Agenda 09/24/2024 Item #16B1 (Agreement for the purchase of right-of-way (Parcel 1328FEE) required for the Vanderbilt Beach Road Ext-Phase 2 - Project #60249)9/24/2024
Item # 16.B.1.
ID#: 2024-722
Executive Summary
Recommendation to approve an Agreement for the purchase of right-of-way (Parcel 1328FEE) required for the
Vanderbilt Beach Road Ext – Phase 2 Project (Project No. 60249). Estimated Fiscal Impact: $60,600.
OBJECTIVE: To acquire right-of-way needed for the Vanderbilt Beach Road Extension – Phase 2 Project (the
“Project”), which will extend Vanderbilt Beach Road from 16th Street NE to Everglades Boulevard; provide sidewalks;
a shared use pathway; bike lanes; drainage; and related improvements.
CONSIDERATIONS: Collier County is seeking to purchase a fee simple interest in a parcel of right-of-way (Parcel
1328FEE), required for construction of the Project. The improved parent tract is owned by Will and Monica Jones and
is located on the north side of 10th Ave NE. Parcel 1328FEE is 0.38 acres in extent and rectangular in shape.
The attached appraisal report prepared by Carlson, Norris & Associates, dated July 2, 2024, estimates the full
compensation amount for Parcel 1328FEE to be $60,100.00. The property owner of Parcel 1328FEE has accepted the
County’s offer.
This item is consistent with the Collier County strategic plan objective to design and maintain an effective transportation
system to reduce traffic congestion and improve the mobility of our residents and visitors.
FISCAL IMPACT: Funds of $60,600.00 are required, being the compensation amount of $60,100.00 and estimated
closing and recording fees of $500.00. The primary funding source for the acquisition of right-of-way is impact fees.
Should impact fees not be sufficient within a particular project, the secondary funding source will be gas taxes.
No maintenance costs are anticipated until such time as the Project is constructed.
GROWTH MANAGEMENT IMPACT: The recommendation is consistent with the Long-Range Transportation Plan
and Objective 1 of the Transportation Element of the Collier County Growth Management Plan to maintain the major
roadway system at an acceptable Level of Service.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote for
Board approval. -DDP
RECOMMENDATIONS:
1. Approve the attached Agreement and authorize the Chairman to execute same on behalf of the Board;
2. Accept the conveyance of parcel 1328FEE and authorize the County Manager, or her designee, to record the
conveyance instrument in the public records of Collier County, Florida;
3. 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
4. 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: Prepared By Robin L. Goldsboro, Property Acquisition Specialist I, Right-of-Way Acquisition,
Transportation Engineering Division.
ATTACHMENTS:
1. Aerial - Parcel 1328FEE
2. Purchase and Sale Agreement
3. Appraisal 1328FEE DOV 05.07.24
Page 2118 of 4908
Page 2119 of 4908
AERIAL – PARCEL 1328FEE
(Vanderbilt Beach Road Extension Phase 2 Project No. 60249)
/
12th Ave NE
10th Ave NE
PARCEL 1328FEE
Page 2120 of 4908
PROJECT
PARCEL:
FOLIO:
60249 - Vanderbilt Beach Road Extension - Phase 2
1328FEE
40570900001
PURCHASE AND SALE AGREEMENT
(partial fee simple)
THIS PURCHASE AND SALE AGREEMENT ("Agreement") is entered into this _ day of
2024, by and between wlLL TODD JONES and MONICA JONES, husband and wife, whose
mailing address is 2435 lorhAveNE,Naples,FL 34120-5117, (collectively, "Sellef'), and COLLIERCOUNTY,
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, FL34112 (the "County").
Recitals
A. Seller owns certaln real property in Collier County, Florida, commonly known as 2435 1oth Ave
NE, Naples, Florida (the "Property"); and
B. The County desires to purchase a portion of Seller's Property as described in Exhibit "A"
attached hereto (the "Parcel").
NOW THEREFORE. the pa(ies agree as follows
1. AGREEiTENT TO SELL AND PURCHASE. Seller hereby agrees to sell, and the County hereby
agrees to purchase the Parcel on the terms and conditions set forth in this Agreement.
2. COMPENSATION
A. Amount. The compensation payable by the County for the Parcel shall be $50,100.00, sub.iect
to prorations, apportionments, and distribution of sales proceeds provided for in this Agreement. No portion
ofthe compensation is attributable to personal property.
B. Full Comoensation. The payment of the net sales proceeds to Seller, payable by County check
at Closing (defined below), shall be (i) full compensation for the Parcel, including, without limitation, all
improvements located on the Parcel 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
Parcel to the County, whether foreseen or unforeseen, including, without limitation, and to the extent
applicable, attorneys' fees, expert witness fees and costs as provided for in Chapter 73, Florida Statutes.
3. CLOSING DATE: POSSESSION.
A. Closino Date. Sellefs conveyance ofthe Parcel to the County (the'Closing") shall occur within
30 days of the County's receipt of all properly executed Closing Documents (defined below). TIME lS 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 Chan aes: 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 Parcel, 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. lf the Parcel is
damaged prior to Closing, excluding damage caused by the County, Seller shall repair and restore the Parcel
at Seller's expense.
C. Possession. Seller shall remove Seller's personal property, vacate, and surrender possessron
of the Parcel to the County at Closing. Seller shail leave the Parcel free of all personal property and debris
1
CAO
Page 2121 of 4908
C. Possession. Seller shall remove Seller's personal property, vacate, and surrender possession
ofthe Parcel tothe County at Closing. Seller shall leave the Parcel free ofall 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 Parcel prior to Closing.
4. CLOSING DOCUMENTS. As soon after the parties' execution of this Agreement as is possible,
Seller shall (i) provide the County with a copy of Sellefs property survey and title insurance policy for the
Property, af any, and (ii) deliver the following documents to the County, properly executed and in a form
approved by the Collier County Attomey's Office (the "Closing Documents''):
Warranty Deed;
Closing Statement;
Affldavit of Title;
Form W-9 (Request for Taxpayer ldentification Number and Certification);
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;
A Satisfaction, Partial Release, or Termination from the holder of each mortgage or other lien
open of record encumbering the Parcel;
A Partial Release or Termination of any leases or rental agreements that encumber the Parcel;
A Termination, Vacation or Subordination of any existing easement that encumbers the Parcel,
if required by the County; and
Such other documents as the County or title company deems necessary or appropriate to clear
title to the Property.
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 ofthe parties.
A. Countv's Closino Costs. At Closing, the County shall pay (i) the recording fees to record the
conveyance instrument(s) and any curative instruments required to clear title; and (ii) the cost of an o\ryner'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, or Terminations of any liens open of record encumbering
the PropeO. The County shall have sole discretion as to what constitutes "reasonable costs and/or processing
fees."
B. Seller's Closino Costs. At Closing, Seller shall pay (i) all state documentary stamp taxes
required on the conveyance instrument(s) in accordance with Section 201.01, Florida Statutes, unless the
Property 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; (iii) all taxes and assessments that are due and payable; and (iv) the full amount of
condominium/homeowner association special assessments and governmentally imposed liens or special
assessments (other than CDD/MSTU assessments) which are a lien or a special assessment that is certain
as to the identity of the lienor or assessor, the property subject to the lien or special assessment, and the
amount of the lien or special assessment. lf the Property is located within a Community Development District
("CDD") or Municipal Seruice or Benefit Taxing Unit ("MSTU''), the County shall assume any outstanding capital
balance on the Parcel.
C. Prorations. The following items shall be prorated as of the date of Closing, with the County
entitled to the date of Closing: (i) ad valorem taxes based upon the most current assessment available, without
discount, provided that if the current year's tax blll is not yet available, but a TRIM Notice has been issued, the
ad-valorem taxes shall be prorated based upon the amount set forth therein; (ii) condominiurn/homeowner
association assessments (other than those required to be paid in full under subparagraph B of this paragraph),
and (iii) CDD/MSTU operating and maintenance assessments.
a
b
d
(D
s
h
(i)
2
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5. CLOSING COSTS AND DEDUCTIONS,
Page 2122 of 4908
6. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS.
A. Relocation. Seller agrees to relocate existing irrigation, electrical, or other syslems located on
the Parcel, if any, including, but not limited to, irrigation lines, sprinkler valves, electrical \iriring, 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 lmprovements. Seller acknowledges that the County has compensated Seller for
the value of all improvements and landscaping ("lmprovements') located within the Parcel, and yet the County
is willing to permit Seller to salvage said lmprovements provided same are removed from the Parcel prior to
the commencement of construction. lf Seller elects to retain any lmprovements located on the Parcel, Seller
is responsible for their removal prior to the commencement of construction, without any further notification from
the County. All lmprovements remaining on the Parcel atthetime of commencement of construction shall be
deemed abandoned by Seller.
C. This section shall survive Closing and is not deemed satisfied by conveyance of title.
7. INSPECTIONS.
B. Countv's Rio ht to Terminate Notwithstanding anything in this Agreement to the contrary, the
County's obligations under this Agreement to purchase the Parcel are contingent upon the County's
satisfaction with the Parcel, including, without limitiation, as revealed by the County's investigations and
inspections as set forth herein. lf, prior to the Closing, 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 requrred to, provide Seller with an opportunity to rectity such objections.
8. SELLER'S REPRESENTATIONS AND WARRANTIES- Seller makes the following
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 Parcel or to occupy the Parcel, or,
if applicable, Seller shall disclose same to the County in the applicable Closing Documents.
(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 Parcel to a third party, or grant to
any third party any rights of any kind with respect to the Parcel, or do anything to change or
qo
A. lnsoections. Following the date of the parties' execution of this Agreement, the County shall
have the right, at its sole cost and expense, to conduct whatever investigations and inspections of the Parcel
that it deems appropriate, including, without limitation, a title examination, property survey, appraisal,
environmental assessments, engineering studies, soil borings, determination of compliance of the Parcel with
applicable laws, and the like. Seller shall provide the County with reasonable access to the Parcel to conduct
on-site inspections. The County shall promptly repair any damage to the Parcel caused by such on-sile
inspections.
Page 2123 of 4908
permit to be changed the physical condition ofthe Parcel, without in each instance obtaining the
County's prior written consent, which may be granted or withheld in the County's sole drscretion.
(e) No maintenance, construction, advertising, management, leasing, employment, service, or other
contracts affecting the Parcel shall remain in effect following the Closing.
(fl)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.
(S) 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 Propertyi there has been
no spill, contamination, or violation of environmental laws pertaining to any contiguous propertyi
and Seller has not received notice and otherwise has no knowledge ofany existing orthreatened
environmental lien against the Property.
(h) None of the lmprovements located on the Parcel, if any, encroach upon adjoining properties,
and no improvements located on adjoining properties encroach upon the Parcel.
9. DEFAULT: REMEDIES. lf either party fails to perform any of its obligations under this Agreement
and faals to cure such f;ailure within 15 days after receiving written notice thereof ftom the non{efaulting 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{efaulting 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.
10. INDEMNIFICATION: WAIVER OF CLAIMS. Seller shall indemniry, 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 unkue; 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 or other incidents occuning on the Property prior to Closing.
11. 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.
12. GENERAL PROVISIONS.
A. Successors and Assions. 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.
B. Assionment. 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 Aoreement. 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
4
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Page 2124 of 4908
E. TXIe Periods. lf a ny 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. Severabilitv. lf 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.
l. Governinq 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.
lN WTNESS WHEREOF, the parties have executed this Agreement on the dates indicated below,
effective as of the date this Agreement is executed by the County.
oate: O7 - 1G 2024 SELLER
WLL TODD JONES
M NI
Date 2024 COUNTY: COLLIER
3^\
JONES
ATTEST:
CRYSTAL K. KINZEL. Clerk of the
Circuit Court & Comptroller
By
Deputy Clerk
DEREK D. PERRY, ESO,
Assistant County Attorney
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNry, FLORIDA
By
(
L4
*
5
o
Last Revised 3/22123
1
1p il -4.I
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.
Approved as to form and legality:
I
CHRIS HALL, Chairperson
Page 2125 of 4908
EXHIBIT A
Page 1 of 1
sr ta7-rt a!e+24
VANDERBILT BEACH ROAO
Pffi)PticE- tJatE!a,s se. FT,
rnagr ta TMCT IE
Eit
IRrCr 1A
cot-09{ G rE EsT rEs
ur,ltr 75
PIAI BOOK 5 PIOE 11
IRACT II
co(,dr oarE EsrAtEs
UTT
'5PIAT (fi 5 PAC€
l OTH AVENUE N.E._
-
SOTXRE FEET
PROPOSE) FEE SII'PLE ACOU|SMON
oFFICT L RECORDS (8oOX/PrCE)
PROPOSS) FEE SII'PIE PARCEL
N
IE - ROI
D IE i/AnroUD I O4A)2 /2021 S
uclt De9cRtmoN Rn PARCEL l326fEE
A PORIION OF IRACI IE, GOT.DE}{ GAIE ESTAIES UIIIT 75. AS RECORDD IN PIAT BOOI( 5, PAGE II,
OF I}IE PUBUC RECOROG OF COLUB COUNTY, FLORIDA L\1t{C III SECTIO JI, TOWNSHP 'A SOUftI,
RINGE 2E E T. COIIIER COUNTY, FLORIOA SEII{G }IORE PAMrcUURLY OESCRIBED
^S
FOLIOT|S:
T}iE NOR1H IOO FEEI OF THE EASI 165 FEEI OF SAID'IRACI 16.
CONIANING ! 6,500 SQUARE FEET, OR O.5A ACRES, MORE OR LESS Digitally signed
by Michael
Ward
Date:
2024.04.02
1 6:4'l :l 9 -04'00'
SXETCH & DESCRIPTION ONLY !c]u,& 1.-160.XOI A BOUNOARY SURVEY
FOR: COIr.lER COUNTY GOvERllrlENI BO RD OF COUNTY COMIIISSIONERS
Era
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^rm@ n rasE
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VTNDEf,Btr,T EEACE ROID EXTENSION/PETSE tr
SEETCB ,. DESCRIPIION OF: PROPOSED IBB SIE!.A
lcQrrramoN
PlacEl rS2arEE
COUJER COI'N?T, T )RIDA m li:,h'Fldb.glfi
Phd' t23i) ae7.0a7s FAI (231) !!'7.06/it
JOB NUMBER
060119.08.00
REMSION
ol
SECTION
31
IOWNSHIP
4as
RAircE
26E
SCALE
1' - 150'
OATE
o3/o1/21
DAAWN BY
JR sx1J28IE
SHEET
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Page 2126 of 4908
1919 Courtney Drive | Fort Myers, FL 33908 | Phone 239.936.1991 | www.carlsonnorris.com
APPRAISAL REPORT
Prepared For:
Collier County Transportation
Engineering Division
Attention: Lisa Barfield
Review Appraiser
2885 South Horseshoe Drive
Naples, Florida 34104
Prepared By:
ON, NORRIS &
Carlson, Norris & Associates
1919 Courtney Drive, Suite 14
Fort Myers, FL 33901
(239) 936-1991
www.carlsonnorris.com
File #20-100
VANDERBILT BEACH ROAD EXTENSION – 1328FEE
2435 10th Avenue NE
Naples, Florida 34120
Our File #: 24-118
Purchase Order #: 4500230717
Project#:
60249
Phase 2
Page 2127 of 4908
1919 Courtney Drive | Fort Myers, FL 33908 | Phone 239.936.1991 | www.carlsonnorris.com
Real Estate Valuation Experts
Trusted since 1985
July 2, 2024
Collier County Transportation Engineering Division
Attention: Lisa Barfield
Review Appraiser
2885 South Horseshoe Drive
Naples, Florida 34104
Re: 2435 10th Avenue NE
Naples, Florida 34120
Acquisition Parcel: 1328FEE
Our File Number: 24-118
To Whom it May Concern,
At your request and authorization, Carlson, Norris, and Associates has completed an appraisal presented in
an Appraisal Report for the recommendation for compensation of the acquired taking area from the
subject parcel. The “As Is” recommendation for compensation opinion is made under market conditions
prevailing as of May 7, 2024.
The subject parent tract of this appraisal is a 2.50 gross acre site that can be located at 2435 10th Avenue
NE in Naples, Florida 34120. The parent parcel is located along the northernly side of 10th Avenue NE with
165 feet of frontage along 10th Avenue NE. The parent parcel is rectangular and contains a total of 2.50
acres or approximately 108,900 square feet +/-. The parcel is improved with a single-family residence that
contains approximately 1,322 square feet of net area that was constructed in 2001. Site Improvements
include an asphalt driveway, concrete pads, perimeter fencing, landscaping, and utilities.
