Agenda 03/26/2024 Item #16B 6 (Drainage Easement for West Goodlette Frank Road Area Stormwater Improvement Project Phase 2)16.B.6
03/26/2024
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for the purchase of a drainage easement (Parcel 147DE)
required for the West Goodlette-Frank Road Area Stormwater Improvement Project Phase 2 (Project No.
60142, Estimated Fiscal Impact: $28,871 from Stormwater Capital Improvement funds).
OBJECTIVE: To acquire a drainage easement needed for the West Goodlette-Frank Road Area Stormwater
Improvement Project Phase 2 (the "Project"), which will provide a central collection system, upgrade the potable
water infrastructure in the area, and provide stormwater drainage improvements.
CONSIDERATIONS: Collier County is seeking to purchase a drainage easement (Parcel 147DE) needed for the
Project. The improved parent tract is located along the south side of Sperling Court and is owned by Sperling Court,
LLC. Parcel 147DE is 3,240 square feet in extent, is an irregular polygon in shape, and is located on the south side
of the parent tract.
The attached appraisal report prepared by RKL Appraisal and Consulting, dated February 8, 2023, estimates the full
compensation amount for Parcel 147DE to be $16,800. The attached Purchase and Sale Agreement reflects a
negotiated compensation amount of $25,500, plus statutory attorney's fees in the amount of $2,871. If this parcel is
not acquired by negotiation, it will have to be condemned. Significant risk factors accrue to the County in
condemnation actions, including exposure to exorbitant damages claims and liability for payment of additional
attorney and expert witness fees and costs. Staff accordingly recommends that the Board approve the Agreement, as
a better result is not expected if Parcel 147DE is condemned.
This item is consistent with the Collier County strategic plan objective to plan and build public infrastructure and
facilities to effectively, efficiently, and sustainably meet the needs of our community.
FISCAL IMPACT: Funds of $28,871 are required, being the negotiated compensation amount of $25,500,
attorney fees of $2,871, and estimated miscellaneous closing and recording fees of $500. Source of funding is the
Stormwater Capital Improvement Fund 3050, Project 60142.
No maintenance costs are anticipated until such time as the Project is constructed.
GROWTH MANAGEMENT IMPACT: This Project is in accordance with the goals, objectives, and policies of
all applicable sections of the Stormwater Management Sub -element and the Conservation and Coastal Management
Element of the Growth Management Plan.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote
for Board approval. -DDP
RECOMMENDATION:
• Approve the attached Agreement and authorize the Chairman to execute same on behalf of the Board;
• Accept the conveyance of Parcel 147DE and authorize the County Manager, or her 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 Agreement to close the transaction; and
• Authorize the County Manager or her designee to take the necessary measures to ensure the County's
performance in accordance with the terms and conditions of the Agreement.
Prepared By Ronald Thomas, Property Acquisition Specialist I, Right -of -Way Acquisition, Transportation
Engineering Division.
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16.B.6
03/26/2024
ATTACHMENT(S)
1. Agreement 60142-147DE (PDF)
2. Aerial -Parcel 60142-147DE (PDF)
3. [Linked] Appraisal - 60142-147DE (PDF)
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16.B.6
03/26/2024
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.13.6
Doe ID: 28094
Item Summary: Recommendation to approve an Agreement for the purchase of a drainage easement (Parcel
147DE) required for the West Goodlette-Frank Road Area Stormwater Improvement Project Phase 2 (Project No.
60142, Estimated Fiscal Impact: $28,871 from Stormwater Capital Improvement funds).
Meeting Date: 03/26/2024
Prepared by:
Title: Property Aquisition Specialist I Transportation Engineering
Name: Ronald Thomas
02/16/2024 2:24 PM
Submitted by:
Title: Division Director - Transportation Eng — Transportation Engineering
Name: Jay Ahmad
02/16/2024 2:24 PM
Approved By:
Review:
Transportation Engineering Robert Bosch TMSD Reviewer
Transportation Management Services Department Jeanne Marcella
Department
Transportation Engineering Anthony Khawaja TMSD Reviewer
Capital Project Planning, Impact Fees, and Program Management Mark Zordan
Unknown Lisa Taylor TMSD Reviewer
Transportation Management Operations Support Tara Castillo
Road Maintenance Ellen Sheffey TMSD Reviewer
Capital Project Planning, Impact Fees, and Program Management Beth Johnssen
Road Maintenance Marshal Miller TMSD Reviewer
County Attorney's Office Derek D. Perry Level 2 Attorney Review
Transportation Management Services Department Trinity Scott
Office of Management and Budget
County Attorney's Office
Community & Human Services
County Manager's Office
Board of County Commissioners
Debra Windsor Level 3 OMB Gatekeeper Review
Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Maggie Lopez OMB Reviewer
Amy Patterson Level 4 County Manager Review
Geoffrey Willig Meeting Pending
Completed 02/16/2024 2:47 PM
Transportation Management Services
Completed 02/16/2024 4:21 PM
Completed 02/20/2024 3:08 PM
TMSD Reviewer Completed
02/22/2024 11:34 AM
Completed 02/23/2024 9:29 AM
TMSD Reviewer Completed
02/23/2024 10:14 AM
Completed 02/26/2024 12:36 PM
TMSD Reviewer Completed
02/27/2024 4:04 PM
Completed 02/28/2024 1:26 PM
Completed 02/29/2024 10:01 PM
Transportation Completed
03/06/2024 2:36 PM
Completed 03/06/2024 2:41 PM
Completed 03/06/2024 4:06 PM
Completed 03/14/2024 7:43 AM
Completed 03/15/2024 10:02 AM
03/26/2024 9:00 AM
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16.B.6.a
PROJECT: 60142 - W Goodlette-Frank Road SIP (Ph 2)
PARCEL: 147DE
FOLIO: 61945360006
PURCHASE AND SALE AGREEMENT
(Perpetual, Non -Exclusive Drainage Easement)
THIS PURCHASE AND SALE AGREEMENT ("Agreement') is entered into this day of
2024, by SPERLING COURT, LLC, a Florida limited liability company, whose mailing address is 112 Wilderness
Drive, Suite 223, Naples, FL 34105, ("Seller"), and COLLIER COUNTY, a political subdivision of the State of
Florida, whose mailing address is 3299 Tamiami Trail East, c/o County Attorney's Office, Suite 800, Naples, FL
34112 (the "County").
Recitals:
A. Seller owns certain real property in Collier County, Florida, commonly known as 1324 Sperling CT,
Naples, Florida 34103.
B. The County desires to purchase a perpetual, non-exclusive drainage easement (the "Easement") over,
under, upon and across a portion of Seller's property as described in Exhibit "A" attached hereto (the "Property").
NOW THEREFORE, the parties agree as follows:
1. AGREEMENT TO SELL AND PURCHASE. Seller hereby agrees to sell, and the County hereby agrees
to purchase the Easement on the terms and conditions set forth in this Agreement.
2. COMPENSATION.
A. Amount. The compensation payable by the County for the Easement shall be $25,500.00 subject to
prorations, apportionments, and distribution of sales proceeds provided for in this Agreement. No portion of the
compensation is attributable to personal property. In addition, the County shall pay attorney fees in the sum of
$2,871.00 to Craig D. Blume, P.A., d/b/a Blume & Long Attorneys at Law.
B. Full Compensation. The payment of the net sales proceeds to Seller and attorney fees as stated in
subparagraph A above, payable by County check at Closing (defined below), shall be (i) full compensation for the
Easement, including, without limitation, all improvements located on the Property as of the date of this Agreement;
and (ii) full and final settlement of all other damages and expenses suffered or incurred by Seller in connection with
Seller's conveyance of the Easement to the County, whether foreseen or unforeseen, including, without limitation,
and to the extent applicable, moving expenses, attorneys' fees, expert witness fees and costs as provided for in
Chapter 73, Florida Statutes.
3. PURPOSE OF EASEMENT. The Easement shall be for drainage and stormwater management
purposes and includes the right to enter upon the Easement to a) construct, operate, maintain, repair, replace and
remove ponds, canals, ditches, swales, earthen berms, rip -rap, retaining walls and other retaining systems, pumps,
underground pipes, irrigation lines, lighting and other electrical facilities, and other types of water control structures
and facilities; b) place, excavate, use, store, plant, remove and dispose of soil, trees, landscaping, and other
materials and improvements, including the removal and disposal of any and all property, real and/or personal, not
owned by the County to the extent it interferes with the County's rights under the Easement, without liability to the
owner of such property; all as deemed necessary or appropriate from time to time by the County; and c)
notwithstanding the rights granted to Grantee herein, Grantee shall not construct any pump or device upon the
Easement which would be a visual obstruction or audible nuisance to Grantor's quiet enjoyment of the Property,
except in the case of an emergency where temporary pumps or other stormwater management devices may be
required to address the emergency.
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4. CLOSING DATE; POSSESSION.
A. Closing Date. Seller's conveyance of the Easement to the County (the "Closing") shall occur within
30 days of the County's receipt of all properly executed Closing Documents (defined below). TIME IS OF THE
ESSENCE. The Closing shall take place at the offices of the County's Transportation Engineering Division, 2885
Horseshoe Drive South, Naples, Florida 34104.
B. No Adverse Changes; Risk of Loss. The County's obligation to close shall be contingent upon the
County having determined that, between the date that the County completes its due diligence investigations and
inspections under this Agreement and the Closing, there shall have been no adverse changes in the title, physical
condition of the Property, or other matters previously approved by the County. Between the date of the parties'
execution of this Agreement and the Closing, risk of loss shall be borne by Seller. If the Property is damaged prior
to Closing, excluding damage caused by the County, Seller shall repair and restore the Property at Seller's expense.
C. Possession. Seller shall remove Seller's personal items, vacate, and surrender possession of the
Easement to the County at Closing. Seller shall leave the Property free of all personal property and debris and in
substantially the same condition as exists on the date of Seller's execution of this Agreement. The County shall
have the right to inspect the Property prior to Closing.
5. CLOSING DOCUMENTS. Prior to the Closing Date, Seller shall deliver the following documents to the
County, provided they are provided by the County to Seller, properly executed and in a form approved by the Collier
County Attorney's Office and the Seller (the "Closing Documents"):
(a) Drainage Easement instrument;
(b) Closing Statement;
(c) Affidavit of Title;
(d) Form W-9 (Request for Taxpayer Identification Number and Certification);
(e) Evidence of legal authority and capacity of the individual executing this Agreement on behalf of
Seller to execute and deliver this Agreement and the Closing Documents;
(f) Satisfaction, Partial Release, Termination or Subordination from the holder of each mortgage or
other lien open of record encumbering the Property;
(g) Termination, Partial Release, or Subordination of any leases or rental agreements that encumber
the Property;
(h) Termination or Subordination of any existing easement that encumbers the Property, if required by
the County; and
(1) Such other documents as the County or title company deems necessary or appropriate to clear title
to the Easement.
Following the Closing, Seller shall execute any and all additional documents as may be requested by the County or
title company to correct clerical errors, clear title, or otherwise carry out the intent of the parties.
6. CLOSING COSTS AND DEDUCTIONS.
A. County's Closing Costs. At Closing, the County shall pay (i) the recording fees to record the Easement
instrument and any curative instruments required to clear title; and (ii) the cost of an owner's policy of title insurance
if the County elects to obtain one. Additionally, the County may elect to pay reasonable costs incurred and/or
processing fees required by mortgagees or other lien holders in connection with the delivery of properly executed
Satisfaction, Releases, Terminations, or Subordinations of any liens open of record encumbering the Property. The
County shall have sole discretion as to what constitutes "reasonable costs and/or processing fees." In the event the
County refuses to pay costs incurred and/or processing fees required by mortgagees and other lien holders, Seller
may elect to terminate this Agreement.
B. Seller's Closing Costs. At Closing, Seller shall pay (i) all state documentary stamp taxes required on
the Easement instrument in accordance with Section 201.01, Florida Statutes, unless the Easement is acquired
under the threat of condemnation, in which case the conveyance is exempt from state documentary stamp taxes; (ii)
any apportionment and distribution of the full compensation amount provided for in this Agreement that may be
required by any mortgagee, lien holder, or other encumbrance holder as payoff, paydown, or for the protection of its
security interest, or as consideration due to any diminution in the value of its property right; and (iii) all taxes and
assessments that are due and payable. Notwithstanding anything else contained herein to the contrary, in the event
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16.B.6.a
any mortgagee, line holder, or other encumbrance holder requires a payoff, paydown, or material consideration for
protection of security interest, Seller may elect to terminate this Agreement at any time prior to the Closing Date.
Seller's termination right according to this section shall not apply in the event the County elects to pay the payoff,
paydown, or consideration required by a lien holder.
7. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS.
A. Relocation. Seller agrees to relocate existing irrigation, electrical, or other systems located on the
Property, if any, including, but not limited to, irrigation lines, sprinkler valves, electrical wiring, etc. ("Systems"), prior
to the commencement of construction, without any further notification from the County. Seller assumes full
responsibility for the relocation of all Systems and their performance on the remainder property after relocation.
Seller holds the County harmless for any and all possible damage to the Systems in the event Seller fails to relocate
the Systems prior to the commencement of construction.
B. Retention of Improvements. Seller acknowledges that the County has compensated Seller for the
value of all improvements and landscaping ("Improvements") located on the Property, and yet the County is willing
to permit Seller to salvage said Improvements provided same are removed from the Property prior to the
commencement of construction. If Seller elects to retain any Improvements located on the Property, Seller is
responsible for their removal prior to the commencement of construction, without any further notification from the
County. All Improvements remaining on the Property at the time of commencement of construction shall be deemed
abandoned by Seller.
C. This section shall survive Closing and is not deemed satisfied by conveyance of the Easement.
8. INSPECTIONS.
A. Inspections. Following the date of the parties' execution of this Agreement, for a period of twenty (20)
days (the "Inspection Period") the County shall have the right, at its sole cost and expense, to conduct whatever
investigations and inspections of the Property that it deems appropriate, including, without limitation, a title
examination, property survey, appraisal, building inspections, environmental assessments, engineering studies, soil
borings, determination of compliance of the Property with applicable laws, and the like. Seller shall provide the
County with reasonable access to the Property to conduct on -site inspections. The County shall promptly repair any
damage to the Property caused by such on -site inspections and shall indemnify and hold Seller harmless for any
damage caused or liability incurred as a result of the County's investigations and inspections.
B. County's Right to Terminate. Notwithstanding anything in this Agreement to the contrary, the County's
obligations under this Agreement to acquire the Easement are contingent upon the County's satisfaction with the
Property, including, without limitation, as revealed by the County's investigations and inspections as set forth herein.
If, during the Inspection Period, the County identifies any objectionable matters and determines that such objections
cannot be resolved to the County's satisfaction through reasonable diligence, within a reasonable period of time,
and at a reasonable cost, all as determined by the County in its sole discretion, the County shall have the right to
terminate this Agreement by written notice to Seller, whereupon neither party shall thereafter have any rights or
obligations under this Agreement. The County may, but shall not be required to, provide Seller with an opportunity
to rectify such objections.
9. SELLER'S ADDITIONAL REPRESENTATIONS AND WARRANTIES. Seller makes the following
additional representations and warranties on the date of Seller's execution of this Agreement, and shall be deemed
to have repeated same at Closing:
(a) Seller is the sole owner of fee simple title to the Property and has full right, power, and authority to
own and operate the Property, to execute this Agreement, and to fulfill Seller's obligations under this
Agreement and the Closing Documents.
(b) No tenant or other party has any right or option to acquire the Property or to occupy the Property, or,
if applicable, Seller shall disclose same to the County in the applicable Closing Documents.
3
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16.B.6.a
(c) Seller's title to the Property is free and clear of all mortgages and other liens and encumbrances,
except as may be disclosed in the title commitment, title report, or attorney title opinion obtained or to
be obtained prior to the Closing.
(d) Between the date of Seller's execution of this Agreement and the Closing, Seller shall not do anything
to encumber the title to the Property, or convey the Property to a third party, or grant to any third party
any rights of any kind with respect to the Property, or do anything to change or permit to be changed
the physical condition of the Property, without in each instance obtaining the County's prior written
consent, which may be granted or withheld in the County's sole discretion.
(e) There are no governmental proceedings or investigations of any kind, formal or informal, civil or
criminal, pending or threatened, that may affect the Property or adversely affect Seller's ability to
perform Seller's obligations under this Agreement to the best of Seller's knowledge.
(f) The Property is in compliance with all federal, state and local laws, including, without limitation,
environmental laws; no unsafe levels of radon, mold, lead, or other pollutants or hazardous substances
have been used, generated, stored, treated, or removed from the Property, nor is there any lawsuit,
proceeding, or investigation regarding same; the Property has never been used as a landfill, and there
are no underground storage tanks on the Property; there has been no spill, contamination, or violation
of environmental laws pertaining to any contiguous property; and Seller has not received notice and
otherwise has no knowledge of any existing or threatened environmental lien against the Property.
(g) Seller has not utilized a real estate broker or agent in connection with Seller's sale of the Easement to
the County and no real estate sales commission is due.
(h) None of the improvements located on the Property encroach upon adjoining properties, and no
improvements located on adjoining properties encroach upon the Property.
10. DEFAULT; REMEDIES. If either party fails to perform any of its obligations under this Agreement and
fails to cure such failure within 15 days after receiving written notice thereof from the non -defaulting party, the non -
defaulting party shall have the right to terminate this Agreement by giving written notice of termination to the
defaulting party; without limitation of any other rights and remedies available to the non -defaulting party at law or in
equity, including, without limitation, the right to seek specific performance, and to recover damages, including
attorney fees and court costs, in connection with such default; all rights and remedies being cumulative.
11. INDEMNIFICATION; WAIVER OF CLAIMS. Seller shall indemnify, defend, and hold the County
harmless from and against all claims and actions asserted against the County, and all damages, losses, liability,
penalties, fines, costs and expenses, including, without limitation, attorney fees and court costs, suffered or incurred
by the County, arising from (i) Seller's representations and warranties in this Agreement or in any of the Closing
Documents if untrue; or (ii) Seller's failure to perform any of Seller's obligations under this Agreement, irrespective
of whether the County delivers a written notice of default to Seller; or (iii) injuries, accidents, damage to Seller's
personal property, or other incidents occurring on the Property prior to Closing. The County shall indemnify, defend,
and hold the County harmless from and against all claims and actions asserted against the Seller, and all damages,
losses, liability, penalties, fines, costs, and expenses, including without limitation, attorney fees and court costs,
suffered or incurred by the Seller, arising from (i) the County's representations and warranties in this Agreement or
in any of the Closing Documents if untrue; (ii) the County's failure to perform any of the County's obligations under
this Agreement, irrespective of whether the Seller delivers a written notice of default to the County; or (iii) injuries,
accidents, or damages resulting from the County's agents, representatives, or contractors visiting of the Property.
12. NOTICES. All notices given by either party to the other under this Agreement shall be in writing and
shall be personally delivered, or delivered by a traceable courier, or mailed by U.S. certified mail, to the parties at
their respective addresses set forth in the introductory paragraph of this Agreement, or such other address as may
be specified by either party from time to time by written notice to the other party. Notices shall be deemed given on
the date of receipt if personally delivered, or delivered by courier, or 3 days after mailing.
13. GENERAL PROVISIONS.
A. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties
and their respective heirs, executors, personal representatives, successors and permitted assigns.
4
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16.B.6.a
B. Assignment. The parties shall not assign any rights or obligations under this Agreement to a third
party without the prior written consent of the other party.
C. Entire Agreement. This Agreement constitutes the entire agreement of the parties as pertains to the
subject matter hereof, and there are no prior or contemporaneous written or oral agreements, undertakings,
promises, warranties, or covenants not contained herein.
D. Amendments. All amendments to this Agreement must be in writing and signed by both parties.
E. Time Periods. If any deadline or expiration of any time period provided for hereunder falls on a
Saturday, Sunday or legal holiday, such deadline or expiration shall be extended to the following business day.
F. Survival. All provisions of this Agreement that are not, or by their nature cannot be, performed prior
to the Closing, including, without limitation, Seller's representations, warranties, indemnity obligations, shall survive
the Closing.
G. Severability. If any provision of this Agreement is determined to be legally invalid or unenforceable,
such provision shall be severed from this Agreement, and the remaining provisions of this Agreement shall remain
in full force and effect.
H. No Waiver. No party shall be deemed to have waived its right to enforce any specific provision of this
Agreement unless such waiver is in writing. Any such written waiver shall be applicable only to the specific instance
to which it relates and shall not be construed as a continuing waiver as to future instances or as a waiver of any
other provision.
I. Governing Law; Venue. This Agreement shall be governed and construed in accordance with the
laws of the State of Florida. All disputes arising under this Agreement shall be brought solely in the courts in Collier
County, Florida, and the parties hereby agree to said venue.
Signature Page to Follow
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16.6.6.a
IN WITNESS WHEREOF, the parties have executed this Agreement on the dates indicated below,
effective as of the date this Agreement is executed by the County.
