Agenda 01/14/2025 Item #16A16 (Agreement for Sale and Purchase under the CCLA Program with 1) Erik C. Fernandez & Terratrust LLC (“Fernandez”), JOL Property Ventures LLC and Abel Martinez Chavez)1/14/2025
Item # 16.A.16
ID# 2024-1931
Executive Summary
Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition
Program with 1) Erik C. Fernandez & Terratrust LLC (“Fernandez”) for a 1.59-acre parcel at a cost of $44,520; 2) JOL
Property Ventures LLC for a 1.14-acre parcel at a cost of $36,480; and 3) Abel Martinez Chavez for a 1.14-acre parcel at
a cost of $36,480, for a total cost not to exceed $122,210 inclusive of closing costs.
OBJECTIVE: To purchase three parcels totaling 3.87 acres within the Conservation Collier Winchester Head Preserve
and Panther Walk Preserve multi-parcel project areas.
CONSIDERATIONS: On October 10, 2023, Agenda Item No. 11B, the Board of County Commissioners (Board)
approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommending Cycle 12A Active
Acquisition List (AAL) and directed staff to actively pursue the acquisition of the properties under the Program. The
Fernandez parcel, within the Winchester Head Preserve multi-parcel project, was approved as an A-list property on the
Cycle 12A AAL.
On June 25, 2024, Agenda Item No. 16.A.13., the Board of County Commissioners (Board) approved a Conservation
Collier Land Acquisition Advisory Committee (CCLAAC) recommending Cycle 12B Active Acquisition List (AAL)
and directed staff to actively pursue the acquisition of the properties under the Program. The JOL Property Ventures
parcel and the Martinez Chavez parcel within the Panther Walk Preserve multi-parcel project were approved as A-list
properties on the Cycle 12B AAL.
Winchester Head Preserve: The Winchester Head Multi-Parcel project, located north of Oil Well Road and east of
Everglades Boulevard, was established in 2005. A total of 109.9 acres (69%) of the 158.4-acre Project has been acquired
within the project boundary. Acquisition within Winchester Head provides floodplain storage for surrounding home
sites during the high rainy season. These types of depressional storage areas were included in the water management
models for the Golden Gate canal system done by the Big Cypress Basin, South Florida Water Management District,
and are a component of flood control for the area. Winchester Head has also been targeted for future watershed
improvement projects in the County's Watershed Management Plan. Additional program criteria that would be satisfied
by this acquisition include protection of surface and groundwater resources, protection of wetland-dependent species
habitat, and good potential for restoration.
The Project consists primarily of freshwater marsh and cypress, a habitat for many endangered wading birds, including
the wood stork. Telemetry points show Florida Panthers using the area, and panthers have been observed on wildlife
cameras on the existing preserve.
Staff contracted with one independent, state-certified, general real estate appraisal firm to appraise all parcels within the
Project. The May 2024 appraisal provided a value for wetland parcels within the Project at $28,000 an acre. The cost to
obtain the appraisal was $1,800.
Fernandez - Parcel 39955360002 is on the south side of 37th Ave NE, east of Everglades Blvd. N.
1. 1.59 acres of vacant, unimproved land consisting of freshwater marsh and scattered cypress with 100% hydric
mapped soils.
2. An offer of $42,290 was made on May 29, 2024, and rejected. On August 12, 2024, the negotiated offer of
$44,520 was accepted. The purchase price is 100% of the appraised value.
Panther Walk Preserve: Although Conservation Collier acquired the original 4.6 acres of Panther Walk Preserve in
2007 and 2008 and began purchasing several more parcels near the preserve in 2022, the Panther Walk Preserve Multi-
Parcel project was not established until February 28, 2023, with Board approval of the Conservation Collier Cycle 11B
AAL, Agenda Item No. 11C. To date, the Program has acquired 15% of the 426.1-acre project area, for a total of 66.0
acres.
The Panther Walk Preserve Multi-parcel Project is located within the northern reaches of the Horsepen Strand. Strands
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Item # 16.A.16
ID# 2024-1931
are a type of forested swamp that forms slow-flowing, linear drainage channels across flatlands with high water tables.
The Horsepen Strand begins at Immokalee Rd in the Northern Golden Gate Estates and flows south into the North Belle
Meade area north of I-75. These parcels significantly protect water resources and provide the Surficial Aquifer's
recharge capacity and were noted as such by Collier County Stormwater Management staff during the establishment of
this multi-parcel Project. Properties in this area are subject to frequent flooding. These parcels provide critical flood
water attenuation as more land is cleared and filled for development. Wetland vegetation on these parcels slows down
the flow of water and filters out nutrients and sediments before they reach the canals to the gulf.
The project area contains protected species of plants, including hand fern and four listed bromeliads in the Tillandsia
genus. The parcels provide high-quality habitat for wetland-dependent species, including the Florida black bear, listed
wading birds, and the Florida panther. The low-density nature of development in this neighborhood allows wildlife to
move relatively unimpeded across the landscape and north into the Corkscrew Regional Ecosystem Watershed. A
protected corridor is necessary to preserve wildlife's freedom of movement through this rapidly developing landscape.
Parcels within the project area protect the highly diverse Horsepen Strand, expand the Panther Walk Preserve, and
provide the backbone for a potential north-south corridor and necessary refugia for urban wildlife.
Staff contracted with two independent, state-certified, general real estate appraisal firms to appraise all parcels within
the Panther Walk Preserve Multi-parcel Project. The appraisals provided an average value of $32,000 an acre for parcels
between 1.14 and 2.73 acres, based on comparable sales from wetland, not upland parcels. The total cost to obtain the
appraisals was $4,500.
JOL Property Ventures - Parcel 38844880005, north off of 60th Ave NE, west of Everglades Blvd. N.
1. 1.14 acres of vacant, unimproved land consisting of cypress with 100% hydric mapped soils.
2. The negotiated purchase price of $36,480, the full appraised value, was agreed upon on October 24, 2024.
Martinez Chavez - Parcel 39149760007, north off of 68th Ave NE, west of Everglades Blvd. N.
1. 1.14 acres of vacant, unimproved land consisting of hydric pine flatwoods and marsh with 18% hydric mapped soils
2. The negotiated purchase price of $36,480 was agreed upon on October 21, 2024. The purchase price is the full
appraised value.
Both the JOL Property Ventures and the Martinez Chavez parcels are located within the Panther Walk Preserve project
area north off of 60th Ave and will be acquired as fee simple purchases at full appraised value; therefore, they meet the
qualifications for Florida Wildlife Corridor Foundation (FWFC) funding assistance under the Memorandum of
Understanding (MOU) between Collier County and FWCF (April 23, 2024, Agenda Item 16A1). FWFC will contribute
one-half of the contract price of each parcel ($18,240) towards each acquisition for a total of $36,480.
These acquisitions are consistent with the Conservation Collier Purchasing Policy, Resolution No. 2023-10, which
allows offer amounts to be determined by staff but no more than the appraised value.
Pursuant to Ordinance 2002-63, as amended, Section 12(6), Project Design Reports ("PDR" s) for these properties are
provided herewith.
