feet;
and a northern property line that measures
104.99 feet.
3. Proposed Improvements Taken: No significant improvements are located within
the proposed fee simple acquisition area.
Prepared for and property of Collier County Board of Commissioners. Page 9
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
H. Market Value of the Proposed Property Rights
and Improvements Taken:
Land Taken: ............................................................................................................... $11,300
Improvements Taken: ................................................................................................. $ 0
Total: .......................................................................................................................... $11,300
I. Market Value of the Remainder Property,
As Part of the Whole:
1. Market Value of the Parent Tract, Before the Taking: ......................................... $330,000
2. Less Market Value of the Proposed Part Taken: ................................................. $ 11,300
Total Market Value of the Remainder Property, As Part of the Whole: ..................... $318,700
J. Description of the Remainder Property,
After the Taking:
1. Site Data, Remainder Property: The remainder property land has been reduced
in size from 1.59 acres to 1.32 acres of gross
land area. Specifically, the remainder property
has a northern property line along the southerly
right-of-way of 12th Avenue NW that measures
105.00 feet; with a depth there from along the
western property line that measures 549.67
feet; with a depth there from along the eastern
property line that measures 549.66 feet; and a
southern property line along the new northerly
right-of-way of Vanderbilt Beach Road
Extension that measures 104.99 feet. The
remainder property’s vehicular access to 12th
Avenue NW, utilities, topography, land use
designation, and zoning are unchanged.
However, the remainder property will have new
rear yard frontage along the northerly right-of-
way of the proposed Vanderbilt Beach Road
Extension. The remainder property will have no
vehicular access to Vanderbilt Beach Road
Extension. Furthermore, an eight-foot high
chain link fence will be built by Collier County
along the new right-of-way line to Vanderbilt
Beach Road Extension to separate the rear
yard of the remainder property from the new
busy roadway.
2. Improvement Data,
Remainder Property: The remainder property’s improvements are the
same as before the taking.
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3. Highest and Best Use,
Remainder Property:
a. As Though Vacant: The highest and best use of the remainder
property “as vacant” is estimated to remain the
same as before the taking, potential single-
family residential development.
b. As Improved: The highest and best use of the remainder
property “as improved” is estimated to remain
the same as before the taking, the continued
use of the existing improvements as a single-
family home and associated site improvements.
K. Market Value of the Remainder Property,
After the Taking:
Total Market Value of the Remainder Property: ........................................................ $286,800
L. Severance Damages: It is the appraiser’s opinion that the remainder
property will be damaged after the taking due to
the new rear yard frontage along the northerly
right-of-way of the proposed Vanderbilt Beach
Road Extension.
The appraiser has estimated the remainder
property, as part of the whole, to be $318,700,
which represents the value of the whole
($330,000), less the value of the part taken
($11,300). The appraiser has also estimated
the market value of the remainder property as
severed to be $286,800. Therefore, these
value estimates indicate severance damages in
the amount of $31,900 ($318,700 - $286,800).
M. Cost to Cure: None.
N. Special Benefits: None.
0. Summary of the Just Compensation Estimate:
Value of the Land Taken: $11,300
Value of the Improvements Taken: $ 0
Severance Damages: $31,900
Net Cost to Cure: $ 0
TOTAL AMOUNT DUE OWNER: $43,200
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P. Extraordinary Assumptions: The appraiser has physically inspected the
front, northern, improved portion of the parent
tract. Furthermore, the appraiser has examined
Collier County Property Appraiser aerials of the
parent tract. The rear, southern, portion of the
parent tract appears to be level, covered with
vegetation, and is unimproved. The appraiser
has not completed a physical field inspection of
the rear, southern, portion of the parent tract
including the fee simple acquisition area. The
appraiser has assumed the rear, southern,
portion of the parent tract and the fee simple
acquisition area are unimproved. The
appraiser reserves the right to amend the
findings of this report if the rear, southern,
portion of the parent tract and fee simple
acquisition area are improved.
Furthermore, the appraiser was not provided
access to the fourth bedroom and third bath.
The owner reported that this area was similarly
improved and in similar condition to the guest
bedroom and guest bath. The appraiser has
assumed the fourth bedroom and third bath
are in similar in improvements and
condition to the guest bedroom and guest
bath as reported by the owner. Again, the
appraiser reserves the right to amend the
findings of this report if this assumption is
false.
An extraordinary assumption is an assumption,
directly related to a specific assignment, as of
the effective date of the assignment results,
which, if found to be false, could alter the
appraiser’s opinions or conclusions.
Extraordinary assumptions presume as fact
otherwise uncertain information about physical,
legal, or economic characteristics of the subject
property.
Q. Hypothetical Conditions: To estimate the compensation due the property
owner, the appraiser has estimated the “as is”
market value of the undivided fee simple
interest in the parent tract before and after the
proposed acquisition. Accordingly, as of the
date of value, July 29, 2020, the appraiser
has utilized the hypothetical condition
assuming the proposed acquisition and the
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proposed roadway improvements have been
completed.
A hypothetical condition is contrary to what
exists but is supposed for the purpose of
analysis. Hypothetical conditions assume
conditions contrary to known facts about
physical, legal, or economic characteristics of
the parent tract; or about conditions external to
the property, such as market conditions or
trends; or about the integrity of data used in an
analysis.
R. Prior Services: I, R. Alan Wilcox, MAI, SRA, have performed no
services, as an appraiser or in any other
capacity, regarding the property that is the
subject of this report within the three-year
period immediately preceding acceptance of
this assignment.
S. Appraiser: R. Alan Wilcox, MAI, SRA; State-Certified
General Real Estate Appraiser, RZ 306.
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Introduction and Definition of the Appraisal Problem
The first step of the valuation process is the development of a clear statement of the appraisal
problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of
the assignment. The statement of the appraisal problem includes:
• Identification of the Intended User(s);
• Identification of the Real Estate;
• Prior Services;
• Identification of the Property Rights to be Valued;
• Intended Use or Function of the Appraisal;
• Definition of Value;
• Date of the Value Estimate;
• Description of the Scope of the Appraisal;
• Extraordinary Assumptions;
• Hypothetical Conditions; and
• Other Limiting Conditions.
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IDENTIFICATION OF THE INTENDED USER(S)
This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser,
Transportation Right-of-Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and
its use by others is strictly prohibited. This narrative report is made subject to the Assumptions
and Limiting Conditions as listed in the Addendum to this report.
IDENTIFICATION OF THE REAL ESTATE
The parent tract of this appraisal assignment is an improved tract of land located on the south
side of 12th Avenue NW 0.65 miles west of Wilson Boulevard N in Collier County, Naples,
Florida. The parent tract has a street address of 510 12th Avenue NW, Naples, Florida 34120.
The parent tract owner of record is listed on the 2019 Collier County Tax Roll as Miguel Mejia
and Luz Mejia. The property is identified as Folio No. 37543520007 in the Collier County
Property Appraiser’s Office.
PRIOR SERVICES
USPAP requires if known prior to accepting an assignment, and/or if discovered at any time
during the assignment, an appraiser must disclose to the client, and in the subsequent
certification:
• any current or prospective interest in the subject property or parties involved; and
• any services regarding the subject property performed by the appraiser within the three
year period immediately preceding acceptance of the assignment, as an appraiser or in
any other capacity.
The appraiser signing this report has performed no services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.
IDENTIFICATION OF THE PROPERTY RIGHTS TO BE VALUED
The valuation of real property includes both the physical real estate and the rights that one or
more individuals or legal entities may hold or contemplate holding in the ownership or use of the
land and improvements. An appraiser may estimate the value of a fee simple estate or a partial
interest created by the severance or division of ownership rights. Special attention must be
given to any limitations on ownership rights such as easements, encroachments, liens, or
leases. Financing must also be considered because fee simple estates, leasehold estates, and
leased fee estates can all be mortgaged. The specific rights to be valued in the probable or
actual financing involved must be ascertained at the start of the assignment because the
complexity of these rights and terms will determine the procedures, skills, and time required to
complete the assignment.
In this particular appraisal assignment, the appraiser has been requested by the client to
estimate the “as is” market value of the undivided fee simple interest in the parent tract before
and after the proposed acquisition. Fee simple ownership is an absolute ownership
unencumbered by any other interest or estate; subject only to the limitations of eminent domain,
escheat, police power and taxation. Eminent domain is the right of the sovereign government to
take private property for public use upon the payment of just compensation. Escheat is the right
to have titular ownership of a property returned to the state if the owner dies and leaves no will
and no known or ascertainable heirs. Police power is the right to regulate property so that the
public safety, health, morals, and general welfare are protected. Examples of this power are
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zoning ordinances, building codes, air and land traffic regulations, and sanitary regulations.
Taxation is the right to take money from owners of valuable goods, products, and rights. In
addition to government restrictions on property, legal private agreements may also impose
limitations. One type is a restriction inserted in a deed. Other private restrictions include certain
easements, rights of way, and party wall agreements.
Parcel No. 209 FEE is a fee simple acquisition area.
INTENDED USE OR FUNCTION OF THE APPRAISAL
The intended use of an appraisal (formerly known as the Function of the Appraisal), is the
manner in which a client employs the information contained in an appraisal report. Because an
appraisal provides the basis for a decision regarding real property, the nature of the decision
affects the character of the assignment in the appraisal report. For example, a value estimate
may be needed to determine the price at which to buy or sell a property, the amount of a loan, a
basis for taxation, terms of a lease, value of real property assets and financial statements, or a
basis for just compensation and eminent domain proceedings.
The intended use of the appraisal is understood to be for use as a basis of value for determining
full compensation to the property owner for the loss of the real estate resulting from the property
rights and improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use of, or
activity upon, the proposed fee simple acquisition area (Parcel No. 209 FEE).
DEFINITION OF THE VALUE ESTIMATE(S)
The purpose of any valuation process is to estimate the value of a real property interest.
Therefore, the specified type of value and the interests involved must be clearly defined. Types
of appraised value include market value, fair value, use value, going concern value, investment
value, assessed value, and insurable value.
As previously noted in the letter of transmittal, the type of value to be estimated in this particular
appraisal assignment has been identified as the market value of the undivided fee simple
interest in the parent tract before and after the taking.
Market value is defined as “the most probable price that a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their
best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.”
Source: (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as
amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June
7, 1994)
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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 July
29, 2020 (Date of the Most Recent Inspection). R. Alan Wilcox, MAI, SRA, inspected the parent
tract.
