Agenda 10/25/2022 Item #16C4 (Executive Summary - To establish an updated current marker value minimum bid for the disposal of surplus County owned property located at 343 Saint Andrews Boulevard)10/25/2022
EXECUTIVE SUMMARY
Recommendation to authorize staff to advertise for sale Collier County Water Sewer District -owned
property located at 343 Saint Andrews Boulevard, pursuant to the provisions outlined in Section
125.35(1)(c), Florida Statutes, including a minimum bid of $240,000 and to bring the bids to the Board for
future consideration. Wastewater User Fee Capital Fund (414)
OBJECTIVE: To establish an updated current market value minimum bid for the disposal of surplus County-
owned property located at 343 Saint Andrews Boulevard (“Property”).
CONSIDERATIONS: On January 14, 2020, Agenda Item 16C4, the Board authorized the surplus of the Property
and set a minimum bid of $111,500. The sole bid, in the amount of $180,000 was withdrawn and therefore no t
taken to the Board for consideration.
As further background, on July 24, 2012, Agenda Item 16.C.7, the Board approved the purchase of the Property for
the purposes of future Collier County Water Sewer District infrastructure improvements and the relocation of sub-
master pumping station 300.06.
In 2018 and 2019, County staff met with the Lely Homeowners Association (HOA) and community leaders
regarding their concerns about the utility infrastructure project. On April 23, 2019, Agenda Item 16.C.8, the Board
authorized sale of the Property to the HOA at a price at or near market value, but not less than $67,500, the original
purchase price.
During negotiations, the HOA requested an “assignment clause” be added to the Real Estates Sales Agreement to
allow a designee cash buyer, to buy the property, rather than the HOA. This request was inconsistent with previous
Board direction and therefore the sale was not pursued, and the Board authorized that the property be surplused.
Currently, the Collier County Water Sewer District is paying $235.00 monthly for mowing, weeding and pest
control and $100 annually for an assessment to the Lely Civic Association.
On July 22, 2022, the Board authorized staff to advertise the property for sale pursuant to the provisions outlined in
Section 125.35(1)(c), Florida Statutes, including a minimum bid of $250,400 and to bring the bids to the Board for
future consideration.
The minimum bid price represents the independent State certified in-house valuation by Roosevelt Leonard at
$250,400. Copies of the valuation and the Collier County Property Appraiser data sheet are attached for reference.
The valuation approach used is consistent with the policies and procedures set forth in Ordinance No. 2007-28.
Advertisement and other marketing were scheduled for October 2022 to reach the highest number of persons. It has
been approximately four months since the appraisal was prepared, as directed. While the appraisal is a valid
appraisal that may be lawfully relied upon, it no longer reflects the current value in this volatile market.
As such, it may not yield a desired number of bids for competition and staff is requesting that a lower
minimum bid be used.
A Location Map is attached as the first page of the appraisal for reference.
FISCAL IMPACT: If the Property is sold, proceeds will be deposited into Wastewater User Fee Capital Fund
(414).
GROWTH MANAGEMENT IMPACT: There is no impact to the Growth Management Plan at this time.
LEGAL CONSIDERATION: This item has been reviewed by the County Attorney, is approved as to form and
legality and requires majority vote for approval. -JAK
16.C.4
Packet Pg. 780
10/25/2022
RECOMMENDATION: To authorize staff to advertise for sale Collier County Water Sewer District -owned
property located at 343 Saint Andrews Boulevard, pursuant to the provisions outlined in Section 125.35(1)(c),
Florida Statutes, including a minimum bid of $240,000 and to bring the bids to the Board for future consideration.