FISCAL IMPACT: The funds for these land acquisitions will be withdrawn from the Conservation Collier Trust Fund
(1061). Per the Collier County/FWCF MOU, FWCF will wire $36,480 to Conservation Collier Trust Fund (1061) after
the JOL Property Ventures and Martinez Chavez Agreements are approved by the Board and after FWCF has received
documentation demonstrating that all MOU conditions have been met in preparation for the closings. The properties
identified herein are comprised of a not-to-exceed acquisition cost of $122,210 as follows:
Seller Name Acres Appraised
Value
Purchase
Price
Closing costs (title
commitment, title
policy, closing fee,
Total
Purchase
Price
Initial 5
Yr. Maint.
Costs
Long-term
Annual
Maint. Costs
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1/14/2025
Item # 16.A.16
ID# 2024-1931
recording fees)
Fernandez 1.59 $44,520 $44,520 $1,610 $46,130 $1,880 $240
JOL Property
Ventures
1.14 $36,480 $36,480 $1,560 $38,040 $1,400 $170
Martinez
Chavez
1.14 $36,480 $36,480 $1,560 $38,040 $1,400 $170
TOTAL 3.87 $117,480 $117,480 $4,730 $122,210 $4,680 $580
As of January 14, 2025, the estimated property acquisition costs for Conservation Collier properties, including these
properties and those under contract, total $128,364,781. The funds for managing these parcels will be expended from the
Conservation Collier Maintenance Fund (1062). The initial maintenance costs are provided in the attached Project
Design Reports (PDR). The total maintenance costs for these parcels for the first five years (initial maintenance costs)
are estimated at $4,680. After initial restoration, the estimated maintenance costs for these parcels will be approximately
$580 annually.
GROWTH MANAGEMENT IMPACT: Fee simple acquisition of conservation lands is consistent with and supports
Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth Management Plan.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval.
- SAA
RECOMMENDATIONS: 1) To approve the attached Agreements and accept the Warranty Deeds once approved by
the County Attorney’s Office.
2) To authorize the Chairman to execute the Agreements and any and all other County Attorney’s Office approved
documents related to these transactions; and
3) To authorize the County Manager or designee to prepare related vouchers and warrants for payments and to take all
reasonable steps necessary to ensure performance under the Agreements.
PREPARED BY: Melissa Hennig, Environmental Specialist I, Conservation Collier, Development Review Division
ATTACHMENTS:
1. Fernandez Agreement
2. Fernandez-WH- PDR
3. WH Carroll and Carroll appraisal 5-2024
4. JOL Property Ventures Agreement
5. JOL Property Ventures-PDR-PWP
6. Chavez Martinez Agreement
7. Chavez Martinez-PDR-PWP
8. Panther Walk appraisal - Carroll & Carroll
9. Panther Walk appraisal - RKL
10. FWCF MOU 04_23_2024 Item #16A 1
11. Panther Walk Preserve Status Map
12. Winchester Head Status Map
Page 2024 of 6405
CONSERVATION COLLIER
TAX rO NUMBER 39955360002
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between Erik C. Fernandez,
whose address is 13721 SW 13th St. Miami. FL 33184. and Terratrust LLC. a Florida
Limited Liability Company, whose address is 2130'1 S Tamiami Trail Suite 320-200,
Estero. FL 33928 (hereinafter referred to as "Selled'), and COLLIER COUNTY. a
political subdivision of the State of Florida, its successors and assigns, whose address
is 3335 Tamiami Trail East. Suite 101, Naples, FL 34112 (hereinafter referred to as
"Purchaser").
WITNESSETH
WHEREAS. Seller is the owner of that certain parcel of real property (hereinafter
refened to as "Property"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other agreements hereinafter set forth, and Seller is agreeable to such sale and to
such conditions and agreements.
NOW, THEREFORE, and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A"
2.01 The purchase price (the "Purchase Price") for the Property shall be Forty
Four Thousand, Five Hundred and Twenty Dollars and 00/100 CenB
($114,520.00), (U.S. Cunency) payable at time of closing.
III, CLOSING
3.01 The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of
the transaction shall be held on or before one hundred and eighty (180) days
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all closing documents, whichever is later. The Closing shall
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CC Agreem€nt 06/102024 Page 1 of 15
II. PAYMENT OF PURCHASE PRICE
Page 2025 of 6405
be held at the office of the insuring title company or by mail. The procedure to be
followed by the parties in connection with the Closing shall be as follows:
3.011 Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance with law
At the Closing, the Seller shall cause to be delivered to the Purchaser the items
specified herein and the following documents and instruments duly executed and
acknowledged. in recordable form.
3.01 11 Warranty Deed in favor of Purchaser conveying title to the Property.
free and clear of all liens and encumbrances other than.
(a) The lien for current taxes and assessments
(b) Such other easements, restrictions, or conditions of record
3.01 12 Combined Purchaser-Seller closing statement.
3.0113 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the title
insurance underwriter to insure the "gap" and issue the policy contemplated
by the title insurance commitment.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0121 A negotiable instrument (County Wanant) in an amount equal to the
Purchase Price. No funds shall be disbursed to Seller until the Title
Company verifies thal the state of the title to the Property has not changed
adversely since the date of the last endorsement to the commitment,
referenced in Section 4.01 'l thereto, and the Title Company is irrevocably
committed to pay the Purchase Price to Seller and to issue the Owner's title
policy to Purchaser in accordance with the commitment immediately after the
recording of the deed.
3.0'122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustment for
prorations as hereinafter set forth.
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CONSERVATION COLLIER
TAX ID NUMBER 39955360002
r.t, F,
(a
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3.02 Each party shall be responsible for payment of its own attorney's fees. Seller,
at its sole cost and expense, shall pay at Closing all documentary stamp taxes due
relating to the recording of the Warranty Deed, in accordance with Chapter 2O1.01,
Florida Statutes, and the cost and electronic fee of recording any instruments
necessary to clear Seller's title to the Property. The cost of the Owner's Form B
Title Policy, issued pursuant to the Commitment provided for in Section 4.011
below, shall be paid by Purchaser. The cost of the title commitment shall also be
paid by Purchaser. lf required by a Phase I report and desired by Purchaser.
Seller shall gay lor a Phase ll Environmental Assessment selected by Purchaser
3.03 Purchaser shall pay for the cost of recording the Warranty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage.
IV. REOUIREMENTS AND CO NDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be. shall
perform the following within the times stated, which shall be conditions precedent
to the Closing:
4.01't Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form 8-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. lf the title commitment contains exceptions
that make the title unmarketable, Purchaser shall deliver to the Seller written
notice of its intention to waive the applicable contingencies or to terminate this
Agreement.