DESCRIPTION OF THE SCOPE OF THE APPRAISAL
The scope of the appraisal refers to the extent of the process in which data are collected,
confirmed, and reported. The scope is described to protect third parties whose reliance on an
appraisal report may be affected by this information. An appraiser determines the extent of the
work and of the report based on the significance of the appraisal problem. The appraiser is
responsible for describing the scope of the appraisal in the report.
Standards Rule 2-2(a)(vii), USPAP-2016-2017, requires the appraiser to “summarize the scope
of work used to develop the appraisal”. In this regard, pertinent to the extent to which the parent
tract and the remainder property have been identified and inspected, the type of market data
researched, and the type and extent of the analysis applied, the reader is advised to refer to the
appropriate portion of this report.
• Data Collection: The data utilized in this assignment was collected through a thorough
search of the public records of Collier County, Florida, interviews of local real estate
brokers and property owners, and information obtained from this firm’s appraisal office.
Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data.
• Data Confirmation: The appraiser signing this report has independently confirmed the
market data that has been utilized in the development of the value estimates reported
herein. Furthermore, the appraiser signing this report has also physically inspected this
data.
• Data Reporting: The data utilized in this report has been presented in a data sheet
format for the reader’s review. Additional information has been retained in the
permanent files of the appraiser and is available upon request by the client.
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EXTRAORDINARY ASSUMPTIONS
The appraiser has physically inspected the front, northern, improved portion of the parent tract.
Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the parent
tract. The rear, southern, portion of the parent tract appears to be level, covered with vegetation,
and is unimproved. The appraiser has not completed a physical field inspection of the rear,
southern, portion of the parent tract including the fee simple acquisition area. The appraiser has
assumed the rear, southern, portion of the parent tract and the fee simple acquisition area
are unimproved. The appraiser reserves the right to amend the findings of this report if the
rear, southern, portion of the parent tract and fee simple acquisition area are improved.
Furthermore, the appraiser was not provided access to the fourth bedroom and third bath. The
owner reported that this area was similarly improved and in similar condition to the guest bedroom
and guest bath. The appraiser has assumed the fourth bedroom and third bath are in
similar in improvements and condition to the guest bedroom and guest bath as reported
by the owner. Again, the appraiser reserves the right to amend the findings of this report if
this assumption is false.
An extraordinary assumption is an assumption, directly related to a specific assignment, as of the
effective date of the assignment results, which, if found to be false, could alter the appraiser’s
opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the subject property.
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, July 29, 2020, 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.
OTHER LIMITING CONDITIONS
Statements of limiting conditions are included in a report for the appraiser’s protection, and to
inform and protect the client and other users of the report. For a complete copy of the typical
Assumptions and Limiting Conditions, which govern the appraisal process, please refer to the
Addendum section of this report.
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Photographs of the Parent Tract
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Parcel No. 209 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking southwesterly across 12th Avenue NW showing the parent tract located on the south side of 12th
Avenue NW 0.65 miles west of Wilson Boulevard N in Collier County, Naples, Florida.
View looking westerly along 12th Avenue NW showing the parent tract located on the south side of 12th Avenue NW.
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Parcel No. 209 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking southerly across 12th Avenue NW showing the parent tract’s entrance brick paved drive located on the
south side 12th Avenue NW.
View looking southwesterly showing the front of the parent tract’s single-family home.
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Parcel No. 209 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking northwesterly showing the rear of the parent tract’s single-family home and screen enclosed pool/spa
area.
View looking southwesterly showing the front covered entry area of the single-family home.
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Parcel No. 209 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking northwesterly showing the rear covered porch area and a portion of the screen enclosed pool/spa area.
View looking southerly showing the screen enclosed pool/spa area.
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Parcel No. 209 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking northwesterly showing the detached shed.
View looking northerly showing the front yard area.
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Parcel No. 209 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA
View looking southerly showing the rear yard area.
View looking southerly showing the unimproved southern portion of the parent tract.
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Valuation Analysis of the Parent Tract
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OWNER OF RECORD
The parent tract owner of record is listed on the 2019 Collier County Tax Roll as Miguel Mejia
and Luz Mejia whose mailing address is 510 12th Avenue NW, Naples, Florida 34120.
LEGAL DESCRIPTION OF THE PARENT TRACT
The following legal description is provided:
The East 105 feet of Tract 51, Golden Gate Estates, Unit No. 19, according to the Plat thereof
recorded in Plat Book 7, Pages 77 and 78, of the Public Records of Collier County, Florida.
REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES
The parent tract is assessed on the 2019 Collier County Tax Roll as an improved property with
a total market value of $231,384, allocated $40,545 to the value of the land and $190,839 to the
value of the improvements. The property has total exemptions of $50,000, resulting in a taxable
value of $181,384. The 2019 taxes for the parent tract totaled $2,818.67, exclusive of any early
payment discounts or late payment penalties. The property is identified as Folio No.
37543520007 in the Collier County Property Appraiser’s Office.
SALES AND MARKETING HISTORY OF THE PARENT TRACT
There have been no arm’s length transactions involving the parent tract within three years of the
date of value (July 29, 2020). Furthermore, the appraiser is not aware of any current listings or
valid pending offers involving the parent tract.
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Florida State and Collier County Map
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Parent Tract Local Area Map
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MARKET AREA DATA
Definitions:
The following definitions were obtained from The Dictionary of Real Estate Appraisal, Sixth
Edition as published by the Appraisal Institute:
1. Market area is defined as “the geographic region from which a majority of demand
comes and in which the majority of competition is located. Depending on the market, a
market area may be further subdivided into components such as primary, secondary, and
tertiary market areas, or the competitive market area may be distinguished from the
general market area.
2. Neighborhood is defined as “a group of complementary land uses; a congruous
grouping of inhabitants, buildings, or business enterprises.
3. Market area delineation is defined as the process of identifying the geographic area
where a majority of competition is located and from which a majority of demand is drawn.
4. Neighborhood boundaries is defined as the physical limits of a neighborhood; may be
delineated by natural, man-made, or geopolitical features.
5. Market analysis is defined as a process for examining the study of the supply and
demand in a specific area for a specific type of property.
6. Neighborhood life cycle is defined as the typical, but not necessarily universal, four-
stage cycle that describes the life pattern of neighborhoods and districts.
7. Real estate cycle is defined as the successive periods of expansion, peak, contraction,
and trough that characterize activity in a real estate market. Business and real estate
cycles do not generally move in tandem. Since real estate development and sales activity
are especially responsive to a downward movement in interest rates, increased activity in
real estate markets often heralds an economic recovery.
Market Area Analysis:
Social, economic, governmental, and environmental forces influence property values in the
vicinity of the subject property. As a result, they affect the value of that property. Therefore, to
conduct a thorough analysis, the appraiser must delineate the boundaries of the area of
influence. Although physical boundaries may be drawn, the most important boundaries are
those that influence property values.
The area of influence, commonly called a neighborhood or market area, can be defined as a
group of complementary land uses. To identify a market area’s boundaries, an appraiser
examines the subject property’s surroundings. The investigation begins with the subject
property and proceeds outward, identifying all relevant influences on the property’s value that
can be attributed to the property’s location.
Analyzing the market area helps to provide a framework, or context, in which the opinion of
property value is developed. The appraiser identifies the area of influence and establishes
potential limits within which the appraiser searches for data that can be used to apply the
approaches to value.
Market Area Delineation: A market area’s boundaries may be the physical area that exerts
relevant influences on a subject property's value. The boundaries may coincide with changes in
prevailing land use, occupant characteristics, or physical characteristics, such as structures,
street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical
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features often coincide with the change from one market area to another, features such as
transportation arteries (highways, major streets, railroads), bodies of water (rivers, lakes,
streams), and changes in elevation (hills, mountains, cliffs, valleys) often constitute market area
boundaries.
The primary market area is defined geographically as the area in which a competitive property
would have a similar market area identification and general location appeal. The primary
market area, for purposes of this appraisal assignment, consists of those residential properties
zoned (E), Estates District, according to the Collier County Land Development Code located
east of 13th Street NW/NE, south of Randall Boulevard, west of approximately one mile east of
Everglades Boulevard and north of approximately one mile south of Golden Gate Boulevard
E/W in Collier County, Florida.
The secondary market area is defined economically to include those areas where a similarly
zoned property would be considered by the same basic profile of prospective purchasers as
generally competitive with the parent tract. The secondary market area, for purposes of this
appraisal assignment, is defined as those residential properties zoned (E), Estates District,
located in peripheral locations to the primary market area described above.
Stages of a Market Area’s Life Cycle: A market area’s life cycle usually consists of the
following stages:
1. Growth - a period during which the market area gains public favor and acceptance.
2. Stability - a period of equilibrium without marked gains or losses.
3. Decline - a period of diminishing demand.
4. Revitalization - a period of renewal, modernization, and increasing demand.
Although the stages describe a market area’s evolution in a general way, they should not be
overemphasized as providing guidelines to market area trends. Many market areas are stable
for very long periods of time, and decline is not necessarily imminent in all older market areas.
Unless caused by the advent of some specific external influence, for example, a new highway
that changes traffic patterns, decline may be at a barely perceptible rate and is subject to
interruption by changing use or revival of demand. Therefore, there is no definite life
expectancy for a market area. Moreover, the stages are not always sequential. At any time in
the cycle, major changes can occur which interrupt the order to the cycle's stages. For
example, a market area that is in a stage of growth may decline precipitously rather than
stabilize.
In the first two of months of 2020 the primary and secondary markets were considered to be in a
period of growth as evidenced by the steady absorption of available vacant residential land, the
planned improvements to the area’s infrastructure, and the continued development of residential
properties within the market areas. However, in mid-March 2020 a high-degree of uncertainty
entered the market due to the Novel Coronavirus (COVID-19) pandemic.
On March 9, 2020, the governor of Florida issued Executive Order 20-52, declaring a state of
emergency for the entire state due to COVDID-19 that was extended by Executive Order 20-
114. The state of emergency covers all of Florida and gives broad powers to state and local
government agencies in responding to COVID-19. Social distancing measures have resulted in
the temporary closing of many schools, churches, retail stores, hotels, restaurants, offices, and
other commercial uses within the Collier County market area. Subsequently, the number of
unemployed has subsequently surged to record highs.
Currently, governmental fiscal and monetary policies are attempting a full support mode to
reduce the economic consequences from COVID-19. However, the ultimate economic recovery
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will depend on virus containment and the development of adequate treatments and vaccines.
Accordingly, at this time, it is unknown what effect COVID-19 will have on the primary and
secondary market areas.