Prepared by: Jennifer A. Belpedio, Real Property Manager, Facilities Division
ATTACHMENT(S)
1. Appraisal Memorandum (PDF)
2. Location Map (PDF)
3. Appraisal Report (PDF)
16.C.4
Packet Pg. 781
10/25/2022
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.C.4
Doc ID: 23634
Item Summary: Recommendation to authorize staff to advertise for sale Collier County Water Sewer District-
owned property located at 343 Saint Andrews Boulevard, pursuant to the provisions outlined in Section
125.35(1)(c), Florida Statutes, including a minimum bid of $240,000 and to bring the bids to the Board for future
consideration. Wastewater User Fee Capital Fund (414)
Meeting Date: 10/25/2022
Prepared by:
Title: Property Acquisition Specialist – Facilities Management
Name: Sonja Stephenson
10/12/2022 3:35 PM
Submitted by:
Title: – Facilities Management
Name: John McCormick
10/12/2022 3:35 PM
Approved By:
Review:
Facilities Management John McCormick Director - Facilities Completed 10/12/2022 3:49 PM
Facilities Management Jennifer Belpedio Manager - Real Property Completed 10/12/2022 4:08 PM
Public Utilities Operations Support AmiaMarie Curry Additional Reviewer Completed 10/13/2022 10:14 AM
Public Utilities Department Drew Cody Level 1 Division Reviewer Completed 10/13/2022 10:59 AM
Public Utilities Department Drew Cody Level 2 Division Administrator Review Skipped 10/13/2022 2:27 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 10/13/2022 4:26 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 10/14/2022 9:48 AM
Office of Management and Budget Laura Zautcke Additional Reviewer Completed 10/14/2022 1:58 PM
County Manager's Office Amy Patterson Level 4 County Manager Review Completed 10/17/2022 10:45 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 10/25/2022 9:00 AM
16.C.4
Packet Pg. 782
Memorandum
Jennifer Belpedio, Manager of Property Acquisition
Roosevelt Leonard Review Appraiser ll
Oclober 6, 2022
Collier County Real Estate Market Trends
To:
From:
Date:
Subject:
Per your request a Real Estate Market analysis was conducted on the current
housing trends in Collier County between JuJy 2002 through October 2022.
The market data was selected from NABOR, Movoto, and Denny Grimes.
o NABOR research indicates a 3 .5oh decrease between July and October.
o Denny Grimes market review suggests alYo decrease between June and
October.
o Movoto indicates the Collier County market decreased 70% between June
and October.
Considering the above research data, the average ofthis data is 5.75%o rounded.
The Denny Grimes data research indicated an overall SW Florida housing
market decrease of 5o/o -100/o.It is my professional opinion that all appraisal
reports Dated July 2022 the estimated value should be decrease 4yo to 4.5yo,to
illustrate the current real estate market conditions.
Office of the Real Property Management Department
16.C.4.a
Packet Pg. 783 Attachment: Appraisal Memorandum (23634 : 343 Saint Andrews Blvd)
MARKET REPORTS
August Report Shows a Healthy
Housing Market
Nap es F,a.:Seplen-cer 23. !012.,-
indicaricns tiat Eile l\aples area hous;ng
marke: ls transi.loning to a balar:ced mar<er
beceme nore er"'icenr duilng^ugust 6s
both in',,enton; and cals cn the rnar<e!
increased. ,l,ccorcing to the.j..ugust 2C22
i''lari.et ReFrori trr'the \aples i..ea Bcard
July Home Sales Return to
Prepandemic Levels
l'.laples, FIa. iAugust 23 2022] - l'.aples
ho'sing nar<et exp€rts revie,, .ing the -,ui\r'
2C2! \4ar'<et Reccrt bi the trep,es area
Bca-d oi REALTORSG i'.i^BORe),..',rici:
tracks Fcrne listings ard sales'irith;n Collie.
Coun:.. ierclucing \1arco (sjancil, con6rrn
rhe dau reiected
June Real Estate Market Shows
Signs of Balancing
lraples. FL {Jutv 22 2O2?\ - Data refiecting
acti" irv in the \r aples area hcuslng marl,er
durir,g Jure sho',,,ec signs of a reiurn to
Ore-Candel]iC iu-mE. aa:!. it', ..,.rie.
market condltions yrere aelanc-a3.
^ccord'ng to rhe June 2022 !,'larket Report
br,ttre \aoles irea Eoarc of REALTORST
Naples, Fla. (September 23,2022) - lndications that the Naples area housing market is
transitioning to a balanced market became more evident during August as both
inventory and days on the market increased. According to the August 2022 Market
Report by the Naples Area Board of REALTORS@ (NABOR@), which tracks home
listings and sales within Collier County (excluding Marco lsland), overall inventory
increased 71.3 percent to 2,140 properties from 1,249 properties in August 2021. Of the
homes on the market during August, 35.8 percent of them (766) experienced a price
decrease and the overall list price received for the month slipped slightly to 96.4 percent
from 99.2 percent in August 2021. Broker analysts say these factors are attributed to
seller and buyer behaviors that resemble a healthy market environment. Another key
factor is days on he market, in June the number of days on the market was 18 the
number of days on the market increased to 31 days in August.
ixtra! AnSt i!^L Ea rtr ( iL I ttt I I
16.C.4.a
Packet Pg. 784 Attachment: Appraisal Memorandum (23634 : 343 Saint Andrews Blvd)
ln SW Fla., lt's Too Late to Sell at Top
of Market
By Denny Grimes
ln Lee County, median sales prices are down 4%; in Collier
they're down 7%. Sales volume also dropped a bit while
inventory has increased about 8%.