The parts taken, parcel 1328FEE is a proposed fee simple taking which will allow for the extension of
Vanderbilt Beach Road. Plans for phase two include a new two-lane roadway with a footprint to allow for a
four-lane roadway, or a six-lane roadway if required. The part taken is a 100 feet deep strip of area of the
northernly portion or rear of the subject site that is rectangular and contains 16,500 square feet or 0.38
acres. The acquisition area contains perimeter fencing, and primarily consists of native vegetation.
Data, information, and calculations leading to the value conclusion are incorporated in the report following
this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of,
and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted
in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions
which are part of this report.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the
reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based
on, and this report has been prepared in conformance with, our interpretation of the guidelines and
recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the
Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional
Appraisal Practice of the Appraisal Institute.
Page 2128 of 4908
C O L L I ER COU N T Y T R A N S P O R T A T I O N E N G I N E E R I N G D I V I S I O N
C A R L S O N , N O R R I S, & ASS O C I A T E S
2
Collier County Transportation Engineering Division
July 2, 2024
Page 2
Based on the analysis contained in the following report, our recommendation for compensation for the
acquisition of the 1328FEE taking is concluded as follows:
Compensation Conclusion 1328FEE
Part Taken
Land $26,600
Improvements $1,400
Total:$28,000
Damages $30,700
Cost to Cure $1,400
Total Compensation $60,100
Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates
contained herein. It has been a pleasure to assist you in this assignment. If you have any questions
concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact
us.
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael P. Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Zachary Kazak
State-registered trainee appraiser RI24996
Page 2129 of 4908
C O L L I ER COU N T Y T R A N S P O R T A T I O N E N G I N E E R I N G D I V I S I O N
C A R L S O N , N O R R I S, & ASS O C I A T E S
3
Certification of Michael P. Jonas, MAI, AI-GRS, CCIM
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and
conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the subject of
this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined
results.
• My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal
Foundation and the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of
Florida relating to review by its duly authorized representatives.
• The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
• Michael P. Jonas has completed the requirements of the continuing education program of the
Appraisal Institute. Certification is current through November 30, 2024.
• Michael P. Jonas has made a personal inspection of the property that is the subject of this report.
• I, the supervisory appraiser of a registered appraiser trainee who contributed to the development or
communication of this appraisal, hereby accepts full and complete responsibility for any work
performed by the registered appraisal trainee named in this report as if it were my own work.
• Zachary Kazak, Registered Appraiser Trainee License: RI24996, contributed twenty hours relating
to development, research, inspection, and writing of this report.
• Michael P. Jonas has extensive experience in the appraisal/review of similar property types.
• Michael P. Jonas is currently certified in the state where the subject is located and has completed
the continuing education requirements set forth with the State of Florida. Certification is current
until November 30, 2024.
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• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with regard to
this assignment without conflict of interest.
• Michael P. Jonas is in compliance with the Competency Provision in the USPAP and has sufficient
education and experience to perform the appraisal of the subject property.
• Michael Jonas has not appraised the subject in the last three years. He has not provided any
other services related to the property in the last three years.
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Certification of Zachary Kazak
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and
conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the subject of
this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined
results.
• My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal
Foundation and the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of
Florida relating to review by its duly authorized representatives.
• Zachary Kazak has completed the requirements of the continuing education program of the
Appraisal Institute. Certification is current through November 30, 2024.
• Zachary Kazak has made a personal inspection of the property that is the subject of this report.
• No one has provided significant real property appraisal assistance to the persons signing this
report.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with regard to
this assignment without conflict of interest.
• Zachary Kazak is in compliance with the Competency Provision in the USPAP and has sufficient
education and experience to perform the appraisal of the subject property.
• Zachary Kazak has not appraised the subject in the last three years. He has not provided any
other services related to the property in the last three years.
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Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Zachary Kazak
State-registered trainee appraiser RI24996
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AERIAL PHOTOGRAPH
2435 10TH AVENUE NE
NAPLES, FLORIDA 34120
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TABLE OF CONTENTS
CERTIFICATION OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM .............................................................. 3
CERTIFICATION OF ZACHARY KAZAK ................................................................................................... 5
SUBJECT PHOTOGRAPH ....................................................................................... 7
SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................... 9
SECTION 2 – PREMISES OF THE APPRAISAL ..................................................... 10
SCOPE OF WORK ...............................................................................................................................10
SALES HISTORY.................................................................................................................................13
EXPOSURE TIME…………………………………………………………………………………………..14
MARKETING TIME ..............................................................................................................................15
HYPOTHETICAL CONDITIONS ..............................................................................................................15
EXTRAORDINARY ASSUMPTIONS ........................................................................................................16
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED .............................. 17
COLLIER COUNTY AREA ANALYSIS ....................................................................................................17
MARKET AREA ANALYSIS ..................................................................................................................31
LEGAL DESCRIPTION .........................................................................................................................41
OWNER OF RECORD ..........................................................................................................................41
ASSESSED VALUE AND TAXES ...........................................................................................................41
SITE DESCRIPTION .............................................................................................................................41
SUBJECT PROPERTY PHOTOGRAPHS .................................................................................................51
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................ 55
HIGHEST AND BEST USE AS THOUGH VACANT ...................................................................................55
HIGHEST AND BEST USE AS THOUGH IMPROVED ................................................................................56
SECTION 5 – VALUATION OF THE SUBJECT ..................................................... 57
VALUE ESTIMATE BY THE COST APPROACH ......................................................................................57
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ..............................................................74
RECONCILIAION OF VALUE - BEFORE THE TAKING ...............................................................................88
PART TAKEN - ROADWAY ACQUISITION .............................................................................................88
HIGHEST AND BEST USE - REMAINDER PROPERTY .............................................................................93
VALUATION - REMAINDER PROPERTY ............................................................................................. 103
SECTION 6 – LIMITING CONDITIONS................................................................ 107
GENERAL ASSUMPTIONS & LIMITING CONDITIONS .......................................................................... 107
SECTION 7 – ADDENDA ..................................................................................... 111
FLOOD MAP .................................................................................................................................... 112
LICENSES ....................................................................................................................................... 113
QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM ..................................................... 114
QUALIFICATIONS OF ZACHARY KAZAK ............................................................................................ 116
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Section 1 – Summary of Salient Facts
Project Name: Vanderbilt Beach Road Extension Phase 2 – Project# 60249
Parcel Number: 40570900001
Property Type: Residential
Property Location: 2435 10th Avenue NE Naples, FL 34120
Report Format: Appraisal Report
Date of the Revised Report:
Date of Inspection:
July 2, 2024
May 7, 2024
Date of Value:
Real Estate Interest
Appraised:
Purpose of the Appraisal:
May 7, 2024
Fee Simple Taking – 1328FEE
The purpose of this appraisal is to estimate the total compensation due
to the property owner for the proposed acquisition of a taking.
Use of the Appraisal:
Intended User(s):
The intended use of this appraisal is for potential acquisition of the
parcel taken by the client for the use in the extension of Vanderbilt
Beach Road.
The intended user of the appraisal is the Collier County Transportation
Engineering Division.
Client: The client for this report is Collier County Transportation Engineering
Division.
Location: The subject property is located along 10th Avenue NE in Naples,
Florida.
Site Description of Parent
Tract:
The parent tract contains 2.50 acres or 108,900 square feet of area.
The parcel is improved with a single-family residence with associated
site improvements including an asphalt driveway, concrete pads,
perimeter fencing, landscaping, and utilities.
Acquisition: The proposed taking 1328FEE is rectangular in shape and contains
16,500 square feet or 0.38 acres. This taking area is at the rear of the
parent tract and does not have any frontage along a roadway.
Remainder: The remainder property contains 92,347 square feet or 2.12 acres.
Legal Description: Included subsequently in the report.
Future Land Use:
Zoning:
ES; Estates Designation – Residential Estates Subdistrict
E; Estates District
Highest And Best Use as
Vacant: Residential Development
Appraisal Firm: Carlson, Norris & Associates
Appraisers: Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
Zachary Kazak
State-registered trainee appraiser RI24996
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Section 2 – Premise of the Appraisal
Purpose of Appraisal: The purpose of this appraisal is to estimate the total compensation due to the
property owner for the proposed acquisition.
Use of the Appraisal: The intended use of this appraisal is for potential acquisition of the parcel taken
by the client for the proposed acquisition.
Intended User(s): The intended user for this report is the Collier County Transportation Engineering
Division.
Client: The intended client for this report is the Collier County Transportation Engineering Division.
Competency of Appraisers: The appraisers' specific qualifications are included within this report.
These qualifications serve as evidence of their competence for the completion of this appraisal
assignment in compliance with the competency provision contained within the Uniform Standards of
Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal
Foundation. The appraisers' knowledge and experience, combined with their professional
qualifications, are commensurate with the complexity of this assignment based on the following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraisers have previously provided consultation, value estimates, and compensation due to
property owners for acquisitions.
Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope
of work as: “the type and extent of research and analyses in an assignment”. “The scope of work
includes but is not limited to: the extent to which the property is identified, the extent to which tangible
property is inspected, the type and extent of market research and the type and extent of analysis
applied to arrive at opinions or conclusions.”
The scope of this appraisal has been to collect, confirm, and report data. Other general market data
and conditions have been considered. Consideration has been given the property’s zoning and
surrounding improvements and neighborhood. The work performed for this assignment included but is
not limited to the following:
• Extent to which the property was identified
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o The appraisers relied on sketches and legal descriptions provided by our client and the
parcel number obtained from the Collier County Property Appraiser’s office relating to
the subject property.
• Extent to which the property was inspected
o An inspection of the property being appraised as well as the neighborhood in which it
is located was done on May 7, 2024. During the inspection, an inventory of the
property attributes was collected based on visual observation and photographs taken.
• Type and extent of the data researched
o Investigation of public records for the property’s future land use, zoning, flood hazard
area classification, property appraiser records, and tax collector records for attributes
of the property.
o Collection and analysis of comparable land sales in order to form an opinion of the
value of the underlying land.
▪ Sales in the market area were located and were selected based on physical
and location characteristics.
▪ The data was verified with the buyer, seller, or representative of the
comparable as well as public records.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost
Approach – either replacement or reproduction cost is used to develop a value
indication for the subject property. 2) Income Approach – valued on the ability of a
property generating a cash stream. 3) Sales Comparison Approach – value indication
is derived by comparing sales of similar properties. It is the most common and
preferred method of land valuation when an appropriate supply of comparable sales
are available.
o The Cost Approach was utilized in our analysis because under current economic
conditions it is considered to be a reliable indicator of value for buildings. A portion of
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the Cost Approach was also applied to the improvements affected, as there is
adequate data to develop a land value and the depreciation accrued to the
improvements can be reasonably measured.
o Properties such as the subject are not generally purchased for its ability to generate a
cash stream; therefore, the Income Approach is not utilized.
o The analyst will utilize the Sales Comparison Approach in estimating the market value
for the subject property. A sales approach was applied as there is adequate data to
develop a value estimate and this approach reflects market behavior for this property
type.
▪ An investigation of comparable sales of similar unimproved properties was
utilized. The sales were considered in order to make a comparative analysis
which would lead to the completion of the Sales Comparison Approach.
o The value opinion presented in this report is based upon review and analysis of the
market conditions affecting real property value, including land values, the attributes of
competitive properties, and sales data for similar properties.
o Preparation of a written report.
To develop the opinion of value, Carlson, Norris and Associates performed an appraisal as defined by
the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris
and Associates used the Cost and Sales Comparison Approach to develop a reliable value indication.
Furthermore, the value conclusion reflects information about the subject and market conditions. This
appraisal of the subject has been presented in the form of an Appraisal Report, which is intended to
comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP.
Property Rights Appraised: The property’s ownership rights appraised in this appraisal are those
known as fee simple for the parent tract and a fee simple taking for the acquisition for the Vanderbilt
Beach Road Extension.
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Fee Simple Estate is defined as: “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.”1
Taking is defined as: “The acquisition of a parcel of land through condemnation.”
Bundle of Rights Theory is defined as: “The concept that compares property ownership to a
bundle of sticks with each stick representing a distinct and separate right of the property owner,
e.g., the right to use real estate, to sell it, to lease it, to give it away, or to choose to exercise all
or none of these rights.”
Market Value Definition: As defined in the Agencies’ appraisal regulations, “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 are 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 U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.”
(Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal
Register, Volume 75, Number 237, Page 77472)
Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of the
listings, purchase contracts and sales history of the subject property for the five years prior to the
appraisal date. The subject property has not been sold within the last five years.
Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser
to divulge any services provided on the subject property during the preceding three years. The
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, 7th Edition, The Appraisal Institute,
Chicago, Illinois
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appraisers and Carlson, Norris and Associates have not completed an appraisal of the subject
property, nor have we provided any services related to the property during the three years preceding
the date of this appraisal.
Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of
making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all
appraisals and resulting reports are made. The process of administration of those rules and guidelines
is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal
Standards Board issues the rules and guidelines in the form of a document update published each
year by The Appraisal Foundation. That document is entitled “The Uniform Standards of Professional
Appraisal Practice” (USPAP).
As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal
Report. The appraisers have used the Appraisal Report option. The following definitions have been
adopted for each type of report:
• An Appraisal Report: A written report prepared under Standards Rule 2-2(a).
• Restricted Appraisal Report: A written report prepared under Standards Rule 2-2(b).
This report is an appraisal presented in an Appraisal Report format.
Exposure Time is defined as: “The estimated length of time that the property interest being
appraised would have been offered on the market prior to the hypothetical consummation of a sale at
market value on the effective date of appraisal. Exposure time is a retrospective opinion based on an
analysis of past events assuming a competitive and open market.” Exposure time is therefore
interrelated with appraisal conclusion of value.”
An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-line
statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the
following:
• statistical information about days on the market
• information gathered through sales verification
• interviews of market participants.
The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of
time alone. Exposure time is different for various types of real estate and under various market
conditions.
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In consideration of these factors, we may have analyzed the following:
• Exposure periods of comparable sales revealed during the course of this appraisal;
• Macroeconomic exposure times for the subject property type across the Subject MSA and
the entire United States as published in multiple articles and websites.
• Knowledgeable real estate professionals.
Based on the data collected from our market analysis of the area, the total days-on-market for
improved residential sales occurring within the previous 12-month period ranged from 0 to 255 days,
with a mean of 58 days and a median of 36 days. It is our opinion that properties that are competitively
marketed would have an exposure time of up to 60 days. This exposure time assumes the subject
parcel would have been competitively priced and aggressively promoted within the market area.
Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or personal
property interest at the concluded market value level during the period immediately after the effective
date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede
the effective date of an appraisal.”
The marketing time is an estimate of the number of months it will require to sell the subject from the
date of value, into the future. The anticipated marketing time is essentially a measure of the perceived
level of risk associated with the marketability, or liquidity, of the subject property. The marketing time
estimate is based on the data used in estimating the reasonable exposure time, in addition to an
analysis of the anticipated changes in market conditions following the date of appraisal. The future
price for the subject (at the end of the marketing time) may or may not equal the appraisal estimate.
The future price depends on unpredictable changes in the physical real estate, demographic and
economic trends, real estate markets in general, supply/demand characteristics for the property type,
and many other factors.
Based on the premise that present market conditions are the best indicators of future performance, a
prudent investor will forecast that, under the conditions described above, and utilizing data from our
earlier described market analysis of the area, the subject will require a marketing time of up to 60 days.
Hypothetical Condition is defined as: “A condition, directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date of the assignment results, but
is used for the purpose of analysis. Hypothetical conditions are contrary to known facts about
physical, legal, or economic characteristics of the subject property; or about conditions external to the
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property, such as market conditions or trends; or about the integrity of data used in an analysis.” A
hypothetical condition may be used in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for purposes of
reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical
conditions.
It is a hypothetical condition that the proposed acquisition and the proposed roadway improvements
have been completed as of the effective date of the appraisal.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific assignment, as
of the effective date of the assignment results, which, if found to be false, could alter the appraiser's
opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information
about physical, legal, or economic characteristics of the subject property; or about conditions external
to the property, such as market conditions or trends; or about the integrity of data used in an analysis.”
An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to support
the highest and best use. The analyst is not an expert in area of soils and would recommend
that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil,
which would render them more or less valuable. Subsurface oil, gas or mineral rights were not
considered in this report unless otherwise stated. The analyst is not an expert with respect to
subsurface conditions and would recommend that an expert be consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the evaluation
of site contamination and would recommend that an expert be consulted.
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Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
Collier County is located in southwest Florida and was established in 1923 when it was separated from
Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real
estate developer who moved to southwest Florida and established himself as a prominent
businessman and landowner. By the end of the 1920s, railroads and Tamiami Trail were in-place
which opened the area to agricultural and resort development. Florida’s first commercial oil well was
drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The
county’s economy boomed along with its population shortly after World War II. In a short span of 30
years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from
agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in
the country.