4.012 lf Purchaser shall fail lo advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects to convey good
and marketable title at Seller's expense, except for liens or monetary
obligations which will be satisfied at Closing. Seller, at its sole expense, shall
use its best efforts to make such title good and marketable. ln the event Seller
is unable to cure said objections within said time period, Purchaser, by
providing written notice to seller within seven (7) days after expiration of said
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CONSERVATION COLLIER
TAX ID NUMBER 39955360002
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CONSERVATION COLLIER
TAX rO NUMBER 39955360002
thirty (30) day period, may accept title as it then is, waiving any objection; or
Purchaser may terminate the Agreement. A failure by Purchaser to give such
written notice of termination within the time period provided herein shall be
deemed an election by Purchaser to accept the exceptions to title as shown in
the title commitment.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within ten (10) days of the effective date of this
Agreement. Purchaser shall have the option, at its own expense. to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any such
obiections. Should Seller elect not to or be unable to remove the
encroachment, proiection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Propefi as it then is, waiving any objection to the encroachment, or proiection,
or lack of legal access, or Purchaser may terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred twenty (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
2. There are no abnormal drainage or environmental requirements to the
development of the ProPefi.
3. The Property is in compliance with all applicable state and Federal environ-
mental laws and the Property is free from any pollution or contamination'
CC Agreernenl 0&1 0.2024 Page ia ol t5
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CONSERVATION COLLIER
TAX ID NUMBER 39955360002
4. The Property can be utilized for its intended use and purpose in the
Conservation Collier program.
5.02 lf Purchaser is not satisfied. for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period. written notice of its intention to waive the applicable
contingencies or lo terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objeclions as provided herein within the lnspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
5.03 Purchaser and its agents, employees and servants shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
Purchaser shall. in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
7.0'l Purchaser shall be entitled to full possession of the Property at Closing
VIII- PRORATIONS
8.01 Ad valorem taxes ne)d due and payable, after closing on the Property, shall
be prorated at Closing based upon the gross amount of current year taxes, and
shall be paid by Seller.
IX. TERMINATION AND REMEDIES
9,01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to seller. Purchaser shall have
th-e right to seek and enforce all rights and remedies available at law or in equity to
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VI. INSPECTION
VII. POSSESSION
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CONSERVATION COLLIER
TAX tO NUMBER 39955360002
9.02 The parties acknowledge that the remedies described herein and in the
other provisions of this Agreement provide mutually satisfactory and sufficient
remedies to each of the parties and take into account the peculiar risks and
expenses of each of the parties.
X, SELLER'S AND PUR CHASER'S REPRESENTATIONS AND WA RRA NTIE S
'10.01 Seller and Purchaser represent and warrant the following
''10.011 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceeding. Seller further represents
the Property is free from any and all occupants, tenants, and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing.
10.012 Seller has full right, power, and authority to own and operate the
Property, and to execute, deliver, and perform its obligations under this
Agreement and the instruments executed in connection herewith. and to
consummate the transaction contemplated hereby- All necessary
authorizations and approvals have been obtained authorizing Seller and
Purchaser to execute and consummate the transaction contemplated hereby.
At Closing, certified copies of such approvals shall be delivered to Purchaser
and/or Seller, if neccssary.
10.013 The warranties set forth in this paragraph shall be true on the date of
this Agreement and as of the date of Closing. Purchaser's acceptance of a
deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement.
10.014 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other
property that could, if continued, adversely affect Seller's ability to sell the
Property to Purchaser according to the terms of this Agreement.
't 0.015 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof .
CC Agreernenl 0&1 0/2024
CL (
a contract vendee, including the right to seek specific performance of this
Agreement.
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CONSERVATION COLLIER
TAX ID NUMBER 39955360002
10.0'16 Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Seller shall not encumber or convey any portion of the
Property or any rights therein, nor enter into any agreements granting any
person or entity any rights with respect to the Property or any part thereof,
without first obtaining the written consent of Purchaser to such conveyance,
encumbrance, or agreement which consent may be withheld by Purchaser for
any reason whatsoever.
10.017 Seller represents that they have (it has) no knowledge that there is or
ever has been incinerators. septic tanks, or cesspools on the Property: all
waste. if any, is discharged into a public sanitary sewer system; Seller
represents that they have (it has) no knowledge that any pollutants are or have
been discharged from the Property, directly or indirectly into any body of water.
Seller represents that to their knowledge the Property has nol been used for
the production. handling, storage, transportation, manufacture, or disposal of
hazardous or toxic substances or wastes, as such terms are defined in
applicable laws and regulations, or any other activity that would have toxic
results. and no such hazardous or toxac substances are currently used in
connection with the operation of the Property, and there is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
(it has) no knowledge that there is ground water contamination on the Property
or potential of ground water contamination from neighboring properties. Seller
represents that they have (it has) no knowledge that there is or ever has been
any storage tanks for gasoline, or any other substances are or were located on
the Property at any time during or prior to Seller's ownership thereof. Seller
represents that they have (it has) no knowledge that any part of the Property
has ever been used as a sanitary landfill.
10 018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal, State or
local statute. law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance, code
or regulation or reguiring or calling attention to the need for any work, repairs,
construction. allerations or installation on or in connection with the Property in
order to comply with any laws, ordinances, codes or regulation with which
Seller has not complied.
1O.O'19 Seller has no knowledge of unrecorded leases, licenses or other
possessory interests, restrictions, easements, or rights of way (other than
existing zoning regulations) that restrict or affect the use of the Property, and
there are no maintenance, construction, advertising, management, leasing,
employment, service, or other contracts affecting the Property-
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CONSERVANON COLLIER
iAx ro NUMEER 399s5360002
'10.020 Seller has no knowledge that there are any suits, actions or arbitration,
bond issuances or proposals therefor, proposals for public improvement
assessments, pay-back agreements, paving agreements, road expansion or
improvement agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Property or which adversely affects Selle/s ability
to perform hereunder; nor is there any other charge or expense upon or related
to the Property which has not been disclosed to Purchaser in writing prior to
the effective date of this Agreement.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Seller's representations stated above and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the effective date of this
Agreement up to and including the Date of Closing, Therefore, Seller agrees
not to enter into any contracts or agreements pertaining to or affecting the
Property and not to do any act or omit to perform any act which would change
the zoning or physical condition of the Property or the governmental
ordinances or laws governing same. Seller also agrees to notify Purchaser
promptly of any change in the facts contained in the foregoing representations
and of any notice or proposed change in the zoning, or any other action or
notice, that may be proposed or promulgated by any third parties or any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condition of the Property.
10.022 At the Closing. Seller shall deliver to Purchaser a statement
(hereinafter called the "Closing Representative Statement") reasserting the
foregoing representations as of the Date of Closing, which provisions shall
survive the Closing.
'10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment which shall
be in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601,
et seq., ("CERCLA" or "superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1986 ("SARA")' including
any amendments or successor in function to these acts. This provision and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
CC Agreement 06/1q2024 o )
l:,L,V,
Page 8 of 15
Page 2032 of 6405
CONSERVATION COLLIER
TAX rO NUMBER 39955360002
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
11.01 Any notice, request, demand, instruction, or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
reguested, postage prepaid, addressed as follows:
lf to Purchaser Summer Arague. Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 34116
Vvrth a copy to Attn: Grant Cox
Collier County Real Property Management
3335 Tamiami Trail East. Suite 102
Naples, Florida 34112
Telephone number: 239-252-537 3
Fax number: 239-252-8876
lf to Seller
11.02 The addressees and numbers for the purpose of this Article may be
changed by either party by giving written notice of such change to the other party
in the manner provided herein. For the purpose of changing such addresses or
addressees only. unless and until such written notice is received, the last
addressee and respective address stated herein shall be deemed to continue in
effect for all purposes.