Date: v4 vu 2 , 2024
Date:
2024
ATTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court & Comptroller
By:
Deputy Clerk
Appaed as to form and legality
D EK D. PERRY, ESQ.
Assistant County Attorney
,Lo
SELLER:
SPERLIN( C URT, LLC, a Florida limited liability
company
BY:
- LO IE MCCABE, Manager
COUNTY:
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
By:
CHRIS HALL, Chairperson
ON
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16.B.6.a
PROPERTY DESCRIPTION TE-ROW
147DE
A PARCEL OF LAND LYING IN OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC 8/29/22
RECORDS OF COWER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS: EXHIBIT A
BEGINNING AT THE SOUTHWEST CORNER OF SAID LANDS, THENCE ALONG THE WEST LINE Page 1 Of 1
OF SAID LANDS NORTH 00'44'27" WEST, A DISTANCE OF 40.25 FEET; THENCE DEPARTING
1a
(OR 5745,)yO
SAID WEST LINE SOUTH 88'48'00" EAST, A DISTANCE OF 31.75 FEET; THENCE NORTH
72'24'43" EAST, A DISTANCE OF 8.83 FEET; THENCE NORTH 4T51'20" EAST, A DISTANCE
PG 2785)
OF 39.74 FEET TO AN INTERSECTION WITH THE EAST LINE OF SAID LANDS; THENCE ALONG
F'
SAID EAST LINE SOUTH 00'44'27" FAST, A DISTANCE OF 65.63 FEET TO AN INTERSECTION
WITH THE NORTHWEST LINE OF LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 5999,
PAGE 643, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. THENCE ALONG SAID
NORTHWEST LINE SOUTH 44722'18" WEST, A DISTANCE OF 3.57 FEET TO THE SOUTHEAST
CORNER OF OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF
COLLIER COUNTY, FLORIDA; THENCE ALONG THE SOUTH LINE OF SAID LANDS SOUTH
S 88'48'00" E 31.75' (OR 5092,
89'22'18" WEST, A DISTANCE OF 67.47 FEET TO THE POINT OF BEGINNING. (OR 4463,
c`no
PG 1894)
N 72'2E PG 1898)
CONTAINING 3,240 SQUARE FEET, MORE OR LESS.
u)
N
.83' w
88'
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NOTES: o
a
1. BEARINGS SHOWN HEREON REFER TO THE STATE PLANE COORDINATE SYSTEM
o
ESTABLISHED BY THE NATIONAL GEODETIC SURVEY FOR FLORIDA EAST ZONE, 1983 3
1n
DATUM WITH 2O11 ADJUSTMENT OBTAINED USING RTK GPS OBSERVATIONS ON THE -
FDOT NETWORK AND ARE BASED ON THE EAST LINE OF LANDS DESCRIBED IN N
OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF COLLIER
COUNTY, FLORIDA, AS BEING S 0'44'27" E. o
2. DIMENSIONS SHOWN HEREON ARE IN U.S. SURVEY FEET AND DECIMALS THEREOF.
S 44.22'18" W
3. THIS SKETCH AND DESCRIPTION IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND Z
3.57'
SEAL OR THE DIGITAL SIGNATURE AND DIGITAL SEAL OF A LICENSED FLORIDA
SURVEYOR AND MAPPER. NO ADDITIONS OR DELETIONS TO THIS SKETCH &
DESCRIPTION MAP ARE PERMITTED WITHOUT THE EXPRESSED WRITTEN CONSENT OF
THE SIGNING PARTY.
S B9'22'18" W 67.47' (OR 5999,
POB (OR 153, PG 37) PG 643)
LEGEND:
POC POINT OF COMMENCEMENT O 1 0' 20 40'
POB POINT OF BEGINNING -N-
SCALE: 1" = 20'
OR OFFICIAL RECORDS BOOK
DRAWN BY: AH
PS PLAT BOOK THIS PLAN MAY HAVE BEEN ENLARGED OR
PG PAGE(S)
CHECKED BY: DLS
REDUCED FROM INTENDED DISPLAY SCALE
FOR REPRODUCTION REASONS
JOB CODE: CN015
SCALE: 1" = 20'
DATE: 25 FEBRUARY 2022
FILE: 21-218SL
'THIS IS NOT A SURVEY` SHEET: 1 of 1
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AERIAL - PARCEL 147DE
West Goodlette-Frank Stormwater Project No. 60142
Packet Pg. 976
I 16.B.6.c I
APPRAISAL AND CON SUITING
REAL ESTATE APPRAISAL REPORT
PARCEL No.147DE
Residential
1324 Sperling Court
Naples, Collier County, Florida, 34103
PREPARED FOR:
Ms. Lisa Barfield
Review Appraiser
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, FL 34104
Client File: Project #60142 - PO No. 4500222634
ACHI L M. ZUCCHI, MAI, CCIM
C. LOWRY, MAI, CPA
OUIS C. BOSBITT, MAI
EFFECTIVE DATE OF THE APPRAISAL:
January 28, 2023
DATE OF THE REPORT:
February 8, 2023
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2022-270
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Packet Pg. 977
RKL
APPRAISAL AND CONSULTING
February 8, 2023
Ms. Lisa Barfield
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, FL 34104
Re: Real Estate Appraisal
Parcel No. 147DE
1324 Sperling Court, Naples,
Collier County, Florida, 34103
Client File: Project #60142 - PO No. 4500222634
RKL File Number: 2022-270
Dear Ms. Barfield:
16.B.6.c
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the parent tract before and after the
proposed acquisition. The intended users for the assignment are Collier County
Transportation Engineering Division. The intended use of the appraisal is as a basis of
value for determining full compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if any) which are proposed to
be acquired, including all diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the proposed drainage
easement (DE). We use the appraisal report option of Standards Rule 2-2 of USPAP to
report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957. The improvements located outside the proposed acquisition area
are considered to be unaffected by the acquisition. Therefore, the contributory value
of those improvements is not reported in the following appraisal.
ACHI L M. ZUCCHI, MAI, CCIM
C. LOWRY, MAI, CPA
OUIS C. BOBBITT, MAI
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Packet Pg. 978
16.B.6.c
Ms. Lisa Barfield
Collier County Transportation Right -Of -Way Group
February 8, 2023
Page 2
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of, or activity upon, the
proposed perpetual, non-exclusive drainage easement (Parcel No. 147DE), as of January
28, 2023, is:
SUMMARY OF TOTAL COMPENSATION
Value of Property Rights Taken: $16,800
Value of Improvements Taken: $0
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER:
$16,800
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the proposed
acquisition and the proposed drainage improvements have been
completed as of the effective date of the appraisal.
Extraordinary Assumptions:
None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
ACHI L M. ZUCCHI, MAI, CCIM
C. LOWRY, MAI, CPA
OUIS C. BOBBITT, MAI
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Packet Pg. 979
16.B.6.c
PARCEL NO. 147DE TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions................................................................... 1
Introduction Information.....................................................................................................
5
SubjectIdentification......................................................................................................
5
Current Ownership and Property History.......................................................................
5
AppraisalScope..............................................................................................................
5
Client, Intended User, and Intended Use........................................................................
6
Definition of Market Value.............................................................................................
6
Definition of Property Rights Appraised........................................................................
6
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................
7
Scopeof Work................................................................................................................
7
MarketArea Analysis.....................................................................................................
8
Property Description and Analysis...................................................................................
11
Site Analysis - Parent Tract..........................................................................................
11
Real Estate Taxes and Assessments..............................................................................
21
Highestand Best Use....................................................................................................
22
ValuationMethodology....................................................................................................
25
AnalysesApplied..........................................................................................................
26
Valuation Analysis of Parent Tract...................................................................................
27
Sales Comparison Approach.........................................................................................
27
Valuation Analysis of Part Taken and Remainder Property .............................................
34
Description of Part Taken.............................................................................................
34
Value Analysis Proposed Property Rights and Improvements Taken ..........................
37
Valuation Analysis of Remainder Property As Severed ...................................................
38
Description of Remainder Property as Severed............................................................
38
Value Analysis Remainder Property As Severed.........................................................
38
Severance Damages to the Remainder Property...........................................................
40
Costto Cure Analysis...................................................................................................
40
Special Benefits Analysis.............................................................................................
40
Summary and Conclusion.............................................................................................
41
Certification......................................................................................................................
42
Assumptions and Limiting Conditions.............................................................................
44
Addenda
Appraiser Qualifications
Property Information .....
Comparable Data ...........
....... Addendum A
....... Addendum B
....... Addendum C
Packet Pg. 980
PARCEL No. 147DE
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
16.B.6.c
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject: Parcel No. 147DE
1324 Sperling Court, Naples,
Collier County, Florida, 34103
Owner: Sperling Court LLC
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed drainage easement (DE).
Intended User(s): Collier County Transportation Engineering Division
PARENT TRACT BEFORE THE TAKING
Current Use: Single-family home
Legal Description: Lengthy legal description shown in addenda.
Tax Identification: 61945360006
Land Area: Total: 0.37764 acres; 16,450 square feet
Shape: The parent site is rectangular in shape.
Flood Zone: Zone X and AE
Zoning: RMF-6 - Residential Multi-Family-6 District
Highest and Best Use
As Vacant Residential development
As Improved The highest and best use is as currently improved.
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $855,400
Improvements: $0
Total Market Value of Parent Tract: $855,400
Effective Date(s) January 28, 2023
Property Rights Fee Simple
Page 1
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PARCEL NO. 147DE SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
16.B.6.c
PART TAKEN
Identification:
Parcel No. 147DE
Intended Use of the Proposed
The intended use of the proposed acquisition area is for a
Acquisition:
perpetual, non-exclusive drainage easement by Collier
County.
Description:
The part taken consists of a 3,420 square foot Drainage
Easement running along the southern border of the parent
tract.
Land Area:
0.07438 acres; 3,240 square feet
Shape:
Irregular
Approximate Dimensions:
67.47' x 40.25' x 31.75' x 8.83' x 39.74' x 65.63' x 3.57'
Existing Easements and
According to the deed, the northern 20 feet of the parcel
Encumbrances:
is encumbered by an Ingress/Egress and Utility easement.
We are not aware of any additional easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Improvements Taken:
The part taken consists largely of submerged lands. The
improvements in and near the take include a dock,
landscaping, and rip rap. According to Collier County,
the improvements located within or near the take,
including the dock, landscaping, and rip rap, will either
not be affected, or will be cured by the contractor and are
therefore not included in the following analysis.
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Property Rights Taken: $16,800
Improvements Taken: $0
Total: $16,800
Effective Date(s) January 28, 2023
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $855,400
Less Market Value of the Proposed Part Taken: $16,800
Total Market Value of the Remainder Property, As Part of the Whole: $838,600
Effective Date(s) January 28, 2023
Page 2
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PARCEL NO. 147DE SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
16.B.6.c
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 0.37764 acres; 16,450 square feet
Shape:
The parent site is rectangular in shape.
Improvements:
The parent tract is improved with an 832 square foot
single-family home built in 1957.
Existing Easements and
According to the deed, the northern 20 feet of the parcel
Encumbrances:
is encumbered by an Ingress/Egress and Utility easement.
Additionally, the remainder parcel will be encumbered by
a 3,240 square foot Drainage Easement running along the
southern border of the parent tract. We are not aware of
any additional easement, restrictions, or encumbrances
that would adversely affect value before the taking.
However, a current title report was not provided for the
purpose of this appraisal.
Proposed Acquisition:
A Drainage Easement (DE) acquisition containing a total
of 3,240 square feet or 0.07438 acres.
Highest and Best Use
As Vacant
Residential development
As Improved
The highest and best use is as currently improved.
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value:
$687,000
Improvement Value:
$0
Plus Encumbered Land:
$151,600
Total Market Value of Reminder
Property: $838,600
Effective Date(s)
January 28, 2023
Severance Damages to the Remainder Property
Value of the Whole $855,400
Less Value of the Part Taken $16,800
Value of the Remainder Property as Part of the Whole $838,600
Value of the Remainder Property as Severed $838,600
Difference (Severance Damages) $0
Rounded: $0
Net Cost to Cure: $0
Special Benefits: $0
Page 3
Packet Pg. 983
PARCEL NO. 147DE SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
16.B.6.c
Parcel No. 147DE
Fee Value per
°f Fee
Indicated Value
Square Feet
Indicated Value
Rounded
Total Value
Square Feet
per SF
Value
Parent Tract Before the Taking
Land
$52.00 100%
$52.00 16,450
$855,400
$955,400
Total
$855,400
Proposed Part Taken
Fee Value per of Fee
Indicated Value
Square Feet
Indicated Value
Rounded
Total Value
Square Feet
per SF
Value
Parcel147 Drainage Easement (DE)
$52.00 10%
$5.20 3,240
$16,848
$16,800
Improvements Taken
$0
Total Part Taken - Drainage Easement
$16,800
Remainder Property, as Part of the Whole
$838,600
Remainder Property
Land Area - Exclusive of Encumbered Land $52.00 100% $52.00 13,210 $686,920 $687,000
Taken
Phis Encumbered Land $52.00 90% $46.80 3,240 $151,632 $151,600
Total
$838,600
Damages
$0
Special benefits
$0
Net Damages
$0
Summary of Total Compensation
Encumbered Land Taken (Parcel No. 147DE) $52.00 10% $5.20 3,240 $16,848 $16,800
Value ofhnprovements Taken $0
Total
$16,800
Net Damages
$0
Net Cost to Cure
$0
Total Amount Due Owner
$16,800
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value
of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the proposed
acquisition and the proposed drainage improvements have been
completed as of the effective date of the appraisal.
Extraordinary Assumptions:
None.
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Packet Pg. 984
PARCEL NO. 147DE INTRODUCTION INFORMATION
16.B.6.c
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject: Parcel No. 147DE
1324 Sperling Court, Naples,
Collier County, Florida, 34103
Legal Description: Lengthy legal description shown in addenda.
Tax Identification: 61945360006
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957. The improvements located outside the proposed acquisition area
are considered to be unaffected by the acquisition. Therefore, the contributory value
of those improvements is not reported.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner
The owner of the property is Sperling Court LLC.
Sale History
According to public records, the property was purchased on March 27, 2020 from
Veronica M. Lawson for $330,000. The deed is recorded in Collier County Clerk of
Courts OR Book 5745, Page 2785.
Current Listing/Contract(s):
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser's responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
• the client and any other intended users;
• the intended use of the appraiser's opinions and conclusions;
• the type and definition of value;
• the effective date of the appraiser's opinions and conclusions;
• subject of the assignment and its relevant characteristics
• assignment conditions
• the expectations of parties who are regularly intended users for similar
assignments; and
Page 5
Packet Pg. 985
PARCEL, No. 147DE
INTRODUCTION INFORMATION
16.B.6.c
• what an appraiser's peer's actions would be in performing the same or a similar
assignment.
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation
Engineering Division. The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real estate resulting from the
property rights and improvements (if any) which are proposed to be acquired, including
all diminution in value to the remainder land and improvements (if any) which can be
attributed to the use of, or activity upon, the proposed drainage easement (DE). The
appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
7th ed. (Chicago: Appraisal Institute, 2022) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
■ Buyer and seller are typically motivated;
■ Both parties are well informed or well advised, and acting in what they consider
their best interests;
■ A reasonable time is allowed for exposure in the open market;
■ Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
■ The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: "Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real
Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
The proposed property rights to be acquired include a proposed perpetual, non-exclusive,
drainage easement.
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PARCEL, No. 147DE
INTRODUCTION INFORMATION
16.B.6.c
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
appraisal is January 28, 2023. The date of my most recent inspection was January 28,
2023. The date of the report is February 8, 2023.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type:
This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification:
The subject has been identified by the legal description and
the assessors' parcel number.
Inspection:
An on -site inspection was made and photographs taken.
Market Area and Analysis of
A complete analysis of market conditions has been made.
Market Conditions:
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Anal
Cost Approach:
A cost approach was not applied as the subject tract is
analyzed as vacant land. However, the Cost Approach is
utilized to estimate the contributory depreciated value of
the site improvements (if any) taken.
Sales Comparison Approach:
A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach:
An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the
proposed acquisition and the proposed drainage
improvements have been completed as of the effective date
of the appraisal.
Extraordinary Assumptions:
None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
Page 7
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PARCEL No. 147DE
MARKET AREA ANALYSIS
16.B.6.c
MARKET AREA ANALYSIS
Boundaries
The subject is located in the Central Naples Planning District of Collier County. The
market area is generally delineated as follows:
North Pine Ridge Road
South Radio Road
East Interstate 75
West Tamiami Trail (US 41)
A map identifying the location of the property follows this section.
Market Area Access and Linkages
Primary access to the market area is provided by Tamiami Trail, Goodlette Road,
Airport -Pulling Road, Livingston Road, Golden Gate Parkway, Pine Ridge Road and
Radio Road. Tamiami Trail, Goodlette Road, Airport -Pulling Road and Livingston
Road run in a north / south direction and Golden Gate Parkway, Pine Ridge Road and
Radio Road run in an east / west direction. Airport Road is a six -lane divided highway
from US-41 East to Vanderbilt Beach Road, and four lanes further north to Immokalee
Road. The Naples Municipal Airport is located along Airport -Pulling Road just south of
Golden Gate Parkway.
Golden Gate Parkway extends from Golden Gate City in the east to the City of Naples
in the west. Golden Gate Parkway provides the closest Interstate 75 access. Pine Ridge
Road also provides Interstate 75 access to the north.
The Southwest Florida International Airport (RSW) is located about 35 miles from the
market area; travel time is about 45 minutes to an hour, depending on traffic conditions.
The Naples Municipal Airport (APF) is located partially within the market area and the
Marco Island Airport (MKY) is approximately 10 miles and 20 minutes to an hour
south of the market area. The Naples CBD, the economic and cultural center of the
region, is approximately 5 miles from the market area.
Demographics
The following table shows the historical, current and projected population, households,
housing, and income demographics for the immediate market area defined as a 3 mile
radius from the subject. The table was developed using data from STDBOnline.com.
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16.B.6.c
PARCEL No. 147DE
MARKET AREA ANALYSIS
•
(Desri Demographic
.. Income
Profile
Sperling Ct
Prepared by Esri
Naples, Florida, 34103
Latitude:
26.19416
Ring: 3 mile radius
Longitude:
-81.79456
Summary Census
2010
Census 2020
2022
2027
Population
37,611
39,277
40,042
40,422
Households
18,911
19,718
20,003
20,324
Families
11,141
-
11,489
11,623
Average Household Size
1.98
1.96
1.97
1.96
Owner Occupied Housing Units
13,350
-
14,116
14,376
Renter Occupied Housing Units
5,566
-
5,887
5,949
Median Age
57.5
-
61.9
63.7
Trends: 2022-2027 Annual Rate
Area
State
National
Population
0.19%
0.61%
0.25%
Households
0.32%
0.62%
0.31%
Families
0.23%
0.590/1
0.28%
Owner HHs
0.37%
0.83%
0.53%
Median Household Income
2.76%
3.750%
3.12
2022
2027
Households by Income
Number
Percent
Number
Percent
<$15,000
1,498
7.51/.
1,041
5.1%
$15,000 - $24,999
806
4.0%
567
2.8%
$25,000 - $34,999
1,190
5.9%
900
4.4%
$35,000 - $49,999
1,701
8.5%
1,247
6.1%
$50,000 - $74,999
2,325
11.6%
2,285
11.2%
$75,000 - $99,999
1,892
9.5°/n
1,949
9.6%
$100,000- $149,999
3,397
17.0%
4,071
20.0%
$150,000 - $199,999
1,963
9.8%
2,604
12.8%
$200,000+
5,231
26.2%
5,660
27.8%
Median Household Income
$106,188
$121,674
Average Household Income
$165,518
$185,354
Per Capita Income
$82,126
$92,507
Outlook and Conclusions
As with Collier County, the long term economic outlook for Central Naples is positive.
Total population is projected to increase slightly over the next five years. More
importantly, the area is projected to continue to experience increasing employment
growth. Based on this analysis, it is anticipated that Central Naples will continue to
grow and prosper.
Prior to the coronavirus pandemic, the residential market had stabilized after several
years of an expansion period, with sustained growth in demand and increasing
construction. Since the coronavirus pandemic, residential demand increased
significantly with record sales in 2020 and continued high demand but limited
inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due
to continued increases in interest rates. New home builders continue to face shortages
with a lack of building supplies creating a backlog of newly constructed homes. Prices
continue to increase; however, the rate of increase is declining.
Generally, the commercial market lags the residential market. The significant
residential demand since the pandemic has generally stabilized the commercial market
overall with an increased demand for the industrial sector and select retail and office
properties.
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PARCEL No. 147DE
16.B.6.c
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16.B.6.c
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed take prepared by GradyMinor.
Land Summary - Parent Tract Before Taking
Parcel ID Gross Land Area Gross Land Area
(Acres) (Sq Ft)
61945360006 0.3776 16,450
SITE
Location:
The subject is located along the south side of Sperling Court with
rear frontage on a small lake.