NAPLES, Fla. - For sellers looking to sell at the top of the market (in Southwest
Florida), the reality is it's already too late The market has peaked, and we are now on
the downside of the record high prices we have experienced over the past two years.
After a three-year consistent increase, we have seen the flrst dip in median sales prices
over the past month.
ln Lee County, the median sales prices are down 4o/o, and in Collier sales prices are
down 7o/o. This downward trend has also been seen in the number of sales Lee County
sales are down 10% and Collier County sales are down 30%, making June sales in
Collier County the lowest number since 20'13.
Though sales prices and volume of sales are down, inventory has increased about 8%.
The increase rn inventory and decrease in sales will continue to put downward pressure
on home prices.
The active market is seeing price reductions of 20 to 'l as compared to price increases.
Four months ago, we saw these numbers to be almost exactly the opposite, with most
houses selling for above the asking price and even being raised once already on the
market.
With these current trends, sellers need to be realistic if they are serious and motivated
to sell. The profit margins are still healthy, but buyers are not willing to pay drastically
over home value as the market was showing only a few months previously. Housing
prices have increased as much as 70% in the last two years, so with an average current
price reduction of 5-10%, there is still a lot of win there for sellers if they have proper
expectations
Buyers, this is the market you have been waiting for, the conditions are optimum as the
market is correcting itself. lt is important to be actively looking and stay patiently ready
There are some great deals out there, but you must be aware and stay diligently
prepared to make the necessary moves to secure the best deal possible.
Some buyers may think it is smart to hold off on purchasing if the trends are starting to
show a downward price trend These buyers need to understand that the realestate
16.C.4.a
Packet Pg. 785 Attachment: Appraisal Memorandum (23634 : 343 Saint Andrews Blvd)
market is still always a bit of a gamble, and we must continue to watch the trends lf you
wait too Iong you can miss the opportunity and the market could increase again.
What is most important to understand is that this is a market correction not a crash
The market in southwest Florida saw such a drastic increase over the past two years, it
was inevitable that it would eventually start to regulate. Though the market is regulating
there is still no need for concern over the current trends.
@ 2022 Jownal Media Group
16.C.4.a
Packet Pg. 786 Attachment: Appraisal Memorandum (23634 : 343 Saint Andrews Blvd)
Subject Property Market Area
Compare Nearby Cities
Price S/sqtt
Lely v
O Naples
Median List Price
S6zs,ooo
s750K
s740K
s730K
s720K
s7r0K
s700K
s690K
s680K
s670K
May
Homes for Sale Home Size Days on Market
Single Family and Condo/Townhouse ru 6 Months v
(Data by Movoto)
The chart indicates a 70 drop from home values in July through October
! Naoles
16.C.4.a
Packet Pg. 787 Attachment: Appraisal Memorandum (23634 : 343 Saint Andrews Blvd)
Location Map
343 Saint Andrews Blvd. – Collier County
/
343 Saint Andrews Blvd
16.C.4.b
Packet Pg. 788 Attachment: Location Map (23634 : 343 Saint Andrews Blvd)
VACANT LAND APPRAISAL REPORT
343 Saint Andrews Blvd Naples, FL 34113
16.C.4.c
Packet Pg. 789 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
REAL PROPERTY MANAGEM
35 TAMIAMI TR E, STE 1O
Sectio
tr
Legal
Strap No.