General Primary Market Description: The Golden Gate Estates area began development in
the early 1960’s. Based on the Collier County tax rolls, there are approximately 31,000 platted
tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14
acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non-
conforming tracts. The Golden Gate Estates area is composed of two separate sub-markets,
the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates
area, which lies east of Collier Boulevard (CR 951).
The primary roadways that provide the main access to the described primary market area
include:
• Collier Boulevard (CR 951);
• Immokalee Road (CR 862);
• Golden Gate Boulevard;
• Randall Boulevard;
• Wilson Boulevard;
• Everglades Boulevard; and
• Desoto Boulevard.
Available utilities within the primary market area include telephone, electrical service, and
emergency services. Water must be typically provided by private well and wastewater must be
typically disposed of by a private septic tank and drain field combination.
Finally, the appraiser has included in the addendum of this report the “Quarterly Market Detail
for the 1st Quarter 2020 for the Single-Family Homes in the Naples-Immokalee-Marco Island
MSA” produced by Florida Realtors with data provided by Florida’s multiple listings services.
Trends and Conclusions: In conclusion, recognizing the high-degree of uncertainty that
entered the market area caused by the Novel Coronavirus (COVID-19) pandemic, it is unknown
what effect COVID-19 will have on the primary and secondary market areas. However, due to
positive regional economic factors as evidenced by the steady absorption of available vacant
residential land, the planned improvements to the area’s infrastructure and the continued
development of residential properties within the market areas, it is the appraiser’s opinion, that
the primary and secondary market areas should expect continued economic development into
the foreseeable future.
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Parent Tract Aerial Map
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Parent Tract Plat Map
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SITE DATA
Location: The parent tract is located on the south side of 12th Avenue NW 0.65 miles west of
Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a street address of
510 12th Avenue NW, Naples, Florida 34120.
Size and Shape: The parent tract contains 1.59 acres of gross land area and is rectangular in
shape. Specifically, the parent tract has a northern property line along 12th Avenue NW that
measures 105 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 105 feet.
Roadway Frontage: The parent tract benefits from 105 feet of frontage along the southerly
right-of-way of 12th Avenue NW. 12th Avenue NW is a local, undivided, two lane, paved
roadway.
Available Utilities: The available utilities to the parent tract include telephone, electrical
service, and emergency services. Drinking water would be typically provided by a private well.
Wastewater would be typically disposed of by a private septic tank and drain field combination.
Exotic Vegetation and Wildlife: Current county, state, and federal regulations have
considered certain areas jurisdictional based upon vegetation classifications and/or wildlife
species. The appraiser is not an expert at vegetation groups or wildlife identification and has
not been provided a report prepared by such an expert. The parent tract is presumed to be
unencumbered by current county, state, and federal regulations related to certain areas being
considered to be jurisdictional based upon vegetation classifications and/or wildlife species.
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.
Environmental Liabilities: Unless otherwise stated above or elsewhere in this report, the
existence of hazardous substances, including, without limitation, asbestos, polychlorinated
biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on
the property, or other environmental conditions, were not called to the attention of nor did the
appraiser become aware of such during the property inspection. The appraiser is not qualified
to test such substance or conditions. If the presence of such substances, such as asbestos,
urea, formaldehyde foam insulation, or other hazardous substances or environmental
conditions, may affect the value of the property, the value estimated is predicated on the
assumption that there is no such condition on or in the property or in such proximity thereto that
it would cause a loss in value. No responsibility is assumed for any such conditions or for any
expertise or engineering knowledge required to discover them. The parent tract is assumed to
be unaffected by environmental liabilities. However, the reader is advised that no environmental
studies of the parent tract have been provided to the appraiser.
Elevation and Topography: The parent tract appears to be a level tract partially cleared.
Predominant Soil Classification(s): Only a limited visual surface inspection of the property
was made, and no soil or subsoil problems were observed. No soil or subsoil engineering
reports were provided to the appraiser. The appraiser has assumed no soil or subsoil problems
exist that would negatively affect the market value of the parent tract.
Easements and Restrictive Covenants: The parent tract is encumbered by a 30-foot wide
road right-of-way easement along the northern property line along the property’s existing
frontage to 12th Avenue NW. 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
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before the taking. However, the reader is advised that the appraiser has not been provided any
title information.
Collier County Future Land Use Designation and Zoning Classification: 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.
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Improvement Sketch
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IMPROVEMENT DATA
The parent tract is improved with a single-family home and associated site improvements. The
single-family home is located in the northern portion of the property and is setback
approximately 95 feet from the existing right of way of 12th Avenue NW.
The parent tract’s single-family home is one story and has a slab on grade foundation, CBS
construction and a fiberglass shingle roof. The home contains 1,775 square feet of gross living
area, a covered entry with brick containing 35 square feet, and a covered porch under truss with
tile containing 310 square feet. In addition, there is a screen enclosed pool area containing
1,209 square feet with keystone deck and 14-foot by 28-foot pool with spa.
The interior of the home is partitioned into four bedrooms, three baths, a foyer area, living room,
dining room, kitchen, and utility room. The interior includes porcelain tile flooring throughout
and has a combination of cathedral and eight-foot ceilings in the bedrooms. The kitchen
includes thermafoil cabinets with granite counters. Appliances include stainless steel
refrigerator, stove, and dishwasher. The utility room has a washer, dryer, and wire shelving.
The master bath has a tub and shower combination with tile wainscot, formica cabinets and
granite counters. Other features include but are not limited to ceiling fans, wood fireplace, two
skylights, and six-foot paneled interior doors. The guest bath has a tub/shower combination
with tile wainscot and formica cabinet with granite counter. The appraiser was not provided
access to the fourth bedroom and third bath. The owner reported that this area was similarly
improved and in similar condition to the guest bedroom and guest bath. The appraiser has
assumed the fourth bedroom and third bath are in similar in improvements and condition
to the guest bedroom and guest bath as reported by the owner. The appraiser reserves
the right to amend the findings of this report if this assumption is false.
Significant site improvements include: a brick driveway, a brick walkway to the entry, an 8-foot
by 10-foot shed, sod, landscaping, irrigation, a well and water treatment system, septic
tank/drain field, fill, grade, and clearing.
The parent tract’s single-family home was constructed in 1996 and has been adequately
maintained. The roof was replaced in 2015. Consequently, the building improvements have a
chronological age of 24 years and an estimated effective age of 15 years. Furthermore, the
appraiser has estimated the parent tract’s single-family home to have a total economic life of 60
years and a remaining economic life of 45 years.
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HIGHEST AND BEST USE
Highest and best use is defined in The Dictionary of Real Estate Appraisal, Sixth Edition, as
published by the Appraisal Institute as “the reasonably probable use of property that results in
the highest value. The four criteria that the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and maximum productivity.”
Implied is that the determination of highest and best use results from the appraiser's judgment
and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact
to be found. In appraisal practice, the concept of highest and best use represents the premise
upon which value is based. In the context of most probable selling price (market value) another
appropriate term to reflect highest and best use would be most probable.
Highest and Best Use Analysis "As Though Vacant": This part of the highest and best use
analysis assumes that a parcel of land is vacant or that it can be made vacant through the
demolition of any improvements. The question to be answered in this part of the highest and
best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what
type of building or other improvement (if any) should be constructed on the land? The purpose
of estimating the highest and best use for land or a site is to identify the use that causes the
land to have value. This identification also helps to identify comparable properties. For highest
and best use of land as vacant, a use must meet four criteria. The four criteria are (1) legally
permissible, (2) physically possible (3) financially feasible, and (4) maximally productive.
In summary, the parent tract is legally, physically and financially capable of supporting potential
single-family residential development. Accordingly, it is the appraisers’ opinion that the highest
and best use of the parent tract “as though vacant” is estimated to be potential single-family
residential development.
Highest and Best Use Analysis "As Improved": For this portion of the highest and best use
analysis, the appraiser will provide the reader with an overview of the analysis and support of
the highest and best use estimate for the parent tract "as improved". Again, under this portion
of the highest and best use analysis, the appraiser will consider whether or not the existing
improvements should be demolished, changed in some manner, or be retained. The following
analysis is presented.
In summary, the appraiser has estimated the highest and best use of the parent tract "as though
vacant" to be potential single-family residential development. Furthermore, the parent tract is
improved with a single-family home and associated site improvements. The parent tract’s
single-family home was constructed in 1996 and has been adequately maintained. The roof
was replaced in 2015. Consequently, the building improvements have a chronological age of 24
years and an estimated effective age of 15 years. Furthermore, the appraiser has estimated the
parent tract’s single-family home to have a total economic life of 60 years and a remaining
economic life of 45 years.
Accordingly, it is the appraisers’ opinion that the highest and best use of the parent tract “as
improved” is estimated to be the continued use of the existing improvements as a single-family
home and associated site improvements.
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The Appraisal Process
There are three standard approaches to property valuation:
1. Cost Approach
2. Sales Comparison Approach
3. Income Capitalization Approach
The Cost Approach requires the estimation of the reproduction cost new of the subject
improvements on current market price levels for labor and materials. The second component is
the estimate of accrued depreciation, or diminished utility, which is computed and subtracted
from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of
the subject improvements. Finally, the land value, as obtained from a market comparison
approach, is added to obtain a value of the property as a whole. The underlying premise in the
Cost Approach is the theory of substitution, which states that an informed purchaser would pay
no more for a property than would be required to substitute of equal utility. This approach is
most applicable when the improvements are new and represent the highest and best use of the
subject, as though vacant. Conversely, when the improvements are old and adequate land
sales are not available, the Cost Approach tends to lose credence.
The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of
buyers and sellers for a similar class of property in a simulation model to project the most
probable selling price. This approach is also based upon the theory of substitution as well as
the concept of anticipation and contribution. This approach is most applicable when there has
been a sufficient amount of market transactions of similar properties to ascertain patterns of
behavior of the market participants. This valuation can only be as accurate as the quality of
information permits. If the comparative properties are quite dissimilar to the parent tract and
large adjustments are required, then this approach loses credibility.
The Income Approach is the valuation process which measures value as a function of the
present worth of the property's net income capacity. This approach is based upon the concept
of anticipation, contribution, and increasing and decreasing returns. This approach requires
market oriented income and expense data as well as current mortgage and equity rates (income
and yield). This approach is generally considered most reliable in the valuation of commercial
properties, as it best represents investor’s and lender’s expectations and actions in the market.
Each of the above three approaches will usually indicate different values. After all of the factors
of the three approaches have been carefully weighted, the indications of value are correlated to
arrive at a final estimate of value.