Current Use of the Property:
Single-family home
Shape:
The parent site is rectangular in shape.
Road Frontage/Access:
The subject property has average access with frontage as follows:
• Sperling Court: 70
The site has an average depth of 235 feet. It is not a corner parcel.
Visibility:
Average
Topography:
The subject parent tract is partially cleared with level topography.
According to the Collier County Property Appraiser, the rear
approximately 0.06 acres is submerged land.
Soil Conditions:
We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: Septic
Water: Municipal water
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: There is no street lighting along Sperling
Court.
• Sidewalks: There are no sidewalks along Sperling Court.
• Curbs and Gutters: There are no curbs or gutters along Sperling
Court.
• Curb Cuts: The parent tract is accessed from a gravel driveway
along Sperling Court.
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone X and AE. Flood Zone X is not classified as a flood
hazard area.
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PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
16.B.6.c
FEMA Map Number: 12021C 0383H
FEMA Map Date: May 16, 2012
The upland areas of the subject parcel appear to be largely in Flood
Zone X and the take is in Flood Zone AE. The appraiser is not an
expert in this matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: According to the deed, the northern 20 feet of the parcel is
encumbered by an Ingress/Egress and Utility easement. We are not
aware of any additional easement, restrictions, or encumbrances
that would adversely affect value before the taking. However, a
current title report was not provided for the purpose of this
appraisal.
Site Comments: The site has average and typical utility.
Zoning Code
Zoning Authority
Zoning Description
Permitted Uses
Current Use Legally Conforming
Minimum Lot Area (SF)
Minimum Floor Area (SF)
Minimum Street Frontage (Feet)
Front Set Back Distance (Feet)
Front and Rear Set Back Distance (Feet)
Side Yard Distance (Feet)
Maximum Density/FAR
Maximum Building Height (Feet)
ZONING
RMF-6
Collier County
Residential Multi-Family-6 District;
Single-family dwellings; Duplexes, two-family
dwellings; Multi -family dwellings; Townhouses;
Family care facilities; and Educational plants and
public schools with an agreement with Collier
County
The subject is a legal and conforming use.
6,500 SF (Single-family); 12,000 SF (Duplex);
5,500 per unit (3+ units)
750 SF
60' (Single-family); 80' (Duplex); 100' (3+ units)
25' (Single-family and Duplex); 30' (3+ units)
20'
Non -waterfront: 7.5' (Single-family); 10' (Duplex);
15' (3+ units); Waterfront: 10' (Single-family and
Duplex); 15' (3+ units)
6 units per acre
35
Zoning Comments We were not supplied with a survey indicating
building setbacks and have assumed that the
improvements conform to current building codes.
Future Land Use Designation Urban Residential Subdistrict
Page 12
Packet Pg. 992
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
16.B.6.c
Zoning Map
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Page 13
Packet Pg. 993
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
16.B.6.c
Aerial - Parent Tract
14
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Page 14
Packet Pg. 994
PARCEL No. 147DE
SITE ANALYSIS — PARENT TRACT
16.B.6.c
Flood Map
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Page 15
Packet Pg. 995
PARCEL No. 147DE
9TTF. ANALYSIS - PARENT TRACT
16.B.6.c
Site Photographs
Sperling Court - Easterly
W-
Page 16
Packet Pg. 996
PARCEL No. 147DE
16.B.6.c
SITE ANALYSIS - PARENT TRACT
Site Photographs
Single -Family Home
Dock within Part Taken
(Photo Taken on January 28, 2023)
Page 17
Packet Pg. 997
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
16.B.6.c
Site Photographs
F - . .a . .
Dock and landscaping within Part Taken
Rip Rap and Landscaping within Part Taken
(Photo Taken on January 28, 2023)
Page 18
Packet Pg. 998
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
16.B.6.c
Site Photographs
Rip Rap and Landscaping within Part Taken
Landscaping within Part Taken
(Photo Taken on January 28, 2023)
Page 19
Packet Pg. 999
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
16.B.6.c
Improvements Analysis
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957.
The parent tract will consist of approximately 0.37764 acres before and after the taking.
After the taking, there will be a 3,240 square foot drainage easement located along the
southern border of the parcel.
The part taken consists largely of submerged lands. The improvements in and near the
take include a dock, landscaping, and rip rap. According to Collier County, the
improvements located within or near the take, including the dock, landscaping, and rip
rap, will either not be affected, or will be cured by the contractor and are therefore not
included in the following analysis. Therefore, the remainder property's improvements
will not be damaged after the taking.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
Page 20
Packet Pg. 1000
PARCEL No. 147DE
REAL ESTATE TAXES AND ASSESSMENTS
16.B.6.c
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. In
2008, Florida voters amended the Constitution to give non -homestead property owners
some protection against increases in their annual property tax assessments. As
amended, the Florida Constitution now prohibits the assessment of certain non -
homestead property from increasing by more than 10% per year. The 10% cap applies
to most types of commercial property, including non -homestead residential property
(i.e. apartments and other rental property) and nonresidential property (i.e. commercial
property and vacant land). The cap was set to expire on January 1, 2019; however, in
November 2018 Florida voters amended the Constitution to make the cap permanent.
The protection of the 10% cap is lost when there is a change of ownership or control.
The property tax identification number and assessed value of the property for tax year
2022 are as follows:
ASSESSED VALUES - PARENT TRACT
Tax Identification Number
61945360006
Land Assessed Value
$378,210
Building Assessed Value
$104,394
10% Assessment Cap
- 101 527
Total Assessed Value
$381,077
Totals
Total Land Assessed Value
$378,210
Total Building Assessed Value
$104,394
10% Assessment Cap
-$101,527
Total Assessment
$381,077
Rates, Taxes, More
Tax Rate
1.17%
Ad Valorem Tax Amount $4,440
Special Assessment Amount $230.82
Special Assessment Comments District 1 Garbage
Total Tax Liability The 2021 and 2022 taxes have been paid.
The assessment for the subject underlying land is currently $22.99 per square foot prior
to exemptions. Based on our valuation analysis, the subject's assessment appears low.
Page 21
Packet Pg. 1001
PARCEL No. 147DE
HIGHEST AND BEST USE
16.B.6.c
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
■ Physically possible for the land to accommodate the size and shape of the
ideal improvement.
■ Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
■ Financially feasible to generate sufficient income to support the use.
■ Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The parent tract is 0.37764 acres or 16,450 square feet with 70 feet of frontage along
Sperling Court. The subject parent tract is partially cleared with level topography.
According to the Collier County Property Appraiser, the rear approximately 0.06 acres
is submerged land. According to the deed, the northern 20 feet of the parcel is
encumbered by an Ingress/Egress and Utility easement.
The physical characteristics of the subject tract should reasonably accommodate any
use that is not restricted by its size.
The subject's utilities are typical and adequate for the market area. The parent site is
rectangular in shape. The site is located in a FEMA flood zone X and AE area per
FEMA Flood Map Number: 12021C 0383H, dated May 16, 2012. Zone X is not
classified as a flood hazard area.
Aside from the rear submerged land and front Ingress/Egress and Utility easement,
there are no known physical reasons that would unusually restrict development. The
site is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned within the Residential Multi-Family-6 District (RMF-6).
Single-family dwellings; Duplexes, two-family dwellings; Multi -family dwellings;
Townhouses; Family care facilities; and Educational plants and public schools with an
agreement with Collier County.
1 The Dictionary of Real Estate Appraisal 7' ed. (Chicago: Appraisal Institute, 2022)
Page 22
Packet Pg. 1002
PARCEL No. 147DE
HIGHEST AND BEST USE
16.B.6.c
According to the deed, the northern 20 feet of the parcel is encumbered by an
Ingress/Egress and Utility easement. We are not aware of any additional easement,
restrictions, or encumbrances that would adversely affect value before the taking.
However, a current title report was not provided for the purpose of this appraisal.
Recognizing the principle of conformity, we consider the prevailing land use patterns in
the area. Therefore, only residential uses are given further consideration in determining
the highest and best use of the site, as if vacant.
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject
property. These conditions have resulted in increasing property values and should
stimulate continued increases within the foreseeable future. Prior to the coronavirus
pandemic, the residential market had stabilized after several years of an expansion
period, with sustained growth in demand and increasing construction. Since the
coronavirus pandemic, residential demand increased significantly with record sales in
2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is
increasing in 2023 as demand is declining due to continued increases in interest rates.
New home builders continue to face shortages with a lack of building supplies creating
a backlog of newly constructed homes. Prices continue to increase; however, the rate of
increase is declining.
On this basis, barring unforeseen changes in the market, a well -designed residential
product should be received favorably by the market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses.
Residential development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, residential development is
concluded to be the maximally productive and highest and best use of the site.
Highest and Best Use as Improved
A continuation of the current use on the parent tract is concluded to be financially
feasible due to the quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that
the current use. Furthermore, the value of the existing improvements, as is, exceeds the
value of the site. Therefore, The highest and best use is as currently improved.
Page 23
Packet Pg. 1003
PARCEL No. 147DE
HIGHEST AND BEST USE
16.B.6.c
Most Probable Buyer
Considering the size, class, and location of the property, the most probable buyer is an
owner user.
Page 24
Packet Pg. 1004
PARCEL NO. 147DE VALUATION METHODOLOGY
16.B.6.c
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is least reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor's perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
Page 25
Packet Pg. 1005
PARCEL No. 147DE
VALUATION METHODOLOGY
16.B.6.c
ANALYSES APPLIED
A cost analysis was considered and was not developed because the subject tract is
analyzed as vacant land. However, the Cost Approach is utilized to estimate the
contributory depreciated value of the site improvements (if any) taken.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
Page 26
Packet Pg. 1006
16.B.6.c
PARCEL NO. 147DE SALES COMPARISON APPROACH
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Land Comparables
I have researched five comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a parry to the
transaction. For this analysis, we use the price per square foot as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Page 27
Packet Pg. 1007
PARCEL No. 147DE
16.B.6.c
Comp Address Date Price Shape
City Land SF Price Per SF View
Subject 1324 Sperling Court 1/28/2023
Naples 16,450
1 1148 Cypress Woods Drive 4/11/2022
Naples 14,280
2 1003 Frank Whiteman Blvd 5/3/2022
Naples 20,310
Rectangular
Lake
$780,000
Rectangular
$54.62
None
$1,100,000
Rectangular
$54.16
None
3 1328 Ridge Street
5/18/2022
$320,000
Rectangular
Naples
6,500
$49.23
None
4 2655 14th St N
2/9/2022
$815,000
Rectangular
Naples
17,860
$45.63
None
5 1359 Granada Blvd
2/18/2022
$325,000
Rectangular MOL
Naples
8,059
$40.33
Lake
Comparables Map
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Page 28
Packet Pg. 1008
PARCEL No. 147DE
SALES COMPARISON APPROACH
16.B.6.c
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price This takes into consideration unusual conditions involved in the
sale that could affect the sales price, such as excess land, non -
realty components, commissions, or other similar factors.
Usually the sale price is adjusted for this prior to comparison to
the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms Favorable or unfavorable seller financing, or assumption of
existing financing.
Conditions of Sale Circumstances that atypically motivate the buyer or seller, such
as 1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding
land use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Page 29
Packet Pg. 1009
PARCEL No. 147DE
SALES COMPARISON APPROACH
16.B.6.c
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Name
Parcel No. 147DE
1148 Cypress Woods
1003 Frank Whiteman
1328 Ridge Street
2655 14th St N
1359 Granada Blvd
Drive
Blvd
Address
1324 Sperling Court
1148 Cypress Woods
1003 Frank Whiteman
1328 Ridge Street
2655 14th St
1359 Granada Blvd
Drive
Blvd
City
Naples
Naples
Naples
Naples
Naples
Naples
Date
1/28/2023
4/11/2022
5/3/2022
5/18/2022
2/9/2022
2/18/2022
Price
$780,000
$1,100,000
$320,000
$815,000
$325,000
Land SF
16,450
14,280
20,310
6,500
17,860
8,059
Land SF Unit Price
$54.62
$54.16
$49.23
$45.63
$40.33
Transaction Adjustments
Property Rights
Fee Simple
Fee Simple 0.00/,
Fee Simple 0.0%
Fee Simple 0.0%
Fee Simple 0.00/,
Fee Simple 0.0%
Financing
Cash 0.0%
Cash 0.0%
Cash 0.0%
Cash 0.0"/
Cash 0.0%
Conditions of Sale
Anns Length 0.0"/o
Ands Length 0.0%
Ann's Length 0.0%
Anus Length 0.0"/o
Atm's Length 0.0%
Adjusted Land SF Unit Price
$54.62
$54.16
$49.23
$45.63
$4033
Market Trends Through
1/28/2023 25.0%
19.5%
17.9%
16.9%
24.1%
23.4%
Adjusted Land SF Unit Price
$6530
$63.88
$57.54
$56.62
$49.77
Location
Sperling Court
Cypress Woods Dr
Frank Whiteman Blvd
Ridge Street
14th St N
Granada Blvd
%Adjustment
0o/
0%
0a/
oo/
0^/
$Adjustment
16,450
$0.00
14,280
$0.00
20,310
$0.00
6,500
$0.00
17,860
$0.00
8,059
Land SF
%Adjustment
0%
0%
0a/
0%
0%
$Adjustment
70
$0.00
105
$0.00
Three 59 Lots
$0.00
50
$0.00
130
$0.00
75
Primary Frontage Feet
%Adjust ment
-5%
5%
10%
-5%
0%
$ Adjustment
-$3.26
$3.19
$5.75
42.83
$0.00
Easement / Submerged Lauds
Yes / Yes
No / No
No / No
No / No
No / No
Yes / No
/. Adjustment
-200/,
-20%
-200/,
-20%
-10%
$Adjustment
Rectangular
-$13.06
Rectangular
-$12.78
Rectangular
-$11.51
Rectangular
-$11.32
Rectangular
-$4.98
RectangularMOL
Shape
%Adjustment
0a/
0%
0%
tp/
0%
$Adjustment
Lake
$0.00
None
$0.00
None
$0.00
None
$0.00
None
$0.00
Lake
Vew
%Adjustment
10%
10%
10%
10%
0%
$Adjustment
RMF-6
$6.53
RSF4 (Single Family)
$6.39
RSF4 (Single Family)
$5.75
RSF4 (Single Family)
$5.66
R1-7.5 (Single Family)
$0.00
RMF-6 (Multi -Family)
Zoning
%Adjustment
-5%
-5%
-5%
-5%
0%
$Adjustment
-$3.26
-$3.19
-$2.88
-$2.83
$0.00
AdjustedLand SF Unit Price
$52.24
$57.49
$54.66
$45.30
$44.79
Net Adjustments
-20.0%
-10.0%
-5.001,
-20.0%
-10.0%
Gross Adjustments
40.00/.
40.0%
45.0%
40.0%
10.01/6
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Page 30
Packet Pg. 1010
PARCEL NO. 147DE SALES COMPARISON APPROACH
16.B.6.c
Comparable Land Sale Adjustments
Property Rights
All of the comparables transferred in fee simple interest; therefore, no adjustments for
property rights are required.
Financing
All of the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustments for financing are required.
Conditions of Sale
All of the comparable sales were arm's length transactions; therefore, no adjustments for
conditions of sale are required.
Economic Trends
According to the December 2022 Market Report released by the Naples Area Board of
Realtors (NABOR), single-family closed sales decreased 31.9% in December 2021
compared to closed sales in December 2022.
According to the December 2022 report, there was a 23.5% increase in median closed
price for single-family homes year-to-date for the entire Naples market. The average
closed price increased 19.9% year-to-date.
The following table summarizes single family metrics within the subject's Naples Beach
market area. Naples Beach is defined by NABOR as Zip Codes 34102, 34103, and 34108
which consists generally of properties west of Goodlette-Frank Road and south of
Immokalee Road.
Naples Beach
34102, 34103, 34108
Single Family
December
Year to Date
Key Metril
2021
2022
I
IJ
New Listings
52
79
+51.9%
1,109
1,145
+3.2%
Total Sales
79
54
-31A%
1,101
625
-43.2%
Days on Market Until Sale
47
61
+ 29.8°/n
65
44
- 32.3%
Median Closed Price"
$2,050,000
S2,737,517
+ 33.5%
$1,925,000
$2,195,000
+ 14.0%
Average Closed Price`
$4,113,393
S4,180,556
+1.6%
$3,097,081
$3,883,723
+25.4%
Percent of List Price Received"
98.1 %
92.3%
- 5.9%
97.9°/o
97.2 %
- 0.7%
Inventory of Homes for Sale
146
349
+ 139.0%
Months Supply of Inventory
1.6
6.7
+318.8%
—
Does not account For sale concessions amYor downpayment assistance. I Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size
As shown, the number of new listings is up 3.2% year-to-date while the number of closed
sales is down 43.2% year-to-date. The median closed price increased by 14.0% year-to-
date and the average price is up 25.4% year-to-date. However, it is noted this is
unadjusted raw data and does not relate directly to the subject.
Page 31
Packet Pg. 1011
PARCEL NO. 147DE SALES COMPARISON APPROACH
16.B.6.c
I also consider Comparable Sale 2 sold in May 2022 for $1,100,000 or $54.16 and was
subdivided and currently listed for $599,500 per lot or approximately $88 per square foot.
Based on the preceding analysis and considering underlying land will have a similar trend
as single-family homes, while also considering the recent interest rate increases and
increasing inventory, a 25.0% average annual adjustment is applied.
Location
The subject and all of the comparables are located east of Tamiami Trail (U.S. 41) and
west of Goodlette-Frank Road. No adjustments could be supported; therefore, none are
made.
Size
The subject consists of 16,450 square feet relatively similar to Comparables 1 and 4.
Comparable 2 consisted of three adjacent lots or approximately 6,770 square feet each.
Comparables 3 and 5 are 6,500 and 8,059 square feet respectively. No adjustments for
size could be supported; therefore, none are made.
Primary Frontage Feet
The subject is a 70 foot wide lot similar to Comparable 5. Comparables 1 and 4 are
adjusted for their superior wider lots. Comparable 3 is adjusted upward for its inferior 50-
foot-wide lot. Comparable 2 was 150 feet wide, but has been subdivided and is marketed
as three 50-foot-wide lots. It is adjusted upward accordingly. The adjustment considers
the lots can be reassembled.
Easement/Submerged Lands
The northern 20 feet of the parcel is encumbered by an Ingress/Egress and Utility
easement and the rear approximately 0.06 acres is submerged land. Approximately 24%
of the site is either encumbered by an easement or submerged land. Only Comparable 5
has an easement that affects the buildable area of the lot; however, it is a smaller eight -
foot -wide drainage easement along the western border of the site encumbering
approximately 11 % of the site. None of the comparables have submerged lands. All of
the comparables are adjusted downward accordingly.
Shape
The subject is rectangular in shape similar to the comparables. Therefore, no adjustments
are required for shape.
View
The subject and Comparable 5 are both located on small lakes. Comparables 1, 2, 3, and
4 have no view amenity and are adjusted upward accordingly.
Page 32
Packet Pg. 1012
16.B.6.c
PARCEL NO. 147DE SALES COMPARISON APPROACH
Zoning
The subject is zoned RMF-6 (Residential Multi -Family) similar to Comparable 5.
Comparables 1, 2, 3, and 4 are zoned single family. They are adjusted downward for their
superior, less dense, zoning.
Sales Comparison Approach Conclusion — Land Valuation
All of the value indications have been considered in arriving at my final reconciled per
square foot value of $52.00.
Land Value Ranges & Reconciled Values
Number ofComparables: 5 Unadjusted Adjusted % A
Low: $40.33
$44.79 11.06%
High: $54.62
$57.49 5.26%
Average: $48.80
$50.90 4.31%
Reconciled Value/Unit Value:
$52.00
Subject Size:
16,450
Indicated Value:
$855,400
Reconciled Final Value:
$855,400
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 3 - 6 months.
Page 33
Packet Pg. 1013
PARCEL No. 147DE
DESCRIPTION OF PART TAKEN
16.B.6.c
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 147DE is a perpetual, non-exclusive drainage easement. The proposed
easement essentially consists of submerged land measured to the top of the bank.
According to Collier County, maintenance will be done from the water.
The part taken consists of a 3,420 square foot Drainage Easement running along the
southern border of the parent tract.
Land Area: 0.07438 acres; 3,240 square feet
Shape: Irregular
Approximate Dimensions: 67.47' x 40.25' x 31.75' x 8.83' x 39.74' x 65.63' x 3.57'
Existing Easements and According to the deed, the northern 20 feet of the parcel
Encumbrances: is encumbered by an Ingress/Egress and Utility easement.
We are not aware of any additional easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Improvements Taken: The part taken consists largely of submerged lands. The
improvements in and near the take include a dock,
landscaping, and rip rap. According to Collier County,
the improvements located within or near the take,
including the dock, landscaping, and rip rap, will either
not be affected, or will be cured by the contractor and are
therefore not included in the following analysis.