20 16
Subject Property Legal Description and Assessed Value
Parcel N, lsso!]igOoo3
Name /
Address
State @
ipTownsh
tr
*EstimatedE
e,,L //-^-l^)uD.lLonoo
LEAsr'l
School
@
Acres
Other Total
.454313.537
$ 170.s01
$o
$ 170.s0r
s 82,079
S 88,1122
$0
s0
Use Code
[5ubject to Change)
land tlelue
(+) lmpro lhlue
1=1 Ma Value
r-l 10%Cap
1=1 Asesced lhhrc
(=) Sdrool Tapble llblue
(=) Taxable Velue
lf all Values shown above equal 0 this parcel was created afler the Final Tax Roll
.Y GOLF EST ST ANDREWS EAST BtK 20 tOT 16 OR 1358
16.C.4.c
Packet Pg. 790 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
Vacant Land Appraisal Report
Collier County Public Utilities / BCC
343 Saint Andrews Blvd.
Naples, Florida, 34113
PRnplRno FoR:
Facilities Management
RPM Collier County
3335 Tamiami Trail E Ste. 101
Naples, FL 34112
Ennncrrvr D.q,rB oF THE AppRarslr,:
June22,2022
Dnrr oF THE RBpoRr:
June 22,2022
RnpoRr Fonm,rr / EST vALUE:
Vacant Land "as is" / $250,400
1335TEiEiTEilESn. l0l
NTIg,FLYIU
Ph:23!2J1-]621
P
16.C.4.c
Packet Pg. 791 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this
appraisal assignment and the reporting requirements of this appraisal report form, including the
following definition of market value, statement of assumptions and limiting conditions, and
certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the
interior and exterior areas ofthe subject property, (2) inspect the neighborhood, (3) inspect each
of the comparable sales from at least the street, (4) research, veriff, and analyze data from
reliable public and/or private sources, and (5) report his or her analysis, opinions, and
conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the BCC / Facilities
Management to evaluate the property that is the subject of this appraisal for internal decision
making.
INTENDED USER: The intended user of this appraisal report is the BCC / Facilities
Management.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in
a competitive and open market under all condition's requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.
implicit in this definition is the consummation of a sale as on a specified date and the passing of
title from seller to buyer under conditions whereby: ('l ) buyer and seller are typically motivated;
(2) both parties are well informed or well advised, and each acting in what he or she considers
his or her own best interest; (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 f,rnancial 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. 'Adjustments to the comparable's must be made for special or creative financing or
sales concessions. No adjustments are necessary for those costs which are normally paid by
sellers as a result of tradition or law in a market area; these costs are readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered
by a third-party institutional lender that is not already involved in the property or transaction.
Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing
or concessions, but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
Hiehest and best Use: The highest and best use for the 0.35acre parcel is residential use.
16.C.4.c
Packet Pg. 792 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
Neighborhood Analysis
South Naples Housing Market
Trmdr Rssl Sal6 sch@ts
kr May 2022. Sooth Naples home g.ics sere up 45.89! corDared Lo last year sellrnlt ltr a median price ot
$450K- 0n asa8e hotrEs in Soulh Ndples s6ll rlter 5 dnys on lhe moiket @pared Lo 23 dats 16t year
Thse Bere 4L6 homs sold in Moy this yeai d6-n ,,m 654 lasl year
aples A por
e
iHT
!
i1.-
litedian S.le Prlce
$4s0,000
.l[5 8"'c yCar-olcr-1 Ear
All Home Types '
4 of Hores Sotd
416
-36 4'lc'!ar.ovEr-yaJr
Homes for Sale
TrJfsportJtioo
MGdian Days on Market
6
-17 yuJr4vcr'\'cnr
I year 3 years 5 years
.I
a t
s500ri
i450K
5400K
5350K
s30r)x
s250t(
s200x
2022
J
6{,;
Po',-
South Naples Housing Market Trends
.iI
16.C.4.c
Packet Pg. 793 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
Naples Overview
Active Homes
3,769
See Active Homs
New Homes
".?."-.-""
Open Houses
113
Scc Opcn Houscs
Price Reduced
756
See Price Reduced
I Yoer A3o
$649.OOO
2O8O Sqft
$316
l4cda Oryr m Mrtrr
47
f@
53S
g
@
ss
l37r
$16
lr.
3D
g0
g
Naples, FL Market Trends & Statistics rast updated on June 2c,,2cr22
ln May 2022, Naples homes were selling for a median price of $745,995. Naples homes on average sell after 47
days on the market compared to 38 days last year. There were 36El homes sold in Naples for May this year, up
from 1047 last year.