XII. REAL ESTATE BROKERS
Terratrust LLC
21301 S Tamiami Trail Suite 320-200
Estero, FL 33928
239440-6044
12.01 Any and all brokerage commissions or fees shall be the sole responsibility
of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from
CC Agreement 06/10/2024
@V,C I-
Page 9 of 15
xr NQflcEs
Erik C. Fernandez
1372'1 SW l3th St
Miami, FL 33184
713-725-7788
Fax number: N/A
Page 2033 of 6405
CONSERVATION COLLIER
TAX rD NUMEER 3995536@02
and against any claim or liability for commission or fees to any broker or any other
person or party claiming to have been engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement. Seller agrees to
pay any and all commissions or fees at closing pursuant to the terms of a separate
agreement, if any.
XIII. MISCELLANEOUS
'13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
'13.02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or admits.
13.03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties.
13.04 Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extend, or
limit the scope or intent of this Agreement or any provisions hereof.
13.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
13.06 No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to
which it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as to any other provision.
13.07 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business daY.
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subiect to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
;,ta
Page 10 ot 15CC Agreem€nt 06/,l02024 @
Page 2034 of 6405
CONSERVATION COLLIER
TAX tD NUUBER 39955360002
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust, or any form of representative capacity whatsoever
for olhers. Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 5'17, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XIV. ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise, representation, warranty, or
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modification or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement.
15.01 Any development rights or credits available on the Property are relinquished
by the Seller and conveyed to the Purchaser at closing as part of the sale of the
Property.
S/GruATURESAPPEAR ON THE FOLLOWNG PAGES
CC Agreernent 06/1 0/2024
€ c.i.
Page 1l ot 15
XV, ACKNO\^/LEDGMENT OF POTENTIAL FUTURE USE
6
Page 2035 of 6405
CONSERVATION COLLIER
TAX lD NUMBER: 39955360002
lN WTNESS WHEREOF, the parties hereto have signed below.
Dated ProjecUAcquisition Approved by BCC:--=-'=-
AS TO PURCHASER:
ATTEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Comptroller
By
, Deputy Clerk Chris Hall, Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
CC Agreement 06/10/2024 Page 12 of l5
Ga
Page 2036 of 6405
CONSERVATION COLLIER
TAX lD NUMBERT 39955360002
AS TO SELLER
DATED:
Print Name:'YnVL,Verr^ntkL
Z
By
Erik C. Fernandez
CC Agreement 06/1 0/2024
€.o,(
Page 13 of 15
-7L^
('--'-'
Page 2037 of 6405
CONSERVATION COLLIER
TAX rO NUMBER 39955360002
AS TO SELLER:
Terratrust LLC
a Florida Limited Liability Company
DATED:l0-ZO
By
Print Name:L4
Title:
Approved as lo form and legality:
Assistant County Attorney
CC Agreement 06/10/2024 ffir.r Page 14 of 15 (D
t
Page 2038 of 6405
CONSERVANON COLLIER
TAX ID NUMBER 3995536(M2
EXHIBIT ..A"
PROPERTY IDENTIFICATION NUMBER: 39955360002
The East 105 feet of the East 180 feet of Tract 46. Golden Gate Estates Unit No. 65.
according to the Plat thereof, recorded in Plat Book 5, Page 88, of the Public Records of
Collier County, Florida
1.59 ACRES
CC Agreement 06/1 0D024
"u.U,(
Page l5 ot 15
@
Page 2039 of 6405
1
Conservation Collier Land Acquisition Program
Project Design Report
Fernandez Property
Date: December 2024
Property Owner(s): Erik C. Fernandez
Folio: 39955360002
Location: GOLDEN GATE EST UNIT 65 TR 46
Size: 1.59 acres
Purchase Price: $44,520
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
The Fernandez parcel is within the Winchester Head multi-parcel project area. Winchester
Head is an undeveloped depressional cypress head and marsh wetland located in NGGE in
Units 62 and 65. Using aerial photographs, elevation data, soil maps and public input, a
total of 114 parcels (158.4 acres) were identified as being important for acquisition.
Selected parcels include wetlands and small areas of upland buffers on parcels which are
more than half wetland. The entire project site is within North Golden Gate Estates,
identified within the Conservation Collier Ordinance (Ord. No. 2002-63, as amended) as a
Target Protection Area.
One important reason for the selection of Winchester Head as a conservation target is that
this area functions to provide floodplain storage for surrounding home sites during high
rainy season. These types of depressional storage areas were included in the water
management models for the Golden Gate canal system done by the Big Cypress Basin,
South Florida Water Management District and are a component of flood control for the
area. Winchester Head has also been targeted for future watershed improvement projects
(North Golden Gate Flowway Restoration Project) in the County’s Watershed
Management Plan. At this time, Conservation Collier owns 111.1 acres out of a total of
158.4 acres, or 70% of the project area.
Selected for the “A” category,
#1 priority, on the Active
Acquisition List (AAL) by
CCLAAC
AAL most
recently
approved by
BCC
Date of
Offer
Date Offer
Accepted
7/14/2023 10/10/2023 5/29/2024 8/12/2024
Page 2040 of 6405
2
Additional program criteria that would be satisfied by this acquisition include protection
of surface and ground water resources, protection of wetland dependent species habitat,
and good potential for restoration. This parcel is primarily freshwater marsh with some
scattered cypress trees. There is a low infestation of Brazilian pepper and old-world
climbing fern. A paved public road (37th Ave NE) provides access to the parcel and allows
the property to be readily viewed.
Zoning, Growth Management and Land Use Overlays: The Winchester Head project
parcels are entirely within the Northern Golden Gate Estates. The zoning classification for
all the parcels is Estates (E), a rural residential classification. There are no additional land
use overlays applicable.
Projected Management Activities:
While Winchester Head as a whole is relatively free of exotic plants, ongoing control is
done annually or as needed. Exotic maintenance should be minimal and will be included
in the management budget for the overall Winchester Head project. Most of the project
area for Winchester Head is wetlands, and trails are not feasible. A raised boardwalk would
be the best public access opportunity; however, this will not be considered until sometime
into the future of the project when more parcels are acquired. Nature photography and bird
watching from roadways are two activities that can occur at present. Currently, the three
roads (37th, 39th, and 41st Streets NE) provide paved access to the project area but the only
parking is the road right-of-way. At present, a visitor parking area is not available but could
be constructed in the future. An educational kiosk can be placed along one of the roads
through the project containing information on wetlands and on the preservation of the area.