PHYSICAL FACTORS
Collier County is the largest county in the state in terms of land area with 1,998 square miles which
includes 821,600 acres of preserves, parks, and refuges. Along with the land area, Collier County also
includes 307 square miles of water, giving Collier County a total size of 2,305 square miles. The most
highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf
of Mexico. Development becomes increasingly sparse when traveling east in the county. These
eastern areas of the county contain a considerable amount of preserved land. There are three
incorporated cities within the county; namely the City of Naples, the City of Marco Island, and
Everglades City. The county is famous for its subtropical climate with average high temperatures
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ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation
for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane
season runs from June through November.
ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real estate
and housing in any given area. These factors will be considered and discussed in the following
paragraphs. Although these factors are considered individually, they do not act as independent
agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial
factors considered, should be considered in totality, as a part of the economic framework.
Population: Collier County has 385,980 people living within according to recent July 2021 Census
population estimates, making Collier County Florida’s 17th most populous county. Collier County had a
population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional
population estimates reflect population projections from 2020 to the year 2045 and compare the three
coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee. Collier
County’s population is predicted to increase to around 517,000 in year 2045.
Tourism: Tourism is an important industry for Naples, Marco Island and the Everglades. As the
leading employer and the primary economic engine for the region, the tourism industry is responsible
for over 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6
billion dollars, resulting in a total economic impact of over $2.4 billion dollars to Collier County. Collier
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County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months.
The distribution of tourist development tax dollars is set according to Collier County ordinance. The
funds are dispersed as follows; beach related projects with 42.56% of the total Tourist Tax, tourism
promotion with 47.85%, and museums with 9.59%. Of the 42.56% for beach related projects, 3.58% is
allocated for beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet
management. Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and
administration and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the
9.59% allocated for museums, 7.68% is used for county museum operations, and the remaining
1.91% is used for non-county museum grants.
New Development: A relatively new town is developing in the eastern part of Collier County known
as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave
Maria University, the country’s newest Catholic University. The university opened its doors in 2007 and
currently has approximately 1,303 students and offers 31 major and minor degree programs. The
school expects to continue growing in size. The town of Ave Maria is designed to be a compact, walk-
able, and self-sustaining, reflecting the community’s rural roots while offering a full range of residential
options and commercial services to its residents. The Ave Maria community totals about 6,656 acres,
of which 113 acres is designated as the University Campus. A Town Core anchored by the landmark
oratory that also incorporates retail, commercial, and residential living space, provides a central
connection between the town and the university. Business is expanding in Collier County as
evidenced by a surgical device company that recently opened its doors on a site near Ave Maria
University in the form of a $25 million manufacturing plant. This brought approximately 500
construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced a
severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane with
pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises received the
Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to
begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as
the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed
by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a
recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of
Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project
plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar,
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and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass over
12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental
preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an
anchor for all three. See site plan below for reference.
Employment & Income: The most recently reported median household income for Collier County is
at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at 2.2
percent as of December 2022, which was slightly lower than in December 2021. The overall trend of
unemployment has been trending downward. From January 2010 until March 2020, Collier County
had experienced downward trends in unemployment getting as low as almost 3%. Then in April 2020,
the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in February two
months prior. Unemployment remained elevated in the following months. The most recent data from
2022 shows that the unemployment rate has leveled back out to around 3% and has stayed consistent
month to month, though recently the unemployment rate has continued to decrease to around 2.2%.
See the table below.
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Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and
Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378. The
Construction industry and Accommodation and Food Services Industry round out the top five largest
employers by industry in Collier County.
Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier
County School District with 5,604 employees, and Collier County Local Government with 5,119
employees. As the Collier County population matures, employment in the healthcare industry will
continue to make up a larger part of overall employment. Collier’s top employers as of 2019 are listed
below.
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Taxes: Florida is one of the few remaining states without a personal income tax. The absence of
personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low
corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below the
12% levied by some states. The largest share of households in Collier County pay $3,000+ in property
taxes.
The Florida statutes provide for the annual assessment and collection of property taxes on real and
personal property. Property taxes are assessed and collected at the county level as revenue for
counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing
authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate
property types in Collier County for 2022 was $185,310,543,961.
Prices: A price index is a tool that simplifies the measurement of price movements in a numerical
series. Movements are measured with respect to the base period, when the index is set to 100. The
current cost of living index in Collier County is 113 meaning that generally speaking the cost of living is
more expensive in Collier County than the average cost of living throughout the United States.
Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see
the rest of the table and how it compares to the United States.
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Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%.
Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently
reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago
was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is
5.66%, and a five-year/one-year adjustable arm rate at 5.43%.
Financing both commercial and residential properties became difficult during the downturn in the
economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by
investors with cash and expectation of longer holding periods. Generally financing of improved
properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for
residential properties.
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Real Estate and Housing: Collier County experienced a significant increase in residential and
commercial property values from 2004 through 2006. Several news publications rated Naples as the
most over-valued area of the country with respect to residential housing values. The decline in
residential property values began in 2006. Inventory levels began to rise as investors and owners
positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any
property with a sense that the economy as a whole was headed for trouble. Many investors were not
able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the
epicenter for residential property foreclosures with communities such as Golden Gate at the forefront
of the crisis in Collier County.
Residential construction projects in various stages of development were stopped as housing
inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the
residential construction industry; and with no homes to build, this industry was quickly decimated.
Contractors that supplied this industry typically ran their businesses from various industrial locations in
Collier and Lee Counties. This type of property was the first commercial property to be adversely
affected with retail and office properties following.
There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park
is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County’s
zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and Technology
Parks, which are based on commerce parks and offer advanced infrastructure to attract technology
based businesses.
New construction building permits are an indicator of health in an economy of a given area. Below is a
chart showing single family permits monthly averages from January 2021 to January 2023. In the
bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County,
206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January
2022 (see chart below). New construction building permits include houses under construction and
therefore reflect jobs in the construction industry.
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The median closed price of single-family Collier County home sales was $725,000 in January 2023,
an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County has
been rising steadily since 2012, with a recent peak in May 2022. See the chart below.
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Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has
been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently
widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock
Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along
Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41,
Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has
worked diligently to develop an efficient road system that will accommodate future growth; and it is
likely to continue to develop the necessary road infrastructure in the years to come.
Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic
needs for the fast growing population of Southwest Florida. RSW is one of the fastest growing airports
in the nation, servicing more than 10 million passengers a year. More than two dozen commercial
airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27
domestic and two international destinations. The Southwest Florida International Airport also maintains
customs clearing facilities for international cargo. RSW is located off Interstate-75 in South Lee
County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was
completely updated and expanded to meet the growing demand of area businesses and visitors. The
$386 million ultra-modern complex includes a two-story terminal with 28 aircraft gates along three
concourses, a new taxiway, and new parking options that includes a three-story parking structure. The
facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a
direct access connection between I-75 and the airport.
Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in January
2020, before a historical decrease in traffic in April 2020, when total passengers fell to 53,379 for the
month. As we have noted earlier, the COVID-19 pandemic was keeping both Floridians and non-
Floridians at home. However, recent statistics show that passenger activity has generally returned to
pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in 2022, up 1.1 percent
from the total passenger traffic in 2019. These numbers indicated that the region continues to improve
from the dip in passenger activity experienced in April 2020.
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The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO
services for general aviation including fueling and catering. It is the home to charter airlines, aircraft
maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the
Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional
aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land,
approximately two miles northeast of Old Naples with convenient access to major roads and
Interstate-75.
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POLITICAL-GOVERNMENTAL FACTORS
The county government is headed by a Board of Commissioners. There are five commissioners, each
assigned to a specific geographical area within the county. A County Manager coordinates most of the
departments including county services, public services, community development/environmental
services, utilities and transportation. Collier County has experienced an increase of 11.73% in budget
between FY 2022 and FY 2023. The FY 2023 total net county budget is now $1,959,954,000.
Education: The Collier County public school system currently contains a total of 63 schools with
48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below
chart shows more detail with regards to the public-school system.
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Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a
newly established Catholic University offering liberal arts-oriented baccalaureate degrees as well as
some graduate degree programs. The county is also home to branch campuses of Florida
Southwestern State College and Florida Gulf Coast University.
Collier County has a high level of education attainment compared to other counties in Florida. Collier
County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5% in
Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a
high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the
Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are
numerous other reserves, museums, zoos, etc that are available for tourists to visit.
Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier
Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest
county in Florida with a total area of 2,305 square miles, these medical facilities must provide services
effectively to the entire county. Helicopter usage cuts critical minutes from transport time. 86.4% of
those living within Collier County have health insurance compared to 87.3% throughout Florida and
91.3% throughout the United States. The highest percentage of those without healthcare coverage is
from people making $25,000 at 20.3%.
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SUMMARY
Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub-
tropical with mild winters that allow for year-round enjoyment of the many attractions this area offers.
Collier County is a desirable destination for residents and non-residents alike. Despite these many
positives, portions of Collier County were greatly affected by the past housing debacle which resulted
in a significant number of residential foreclosures. However, trends have been positive in most recent
years. The availability of commercial vacant land, the county's numerous natural attractions, and the
anticipated future population growth are all positive factors that bode well for this area over the long
term.
Collier County is considered to be a great place to live. The presence of a wide variety of industries in
the area offers residents and potential resident’s diverse opportunities for employment. A significant
amount of land is federally held in conservation in eastern portions of the county. There are also
excellent recreational facilities throughout the county, with numerous golf courses, beaches, and
parks.
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NAPLES AREA MARKET MAP
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NAPLES AREA HOUSING MARKET ANALYSIS
The following information was obtained from the 2023 Annual Report on the Naples Area Housing
Market from NABOR. In 2023, mortgage rates hit a 2-decade high, housing inventory remained at
historic lows, and sales prices continued to climb nationwide, putting homeownership out of reach for
many consumers.
Higher mortgage rates aren’t just affecting buyers. Many current homeowners purchased or
refinanced their home in 2020 or 2021, when mortgage rates were several percentage points lower
than today’s rates. Rather than give up their current mortgage rate for a higher rate and a more
expensive monthly payment, some would-be sellers have chosen to put their moving plans on hold,
further limiting the number of homes for sale and driving up home prices in the process.
For 2023, total sales were down 13.6 percent to end the year at 8,816. The Average Closed Price
increased 1.5% to $1,023,836, up from $1,008,652 in 2022.
The overall median sales price increased 4.3 percent to $600,000 for the year. Single Family home
prices were down 0.7 percent compared to last year, and Condo home prices were up 6.6 percent.
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The average Days on Market for listings increased 100% to 54 days, up from 27 days in 2022.
Sellers received, on average, 96.2 percent of their list price at sale, down 2.8 percent from last year.
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Comparing 2023 to the prior year, the number of homes available for sale was up 45.9 percent. There
were 3,949 active listings at the end of 2023. New listings decreased by 2.7 percent to finish the year
at 13,267.
The number of homes sold in the $1,500,001 to $5,000,000 price range fell 4.1 percent to 1,148
homes. Homes sold in the $300,000 and Below price range fell 29.1 percent to 774 homes.
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Decreases in closed sales occurred across homes of all sizes over the last year. In 2023, properties
with 2 Bedrooms or Less saw the largest decline at 15.3 percent. The highest percent of list price
received at sale went to properties with 3 Bedrooms at 96.7 percent.
The following table displays various statistical data for different areas of the Naples Area Housing
Market, including for the 34120 zip code that is specific to our market area. The average days on
market was 58 days, and the percent of list price received was 97.4%. The total sales was 1,044.
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The following table shows the average closed sale prices for different areas of the Naples Area
Housing Market. For the 34120 zip code, prices increased 4.2% from 2022 and 84.5% from 2019.
With inflation showing signs of improvement, the Federal Reserve recently announced they are likely
done raising interest rates for the time being and plan to make at least three cuts to their benchmark
rate in 2024. Mortgage rates have been dropping in recent months, which should help bring buyers
and sellers back to the market and could lead to an uptick in both home sales and housing supply.
Affordability will still prove challenging for many homebuyers, however, and economists predict U.S.
home sales will remain down compared to 2019 - 2022. As for home prices, opinions are mixed, with
some analysts expecting prices will hold steady or continue rising in areas, while others foresee a
modest price drop in some markets.
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MAP OF NEIGHBORHOOD AREA
NEIGHBORHOOD MARKET ANALYSIS
We have next looked at the recent sales and listings within the above outlined market area boundaries
of the neighborhood. First, we considered the recent sales of vacant land lots in the area. For vacant
land properties that were sold within the previous 6-month period, the median sale price per acre was
$55,066 and the mean sale price per acre was $65,294. For vacant land properties having sold within
the last 12-month period, the median sale price per acre was $53,076 and the mean sale price per
acre was $58,475. Those having sold in the previous 12-to-24-month period had a median sale price
per acre of $64,341 and a mean sale price per acre of $66,143. For those having sold in the previous
24-to-36-month period, the median sale price per acre was $51,282 and the mean sale price per acre
was $49,951. The following chart depicts the mean sale prices during these periods.
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Next, we looked at the recent sales of single-family residences in the area. For single family residential
properties that are currently listed for sale, the median list price is $769,900 and the mean list price is
$775,506. Single family residences currently listed as pending sale had a median list price of $679,000
and a mean list price of $777,982.
Single family residences having been sold within the last 6 months had a median sale price of
$540,000 and a mean sale price of $589,071. Those having sold within the last 12 months had a
median sale price of $560,000 and a mean sale price of $582,604. For single family residences selling
between 12 and 24 months ago, the median sale price was $612,500 and the mean sale price was
$619,110. For single family residences selling between 24 and 36 months ago, the median sale price
was $471,000 and the mean sale price was $503,610. The chart below shows the mean sale prices
during these periods.
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In the previous 6 months, sellers received, on average, 97.4 percent of their list price at sale. During
the last 12 months, sellers received, on average, 98.3 percent of their list price at sale. In the previous
12-24 months, sellers received 98.2 percent of their list price at sale, and they received 97.8 percent
during the previous 24-36 months. The chart that follows shows the percent of list price received
during these periods.
The average days on market (DOM) for sales in the last 6 months was 66 days. In the last 12 months,
the average DOM was 58 days. During the previous 12-24 month period the average DOM was 72
days, and during the previous 24-36 month period the average DOM was 23 days. The chart below
shows the average days on market during these periods.
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After analyzing the data for our neighborhood market area, the recent sales and listing statistics are
consistent with the previously discussed data from the 2023 Annual Report on the Naples Area
Housing Market.
Market Area Description: “The geographic or locational delineation of the market for a specific
category of real estate, i.e., the area in which alternative, similar properties effectively compete with the
subject property in the minds of probable, potential purchasers and users.” Please note the market
area map above which defines the subject market area.
Boundaries: Northern Randall Boulevard
Western
Southern
Canal approximately 2,000 ft west of 16th Street NE
Canal approximately 650 ft south of 10th Avenue NE
Eastern Everglades Boulevard N
Life Stage: “Because market areas are perceived, organized, constructed, and used
by people, each has a dynamic quality. Appraisers describe this quality
as a market area’s life cycle. The complimentary land uses that make up
neighborhoods and homogeneous land uses within districts typically
evolve through four stages:
• Growth – a period during which the market area gains public
favor and acceptance
• Stability – a period of equilibrium without marked gains or losses
• Decline – a period of diminishing demand
• Revitalization – a period of renewal, redevelopment,
modernization and increasing demand”
It is our opinion the subject market area is currently in its growth stage.
Population Trend: Stable to slightly increasing
Public Transportation: None
Maintenance/Condition: Generally, the condition of properties in the subject market area appears
to range from fair to good.
Property Compatibility: Good
Appeal/Appearance: Generally, the immediate market area in the outlined area of the Golden
Gate Estates community has a strong appeal with a high concentration of
single-family residential uses.
Development Potential: Vacant residential lots for available for sale in the market area.
Neighborhood Access: Good neighborhood access is provided by north-south arteries of
Everglades Boulevard N and 16th Street NE and by east/west artery of
Randall Boulevard.
Police/Fire: Collier County Sherriff / Greater Naples Fire Rescue District
Value Trend: Stable to slightly increasing
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Immediate Market Area: The subject is located in the Golden Gate Estates community within the
boundaries outlined previously. Generally, the immediate market area is
residential in nature.
Legal Description of Parent Tract: The legal description was obtained from the most recent deed
and is as follows:
Owner of Record: According to information obtained from the Collier County Property Appraiser’s
office, the current owner of record for the subject property is Will T. Jones at the address of 2435 10th
Ave NE, Naples, Florida 34120.
Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject
property is identified by its Parcel Number 40570900001. For 2023, the market assessed value is
$109,497 and a taxable value of $59,497. The ad valorem taxes are $854.68 with non-ad valorem
taxes of $249.29 for a tax bill amount of $1,103.97. We present below the subject’s assessed values
and corresponding tax liability for the past 3 years via public records.