Median List Price
Medlan Home Size
Median $/Sqft
Naples Market Trends
l.&d!.r Lisr Prk. Med.n S,/Sqfr
$745,99s $38o/Sqft
Thc rudla prlcG pd.qJ.rG fd od ho@e ln N!pl6 FL
6 lto ln M.y 2022 , cmps.d to 316 in 2O2L
Todey
s739,450
1,921
$380
Ho@s For Sala
3,681
6 Mdthr ! Y.u
I Month A3o
$745,995
1,915 Sqft
$380
M.dq H,om. Sir. Sqtr
t,9t5
2Ya* 5Yrar5
I irco,) !5!n
16.C.4.c
Packet Pg. 794 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
SHORT FORM REPORT
VACANT LAND APPRAISAL
4
5
6
8
9
10
-lddnqu
11
12
't3
14
15
16
17
18
't9
20
21
22
23
24
25
26
27
28
29
30
31
32
34
35
36
37
of Sale I Tlme
39 itrg sAtf. Tltc 315.52 It b wilhh thr 6t blirhed m.rk"t r.ngc of vrlre
iThc 4 clcmnE of H & E E rrc coNircrrd, rnd lhc rats! rpproach a co[ircred iprt rcElble. The Dpraaalt decirbnr lnd rspe of wcrt
were h th. vrb.lbn of tha prrccL The stst tpprDlch ry:fiod E eivcn rpct vl,
value ollhc opiniont and conchJbnt may bc afiedcd drc to btcr lnown or unknown ldvcrte condlbB thal o(bl wffi th. tubFcl propcrty
6t22tm72
Roosweft LEonard
COI.,IPARAELE NO.4
29.74 SF
41
42
419 FOREST HILLS SLVO 69118 LELY ISLAIO CIR E9I5 LELY ISTANO CR
NAREiITTRAST O 35 tc
IIO GOLF / }IO LAKE
16.C.4.c
Packet Pg. 795 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
Comparable Pictures
Percel No 55052760000
,errcl No 55253880006
tl$Hlffi 4re FoREsr HrLrs BLVD Sit City NAPLES :
Sitc Addr::c 183 PALMETTO DUNES
'Ilidairrr CIR Sitr City NAPLES
Comp 1
Comp 2
a
16.C.4.c
Packet Pg. 796 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
Comparable Pictures
Prrcel No 55412502303
Parcel No 55412505752
'lEi"niffi 8e48 LELY tstANoctR Sit City NAPIIS
'frff.:ffi Bers LELY rsLANDcrR Sitc City NAPLES 5
Comp 3
Comp 4
16.C.4.c
Packet Pg. 797 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
STATETENT OF ASSUiliPTIONS ANO LIUITING CONDITIONS: The appraiser's cortificetion in this report is
sub.iect to th6 bllo,ving assumption3 and limiting conditions:
1 The appraiser will not be rssponsibl€ for matters of a legal nature thal afied elther th€ property being appraEed or the tifle
to it, excapt tor inlormation that he or she became awaro of during the research involved in performrng this appraisal. The
appraisor aEsum€8 that the i c is good and mark€table and will not render any opinions aboul the tifle.
2 The appraiser hes provided a skekh in this appraisal report to show the approximate dlmemion3 of the impro\€rnenE.
The rketch is included only to asist the reader in visualizing he property and understandirE the appraiser's determination
ol its size.