Page 34
Packet Pg. 1014
PARCEL No. 147DE
DESCRIPTION OF PART TAKEN
16.B.6.c
Aerial - Part Taken
The approximate boundary lines of Parcel No. 147DE, a perpetual, non-exclusive
drainage easement, are shown in blue.
IN IN. 5.77
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Page 35
Packet Pg. 1015
PARCEL No. 147DE
DESCRIPTION OF PART TAKEN
16.B.6.c
Sketch and Description of Proposed Part Taken
PROPERTY DESCRIPTION
147DE
A PARCEL OF LAND LYING IN OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC
RECORDS OF COLLIER COUNTY. FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LANDS, THENCE ALONG THE WEST LINE
OF SAID LANDS NORTH D0'44'27" WEST. A DISTANCE OF 40.25 FEET; THENCE DEPARTING
SAID WEST LINE SOUTH 88'48'00" EAST, A DISTANCE OF 31.75 FEET; THENCE NORTH
(OR 5745, ,5g O
72'24'43" EAST, A DISTANCE OF 8.83 FEET; THENCE NORTH 47'51'20" EAST, A DISTANCE489'450r
785)
OF 313.74 FEET TO AN INTERSECTION WITH THE EAST LINE OF SAID LANDS; THENCE ALONG
, h
SAID EAST LINE SOUTH DO'44'27" EAST, A DISTANCE OF 85.fi3 FEET TO AN INTERSECTION
H3
WITH THE NORTHWEST LINE OF LANDS DESCRIBED IN OFFICIAL RECORDS SOCK 5999,
5� —
PACE 643, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLDRIEA; THENCE ALONG SAID
h1 N
NORTHWEST LINE SOUTH 44'22'18" WEST, A DISTANCE OF 3.57 FEET TO THE SOUTHEAST1a
CORNER OF OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF
r']
COLLIER COUNTY, FLORIDA; THENCE ALONG THE SOUTH LINE OF SAID LANDS SOUTHoR
[q
89'22'18-WEST, A DISTANCE OF 67.47 FEET TO THE POINT OF BEGINNING. (OR 4453,
i. (OR 5092,
PG 1694)N
72'24'43" E PG 1898) J
CONTAINING 3,24D SQUARE FEET, MORE OR LESS.
8.53' w
Tn �
N
NOTES:
BEARINGS SHOWN HEREON REFER TO THE STATE PLANE COORDINATE SYSTEM
o Y
ESTABLISHED BY THE NATIONAL GEODETIC SURVEY FOR FLORIDA EAST ZONE, 1983
N
DATUM WITH 2O11 ADJUSTMENT OBTAINED USING UK CPS OBSERVATIONS ON THE
}.
FDOT NETWORK AND ARE BASED ON THE EAST LINE OF LANDS DESCRIBED IN
t^y
OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF COLLIER
a
:'.`.!NTY, FLORIDA, AS BEING S 6'44'27" E.
o
-I `'FNSIONS SHOWN HEREON ARE IN U.S. SURVEY FEET AND DECIMALS THEREOF.
5 442218 W
Z. THIS SKETCH AND DESCRIPTION IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND
3.57' 2
SEAL OR THE DIGITAL SIGNATURE AND DIGITAL SEAL OF A LICENSED FLORIDA
q
SURVEYOR AND MAPPER. NO ADDITIONS OR DELETIONS TO THIS SKETCH &
DESCRIPTION MAP ARE PERMITTED WITHOUT THE EXPRESSED WRITTEN CONSENT OF
W
W 67.4T
THE SGNING PARTY.
5 89'22'18" (OR 5999, W
POB (OR 153. PG 37) PG 643) O
f
O
LEGEND:Y}
PUG POINT OF COMMENCEMENT O 1 Q 2040
W
PUB POINT OF BEGINNING -N-
SCALE: it, = 20
OR OFFICIAL RECORDS BOOK
DRAM BY: AIR
PB PLAT BOOK
PAGE(S) THIS PLAN MAY HAVE BEEN ENLARGED OR
CHECKED BY: DLS
REDUCED FROM INTENDED DISPLAY SCALE
N
FOR REPRODUCTION REASONS
JOB CODE', CN015 A
N
SCALE: 1"=20' O
N
DATE: 25 FEBRUARY 2C22 >
FILE: 21-21lISL
*THIS IS NOT A SURVEY* sHFFT_ 1 or 1 �
SKETCHAND DESCRIPTION
~
PARCEL OF LAND
O. Grady Minor and AseoclaLes, RA,
//f�dlA�l GradyMinor 3000 Via Del Rey
LATE -9GA D
¢'-":':' DlgitOly 5191ed by
➢onita Springs, Florida 34134
= U—Id L. S-tenoy q
#9
III, rSM }
natz.3n77,08.03
Civil Engineers Land Surveyrlrs Planners . Landscape Architects
LYING IN
_
=_ oros�4-0aoo
Cent, ur Autn LB 0005131 Cert. of Auth, LK 0005151 Bmtine®e LC 26000266
SECTION 22, TOWNSHIP 49 SOUTH, RANGE 25 EAST
ttywr, r. sewEnnr ui vsM �
BOBILs SpArgi: 239.947.1144 www. GradyMlaor. Com Fort Nyers: 239.690.4380
COLLIER COUNTY, FLORIDA
FL LXFAI>K 19761
Page 36
Packet Pg. 1016
16.B.6.c
PARCEL NO. 147DE VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $52.00 per square foot. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, the proposed easement is perpetual, non-exclusive drainage
easement. The proposed easement consists largely of submerged lands with access rights
for maintenance. According to Collier County, maintenance will be done from the water.
Furthermore, the property owner will be allowed to keep existing dock. Considering the
location of the easement in an area that is largely submerged lands, the proposed
easement will have minimal effect on the use and utility.
Therefore, the proposed easement is estimated to include 10% of the fee simple value
resulting in an estimated overall unit value as shown in the following table.
Value Indications Proposed Property Rights and Improvements Taken
Fee Value per Indicated Value Rounded
Square Feet % of Fee per SF Square Feet IndicatedValue Value Total Value
Proposed Part Taken
Parcel 147 Dramge Easement (DE) $52.00 10% $5.20 3,240 $16,848 $16,800
lmprovernents Taken $0
Total $16,800
The valuation of the remainder property, as part of the whole, is shown in the following
table.
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $855,400
Less Market Value of the Proposed Part Taken: $16,800
Total Market Value of the Remainder Property, As Part of the Whole: $838,600
Effective Date(s) January 28, 2023
Page 37
Packet Pg. 1017
PARCEL, No. 147DE
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
16.B.6.c
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The remainder property will consist of the same size and shape as before the taking, since
the proposed property rights to be acquired involve a perpetual, non-exclusive drainage
easement. However, the remainder property will be encumbered with a 3,240 square foot
Drainage Easement running along the southern border of the parent tract. The remainder
property's overall access, availability to utilities, topography, land use designation, and
zoning are unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 0.37764 acres; 16,450 square feet
Shape:
The parent site is rectangular in shape.
Road Frontage/Access:
The remainder property has average access with frontage
as follows:
• Sperling Court: 70 feet
The site has an average depth of 235 feet. It is not a
corner lot.
Improvements:
The parent tract is improved with an 832 square foot
single-family home built in 1957.
Existing/Proposed Easements and
According to the deed, the northern 20 feet of the parcel
Encumbrances:
is encumbered by an Ingress/Egress and Utility easement.
Additionally, the remainder parcel will be encumbered by
a 3,240 square foot Drainage Easement running along the
southern border of the parent tract. We are not aware of
any additional easement, restrictions, or encumbrances
that would adversely affect value before the taking.
However, a current title report was not provided for the
purpose of this appraisal.
Proposed Acquisition:
A Drainage Easement (DE) acquisition containing a total
of 3,240 square feet or 0.07438 acres.
Highest and Best Use
As Vacant
Residential development
As Improved
The highest and best use is as currently improved.
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
We are not aware of any easements, restrictions, or encumbrances that would adversely
affect value before the taking. However, a current title report was not provided for the
purpose of this appraisal.
After the taking, there will be 3,240 square foot Drainage Easement consisting of 3,240
square feet running along the southern border of the parent tract.
As previously stated, the proposed easement is perpetual, non-exclusive drainage
easement. The proposed easement consists largely of submerged lands with access rights
for maintenance. According to Collier County, maintenance will be done from the water.
Furthermore, the property owner will be allowed to keep existing dock. Considering the
Page 38
Packet Pg. 1018
PARCEL NO. 147DE VALUE ANALYSIS REMAINDER PROPERTY As SEVERED
16.B.6.c
location of the easement in an area that is largely submerged lands, the proposed
easement will have minimal effect on the use and utility. The proposed easement is
estimated to include 10% of the fee simple value. Accordingly, the residual value to the
proposed easement area is 90% of the fee simple value.
Value of Remainder Improvements
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957.
The parent tract will consist of approximately 0.37764 acres before and after the taking.
After the taking, there will be a 3,240 square foot drainage easement located along the
southern border of the parcel.
The part taken consists largely of submerged lands. The improvements in and near the
take include a dock, landscaping, and rip rap. According to Collier County, the
improvements located within or near the take, including the dock, landscaping, and rip
rap, will either not be affected, or will be cured by the contractor and are therefore not
included in the following analysis. Therefore, the remainder property's improvements
will not be damaged after the taking.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The concluded value of the Remainder Property is shown in the following table.
Value Indications Remainder Property, After the Taldng
Fee Value per u oIndicated Value
of Square Feet Indicated Value
Rounded Total Value
Square Feet per SF
Value
Remainder Property
Land Area - Exclusive ofEncumbered Land
$52.00 100% $52.00 13,210 $686,920
$687,000
Taken
Plus Encumbered Land
$52.00 90% $46.80 3,240 $151,632
$151,600
Improvements
$0
Total
$838.600
Page 39
Packet Pg. 1019
PARCEL No. 147DE
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
16.B.6.c
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Severance Damages to the Remainder Property
Value of the Whole $855,400
Less Value of the Part Taken $16,800
Value of the Remainder Property as Part of the Whole $838,600
Value of the Remainder Property as Severed $838,600
Difference (Severance Damages) $0
Rounded: $0
COST TO CURE ANALYSIS
According to Collier County, the improvements located within or near the take, including
the dock, landscaping, and rip rap, will either not be affected, or will be cured by the
contractor and are therefore not included in the following analysis. Based on the analysis
of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
Page 40
Packet Pg. 1020
PARCEL No. 147DE
16.B.6.c
SUMMARY AND CONCLUSION
SUMMARY AND CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of January 28, 2023, subject to the Limiting Conditions
and Assumptions of this appraisal.
Parcel No. 147DE
Fee Value per of Fee
Indicated Value
Square Feet
Indicated Value
Rounded
Total Value
Square Feet
per SF
Value
Parent Tract Before the Taking
Land
$52.00 100%
$52.00
16,450
$855,400
$855,400
Total
$855,400
Proposed Part Taken
Fee Value per ofFee
Indicated Value
Square Feet
IndicatedValue
Rounded
Total Value
Square Feet
per SF
Value
Parcel147 Drainage Easement (DE)
$52.00 10%
$5.20
3,240
$16,848
$16,800
Improvements Taken
$0
Total Part Taken - Drainage Easement
$16,800
Remainder Property, as Part of the Whole
$838,600
Remainder Property
Land Area- Exclusive of Encumbered Land $52.00 100% $52.00 13,210
$686,920 $687,000
Taken
Plus Encumbered Land $52.00 90% $46.80 3,240
$151,632 $151,600
Total
$838,600
Damages
$0
Special Benefits
$0
Net Damages
$0
Summary of Total Compensation
Encumbered Land Taken (Parcel No. 147DE) $52.00 10% $5.20 3,240
$16,848 $16,800
Value of hnprovements Taken
$0
Total
$16,800
Net Damages
$0
Net Cost to Cure
$0
Total Amount Due Owner
$16,800
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the proposed
acquisition and the proposed drainage improvements have been
completed as of the effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 41
Packet Pg. 1021
PARCEL, No. 147DE
CERTIFICATION
16.B.6.c
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
Page 42
Packet Pg. 1022
PARCEL, No. 147DE
CERTIFICATION
16.B.6.c
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding the agreement to perform this
assignment
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program for Designated Members of the Appraisal Institute.
(�'a "v e�a�
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 43
Packet Pg. 1023
16.B.6.c
PARCEL No. 147DE
ASSUMPTIONS AND LIMITING CONDITIONS
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
Page 44
Packet Pg. 1024
16.B.6.c
PARCEL No. 147DE
ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 45
Packet Pg. 1025
16.B.6.c
PARCEL NO. 147DE
ASSUMPTIONS AND LIMITING CONDITIONS
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner's financial ability with
the cost to cure the non -conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner's financial ability to cure non -accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner's
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
Page 46
Packet Pg. 1026
PARCEL NO. 147DE ASSUMPTIONS AND LIMITING CONDITIONS
16.B.6.c
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 47
Packet Pg. 1027
PARCEL NO. 147DE ADDENDA - APPRAISER QUALIFICATIONS
16.B.6.c
ADDENDA
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16.B.6.c
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
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Packet Pg. 1029
16.B.6.c
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
:APPRAISAL AND CONSULTING
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
ACHI L M. ZUCCHI, MAI, CCIM
C. LOWRY, MAI, CPA
OUIS C. BOSBITT, MAI
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Packet Pg. 1030
16.B.6.c
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE:
Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 — Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 — Present)
Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida
Naples, FL (2003 — 2009)
Research Associate, Integra Realty Resources — Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
Member: Appraisal Institute — MAI Certificate Number 451177
ACTIVITIES:
President: Appraisal Institute Florida Gulf Coast Chapter (2020)
VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019)
Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022)
Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021)
Government. Relations: Appraisal Institute National (2022)
Prof Standards & Guidance: Appraisal Institute National (2023)
LDAC Attendee: Leadership Development & Advisory Council
Appraisal Institute - Washington, D.C. (2016, 2017, 2018)
Member: CCIM Institute - CCIM Designation Pin Number 21042
Member: Naples Area Board of REALTORS
Licensed: Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Licensed: Real Estate Broker (Florida)
License No. BK3077672
EXPERT WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and
Lee County
EDUCATION:
Bachelor of Arts, Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, retail and office buildings, industrial
warehouse/distribution, multi -family and single-family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized services
include market feasibility studies and litigation support in connection with real estate
transactions. Clients served include banks and financial institutions, developers and investors,
law firms, government, and property owners. Valuations have been performed for eminent
domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence
support.
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Packet Pg. 1031
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
16.B.6.c
`e... Ron DeSantis, Governor Melanie S. Griffin, Secretary
a dbpr
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE
PROVISIONS OF CHAPTER 475, FLORIDA STATUTES
1�
- ZUCCHI, MCHEL M
4500 EXECUTIVE DRIVE SUITE 233
NAPLES FL 34119
x r
LICENSE NUMBER: RZ2984�
EXPIRATION DATE: NOVEMBER 30, 2024
Always verify licenses online at MyFloridaLicense.com
Do not aster this document in any form.
This is your license. It is unlawful for anyone other than the licensee to use this document.
+Rn
Packet Pg. 1032
PARCEL, No. 147DE
16.B.6.c
ADDENDUM B - PROPERTY INFORMATION
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PROPERTY INFORMATION
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Packet Pg. 1033
Collier County Property Appraiser 1s.B.s.c
Property Summary
Site 1324 Site Zone
Parcel No 61945360006 Address SPERLING Site City NAPLES *Note 341(
*Disclaimer ICT
Name / Address I SPERLING COURT LLC
1324 SPERLING CT
NAPLES
lap No. Strap No.
4A22 506200 069144A22
Legal
J
J
State I FL I Zip 34103-2328
0
Section I Township I Range Acres *Estimated
22 1 49 i 25 1 0.38
L
d
N I C L F 22 49 25 BEG ON N LI OF LOT 69, W1877.5FT, W OF NW CNR, RUN co
E70FT, S 232.34FT, SWLY 3.53FT, WLY 67.5FT, N234.9FT TO POB, LESS NLY 20FT c
FOR R/W OR 180 PG 727
0 6
T
Millage Rates 0 *Calculations 44
Sub./Condo 506200 - NAPLES IMP CO LITTLE FARMS School Other Total o
Use Code 9 11 - SINGLE FAMILY RESIDENTIAL 4.459 6.0042 10.4632
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date
Book -Page
Amount
03/27/20
5745-2785
$ 330,000
11/14/03
3443-1156
$ 0
12/01/64
180-727
$ 0
0
Go
2022 Certified Tax Roll N
(Subject to Change) w
C
Land Value $ 378,2'
+� Improved Value $ 104,3!
(_)
Market Value
$ 482.61
(-)
10% Cap
$ 101,5;
(_)
Assessed Value
$ 381,0' .
(_)
School Taxable Value
$ 482,61 a
(_)
Taxable Value
$ 381,0' a
If all Values shown above equal 0 this parcel
was created after the Y
Final
Tax Roll
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Packet Pg. 1034
Collier County Property Appraiser
Property Detail
16.B.6.c
Site 1324 Site Zone
Parcel No 61945360006 Address SPERLING Site City NAPLES *Note 3411
*Disclaimer ICT
Name / Address SPERLING COURT LLC
1324 SPERLING CT
NAPLES
State I FL
Permits (Provided for reference purposes only. *F
Tax Yr Issuer I Permit # CO Date Tmp CO
2019 COUNTY I PRBD20171040132 1 07/11/18
Land
#
Calc Code
Units
10
SQUARE FOOT
13850
20
ACREAGE
0.06
Zip 34103-2328 J
claimer.) o
Final Bid
Buildin /Extra Features
#
Year
Built
Description
Area
10
1957
RESIDENTIAL
832
20
2018
W DECK
156
30
2018
WOOD DOCK
256
Type
DOCK
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Adj c
Area 4
968 N
156 0
256
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Packet Pg. 1035
INSTR 5849646 OR 5745 PG 2785 E-RECORDED 3/31/2020 10:30 AM PAGES
CLERK OF THE CIRCUIT COURT AND COMPTROLLER, COLLIER COUNTY FLORIDA
DOC@.70 $2,310.00 REC $18.50
CONS $330,000.00
F6.B.6.c]
Prepared by and Return to:
Craig D. Blume, P.A.
750 11 "'Street South, Suite 202
Naples, FL 34102
Parcel I.D. (Folio),,N 61.945360006
Consideration:;W000.00*
WARRANTY DEED
THIS WARRANTY DEED is made the I day of March, 2020, by Veronica M.
Lawson, a single person, as surV*vmg joint tenant of Kathryn B. Mesick, whose post office
Cou address is 1296 Sperling rt ;Maples, FL 34103, hereinafter called the Grantor, to Sperling
Court, LLC, a Florida limited
Z-- ,;ia Z�
ability company, whose post office address is 1324 Sperling
Court, Naples, FL 34103, hereinafi(gall the Grantee:
WITNESSETH: That the Graator,for and in consideration of the sum of $10 and other
valuable consideration, receipt of which,lig`here�by acknowledged, hereby grants, bargains, sells,
aliens, remises, releases, conveys and confirm s Onto the Grantee, all that certain land situated in
Collier County, Florida, and described as: /- e 1;,\,
Beginning at the Northeast corner ot"the West 1877.5 feet of Lot 69 of the plat of
Naples Improvement Company's Little Farms'lait'r6co-ded in Plat Book 2 at page 2 of the
Public Records of Collier County, Florida, run asterW,#Iong the North line of said Lot 69
for 70 feet to a point, thence deflect 89 degrees 53 nes 50 seconds right and run
Southerly parallel to the West line of said Lot 69 for 32�1 feet to a point; thence deflect 45
degrees 08 minutes 20 seconds right and run Southwesierly"Ai-Ir 3.53 feet to a point; thence
deflect 45 degrees 00 minutes and run Westerly parallel.,`v�i�to; he South line of said Lot 69
for 67.5 feet to a point; thence deflect 89 degrees 51. minutes 40 seconds right and run
Northerly parallel to the said West line of said Lot 69 for 234., %ot to the point of
beginning. Together with the perpetual right of ingress and egrissfrbm the described
property over and along an access and utility easement described has the North 20 feet of the
East 1000 feet of the West 2295 feet of the said Lot 69.
TOGETHER with all tenements, hereditaments and appurtenances thereto belonging or
in anywise appertaining
TO HAVE AND TO HOLD, the same in fee simple forever.
AND the Grantor hereby covenants with said Grantee that the Grantor is lawfully seized
of said land in fee simple; that the Grantor has good right and lawful authority to sell and convey
C7 Z-1
said land; that the Grantor hereby fully warrants the title to said land and will defend the same
against the lawful claims of all persons whomsoever; and that said land is free of all
Z:�
encumbrances, except taxes accruing subsequent to December 31, 2019; subject to easements,
Zp
restrictions and reservations of record common to the subdivision.
Packet Pg. 1036
*** OR 5745 PG 2786 ***
IN WITNESS WHEREOF, the said Grantor has signed and sealed these presents the day
and year first above written.