Year Assessed Value Taxable Value County Millage
Rate Ad Valoreum Non-Ad-
Valorem Tax Liability
2023 $109,497 $59,497 12.5617 $854.68 $249.29 $1,103.97
2022 $106,308 $56,308 13.2132 $855.49 $230.82 $1,086.31
2021 $103,212 $53,212 13.6683 $849.55 $226.29 $1,075.84
Change 6.09%11.81%-0.60%-2.61%
40570900001 Tax Analysis
Only the Collier County Property Appraiser’s office can assess properties for taxation purposes. The
actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then
multiplying this by the assessed value for the property. Should the millage rate or the assessed value
change for the site the tax liability would be different from that as reported herein.
Unpaid Taxes: The Collier County Tax Collector's web site did not indicate any delinquent taxes as of
the effective date of this report.
Site Description: We invite your attention to the aerial map that follow which show the relative size,
configuration and location of the subject property. This will be followed by general site information and
data as well as information on the physical characteristics and economic factors that affect the site.
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AERIAL MAP
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General Site Information – Parent Tract
Assessor’s Parcel
Number:
40570900001
Location: The subject property is located along 10th Avenue NE in Naples,
Florida.
Physical Characteristics of the Site
Frontage: 165 feet of frontage along 10th Avenue NE.
Total Site Area (Gross): 2.50 acres (approximately 108,900 square feet) per the Collier County
Property Appraiser.
Dimensions:
660’ x 165’
Shape of Tract: Rectangular
Access: Access is along the south side of 10th Avenue NE a two-lane paved
road.
Corner Influence: This property is not located at a corner.
Utilities to Site: Sewer: Septic
Water: Well
Electric: Florida Power & Light
Phone: Various Providers
Police/Fire: Collier County Sherriff and Fire Dept.
Flood Designation: Flood Zone X, Map Number 120067-12021C0435H, Dated May 16,
2012.
Easements: Typical utility easements appear to exist on the property.
Topography: The subject site has vertical improvements and is mostly open with
heavy vegetation on the northernly portion of the parcel. The
appraisers were not provided a wetland study or report for the subject
property. We have analyzed a wetlands map from the US FWS
National Wetlands Inventory (NWI) that shows that there are
approximately 0% of the total site has wetlands.
Economic Factors Affecting the Site
Supply of Vacant Tracts: There is an adequate amount of vacant residential parcels located
within the immediate and general vicinity of the subject property.
Demand for Vacant
Tracts:
Realtors have indicated that recently the demand for these tracts has
been stable.
Neighboring Property
Uses:
The subject’s nearby or neighboring uses include mainly single-family
development.
Future Land Use
Designation:
Estates – Residential Estates Subdistrict
Zoning Classification: E; Estates District
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Building Sketch
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Improvements Description: The interior of the subject residence was unable to be observed. We
have relied on public information for layouts and description of the improvements. The most recent
sale of the subject property was not publicly listed for sale. Due to the unknown condition and quality of
the improvements, it is our opinion that the condition and interior quality is average. The layout
consists of 3 bedrooms and 2 bathrooms.
Future Land Use Designation: The subject has a designated land use of Estates and lies within
the Residential Estates Subdistrict.
Estates Designation: This designation is characterized by low density semi-rural residential lots
with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there
are some legal non-conforming lots as small as 1.14 acres. Residential density is limited to a
maximum of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of record,
exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures
containing two or more principal dwellings, are prohibited in all Districts and Subdistricts in this
Designation, except within the Immokalee Road/4th Street N.E. Mixed Use Subdistrict.
Generally, the Estates Designation also accommodates future non-residential uses, including:
a. Conditional uses and essential services as defined in the Land Development Code,
except as prohibited in the Neighborhood Center Subdistrict. Also, refer to the
Conditional Uses Subdistrict.
b. Parks, open space and recreational uses.
c. Group housing shall be permitted subject to the definitions and regulations as outlines
in the Collier County Land Development Code (Ordinance No. 04-41, as amended)
and consistent with locational requirements in Florida Statutes (Chapter 419.001
F.S.).
d. Schools and school facilities in the Estates Designation north of I-75, and where
feasible and mutually acceptable, co-locate schools with other public facilities, such as
parks, libraries and community centers to the extent possible.
Group Housing includes the following type facilities:
aa. Family Care Facility if occupied by not more than six (6) persons shall be permitted in
residential areas.
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bb. Group Care Facility
cc. Care Units
dd. Adult Congregate Living Facilities, and
ee. Nursing Homes
All of the above uses shall be consistent with all of the Goals, Objectives, and Policies of the
Golden Gate Area Master Plan.
A. Estates – Mixed Use District
1. Residential Estates Subdistrict
Single-family residential development is allowed within this Subdistrict at a maximum
density of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of
record, exclusive of guesthouses.
Zoning Classification – E; Estates District
The purpose and intent of the estates district (E) is to provide lands for
low density residential development in a semi-rural to rural environment, with limited
agricultural activities. In addition to low density residential development with limited agricultural
activities, the E dis trict is also designed to accommodate as conditional uses, development that
provides services for and is compatible with the low density residential, semi-rural and rural
character of the E district. The E district corresponds to and implements the estates land use
designation on the future land use map of the Collier County GMP, although, in limited
instances, it may occur outside of the estates l and use designation. The
maximum density permissible in the E district shall be consistent with and not exceed
the density permissible or permitted under the estates district of the future land use element of
the Collier County GMP as provided under the Go lden Gate Master Plan.
1. The following subsections identify the uses that are permissible by right and the uses that
are allowable as accessory or conditional uses in the estates district (E).
a. Permitted uses.
1. Single-family dwelling.
2. Family care facilities, subject to section 5.05.04.
3. Essential services, as set forth in section 2.01.03.
4. Educational plants, as an essential service.
b. Accessory Uses.
1.Uses and structures that are accessory and incidental to uses permitted as
of right in the (E) district.
2.Fruits, vegetables, and nursery plants grown for both personal consumption
and off-site retail sale, such as farmer's markets. Farm operations that grow
fruits, vegetables, and nursery plants for off -site retail sale shall be subject to
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LDC section 5.02.00 Home Occupations, as amended, and the following
standards:
i. Farm operations shall not occupy more th an 50 percent of the lot.
ii. Farm operations shall conform to minimum setbacks established in
LDC sections 2.03.01 B.2 and 4.02.01 A. Table 2.1, however, no side,
rear or front setbacks are required greater than 30 feet.
iii. Vegetation removal for farm operations shall be subject to LDC section
3.05.05 F, as amended.
3. Keeping of fowl or poultry, not to exceed 25 in total number, provided such
fowl or poultry are kept in an enclosure located a minimum of 30 feet from
any lot line, and a minimum of 100 feet from any residence on an adjacent
parcel of land.
4. Keeping of horses and livestock (except for hogs), not to exceed two such
animals for each acre, and with no open feedlots. Any roofed structure for the
shelter and feeding of such animals shall be a minimum of 30 feet from any lot
line and a minimum of 100 feet from any residence on an adjacent parcel of
land.
i. Notwithstanding the above, hog(s) may be kept for a 16 week period in
preparation for showing and sale at the annual Collier County Fa ir and/or
the Immokalee Livestock show. The following standards shall apply:
a) One hog per child enrolled in a 4-H Youth Development
Program, Collier County Fair Program or sim ilar program is
permitted. In no case shall there be more than 2 hogs per acre.
b) Premises shall be fenced and maintained in a clean, healthful,
and sanitary condition.
c) Premises or roofed structure used for the sheltering, feeding, or
confinement of such animals shall be setback a minimum of 30
feet from lot lines and a minimum of 100 feet from any dwelling
unit on an adjacent parcel of land.
d) Hog(s) shall not be re turned to the property once removed for
showing and/or sale.
5. One guesthouse, subject to section 5.03.03.
6. Recreational facilities that serve as an integral part of a
residential development and have been designated, reviewed and approved
on a site development plan or preliminary subdivision plat for
that development. Recreational facilities may include but are not limited to golf
course, clubhouse, community center building and tennis facilities, parks,
playgrounds and playfields.
7.Excavation and related processing and production subject to the following
criteria:
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i. These activities are incidental to the permitted used onsi te.
ii. The amount of excavated material to be removed from the site cannot
exceed 4,000 cubic yards total. Amounts in excess of 4,000 cubic yards
shall require conditional use approval for earth mining, pursuant to the
procedures and conditions set forth in LDC section 10.08.00.
c. Conditional uses. For Estates zoning within the Golden Gate Estates subdivision,
the Golden Gate Area Master Plan in the GMP restricts the locati on of conditional
uses. The following uses are permissible as conditional uses in the estates district
(E), subject to the standards and procedures established in LDC section 10.08.00:
1. Churches.
2. Social and fraternal organizations.
3. Child care centers and adult day care centers.
4. Schools, private.
5. Group care facilities (categ ory I); care units, subject to the provisions of
LDC subsection 2.03.01 B.3.f; nursing homes; assisted living fa cilities
pursuant to § 429.402 F.S. and ch. 59A-36 F.A.C.; and continuing care
retirement communities pursuant to ch. 651 F.S. and ch. 69O-193 F.A.C.; all
subject to LDC section 5.05.04.
6. Group care facilities (category II) care units subject to section 5.05.04 only
when tenancy of the person or persons under care would not:
i. Constitute a direct threat to the health or safety of other individuals;
ii. Result in substantial physical damage to the property of others; or
iii. Result in the housing of individuals who are engaged in t he current,
illegal use of or addiction to a controlled substance, as defined in section
802 of title 21, U.S. Code.
7. Extraction or earth mining, and related processing and production not
incidental to the deve lopment of the property subject to the follow ing criterion
and subsection 4.02.02 C.
i. The site area shall not exceed 20 acres.
8. Essential services, as set forth in LDC section 2.01.03 G.
9. Model homes and model sales cent ers, subject to compliance with all other
LDC requirements, to include but not limited to section 5.04.04.
10. Ancillary plants.
11. Public schools without an agre ement with Collier County, as described in
LDC section 5.05.14. Additional st andards in LDC section 5.05.14 shall also
apply.
12. Communication towers up to specified heights, subject to LDC section
5.05.09.
d. Prohibited uses.
1. Owning, maintaining or operating any facility or part thereof for the following
purposes is prohibited:
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i. Fighting or baiting any anim al by the owner of such facility or any other
person or entity.
ii. Raising any animal or animals intended to be ultimately used or used
for fighting or baiting purposes.
iii. For purposes of this subsection, th e term baiting is defined as set forth
in F.S. § 828.122(2)(a), as it may be amended f rom time to time.
2. Minimum yard Requirements. See subsection 4.02.01 A. Table 2.1 for the
general requirements. The following are exceptions to those requirements:
a. Conforming Corner lots. Conforming corner lots, in which only one full
depth setback shall be required along the shorter lot line along the street.
The setback along the longer lot line may be reduced to 37.5 feet, so long as no right-
of-way or right-of-way easement is included within the reduced front yard. (See
Exhibit A)
b. Nonconforming Corner lots. Nonconforming corner lots of record, in which only one
full depth setback shall be required along the shorter lot line along the street.
The setback along the longer lot line may be reduced to 15 feet, so long as no right-
of-way or right-of-way easement is included within the reduced front yard. (See
Exhibit B)
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c. Nonconforming through lots, i.e. double frontage lots, nonconforming lots of
record with double road frontage, which are nonconforming due to
inadequate lot depth, in which case, the front yard along the local road portion shall
be computed at the rate of 15 percent of the depth of the lot, as measured from
edge of the right-of-way.
i. The nonconforming through lot utilizing the reduced frontage shall
establish the lot frontage along the local road only.
Reduced frontage along a collector or arterial roadway to serve
such lots is prohibited. Front yards along the local road shall be
developed with structures having an average front yard with a variation
of not more than six feet; no building thereafter erected shall project
beyond the average line so established.
d. Nonconforming lots of record, which are nonconforming due to inadequate lot
width, in which case the required side yard shall be computed at the rate of ten (10)
percent of the width of the lot.
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Subject Property Photographs
View: Looking easterly
along 10th Avenue NE
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
View: Looking westerly
along 10th Avenue NE
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
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Subject Property Photographs
View: Upon gated entry
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
View: Front/Side of the
subject residence
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
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Subject Property Photographs
View: Front/side of the
subject residence
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
View: Rear of the
residence
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
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Subject Property Photographs
View: Taking Area
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
View: Taking Area
Photograph date: May
7, 2024
Taken by:
Zachary Kazak
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Section 4 – Highest and Best Use Analysis
Parent Tract
The principal of highest and best use is defined as: “The reasonably probable use of property that
results in the highest value. The four criteria that the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and maximum productivity.”
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner of
the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
Highest and Best Use – Parent Tract
Legally Permissible: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. The subject has a future land use designation of Estates
and lies within the Residential Estates Subdistrict. The zoning is E - Estates District. The land
use classification and zoning classification permit residential development.
Based on the land use and zoning classification affecting the property and the characteristics of
the neighborhood, it would appear the subject site would typically be considered for residential
development.
Physically Possible: The physical aspects of the site impact legally permissible uses. The parent
tract is rectangular in configuration containing 2.50 acres or 108,900 +/- square feet with frontage
along 10th Avenue NE. Based on the size and configuration of the site, it is our opinion the physically
possible and legally permissible uses of the subject property would include residential use.
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Economically and Financially Feasible: Any physical possible and legal use of the vacant land that
produces a positive return to the land after considering risk and all costs to create and maintain the
use. The subject is located along 10th Avenue NE in Naples, Florida. Single family development is
continuing to be developed in the subject’s immediate area and throughout Collier County. The most
probable buyer would purchase the subject property for residential development which in our opinion
is a financially feasible use.
Maximally Productive: With the increase in residential development activity in the subject’s market
area, it appears this is a financially feasible use. The future land use and zoning classifications allow
for residential uses. Considering the nearby land uses and the typical buyers, it is our opinion that the
highest and best use as vacant is for residential development.
Highest and Best Use as though Improved
The site is comprised of a rectangular-shaped parcel containing 108,900 square feet or 2.50 acres +/-.
The site has a net building area of 1,322 square feet. The zoning and land use allows for primarily
residential development, and the subject building is legally conforming. Based on analysis of the value
of the property through the Cost Approach and Sales Comparison Approach, the improvements
provide a value greater than the value of the site as if vacant and available to be developed to its
highest and best use less the cost of demolition of the improvements. Therefore, by definition the
existing improvements develop the site to their highest and best use. The most probable user of the
subject building would be an owner occupant.
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Section 5 – Valuation of the Subject
VALUE ESTIMATE BY THE COST APPROACH – BEFORE THE TAKING
Cost Approach is defined as: “A set of procedures through which a value indication is derived for the
fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the
existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the total
cost; and adding the estimated land value. Adjustments may then be made to the indicated value of
the fee simple estate in the subject property to reflect the value of the property interest being
appraised.”
Site Valuation: The valuation of the subject site involves research, analysis and comparison of sales
of similar properties to the subject. There are several units of comparison applicable for appraisal
purposes. Due to the nature of the subject property and comparable sales, it is our opinion the sales
price per acre would be the most appropriate for utilization. This unit is calculated by dividing the sale
price of the comparable sales by the area contained within each sale.
The subject site is being valued based upon highest and best use; and as such, includes sales which
have somewhat similar highest and best use. From these sales, only the most similar to the subject in
terms of physical and also locational characteristics were considered. The appraiser selected sales
from locations that would take into account the location of the subject property. The appraiser’s
research uncovered four sales that were considered the most appropriate and best are used in this
analysis.
In the analysis process, the appraiser will utilize both a quantitative and qualitative procedure. In the
initial step the appraiser will use a cumulative adjustment for each of the sale properties considering
the property rights, financing, conditions of sale, expenditures immediately after sale and market
conditions. As these adjustments are cumulative in nature, they must be performed in the order in
which they occur.
Next the analyst will utilize a qualitative procedure by considering physical and legal characteristics
including location, parcel size, land use, zoning and utilities, and access. After completion of the
analysis process of each individual sale based upon these characteristics, the appraiser will estimate
an appropriate value per acre and multiply this by the number of acres contained within the subject
property in order to estimate the market value for the site. This value will then be rounded to an
appropriate figure for appraisal purposes.
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We now invite your attention to a land sales location map which follows. This map shows the relative
location of each of the sales to that of the subject. Following this will be a land sales exhibit which will
contain land sales data sheets for each transaction utilized in the analysis process specifically showing
the relative size, configuration and location of the site as well as the relative information for each
individual sales transaction. Following the land sales exhibit will be a summary chart showing the
relevant information for the subject and each of the comparable sales as well as the adjustments and
ratings applied to each sale as compared to the subject.