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Identification of the Applicable Valuation Procedure(s): It is the appraiser’s opinion that the
Sales Comparison Approach to Value is the only applicable approach for this valuation
assignment. The Sales Comparison Approach to Value is considered applicable since an
adequate number of similar improved sales have recently occurred within the market area that
may be utilized by the appraiser in predicting typical buyer and seller behavior. Furthermore, the
Sales Comparison Approach is the most often used approach to value single family homes.
Finally, the Sales Comparison Approach to Value is considered sufficient and adequate to provide
a reliable value conclusion.
The Cost Approach to Value is typically used with new construction and therefore this approach is
not considered applicable due to the difficulty in estimating accrued depreciation. The Income
Approach to Value is not considered applicable due to insufficient rental data and since the parent
tract is not generally considered to be an income producing property.
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Land or Site Valuation
INTRODUCTION:
In general, the supply of land is relatively stable. Although physical and ecological changes
may result in the accretion or destruction of land, these occurrences are rare. Land has value
because it has specific utility and is in demand. Several appraisal concepts and principles
contribute to the formation of land value. Anticipation, the expectation of increased demand for
sites suitable to a particular use, motivates speculators to acquire land. The supply of and
demand for sites tend towards the equilibrium in the long run, but short-term imbalances do
occur. Intense market competition can create land values that exceed profitability. The
principle of substitution holds that the greatest demand is generated for the lowest priced sites.
Balance and price at value is sustained when the various elements in an economic or
environmental mix are in equilibrium.
LAND VALUATION PROCEDURES:
Traditionally, there are six land valuation techniques or procedures available to the appraiser for
utilization in this process. These six procedures are identified as follows:
1. Sales Comparison: The Sales Comparison Approach may be used to value land that is
actually vacant or land that is being considered as though vacant for appraisal purposes.
Sales comparison is the most common technique for valuing land and it is the preferred
method when comparable sales are available. To apply this method, sales of similar parcels
of land are analyzed, compared, and adjusted to provide a value indication for the land
being appraised. In the comparison process the similarity or dissimilarity of the parcels is
considered.
Elements of comparison include property rights, legal encumbrances, financing terms,
conditions of sale (motivation), market conditions (sale date), location, physical
characteristics, available utilities, zoning, and highest and best use. The most variable
elements of comparison are the physical characteristics of the site that includes the size and
shape, frontage, topography, location and view.
2. Allocation: Vacant sites in densely developed urban locations may be so rare that their
values cannot be estimated by direct comparison. Similarly, sales of vacant sites in remote
rural areas may occur so seldom that comparable data are inadequate. In such cases, land
value can be estimated by allocation or extraction.
The allocation method is based on the principle of balance and the related concept of
contribution, which affirm that there is a normal or typical ratio of land value to property
value for specific categories of real estate in specific locations. The allocation method does
not produce conclusive value indications, but it can be used to establish land value when the
number of vacant land sales is inadequate.
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3. Extraction: Extraction is a variant of the allocation method in which land value is
extracted from the sales price of an improved property by deducting the value contribution of
the improvements, which is estimated from their depreciated costs. The remaining value
represents the value of the land.
4. Subdivision Development: The subdivision development method is used to value land
when subdivision and development represent the highest and best use of the appraised
parcel and sales data on finished lots are available. The subdivision development analysis
may involve industrial, residential, or recreational land. The subdivision of land is the normal
pattern of real estate development. A landowner divides a large plot into smaller parcels to
sell or lease them.
5. Land Residual: The land residual technique may also be used to estimate land value
when sales data on similar parcels of vacant land are not available. This technique is based
on the principle of balance and the related concept of contribution, which are concerned with
equilibrium among the agents of production including labor, capital, coordination, and land.
The land residual technique can be used to estimate land value when: (1) building value is
known or can be accurately estimated, (2) stabilized, annual net operating income to the
property is known or can be estimated, and (3) both building and land capitalization rates
can be extracted from the market.
6. Ground Rent Capitalization: Ground rents can be capitalized at an appropriate rate to
indicate the market value of a site. Ground rent is the amount paid for the right to use and
occupy the land according to the terms of the ground lease. It corresponds to the value of
the landowner's interest in the land, and the leased-fee interest. Market-derived
capitalization rates are used to convert ground rent into market value.
SUMMARY OF THE LAND VALUATION PROBLEM:
The appraiser has considered each of the six land valuation procedures identified above and
has determined that the Sales Comparison Approach to Value is the only applicable valuation
procedure for this portion of the valuation assignment. This procedure is considered applicable
due to the fact that an adequate number of recent and relevant unimproved 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 January 2020 and May 2020 as being most comparable to
the parent tract. The data sheets for each of the sales used to estimate the value of the parent
tract are presented in the addendum of this report.
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Land Sales Map
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APPLICATION OF THE MARKET DATA
As previously stated, the appraiser has selected five competitive unimproved sales zoned E,
Estates District, transacted between January 2020 and May 2020 as being most comparable to
the parent tract. All sales have been compared to the parent tract and adjusted for significant
differences. Buyers, sellers, and active real estate agents have reported that competitive
unimproved properties within the market area are typically purchased based on a price per acre
of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of
adjustments including the following order: property rights conveyed; financing; conditions of sale
(motivation); market conditions (time); and other significant locational and physical
characteristics. The sales comparison grid is presented on the following page:
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Parent Sale Sale Sale Sale Sale
Element of Comparison Tract No. 1 No. 2 No. 3 No. 4 No. 5
Date of Value/Sale Jul-2020 May-2020 Feb-2020 Jan-2020 Jan-2020 Jan-2020
Location South side of South side of South side of South side of East side of South side of
12th Ave. NW 31st Ave. NE 6th Ave. SE 20th Ave. NE 12th St. NE 24th Ave. NE
Size (Acres)1.59 1.14 1.14 1.14 1.14 1.14
Roadway Frontage 12th Ave. NW 31st Ave. NE 6th Ave. SE 20th Ave. NE 12th St. NE 24th Ave. NE
Land Use Designation Estates Estates Estates Estates Estates Estates
Zoning Estates Estates Estates Estates Estates Estates
Utilities Limited Limited Limited Limited Limited Limited
Sales Price NA $46,000 $50,000 $46,000 $50,000 $44,000
Sales Price (Per Acre)NA $40,351 $43,860 $40,351 $43,860 $38,596
Transaction Adjustments
Property Rights Conveyed $0 $0 $0 $0 $0
Financing $0 $0 $0 $0 $0
Conditions of Sale (Motivation)$0 $0 $0 $0 $0
Market Conditions (Time)$0 $0 $0 $0 $0
Adjusted Price $46,000 $50,000 $46,000 $50,000 $44,000
Adjusted Price (Per Acre)$40,351 $43,860 $40,351 $43,860 $38,596
Additional Adjustments
Location 0.00% 0.00% 0.00% 0.00% 0.00%
Roadway Frontage 0.00% 0.00% 0.00% 0.00% 0.00%
Size 0.00% 0.00% 0.00% 0.00% 0.00%
Land Use/Zoning 0.00% 0.00% 0.00% 0.00% 0.00%
Utilities 0.00% 0.00% 0.00% 0.00% 0.00%
Net Percentage Adjustment 0.00% 0.00% 0.00% 0.00% 0.00%
Adjusted Price (Per Acre)$40,351 $43,860 $40,351 $43,860 $38,596
Sales Comparison Grid - Land Sales:
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Explanation of Adjustments:
The following explanations of adjustments are presented:
• Adjustments for Property Rights Conveyed, Financing and Conditions of Sale
(Motivation): All sales utilized in direct comparison to the parent tract conveyed
property rights involving a fee simple estate and involved market financing or were all
cash to seller transactions. Also, all sales were verified to be typically motivated arm’s
length transactions. Accordingly, no adjustments were made for these three elements of
comparison.
• Adjustments for Marketing Conditions (Time): The date of sale identifies the market
conditions under which the comparable sale occurred. Changes in market conditions can
be caused by inflation, deflation, changes in supply and demand, and other factors.
Although the adjustment for market conditions is sometimes referred to as a "time
adjustment", the passing of time is not the cause of the adjustment, but rather, the
market conditions that may or may not have changed over the time period analyzed.
Changes in market conditions are usually measured as a percentage of a previous price.
An analysis of a resale of the sale property, or two (2) paired sales considered very
similar, can provide an indication of the rate of price change.
• The primary and secondary market areas are in a period of stabilizing values after a
period of moderate growth. Also, all sales are recent sales. Therefore, no adjustment
was needed for this element of comparison.
• Adjustments for Location, Road Frontage, Size, Land Use/Zoning, and Utilities: All
sales are competitive vacant residential sites located in the primary Golden Gate Estates
market area with similar road frontage on local roadways. All sales are similar in size as
the parent tract, and have the same land use/zoning, and available utilities. Accordingly,
no adjustments were made for these elements of comparison.
Discussion of Sales:
• Land Sale No. 1 contains 1.14 acres of gross land area and is a May 2020 transaction.
The sale property is located on the south side of 31st Avenue NE approximately 0.40
miles west of Everglades Boulevard N., Collier County, Naples, Florida. Land Sale No. 1
benefits from frontage along the southerly right-of-way of 31st Avenue NE. Available
utilities to the sale property include telephone, electrical service, and emergency
services. Drinking water is typically provided by private well. Wastewater is typically
disposed of by a private septic tank and drain field combination. Sale No. 1 has a future
land use designation of Estates and is zoned Estates by Collier County. Sale No. 1 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 31st Avenue NE. Verification of this
sale indicated that at the time of sale, the property did not include any significant
contributory improvements. Land Sale No. 1 provided an indicated adjusted value of
$40,351 per acre.
• Land Sale No. 2 contains 1.14 acres of gross land area and is a February 2020
transaction. The sale property is located on the south side of 6th Avenue SE
approximately 0.85 miles east of Everglades Boulevard N., Collier County, Naples,
Florida. Land Sale No. 2 benefits from frontage along the southerly right-of-way of 6th
Avenue SE. Available utilities to the sale property include telephone, electrical service,
and emergency services. Drinking water is typically provided by private well.
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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. Sale No. 2 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 6th Avenue SE.
Verification of this sale indicated that at the time of sale, the property did not include any
significant contributory improvements. Also, the property was reported to be 100%
uplands. Land Sale No. 2 provided an indicated adjusted value of $43,860 per acre.
• Land Sale No. 3 contains 1.14 acres of gross land area and is a January 2020
transaction. The sale property is located on the south side of 20th Avenue NE
approximately 0.30 miles east of 16th Street NE., Collier County, Naples, Florida. Land
Sale No. 3 benefits from frontage along the southerly right-of-way of 20th Avenue NE.