3. The appraiscr has examined the available flood mapo that are proyided by the F€deral ment Agencl
(or oth€r datB Bourcea) and has noted in thb apprais€l rsport wftether any portion ol the s in an
dcntified Special Flood Hazard Area. Because the apprais€r ig not a surveyq he or she makes no guaranteGs. axpress or
impli.xr, regarding this determination
4. Tho apPrais"r will not give testirnony or appoar in court because he or she made an appBisat ol the propcrty in queslion,
unless specific anangemenlg to do so have b€en rEde bcftcrehand. or as othrMis€ requred by l8w
5 The app.aiser has noted in this appraisal report any adyerse condations (srch as needed r€peirs, deterioratiofl, lhe
pfesonca of hazardo{ra rYastes, toxic aubsbnces. etc ) oherved dudng the inspeclion ofthe subject prop€rty or ihat he or
she b€came awale ot during thc r3sGarch involv6d in podorming this appraisal. Unl$s otheMise stated in this appraissl
reporl. the appraiser hag no kno{vlodge ot eny hidden or unapparent phFicaldefciencies or adveBe conditions of the
properly (such as, but not limited to, needed repairs. deterioration, the prGance of hazardous wastes. toxic substiances,
adveBa envimnmental coMitions, etc ) that vlould make the poperty legs \raluable, and hes Bsumed ihal there are no such
conditions and makes no guararfees or werranlrss, exprsss or implied The apprarser u/ill not be responsible for any such
conditions that do exisi or for any engineering or testirE thet might be requared to d€coverwhether suc.h conditions exist
Because the apprais€r is not an expert in lha field ol environm6ntal hazards, lhis appraisal report must not bc con3idcred as
an envircnmgntal assessmsnt of the property
I The appEiser has based his or h€r sFpraisal reporl and valuation conclusion lor an appraisal that is subiecl to satBfaclory
completion, repeirs. or alteralions ofl ihe assumption that the completion, repairs, or alterations ol the subject poperty will
be pcrrorrcd in a professional manner
16.C.4.c
Packet Pg. 798 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)
APPR.AISER'S CERTIFICATION: The ApprEiser c.rtllies End .grr|c! th.r:
-t I ha!€. at a minlmum, d.Yclopcd 6nd reporled thls appraltal in &cordenca wlth th€ Bcops ot \,t/o.|( rsquirern€nts sEtoat inthla apprriral ..po.t
2 I E erlo.m€d e corndele vl3lral lnap€ciion of iho inte.ior snal altcrlor arcss ol the aubj.ct propcrty I..portGd th. condition()llhe lmProvcrn ot3 in testual, sP.cific tarrn!. I idonlllt€d End reponed th. E)hysicat dcilctc.rclc! thin cc,lrtd altEct thcliv.billty. !oundna33, oi at.uclural intcArity ol th6 Froperty
3 I parforarEd thil lpprri..l in accordanca with th. raquireni€rrts ol the Unirorm Siande.da ol Protaslton5t Appr6ia..tPr.c6c. !?i.t w.r. ..lopl€d .nd p.omulgal€d by tho App.!i!!l S6ndardr Bo.rd ot Tho app.ai.rt Foundauon ;;d that w.r. |ndeca dt ths timc thls appralsel raEort was proparcd
4 | cLvaloPcd my oPlnion of lhc markol waluG ol lh6 raal proFErttr that is the subrcct ot thts rcport brsad on thG a5tascomparlaon approach to velue I hEve ealequet€ comperablc malkot data to devetop a r.liEbto 3ate!. crcrnp€rilon lpproachfo. this epprelatl aslignmcnt I furthaa caffly thlt I co.rsidcrsd thc cost anct incom? spproaches to vsluc 6ut oto ndt dcvdopthem, unbsa otherwlae iaidlcatcd ln thia ropon
rrent agreernenl for lsle ior th. srrbjcct prop.dy. .ny of,eri.g tore eltcct ve ct5to of t'|l! lpprattat. and thc prtor astcs ot the 6i,/bjcctdate ofthls app.atsat. rrnteas othcrwse indicatcd In thir rcpo.t
E I rcactrch.d, v..illcd, an6lyzcd, and rcpo.tGd on lhc prior sele3 of ths comllarabta .€t€! tor a minlfium ol dre yoe. prlorto tha dria ot !5lc ot th€ compar.btc !at. unta36 othsrwi3a indicstcd in thir .!pon.
7 I BddGd arld Lrld csnparat e sel€3 thgt ara locationdly. phFicatty. rr€ furrttonaity thG mc.t lImitrr to tlE subFcr proF.ty.
E I ha\G not ulad comperabl€ Eelae that r€.e lhe rEsull of combnirE 6 lsnd sab with ora canfaci purarra. p.bc ot a horn€ thattE! ban built orwill b€ built o.r the la.ld
I I h$ro rtport d edtu!tsnenE io th.| c.inpar.ble r.Lr thlt r.lLc.t th. rrErk€t. r! ction to thG drlt ret|cE5 bGtu GEn th. luucclpropcrty rnd lhc corl|parablc lalca
'lo I vr.tllcd. ttom a diliotdrrtao aourc6. all information h lhls r6po.t that rtB proyloed by EErucs who har\/r E fnandet |ol€asst inttra aalc or fi.Encing of th€ Bubrer prop€fty
11 I hevr knor./adgc and.xparEnc. in appial8irE thls typ. ot rop€rty in thi3 rrlark t BrE..
12 I *l| a$6re of ard hewr ecrgas lo, tlE n€cas3ry an<t a te cteta aorrrc€a, ruch e6 muftlpte lBtiargaarvlcao. lax aaaa!..rE.lt r!co.da. fxJblb Lrid m@rd! .nd dhd th€ erE6 in whtch tha Foparty !a tocataC.