LAND SALES LOCATION MAP
Please consider the sale exhibits on the following pages. The exhibits furnish aerial views along with
locational, site and financial information for each of the sales.
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COMPARABLE 1
Property Reference:
Property Type: Rural Residential Vacant Land
Address: 2020 20th Avenue NE
Naples, FL 34120
County: Collier
STRAP/ID: 37867600001
Grantor: Rosa A Maldonado Hernandez & Rogelio Arreguin
Grantee: Not yet posted
Legal Data:
Sale Date: April 19, 2024
Sale Price: $210,000
Sale Price per Sq. Ft.: $1.77
Sale Price per Acre: $76,923
Recording: Not yet posted
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estate District
Zoning: Estates Designation
Highest and Best Use: Low Density Residential Development
CNA Data # 3180
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Site Data:
Site Dimensions: 660’ x 180’
Site Size: 118,919 square feet, 2.730 acres
Shape: Rectangular
Topography: Mostly leveled/ Wooded
Corner/Visibility Influence: No/Average
Utilities: Well and septic
Access: Average
Wetlands/Uplands: Approximately 10% Wetlands
Soils: Typical
Sale Analysis:
Sale Price: $210,000
Financing: Cash Sale
Price per SF: $1.77
Price per Acre: $76,923
Sale Confirmation:
Verification: Melissa Turner, Listing Agent, 423-404-3436
Verifying Appraiser: Zack Kazak, April 30, 2024
Sale History: Last sold in March 2022 for $155,000
Comments:
This is the sale of a 2.73 acres residential lot located in Golden Gate Estates, Naples, FL. The
parcel is wooded and does not contain any improvements. The parcel was listed for
approximately two weeks at an asking price of $220,000 and sold for $210,000. The property was
sold in an arm’s length transaction. This sale was verified with the listing agent.
CNA Data # 3180
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COMPARABLE 2
Property Reference:
Property Type: Rural Residential Vacant Land
Address: 2370 16th Avenue NE
Naples, FL 34120
County: Collier
STRAP/ID: 40570480000
Grantor: Rafael Eduardo Capallan Costa and Mariel Claudine
Machado Polanco
Grantee: Synergy Invest LLC
Legal Data:
Sale Date: December 28, 2023
Sale Price: $125,000
Sale Price per Sq. Ft.: $1.26
Sale Price per Acre: $55,066
Recording: Instr# 6492741
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estate District
Zoning: Estates Designation
Highest and Best Use: Low Density Residential Development
CNA Data # 3181
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Site Data:
Site Dimensions: 150' x 661'
Site Size: 98,881 square feet, 2.270 acres
Shape: Rectangular
Topography: Mostly leveled/wooded.
Corner/Visibility Influence: No/Average
Utilities: Well and septic
Access: Average
Wetlands/Uplands: Approximately 20% Wetlands
Soils: Typical
Sale Analysis:
Sale Price: $125,000
Financing: Cash Sale
Price per SF: $1.26
Price per Acre: $55,066
Sale Confirmation:
Verification: Richard Parlante, listing agent., 239-330-9004
Verifying Appraiser: Zack Kazak, April 30, 2024
Sale History: Last sold on 09/2021 for $95,000, Book-page 6015-
1084
Comments:
This is the sale of a 2.27-acre residential lot located in Golden Gate Estates, Naples, FL. The
parcel is wooded and does not contain any improvements and contains 150 feet of frontage along
the southernly side of 16th Avenue NE. The parcel was listed for sale for approximately 1 month
at an asking price of $139,900. The property sold for $125,000 and was an arm's length
transaction. This sale was verified with the listing agent.
CNA Data # 3181
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COMPARABLE 3
Property Reference:
Property Type: Rural Residential Vacant Land
Address: 2680 16th Avenue NE
Naples, FL 34120
County: Collier
STRAP/ID: 40574320001
Grantor: Golden Land Partners LLC
Grantee: Yoalys Martin
Legal Data:
Sale Date: September 09, 2023
Sale Price: $175,000
Sale Price per Sq. Ft.: $1.47
Sale Price per Acre: $64,103
Recording: Instr# 6455158
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estate District
Zoning: Estates Designation
Highest and Best Use: Low Density Residential Development
CNA Data # 3178
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Site Data:
Site Dimensions: 180' x 663'
Site Size: 118,919 square feet, 2.730 acres
Shape: Rectangular
Topography: Mostly leveled/Wooded
Corner/Visibility Influence: None
Utilities: Well and septic
Access: Average
Wetlands/Uplands: Approximately 10% Wetlands
Soils: Typical
Sale Analysis:
Sale Price: $175,000
Financing: Cash to Seller
Price per SF: $1.47
Price per Acre: $64,103
Sale Confirmation:
Verification: Steven Horn Horn, Seller's Agent, 239-860-4676
Verifying Appraiser: Zack Kazak, April 30, 2024
Sale History: No prior sales within previous 3 years.
Comments:
This is the sale of a 2.73-acre residential lot located in Golden Gate Estates, Naples, FL. There
is 100 feet of frontage the southernly side of 16th Avenue NE. The parcel is wooded and does not
contain any improvements. The parcel was listed for sale on 08/28/2023 for $185,000.
Approximately 10 days after the original listing, the parcel was sold in an arm’s length transaction.
The property sold for $175,000. This sale was verified with the listing agent.
CNA Data # 3178
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COMPARABLE 4
Property Reference:
Property Type: Rural Residential Vacant Land
Address: 2824 10th Avenue NE
Naples, FL 34120
County: Collier
STRAP/ID: 40576040101
Grantor: Ariva FL I LLC
Grantee: Lemanio Oscar Valdes Castanet and Xiomara Edesa
Companioni Medina
Legal Data:
Sale Date: May 03, 2023
Sale Price: $175,000
Sale Price per Sq. Ft.: $1.61
Sale Price per Acre: $70,000
Recording: Instr# 6400996
Interest Conveyed: Fee Simple
Deed Conveyed: Warranty Deed
Land Use: Estate District
Zoning: Estates Designation
Highest and Best Use: Low Density Residential Development
CNA Data # 3179
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Site Data:
Site Dimensions: 165' x 662'
Site Size: 108,900 square feet, 2.500 acres
Shape: Rectangular
Topography: Mostly leveled/Wooded
Corner/Visibility Influence: No/Average
Utilities: Well and septic
Access: Average
Wetlands/Uplands: No Wetlands
Soils: Typical
Sale Analysis:
Sale Price: $175,000
Financing: Cash to Seller
Price per SF: $1.61
Price per Acre: $70,000
Sale Confirmation:
Verification: Jim McCage- Listing Agent, 239-313-1056
Verifying Appraiser: Zack Kazak, April 30, 2024
Sale History: Last sold on 02/08/2021 for $98,000 Book page 5891-
1427
Comments:
This is the sale of a 2.5 acres residential lot located in Golden Gate Estates, Naples, FL. The
parcel is wooded and does not contain any improvements. There is approximately 165 feet of
frontage along the northernly side of 10th Avenue NE. The parcel was listed for approximately
one month at an asking price of $189,900 and sold for $175,000. The property was sold in an
arm’s length transaction. This sale was verified with the listing agent.
CNA Data # 3179
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location 2435 10th Avenue NE 2020 20th Avenue NE 2370 16th Avenue NE 2680 16th Avenue NE 2824 10th Avenue NE
Naples Naples Naples Naples Naples
Recording -Not yet posted Instr# 6492741 Instr# 6455158 Instr# 6400996
Sales Price -$210,000 $125,000 $175,000 $175,000
Sale/Appraisal Date May 7, 2024 April 19, 2024 December 28, 2023 September 9, 2023 May 3, 2023
Parcel Size (sf)108,900 118,919 98,881 118,919 108,900
Parcel Size (Acres)2.50 2.73 2.27 2.73 2.50
Sale Price -$210,000 $125,000 $175,000 $175,000
Sale Price per Acre -$76,923 $55,066 $64,103 $70,000
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Lease Fee Fee Simple
Financing -Cash Sale Cash Sale Cash to Seller Cash to Seller
Conditions of Sale -Arm's length Arm's length Arm's length Arm's length
Expenditures Immediately after Sale -$0 $0 $0 $0
Market Conditions -$0 $0 $0 $0
Adjusted Sale Price -$210,000 $125,000 $175,000 $175,000
Adjusted Sale Price per acre -$76,923 $55,066 $64,103 $70,000
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (acres)2.50 2.73 2.27 2.73 2.50
Land Use Estate Estate District Estate District Estate District Estate District
Zoning Estates Estates Designation Estates Designation Estates Designation Estates Designation
Utilities Well and Septic Well and Septic Well and Septic Well and Septic Well and Septic
Access Average Average Average Average Average
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Utilities 0%0%0%0%
Access 0%0%0%0%
$0 $0 $0 $0
$76,923 $55,066 $64,103 $70,000
Overall Percentage of Adjustments
Final Adjusted Sale Price
Land Sales Adjustment Analysis - Quantitative
Physical Property Adjustments
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Adjustment Analysis: The sales were compared to each other individually and collectively as well as
being compared to the subject property in order to assist in the adjustment process.
Real Property Rights Conveyed: “An element of comparison in the sales comparison approach;
comparable sales can be adjusted for the effect of differences in the real property rights (fee simple,
leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being
compared.” In this analysis all property rights conveyed were fee simple, no adjustments were
necessary.
Financing Terms: “The manner in which a transaction was financed; an element of comparison in
the sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a subject
property.” In this analysis the transactions were either market financed or cash to the seller, no
adjustments were necessary.
Conditions of Sale: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales were all at “arm’s length” including no conditions of sale.
Expenditures made immediately after purchase: “An element of comparison in the sales
comparison approach; comparable properties can be adjusted for any additional investment (e.g.,
curing deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” The appraisers are not aware of
any expenditures made immediately after the sale of these transactions.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sale dates of the comparables took place from May 2023 through April 2024. Realtors familiar
with the SW Florida market confirmed that property values have been increasing over the past 2-3
years. However, we could not find matched pairs to estimate an increase in value for the last three
years.
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Physical Characteristics: Next the sales were considered and compared with one another and the
subject for physical characteristics. These include location, size, future land use, zoning, utilities, and
access. This process involves a quantitative analysis.
Location: The subject property is located along 10th Avenue NE in Naples, Florida. All of the
comparables are located in the surrounding vicinity of the subject property. No adjustments were
made to this category.
Size: The subject property contains 2.50 acres with the comparables ranging in size from 2.27 to 2.73
acres. The comparables were deemed similar in lot size. No adjustments were made.
Future Land Use & Zoning Classification: The subject property has a Residential Estates
Subdistrict future land use and an Estates zoning classification. The sales were all considered to have
similar land use and zoning designations, and no adjustments were made for these characteristics.
Utilities: The subject property has electric and telephone utilities available to the site with septic and a
well system necessary for improvements. The comparable sales have the same utilities available with
similar utilities required for development. No adjustments were made.
Access: The subject property is located along 10th Avenue NE with average access. All of the sales
have average accessibility and is regarded as similar to the subject. No adjustments were made to this
category.
Final Analysis: When evaluating the comparable land sales, considerations including location, size,
future land use, zoning, utilities, and access were utilized. The sales have adjusted sales prices range
from $55,066 per acre to $76,923 per acre with a mean and median values of $66,522 and $67,051
per acre. It is our opinion that the appropriate unit of value for the subject property should be $70,000
per acre. Multiplying $70,000 per acre times the parent’s parcel of 2.50 acres equals an estimated
value of $175,000.
Replacement Cost Valuation:
The single-family residence building includes 1,322 square feet of the air-conditioned net area and
2,112 square feet of gross area with site improvements. The process employed will be to estimate the
replacement cost of the residence, which is most similar to descriptions provided in Marshall Valuation
Services. We will then apply appropriate accrued depreciation, add to this a depreciated value of site
improvements, as well as indirect costs which will produce an estimate of total direct and indirect
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costs. A calculation will be made accounting for the “before” condition of the subject property. To this
will be added the land value which will result in an estimate of value by the Cost Approach.
In order to estimate the replacement cost new, we have utilized the Marshall Valuation Service, a
nationally recognized cost estimating service which we have found to be reliable. This service provides
cost data for estimating replacement costs of buildings and other improvements in the United States,
District of Columbia, Puerto Rico, Guam and Canada. This service provides data for developing
replacement costs, depreciated values and insurable values of buildings and other improvements.
The costs provided by the Marshall Valuation Service include:
• Final costs to the owner including average architects and engineers fees (plans, plan
checks, building permits, and surveying to establish building lines and grades.
• Normal interest on only the actual building funds during the period of construction and
processing fee or service charge is included. Typically, this will average half of the going
rate over the time period plus the service fee.
• All material and labor costs including finish, grading and excavation for the foundation
and backfill for the structure only.
• Utilities from the structure to lot line figured for typical setback except where noted.
• Contractors overhead and profit including job supervision, workmen’s compensation, fire
and liability insurance, unemployment insurance, equipment, temporary facilities and
security.
The costs provided by Marshall Valuation Service do not include:
• Costs of buying or assembling land such as escrow fees, legal fees, property taxes, right
of way costs, demolition, storm drains, or rough grading, are considered costs of doing
business or land improvement costs.
• Pilings or hillside foundations are priced separately in the manual and are considered an
improvement to the land.
• Costs of land planning or preliminary concept and layout for large developments
inclusive of entrepreneurial incentives or developer’s overhead and profit are not
included, nor is interest or taxes on the land, feasibility studies, certification of need,
environmental impact studies, hazardous material testing, appraisal or consulting fees.
• Discounts or bonuses paid for financing are considered cost of doing business, as are
funds for operating startup, negative cash flow during development, project bond issues,
permanent financing, developmental overhead of fixture and equipment purchases.
• Yard improvements including septic systems, signs, landscaping, paving, walls, yard
lighting, pools or other recreation facilities.
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• Off-site costs including roads, utilities, park fees, jurisdictional hook-up, tap-in, impact or
entitlement fees and assessments.
• Furnishings, signs, trade fixtures and equipment.
• Marketing costs to create first occupancy including model or advertising expenses,
leasing or brokers’ commissions, temporary operation of property owners’ associations,
fill-up or membership sales costs and fees.
Replacement Cost New Analysis:
First the occupancy must be determined. The occupancy is the specific type of improvements being
evaluated. The occupancy that appears to match the subject is Class C, Average Quality Single
Family Residences.
Marshall Swift identified a base replacement cost at $132.00 per square foot (Section 12 pg. 25).
There are adjustments to the base price that are necessary to be considered. Height per story, floor
area, current cost, and local multipliers are then multiplied by this number. These adjustments result in
a replacement cost estimate of $112.54 per square foot.
Multiplying the indicated replacement cost of $112.54 per square foot by the area for the single-family
residence of 2,112 square feet results in a replacement cost new of $237,684.
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PROPERTY:Residential
LOCATION/ADDRESS:2435 10th Avenue NE
Naples, Florida 34120
PROPERTY DESCRIPTION:Single Family Residential
Building Identifier: Residential
Building Size (SF):2,112
Building/Structure Class:Class C
TYPE (Quality of Construction)Average
Marshall Valuation Section Section 12 pg 25
Base Cost PSF:132.00$
Unadjusted Cost PSF:132.00$
Multipliers
Height Per Story Multiplier:1.00
Floor Area Multiplier:0.91
Current Cost Multiplier:1.00
Local Multiplier:0.94
Adjusted Cost PSF:112.54$
Total price per square foot 112.54$
Total Est. Cost of Bldg./Structure:$237,684
REPLACEMENT COST CALCULATIONS:
Replacement Cost
Next depreciation must be estimated. Depreciation is defined in appraising as “a loss in property value
from any cause; the difference between the cost of an improvement on the effective date of the
appraisal and the market value of the improvement on the same date.”
Depreciation includes three types; physical, functional and external. Physical depreciation is loss in
value due to physical deterioration. Functional obsolescence is loss in value due to the lack of utility or
desirability inherent to the improvement or equipment. External obsolescence is loss of value due to
causes outside the property and independent of it.
Physical depreciation can be estimated with the depreciation tables provided by the Marshall Valuation
Service. In order to utilize this technique, first the life expectancy of the building must be known. The
Marshall Valuation Service provides tables which estimate typical life expectancy of various
occupancies, building classes and qualities. The life expectancy of the single-family residence is 60
years.
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Next the effective age must be considered. Effective Age is defined as: “The age of property that is
based on the amount of observed deterioration and obsolescence it has sustained, which may be
different from its chronological age.” The subject residence was constructed in 2001. The estimated
effective age of the single-family residence is 10 years. Based upon this effective age we are
estimating physical depreciation at 16.67% for the single-family residence. The 16.67% of depreciation
for the single-family residence results in $39,614 of depreciation. The depreciated value of the single-
family residence equals $198,070.