Available utilities to the sale property include telephone, electrical service, and
emergency services. Drinking water is typically provided by private well. Wastewater is
typically disposed of by a private septic tank and drain field combination. Sale No. 3 has
a future land use designation of Estates and is zoned Estates by Collier County. Sale
No. 3 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 20th Avenue NE. Verification
of this sale indicated that at the time of sale, the property did not include any significant
contributory improvements. Land Sale No. 3 provided an indicated adjusted value of
$40,351 per acre.
• Land Sale No. 4 contains 1.14 acres of gross land area and is a January 2020
transaction. The sale property is located on the east side of 12th Street NE
approximately 0.30 miles north of Golden Gate Boulevard E., Collier County, Naples,
Florida. Land Sale No. 4 benefits from frontage along the easterly right-of-way of 12th
Street NE. Available utilities to the sale property include telephone, electrical service,
and emergency services. Drinking water is typically provided by private well.
Wastewater is typically disposed of by a private septic tank and drain field combination.
Sale No. 4 has a future land use designation of Estates and is zoned Estates by Collier
County. Sale No. 4 is encumbered by a 30-foot wide road right-of-way easement along
the western property line and along the property’s existing frontage to 12th Street NE.
Verification of this sale indicated that the sale property is being improved with a single-
family home. Land Sale No. 4 provided an indicated adjusted value of $43,860 per acre.
• Land Sale No. 5 contains 1.14 acres of gross land area and is a January 2020
transaction. The sale property is located on the south side of 24th Avenue NE
approximately 0.90 miles east of Everglades Boulevard N., Collier County, Naples,
Florida. Land Sale No. 5 benefits from frontage along the southerly right-of-way of 24th
Avenue NE. Available utilities to the sale property include telephone, electrical service,
and emergency services. Drinking water is typically provided by private well.
Wastewater is typically disposed of by a private septic tank and drain field combination.
Sale No. 5 has a future land use designation of Estates and is zoned Estates by Collier
County. Sale No. 5 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 24th Avenue NE.
Verification of this sale indicated that at the time of sale, the property did not include any
significant contributory improvements. Also, the property was reported to be mostly
uplands. Land Sale No. 5 provided an indicated adjusted value of $38,596 per acre.
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RECONCILIATION OF THE MARKET VALUE ESTIMATE OF THE PARENT
TRACT LAND:
In summary, the appraiser has selected five competitive unimproved sales zoned E, Estates
District, transacted between January 2020 and May 2020 for direct comparison to the parent
tract land 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 $38,596 per gross acre for Sale No. 5 to a high of $43,860 per gross acre for Sale Nos. 2
and 4. The arithmetical mean from this database was $41,404 per gross area.
In conclusion, the final estimate of value, after reviewing each of the five comparable sales
utilized in direct comparison to the parent tract land is $42,000 per gross acre, which results in
the following estimate of value:
Market Value of the Parent Tract Land:
(1.59 Gross Acres) x ($42,000 Per Gross Acre) = $66,780
Rounded to, Say - $66,800
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The Sales Comparison Approach to Value
PART ONE: INTRODUCTION
In the Sales Comparison Approach, market value is estimated by comparing the parent tract to
similar properties that have been sold recently or for which offers to purchase have been made.
A major premise of the Sales Comparison Approach is that the market value of a property is
directly related to the prices of comparable, competitive properties. A comparative analysis in
the Sales Comparison Approach focuses on differences in legal, physical, locational, and
economic characteristics of similar properties and the parent tract and on differences in the real
property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the
financing arrangements for each sales transaction which can account for variations in prices.
The Sales Comparison Approach is applicable to all types of real property interest when there
are sufficient, recent, and reliable transactions to indicate value patterns in the market. For
property types that are bought and sold regularly, the Sales Comparison Approach often
provides a reliable indication of market value. When data are available, this is the most direct
and systematic approach to value. When the number of market transactions is insufficient, the
applicability of the Sales Comparison Approach may be limited. For example, the Sales
Comparison Approach is rarely applied to a special purpose property because few similar
properties may be sold in a given market. To value such properties, the Cost or Income
Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales
and offers for similar properties may establish broad limits for the value of the property being
appraised.
When economic conditions are changing rapidly, the usefulness of the Sales Comparison
Approach may be limited. For example, changes in income tax laws and zoning regulations, the
availability in cost of financing, or the supply of similar properties may cause the sale prices of
comparable properties with similar uses to be unreliable indicators of the value of the parent
tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable
market basis on which to make adjustments for these changes. Rapid inflation or deflation can
also jeopardize the reliability of an appraiser’s adjustments and limit the usefulness of the Sales
Comparison Approach.
To apply the Sales Comparison Approach, an appraiser follows a systematic procedure:
A. Research the market to obtain information on sales transactions, listings, and offerings
to purchase properties similar to the parent tract.
B. Verify the information by confirming that the data obtained are factually accurate and
that the transactions reflect arm's length market considerations.
C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per
income multiplier) and develop a comparative analysis for each unit.
D. Compare the parent tract and comparable sale properties using the elements of
comparison and adjust the sale price of each comparable appropriately or eliminate the
property as a comparable.
E. Reconcile the various value indications produced from the analysis of comparables
into a single value indication or a range of values. An imprecise market may indicate a
range of values.
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PART TWO: PRINCIPLES OF SALES COMPARISON APPROACH TO VALUE
The application of the Sales Comparison Approach is based on, and consistent with, the
operation of value influences and appraisal principles. The following appraisal principles are
generally considered most relevant to the Sales Comparison Approach:
A. Supply and Demand: Property prices are determined by the market. They result from
negotiations between buyers and sellers; buyers constitute market demand and the
properties offered for sale constitute the supply. If the demand for a particular type of
property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts
in the supply of improved properties frequently lag behind shifts in demand because
supply is created by time-consuming construction, while demand can change rapidly.
B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution
holds that the value of a property tends to be set by the price that would be paid to
acquire a substitute property of similar utility and desirability. This principle implies that
the reliability of the Sales Comparison Approach is diminished if substitute properties are
not available in the market.
C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the
market, but absolute equilibrium is almost never attained. The balance between supply
and demand changes continually. Due to shifts in population, purchasing power, and
consumer tastes and preferences, demand varies greatly over time. The construction of
new buildings and the demolition of old ones cause supply to vary as well. Another
aspect of this principle is that the relationship between land and improvements and the
relationship between a property and its environment must both be in balance for a
property to reflect its actual market value. If, for example, a property has too much land
in relation to its improvements or too many expensive amenities for its location, an
imbalance is created. Appraisers must watch for imbalances in the market and within
properties because they can cause the market to impute different prices to otherwise
comparable properties.
D. Externalities: Positive and negative external forces affect all types of property. A
period of economic development or economic depression can often influence property
values. An appraiser analyzes the market area of a parent tract to identity all significant
external influences. To a great extent, these external forces are reflected in the
adjustments made for property location. Two properties with identical physical
characteristics may have quite different market values if one of the properties has less
attractive surroundings. Factors such as the condition and lighting of streets, the
convenience of transportation facilities, the adequacy of police protection, and the
proximity to shopping and restaurant facilities vary with location. They must be
considered by the appraiser to determine if they have a positive or negative effect on the
value of the property being appraised.
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PART THREE: PRESENTATION OF THE MARKET DATA
The appraiser has reviewed economic data related to a number of improved sales of
comparable properties located within the primary and secondary market areas. Based on this
research, the appraiser has assembled three improved sales that were all transacted between
March 2020 and July 2020 as being most comparable to the parent tract. The data sheets for
each of the improved sales used to estimate the value of the parent tract are presented in the
addendum of this report.
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Improved Sales Map
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PART FOUR: APPLICATION OF THE MARKET DATA
As previously stated, the appraiser has selected three improved sales that were all transacted
between March 2020 and July 2020 as being most comparable to the parent tract. All sales
have been compared to the parent tract and adjusted for significant differences. Furthermore,
the appraiser has applied the proper sequence of adjustments including the following order:
property rights conveyed; financing; conditions of sale (motivation); market conditions (time) and
other locational and physical characteristics. The improved sales comparison grid is presented
on the following page:
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Parent Sale Sale Sale
Element of Comparison:Tract No. 1 No. 2 No. 3
Date of Value/Sale Jul-2020 Mar-2020 Jun-2020 Jul-2020
Property Rights Conveyed NA Fee Simple Fee Simple Fee Simple
Financing NA Typical Typical Typical
Conditions of Sale (Motivation)NA Arm's Length Arm's Length Arm's Length
Location 510 12th Ave. NW 361 14th Ave. NW 3431 6th Ave. SE 3481 2nd Ave. SE
Site Data:
Land Area (Gross Acres)1.59 2.27 1.14 1.14
Site Improvements Average Similar Similar Similar
Improvement Data:
Construction/Quality CBS/Avg.CBS/Inf.CBS/Sim.CBS/Inf.
Year Built/Condition 1996/Avg.1995/Inf.1998/Sup.2002/Sup.
Design & Appeal 1 Story/Avg.1 Story/Avg.1 Story/Avg.1 Story/Avg.
Gross Living Area 1,775 2,103 1,497 1,607
Bedrooms/Baths 4/3 5/3 3/2 4/3
Attached Garage/Carport None None 2-Car Att. Garage, Sup. 2-Car Att. Garage, Sup.
Entry/Porch/Patio Entry/Porch Entry/Lg. Porch, Sup.Entry/Porch, Inf.Entry/Porch, Inf.
Pool/Spa/Deck Sc. Encl. Pool/Spa/Deck Sc. Encl. Pool/Deck, Inf. Sc. Encl. Pool/Deck, Inf. Sc. Encl. Pool/Deck, Inf.
Transaction Adjustments:
Sales Price $315,000 $310,000 $313,000
Property Rights Conveyed $0 $0 $0
Financing $0 $0 $0
Conditions of Sale (Motivation)$0 $0 $0
Market Conditions (Time)$0 $0 $0
Adjusted Sales Price $315,000 $310,000 $313,000
Other Adjustments:
Site Data:
Location/Land Area (Gross Acres)-$25,800 $17,100 $17,100
Site Improvements $0 $0 $0
Improvement Data:
Construction/Quality $10,000 $0 $10,000
Year Built/Condition $25,000 -$10,000 -$10,000
Design & Appeal $0 $0 $0
Gross Living Area -$16,400 $13,900 $8,400
Bedrooms/Baths $0 $7,500 $0
Attached Garage/Carport $0 -$12,000 -$12,000
Entry/Porch/Patio -$11,100 $3,200 $5,800
Pool/Spa/Deck $10,000 $5,000 $5,000
Final Adjusted Sales Price $306,700 $334,700 $337,300
Sales Comparison Grid - Improved Sales:
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Explanation of Adjustments:
The following explanations of adjustments are presented:
• Adjustments for Property Rights Conveyed, Financing and Conditions of Sale
(Motivation): All sales utilized in direct comparison to the parent tract conveyed
property rights involving a fee simple estate and involved market financing or were all
cash to seller transactions. Also, all sales were verified to be typically motivated arm’s
length transactions. Accordingly, no adjustments were made for these three elements of
comparison.