Signed, sealed and delivered
Z�
in our presence:
-T Law Veronica V son
—
FrmtCC[ Name of, Witness
I
1�'joLtrl�s
Printed Natfie of Witness
STATE OF JFLPR A J
COUNTY OF
I HEREBY CERTIFY that on this day, before me, 'an—olmcer duly authorized in the State
aforesaid and in the County aforesaid to take acknowledgments; I appeared by means of
physical presence, or online notarization, Veronica Mda,,,son, a single person, as
surviving joint tenant of Kathryn B. Mesick personally known -tbq� '01. (vho produced a
driver's surviving
and who executed the fore-oin- instrument and he a'cIknct�edoed before me that
he executed the same and did take an oath.
WITNESS my hand and official seal in the County and State last afbr&aid this
day of March, 2020.
I A %
0— Nam—
TRUDY WATKINS
Public - State of Florida Notary Public
Notary
Commission ; GG 289393 023
2
Assn.
?]
My Comm, Expires Feb 11, 20 23
EBonded through National Notary Assn.
I" (Printed Name of Notary)
Commission Expiration:
Packet Pg. 1037
PROPERTY DESCRIPTION 147DE 16.B.6.c
A PARCEL OF LAND LYING IN OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LANDS, THENCE ALONG THE WEST LINE
OF SAID LANDS NORTH 00°44'27" WEST, A DISTANCE OF 40.25 FEET; THENCE DEPARTING
SAID WEST LINE SOUTH 88°48'00" EAST, A DISTANCE OF 31.75 FEET; THENCE NORTH
72°24'43" EAST, A DISTANCE OF 8.83 FEET; THENCE NORTH 47°51'20" EAST, A DISTANCE
OF 39.74 FEET TO AN INTERSECTION WITH THE EAST LINE OF SAID LANDS; THENCE ALONG
SAID EAST LINE SOUTH 00°44'27" EAST, A DISTANCE OF 65.63 FEET TO AN INTERSECTION
WITH THE NORTHWEST LINE OF LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 5999,
PAGE 643, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE ALONG SAID
NORTHWEST LINE SOUTH 44°22'18" WEST, A DISTANCE OF 3.57 FEET TO THE SOUTHEAST
CORNER OF OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF
COLLIER COUNTY, FLORIDA; THENCE ALONG THE SOUTH LINE OF SAID LANDS SOUTH
89°22'18" WEST, A DISTANCE OF 67.47 FEET TO THE POINT OF BEGINNING.
CONTAINING 3,240 SQUARE FEET, MORE OR LESS.
NOTES:
1. BEARINGS SHOWN HEREON REFER TO THE STATE PLANE COORDINATE SYSTEM
ESTABLISHED BY THE NATIONAL GEODETIC SURVEY FOR FLORIDA EAST ZONE, 1983
DATUM WITH 2O11 ADJUSTMENT OBTAINED USING RTK CPS OBSERVATIONS ON THE
FDOT NETWORK AND ARE BASED ON THE EAST LINE OF LANDS DESCRIBED IN
OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF COLLIER
COUNTY, FLORIDA, AS BEING S 0'44'27" E.
2. DIMENSIONS SHOWN HEREON ARE IN U.S. SURVEY FEET AND DECIMALS THEREOF.
3. THIS SKETCH AND DESCRIPTION IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND
SEAL OR THE DIGITAL SIGNATURE AND DIGITAL SEAL OF A LICENSED FLORIDA
SURVEYOR AND MAPPER. NO ADDITIONS OR DELETIONS TO THIS SKETCH &
DESCRIPTION MAP ARE PERMITTED WITHOUT THE EXPRESSED WRITTEN CONSENT OF
THE SIGNING PARTY.
LEGEND:
POC POINT OF COMMENCEMENT
POD POINT OF BEGINNING
OR OFFICIAL RECORDS BOOK
PB PLAT BOOK
PG PAGE(S)
GradyMinor
0 10' 20' 40'
SCALE: 1" = 20'
THIS PLAN MAY HAVE BEEN ENLARGED OR
REDUCED FROM INTENDED DISPLAY SCALE
FOR REPRODUCTION REASONS
Civil Engineers Land Surveyors . Planners
Cert. of Auth. EB 0005151 Cert. of Auth. LB 0005151
Bonita Springs: 239.947.1144 www. GradyMinor. com
(OR 4463,
PG 1894)
Q. Grady Minor and Associates, P.A.
3800 Via Del Rey
Bonita Springs, Florida 34134
r-"" (OR 153, PG 37)
*THIS IS NOT A SURVEY*
SKETCH AND DESCRIPTION
PARCEL OF LAND
#9
Landscape Architects LYING IN
Business LC 260002ss SECTION 22, TOWNSHIP 49 SOUTH, RANGE 25 EAST
Fort Myers: 239.690.4380 COLLIER COUNTY, FLORIDA
(OR 5092, a
PG 1898) W
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'G 643) Iq
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DRAWN BY: AH Q
CHECKED BY: DLS
JOB CODE: CN015 Y
C
SCALE: 1" = 20' .J
DATE: 25 FEBRUARY 2022
FILE: 21-218-SL =
d
SHEET: 1 of 1 t
U
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DATE SIGNED Q
Digitally signed by
Donald L. Saintenoy
_ III, PSM
Date:2022.08.03
_.... 07:05:24
DONALD L. SAINTENOY lll, P. S M
FL �
F Packet Pg. 1038
16.B.6.c
RKL
APPRAISAL AND CONSULTING
December 27, 2022
Sperling Court LLC
1324 Sperling CT
Naples, FL 34103-2328
Re: Project #60142 - West Goodlette-Frank Road Area Joint Stormwater- Sewer Project
Real Estate Appraisal
Parcel 147DE (Drainage Easement)
1324 Sperling CT, Naples
Collier County, FL 34103
Dear Sperling Court LLC:
The Collier County Board of County Commissioners, Transportation Engineering Division has
engaged RKL Appraisal and Consulting, PLC to appraise the subject property for the West
Goodlette-Frank Road Area Joint Stormwater- Sewer Project.
Sometime in the next few weeks we will be conducting a field inspection of your property. This will
be an exterior inspection only and we will not need to go inside the residence or any outbuildings.
Please, contact Rachel Zucchi at rzucchiO)rklac.com or 239-596-0801 if there are any pets on the
premises or there are any other issues that would preclude the appraiser from inspecting the exterior
of the property.
This inspection is for the stormwater management Project #60142 - West Goodlette-Frank Road Area
Joint Stormwater-Sewer Project. For further information about this project, please contact Mallory
Clancy (Project Manager) Stormwater Management, at mallory.clancy&colliercoun , fl.-ov.
Thank you for your cooperation and assistance in this matter.
Sincerely,
Rachel M. Zucchi, MAI, CCIM
Partner I Managing Director
State -Certified General Real Estate Appraiser RZ2984
4500 Executive Drive, Suite 230 1 Naples, FL 34119
Direct: 239-596-0801 1 Cell: 239-398-8715
ACHEL M. ZUCCHI, MAI, CCIM
C. LOWKY, MAI, CPA
c UIS C. BOBBITT, MAI
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Packet Pg. 1039
PARCEL No. 147DE
ADDENDUM C - COMPARABLE DATA
16.B.6.c
ADDENDUM C
COMPARABLE DATA
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Packet Pg. 1040
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
16.B.6.c
Transaction
ID
7677
Date
4/ 11/2022
Name
1148 Cypress Woods
Price
$780,000
Drive
Address
1148 Cypress Woods
Price per SF
$54.62
Drive
City
Naples
Transaction Type
Closed Sale
Grantor
Darhl and Erin Ehrgott
Financing
Cash
Grantee
Shoreline Capital Partners, Property Rights
Fee Simple
LLC
Tax ID
29731320108
Days on Market
2
Sale Verification Date
1/25/2023
Book/Page or Reference
6112/2588
Sale Verification Source
Denys Martinez; The Real
Doc
Estate Connection LLC
Conditions of Sale
AmYs Length
Sale Notes
Sold in July 2019 for $250,000
Site
Acres
0.33
Topography
Cleared and Level
Land SF
14,280
Zoning
RSF-4 (Single Family)
Primary Frontage Feet
105
Flood Zone
Zone AH
Primary Frontage Street
Cypress Woods Dr
Shape
Rectangular
Utilities
Public Water
View
None
Comments
Cleared and level lot along
south side of Cypress Woods Drive. Listed in March 2022 for $795,000. Purchased by
custom home builder. A notice of commencement
for a single family home was recorded in November 2022.
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Packet Pg. 1041
PARCEL No. 147DE
ADDENDUM C - COMPARABLE DATA
16.B.6.c
Transaction
ID
7679
Date
5/3/2022
Name
1003 Frank Whiteman
Price
$1,100,000
Blvd
Address
1003 Frank Whiteman
Price per SF
$54.16
Blvd
City
Naples
Transaction Type
Closed Sale
Grantor
Mitchell Bruce Nicholas,
Financing
Cash
Charles Ernest Nicholas,
William Allen Nicholas,
and Robert Devon
Nicholas
Grantee
1003 FWB, LLC
Tax ID
64260120009
Days on Market
6
Book/Page or Reference
6124/3095
Doc
Conditions of Sale
AmYs Length
Property Rights Fee Simple
Sale Verification Date 1/25/2023
Sale Verification Source John J Robert; John R Wood
Sale Notes None in previous 3 years
Site
Acres
0.47
Topography
Cleared and Level
Land SF
20,310
Zoning
RSF4 (Single Family)
Primary Frontage Feet
150
Flood Zone
Zone AH
Primary Frontage Street
Frank Whiteman Blvd
Shape
Rectangular
Utilities
All Public
View
None
Comments
Cleared and level parcel located at northeast comer of Frank Whitman Blvd and loth St N. Listed in March 2022
for $1.2 million. A sewer connection/line was recently brought to the property. The sellers chose the 20-Year
Installment method of payment with 18 years remaining at time of sale. Buyer subdivided the lot into three 50' x
135' parcels (Parcels Nos. 64260120009, 64260120054, and 64260120106). Two of the lots were relisted in
November 2022 for $599,500 each.
Q
Packet Pg. 1042
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
16.B.6.c
ID
7680
Name
1328 Ridge Street
Address
1328 Ridge Street
City
Naples
Grantor
Frank Ginocchio
individually and as
trustee of the FrankC.
Ginocchio Survivor's
Trust
Crantee
Katie Werchek
Tax ID
71021800001
Days on Market
6
Book/Page or Reference
6131/2389
Doc
Conditions of Sale
Arm's Length
Transaction
Date
5/18/2022
Price
$320,000
Price per SF
$49.23
Transaction Type
Closed Sale
Financing
Cash
Property Rights Fee Simple
Sale Verification Date 1/25/2023
Sale Verification Source Thomas Weidlich; Waterfront
Realty Group, Inc
Sale Notes None in previous 3 years
Site
Acres
0.15
Topography
Largely cleared and Level
Land SF
6,500
Zoning
RSF-4 (Single Family)
Primary Frontage Feet
50
Flood Zone
Zone AH
Primary Frontage Street
Ridge Street
Shape
Rectangular
Utilities
All Public
View
None
Comments
Largely cleared lot located along south side of Ridge Street with frontage along Rosemary Lane to the south.
Listed in March 2022 for $350,000. A sewer connection/line was recently brought to the property. The seller
chose the 20-Year histallment method of payment with 18 years remaining at time of sale. Square footage is based
on MHK Lot Study dated 3/l/22.
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PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
16.B.6.c
Transaction
ID
7681
Date
2/9/2022
Name
2655 14th St N
Price
$815,000
Address
2655 14th St N
Price per SF
$45.63
City
Naples
Transaction Type
Closed Sale
Grantor
Chetram Singh and Karen
Financing
Cash
Singh
Grantee
Millchin Properties 14,
Property Rights
Fee Simple
LLC
Tax ID
13801160000
Days on Market
64
Sale Verification Date
1/25/2023
Book/Page or Reference 6083/1970 Sale Verification Source Aidan Brennan; Florida Pro
Doc Realty
Conditions of Sale Arm's Length Sale Notes Sold in May 2020 for $500,000.
Site
Acres 0.41 Topography Cleared and Level
Land SF 17,860 Zoning R1-7.5 (Single Family)
Primary Frontage Feet 130 Flood Zone Approx 60% Wetlands
Primary Frontage Street 14th St N Shape Rectangular
Comments
Cleared and level lot located along west side of 14th St N. Lot was listed in Nov. 2021 for $1,099,000 and reduced
to $989,000less than 2 weeks later.
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Packet Pg. 1044
RKL
APPRAISAL AND CON SUITING
REAL ESTATE APPRAISAL REPORT
PARCEL No.147DE
Residential
1324 Sperling Court
Naples, Collier County, Florida, 34103
PREPARED FOR:
Ms. Lisa Barfield
Review Appraiser
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, FL 34104
Client File: Project #60142 - PO No. 4500222634
ACHI L M. ZUCCHI, MAI, CCIM
C. LOWRY, MAI, CPA
0UIS C. BOSBITT, MAI
EFFECTIVE DATE OF THE APPRAISAL:
January 28, 2023
DATE OF THE REPORT:
February 8, 2023
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2022-270
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
RKL
APPRAISAL AND CONSULTING
February 8, 2023
Ms. Lisa Barfield
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, FL 34104
Re: Real Estate Appraisal
Parcel No. 147DE
1324 Sperling Court, Naples,
Collier County, Florida, 34103
Client File: Project #60142 - PO No. 4500222634
RKL File Number: 2022-270
Dear Ms. Barfield:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the parent tract before and after the
proposed acquisition. The intended users for the assignment are Collier County
Transportation Engineering Division. The intended use of the appraisal is as a basis of
value for determining full compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if any) which are proposed to
be acquired, including all diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the proposed drainage
easement (DE). We use the appraisal report option of Standards Rule 2-2 of USPAP to
report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957. The improvements located outside the proposed acquisition area
are considered to be unaffected by the acquisition. Therefore, the contributory value
of those improvements is not reported in the following appraisal.
ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
c. LOwRY, MAI, CPA Phone: 239-596-0800
0UIS C. BOBBITT, MAI www.rklac.com
Ms. Lisa Barfield
Collier County Transportation Right -Of -Way Group
February 8, 2023
Page 2
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of, or activity upon, the
proposed perpetual, non-exclusive drainage easement (Parcel No. 147DE), as of January
28, 2023, is:
SUMMARY OF TOTAL COMPENSATION
Value of Property Rights Taken: $16,800
Value of Improvements Taken: $0
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER:
$16,800
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the proposed
acquisition and the proposed drainage improvements have been
completed as of the effective date of the appraisal.
Extraordinary Assumptions:
None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
c. LOwRY, MAI, CPA Phone: 239-596-0800
0UIS C. BOBBITT, MAI www.rklac.com
PARCEL NO. 147DE TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions................................................................... 1
Introduction Information.....................................................................................................
5
SubjectIdentification......................................................................................................
5
Current Ownership and Property History.......................................................................
5
AppraisalScope..............................................................................................................
5
Client, Intended User, and Intended Use........................................................................
6
Definition of Market Value.............................................................................................
6
Definition of Property Rights Appraised........................................................................
6
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................
7
Scopeof Work................................................................................................................
7
MarketArea Analysis.....................................................................................................
8
Property Description and Analysis...................................................................................
11
Site Analysis - Parent Tract..........................................................................................
11
Real Estate Taxes and Assessments..............................................................................
21
Highestand Best Use....................................................................................................
22
ValuationMethodology....................................................................................................
25
AnalysesApplied..........................................................................................................
26
Valuation Analysis of Parent Tract...................................................................................
27
Sales Comparison Approach.........................................................................................
27
Valuation Analysis of Part Taken and Remainder Property .............................................
34
Description of Part Taken.............................................................................................
34
Value Analysis Proposed Property Rights and Improvements Taken ..........................
37
Valuation Analysis of Remainder Property As Severed ...................................................
38
Description of Remainder Property as Severed............................................................
38
Value Analysis Remainder Property As Severed.........................................................
38
Severance Damages to the Remainder Property...........................................................
40
Costto Cure Analysis...................................................................................................
40
Special Benefits Analysis.............................................................................................
40
Summary and Conclusion.............................................................................................
41
Certification......................................................................................................................
42
Assumptions and Limiting Conditions.............................................................................
44
Addenda
Appraiser Qualifications
Property Information .....
Comparable Data ...........
....... Addendum A
....... Addendum B
....... Addendum C
PARCEL No. 147DE
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject: Parcel No. 147DE
1324 Sperling Court, Naples,
Collier County, Florida, 34103
Owner: Sperling Court LLC
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed drainage easement (DE).
Intended User(s): Collier County Transportation Engineering Division
PARENT TRACT BEFORE THE TAKING
Current Use: Single-family home
Legal Description: Lengthy legal description shown in addenda.
Tax Identification: 61945360006
Land Area: Total: 0.37764 acres; 16,450 square feet
Shape: The parent site is rectangular in shape.
Flood Zone: Zone X and AE
Zoning: RMF-6 - Residential Multi-Family-6 District
Highest and Best Use
As Vacant Residential development
As Improved The highest and best use is as currently improved.
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $855,400
Improvements: $0
Total Market Value of Parent Tract: $855,400
Effective Date(s) January 28, 2023
Property Rights Fee Simple
Page 1
PARCEL NO. 147DE SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
PART TAKEN
Identification:
Parcel No. 147DE
Intended Use of the Proposed
The intended use of the proposed acquisition area is for a
Acquisition:
perpetual, non-exclusive drainage easement by Collier
County.
Description:
The part taken consists of a 3,420 square foot Drainage
Easement running along the southern border of the parent
tract.
Land Area:
0.07438 acres; 3,240 square feet
Shape:
Irregular
Approximate Dimensions:
67.47' x 40.25' x 31.75' x 8.83' x 39.74' x 65.63' x 3.57'
Existing Easements and
According to the deed, the northern 20 feet of the parcel
Encumbrances:
is encumbered by an Ingress/Egress and Utility easement.
We are not aware of any additional easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Improvements Taken:
The part taken consists largely of submerged lands. The
improvements in and near the take include a dock,
landscaping, and rip rap. According to Collier County,
the improvements located within or near the take,
including the dock, landscaping, and rip rap, will either
not be affected, or will be cured by the contractor and are
therefore not included in the following analysis.
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Property Rights Taken: $16,800
Improvements Taken: $0
Total: $16,800
Effective Date(s) January 28, 2023
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $855,400
Less Market Value of the Proposed Part Taken: $16,800
Total Market Value of the Remainder Property, As Part of the Whole: $838,600
Effective Date(s) January 28, 2023
Page 2
PARCEL NO. 147DE SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 0.37764 acres; 16,450 square feet
Shape:
The parent site is rectangular in shape.
Improvements:
The parent tract is improved with an 832 square foot
single-family home built in 1957.
Existing Easements and
According to the deed, the northern 20 feet of the parcel
Encumbrances:
is encumbered by an Ingress/Egress and Utility easement.
Additionally, the remainder parcel will be encumbered by
a 3,240 square foot Drainage Easement running along the
southern border of the parent tract. We are not aware of
any additional easement, restrictions, or encumbrances
that would adversely affect value before the taking.
However, a current title report was not provided for the
purpose of this appraisal.
Proposed Acquisition:
A Drainage Easement (DE) acquisition containing a total
of 3,240 square feet or 0.07438 acres.
Highest and Best Use
As Vacant
Residential development
As Improved
The highest and best use is as currently improved.
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value:
$687,000
Improvement Value:
$0
Plus Encumbered Land:
$151,600
Total Market Value of Reminder
Property: $838,600
Effective Date(s)
January 28, 2023
Severance Damages to the Remainder Property
Value of the Whole $855,400
Less Value of the Part Taken $16,800
Value of the Remainder Property as Part of the Whole $838,600
Value of the Remainder Property as Severed $838,600
Difference (Severance Damages) $0
Rounded: $0
Net Cost to Cure: $0
Special Benefits: $0
Page 3
PARCEL NO. 147DE SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Parcel No. 147DE
Fee Value per Indicated Value
°f Fee Square Feet Indicated Value
Rounded
Total Value
Square Feet per SF
Value
Parent Tract Before the Taking
Land $52.00 100% $52.00 16,450 $855,400
$955,400
Total
$855,400
Proposed Part Taken
Fee Value per of Fee Indicated Value
Square Feet Indicated Value
Rounded
Total Value
Square Feet per SF
Value
Parcel147 Drainage Easement (DE) $52.00 10% $5.20 3,240 $16,848
$16,800
Improvements Taken
$0
Total Part Taken - Drainage Easement
$16,800
Remainder Property, as Part of the Whole
$838,600
Remainder Property
Land Area - Exclusive of Encumbered Land $52.00 100% $52.00 13,210 $686,920
$687,000
Taken
Phis Encumbered Land $52.00 90% $46.80 3,240 $151,632
$151,600
Total
$838,600
Damages
$0
Special benefits
$0
Net Damages
$0
Summary of Total Compensation
Encumbered Land Taken (Parcel No. 147DE) $52.00 10% $5.20 3,240 $16,848
$16,800
Value ofhnprovements Taken
$0
Total
$16,800
Net Damages
$0
Net Cost to Cure
$0
Total Amount Due Owner
$16,800
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory
value
of those
improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions
and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the proposed
acquisition and the proposed drainage improvements have been
completed as of the effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 4
PARCEL NO. 147DE INTRODUCTION INFORMATION
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject: Parcel No. 147DE
1324 Sperling Court, Naples,
Collier County, Florida, 34103
Legal Description: Lengthy legal description shown in addenda.