Estimated Effective Age of the Building/Structure 10
Estimated Physical Life of the Structure 60
Estimated % of Physical Depreciation 16.67%
Estimated Physical Depreciation $39,614
Estimated Value of the Building/Structure $198,070
Depreciation
We have determined there is no functional obsolescence. Further, we do not believe there is any
external obsolescence affecting the subject property. Therefore, the accrued depreciation impacting
the subject property is physical in nature and results in a depreciated value for the primary
improvements at $198,070.
The next step in the Cost Approach is to add in the depreciated value of the site improvements. We
have estimated the depreciated value of the site improvements.
The depreciated site improvements include site preparation, which is $12,702, landscaping at
$45,785, asphalt driveway at $7,958, concrete pads at $2,725, perimeter fencing at $6,353, water well
at $6,769, and septic and drain field at $8,880. The total amount of depreciated site improvements
equals $91,171. Please see below for the site improvements in tabular form.
Site prep, Grading, Fill 12,702$
Landscaping 45,785$
Asphalt Driveway 7,958$
Concrete Pads 2,725$
Perimeter Fencing 6,353$
Well 6,769$
Septic and Drain field 8,880$
Depreciated Value of the Site Improvements 91,171$
Depreciated Site Related Improvements - Before Taking
The total depreciated value of all improvements is equal to the value of the depreciated structural
improvements of $198,070 plus the depreciated value of the site improvements of $91,171 results in a
value of $289,241.
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We have estimated indirect costs including out of pocket expenses, loan fees, loan interest, survey
fees, and closing costs on the land during the construction period to be approximately 10% of the
improvements value or $19,807. Also, we have considered an estimated entrepreneurial profit of 10%
or $19,807.
Adding the depreciated value of the improvements, site improvements, indirect costs, entrepreneurial
profit, and the estimated land value of $175,000 results in an “As Is” fee simple value before the taking
by the Cost Approach of $503,855 or $503,900 rounded.
Depreciated Value of Structural Improvements 198,070$
Depreciated Value of Site Improvements 91,171$
Indirect Costs @ 10%19,807$
Entrepreneurial Profit @10%19,807$
Land Value Estimate 175,000$
Indicated As Is Value by the Cost Approach 503,855$
Rounded 503,900$
VALUE ESTIMATE BY THE COST APPROACH - BEFORE TAKING
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH – BEFORE THE TAKING
Sales Comparison Approach is defined as: “The process of deriving a value indication for the subject
property by comparing sale of similar properties to the property being appraised, identifying
appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as
appropriate) of the comparable properties based on relevant, market-derived elements of comparison.
The sales comparison approach may be used to value improved properties, vacant land, or land being
considered as though vacant when an adequate supply of comparable sales is available.”
The Sales Comparison Approach will be used, and it involves the direct comparison of sales of similar
properties, adjustments for variances, and correlation of the results into a property value indication.
Adjustments to the sale prices of competitive properties selected for comparison are considered as
they relate to the subject property and to the various dissimilar investment features.
The application of this approach produces an estimate of value for a property by comparing it with
similar properties which have been sold or are currently offered for sale in the same or competing
areas.
Improved Sale Valuation: The valuation of the subject residence involves research, analysis, and
comparison of sales of similar properties to the subject. There are several units of comparison
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applicable for appraisal purposes. Due to the nature of the subject property and comparable sales, it is
our opinion the closed sales price would be the most appropriate for utilization.
The subject residence is being valued based on highest and best use; and as such, data selection
begins by limiting the sales considered to include only those with a highest and best use similar to that
of the subject. From these sales, only the most similar to the subject in terms of physical and locational
characteristics were selected. The appraiser’s research uncovered multiple sales of residences that
were considered appropriate for comparison purposes. These transactions were included in the
analysis process.
In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the appraiser
will utilize a cumulative adjustment for each of the sale properties considering property rights,
financing, conditions of sale, expenditures immediately after sale, and market conditions (commonly
known as time). As the adjustments are cumulative in nature, they must be performed in the order in
which they occur.
Next the analyst will utilize a quantitative procedure by considering physical characteristics including
location, quality, living area, age, lot size, pool, garage, porches, and amenities. These properties will
be rated and compared to the subject. A gross adjustment will be applied for each adjustment and
then applied to the adjusted sales price of the comparable. After completion of the analysis and
adjustment process, the appraiser will estimate a gross value based on the adjusted values of the
comparables. This value estimate will then be rounded to an appropriate figure for appraisal purposes.
We now invite your attention to an improved sales location map which follows. This map shows the
relative location of each of the sales to that of the subject property.
Following the sales map will be a sales exhibit which will contain sales data sheets for each
transaction utilized in the analysis process showing the relative size, configuration and location of the
site as well as the relative information for each individual sales transaction. Following the sales exhibit
will be a sales grid showing the relevant information for the subject and each of the comparable sales
as well as the adjustments and factors which were considered in providing an overall adjustment for
each of the comparable properties.
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IMPROVED SALES LOCATION MAP
Please consider the sale exhibits on the following pages. The exhibits furnish aerial views along with
locational, site and financial information for each of the sales.
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COMPARABLE 1
Property Reference:
Property Type: Residential
Address: 2695 14th Avenue NE
Naples, FL 34120
County: Collier
Sale Date: February 23, 2024
Sale Price: $520,000
Recording: 6333/587
Interest Conveyed: Fee Simple
Deed Type: Warranty
Financing: Cash Sale
Grantor: Carlos Roubicek
Grantee: Mirella Barnett & James Northcutt
STRAP/ID: 4057444004
Site Data:
Site Dimensions: 661' x 106'
Site Size: 69,260 square feet, 1.590 acres
Utilities: Well & Septic
Access: Average
Zoning: Estates
CNA File# 3703
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Improvement Data:
Building Type: Single Family
Year Built: 2002
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
Quality: Average
Building Condition: Average
Effective Age (yrs): 8
Gross Building Area (sf): 2,765
Net Building Area (sf): 2,002
Land to Building Ratio: 25.05:1
Financial Analysis:
Sale Price: $520,000
Conditions of Sale: Arm's Length
Exp. Immed. After Sale: $0
Adjusted Sale Price: $520,000
Price per Net SF: $259.74
Sale Confirmation:
Verification: Manuel Roubicek - LA, 239-298-3348
Verifying Appraiser: Zack Kazak, June 03, 2024
Sale History: No prior sales within 3 years
Comments:
This is the sale of a single-family residence that is located along 14th Avenue NE in Golden Gate.
The home was constructed in 2002 and composes of 2,002 net square feet. The home was in
average condition with an average quality interior that consists of Formica countertops, standard
cabinetry, a walk-in shower with a tub in the master bathroom, and a tub/shower in the guest
bathrooms. The layout consists of 3 bedrooms and 2 bathrooms. There is tile flooring throughout.
The residence was listed at $539,900 and was on the market for less than one week and sold for
$520,000. This was a cash sale and an arm's length transaction. There is a 279 square foot
screened porch to the rear. There is also a 2-car garage.
CNA Data # 3703
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COMPARABLE 2
Property Reference:
Property Type: Residential
Address: 2060 Jung Blvd E
Naples, FL 31420
County: Collier
Sale Date: October 31, 2023
Sale Price: $400,000
Recording: Instr# 6472080
Interest Conveyed: Fee Simple
Deed Type: Warranty Deed
Financing: Popular Bank - $300,000
Grantor: John R. Whatley and Glenda S. Whatley
Grantee: Arnardo Gabriel Medina
STRAP/ID: 37395960006
Site Data:
Site Dimensions: 660' x 150'
Site Size: 98,881 square feet, 2.270 acres
Utilities: Well & Septic
Access: Average
Zoning: Estates
CNA File# 3729
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Improvement Data:
Building Type: Single Family
Year Built: 1991
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
Quality: Average
Building Condition: Average
Effective Age (yrs): 15
Gross Building Area (sf): 1,850
Net Building Area (sf): 1,829
Land to Building Ratio: 53.45:1
Financial Analysis:
Sale Price: $400,000
Conditions of Sale: Arm's Length
Exp. Immed. After Sale: $0
Adjusted Sale Price: $400,000
Price per Net SF: $218.70
Sale Confirmation:
Verification: Daniel Worsdale, 239-494-2210
Verifying Appraiser: Mitchell Clark, June 10, 2024
Sale History: No sales in prior 5 years
Comments:
This is the sale of a 1,829 square foot net single family home located within the Golden Gate
Estates subdivision. The residence is a 4 bed, 2 bath modular home built in 1991 in overall
average condition. The home sits on 2.27 acres of land and has interior features such as granite
countertops, stainless steel appliances. New flooring, subflooring, and baseboards were also
recently installed. The interior has also recently been repainted. The home was originally listed for
$449,000 and was sold unfurnished after being on the market for 146 days. There is no screened
porch or attached garage.
CNA Data # 3729
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COMPARABLE 3
Property Reference:
Property Type: Residential
Address: 2221 14th Avenue NE
Naples, FL 34120
County: Collier
Sale Date: September 27, 2023
Sale Price: $625,000
Recording: 6293/1897
Interest Conveyed: Fee Simple
Deed Type: Warranty
Financing: Conventional
Grantor: Sarah Mosley
Grantee: Rolando Morales
STRAP/ID: 37397160008
Site Data:
Site Dimensions: 660' x 234'
Site Size: 155,074 square feet, 3.560 acres
Utilities: Well & Septic
Access: Average
Zoning: Estates
CNA File# 3704
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Improvement Data:
Building Type: Single Family
Year Built: 2000
Number of Buildings: 1
Number of Stories: 1
Type of Construction: CBS
Quality: Average
Building Condition: Average
Effective Age (yrs): 10
Gross Building Area (sf): 3,293
Net Building Area (sf): 1,789
Land to Building Ratio: 47.09:1
Financial Analysis:
Sale Price: $625,000
Conditions of Sale: Arm's Length
Exp. Immed. After Sale: $0
Adjusted Sale Price: $625,000
Price per Net SF: $349.36
Sale Confirmation:
Verification: Edward Blackburn - LA, 239-263-0349
Verifying Appraiser: Zack Kazak, June 03, 2024
Sale History: No prior sales within 3 years
Comments:
This is the sale of a single-family residence that is located along 14th Avenue NE in Golden Gate.
The residence was constructed in 2000 and features a 3-bedroom 2-bathroom layout with 1,789
square feet of net area. The home was in average condition with average to above average
interior improvements such as granite countertops in the kitchen and bathrooms with above
average cabinetry and walk in showers. To the rear of the residence is a pool and spa. In
addition, there is a two car attached garage. The home was listed for approximately 110 days at
an original asking price of $750,000 with reductions throughout the marketing period. There is a
146 square foot open porch to the rear.
CNA Data # 3704
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COMPARABLE 4
Property Reference:
Property Type: Residential
Address: 1531 Everglades Boulevard N
Naples, FL 34120
County: Collier
Sale Date: August 22, 2023
Sale Price: $370,000
Recording: Instr# 6444605
Interest Conveyed: Fee Simple
Deed Type: Warranty Deed
Financing: Florida Housing Finance Corporation - $17,020
Grantor: Tabitha Lee Palmer and Jefferey Stumbo Jr.
Grantee: Ileana M. Ramos and Gina G. Lissia
STRAP/ID: 40579640003
Site Data:
Site Size: 101,930 square feet, 2.340 acres
Utilities: Well & Septic
Access: Average
Zoning: Estates
CNA File# 3712
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Improvement Data:
Building Type: Single Family
Year Built: 1992
Number of Buildings: 1
Number of Stories: 1
Type of Construction: Wood Frame
Quality: Average
Building Condition: Average
Effective Age (yrs): 15
Gross Building Area (sf): 1,176
Net Building Area (sf): 1,156
Land to Building Ratio: 86.68:1
Financial Analysis:
Sale Price: $370,000
Conditions of Sale: Arm's Length
Exp. Immed. After Sale: $0
Adjusted Sale Price: $370,000
Price per Net SF: $320.07
Sale Confirmation:
Verification: Jackelyn Fuentes, Listing Agent, 239-692-1975
Verifying Appraiser: Mitchell Clark, June 03, 2024
Sale History: No qualified sales in previous 3 years
Comments:
This is the sale of a single-family residence that is located along Everglades Boulevard N in
Golden Gate Estates. The residence features wood-frame construction and was in average
condition at the time of sale and featured a 3-bedroom 2 bathroom layout. There is no pool or
screened porch. The residence was listed for approximately 54 days at an asking price of
$399,000. This was an arm's length transaction. There is no attached garage or screened porch.
CNA Data # 3712
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location 2435 10th Avenue NE 2695 14th Avenue NE 2060 Jung Blvd E 2221 14th Avenue NE 1531 Everglades Boulevard N
Naples Naples Naples Naples Naples
Recording -6333/587 Instr# 6472080 6293/1897 Instr# 6444605
Sales Price -$520,000 $400,000 $625,000 $370,000
Sale/Appraisal Date May 7, 2024 February 23, 2024 October 31, 2023 September 27, 2023 August 22, 2023
Net Building Area (sf) 1,322 2,002 1,829 1,789 1,156
Year Built 2001 2002 1991 2000 1992
Effective Age (yrs)10 8 15 10 15
Condition Average Average Average Average Average
Site Area (Acres)2.50 1.59 2.27 3.56 2.34
Pool No No No Yes No
Garage Spaces 2 2 0 2 0
Porch (sf)288 279 0 146 0
Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash Sale Conventional Conventional Conventional
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length
Expenditures Immediately after Sale -$0 $0 $0 $0
Market Conditions -$0 $0 $0 $0
Adjusted Sale Price -$520,000 $400,000 $625,000 $370,000
Adjusted Sale Price per sq. ft. -$259.74 $218.70 $349.36 $320.07
Physical Properties
Location Naples Naples Naples Naples Naples
Quality Average Average Average Average Average
Effective Age (yrs)10 8 15 10 15
Condition Average Average Average Average Average
Net Building Area (sf) 1,322 2,002 1,829 1,789 1,156
Site Area (Acres)2.50 1.59 2.27 3.56 2.34
Amenities Dwy, Fencing Dwy Dwy Dwy Dwy
Living Area Adjustment -$68,000 $27,900 -$46,800 $16,600
Age Adjustment -$5,000 $25,000 $5,000 $45,000
Lot Size Adjustment $63,700 $95,200 -$74,200 $11,200
Pool Adjustment $0 $0 -$35,000 $0
Garage Adjustment $0 $30,000 $0 $30,000
Porch Adjustment $0 $8,640 $0 $8,640
Amenities Adjustment $0 $0 $0 $0
-$9,300 $186,740 -$151,000 $111,440
$510,700 $586,740 $474,000 $481,440
Improved Sales Adjustment Analysis - Quantitative
Physical Property Adjustments
Overall Adjustments
Final Adjusted Sale Price
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Adjustment Analysis: The sales were compared to each other individually and collectively as well as
being compared to the subject property in order to assist in the adjustment process.
Real Property Rights Conveyed: “An element of comparison in the sales comparison approach;
comparable sales can be adjusted for the effect of differences in the real property rights (fee simple,
leased fee, leasehold, easements, or other encumbrances, etc.) involved in the transactions being
compared.” In this analysis all property rights conveyed were fee simple, no adjustments were
necessary.
Financing Terms: “The manner in which a transaction was financed; an element of comparison in
the sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a subject
property.” In this analysis the transactions were either market financed or cash to the seller, no
adjustments were necessary.
Conditions of Sale: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales were all at “arm’s length” including no conditions of sale.
Expenditures made immediately after purchase: “An element of comparison in the sales
comparison approach; comparable properties can be adjusted for any additional investment (e.g.,
curing deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” The appraisers are not aware of
any expenditures made immediately after the sale of these transactions.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale are
often compared, although the usage can be misleading because property values do not change
merely as the result of the passage of time.”
The sale dates of the comparables took place from August 2023 through February 2024. Realtors
familiar with this market confirmed that property values have been increasing over the past 2-3 years.
Realtors familiar with the SW Florida market confirmed that property values have been increasing over
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the past 2-3 years. However, we could not find matched pairs to estimate an increase in value for the
last three years.
Physical Characteristics: Next the sales were considered and compared with one another and the
subject for physical characteristics. These include location, quality, living area, age, lot size, pool,
garage, porches, and amenities. This process involves a quantitative analysis.
Living Area Adjustment: The subject residence contains 1,322 square feet of air-conditioned living
area. The comparables range in net area from 1,156 square feet to 2,002 square feet. Sales One and
Three are larger/superior and were adjusted downward $68,000 and $46,800. Sales Two and Four
are smaller/inferior and were adjusted upward $27,900 and $16,600.
Age Adjustment: The subject residence was constructed in 2001. The comparables were built from
1991 to 2002. Sale One is slightly superior and was adjusted downward $5,000. Sales Two, Three,
and Four are superior in age and were adjusted upward $25,000, $5,000, and $45,000.