• Adjustments for Marketing Conditions (Time): The date of sale identifies the market
conditions under which the comparable sale occurred. Changes in market conditions can
be caused by inflation, deflation, changes in supply and demand, and other factors.
Although the adjustment for market conditions is sometimes referred to as a "time
adjustment", the passing of time is not the cause of the adjustment, but rather, the
market conditions that may or may not have changed over the time period analyzed.
Changes in market conditions are usually measured as a percentage of a previous price.
An analysis of a resale of the sale property, or two (2) paired sales considered very
similar, can provide an indication of the rate of price change.
The primary and secondary market areas are in a period of stabilizing values after a
period of moderate growth. Also, all sales are recent sales. Therefore, no adjustment
was needed for this element of comparison.
Adjustments for Other Locational and Physical Characteristics: All sales were
further adjusted for significant differences, including differences in location/land area,
construction/quality, year built/condition, gross living area, number of baths,
garage/carport areas, entry/porch/patio areas, and pool/spa deck areas.
DISCUSSION OF SALES:
• Improved Sale No. 1 has a street address of 361 14th Avenue NW, Naples, Florida,
and is a March 2020 transaction. Improved Sale No. 1 contains 2.27 acres of gross land
area and is located on the north side of 14th Avenue NW, west of Wilson Boulevard N in
Collier County, Naples, Florida. 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.
Improved Sale No. 1 is improved with a 5-bedroom, 3 bath, covered entry, large covered
porch with metal roof one-story, single-family residential structure with CBS construction
and a fiberglass shingle roof. In addition, there is a screen enclosed pool area with
painted concrete deck. The home contains 2,103 square feet of gross living area, was
built in 1995 and needs some deferred maintenance. Significant site improvements
include an asphalt drive, a well/pump/water treatment system, a septic tank/drain field,
fill/grade/clearing sod, and landscaping.
Improved Sale No. 1 sold for $315,000. Improved Sale No. 1, after appropriate
adjustments, provided an indicated value of $306,700.
Improved Sale No. 2 has a street address of 3431 6th Avenue SE, Naples, Florida,
and is a June 2020 transaction. Improved Sale No. 2 contains 1.14 acres of gross land
area and is located on the north side of 6th Avenue SE, east of Everglades Boulevard S
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in Collier County, Naples, Florida. 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.
Improved Sale No. 2 is improved with a 3-bedroom, 2 bath, covered entry, 2 car
attached garage, covered porch under truss, one-story, single-family residential structure
with CBS construction and a fiberglass shingle roof. In addition, there is a screen
enclosed pool area with stamped concrete deck. The home contains 1,497 square feet
of gross living area, was built in 1998 and has been upgraded. Significant site
improvements include a gravel drive, a well/pump/water treatment system, a septic
tank/drain field, fill/grade/clearing sod, landscaping and 12-foot by 22-foot hurricane
rated shed.
Improved Sale No. 2 sold for $310,000. Improved Sale No. 2, after appropriate
adjustments, provided an indicated value of $334,700.
• Improved Sale No. 3 has a street address of 3481 2nd Avenue SE, Naples, Florida,
and is a July 2020 transaction. Improved Sale No. 3 contains 1.14 acres of gross land
area and is located on the north side of 2nd Avenue SE, east of Everglades Boulevard S
in Collier County, Naples, Florida. 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.
Improved Sale No. 3 is improved with a 4-bedroom, 1 den, 3 bath, covered entry, 2 car
attached garage, covered porch under truss, one-story, single-family residential structure
with CBS construction and a fiberglass shingle roof. In addition, there is a screen
enclosed pool area with keystone deck. The home contains 1,607 square feet of gross
living area, was built in 2002 and has been adequately maintained. Significant site
improvements include a gravel drive, a well/pump/water treatment system, a septic
tank/drain field, fill/grade/clearing sod, and landscaping.
Improved Sale No. 3 sold for $313,000. Improved Sale No. 3, after appropriate
adjustments, provided an indicated value of $337,300.
RECONCILIATION OF THE MARKET VALUE ESTIMATE:
In summary, the appraiser has selected three improved sales that were all transacted between
March 2020 and July 2020 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 three sales range from a low of $306,700 for Sale No. 1 to a high
of $337,300 for Sale No. 3. The arithmetical mean from this database was $326,233.
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. In conclusion, the final estimate of value, after reviewing each of the three
improved sales utilized in direct comparison to the parent tract, as indicated via the Sales
Comparison Approach, as of July 29, 2020, is $330,000.
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Reconciliation of the Value Indications
In summary, the appraiser has obtained the following value indications from the valuation
approaches presented earlier in the appraisal report as follows:
The Cost Approach to Value: NA
The Sales Comparison Approach to Value: $330,000
The Income Capitalization Approach to Value: N/A
Reconciliation is the analysis of alternative conclusions to arrive at a value estimate.
Reconciliation is required because different value indications result from the use of more than
one valuation approach and within the application of a single approach.
Furthermore, the final value estimate should not be derived simply by applying technical and
quantitative procedures; rather, it should involve the exercise of judgment. The value
conclusion reached should be consistent with market thinking and the quantity of data used
should correspond to the amount of data the market considers relevant to the problem. An
appraiser shall produce a meaningful, defensible value estimate by considering three criteria:
appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of
certain approaches and specific assignments. All data, calculations, estimates, and
adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if
the conclusion reached is sufficiently supported in the market. Market data reflects past
phenomena, but an appraiser must rely on data to estimate future benefits and the present
value of these benefits. Nevertheless, the data available should not dictate the range of future
possibilities under consideration.
It was the appraiser’s opinion that the Sales Comparison Approach to Value was the only
applicable approach for this valuation assignment. The Sales Comparison Approach to Value
was considered applicable since an adequate number of similar improved sales have recently
occurred within the market area that may be utilized by the appraiser in predicting typical buyer
and seller behavior. Furthermore, the Sales Comparison Approach was the most often used
approach to value single family homes. Finally, the Sales Comparison Approach to Value was
considered sufficient and adequate to provide a reliable value conclusion.
The Cost Approach to Value is typically used with new construction and therefore this approach
was not considered applicable due to the difficulty in estimating accrued depreciation. The
Income Approach to Value was not considered applicable due to insufficient rental data and since
the parent tract is not generally considered to be an income producing property.
In conclusion, it is the appraiser’s opinion, that the market value of the parent tract, as of July
29, 2020, is $330,000, allocated $66,800 to the land value and $263,200 to the improvements.
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Estimation of Reasonable Exposure Time:
In this portion of the analysis, the appraiser will provide the reader with a narrative overview
relating to the estimate of the reasonable exposure time or normal marketing period for the
parent tract. Exposure time is defined in The Dictionary of Real Estate Appraisal, Sixth Edition
as “the estimated length of time that the property interest being appraised would have been
offered on the market prior to the hypothetical consummation of a sale at market value on the
effective date of the appraisal. Furthermore, exposure time is a retrospective opinion based on
an analysis of past events assuming a competitive and open market.
The appraiser has estimated a reasonable exposure time for the parent tract to be six to twelve
months, based on the appraiser’s research of market activity and available listings and
interviews with numerous market participants.
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Descriptions and Valuation Analyses of the Proposed Partial
Acquisition Area and the Remainder Property
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Parcel No. 209 FEE Acquisition Area Map
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PROJECT DESCRIPTION AND IDENTIFICATION OF THE PROPOSED
PARTIAL ACQUISITION AREA
Project Description: The proposed fee simple acquisition area will be utilized for the
Vanderbilt Beach Road Extension (Project No. 60168). The Vanderbilt Beach Road Extension
(Collier Boulevard to 16th Street NE) is an approximate 7-mile extension of the existing
roadway. Plans include: 1) a four-lane divided urban roadway to Wilson Boulevard; 2) two
lanes from Wilson Boulevard to 16th Street NE; 3) minor improvements to existing intersecting
streets including Weber Boulevard, Massey Street and Douglas Street; 4) new
roadway intersections at Wilson Boulevard, 8th Street NE and 16th Street NE; 5) a new traffic
signal at the Vanderbilt Beach road/Wilson Boulevard intersection; and 6) canal relocation to the
south of the roadway from 29th Street NW to 15th Street NW.
Description of the Proposed Acquisition Area: Parcel No. 209 FEE is a fee simple
acquisition area that consists of a strip taking along the rear, southerly boundary of the property.
Parcel No. 209 FEE contains 0.27 acres (11,584 square feet) of gross land area and is basically
rectangular in shape. Specifically, Parcel No. 209 FEE has a southern property line that
measures 104.99 feet; with a depth there from along the western property line that measures
110.33 feet; with a depth there from along the eastern property line that measures 110.34 feet;
and a northern property line that measures 104.99 feet.
Legal Description of the Partial Acquisition Area: The legal description of the proposed fee
simple acquisition area is as follows:
Source: RWA Consulting, Inc., Naples, Florida.
VALUATION ANALYSIS OF THE PROPOSED PARTIAL ACQUISITION AREA
Market Value of the Land Taken: The appraiser has previously estimated the market value of
the fee simple interest of the parent tract land to have a unit value of $42,000 per 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 land taken, which results in the following estimate of value:
Market Value of the Land Taken:
(0.27 acres) x ($42,000 Per Acre) = $11,340
Rounded to, Say = $11,300
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Value of the Improvements Taken: No significant improvements are located within the
proposed fee simple acquisition area.
Summary of the Land 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. Land Taken: ......................................................................................................... $11,300
2. Improvements Taken: ........................................................................................... $ 0
Market Value of the Part Taken: ................................................................................. $11,300
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: ......................................... $330,000
2. Less Market Value of the Part Taken: ................................................................. $ 11,300
Total Market Value of the Remainder Property, As Part of the Whole: ..................... $318,700
VALUATION ANALYSIS OF THE REMAINDER PROPERTY "AS SEVERED"
The remainder property land has been reduced in size from 1.59 acres to 1.32 acres of gross
land area. Specifically, the remainder property has a northern property line along the southerly
right-of-way of 12th Avenue NW that measures 105.00 feet; with a depth there from along the
western property line that measures 549.67 feet; with a depth there from along the eastern
property line that measures 549.66 feet; and a southern property line along the new northerly
right-of-way of Vanderbilt Beach Road Extension that measures 104.99 feet. The remainder
property’s vehicular access to 12th Avenue NW, utilities, topography, land use designation, and
zoning are unchanged.