Tax Identification: 61945360006
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957. The improvements located outside the proposed acquisition area
are considered to be unaffected by the acquisition. Therefore, the contributory value
of those improvements is not reported.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner
The owner of the property is Sperling Court LLC.
Sale History
According to public records, the property was purchased on March 27, 2020 from
Veronica M. Lawson for $330,000. The deed is recorded in Collier County Clerk of
Courts OR Book 5745, Page 2785.
Current Listing/Contract(s):
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser's responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
• the client and any other intended users;
• the intended use of the appraiser's opinions and conclusions;
• the type and definition of value;
• the effective date of the appraiser's opinions and conclusions;
• subject of the assignment and its relevant characteristics
• assignment conditions
• the expectations of parties who are regularly intended users for similar
assignments; and
Page 5
PARCEL, No. 147DE
INTRODUCTION INFORMATION
• what an appraiser's peer's actions would be in performing the same or a similar
assignment.
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation
Engineering Division. The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real estate resulting from the
property rights and improvements (if any) which are proposed to be acquired, including
all diminution in value to the remainder land and improvements (if any) which can be
attributed to the use of, or activity upon, the proposed drainage easement (DE). The
appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
7th ed. (Chicago: Appraisal Institute, 2022) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
■ Buyer and seller are typically motivated;
■ Both parties are well informed or well advised, and acting in what they consider
their best interests;
■ A reasonable time is allowed for exposure in the open market;
■ Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
■ The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: "Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real
Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
The proposed property rights to be acquired include a proposed perpetual, non-exclusive,
drainage easement.
Page 6
PARCEL, No. 147DE
INTRODUCTION INFORMATION
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
appraisal is January 28, 2023. The date of my most recent inspection was January 28,
2023. The date of the report is February 8, 2023.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type:
This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification:
The subject has been identified by the legal description and
the assessors' parcel number.
Inspection:
An on -site inspection was made and photographs taken.
Market Area and Analysis of
A complete analysis of market conditions has been made.
Market Conditions:
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Anal
Cost Approach:
A cost approach was not applied as the subject tract is
analyzed as vacant land. However, the Cost Approach is
utilized to estimate the contributory depreciated value of
the site improvements (if any) taken.
Sales Comparison Approach:
A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach:
An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the
proposed acquisition and the proposed drainage
improvements have been completed as of the effective date
of the appraisal.
Extraordinary Assumptions:
None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
Page 7
PARCEL No. 147DE
MARKET AREA ANALYSIS
MARKET AREA ANALYSIS
Boundaries
The subject is located in the Central Naples Planning District of Collier County. The
market area is generally delineated as follows:
North Pine Ridge Road
South Radio Road
East Interstate 75
West Tamiami Trail (US 41)
A map identifying the location of the property follows this section.
Market Area Access and Linkages
Primary access to the market area is provided by Tamiami Trail, Goodlette Road,
Airport -Pulling Road, Livingston Road, Golden Gate Parkway, Pine Ridge Road and
Radio Road. Tamiami Trail, Goodlette Road, Airport -Pulling Road and Livingston
Road run in a north / south direction and Golden Gate Parkway, Pine Ridge Road and
Radio Road run in an east / west direction. Airport Road is a six -lane divided highway
from US-41 East to Vanderbilt Beach Road, and four lanes further north to Immokalee
Road. The Naples Municipal Airport is located along Airport -Pulling Road just south of
Golden Gate Parkway.
Golden Gate Parkway extends from Golden Gate City in the east to the City of Naples
in the west. Golden Gate Parkway provides the closest Interstate 75 access. Pine Ridge
Road also provides Interstate 75 access to the north.
The Southwest Florida International Airport (RSW) is located about 35 miles from the
market area; travel time is about 45 minutes to an hour, depending on traffic conditions.
The Naples Municipal Airport (APF) is located partially within the market area and the
Marco Island Airport (MKY) is approximately 10 miles and 20 minutes to an hour
south of the market area. The Naples CBD, the economic and cultural center of the
region, is approximately 5 miles from the market area.
Demographics
The following table shows the historical, current and projected population, households,
housing, and income demographics for the immediate market area defined as a 3 mile
radius from the subject. The table was developed using data from STDBOnline.com.
Page 8
PARCEL No. 147DE
MARKET AREA ANALYSIS
•
(Desri Demographic
.. Income
Profile
Sperling Ct
Prepared by Esri
Naples, Florida, 34103
Latitude:
26.19416
Ring: 3 mile radius
Longitude:
-81.79456
Summary Census
2010
Census 2020
2022
2027
Population
37,611
39,277
40,042
40,422
Households
18,911
19,718
20,003
20,324
Families
11,141
-
11,489
11,623
Average Household Size
1.98
1.96
1.97
1.96
Owner Occupied Housing Units
13,350
-
14,116
14,376
Renter Occupied Housing Units
5,566
-
5,887
5,949
Median Age
57.5
-
61.9
63.7
Trends: 2022-2027 Annual Rate
Area
State
National
Population
0.19%
0.61%
0.25%
Households
0.32%
0.62%
0.31%
Families
0.23%
0.590/1
0.28%
Owner HHs
0.37%
0.83%
0.53%
Median Household Income
2.76%
3.750%
3.12
2022
2027
Households by Income
Number
Percent
Number
Percent
<$15,000
1,498
7.51/.
1,041
5.1%
$15,000 - $24,999
806
4.0%
567
2.8%
$25,000 - $34,999
1,190
5.9%
900
4.4%
$35,000 - $49,999
1,701
8.5%
1,247
6.1%
$50,000 - $74,999
2,325
11.6%
2,285
11.2%
$75,000 - $99,999
1,892
9.5°/n
1,949
9.6%
$100,000- $149,999
3,397
17.0%
4,071
20.0%
$150,000 - $199,999
1,963
9.8%
2,604
12.8%
$200,000+
5,231
26.2%
5,660
27.8%
Median Household Income
$106,188
$121,674
Average Household Income
$165,518
$185,354
Per Capita Income
$82,126
$92,507
Outlook and Conclusions
As with Collier County, the long term economic outlook for Central Naples is positive.
Total population is projected to increase slightly over the next five years. More
importantly, the area is projected to continue to experience increasing employment
growth. Based on this analysis, it is anticipated that Central Naples will continue to
grow and prosper.
Prior to the coronavirus pandemic, the residential market had stabilized after several
years of an expansion period, with sustained growth in demand and increasing
construction. Since the coronavirus pandemic, residential demand increased
significantly with record sales in 2020 and continued high demand but limited
inventory in 2021 and 2022. Inventory is increasing in 2023 as demand is declining due
to continued increases in interest rates. New home builders continue to face shortages
with a lack of building supplies creating a backlog of newly constructed homes. Prices
continue to increase; however, the rate of increase is declining.
Generally, the commercial market lags the residential market. The significant
residential demand since the pandemic has generally stabilized the commercial market
overall with an increased demand for the industrial sector and select retail and office
properties.
Page 9
PARCEL No. 147DE
Market Area Map
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Page 10
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed take prepared by GradyMinor.
Land Summary - Parent Tract Before Taking
Parcel ID Gross Land Area Gross Land Area
(Acres) (Sq Ft)
61945360006 0.3776 16,450
SITE
Location:
The subject is located along the south side of Sperling Court with
rear frontage on a small lake.
Current Use of the Property:
Single-family home
Shape:
The parent site is rectangular in shape.
Road Frontage/Access:
The subject property has average access with frontage as follows:
• Sperling Court: 70
The site has an average depth of 235 feet. It is not a corner parcel.
Visibility:
Average
Topography:
The subject parent tract is partially cleared with level topography.
According to the Collier County Property Appraiser, the rear
approximately 0.06 acres is submerged land.
Soil Conditions:
We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: Septic
Water: Municipal water
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: There is no street lighting along Sperling
Court.
• Sidewalks: There are no sidewalks along Sperling Court.
• Curbs and Gutters: There are no curbs or gutters along Sperling
Court.
• Curb Cuts: The parent tract is accessed from a gravel driveway
along Sperling Court.
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone X and AE. Flood Zone X is not classified as a flood
hazard area.
Page 11
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
FEMA Map Number: 12021C 0383H
FEMA Map Date: May 16, 2012
The upland areas of the subject parcel appear to be largely in Flood
Zone X and the take is in Flood Zone AE. The appraiser is not an
expert in this matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: According to the deed, the northern 20 feet of the parcel is
encumbered by an Ingress/Egress and Utility easement. We are not
aware of any additional easement, restrictions, or encumbrances
that would adversely affect value before the taking. However, a
current title report was not provided for the purpose of this
appraisal.
Site Comments: The site has average and typical utility.
Zoning Code
Zoning Authority
Zoning Description
Permitted Uses
Current Use Legally Conforming
Minimum Lot Area (SF)
Minimum Floor Area (SF)
Minimum Street Frontage (Feet)
Front Set Back Distance (Feet)
Front and Rear Set Back Distance (Feet)
Side Yard Distance (Feet)
Maximum Density/FAR
Maximum Building Height (Feet)
ZONING
RMF-6
Collier County
Residential Multi-Family-6 District;
Single-family dwellings; Duplexes, two-family
dwellings; Multi -family dwellings; Townhouses;
Family care facilities; and Educational plants and
public schools with an agreement with Collier
County
The subject is a legal and conforming use.
6,500 SF (Single-family); 12,000 SF (Duplex);
5,500 per unit (3+ units)
750 SF
60' (Single-family); 80' (Duplex); 100' (3+ units)
25' (Single-family and Duplex); 30' (3+ units)
20'
Non -waterfront: 7.5' (Single-family); 10' (Duplex);
15' (3+ units); Waterfront: 10' (Single-family and
Duplex); 15' (3+ units)
6 units per acre
35
Zoning Comments We were not supplied with a survey indicating
building setbacks and have assumed that the
improvements conform to current building codes.
Future Land Use Designation Urban Residential Subdistrict
Page 12
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
Zoning Map
El
Page 13
PARCEL No. 147DE
SITE ANALYSIS — PARENT TRACT
Flood Map
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Page 15
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
Site Photographs
Sperling Court - Easterly
Sperling Court - Westerly
(Photo Taken on January 28, 2023)
Page 16
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
Site Photographs
Single -Family Home
Dock within Part Taken
(Photo Taken on January 28, 2023)
Page 17
PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
Site Photographs
F - . .a . .
Dock and landscaping within Part Taken
Rip Rap and Landscaping within Part Taken
(Photo Taken on January 28, 2023)
Page 18
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PARCEL No. 147DE
SITE ANALYSIS - PARENT TRACT
Improvements Analysis
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957.
The parent tract will consist of approximately 0.37764 acres before and after the taking.
After the taking, there will be a 3,240 square foot drainage easement located along the
southern border of the parcel.
The part taken consists largely of submerged lands. The improvements in and near the
take include a dock, landscaping, and rip rap. According to Collier County, the
improvements located within or near the take, including the dock, landscaping, and rip
rap, will either not be affected, or will be cured by the contractor and are therefore not
included in the following analysis. Therefore, the remainder property's improvements
will not be damaged after the taking.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
Page 20
PARCEL No. 147DE
REAL ESTATE TAXES AND ASSESSMENTS
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. In
2008, Florida voters amended the Constitution to give non -homestead property owners
some protection against increases in their annual property tax assessments. As
amended, the Florida Constitution now prohibits the assessment of certain non -
homestead property from increasing by more than 10% per year. The 10% cap applies
to most types of commercial property, including non -homestead residential property
(i.e. apartments and other rental property) and nonresidential property (i.e. commercial
property and vacant land). The cap was set to expire on January 1, 2019; however, in
November 2018 Florida voters amended the Constitution to make the cap permanent.
The protection of the 10% cap is lost when there is a change of ownership or control.
The property tax identification number and assessed value of the property for tax year
2022 are as follows:
ASSESSED VALUES - PARENT TRACT
Tax Identification Number
61945360006
Land Assessed Value
$378,210
Building Assessed Value
$104,394
10% Assessment Cap
- 101 527
Total Assessed Value
$381,077
Totals
Total Land Assessed Value
$378,210
Total Building Assessed Value
$104,394
10% Assessment Cap
-$101,527
Total Assessment
$381,077
Rates, Taxes, More
Tax Rate
1.17%
Ad Valorem Tax Amount $4,440
Special Assessment Amount $230.82
Special Assessment Comments District 1 Garbage
Total Tax Liability The 2021 and 2022 taxes have been paid.
The assessment for the subject underlying land is currently $22.99 per square foot prior
to exemptions. Based on our valuation analysis, the subject's assessment appears low.
Page 21
PARCEL No. 147DE
HIGHEST AND BEST USE
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
■ Physically possible for the land to accommodate the size and shape of the
ideal improvement.
■ Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
■ Financially feasible to generate sufficient income to support the use.
■ Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The parent tract is 0.37764 acres or 16,450 square feet with 70 feet of frontage along
Sperling Court. The subject parent tract is partially cleared with level topography.
According to the Collier County Property Appraiser, the rear approximately 0.06 acres
is submerged land. According to the deed, the northern 20 feet of the parcel is
encumbered by an Ingress/Egress and Utility easement.
The physical characteristics of the subject tract should reasonably accommodate any
use that is not restricted by its size.
The subject's utilities are typical and adequate for the market area. The parent site is
rectangular in shape. The site is located in a FEMA flood zone X and AE area per
FEMA Flood Map Number: 12021C 0383H, dated May 16, 2012. Zone X is not
classified as a flood hazard area.
Aside from the rear submerged land and front Ingress/Egress and Utility easement,
there are no known physical reasons that would unusually restrict development. The
site is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned within the Residential Multi-Family-6 District (RMF-6).
Single-family dwellings; Duplexes, two-family dwellings; Multi -family dwellings;
Townhouses; Family care facilities; and Educational plants and public schools with an
agreement with Collier County.
1 The Dictionary of Real Estate Appraisal 7' ed. (Chicago: Appraisal Institute, 2022)
Page 22
PARCEL No. 147DE
HIGHEST AND BEST USE
According to the deed, the northern 20 feet of the parcel is encumbered by an
Ingress/Egress and Utility easement. We are not aware of any additional easement,
restrictions, or encumbrances that would adversely affect value before the taking.
However, a current title report was not provided for the purpose of this appraisal.
Recognizing the principle of conformity, we consider the prevailing land use patterns in
the area. Therefore, only residential uses are given further consideration in determining
the highest and best use of the site, as if vacant.
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject
property. These conditions have resulted in increasing property values and should
stimulate continued increases within the foreseeable future. Prior to the coronavirus
pandemic, the residential market had stabilized after several years of an expansion
period, with sustained growth in demand and increasing construction. Since the
coronavirus pandemic, residential demand increased significantly with record sales in
2020 and continued high demand but limited inventory in 2021 and 2022. Inventory is
increasing in 2023 as demand is declining due to continued increases in interest rates.
New home builders continue to face shortages with a lack of building supplies creating
a backlog of newly constructed homes. Prices continue to increase; however, the rate of
increase is declining.
On this basis, barring unforeseen changes in the market, a well -designed residential
product should be received favorably by the market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses.
Residential development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, residential development is
concluded to be the maximally productive and highest and best use of the site.
Highest and Best Use as Improved
A continuation of the current use on the parent tract is concluded to be financially
feasible due to the quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that
the current use. Furthermore, the value of the existing improvements, as is, exceeds the
value of the site. Therefore, The highest and best use is as currently improved.
Page 23
PARCEL No. 147DE
HIGHEST AND BEST USE
Most Probable Buyer
Considering the size, class, and location of the property, the most probable buyer is an
owner user.
Page 24
PARCEL NO. 147DE VALUATION METHODOLOGY
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is least reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor's perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
Page 25
PARCEL No. 147DE
VALUATION METHODOLOGY
ANALYSES APPLIED
A cost analysis was considered and was not developed because the subject tract is
analyzed as vacant land. However, the Cost Approach is utilized to estimate the
contributory depreciated value of the site improvements (if any) taken.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
Page 26
PARCEL NO. 147DE SALES COMPARISON APPROACH
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Land Comparables
I have researched five comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a parry to the
transaction. For this analysis, we use the price per square foot as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Page 27
PARCEL NO. 147DE SALES COMPARISON APPROACH
Comp Address Date Price Shape
City Land SF Price Per SF View
Subject 1324 Sperling Court 1/28/2023
Naples 16,450
1 1148 Cypress Woods Drive 4/11/2022
Naples 14,280
2 1003 Frank Whiteman Blvd 5/3/2022
Naples 20,310
Rectangular
Lake
$780,000
Rectangular
$54.62
None
$1,100,000
Rectangular
$54.16
None
3 1328 Ridge Street
5/18/2022
$320,000
Rectangular
Naples
6,500
$49.23
None
4 2655 14th St N
2/9/2022
$815,000
Rectangular
Naples
17,860
$45.63
None
5 1359 Granada Blvd
2/18/2022
$325,000
Rectangular MOL
Naples
8,059
$40.33
Lake
Comparables Map
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Page 28
PARCEL No. 147DE
SALES COMPARISON APPROACH
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price This takes into consideration unusual conditions involved in the
sale that could affect the sales price, such as excess land, non -
realty components, commissions, or other similar factors.
Usually the sale price is adjusted for this prior to comparison to
the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms Favorable or unfavorable seller financing, or assumption of
existing financing.
Conditions of Sale Circumstances that atypically motivate the buyer or seller, such
as 1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding
land use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Page 29
PARCEL No. 147DE
SALES COMPARISON APPROACH
Land Analysis Grid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Name
Parcel No. 147DE
1148 Cypress Woods
1003 Frank Whiteman
1328 Ridge Street
2655 14th St N
1359 Granada Blvd
Drive
Blvd
Address
1324 Sperling Court
1148 Cypress Woods
1003 Frank Whiteman
1328 Ridge Street
2655 14th St
1359 Granada Blvd
Drive
Blvd
City
Naples
Naples
Naples
Naples
Naples
Naples
Date
1/28/2023
4/11/2022
5/3/2022
5/18/2022
2/9/2022
2/18/2022
Price
$780,000
$1,100,000
$320,000
$815,000
$325,000
Land SF
16,450
14,280
20,310
6,500
17,860
8,059
Land SF Unit Price
$54.62
$54.16
$49.23
$45.63
$40.33
Transaction Adjustments
Property Rights
Fee Simple
Fee Simple 0.00/,
Fee Simple 0.0%
Fee Simple 0.0%
Fee Simple 0.00/,
Fee Simple 0.0%
Financing
Cash 0.0%
Cash 0.0%
Cash 0.0%
Cash 0.0"/
Cash 0.0%
Conditions of Sale
Anns Length 0.0"/o
Ands Length 0.0%
Ann's Length 0.0%
Anus Length 0.0"/o
Atm's Length 0.0%
Adjusted Land SF Unit Price
$54.62
$54.16
$49.23
$45.63
$4033
Market Trends Through
1/28/2023 25.0%
19.5%
17.9%
16.9%
24.1%
23.4%
Adjusted Land SF Unit Price
$6530
$63.88
$57.54
$56.62
$49.77
Location
Sperling Court
Cypress Woods Dr
Frank Whiteman Blvd
Ridge Street
14th St N
Granada Blvd
%Adjustment
0o/
0%
0a/
oo/
0^/
$Adjustment
16,450
$0.00
14,280
$0.00
20,310
$0.00
6,500
$0.00
17,860
$0.00
8,059
Land SF
%Adjustment
0%
0%
0a/
0%
0%
$Adjustment
70
$0.00
105
$0.00
Three 59 Lots
$0.00
50
$0.00
130
$0.00
75
Primary Frontage Feet
%Adjustment
-5%
5%
10%
-5%
0%
$ Adjustment
-$3.26
$3.19
$5.75
42.83
$0.00
Easement / Submerged Lauds
Yes / Yes
No / No
No / No
No / No
No / No
Yes / No
/. Adjustment
-200/,
-20%
-200/,
-20%
-10%
$Adjustment
Rectangular
-$13.06
Rectangular
-$12.78
Rectangular
-$11.51
Rectangular
-$11.32
Rectangular
-$4.98
RectangularMOL
Shape
%Adjustment
0%
0%
0%
0%
0%
$Adjustment
Lake
$0.00
None
$0.00
None
$0.00
None
$0.00
None
$0.00
Lake
Vew
%Adjustment
10%
10%
10%
10%
0%
$Adjustment
RMF-6
$6.53
RSF4 (Single Family)
$6.39
RSF4 (Single Family)
$5.75
RSF4 (Single Family)
$5.66
R1-7.5 (Single Family)
$0.00
RMF-6 (Multi -Family)
Zoning
%Adjustment
-5%
-5%
-5%
-5%
0%
$Adjustment
-$3.26
-$3.19
-$2.88
-$2.83
$0.00
AdjustedLand SF Unit Price
$52.24
$57.49
$54.66
$45.30
$44.79
Net Adjustments
-20.0%
-10.0%
-5.001,
-20.0%
-10.0%
Gross Adjustments
40.00/.