Lot Size Adjustment: The subject property contains 2.50 acres and the comparables range in size
from 1.59 acres to 3.56 acres. Sale Three has a larger/superior site area and was adjusted downward
$74,200. Sales One, Two, and Four have smaller/inferior site areas and were adjusted upward
$63,700, $95,200, and $11,200.
Pool Adjustment: The subject residence does not have a pool. Sale Three has a pool and was
adjusted downward $35,000.
Garage Adjustment: The subject residence has an attached two car garage. Sales Two and Four do
not have garages, and each sale was adjusted upward $30,000.
Porch Adjustment: The subject has a screened porch to the rear of the residence. Sales Two and
Four do not have screened porches, and each sale was adjusted upward $8,640.
Amenities Adjustment: The subject residence does not have any amenities, and neither do the
comparables.
Final Analysis: When evaluating the comparable sales, considerations including location, quality,
living area, age, lot size, pool, garage, porches, and amenities were utilized.
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The sales have adjusted sales prices range from $474,000 to $586,740 with a mean and median
values of $513,220 and $496,070. It is our opinion that the appropriate unit of value for the subject
property should be $500,000.
Reconciliation of Value – Before the Taking
Summary of Value Conclusions
Land Value: $175,000
Cost Approach: $503,900
Income Approach: Not Applied
Sales Comparison Approach: $500,000
The Cost Approach was considered applicable and provides excellent secondary support but is
subjective in the estimation of accrued depreciation. This approach is most reliable when the
improvements are new or nearly new. Nevertheless, adequate land sales were available to estimate
the subject land value and a cost approach was included herein.
The Income Approach was not considered to provide a reliable value of the single-family home as it
pertains to investment properties. Therefore, this approach was not applied. The negation of this
approach is not considered to decrease the reliability of our valuation.
The Sales Comparison Approach was applied to establish a range of anticipated transaction pricing,
as well as a value estimated for the single-family residence. An adequate number of closed sales were
available to reflect the action of buyers and seller in the subject marketplace as of the effective date of
value. Greatest weight is given to the Sales Comparison Approach in our reconciliation of value.
Value Conclusion:
Based on the data and analysis developed in this appraisal, I have reconciled to the following value
conclusions for the fee simple “As Is” parent tract before the taking at $500,000, as of May 7, 2024,
subject to the limiting condition and assumption of this appraisal.
Part Taken – Roadway Acquisition
Description of the Part Taken
Project Description: Collier County is in the process of extending Vanderbilt Beach Road, and a rear
portion of the subject property will be utilized for the roadway extension. Plans for Phase Two of the
Vanderbilt Beach Road Extension include a new two-lane roadway with a footprint to allow for a four-
lane roadway, or a six-lane roadway if required. The acquisition area is in the form of a taking and will
reduce the property by 16,500 square feet. The part taken is 100 feet in length and 165 feet in width
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and stretches along the rear or northernly portion of the parent parcel. The rear setback will be
reduced by 100 feet due to the roadway extension. The taking area consists primarily of native
vegetation.
Legal Description of Taking Area: The legal description for the taking was provided, and the sketch
was prepared by RWA Engineering as shown on the following page.
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Valuation of the Part Taken
The part taken is a proposed roadway for the Vanderbilt Beach Road extension. Since this taking is a
fee simple taking, the rights acquired are not specific to the intended improvements and therefore
equal 100% of the full “bundle of rights” commonly associated with property ownership. In a fee simple
valuation, it is important to consider the impact the proposed taking will have on the utility of the
property being reduced.
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The fee simple taking excludes all development rights of the current owner. Therefore, the rights
acquired are 100% with no residual interest, reflecting the loss of physical use and utility within the
reduced area.
The value of the proposed taking can now be calculated by using the estimated useable land value of
the property before the taking and applying the appropriate percentage. The land value for the whole
property was previously estimated at $70,000 per acre. At 100%, the value of the taking for the
proposed taking remains at $70,000 per acre. The land value of the proposed taking area can be
calculated using this unit value ($70,000 x 0.38 acres) resulting in an estimated land value for the
taking area at $26,600.
As a result of the 100-foot-deep take, the parent parcel will lose 0.38 acres at the rear or most
northernly portion of the parent tract. Therefore, the take area represents 15.20% of the parent parcel.
Site Improvement Valuation Parcel 1328FEE:
The parcel 1328FEE acquisition area contains 365 linear feet of mesh wire perimeter fencing. The
depreciated contributory value of the site improvements equals $1,400.
Site Improvements Units Estimated
Perimeter Mesh Fencing 365 Linear Feet $1,400
Subtotal Improvements $1,400
$1,400Total Contributory Value of Site Improvements:
Total Value of Part Taken
The total value of the part taken is the summation of the preceding land and improvement values as
illustrated below.
Total Value of the Part Taken 1328FEE
Roadway Acquisition
Value of the Land Acquired $26,600
Value of the Improvements Acquired $1,400
Value of the Part Taken $28,000
Remainder Value as Part of the Whole
Estimated Value of the Parent Tract $500,000
Part Taken Roadway Acquisition $28,000
Remainder Value as Part of the Whole $472,000
Remainder Value as Part of the Whole
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Subject Property – After the Taking
Description of the property after the Taking
After the taking the remainder property will be one contiguous rectangular shaped tract improved with
a single-family residence and associated site improvements. The gross property size will change to
92,347 square feet or 2.12 acres. The proposed roadway extension requires 100 feet of depth of the
current subject parcel that will run along the most northernly portion of the subject property. The taking
area is 16,500 square feet or 0.38 acres.
Effect of Acquisition on Remainder Uncured
After the taking, the primary issue impacting the site is the loss of use of 0.38 acres 16,500 square feet
of land area that will be utilized for the Vanderbilt Beach Road Extension. The taking area will reduce
the rear setback by 100 feet.
The property is still suitable for its highest and best use as vacant and as improved.
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Highest and Best Use Analysis
Remainder Property
The principal of highest and best use is defined as: “The reasonably probable use of property that
results in the highest value. The four criteria that the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and maximum productivity.”
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site
in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the owner of
the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net return
or the highest present worth?
Highest and Best Use – Remainder Property
Legally Permissible: Factors that impact the legally permissible uses for the subject property
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. The subject has a future land use designation within the
Estates Designation and lies within the Residential Estates Subdistrict. The zoning is E - Estates.
The land use classification and zoning classification permit single family residential development.
Based on the land use and zoning classification affecting the property and the characteristics of
the neighborhood, it would appear the subject site would typically be considered for single family
residential development.
Physically Possible: The physical aspects of the site impact legally permissible uses. The subject
property is rectangular in configuration containing 2.50 acres or 108,900 +/- square feet with frontage
along 10th Avenue NE. The parent parcel is approximately 165 foot wide and 660 feet deep. Based on
the size and configuration of the site, it is our opinion the physically possible and legally permissible
uses of the subject property would include a single-family residential use.
However, the remainder property will be reduced by a 100’ by 165’ taking area towards the rear or
most northernly portion of the subject property that will encompass 0.38 acres or 16,500 square feet of
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area. As previously discussed, this reduced area will be the new road extension for Vanderbilt Beach
Road, with loss of physical use and utility within the taking area.
Economically and Financially Feasible: Any physical possible and legal use of the vacant land that
produces a positive return to the land after considering risk and all costs to create and maintain the
use. The subject is located along the northernly side of 10th Avenue NE in Naples, Florida.
Residential properties are continuing to be developed along major roadways in the subject’s
immediate area and throughout the Collier County. The most probable buyer would purchase the
subject property for residential development which in our opinion is a financially feasible use.
Maximally Productive – Remainder Property: With the increase in residential activity in the
subject’s market area, it appears this is a financially feasible use. The future land use and zoning
classifications allow for limited residential uses. Considering the nearby land uses and the typical
buyers, it is our opinion that the highest and best use as vacant is for residential development.
No damages will result from the proposed acquisition. Based on the foregoing analysis, the highest
and best use of the site is for residential development.
Highest and Best Use as though Improved
The site is comprised of a rectangular-shaped parcel containing 108,900 square feet or 2.50 acres +/-.
The site has a net building area of 1,322 square feet. The zoning and land use allows for primarily
residential development, and the subject building is legally conforming. Based on analysis of the value
of the property through the Cost Approach and Sales Comparison Approach, the improvements
provide a value greater than the value of the site as if vacant and available to be developed to its
highest and best use less the cost of demolition of the improvements. Therefore, by definition the
existing improvements develop the site to their highest and best use. The most probable user of the
subject building would be an owner occupant.
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TAKING STUDY AND ANALYSIS
In order to quantify an adjustment for the takings the appraisers looked at similar properties
within Golden Gate Estates which have had a taking for the Phase 1 of this project. Vanderbilt
Beach Road is currently in the process of being extended from Collier Blvd to Desoto Blvd.
Phase 1 of the project, which extends from Collier Blvd to 16th St NE, is under construction with
many single-family residences along this corridor having been affected by the extension. The
average loss of land for each of the properties was between 100’ and 115’ from the rear property
line. The taking of land occurred between March 19, 2021, and September 30, 2021. The
appraisers have located three paired sales within the Phase 1 taking area that occurred both
before and after the takings. In addition, three paired sales of similar improved properties that
remained unaffected by the extension were included for analysis. Both the affected and
unaffected “before” sales occurred in 2016 with the “after” sales occurring in 2021. We will first
analyze the three unaffected paired sales. The sales utilized are all located under 10 miles from
the area of analysis within Golden Gate Estates.
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UNAFFECTED PAIR 1
Address 560 4TH ST NE
Sold Date January 5, 2016
MLS 215041026
Sold Price $225,000
Land Area 1.14 Acres
Living Area 1,266 Square Feet
Notes This is the sale of a 3-bedroom, 3-bathroom one story home of CBS construction, built
in 2000 and overall average condition. The home features a two-car attached garage,
covered screened porch and good landscaping. This property is located along the east
side of 4th St NE. The improvements have a 455-foot setback from the rear property
line.
Address 560 4TH ST NE
Sold Date June 1, 2021
MLS 221029896
Sold Price $370,000
Land Area 1.14 Acres
Living Area 1,266 Square Feet
Notes In the time since the 2016 sale this home received a new roof and AC unit in 2020 and
a new water heater. The home remains in overall average condition. The time elapsed
between the 2016 sale and this sale was 64 months with an annual appreciation rate
of 12.08% or 1.01% monthly.
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UNAFFECTED PAIR 2
Address 3320 8TH AVE NE
Sold Date April 25, 2016
MLS 216001474
Sold Price $400,000
Land Area 2.50 Acres
Living Area 2,600 Square Feet
Notes This is the sale of a 5-bedroom, 2.5-bathroom one story home of CBS construction,
built in 2004 and overall good condition. The home features a two-car attached
garage, small, detached work shed and wood fencing. This property is located along
the south side of 8th Ave NE. The improvements have a 300-foot setback from the rear
property line.
Address 3320 8TH AVE NE
Sold Date May 25, 2021
MLS 221026315
Sold Price $550,000
Land Area 2.50 Acres
Living Area 2,600 Square Feet
Notes In the time since the 2016 sale this home received a new AC unit in 2018. The home
remains in overall good condition. The time elapsed between the 2016 sale and this
sale was 61 months with an annual appreciation rate of 7.38% or 0.61% monthly.
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UNAFFECTED PAIR 3
Address 2721 6th AVE NE
Sold Date August 3, 2016
MLS 216030527
Sold Price $286,500
Land Area 1.14 Acres
Living Area 2,040 Square Feet
Notes This is the sale of a 3 bedroom plus den, 2-bathroom one story home of CBS
construction, built in 2006 and overall average condition. The home features a two-car
attached garage, fencing and covered screened porch. The home had a kitchen
remodel done in 2012 and renovated the bathrooms. This property is located along
the north side of 6th Ave NE. The improvements have a 298-foot setback from the rear
property line.
Address 2721 6th AVE NE
Sold Date November 29, 2021
MLS 221045237
Sold Price $286,500
Land Area 1.14 Acres
Living Area 2,040 Square Feet
Notes In the time since the 2016 sale this home was exterior and interior painted. The home
remains in overall average condition. The time elapsed between the 2016 sale and
this sale was 63 months with an annual appreciation rate of 9.27% or 0.77% monthly.
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Months Between Sales Annual Monthly
Pair 1
560 4TH ST NE 64 12.08%1.01%
Pair 2
3320 8TH AVE NE 61 7.38%0.61%
Pair 3
2721 6TH AVE NE 63 9.27%0.77%
Appreciation Rate %
The above data provides an average monthly appreciation rate for the unaffected paired sales of
0.80%. We will next analyze the affected paired sales utilizing 0.80% per month as the appropriate
appreciation rate which will help determine a negative or positive change.
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AFFECTED PAIR 1
Address 181 10th AVE NW
Sold Date December 20, 2016
MLS 216061599
Sold Price $565,000
Land Area 2.50 Acres
Living Area 3,614 Square Feet
Notes This is the sale of a 4 bedroom plus den, 4-bathroom one story home of CBS
construction, built in 2006 and overall good condition. The home features a three-car
attached garage, screened in pool/hot tub and small detached shed. This property is
located along the north side of 10th AVE NE. Folio # 37548000108. At the time of this
sale, the improvements had a 360-foot setback from the rear property line.
Address 181 10th AVE NW
Sold Date June 15, 2021
MLS 220061477
Sold Price $759,000
Land Area 2.10 Acres
Living Area 3,614 Square Feet
Notes In the time since the 2016 sale this home received a lanai rescreening and new roof in
2019, a new fire pit area and new cabinets. The home remains in overall good
condition. The property had 110’ of land from the rear property line taken prior to the
sale. The improvements now have a 250-foot setback from the rear property line. The
time elapsed between the 2016 sale and this sale was 53 months. Applying the 0.80%
per month appreciation rate to the time elapsed indicates appreciation of 42.40%.
Appreciation of 42.40% is applied to the 2016 sale which indicated an adjusted sale
price of $804,560. The percentage change from $804,560 to $759,000 is -6.00%. This
is the indication of damages caused by the taking. Folio # 37548000108
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AFFECTED PAIR 2
Address 280 12TH AVE NE
Sold Date May 26, 2016
MLS 216014551
Sold Price $324,900
Land Area 2.73 Acres
Living Area 2,040 Square Feet
Notes This is the sale of a 3 bedroom plus den, 2-bathroom one story home of CBS
construction, built in 2002 and overall average condition. The home features a two-car
attached garage, screened porch and deck, fencing and is located with canal frontage.
This property is located along the south side of 12th Ave NE. At the time of this sale,
the improvements had a 335-foot setback from the rear property line.
Address 280 12TH AVE NE
Sold Date July 22, 2021
MLS 221057314
Sold Price $450,000
Land Area 2.31 Acres
Living Area 2,040 Square Feet
Notes In the time since the 2016 sale this home received an above ground pool with
surrounding decking. The home remains in overall average condition. The property
had 100’ of land from the rear property line taken prior to the sale. The improvements
now have a 225 foot setback from the rear property line. The time elapsed between
the 2016 sale and this sale was 61 months. Applying the 0.80% per month
appreciation rate to the time elapsed indicates appreciation of 48.80%. Appreciation of
48.80% is applied to the 2016 sale which indicated an adjusted sale price of $483,451.
The percentage change from $483,451 to $450,000 is -7.43%. This is the indication of
damages caused by the taking. Folio# 37493240000. Property taken on 4/5/21.
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AFFECTED PAIR 3
Address 620 12th AVE NE
Sold Date July 5, 2016
MLS 216020790
Sold Price $326,180
Land Area 2.73 Acres
Living Area 3,742 Square Feet
Notes This is the sale of a 3-bedroom, 2-bathroom two story home of CBS construction, built
in 2004 and overall average condition. The home features two, one car attached
garages and balconies. This property is located along the south side of 12th Ave NE.
At the time of this sale, the improvements had a 320-foot setback from the rear
property line.
Address 620 12th AVE NE
Sold Date July 12, 2021
MLS 221041379
Sold Price $455,000
Land Area 2.30 Acres
Living Area 3,742 Square Feet
Notes In the time since the 2016 sale this home had the bathrooms remodeled. The home
remains in overall average condition. The property had 100’ of land from the rear
property line taken prior to the sale. The improvements now have a 220-foot setback
from the rear property line. The time elapsed between the 2016 sale and this sale was
60 months. Applying the 0.80% per month appreciation rate to the time elapsed
indicates appreciation of 48.00%. Appreciation of 48.00% is applied to the 2016 sale
which indicated an adjusted sale price of $482,746. The percentage change from
$482,746 to $455,000 is -6.10%. This is the indication of damages caused by the
taking. Folio# 37497240006. Property taken on 5/21/2021.