Signs can be placed at boundaries along the roadways.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028
2029
Exotics $480 $320 $320 $320 $240
Signage $200
Total $680 $320 $320 $320 $240
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
Page 2041 of 6405
3
Page 2042 of 6405
4
Page 2043 of 6405
APPRAISAL REPORT
FOR
THE CONSERVATION COLLIER
PROGRAM AND THE COLLIER
COUNTY BOARD OF COUNTY
COMMISSIONERS
SUBJECT PROPERTY:
WINCHESTER HEAD PRESERVE
NAPLES, FL 34120
AT THE REQUEST OF:
ROOSEVELT LEONARD, R/W-AC
SUPERVISOR – REAL PROPERTY
MANAGEMENT
COLLIER COUNTY FACILITIES
MANAGEMENT/REAL PROPERTY
3335 TAMIAMI TRAIL E., STE. 101
NAPLES, FL 34112
ASSIGNMENT NO.:
6713-TS
APPRAISAL EFFECTIVE DATE:
MAY 13, 2024
DATE OF REPORT:
MAY 20, 2024
Page 2044 of 6405
6713 Report Table of Contents
Carroll & Carroll
Table of Contents
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1
CERTIFICATION ..................................................................................................................................... 3
SCOPE OF WORK ................................................................................................................................... 5
ESTATE APPRAISED .............................................................................................................................. 6
DEFINITION OF MARKET VALUE ..................................................................................................... 7
ASSUMED EXPOSURE TIME ................................................................................................................ 7
AREA INFORMATION .......................................................................................................................... 8
MARKET AREA ..................................................................................................................................... 17
PROPERTY INFORMATION ............................................................................................................... 29
SITE DESCRIPTION – WINCHESTER HEAD PRESERVE ......................................................... 31
ENVIRONMENTAL CONTAMINATION .................................................................................... 34
NATURAL RESOURCE CONCERNS ............................................................................................ 35
FUTURE LAND USE ......................................................................................................................... 37
ZONING .............................................................................................................................................. 39
HIGHEST AND BEST USE ................................................................................................................... 41
CONSIDERATION OF APPROACHES ............................................................................................. 42
SALES COMPARISON APPROACH ................................................................................................. 43
WINCHESTER HEAD PRESERVE...................................................................................................... 44
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 45
LAND SALES ADJUSTMENT GRID – UP TO 25% WETLANDS.............................................. 46
LAND SALES ADJUSTMENT GRID – 26-50% WETLANDS ..................................................... 47
LAND SALES ADJUSTMENT GRID – 51-75% WETLANDS ..................................................... 48
LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ................................................... 49
FINAL ESTIMATE OF VALUE – WINCHESTER HEAD ........................................................ 57
ADDENDA ............................................................................................................................................. 58
Page 2045 of 6405
6713 Report Summary of Important Data & Conclusions
Carroll & Carroll 1
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS
This information is summarized only for convenience. The value given is the final, rounded
conclusion of the appraisal. To use this summary without first reading the appraisal report
could be misleading.
PROPERTY INFORMATION
Property Identification
Winchester Head Preserve Market Area
Naples, FL 34120
Property Description
Winchester Head Preserve consists of 40 parcels or a total of
52.6 acres remaining to be acquired which are located
within Golden Gate Estates, Unit 65 in Naples, Florida.
Property Type Vacant Land
Owner of Record Full List Copied into the Addendum
Property ID # Full List Copied into the Addendum
CLIENT INFO & VALUE CONCLUSIONS
Client Collier County Facilities Management Department
Intended Use
To assist the Conservation Collier Program and the Collier
County Board of County Commissioners.
Intended Users
Conservation Collier Program and the Collier County
Board of County Commissioners.
Appraisal Effective Date May 13, 2024
Date of Report May 20, 2024
Date of Inspection N/A
Purpose of Appraisal
Estimate the market value on a price per acre basis within
the Winchester Head Preserve for the various tiers.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 51-75% Wetlands
IV. 76-100% Wetlands
Estate Appraised Fee Simple
Interest Appraised 100%
Estimated Market Values
I Up to 25% Wetlands $76,000 per acre
II 26-50% Wetlands $48,000 per acre
III 51-75% Wetlands $35,000 per acre
IV 76-100% Wetlands $28,000 per acre
GENERAL INFO
Appraiser
Timothy W. Sunyog, MAI
State-Certified General Appraiser RZ 3288
Scope of Work All applicable approaches to value were developed.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
Page 2046 of 6405
6713 Report Summary of Important Data & Conclusions
Carroll & Carroll 2
None
HYPOTHETICAL CONDITIONS
None
Page 2047 of 6405
6713 Report Certification
Carroll & Carroll 3
CERTIFICATION
I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF:
I did not physically inspect the Winchester Head Preserve parcels or comparable sales,
but I relied on aerial photography for my analysis.
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 our personal, impartial and unbiased
professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
In the three years immediately prior to acceptance of this assignment I have not
performed any services regarding the subject property as appraisers, or in any other
capacity.
I have no bias with respect to the property that is the subject of this report or the parties
involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated result
or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
My analyses, opinions and conclusions were developed, and this report was prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice. I am also
subject to the Code of Ethics and Standards of Professional Practice of the Appraisal
Institute, which includes provisions for peer review.
The use of this report is subject to the requirements of the State of Florida relating to
review by the Florida Real Estate Appraisal Board and to the requirements of the
Appraisal Institute relating to review by its duly authorized representatives.
Page 2048 of 6405
6713 Report Certification
Carroll & Carroll 4
No one other than the undersigned prepared the analyses, opinions and conclusions
concerning real estate that are set forth in this report.
As of the date of this report, I have completed the requirements of the continuing
education program of the State of Florida, and for Designated Members of the
Appraisal Institute.
CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
Page 2049 of 6405
6713 Report Scope of Work
Carroll & Carroll 5
SCOPE OF WORK
All applicable approaches to value were developed and the value conclusion reflects all
known information about the subject property, market conditions, and available data.
The scope of work was:
• I did not physically inspect the Winchester Head Preserve parcels or the comparable
sales, but I relied on aerial photography.
• Reviewed aerial photographs, land use plans, the Land Development Code, the
Conservation Collier Initial Criteria Screening Report, and other documentation.
• Reviewed how the properties relate to their neighborhood and to the broader market
area in development of an opinion of highest and best use.
• Researched vacant land comparable sales, listings, and pending sales.
• Developed the sales comparison approach.
• Estimated the market value on a price per acres basis within Winchester Head Preserve
for the various tiers.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 51-75% Wetlands
IV. 76-100% Wetlands
• Prepared an appraisal report summarizing the appraisal assignment, the property
appraised, the application of the appraisal methodology, and the logical support for the
value conclusions.
Sources of market data included local and regional MLS systems, CoStar, LoopNet, public
records, and interviews with real estate brokers.
Page 2050 of 6405
6713 Report Estate Appraised
Carroll & Carroll 6
ESTATE APPRAISED
The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple
Absolute is synonymous with Fee Simple.
The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal
Institute, defines Fee Simple Estate 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.
We consider easements, but only to the extent that they are known to us. Appraisal of the
fee simple means that an improved property is vacant and available to be put to its highest
and best use.