However, the remainder property will have new rear yard frontage along the northerly right-of-
way of the proposed Vanderbilt Beach Road Extension. The remainder property will have no
vehicular access to Vanderbilt Beach Road Extension. Furthermore, an eight-foot high chain
link fence will be built by Collier County along the new right-of-way line to Vanderbilt Beach
Road Extension to separate the rear yard of the remainder property from the new busy
roadway.
The remainder property’s improvements are the same as before the taking.
The highest and best use of the remainder property “as vacant” is estimated to remain the same
as before the taking, potential single-family residential development, and 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.
It is the appraiser’s opinion that the remainder property will have a loss in value after the taking
due to the new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt
Beach Road Extension.
The appraiser has previously completed a rear yard busy road frontage study utilizing paired
sales analyses of six (6) improved residential sales with rear yard busy road frontage versus
comparable home sales located nearby without busy road rear yard frontage. Based on this
study, improved residential single-family properties with rear yard busy road frontage have a
lower market value as compared with similar improved residential single-family properties
located nearby without rear yard busy road frontage. This study indicated a negative difference
of slightly less than 10%.
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The appraiser has estimated the parent tract before the taking to have a value of $330,000.
Also, the appraiser has estimated the land and improvement taken to have a value of $11,300.
Accordingly, the estimated value of the remainder property before recognizing in any loss in
value due to the new rear yard busy road frontage is $318,700 ($330,000 - $11,300).
Based on the previously aforementioned study, the appraiser has recognized a loss in value of
negative 10% or $31,900, rounded ($318,700 x 0.10), due to the new rear yard frontage along
the northerly right-of-way of the proposed Vanderbilt Beach Road Extension. Therefore, the
appraiser has estimated the remainder property “as severed” to have a value of $286,800,
rounded ($318,700 - $31,900).
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.
It is the appraiser’s opinion that the remainder property will be damaged after the taking due to
the new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt Beach
Road Extension.
The appraiser has estimated the remainder property, as part of the whole, to be $318,700,
which represents the value of the whole ($330,000), less the value of the part taken ($11,300).
The appraiser has also estimated the market value of the remainder property as severed to be
$286,800. Therefore, these value estimates indicate severance damages in the amount of
$31,900 ($318,700 - $286,800).
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.
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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:
Partial Acquisition:Fee Indicated Indicated
Quantity Value Value Value
1. Parent Tract:(Acres)Per Acre Indicated Rounded Total
A. Land:1.59 $42,000 $66,780 $66,800
B. Improvements Taken:$263,200
Total:$330,000
2. Part Taken:
A. Land Taken:0.27 $42,000 $11,340 $11,300
B. Improvements Taken:$0
Total:$11,300
3. Remainder as Part of the Whole (1-2):$318,700
4. Remainder Property:$286,800
5. Damages, Total:$31,900
6. Special Benefits:$0
7. Damages, Net:$31,900
Summary of Total Compensation:
Part Taken:
A. Land Taken:0.27 $42,000 $11,340 $11,300
B. Improvements Taken:$0
Total:$11,300
Damages, Net:$31,900
Cost to Cure, Net:$0
Total Compensation for Parcel No. 209 FEE :$43,200
Summary of Values for Parcel No. 209 FEE:
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Addendum
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ASSUMPTIONS AND LIMITING CONDITIONS
The Market Value estimate of the property or properties appraised herein is subject to certain
assumptions and limiting conditions. Specifically, they are:
1. Any legal descriptions furnished are assumed to be correct.
2. No responsibility is assumed for matters legal in character, nor is any opinion rendered
herein as to title, which is assumed to be good and merchantable. It is assumed that
the property is under responsible ownership and management on the appraisal date.
3. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and
used in the making of this report are correct. The appraiser has not made a land
survey or caused one to be made, and therefore, assumes no responsibility for their
accuracy.
4. Certain data used in compiling this report was furnished the appraiser from sources
which they consider reliable, however, they do not guarantee the correctness of such
data, although as far as is reasonably possible, the data has been checked and is
believed to be correct.
5. The soil of the area under appraisement appears to be firm and solid, unless otherwise
stated. Subsidence in the area is unknown or uncommon but the appraiser does not
warrant against this condition of occurrence.
6. Subsurface rights (minerals and oil) were not considered in making this report unless
otherwise stated.
7. The tracts that according to survey, map, or plat, indicate riparian rights and/or littoral
rights are assumed to go with the property unless easements or deeds of record were
found by the appraiser to the contrary.
8. Possession of this report, or copy thereof, does not carry with it the right of publication
or reproduction, nor may it be used by any but the applicant without prior written
consent of the applicant and the appraiser, and in any event only in its entirety.
9. The appraiser by reason of this report is not required to give testimony in court with
reference to the property herein appraised, nor is the appraiser obligated to appear
before any governmental body, board, or agent unless arrangements have been
previously made therefore.
10. A careful inspection was made of any and all buildings involved in this appraisal report
and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations
was reported as a matter of information by the appraiser, but no guarantee as to the
amount or degree of damages, if any, is given herein.
11. The distribution of the total valuation in this report between land and improvements
applies only under the existing program of utilization. The separate valuations for land
and buildings must not be used in conjunction with any other appraisal and are invalid
if so used.
12. Neither all nor any part of the contents of this report shall be conveyed to the public
through advertising, public relations, news, sales or other media without the written
consent and approval of the author, particularly as to valuation conclusions, the
identity of the appraiser, or firms with which they are connected, or any reference to
the Appraisal Institute, or to the MAI designation.
13. Unless specifically stated in the report, the appraiser did not determine the flood plain
status of the property appraised. If such data is available, it is recommended it be
obtained prior to any development that might be contemplated.
Prepared for and property of Collier County Board of Commissioners. Page 67
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
ASSUMPTIONS AND LIMITING CONDITIONS - Continued
14. Inspection of the parent tract revealed no obvious environmental hazards. The
existence of potentially hazardous materials used in the construction or maintenance
of the building, such as the presence of urea formaldehyde foam insulation, and/or
existence of toxic waste, which may or may not be present on the property, has not
been considered. The appraiser is not qualified to detect such substances and
reserves the right to amend or alter this report and the value conclusions tendered
herein should an Environmental Risk Audit (or other similar study) be conducted on the
parent tract at a later date.
15. This appraisal was prepared by the appraiser who signed this report for the exclusive
use of the client. The information and opinions contained in this appraisal set forth the
appraiser’s best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions
taken based on this report.
Prepared for and property of Collier County Board of Commissioners. Page 68
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA
OVERVIEW
R. Alan Wilcox has over 36 years of appraisal experience in
the state of Florida specializing in eminent domain and
litigation assignments. Mr. Wilcox has worked for both the
condemnor and the property owner with experience in a
variety of appraisal problems concerning commercial,
industrial, residential, and special use properties. Mr.
Wilcox has expertise in providing the client with strong
market research for a reliable factual foundation to support
the valuation opinion combined with effective
communications including report writing, trial exhibits and
expert testimony.
PROFESSIONAL MEMBERSHIPS
• MAI and SRA Designations, Appraisal Institute, Certificate No. 9613
• Member, Appraisal Institute, Regional Ethics and Counseling Panel, 1993-Present
• Trustee, Real Estate Appraiser Group Insurance Trust, 2014
• President and Board of Director, Appraisers Liability Insurance Program, 2012
• Vice President and Board of Director, Appraisers Liability Insurance Program, 2011
• Board of Director, Appraisers Liability Insurance Program, 2010
• Member, Appraisal Institute, Leadership Development & Nominating Committee, 2005-
2008
• Member, National Board of Directors, Appraisal Institute, Region X, Chair, 2004
• Member, National Board of Directors, Appraisal Institute, 2001-2003
• Director, Association of Eminent Domain Professionals, 2000-2001
• President, West Cost Florida Chapter of the Appraisal Institute, 2001
• Regional Representative, West Coast Florida Chapter of Appraisal Institute, 1994-2001
• Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000
• Secretary, West Cost Florida Chapter of the Appraisal Institute, 1999
• Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998
• Member, Region X, Appraisal Institute, National General Appraisal Board Guidance
Subcommittee, 1996-1998
• Director, West Coast Florida Chapter of Appraisal Institute, 1993-1996
• Chairperson, MAI Admissions Committee, West Coast Florida Chapter of the Appraisal
Institute, 1997
• Chairperson, MAI, Candidate Guidance, West Coast Florida Chapter of the Appraisal
Institute, 1993-1996
AWARDS
• Appraisal Institute’s “Volunteer of Distinction Award”, Region X, 2011
• Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal
Institute, 1996
Prepared for and property of Collier County Board of Commissioners. Page 69
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA - Continued
STATE CERTIFICATION/LICENSES
• State-certified general real estate appraiser, RZ306 (Florida)
• Real Estate Broker’s License, BK 326544 (Florida)
EDUCATIONAL BACKGROUND
• Bachelor of Science Degree, West Virginia University, Morgantown, West Virginia, 1971
o Graduated with High Honors (No. One in Graduating Class)
o Gamma Sigma Delta National Honor Society of Agriculture
o Xi Sigma Pi National Honor Society of Forestry
o Senior Recognition Certificate (No. One in Graduating Class)
o College Bowl Participant
o Senior Scholarship Award of Merit
• Master of Science Degree, University of Washington, Seattle, Washington, 1976
• Postgraduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980-
1983
• Postgraduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982
•
REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED
R. Alan Wilcox, MAI, SRA, has completed the specialized appraisal educational requirements
for obtaining the MAI, SRA, designation and the continuing education program of the Appraisal
Institute, as well as the continuing education requirements for State Certification.
EXPERIENCE
• President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 to
Present
• Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990
to September 1998
• Expert Witness for the Florida Real Estate Appraisal Board, July 1998
• Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to
February 1990
• Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986
• Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March
1986
• Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985
Prepared for and property of Collier County Board of Commissioners. Page 70
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Quarterly Market Detail – 1st Quarter 2020
For Single Family Homes in Naples-Immokalee-Marco Island MSA
Produced by Florida Realtors with data provided by Florida’s multiple listings services.