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Months Between Sales Adj. Sale Price (2016)% Difference
Pair 1
181 10TH AVE NW 53 $804,560 -6.00%
Pair 2
280 12TH AVE NE 61 $483,451 -7.43%
Pair 3
620 12TH AVE NE 60 $482,746 -6.10%
Appreciation Rate 0.80%
The above data provides an average percentage difference for the affected paired sales of -
6.51% or -6.50% rounded. This percentage indicates the negative effect on the sale prices of the
affected sales due to the takings.
Conclusion:
The paired sales analysis of the comparables mentioned above portray monthly and annual
appreciation rates for properties that were and were not affected by the 1st phase of the
Vanderbilt Beach Road Extension. The properties that were affected had 100 foot and 110-foot
takings with improvement setbacks from the rear property line ranging from 320 feet to 360 feet
before the takings of 220 feet to 250 feet after the takings. The properties that were unaffected
had improvement setbacks from the rear property line of 298 feet to 455 feet. All of the properties
were similar in build and condition. The analysis shows a discrete difference in appreciation of
properties that were affected. It is concluded that the difference in the average appreciation for
affected and unaffected properties that are located in Golden Gate area is -6.50%. This rate will
be applied to the comparables within the analysis in order to quantify the loss in appreciation for
properties that will be affected by the road extension.
Valuation – Remainder Property
The remainder property will be one contiguous rectangular shaped tract. The taking area will change
the land area of the subject property from 2.50 acres to 2.12 acres. The parent parcel is improved with
a single-family residence that was built in 2001. The residence will continue to have access to 10th
Avenue NE with 165 feet of frontage along 10th Avenue NE. Front setbacks will not be affected due to
the taking. The taking area (Parcel 1328FEE) contains 0.38 acres or 16,500 square feet. The gross
land area will change from 2.50 acres to 2.12 acres. Therefore, the estimated value of the remainder
property before recognizing in any loss in value due to the new rear yard busy road frontage is
calculated at 2.12 acres x $70,000 per acre equals $148,400.
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In summary, the appraiser has estimated the parent tract before the taking to have a value of
$500,000. Also, the appraiser has estimated the land taken to have a value of $26,600. In addition, the
improvements within the taking area are concluded at $1,400 for a total part taken value of $28,000.
Therefore, the estimated value of the remainder property before recognizing in any loss in value due to
the new rear yard busy road frontage is $472,000 ($500,000 - $28,000).
Based on the previously aforementioned study, the appraiser has recognized a loss in value of
negative 6.50% or $30,700, ($472,000 x 0.065), due to the new rear yard frontage along the right-of-
way of the proposed Vanderbilt Beach Road Extension. Therefore, the appraiser has estimated the
remainder property “as severed” to have a value of $441,300 ($472,000 - $30,700).
Land Value:$148,400
$472,000
Value Indications Remainder Uncured
The concluded value of the remainder is
Severance Damages to the Remainder Property
Technically, severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as severed. When
the value of the remainder property, as severed, is less than the value of the remainder property, as
part of the whole, the difference is the actual measurement of the damages to the remainder property.
When the value of the remainder property, as severed, is greater than the value of the remainder
property, as part of the whole, the difference is not damage but is considered a benefit.
It is the appraiser’s opinion that the remainder property will be damaged after the taking due to the
new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt Beach Road
Extension.
The appraiser has estimated the remainder property, as part of the whole, to be $472,000, which
represents the value of the whole ($500,000), less the value of the part taken ($28,000). The appraiser
has also estimated the market value of the remainder property as severed to be $441,300. Therefore,
these value estimates indicate severance damages in the amount of $30,700 ($472,000 - $441,300).
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Cost to Cure Analysis
Due to the partial acquisition, a minor cost to cure will be necessary including re-establishing the
perimeter fencing. The total cost new to complete this cure was estimated at $2,800. The appraiser
has subtracted from this total, the $1,400 that was estimated for the value of improvements taken.
Accordingly, the net cost to cure is estimated to be $1,400 ($2,800 - $1,400). The following table
presents the previously provided information in tabular form.
Cost New of Cure 1328FEE
Re-establish Perimeter Fencing $2,800
Total:$2,800
1328FEE
Perimeter Fencing $1,400
Total:$1,400
Net Cost to Cure:$1,400
Less Costs Paid for in the Part Taken
Special Benefits
Based on the analysis of the remainder property, there are no special benefits.
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Summary of Values:
Partial Acquisition Quantity (Acres)Value per Acre Indicated Value Total
Land 2.50 70,000$ 175,000$ 175,000$
Improvements 325,000$
Total 500,000$
Land Taken 0.38 70,000$ 26,600$
Improvements Taken 1,400$
Total 28,000$
Remainder as Part of the Whole 472,000$
Remainder Property 441,300$
Damages, Total:30,700$
Special Benefits -$
Damages, Net 30,700$
Summary of Total Compensation
Part Taken
Land Taken 0.38 70,000$ 26,600$
Improvements Taken 1,400$
Total 28,000$
Damages 30,700$
Cost to Cure 1,400$
Total Compensation 60,100$
Parent Tract
Part Taken
1328FEESummary of Values
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Section 6 –Limiting Conditions
General Assumptions & Limiting Conditions
Information Used: No responsibility is assumed for accuracy of information furnished by others or
from others, including the client, its officers and employees, or public records. We are not liable for
such information or for the work of contractors, subcontractors and engineers. The comparable data
relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction
unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment
and knowledge.
Certain information upon which the opinions and values are based may have been gathered by
research staff working with the appraiser. Names, professional qualifications and extent of their
participation can be furnished to the client upon request.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No
responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any
architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal
nature or condition of the title to the property, which is presumed to be good and marketable. The
property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless
otherwise stated in particular parts of this report.
The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I
assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that
might be revealed thereby.
I have inspected, as far as possible by observation, the land thereon; however, it was not possible to
personally observe conditions beneath the soil or hidden; as a result, no representation is made herein
as to such matters unless otherwise specifically stated. The estimated market value assumes that no
such conditions exist that would cause a loss of value. I do not warrant against the occurrence of
problems arising from any of these conditions. It is assumed that there are no hidden or unapparent
conditions to the property, soil, subsoil or structures, which would render them more or less valuable.
No responsibility is assumed for any such conditions or for any expense or engineering to discover
them.
Information relating to the location or existence of public utilities has been obtained through inquiry to
the appropriate utility authority or has been ascertained from visual evidence. No warranty has been
made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or
mineral rights were not considered in this report unless otherwise stated.
Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all
applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the
report; and that all appropriate zoning, building and use regulations and restrictions of all types have
been or will be complied with and required licenses, consent, permits or other authority, whether local,
State, Federal and/or private, have been or can be obtained or renewed for the use intended and
considered in the value estimate.
Component Values: The distribution of the total valuation of this report between land and
improvements applies only under the proposed program of utilization. The separate valuations of land
and buildings must not be used in conjunction with any other appraisal and are invalid if so used.
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A report related to an estate that is less than the whole fee simple estate applies only to the fractional
interest involved. The value of this fractional interest, plus the value of all other fractional interests,
may or may not equal the value of the entire fee simple estate considered as a whole.
A report relating to the geographic portion of a larger property applies only to such geographic portion
and should not be considered as applying with equal validity to other portions of the larger property or
tract. The value for such geographic portions, plus the value of all other geographic portions, may or
may not equal the value of the entire property or tract considered as a single entity.
All valuations in the report are applicable only under the estimated program of the highest and best
use and are not necessarily appropriate under other programs of use.
Auxiliary and Related Studies: No environmental or impact studies, special market study or
analysis, highest and best use analysis study or feasibility study has been requested or made by us
unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right
to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or
conclusions upon any subsequent study or analysis or previous study or analysis that subsequently
becomes available to us.
Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date
of the estimate of value. All dollar amounts are based on the purchasing power and price of the
United States dollar as of the date of value estimate.
Inclusions: Furnishings and equipment or business operations, except as otherwise specifically
indicated, have been disregarded, with only the real estate being considered.
Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site
improvements proposed, if any, as well as any repairs required, are considered to be completed in a
good and workmanlike manner according to information submitted and/or considered by us. In cases
of proposed construction, the report is subject to change upon inspection of the property after
construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed
and operating at levels shown and projected.
Value Change, Dynamic Market Influences: The estimated value is subject to change with market
changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply
and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate
considers the productivity and relative attractiveness of the property both physically and economically
in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color
or national origin of the present owners or occupants of the properties in the vicinity of the property
appraised.
In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of
such benefits and my interpretation of income and yields and other factors which were derived from
general and specific market information. Such estimates are made as of the date of the estimate of
value. As a result, they are subject to change, as the market is dynamic and may naturally change
over time. The date upon which the value estimate applies is only as of the date of valuation, as
stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical
factors occurring at some later date which may affect the opinion stated herein.
An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and
not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the
same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of
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the date of valuation. There are no guaranties, either written or implied, that the property would sell for
the expressed estimate of value.
Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to
the subject property. No title search has been made, and the reader should consult an attorney or title
company for information and data relative to the property ownership and legal description. It is
assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any
information given by the appraiser as to a sales history is information that the appraiser has
researched; to the best of my knowledge, this information is accurate, but not warranted.
Management of the Property: It is assumed that the property which is the subject of this report will
be under prudent and competent ownership and management over the entire life of the property. If
prudent and competent management and ownership are not provided, this would have an adverse
effect upon the value of the property appraised.
Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this
report and analytical findings or conclusions or give a copy of this report to anyone other than the client
or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they
may request in confidence for ethic enforcement, or by a court of law with the power of subpoena.
All conclusions and opinions concerning the analyses as set forth herein are prepared by the
appraisers whose signatures appear. No change of any item in the report shall be made by anyone
other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is
made.
Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase
or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that,
during the course of our review and investigation of the property, no information has come to our
attention which would give us actual knowledge of the existence or absence of such facts.
The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of
receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use
whatsoever. Neither our name nor this report may be used in connection with any financing plans
which would be classified as a public offering under State or Federal Security Laws.
Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof,
does not carry with it the right of publication, nor may it be used for other than its intended use. The
physical report remains the property of the firm for the use of the client, with the fee being for the
analytical services only. This report may not be used for any purpose by any person or corporation
other than the client or the party to whom the report is addressed. Additional copies may not be made
without the written consent of an officer of the firm, and then only in its entirety.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations effort, news, sales or other media without my prior written consent and
approval of the client.
It has been assumed that the client or representative thereof, if soliciting funds for his project, has
furnished to the user of this report complete plans, specifications, surveys and photographs of land
and improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized
and may have been altered and, therefore, is considered invalid.
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Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for
appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of
the report. The appraisers or those assisting in the preparation of the report will not be asked or
required to give testimony in court or hearing because of having made the appraisal in full or in part,
nor will they be asked or required to engage in post appraisal consultation with client or third parties
except under separate and special arrangement and at an additional fee. Any subsequent copies of
this appraisal report will be furnished on a cost-plus expenses basis, to be negotiated at the time of
request.
Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation
of the appraisal. There is no accountability or liability to any third party.
Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the
physical report. The acceptance of the report by the client takes with it the agreement and
acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or
written. The fee is in no way contingent on the value estimated.
Special Limiting Conditions: The Americans with Disabilities Act became effective January 26,
1992. Notwithstanding any discussion of possible readily achievable barrier removable construction
items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and
analysis of this property to determine whether it is in conformance with the various detailed
requirements of the A.D.A. It is possible that a compliance survey of the property together with a
detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance
with one or more of the requirements of the A.D.A. If so, this fact could have a negative effect on the
value estimated herein. Since Carlson, Norris and Associates has no specific information relating to
this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of
any possible noncompliance with the requirements of the A.D.A. was not considered in estimating the
value of the subject property.
This analysis is made in conformity with the requirements with the Uniform Standards of Professional
Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to support
the highest and best use. The analyst is not an expert in area of soils and would recommend
that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil,
which would render them more or less valuable. Subsurface oil, gas or mineral rights were not
considered in this report unless otherwise stated. The analyst is not an expert with respect to
subsurface conditions and would recommend that an expert be consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
• We assume the legal description and size provided are correct.
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Section 7 – Addenda
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FLOOD MAP
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APPRAISERS' LICENSES
LICENSE FOR MICHAEL JONAS, MAI, AI-GRS
LICENSE FOR ZACHARY KAZAK
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QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623
EDUCATION:
University of Central Florida - 1999 BSBA – Finance
PROFESSIONAL EDUCATION:
Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022
Appraisal Institute: 2018 Legislative VALUEvent , 2018
Appraisal Institute: Advanced Income Capitalization, 2003
Appraisal Institute: Advancing the Appraisal Profession, 2019
Appraisal Institute: Analyzing Distressed Real Estate, 2007
Appraisal Institute: Appraisal Laws and Rules, 2000, 2002, 2004, 2020, 2022
Appraisal Institute: Appraisal Report Writing, 2005
Appraisal Institute: Artificial Intelligence, AVMS, 2019
Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020
Appraisal Institute: Capital Reserve Studies 2022
Appraisal Institute: Central Florida Real Estate Forum, 2022
Appraisal Institute: Desktop Appraisals 2020
Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022
Appraisal Institute: FL State Law for Real Estate Appraisers, 2004
Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016
Appraisal Institute: Florida Real Estate Valuation, 2011
Appraisal Institute: Florida State Law for Real Estate Appraisers, 2006
Appraisal Institute: Fundamentals of Separating Real Estate, 2012
Appraisal Institute: Insurance Appraisal, 2011
Appraisal Institute: National USPAP Update Course, 2000, 2002, 2004, 2006, 2008, 2010, 2012
Appraisal Institute: Real Estate Damages, 2011
Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007
Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022
Appraisal Institute: Review Theory – General, 2014
Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008
Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008,
2012, 2014, 2016 2020, 2022
Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012
Appraisal Institute: The Appraiser as an Expert Witness, 2016
Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022
Appraisal Institute: Trial Components, 2016
Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007
Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021
Bob Hogue: CE for Florida Real Estate Professionals, 2016
CCIM Institute: Financial Analysis Commercial Investment, 2008
CCIM Institute: Financial Analysis for Commercial, 2008
CCIM Institute: Investment Analysis Commercial Investment, 2009
CCIM Institute: Investment Analysis Commercial, 2009
CCIM Institute: Market Analysis Commercial Investment, 2008
CCIM Institute: User Decision Analysis Commercial Industrial, 2009
CLE International: Eminent Domain, 2006
Cooke: CE for Real Estate Professionals, 2015
DPBR: FREAB Board Meeting, 2007
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Larson Educational Services: Core Law, 2010
McKissock: Supervisor – Trainee Course for Florida, 2019
NABOR Ethics Training: 2004, 2008, 2012, 2016
EXPERIENCE:
1999 – 2000 Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Chapman & Associates Sarasota, FL
2001 – 2008 Coast Engineering Consultants, Inc Naples, FL
2008 – 2009 Orion Bank. Naples, FL
2009 – 2011 Iberia Bank Naples, FL
2011 – 2014 Integra Realty Resources Naples, FL
2014 – 2016 Capstone Valuation Advisors, LLC Naples, FL
2016 – 2019 MPJ Real Estate Services, Inc. Naples, FL
2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL
PROFESSIONAL MEMBERSHIP:
Appraisal Institute, Member (MAI / AI-GRS) No. 12480
Certified Commercial Investment Member, CCIM No. 18275 Certification,
State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors
State of Florida, Registered Real Estate Broker BK700992
Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial
buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse
condominiums, single family homes, duplexes, apartment projects, individual condominium projects,
residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels,
marinas, mixed-use subdivisions, regional malls, gas stations, self-storage facilities and eminent domain
cases.
Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders,
developers, mortgage companies, insurance companies, home transfer companies, private individuals,
and local, state and federal government agencies.
Qualified as an expert witness in Monroe and Collier County Circuit Court
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QUALIFICATIONS OF ZACHARY D. KAZAK
REGISTERED TRAINEE APPRAISER RI24996
EDUCATION:
Edward Waters College – Bachelor of Business Administration – Management
PROFESSIONAL EDUCATION:
Basic Residential Appraisal Principles – November 2020
Basic Residential Appraisal Procedures – December 2020
Florida Appraisal Law – November 2020
2020-2021 USPAP 15-hour Course – November 2020
National Appraising for Supervisor and Trainee – December 2020
EXPERIENCE:
2021-Present: Carlson, Norris and Associates, Inc.
Fort Myers, Florida
PROFESSIONAL MEMBERSHIP:
Certification State-Registered Trainee Appraiser RI24996
Properties appraised/assisted include: retail centers, commercial buildings, industrial buildings,
warehouses, professional offices, medical offices, office/warehouse condominiums, vacant commercial
land, vacant industrial land, special use properties, and other miscellaneous properties.
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