Page 2051 of 6405
6713 Report Definition of Market Value
Carroll & Carroll 7
DEFINITION OF MARKET VALUE
In United States tax law, the definition of Fair Market Value is found in the United States
Supreme Court decision in the Cartwright case:
The fair market value is the price at which the property would change hands between a
willing buyer and a willing seller, neither being under any compulsion to buy or to sell
and both having reasonable knowledge of relevant facts.
United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S.
Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal
estate taxes, at 26 C.F.R. sec. 20.2031-1(b)).
ASSUMED EXPOSURE TIME
The reasonable exposure time is assumed to have already occurred as of the appraisal
effective date. The assumed reasonable exposure time was between 6 and 9 months.
Page 2052 of 6405
6713 Report Area Analysis
Carroll & Carroll 8
AREA INFORMATION
COLLIER COUNTY ANALYSIS
An analysis of geography, transportation, population, employment, income, and education
for Collier County is performed using data provided by Site to Do Business, Florida Office
of Economic & Demographic, United States Department of Labor, all recognized source(s).
GEOGRAPHY
Collier County is the most southerly county on Florida's west coast offering mainland
coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With
2,025 square miles of land area, it is the largest county in Florida. About 63% of the land
area is in public ownership, is set aside for environmental preservation, or is scheduled for
public land acquisition.
The region enjoys a climate that is classified as subtropical. Summers are relatively mild,
and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter,
is one that attracts and is enjoyable to most people.
The geography of the area runs generally northwest and southeast as indicated by the trend
of the coastline. Beaches extend from the northern county line south to Cape Romano and
then, as the coastline trends further to the southeast, beaches give over to mangrove islands
and swamps. Moving northeastward from the beaches, elevations increase very slowly.
Most of the county is less than 15 feet above mean sea level. Although changes in elevation
Page 2053 of 6405
6713 Report Area Analysis
Carroll & Carroll 9
are gradual, they are well defined by variations in vegetation. Much of the county is, or was
once, wetland. The once plentiful marine resources are largely depleted, but still provide
good sport fishing.
Population centers include the coastal communities of Naples, Marco Island and
Everglades/Chokoloskee. Immokalee, the single large interior community, is in north
Collier County and is the agricultural center of the region.
POPULATION
“The social forces studied by appraisers primarily relate to population characteristics. The
demographic composition of the population reveals the potential demand for real estate,
which makes the proper analysis and interpretation of demographic trends important in an
appraiser’s analysis.” The total population, it's composition by age and gender, and the rate
of household formation and dissolution strongly influence real property values. (The
Appraisal of Real Estate 14th Edition)
Collier County’s population has continued to increase year after year. The population has
increased only 0.1% as of 2022 from 2020. The population forecasts through 2027 calls for a
continued steady growth cycle with an estimated 4.4% population growth from 2022 to
2027.
Page 2054 of 6405
6713 Report Area Analysis
Carroll & Carroll 10
Collier County is a popular retirement destination. As of 2022, 55.9% of the County’s
residents are over the age of 45. The 2027 forecasts depict an aging community with 56.5%
of the population 45 years of age or older.
EMPLOYMENT
Collier County is a largely service based economy with 32.1% of the employees in the
leisure, hospitality, education, and health service industries and 26% in professional,
business, financial and other services. Trade, transportation, & utilities along with
government jobs account for 36.4% of the County’s employees. Industries such as natural
resources/mining, construction, and manufacturing make up only 5.5% of the market.
Page 2055 of 6405
6713 Report Area Analysis
Carroll & Carroll 11
The unemployment
rate in Collier County exceeded the state average by a slight margin in the years 2015 and
2016. The unemployment rate then declined through 2020 as the economy improved and,
until recently, Collier County’s unemployment rates decreased more rapidly than the state.
Top 10 Largest Employers SWFL-2022
Rank Company Employees
1 Lee Health 13595
2 Lee County School District 12936
3 Lee County Local Government 9038
4 Publix 8728
5 NCH Healthcare System 7017
6 Walmart 6516
7 Collier County School District 6422
8 Collier County Government 5000
9 Florida Gulf Coast University 3430
10 Arthrex, Inc 3000
Source: SOUTHWEST FLORIDA ECONOMIC DEVELOPMENT
ALLIANCE NOTE: * DATA AS RECENT AS 2018 Q3; ** DATA AS
RECENT AS 2017
Page 2056 of 6405
6713 Report Area Analysis
Carroll & Carroll 12
INCOME
Collier County’s per capita income and median household income levels are higher than
state statistics. The most substantial difference between Collier County and the state is the
large percentage difference in household incomes above $100,000 where Collier County
exceeds the state by over 12%. Collier County's percentage household incomes ranging
from $25,000 to $74,999 is slightly lower than the percentage of household incomes in the
state, only mirroring that of the state at $75,000 to $99,000, and from there exceeding the
percentage of the state. Income levels vary greatly within different areas of Collier County,
and so will be discussed in greater detail in the Market Area descriptions.
TRANSPORTATION
The transportation system reflects local geography, population densities and the primary
motivators of tourism, service industry employment, the construction industry, agriculture,
and leisure activities.
ROADS
The earliest roads were coastal, extending from north to south in the early twentieth century
with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami
Trail because it was built to connect Tampa and Miami. Where it passes through the coastal
community US-41 is a four or six lane divided highway with landscaped medians, curb and
gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal
arterial and one that defines several important boundaries. Often there is a noticeable land
value difference east and west of US-41 because the affluent coastal population prefers to
shop and trade close to home. As the highway turns southeast from downtown Naples
toward Miami the Trail defines the boundary of the coastal management zone which affects
development densities and storm evacuation requirements. The eastern segment of US -41
is a designated national scenic highway popular with tourists, especially during the winter
season as they seek adventure in the Everglades.
A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood
streets extend into the urban area east and west from US-41. North-south arterials and
major collectors are established about one mile apart. From west to east, these include
Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard
and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to
south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road
(CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84),
and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4
lane divided highways.
East of Collier Boulevard the road system reflects the economies of scale of Golden Gate
Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported
by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced
Page 2057 of 6405
6713 Report Area Analysis
Carroll & Carroll 13
major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles
east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and
asphalt surfaced) is the north-south major collector extending south from Immokalee Road
14 miles to the grade separation at I-75 where it continues into the Picayune Strand State
Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier
County is planning to extend east-west collectors through the Estates along the alignment of
Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south
connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road)
north to Golden Gate Boulevard.
Interstate highway 75 (I-75) was extended from north to south through Collier County in
the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of
Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with
Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced
three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden
Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty-
one miles east of the coastal community is an interchange at State Road 29; the last
interchange in Collier County. Collier County and the FDOT continue to study the
feasibility of an interchange at Everglades Boulevard.
The advent of I-75 signaled a change in the relationship of Collier County to the rest of
Florida and the United States. While US-41 was the only north-south arterial, Collier
County was dominated by the conservative mid-western influences of seasonal residents
and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road
access to Collier was made much more convenient to the northeast via connections with I -4
and I-95. This had the effect of broadening Collier’s market exposure and it stimulated
growth. The extension of I-75 south into Dade County promoted better access for European
tourists and made Collier County transient lodging attractive for east coast weekenders.