Prepared for and property of Collier County Board of Commissioners. Page 71
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Quarterly Market Detail – 1st Quarter 2020
For Single Family Homes in Naples-Immokalee-Marco Island MSA
Produced by Florida Realtors with data provided by Florida’s multiple listings services.
Continued
Prepared for and property of Collier County Board of Commissioners. Page 72
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sales Map
Prepared for and property of Collier County Board of Commissioners. Page 73
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 1
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5763, Page 2886.
Grantor Margarita Madera Goedeke, Kimberlee Hernandez, and Lillian Cuevas.
Grantee MOW Investments LLC.
Sales Date ~ Price May 15, 2020 ~ $46,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past year.
Legal Description The East 75 feet of the West 150 feet of Tract 74, Golden Gate Estates Unit No.
69, according to the map or plat thereof as recorded in Plat Book 7, Page 65,
Public Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of 31st Avenue NE approximately
0.40 miles west of Everglades Boulevard N., Collier County, Naples, Florida.
Roadway Frontage 31st Avenue NE
Folio No. 40238080001.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to 31st
Avenue NE.
Size (Gross) 1.14 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $40,351 Per Gross Acre.
VERIFICATION DATA Public Records and MLS.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 74
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 2
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5730, Page 2703.
Grantor Royal Home Builders, LLC.
Grantee Genisis Marble and Granite, Inc.
Sales Date ~ Price February 19, 2020 ~ $50,000.
Conditions of Sale Typical market.
Sales History The sale property previously sold for $28,000 on December 4, 2019 and for
$48,000 on January 29, 2020.
Legal Description The East 75 feet of the West 150 feet of Tract 75, Golden Gate Estates Unit No.
80, according to the map or plat thereof as recorded in Plat Book 5, Page 18,
Public Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of 6th Avenue SE approximately
0.85 miles east of Everglades Boulevard N., Collier County, Naples, Florida.
Roadway Frontage 6th Avenue SE.
Folio No. 40867240005.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to 6th
Avenue SE.
Size (Gross) 1.14 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $43,860 Per Gross Acre.
VERIFICATION DATA Public Records and MLS.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements. Also, the property was
reported to be 100% uplands.
Prepared for and property of Collier County Board of Commissioners. Page 75
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 3
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5724, Page 3203.
Grantor Bonnie Hyde Abbott.
Grantee Ravilla Investment LLC.
Sales Date ~ Price January 31, 2020 ~ $46,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past year.
Legal Description The West 75 feet of the East 150 feet of Tract 43, Golden Gate Estates Unit No.
25, according to the map or plat thereof as recorded in Plat Book 7, Pages 13
and 14, Public Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of 20th Avenue NE approximately
0.30 miles east of 16th Street NE., Collier County, Naples, Florida.
Roadway Frontage 20th Avenue NE.
Folio No. 37864000002.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to 20th
Avenue NE.
Size (Gross) 1.14 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $40,351 Per Gross Acre.
VERIFICATION DATA Public Records and MLS.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements.
Prepared for and property of Collier County Board of Commissioners. Page 76
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 4
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5721, Page 3404.
Grantor SVO Properties, LLC.
Grantee Yanetsis Oquendo.
Sales Date ~ Price January 24, 2020 ~ $50,000.
Conditions of Sale Typical market.
Sales History The sale property previously sold for $42,000 on January 21, 2020.
Legal Description The South 75 feet of the North 150 feet of Tract 77, Golden Gate Estates Unit
No. 49, according to the map or plat thereof as recorded in Plat Book 5, Pages
80 and 81, Public Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the east side of 12th Street NE approximately
0.30 miles north of Golden Gate Boulevard E., Collier County, Naples, Florida.
Roadway Frontage 12th Street NE.
Folio No. 39266040008.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the western property line and along the property’s existing frontage to 12th
Street NE.
Size (Gross) 1.14 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $43,860 Per Gross Acre.
VERIFICATION DATA Public Records and MLS.
COMMENTS The sale property is being improved with a single-family home.
Prepared for and property of Collier County Board of Commissioners. Page 77
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Land Sale No. 5
SALES DATA
Recording Data Warranty Deed, Collier County, OR Book 5715, Page 2178.
Grantor Jose Barroso.
Grantee T Metro Construction LLC.
Sales Date ~ Price January 8, 2020 ~ $44,000.
Conditions of Sale Typical market.
Sales History There are no other arm’s length sales of the sale property in the past year.
Legal Description The East 75 feet of the West 180 feet of Tract 114, Golden Gate Estates Unit No.
71, according to the map or plat thereof as recorded in Plat Book 5, Page 7,
Public Records of Collier County, Florida.
PROPERTY DATA
Property Type ~ Current Use Residential ~ Vacant land.
Highest and Best Use Residential development.
Location The sale property is located on the south side of 24th Avenue NE approximately
0.90 miles east of Everglades Boulevard N., Collier County, Naples, Florida.
Roadway Frontage 24th Avenue NE.
Folio No. 40365080000.
Zoning E, Estates, District (Collier County).
Land Use E, Estates, Designation (Collier County).
Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement
along the northern property line and along the property’s existing frontage to 24th
Avenue NE.
Size (Gross) 1.14 Gross Acres.
Utilities Telephone, Electrical Service and Emergency Services.
UNIT OF COMPARISON $38,596 Per Gross Acre.
VERIFICATION DATA Public Records and MLS.
COMMENTS Verification of this sale indicated that at the time of sale, the property did not
include any significant contributory improvements. Also, the property was
reported to be mostly uplands.
Prepared for and property of Collier County Board of Commissioners. Page 78
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sales Map
Prepared for and property of Collier County Board of Commissioners. Page 79
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sale No. 1
361 14th Avenue NW, Naples, FL
WARRANTY DEED: O.R. Book 5741, Page 3976, March 17, 2020, Collier County, Florida.
SALES PRICE: $315,000. FINANCING: Cash to Seller Transaction.
GRANTOR: Katrina T. Santos, Dominic L. Santos, GRANTEE: Yuniel Garcia
and Brian L. Santos.
SALES HISTORY: There are no other arm’s length sales of the sale property in the past three years.
LEGAL DESCRIPTION: The East 150 feet of Tract 75, Golden Gate Estates, Unit No. 19, according to the
plat thereof, recorded in Plat Book 7, Pages 77 and 78, of the Public Records of Collier County, Florida.
COLLIER COUNTY PROPERTY APPRAISER FOLIO NO.: 37545320001.
SITE DATA: The sale property contains 2.27 acres of gross land area and is located on the north side of
14th Avenue NW, west of Wilson Boulevard N in Collier County, Naples, Florida. 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.
IMPROVEMENT DATA: The sale property is improved with a 5-bedroom, 3 bath, covered entry, large
covered porch with metal roof one-story, single-family residential structure with CBS construction and a
fiberglass shingle roof. In addition, there is a screen enclosed pool area with painted concrete deck. The
home contains 2,103 square feet of gross living area, was built in 1995 and needs some deferred
maintenance. Significant site improvements include an asphalt drive, a well/pump/water treatment system,
a septic tank/drain field, fill/grade/clearing sod, and landscaping.
VERIFICATION DATA: Public Records and MLS.
Prepared for and property of Collier County Board of Commissioners. Page 80
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sale No. 2
3431 6th Avenue SE, Naples, FL
GENERAL WARRANTY DEED: O.R. Book 5775, Page 3221, June 12, 2020, Collier County, Florida.
SALES PRICE: $310,000. FINANCING: Cash to Seller Transaction.
GRANTOR: John O. and Nancy L. Schwenneker. GRANTEE: Yudi and Jose Rosas and Jose M.
Rosas.
SALES HISTORY: There are no other arm’s length sales of the sale property in the past three years.
LEGAL DESCRIPTION: The West 75 feet of the East 150 feet of Tract 15, Golden Gate Estates, Unit No.
80, according to the plat thereof, recorded in Plat Book 5, Page 18, of the Public Records of Collier County,
Florida.
COLLIER COUNTY PROPERTY APPRAISER FOLIO NO.: 40861600007.
SITE DATA: The sale property contains 1.14 acres of gross land area and is located on the north side of 6th
Avenue SE, east of Everglades Boulevard S in Collier County, Naples, Florida. 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.
IMPROVEMENT DATA: The sale property is improved with a 3-bedroom, 2 bath, covered entry, 2 car
attached garage, covered porch under truss, one-story, single-family residential structure with CBS
construction and a fiberglass shingle roof. In addition, there is a screen enclosed pool area with stamped
concrete deck. The home contains 1,497 square feet of gross living area, was built in 1998 and has been
upgraded. Significant site improvements include a gravel drive, a well/pump/water treatment system, a
septic tank/drain field, fill/grade/clearing sod, landscaping and 12-foot by 22-foot hurricane rated shed.
VERIFICATION DATA: Public Records and MLS.
Prepared for and property of Collier County Board of Commissioners. Page 81
Reliance upon the appraisal for other uses is not warranted.
Wilcox Appraisal Services, Inc.
Improved Sale No. 3
3481 2nd Avenue SE, Naples, FL
WARRANTY DEED: O.R. Book 5787, Page 1822, July 8, 2020, Collier County, Florida.
SALES PRICE: $313,000. FINANCING: Cash to Seller Transaction.
GRANTOR: Jeremiah J. Carroll, III and Steven C. Carroll . GRANTEE: Diane C. Loescher.
SALES HISTORY: There are no other arm’s length sales of the sale property in the past three years.
LEGAL DESCRIPTION: The West 75 feet of the East 180 feet of Tract 26, Golden Gate Estates, Unit No.
80, according to the plat thereof, recorded in Plat Book 5, Page 18, of the Public Records of Collier County,
Florida.
COLLIER COUNTY PROPERTY APPRAISER FOLIO NO.: 40862560007.
SITE DATA: The sale property contains 1.14 acres of gross land area and is located on the north side of
2nd Avenue SE, east of Everglades Boulevard S in Collier County, Naples, Florida. 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.
IMPROVEMENT DATA: The sale property is improved with a 4-bedroom, 1 den, 3 bath, covered entry, 2
car attached garage, covered porch under truss, one-story, single-family residential structure with CBS
construction and a fiberglass shingle roof. In addition, there is a screen enclosed pool area with keystone
deck. The home contains 1,607 square feet of gross living area, was built in 2002 and has been adequately
maintained. Significant site improvements include a gravel drive, a well/pump/water treatment system, a
septic tank/drain field, fill/grade/clearing sod, and landscaping.
VERIFICATION DATA: Public Records and MLS.
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