13. I obt in d th. lnllofin.tlon, ..tim.t.. and opiniona tumishod by othor pa.tie. .nd .rprc...d in thii .ppr.i.et r6pon t.om..liabL aourE.r that I bclaeve to ba lruq snd corrcct
14 I hav. ttkcn into co.isidar.tlon ttE t ctoru that hsva En lmFact on vatua wiih rEsp€ct to thc subj€ct ncighborhood, subiectprop.ny. .nd th(, proxlmity of ihe 3ub.l€ct p.operty to ad\reras anlluencos in th. d.\itoprncnr ot my opinron ot nrarket \retu6. Ihav. not d in thb.ppraisal rl'p.t any adw.r! coflditlon! (tuch .s, Dut not tirnit d to. ri..ctcd rcp€tr!, dotcrioration. thepG3cnce ot hazardou! wrstas, loxic rubatanoaa, advanta anvlrcrlri€rrEl condrbo.ig €tc ) oba€^fu durirE th6 i^alracton ot tha.uti.c1 prop.rty o. that I bGcerrE r$r.r. of during ths r€!€a.ch hwch/rd in p.rtcrmirE Ort. apf,r.t..r I hrvc corurdcrcd tfrcceadvalc cdrcllti$s in my analyaia of the prog€rty valu€, and hav€ rEport€d on th€ etl€ct of dl€ conditons on the \retug 6ndrnarkrt lilit ot thc lubjecl prop.rty
15. I hEw not knowtnOly tulhhcld any signific€nt inlormation from this appraisal report snd, to the belt of my knoytedge, alt
statsmanE and Inlormatlon in this apprdsat raport ala tru€ and coflccl.
'16 I lbt d h this apprailal Eport my o'vn personal, unbiased, and plolEssional anatysts, opinions. and conclusions, wt|ich
are Bubiect only to the asgumptiom end limiting coidrtiong in this appreEat report
1 7 I haw m prlsaflt or pr$prctivc inlcr€sl in he property that b lhe suL,ied ol this rspo.t. eM I h8\/e no pcsrnt or
prGpaclitta pr.sonEl inEralt or bias with rcspccl to [|c paticipants in fE tsans€c1i)n. I did not basa, drler partialty or
comdciely, my lelysls aod/or opinin of market ldue in this appraisal rgport on th8 raca, m*cr, rel(lirn. isi s€e. mantat
stetus, handicsp, hmilial status, or national origin ol either the prcpective owneB or occupant! ol tln suqcct pfoperty or of Ueprl3cllt otrncrs or mqJpanE ol the p.opedi6 in the vbnity of the $bj€c1 propedy or on any othcr bagis trohbited bi lad
18 My €rPloyrncnt and/or @mpeolalion lor perbfiirng this appraital or any tutura or anlrcipated eppreisals wa8 not
condithned on any agrEmenl or undersEnding, wlitlen or otheMis€. thal I would .sport (or prGr.nt analyrb rupporting) IpredsEmincd sPocific Yalue, a pr€determined minimum value, a range or direction in value, a value that hr|o[s the caLBe of
sny polty. or U|e gtteinment of I lp€cific r€sult or occuncnco ot a sp€cifc aub.equenl lv€flt (!uch at Eppilval ol a pending
mongago loan applbatbn).
19 I pcrlonally prepared all conclusions and oFinion! about llre resl €sElL ll|A $,rI! sGt lorth in this appraE€t repo( lf l
relied on signifEant real proporty apprailal assEEncs trom any irtrividualor individuals in th€ performance of this appraisat
or the preparation ol this appraisal r6Port, I have named luch indrvdual(s) and disalocd th€ sp€cific taEkE perfomed rn this
appraisal report I ceiify that any individual to namcd is quali,ied to perform the tesks. I hav€ rbt authoriz€d anyonc to make
a change to any item in this appraisal .eporl; therBlo{c, any change mad€ to this epprairel is unauthodzcd and lryi t9kc no
rBponslbilrty br h
16.C.4.c
Packet Pg. 799 Attachment: Appraisal Report (23634 : 343 Saint Andrews Blvd)