Strategic connections exist where Collier Boulevard and CR-92 extend south and west from
US-41 providing access to the City of Marco Island from the greater Naples area and from
Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural
center of Immokalee with points north, with the Naples coastal community via CR-846,
with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which
is the western gateway to Everglades National Park and the 10,000 Islands region of
Collier's southwest coast.
The road transportation system is well planned, well maintained, and operating at
acceptable capacity. Ambitious road construction projects undertaken in anticipation of
growth projections and funded by impact fees have caught up with development. The road
system reflects Collier's position at the southerly limit of development on Florida's west
coast.
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MASS TRANSIT
Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes
Department, provides inexpensive alternative transportation throughout the county linking
major employment centers of Naples with Marco Island and Immokalee. There are several
circulation routes with stops at the County government complex, hospitals, and major
shopping establishments. The system accommodates bicycle transport and personal items.
The same County department administers the Collier Area Para Transit system which
provides subsidized transportation services for the disabled and economically
disadvantaged.
This is a successful and growing system that connects people with jobs, essential services,
and shopping while reducing transportation costs and road congestion.
AIRPORTS
Collier County is supported by a system of five public airports. Southwest Florida
International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute
drive via I-75 from the Collier center of population. This facility serves the five county
southwest Florida regions offering domestic and international air carrier service. It is
modern, convenient, and has planned expansion to keep up with regional growth.
Naples Municipal Airport (APF) owned by the City of Naples and operated by the
independently constituted Naples Airport Authority which derives its revenue principally
from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown
Naples. It serves the coastal community and is especially convenient to affluent residents
who own private aircraft, to the corporate convention business of the large beachfront
hotels, and to essential services like mosquito control, Emergency Medical Services (EMS),
the Sheriff’s office, and private air ambulance services. The two paved runways (5/23 @
5,290’ and 14/32 @ 5,000’) will support jets including the G4 and Challenger series. Naples
airport is tower controlled and fully certified for commercial operations and is home to
several aircraft charter services and flight training schools. In 2005, Naples Municipal
Airport accommodated 163,434 aircraft operations, a record high. Annual operations
decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479,
which is a 5.2% increase from the previous year. Due to its downtown location, Naples
airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise
abatement measures.
The Collier County Airport Authority owns and operates airports at Marco Island, in
Everglades City, and at Immokalee. These are primarily funded through fuel sales and
hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation
facility on the mainland four miles northeast of Marco Island. The single paved runway
(17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is
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available. This airport is convenient to Marco Island residents and to the corporate
convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile
east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has
two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a
weekend drag racing strip. The airport is in the Florida Rural Enterprise Zone and a HUB
Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign
Trade Zone. To date, the economic potential of this airport is largely unrealized. However,
the field is active as a training destination for coastal-based flight schools, it hosts aerial
firefighting and crop-dusting operations, and it bases numerous private aircraft. The
Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres that is within
walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400')
supports itinerant coastal traffic and half a dozen-based aircraft. Fuel, a comfortable pilot
center and bicycles are available.
The aviation community Is well supported. The greater Naples area is the beneficiary of the
winter season influx of corporate executives and affluent individuals who can afford luxury
private jet travel.
MARINE TRANSPORTATION
There is no deep-water port and no commercial marine activity other than that associated
with commercial fishing, charter sport fishing, and the marine towing services that support
the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six
feet at mean low water. The US Coast Guard maintains a dredged and well-marked
intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island.
Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of
Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to
the Marine Industries Association of Collier County, as of early 2018 there were 57,685
registered vessels in Southwest Florida. In 2022, Florida registered over 1 million
recreational boats. Seasonally, excursions from Marco Island to Key West and from Ft.
Myers Beach to Key West are scheduled daily.
EDUCATION
The Collier County School District provides public education to about 47,000 students
encompassing grades K-12 and employs almost 7,000 people of which 3,200 are teachers.
The district has 51 public schools consisting of 31 elementary, 10 middle, 8 high schools, one
K-12 (Everglades City School), and 1 virtual school. There are also 12 alternative school
programs and two technical colleges, Lorenzo Walker Technical College, and Immokalee
Technical College, which offer short term and long-term training to adults and high school
students.
Between 2015 and 2020, the school district had an overall population growth of more than
6,000 students but recently student population growth has leveled off and slightly
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decreased. The student population is a diverse culture. 55% of students live in homes where
English is not the first language. Students come from 76 different countries of origin and
speak 104 different languages.
Collier County School District continues to receive an “A” grade by the State of Florida
Department of Education. The district and all schools are accredited by the Southern
Association of Colleges and Schools Council. Collier County is the leader in Florida in
educational technology. It is also a leader in advanced educational programs, offering dual
enrollment and Advance Placement courses, Cambridge Advanced International Certificate
of Education and Laureate diplomas. Career training is available through 32 career
academies.
In addition to the public-school system, there are numerous private schools throughout the
county. Approximately, 16% of all K-12 students in Collier County are educated in private
schools.
Collier County is also home to several colleges and accredited universities. Three colleges
have campuses in Collier County: Ave Maria University, Keiser University and Florida
Southwestern State College (formerly Edison Community College). Ave Maria University is
a private catholic university that offers both undergraduate and graduate programs
including a law school has around 1,245 students. Keiser University is a private university
that offers both undergraduate and graduate programs to over 17,990 students throughout
20 campuses in Florida and an online learning program. Florida Southwestern State College
with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year
degree programs for 14,714 students. Formerly located in Naples, now in Fort Myers,
Hodges University is a private four-year college that offers bachelor’s and master’s degrees
in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located
in southern Lee County) is one of the state's fastest growing institutions and home to over
16,000 students.
CONCLUSION
At the southerly limit of urban development on Florida's west coast, Collier County offers
the climate, natural resources, and sporting opportunities to support a superb retirement
community. The quality of infrastructure, schools, and social services is what one would
expect of such an area. We are experiencing a surge in new development projected to take
us through the next several years. In the long term, the attractions of the climate and
location, and the stability of fixed-account affluence promise continuing prosperity
although probably without the strong emphasis on new development.
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MARKET AREA
Market Area is defined as:
“The geographic region from which a majority of demand comes and in which the
majority of competition is located.” (The Dictionary of Real Estate Appraisal 7th Edition)
“A market area is defined in terms of the market for a specific category of real estate
and thus is the area in which alternative, similar properties effectively compete with the
subject property in the minds of probable, potential purchasers and users.” (The
Appraisal of Real Estate 15th Edition)
A market area includes those surrounding land uses which impact the value of a property
and it can encompass one or more neighborhoods or districts. An appraiser focuses on the
market area in analyzing subject property value influences.