40.0%
45.0%
40.0%
10.0%
Page 30
PARCEL NO. 147DE SALES COMPARISON APPROACH
Comparable Land Sale Adjustments
Property Rights
All of the comparables transferred in fee simple interest; therefore, no adjustments for
property rights are required.
Financing
All of the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustments for financing are required.
Conditions of Sale
All of the comparable sales were arm's length transactions; therefore, no adjustments for
conditions of sale are required.
Economic Trends
According to the December 2022 Market Report released by the Naples Area Board of
Realtors (NABOR), single-family closed sales decreased 31.9% in December 2021
compared to closed sales in December 2022.
According to the December 2022 report, there was a 23.5% increase in median closed
price for single-family homes year-to-date for the entire Naples market. The average
closed price increased 19.9% year-to-date.
The following table summarizes single family metrics within the subject's Naples Beach
market area. Naples Beach is defined by NABOR as Zip Codes 34102, 34103, and 34108
which consists generally of properties west of Goodlette-Frank Road and south of
Immokalee Road.
Naples Beach
34102, 34103, 34108
Single Family
December
Year to Date
Key Metril
2021
2022
I
IJ
New Listings
52
79
+51.9%
1,109
1,145
+3.2%
Total Sales
79
54
-31A%
1,101
625
-43.2%
Days on Market Until Sale
47
61
+ 29.8°/n
65
44
- 32.3%
Median Closed Price"
$2,050,000
S2,737,517
+ 33.5%
$1,925,000
$2,195,000
+ 14.0%
Average Closed Price`
$4,113,393
S4,180,556
+1.6%
$3,097,081
$3,883,723
+25.4%
Percent of List Price Received"
98.1 %
92.3%
- 5.9%
97.9°/o
97.2 %
- 0.7%
Inventory of Homes for Sale
146
349
+ 139.0%
Months Supply of Inventory
1.6
6.7
+318.8%
—
Does not account For sale concessions amYor downpayment assistance. I Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size
As shown, the number of new listings is up 3.2% year-to-date while the number of closed
sales is down 43.2% year-to-date. The median closed price increased by 14.0% year-to-
date and the average price is up 25.4% year-to-date. However, it is noted this is
unadjusted raw data and does not relate directly to the subject.
Page 31
PARCEL NO. 147DE SALES COMPARISON APPROACH
I also consider Comparable Sale 2 sold in May 2022 for $1,100,000 or $54.16 and was
subdivided and currently listed for $599,500 per lot or approximately $88 per square foot.
Based on the preceding analysis and considering underlying land will have a similar trend
as single-family homes, while also considering the recent interest rate increases and
increasing inventory, a 25.0% average annual adjustment is applied.
Location
The subject and all of the comparables are located east of Tamiami Trail (U.S. 41) and
west of Goodlette-Frank Road. No adjustments could be supported; therefore, none are
made.
Size
The subject consists of 16,450 square feet relatively similar to Comparables 1 and 4.
Comparable 2 consisted of three adjacent lots or approximately 6,770 square feet each.
Comparables 3 and 5 are 6,500 and 8,059 square feet respectively. No adjustments for
size could be supported; therefore, none are made.
Primary Frontage Feet
The subject is a 70 foot wide lot similar to Comparable 5. Comparables 1 and 4 are
adjusted for their superior wider lots. Comparable 3 is adjusted upward for its inferior 50-
foot-wide lot. Comparable 2 was 150 feet wide, but has been subdivided and is marketed
as three 50-foot-wide lots. It is adjusted upward accordingly. The adjustment considers
the lots can be reassembled.
Easement/Submerged Lands
The northern 20 feet of the parcel is encumbered by an Ingress/Egress and Utility
easement and the rear approximately 0.06 acres is submerged land. Approximately 24%
of the site is either encumbered by an easement or submerged land. Only Comparable 5
has an easement that affects the buildable area of the lot; however, it is a smaller eight -
foot -wide drainage easement along the western border of the site encumbering
approximately 11 % of the site. None of the comparables have submerged lands. All of
the comparables are adjusted downward accordingly.
Shape
The subject is rectangular in shape similar to the comparables. Therefore, no adjustments
are required for shape.
View
The subject and Comparable 5 are both located on small lakes. Comparables 1, 2, 3, and
4 have no view amenity and are adjusted upward accordingly.
Page 32
PARCEL NO. 147DE SALES COMPARISON APPROACH
Zoning
The subject is zoned RMF-6 (Residential Multi -Family) similar to Comparable 5.
Comparables 1, 2, 3, and 4 are zoned single family. They are adjusted downward for their
superior, less dense, zoning.
Sales Comparison Approach Conclusion — Land Valuation
All of the value indications have been considered in arriving at my final reconciled per
square foot value of $52.00.
Land Value Ranges & Reconciled Values
Number ofComparables: 5 Unadjusted Adjusted % A
Low: $40.33
$44.79 11.06%
High: $54.62
$57.49 5.26%
Average: $48.80
$50.90 4.31%
Reconciled Value/Unit Value:
$52.00
Subject Size:
16,450
Indicated Value:
$855,400
Reconciled Final Value:
$855,400
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 3 - 6 months.
Page 33
PARCEL No. 147DE
DESCRIPTION OF PART TAKEN
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 147DE is a perpetual, non-exclusive drainage easement. The proposed
easement essentially consists of submerged land measured to the top of the bank.
According to Collier County, maintenance will be done from the water.
The part taken consists of a 3,420 square foot Drainage Easement running along the
southern border of the parent tract.
Land Area: 0.07438 acres; 3,240 square feet
Shape: Irregular
Approximate Dimensions: 67.47' x 40.25' x 31.75' x 8.83' x 39.74' x 65.63' x 3.57'
Existing Easements and According to the deed, the northern 20 feet of the parcel
Encumbrances: is encumbered by an Ingress/Egress and Utility easement.
We are not aware of any additional easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Improvements Taken: The part taken consists largely of submerged lands. The
improvements in and near the take include a dock,
landscaping, and rip rap. According to Collier County,
the improvements located within or near the take,
including the dock, landscaping, and rip rap, will either
not be affected, or will be cured by the contractor and are
therefore not included in the following analysis.
Page 34
PARCEL No. 147DE
DESCRIPTION OF PART TAKEN
Aerial - Part Taken
The approximate boundary lines of Parcel No. 147DE, a perpetual, non-exclusive
drainage easement, are shown in blue.
42
k It"I t. INV IN: 5.77
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INV OUT- 5.7
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Page 35
PARCEL No. 147DE
DESCRIPTION OF PART TAKEN
Sketch and Description of Proposed Part Taken
PROPERTY DESCRIPTION
147DE
A PARCEL OF LAND LYING IN OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC
RECORDS OF COLLIER COUNTY. FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LANDS, THENCE ALONG THE WEST LINE
OF SAID LANDS NORTH D0'44'27" WEST. A DISTANCE OF 40.25 FEET; THENCE DEPARTING
SAID WEST LINE SOUTH 88'48'00" EAST, A DISTANCE OF 31.75 FEET; THENCE NORTH
(OR 5745, ,5g O
72'24'43" EAST, A DISTANCE OF 8.83 FEET; THENCE NORTH 47'51'20" EAST, A DISTANCE489'450r
785)
OF 313.74 FEET TO AN INTERSECTION WITH THE EAST LINE OF SAID LANDS; THENCE ALONG
, h
SAID EAST LINE SOUTH DO'44'27" EAST, A DISTANCE OF 85.fi3 FEET TO AN INTERSECTION
H3
WITH THE NORTHWEST LINE OF LANDS DESCRIBED IN OFFICIAL RECORDS SOCK 5999,
5� —
PACE 643, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLDRIEA; THENCE ALONG SAID
h1 N
NORTHWEST LINE SOUTH 44'22'18" WEST, A DISTANCE OF 3.57 FEET TO THE SOUTHEAST1a
CORNER OF OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF
r']
COLLIER COUNTY, FLORIDA; THENCE ALONG THE SOUTH LINE OF SAID LANDS SOUTHoR
[q
89'22'18-WEST, A DISTANCE OF 67.47 FEET TO THE POINT OF BEGINNING. (OR 4453,
i. (OR 5092,
PG 1694)N
72'24'43" E PG 1898) J
CONTAINING 3,24D SQUARE FEET, MORE OR LESS.
8.53' w
Tn �
N
NOTES:
BEARINGS SHOWN HEREON REFER TO THE STATE PLANE COORDINATE SYSTEM
o Y
ESTABLISHED BY THE NATIONAL GEODETIC SURVEY FOR FLORIDA EAST ZONE, 1983
N
DATUM WITH 2O11 ADJUSTMENT OBTAINED USING UK CPS OBSERVATIONS ON THE
}.
FDOT NETWORK AND ARE BASED ON THE EAST LINE OF LANDS DESCRIBED IN
t^y
OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF COLLIER
a
:'.`.!NTY, FLORIDA, AS BEING S 6'44'27" E.
o
-I `'FNSIONS SHOWN HEREON ARE IN U.S. SURVEY FEET AND DECIMALS THEREOF.
5 442218 W
Z. THIS SKETCH AND DESCRIPTION IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND
3.57' 2
SEAL OR THE DIGITAL SIGNATURE AND DIGITAL SEAL OF A LICENSED FLORIDA
q
SURVEYOR AND MAPPER. NO ADDITIONS OR DELETIONS TO THIS SKETCH &
DESCRIPTION MAP ARE PERMITTED WITHOUT THE EXPRESSED WRITTEN CONSENT OF
41
W 67.4T
THE SGNING PARTY.
5 89'22'18" (OR 5999, W
POB (OR 153. PG 37) PG 643) O
f
O
LEGEND:Y}
PUG POINT OF COMMENCEMENT O 1 Q 2040
W
PUB POINT OF BEGINNING -N-
SCALE: it, = 20
OR OFFICIAL RECORDS BOOK
DRAM BY: AIR
PB PLAT BOOK
PAGE(S) THIS PLAN MAY HAVE BEEN ENLARGED OR
CHECKED BY: DLS
REDUCED FROM INTENDED DISPLAY SCALE
N
FOR REPRODUCTION REASONS
JOB CODE', CN015 A
N
SCALE: 1"=20' O
N
DATE: 25 FEBRUARY 2C22 >
FILE: 21-21lISL
*THIS IS NOT A SURVEY* sHFFT_ 1 or 1 �
SKETCHAND DESCRIPTION
~
PARCEL OF LAND
O. Grady Minor and AseoclaLes, RA,
//f�dlA�l GradyMinor 3000 Via Del Rey
LATE -9GA D
¢'-":':' DlgitOly 5191ed by
➢onita Springs, Florida 34134
= U—Id L. S-tenoy q
#9
III, rSM }
natz.3n77,08.03
Civil Engineers Land Surveyrlrs Planners . Landscape Architects
LYING IN
_
=_ oros�4-0aoo
Cent, ur Autn LB 0005131 Cert. of Auth, LK 0005151 Bmtine®e LC 26000266
SECTION 22, TOWNSHIP 49 SOUTH, RANGE 25 EAST
ttywr, r. sewEnnr ui vsM �
BOBILs SpArgi: 239.947.1144 www. GradyMlaor. Com Fort Nyers: 239.690.4380
COLLIER COUNTY, FLORIDA
FL LXFAI>K 19761
Page 36
PARCEL NO. 147DE VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $52.00 per square foot. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, the proposed easement is perpetual, non-exclusive drainage
easement. The proposed easement consists largely of submerged lands with access rights
for maintenance. According to Collier County, maintenance will be done from the water.
Furthermore, the property owner will be allowed to keep existing dock. Considering the
location of the easement in an area that is largely submerged lands, the proposed
easement will have minimal effect on the use and utility.
Therefore, the proposed easement is estimated to include 10% of the fee simple value
resulting in an estimated overall unit value as shown in the following table.
Value Indications Proposed Property Rights and Improvements Taken
Fee Value per Indicated Value Rounded
Square Feet % of Fee per SF Square Feet IndicatedValue Value Total Value
Proposed Part Taken
Parcel 147 Dramage Easement (DE)
Improvements Taken
$52.00 10% $5.20 3,240 $16,848 $16,800
$0
Total $16,800
The valuation of the remainder property, as part of the whole, is shown in the following
table.
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $855,400
Less Market Value of the Proposed Part Taken: $16,800
Total Market Value of the Remainder Property, As Part of the Whole: $838,600
Effective Date(s) January 28, 2023
Page 37
PARCEL, No. 147DE
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The remainder property will consist of the same size and shape as before the taking, since
the proposed property rights to be acquired involve a perpetual, non-exclusive drainage
easement. However, the remainder property will be encumbered with a 3,240 square foot
Drainage Easement running along the southern border of the parent tract. The remainder
property's overall access, availability to utilities, topography, land use designation, and
zoning are unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 0.37764 acres; 16,450 square feet
Shape:
The parent site is rectangular in shape.
Road Frontage/Access:
The remainder property has average access with frontage
as follows:
• Sperling Court: 70 feet
The site has an average depth of 235 feet. It is not a
corner lot.
Improvements:
The parent tract is improved with an 832 square foot
single-family home built in 1957.
Existing/Proposed Easements and
According to the deed, the northern 20 feet of the parcel
Encumbrances:
is encumbered by an Ingress/Egress and Utility easement.
Additionally, the remainder parcel will be encumbered by
a 3,240 square foot Drainage Easement running along the
southern border of the parent tract. We are not aware of
any additional easement, restrictions, or encumbrances
that would adversely affect value before the taking.
However, a current title report was not provided for the
purpose of this appraisal.
Proposed Acquisition:
A Drainage Easement (DE) acquisition containing a total
of 3,240 square feet or 0.07438 acres.
Highest and Best Use
As Vacant
Residential development
As Improved
The highest and best use is as currently improved.
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
We are not aware of any easements, restrictions, or encumbrances that would adversely
affect value before the taking. However, a current title report was not provided for the
purpose of this appraisal.
After the taking, there will be 3,240 square foot Drainage Easement consisting of 3,240
square feet running along the southern border of the parent tract.
As previously stated, the proposed easement is perpetual, non-exclusive drainage
easement. The proposed easement consists largely of submerged lands with access rights
for maintenance. According to Collier County, maintenance will be done from the water.
Furthermore, the property owner will be allowed to keep existing dock. Considering the
Page 38
PARCEL NO. 147DE VALUE ANALYSIS REMAINDER PROPERTY As SEVERED
location of the easement in an area that is largely submerged lands, the proposed
easement will have minimal effect on the use and utility. The proposed easement is
estimated to include 10% of the fee simple value. Accordingly, the residual value to the
proposed easement area is 90% of the fee simple value.
Value of Remainder Improvements
The parent tract is a residential parcel of land containing an area of 0.37764 acres, or
16,450 square feet. The parent tract is improved with an 832 square foot single-family
home built in 1957.
The parent tract will consist of approximately 0.37764 acres before and after the taking.
After the taking, there will be a 3,240 square foot drainage easement located along the
southern border of the parcel.
The part taken consists largely of submerged lands. The improvements in and near the
take include a dock, landscaping, and rip rap. According to Collier County, the
improvements located within or near the take, including the dock, landscaping, and rip
rap, will either not be affected, or will be cured by the contractor and are therefore not
included in the following analysis. Therefore, the remainder property's improvements
will not be damaged after the taking.
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
The concluded value of the Remainder Property is shown in the following table.
Value Indications Remainder Property, After the Taldng
Fee Value per u oIndicated Value
of Square Feet Indicated Value
Rounded Total Value
Square Feet per SF
Value
Remainder Property
Land Area - Exclusive ofEncumbered Land
$52.00 100% $52.00 13,210 $686,920
$687,000
Taken
Plus Encumbered Land
$52.00 90% $46.80 3,240 $151,632
$151,600
Improvements
$0
Total
$838.600
Page 39
PARCEL No. 147DE
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Severance Damages to the Remainder Property
Value of the Whole $855,400
Less Value of the Part Taken $16,800
Value of the Remainder Property as Part of the Whole $838,600
Value of the Remainder Property as Severed $838,600
Difference (Severance Damages) $0
Rounded: $0
COST TO CURE ANALYSIS
According to Collier County, the improvements located within or near the take, including
the dock, landscaping, and rip rap, will either not be affected, or will be cured by the
contractor and are therefore not included in the following analysis. Based on the analysis
of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
Page 40
PARCEL NO. 147DE SUMMARY AND CONCLUSION
SUMMARY AND CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of January 28, 2023, subject to the Limiting Conditions
and Assumptions of this appraisal.
Parcel No. 147DE
Fee Value per of Fee Indicated Value Rounded Total Value
Square Feet per SF Square Feet Indicated Value Value
Parent Tract Before the Taking
Land $52.00 100% $52.00 16,450 $855,400 $855,400
Total $855,400
Proposed Part Taken
Fee Value per ofFee Indicated Value Rounded Total Value
Square Feet per SF Square Feet IndicatedValue Value
Parcel147 Drainage Easement (DE) $52.00 10% $5.20 3,240 $16,848 $16,800
Improvements Taken $0
Total Part Taken - Drainage Easement $16,800
Remainder Property, as Part of the Whole
$838,600
Remainder Property
Land Area- Exclusive of Encumbered Land $52.00 100% $52.00 13,210
$686,920 $687,000
Taken
Plus Encumbered Land $52.00 90% $46.80 3,240
$151,632 $151,600
Total
$838,600
Damages
$0
Special Benefits
$0
Net Damages
$0
Summary of Total Compensation
Encumbered Land Taken (Parcel No. 147DE) $52.00 10% $5.20 3,240
$16,848 $16,800
Value of hnprovements Taken
$0
Total
$16,800
Net Damages
$0
Net Cost to Cure
$0
Total Amount Due Owner
$16,800
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
Hypothetical Conditions:
In the after analysis, it is a hypothetical condition the proposed
acquisition and the proposed drainage improvements have been
completed as of the effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 41
PARCEL, No. 147DE
CERTIFICATION
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
Page 42
PARCEL, No. 147DE
CERTIFICATION
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding the agreement to perform this
assignment
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program for Designated Members of the Appraisal Institute.
(�'a "v e�a�
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 43
PARCEL No. 147DE
ASSUMPTIONS AND LIMITING CONDITIONS
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
Page 44
PARCEL No. 147DE
ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 45
PARCEL NO. 147DE
ASSUMPTIONS AND LIMITING CONDITIONS
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner's financial ability with
the cost to cure the non -conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner's financial ability to cure non -accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner's
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
Page 46
PARCEL NO. 147DE ASSUMPTIONS AND LIMITING CONDITIONS
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 47
PARCEL NO. 147DE ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
*Rn
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
*Rn
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
:APPRAISAL AND CONSULTING
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
C. LOWRY, MAI, CPA Phone: 239-596-0800
0UIS C. BOSBITT, MAI www.rklac.com
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE:
Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 — Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 — Present)
Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida
Naples, FL (2003 — 2009)
Research Associate, Integra Realty Resources — Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
Member: Appraisal Institute — MAI Certificate Number 451177
ACTIVITIES:
President: Appraisal Institute Florida Gulf Coast Chapter (2020)
VP/Secretary/Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019)
Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022)
Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021)
Government. Relations: Appraisal Institute National (2022)
Prof Standards & Guidance: Appraisal Institute National (2023)
LDAC Attendee: Leadership Development & Advisory Council
Appraisal Institute - Washington, D.C. (2016, 2017, 2018)
Member: CCIM Institute - CCIM Designation Pin Number 21042
Member: Naples Area Board of REALTORS
Licensed: Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Licensed: Real Estate Broker (Florida)
License No. BK3077672
EXPERT WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and
Lee County
EDUCATION:
Bachelor of Arts, Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, retail and office buildings, industrial
warehouse/distribution, multi -family and single-family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized services
include market feasibility studies and litigation support in connection with real estate
transactions. Clients served include banks and financial institutions, developers and investors,
law firms, government, and property owners. Valuations have been performed for eminent
domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence
support.
*Rn
PARCEL NO. 147DE ADDENDUM A - APPRAISER QUALIFICATIONS
`e... Ron DeSantis, Governor Melanie S. Griffin, Secretary
a dbpr
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE
PROVISIONS OF CHAPTER 475, FLORIDA STATUTES
1�
- ZUCCHI, MCHEL M
4500 EXECUTIVE DRIVE SUITE 233
NAPLES FL 34119
x r
LICENSE NUMBER: RZ2984�
EXPIRATION DATE: NOVEMBER 30, 2024
Always verify licenses online at MyFloridaLicense.com
Do not aster this document in any form.
This is your license. It is unlawful for anyone other than the licensee to use this document.
Rn+
PARCEL NO. 147DE ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
+RKL
Collier County Property Appraiser
Property Summary
Site 1324 Site Zone
Parcel No 61945360006 Address SPERLING Site City NAPLES *Note 34103
*Disclaimer ICT
Name / Address I SPERLING COURT LLC
11324 SPERLING CT
Citv I NAPLES I State I FL I Zip 134103-2328 1
Map No. Strap No. Section Township Range Acres *Estimated
4A22 506200 069 144A22 22 49 25 0.38
N I C L F 22 49 25 BEG ON N LI OF LOT 69, W1877.5FT, W OF NW CNR, RUN
Legal E70FT, S 232.34FT, SWLY 3.53FT, WLY 67.5FT, N234.9FT TO POB, LESS NLY 20FT
FOR R/W OR 180 PG 727
Ilage Area* 6
Sub./Condo 506200 - NAPLES IMP CO LITTLE FARMS
Use Code a 11 - SINGLE FAMILY RESIDENTIAL
Latest Sales History
(Not all Sales are listed due to Confidentialitv)
Date
Book -Page
Amount
03/27/20
5745-2785
$ 330,000
11/14/03
3443-1156
$ 0
12/01/64
180-727
$ 0
Millage Rates +Ilk *Calculations
School Other Total
4.459 6.0042 10.4632
2022 Certified Tax Roll
(Subject to Change)
Land Value
$ 378,210
+�
Improved Value
$ 104,394
(_)
Market Value
$ 482,604
(-)
10% Cap
$ 101,527
(_)
Assessed Value
$ 381,077
(_)
School Taxable Value
$ 482,604
(_)
Taxable Value
$ 381,077
If all Values shown above equal 0 this parcel was created after the
Final Tax Roll
Collier County Property Appraiser
Property Detail
Site 1324 Site Zone
Parcel No 61945360006 Address SPERLING Site City NAPLES *Note 34103
*Disclaimer ICT
Name / Address SPERLING COURT LLC
1324 SPERLING CT
City I NAPLES State I FL Zip 34103-2328
Permits (Provided for reference purposes only. *Full Disclaimer. )
Tax Yr Issue I Permit # CO Date Tmp CO I Final BIdjj Type
2019 COUNTY I PRBD20171040132 1 07/11/18 1 1 1 DOCK
Land
#
Calc Code
Units
10
SQUARE FOOT
13850
20
ACREAGE
0.06
Buildina/Extra Features
#
Year Built
Description
Area
Area
10
1957
RESIDENTIAL
832
968
20
2018
W DECK
156
156
30
2018
WOOD DOCK
256
256
INSTR 5849646 OR 5745 PG 2785 E-RECORDED 3/31/2020 10:30 AM PAGES
CLERK OF THE CIRCUIT COURT AND COMPTROLLER, COLLIER COUNTY FLORIDA
DOC@.70 $2,310.00 REC $18.50
CONS $330,000.00
Prepared by and Return to:
Craig D. Blume, P.A.
750 11 "'Street South, Suite 202
Naples, FL 34102
Parcel I.D. (Folio),,N 61.945360006
Consideration:;W000.00*
WARRANTY DEED
THIS WARRANTY DEED is made the I day of March, 2020, by Veronica M.
Lawson, a single person, as surV*vmg joint tenant of Kathryn B. Mesick, whose post office
Cou address is 1296 Sperling rt ;Maples, FL 34103, hereinafter called the Grantor, to Sperling
Court, LLC, a Florida limited
Z-- ,;ia Z�
ability company, whose post office address is 1324 Sperling
Court, Naples, FL 34103, hereinafi(gall the Grantee:
WITNESSETH: That the Graator,for and in consideration of the sum of $10 and other
valuable consideration, receipt of which,lig`here�by acknowledged, hereby grants, bargains, sells,
aliens, remises, releases, conveys and confirm s Onto the Grantee, all that certain land situated in
Collier County, Florida, and described as: /- e 1;,\,
Beginning at the Northeast corner ot"the West 1877.5 feet of Lot 69 of the plat of
Naples Improvement Company's Little Farms'lait'r6co-ded in Plat Book 2 at page 2 of the
Public Records of Collier County, Florida, run asterW,#Iong the North line of said Lot 69
for 70 feet to a point, thence deflect 89 degrees 53 nes 50 seconds right and run
Southerly parallel to the West line of said Lot 69 for 32�1 feet to a point; thence deflect 45
degrees 08 minutes 20 seconds right and run Southwesierly"Ai-Ir 3.53 feet to a point; thence
deflect 45 degrees 00 minutes and run Westerly parallel.,`v�i�to; he South line of said Lot 69
for 67.5 feet to a point; thence deflect 89 degrees 51. minutes 40 seconds right and run
Northerly parallel to the said West line of said Lot 69 for 234., %ot to the point of
beginning. Together with the perpetual right of ingress and egrissfrbm the described
property over and along an access and utility easement described has the North 20 feet of the
East 1000 feet of the West 2295 feet of the said Lot 69.
TOGETHER with all tenements, hereditaments and appurtenances thereto belonging or
in anywise appertaining
TO HAVE AND TO HOLD, the same in fee simple forever.
AND the Grantor hereby covenants with said Grantee that the Grantor is lawfully seized
of said land in fee simple; that the Grantor has good right and lawful authority to sell and convey
C7 Z-1
said land; that the Grantor hereby fully warrants the title to said land and will defend the same
against the lawful claims of all persons whomsoever; and that said land is free of all
Z:�
encumbrances, except taxes accruing subsequent to December 31, 2019; subject to easements,
Zp
restrictions and reservations of record common to the subdivision.
*** OR 5745 PG 2786 ***
IN WITNESS WHEREOF, the said Grantor has signed and sealed these presents the day
and year first above written.
Signed, sealed and delivered
Z�
in our presence:
-T Law Veronica V son
—
FrmtCC[ Name of, Witness
I
1�'joLtrl�s
Printed Natfie of Witness
STATE OF JFLPR A J
COUNTY OF
I HEREBY CERTIFY that on this day, before me, 'an—olmcer duly authorized in the State
aforesaid and in the County aforesaid to take acknowledgments; I appeared by means of
physical presence, or online notarization, Veronica Mda,,,son, a single person, as
surviving joint tenant of Kathryn B. Mesick personally known -tbq� '01. (vho produced a
driver's surviving
and who executed the fore-oin- instrument and he a'cIknct�edoed before me that
he executed the same and did take an oath.
WITNESS my hand and official seal in the County and State last afbr&aid this
day of March, 2020.
I A %
0— Nam—
TRUDY WATKINS
Public - State of Florida Notary Public
Notary
Commission ; GG 289393 023
2
Assn.
?]
My Comm, Expires Feb 11, 20 23
EBonded through National Notary Assn.
I" (Printed Name of Notary)
Commission Expiration:
PROPERTY DESCRIPTION
A PARCEL OF LAND LYING IN OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID LANDS, THENCE ALONG THE WEST LINE
OF SAID LANDS NORTH 00°44'27" WEST, A DISTANCE OF 40.25 FEET; THENCE DEPARTING
SAID WEST LINE SOUTH 88°48'00" EAST, A DISTANCE OF 31.75 FEET; THENCE NORTH
72°24'43" EAST, A DISTANCE OF 8.83 FEET; THENCE NORTH 47°51'20" EAST, A DISTANCE
OF 39.74 FEET TO AN INTERSECTION WITH THE EAST LINE OF SAID LANDS; THENCE ALONG
SAID EAST LINE SOUTH 00°44'27" EAST, A DISTANCE OF 65.63 FEET TO AN INTERSECTION
WITH THE NORTHWEST LINE OF LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 5999,
PAGE 643, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE ALONG SAID
NORTHWEST LINE SOUTH 44°22'18" WEST, A DISTANCE OF 3.57 FEET TO THE SOUTHEAST
CORNER OF OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF
COLLIER COUNTY, FLORIDA; THENCE ALONG THE SOUTH LINE OF SAID LANDS SOUTH
89°22'18" WEST, A DISTANCE OF 67.47 FEET TO THE POINT OF BEGINNING. (OR 4463,
CONTAINING 3,240 SQUARE FEET, MORE OR LESS. PG 1894)
NOTES:
1. BEARINGS SHOWN HEREON REFER TO THE STATE PLANE COORDINATE SYSTEM
ESTABLISHED BY THE NATIONAL GEODETIC SURVEY FOR FLORIDA EAST ZONE, 1983
DATUM WITH 2O11 ADJUSTMENT OBTAINED USING RTK CPS OBSERVATIONS ON THE
FDOT NETWORK AND ARE BASED ON THE EAST LINE OF LANDS DESCRIBED IN
OFFICIAL RECORDS BOOK 5745, PAGE 2785, OF THE PUBLIC RECORDS OF COLLIER
COUNTY, FLORIDA, AS BEING S 0'44'27" E.
2. DIMENSIONS SHOWN HEREON ARE IN U.S. SURVEY FEET AND DECIMALS THEREOF.
3. THIS SKETCH AND DESCRIPTION IS NOT VALID WITHOUT THE ORIGINAL SIGNATURE AND
SEAL OR THE DIGITAL SIGNATURE AND DIGITAL SEAL OF A LICENSED FLORIDA
SURVEYOR AND MAPPER. NO ADDITIONS OR DELETIONS TO THIS SKETCH &
DESCRIPTION MAP ARE PERMITTED WITHOUT THE EXPRESSED WRITTEN CONSENT OF
THE SIGNING PARTY.
LEGEND:
POC
POINT OF COMMENCEMENT
0 1 0' 20'
40' 1
POB
POINT OF BEGINNING
SCALE: 1
= 20' -N-
OR
OFFICIAL RECORDS BOOK
PB
PLAT BOOK
PG
PAGE(S)
THIS PLAN MAY HAVE BEEN ENLARGED OR
REDUCED FROM INTENDED
DISPLAY SCALE
FOR REPRODUCTION
REASONS
Q. Grady Minor and Associates, P.A.
GradyMinor 3800 Via Del Rey
Bonita Springs, Florida 34134
Civil Engineers Land Surveyors . Planners Landscape Architects
Cert. of Auth. EB 0005151 Cert. of Auth. LB 0005151 Business LC 26000266
Bonita Springs: 239.947.1144 www. GradyMinor. com Fort Myers: 239.690.4380
r-"" (OR 153, PG 37)
*THIS IS NOT A SURVEY*
SKETCH AND DESCRIPTION
PARCEL OF LAND
#9
LYING IN
ION 22, TOWNSHIP 49 SOUTH, RANGE 25 EAST
COLLIER COUNTY, FLORIDA
147DE
(OR 5092,
PG 1898)
iR 5999,
'G 643)
DRAWN BY: AH
CHECKED BY: DLS
JOB CODE: CN015
SCALE: 1" = 20'
DATE: 25 FEBRUARY 2022
FILE: 21-218-SL
SHEET: 1 of 1
DATE SIGNED
Digitally signed by
Donald L. Saintenoy
_ III, PSM
Date:2022.08.03
07:05:24-04'00'
DONALD L. SAINTENOY lll, P.SM
FL LICENSE Jj6761
FOR THE FIRM
RKL
APPRAISAL AND CONSULTING
December 27, 2022
Sperling Court LLC
1324 Sperling CT
Naples, FL 34103-2328
Re: Project #60142 - West Goodlette-Frank Road Area Joint Stormwater- Sewer Project
Real Estate Appraisal
Parcel 147DE (Drainage Easement)
1324 Sperling CT, Naples
Collier County, FL 34103
Dear Sperling Court LLC:
The Collier County Board of County Commissioners, Transportation Engineering Division has
engaged RKL Appraisal and Consulting, PLC to appraise the subject property for the West
Goodlette-Frank Road Area Joint Stormwater- Sewer Project.
Sometime in the next few weeks we will be conducting a field inspection of your property. This will
be an exterior inspection only and we will not need to go inside the residence or any outbuildings.
Please, contact Rachel Zucchi at rzucchi(ai)rklac.com or 239-596-0801 if there are any pets on the
premises or there are any other issues that would preclude the appraiser from inspecting the exterior
of the property.
This inspection is for the stormwater management Project #60142 - West Goodlette-Frank Road Area
Joint Stormwater-Sewer Project. For further information about this project, please contact Mallory
Clancy (Project Manager) Stormwater Management, at mallory.clancy&colliercoun , fl.-ov.
Thank you for your cooperation and assistance in this matter.
Sincerely,
Rachel M. Zucchi, MAI, CCIM
Partner I Managing Director
State -Certified General Real Estate Appraiser RZ2984
4500 Executive Drive, Suite 230 1 Naples, FL 34119
Direct: 239-596-0801 1 Cell: 239-398-8715
%cc
L M. ZUCCHI, MAI, CCIM 4500 Executive Drive, Suite 230
Naples, FL 34119-8908
LowRr, MAI, ceA Phone: 239-596-0800
UIS C. BOBBITT, MAI www.rklac.com
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
+RKL
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
Transaction
ID
7677
Date
4/ 11/2022
Name
1148 Cypress Woods
Price
$780,000
Drive
Address
1148 Cypress Woods
Price per SF
$54.62
Drive
City
Naples
Transaction Type
Closed Sale
Grantor
Darhl and Erin Ehrgott
Financing
Cash
Grantee
Shoreline Capital Partners, Property Rights
Fee Simple
LLC
Tax ID
29731320108
Days on Market
2
Sale Verification Date
1/25/2023
Book/Page or Reference
6112/2588
Sale Verification Source
Denys Martinez; The Real
Doc
Estate Connection LLC
Conditions of Sale
AmYs Length
Sale Notes
Sold in July 2019 for $250,000
Site
Acres
0.33
Topography
Cleared and Level
Land SF
14,280
Zoning
RSF-4 (Single Family)
Primary Frontage Feet
105
Flood Zone
Zone AH
Primary Frontage Street
Cypress Woods Dr
Shape
Rectangular
Utilities
Public Water
View
None
Comments
Cleared and level lot along
south side of Cypress Woods Drive. Listed in March 2022 for $795,000. Purchased by
custom home builder. A notice of commencement
for a single family home was recorded in November 2022.
*Rn
PARCEL No. 147DE
ADDENDUM C - COMPARABLE DATA
Transaction
ID
7679
Date
5/3/2022
Name
1003 Frank Whiteman
Price
$1,100,000
Blvd
Address
1003 Frank Whiteman
Price per SF
$54.16
Blvd
City
Naples
Transaction Type
Closed Sale
Grantor
Mitchell Bruce Nicholas,
Financing
Cash
Charles Ernest Nicholas,
William Allen Nicholas,
and Robert Devon
Nicholas
Grantee
1003 FWB, LLC
Tax ID
64260120009
Days on Market
6
Book/Page or Reference
6124/3095
Doc
Conditions of Sale
AmYs Length
Property Rights Fee Simple
Sale Verification Date 1/25/2023
Sale Verification Source John J Robert; John R Wood
Sale Notes None in previous 3 years
Site
Acres
0.47
Topography
Cleared and Level
Land SF
20,310
Zoning
RSF4 (Single Family)
Primary Frontage Feet
150
Flood Zone
Zone AH
Primary Frontage Street
Frank Whiteman Blvd
Shape
Rectangular
Utilities
All Public
View
None
Comments
Cleared and level parcel located at northeast comer of Frank Whitman Blvd and loth St N. Listed in March 2022
for $1.2 million. A sewer connection/line was recently brought to the property. The sellers chose the 20-Year
Installment method of payment with 18 years remaining at time of sale. Buyer subdivided the lot into three 50' x
135' parcels (Parcels Nos. 64260120009, 64260120054, and 64260120106). Two of the lots were relisted in
November 2022 for $599,500 each.
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
ID
7680
Name
1328 Ridge Street
Address
1328 Ridge Street
City
Naples
Grantor
Frank Ginocchio
individually and as
trustee of the FrankC.
Ginocchio Survivor's
Trust
Crantee
Katie Werchek
Tax ID
71021800001
Days on Market
6
Book/Page or Reference
6131/2389
Doc
Conditions of Sale
Arm's Length
Transaction
Date
5/18/2022
Price
$320,000
Price per SF
$49.23
Transaction Type
Closed Sale
Financing
Cash
Property Rights Fee Simple
Sale Verification Date 1/25/2023
Sale Verification Source Thomas Weidlich; Waterfront
Realty Group, Inc
Sale Notes None in previous 3 years
Site
Acres
0.15
Topography
Largely cleared and Level
Land SF
6,500
Zoning
RSF-4 (Single Family)
Primary Frontage Feet
50
Flood Zone
Zone AH
Primary Frontage Street
Ridge Street
Shape
Rectangular
Utilities
All Public
View
None
Comments
Largely cleared lot located along south side of Ridge Street with frontage along Rosemary Lane to the south.
Listed in March 2022 for $350,000. A sewer connection/line was recently brought to the property. The seller
chose the 20-Year histallment method of payment with 18 years remaining at time of sale. Square footage is based
on MHK Lot Study dated 3/l/22.
*Rn
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
Transaction
ID
7681
Date
2/9/2022
Name
2655 14th St N
Price
$815,000
Address
2655 14th St N
Price per SF
$45.63
City
Naples
Transaction Type
Closed Sale
Grantor
Chetram Singh and Karen
Financing
Cash
Singh
Grantee
Millchin Properties 14,
Property Rights
Fee Simple
LLC
Tax ID
13801160000
Days on Market
64
Sale Verification Date
1/25/2023
Book/Page or Reference 6083/1970 Sale Verification Source Aidan Brennan; Florida Pro
Doc Realty
Conditions of Sale Arm's Length Sale Notes Sold in May 2020 for $500,000.
Site
Acres 0.41 Topography Cleared and Level
Land SF 17,860 Zoning R1-7.5 (Single Family)
Primary Frontage Feet 130 Flood Zone Approx 60% Wetlands
Primary Frontage Street 14th St N Shape Rectangular
Comments
Cleared and level lot located along west side of 14th St N. Lot was listed in Nov. 2021 for $1,099,000 and reduced
to $989,000less than 2 weeks later.
*Rn
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
Transaction
ID
7682 Date
2/18/2022
Name
1359 Granada Blvd Price
$325,000
Address
1359 Granada Blvd Price per SF
$40.33
City
Naples Transaction Type
Closed Sale
Grantor
Reggie Lance Smith and Financing
Cash
Victoria Smith
Grantee
James Pass alino and Peter Property Rights
Fee Simple
Witmer
Tax ID
63457000001
Days on Market
30 Sale Verification Date
1/25/2023
Book/Page or Reference
6089/3318 Sale Verification Source
Andrea Moore; Premiere Plus
Doc
Realty Co
Conditions of Sale
Arm's Length Sale Notes
Sold in December 2021 for
$250,000.
Site
Acres
0.19 Topography
Cleared and Level
Land SF
8,059 Zoning
RMF-6 (Multi -Family)
Primary Frontage Feet
75 Flood Zone
None
Primary Frontage Street
Granada Blvd Shape
Rectangular MOL
Comments
Cleared and level lot along
north side of Granada Blvd with rear frontage on small lake. Lot was listed in Dec. 2021
for $349,000. Survey shows an 8' wide drainage easement (Collier County) along the western border of the lot
encumbering 920 SF. Adjacent lot (1371 Granada Blvd) that is slightly larger (8,088 SF) was also listed for $349,900
and was purchased by the
same buyer in Feb. 2022 for $330,000. The adjacent lot
is not encumbered by an
easement.
*Rn
PARCEL NO. 147DE ADDENDUM C - COMPARABLE DATA
16.B.6.c
Transaction
ID
7682 Date
2/18/2022
Name
1359 Granada Blvd Price
$325,000
Address
1359 Granada Blvd Price per SF
$40.33
City
Naples Transaction Type
Closed Sale
Grantor
Reggie Lance Smith and Financing
Cash
Victoria Smith
Grantee
James Pass alino and Peter Property Rights
Fee Simple
Witmer
Tax ID
63457000001
Days on Market
30 Sale Verification Date
1/25/2023
Book/Page or Reference
6089/3318 Sale Verification Source
Andrea Moore; Premiere Plus
Doc
Realty Co
Conditions of Sale
Arm's Length Sale Notes
Sold in December 2021 for
$250,000.
Site
Acres
0.19 Topography
Cleared and Level
Land SF
8,059 Zoning
RMF-6 (Multi -Family)
Primary Frontage Feet
75 Flood Zone
None
Primary Frontage Street
Granada Blvd Shape
Rectangular MOL
Comments
Cleared and level lot along
north side of Granada Blvd with rear frontage on small lake. Lot was listed in Dec. 2021
for $349,000. Survey shows an 8' wide drainage easement (Collier County) along the western border of the lot
encumbering 920 SF. Adjacent lot (1371 Granada Blvd) that is slightly larger (8,088 SF) was also listed for $349,900
and was purchased by the
same buyer in Feb. 2022 for $330,000. The adjacent lot
is not encumbered by an
easement.
*Rn
Packet Pg. 1045