BOUNDARIES
The subject property is located within the Golden Gate area of Collier County. For
appraisal purposes, the Golden Gate or market area boundaries are shown below:
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Introduction
The portion of Golden Gate within this market area is approximately 157 square miles in
size. Three separate land uses are worth noting. Golden Gate City, which is not
incorporated, is a 4-square mile development of high residential density consisting of both
single-family and multifamily units. Commercial services for this market area are
centralized here. The rural estates consist of approximately 116 square miles and is zoned
for estate living. This low-density development serves a rural lifestyle desired by many in
the area. A third area, Orange Blossom PUD located on Immokalee Road, is a 4-square mile
residential subdivision with commercial support near the Immokalee Road and Randall
Boulevard intersection. It is approximately 80% developed with primarily single-family
units. Collier County Fairgrounds, a high school, middle school, and elementary school are
located here.
Demographics for Golden Gate City and rural estates will be discussed separately, where
appropriate, Data for Orange Blossom PUD will be included in the rural estate’s
demographics.
Environmental Influences
This area is desired because of mild winter weather and rural lifestyle. Even though it is
inland from the coast there is still easy access to miles of beaches. The Naples area is one of
the very few in Florida that offers adequate public access to a mainland beach. The
subtropical weather allows for year-round recreational opportunities. Boating, swimming,
riding ATVs, and camping are popular activities. Bicycling, walking and jogging are
supported by an extensive network of connected biking and walking paths. Multiple tennis
and pickle ball courts are available, as well as fitness centers.
Golden Gate is known for its clean environment and healthy lifestyle. Residents are drawn
to the rural estates because of wooded lots, native vegetation and abundance of wildlife.
Agriculture uses are permitted; therefore, equestrian activities are common throughout the
estates. Golden Gate City is an urban area served by county parks and a biking/walking
path network.
Governmental Influences
This market area, including Golden Gate City, is governed by Collier County Board of
County Commissioners which serves as chief legislative body and five constitutional
officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser.
County government is managed by a strong county manager structure. Collier County
provides services which range from average to high quality. However, Collier County is
known for being a difficult county for building and development. The tax burden in
Collier County is lower than the national average.
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County government has zoning, and comprehensive plan ordinances designed to protect
the character and values of property; to protect and enhance economic development; and to
maintain and enhance the attractive nature of the area.
Public services include fire protection, solid waste disposal, potable water, sanitary sewer
service and storm water drainage. In some areas of Golden Gate Estates where sanitary
sewer is not available, septic systems are permitted. Public/private companies proved
adequate services for electricity, cable, and internet. Community support facilities such as
schools, parks, churches, shopping, and places of employment are all located within this
market area.
Collier County Sheriff Department provides a full range of services for Collier County.
According to the 2022 statistics listed by the Collier County Sheriff’s Office, Collier County
has one of the lowest crime rates in Florida. The county averages are representative of
conditions in the Golden Gate area.
This market area is served by several arterial roadways. All are six-lane divided highways
with landscaped medians. Improvements include street lighting and concrete curb and
gutter. North-south arterial roadways include Santa Barbara Boulevard which connects
Rattlesnake Hammock Road to Immokalee Road and Collier Boulevard (SR-951) which is a
major arterial linking Marco Island in south Collier County with Immokalee Road near the
north county line. Development along Collier Boulevard is a mixture of single/multi-family
residential, office, light industrial, institutional, and retail.
The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles
apart, that serve the greater Naples coastal community which lies to the west and has direct
access to I-75.
East-west arterials include Golden Gate Parkway, Pine Ridge Road, and Immokalee Road.
Each one provides direct access to Interstate I-75. Development along Pine Ridge Road is
mainly developed with single family homes and institutional uses. Golden Gate Parkway
and Immokalee Roads have a mixture of single/multi-family residential, office, industrial,
institutional, and retail uses. Another east-west arterial is Vanderbilt Beach Road which is a
direct connection between the Golden Gate area and the Naples beaches. Construction has
begun on the Vanderbilt Beach Road Extension, which will be extended to Wilson
Boulevard.
Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast,
serves this entire market area and access is provided by three interchanges.
The arterial road system is laid out in a grid pattern that provides adequate traffic flow to
all areas of the county. Commercial development exists at every major intersection; but the
intersections are designed with proper turns lanes and signaling to provide for adequate
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traffic movement. The road network easily handles traffic demand in the off-season, May
through December. Traffic more than doubles in January, February, March and April
because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road
network usually handles peak traffic demand without major delays.
The rural estates are served by a grid of residential streets and collector roads. The
residential streets, which are two-lane roads with open swales, are located every quarter
mile. Most these roads are paved; however, some residential streets located along the
eastern edge of this market area have yet to be improved. The residential streets feed into
collector roads, which connect to the major arterial highway system. The collector roads
include Santa Barbara Boulevard, Golden Gate Boulevard, Wilson Boulevard, Everglades
Boulevard, Randall Boulevard and Oil Well Road. They are four to six-lanes in the more
populated areas, transitioning to two-lanes in the eastern section of this market area.
Public transportation is provided by a county transit bus service.
Naples Municipal Airport is located outside the market area but is easily accessed by any
resident of the area. The airport is City owned but operated by the independent Naples
Airport Authority. It serves private and commercial aviation, as well as aviation related
activities. It supports government services, such as, Mosquito Control District and Collier
County Sheriff’s aviation unit.
Located within the market area is the Paradise Sports Complex developed by Collier
County. The 60+ acre site is designed with 19 fields to accommodate football, soccer, field
hockey, lacrosse, baseball, and others. There is a 13-acre lake with a beachfront, food-truck
area, a market space, a large lawn, a championship stadium with seating capacity for 3,500
and an indoor fieldhouse. The total budget for the project was approximately $80 million
dollars. Adjacent to the Paradise Sports Complex will be the proposed Great Wolf Lodge
South Florida which is projected to be completed in the spring/summer of 2024. The hotel is
situated on 20 acres and will feature 500 family-friendly suites and an expansive 100,000-
square-foot indoor water park.
Social Influences
Golden Gate City is a diverse community of entry level housing. Residents like the small
town feel and consider it a safe place to raise a family. Residential is approximately 95%
built out. Rural estates are attractive for their quiet country living while being in close
proximity to all that the coastal community has to offer. Build out varies in the rural estates
from 95% in the western portion of the market area to 40% or less in the southeastern
location. Per US Census Bureau forecasts, the 2022 population is 78,769 with a projected
growth to 81,893 (0.78% annual growth) by 2027. This area experiences a lower seasonal
population increase during the winter months than other areas of Collier County.
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The median age is 36.7 with 73.7% of the population being 54 and younger. The median
household income is $83,679. 25.6% have a bachelor’s or professional degree and 24.7%
have some college education. There is an average degree of community involvement
through civic organizations, neighborhood groups, social service organizations and political
committees.
The Naples cost of living is 11.9% higher than the average cost of living in the United States.
Conversely, Florida has a cost of living that is 1% higher than the US average. Of the 25
locations included in the Economic Policy Institute's dataset for Florida, Naples-Marco
Island is the 21st most expensive. In Naples, housing is the category with the highest index
(21% above national average), while taxes are the category with the lowest index (15%
below national average). (Ref. Careertrends.com; cost of living analysis). Golden Gate has
some of the highest density of affordable housing units in Collier County, but because of the
high cost of living, home values can still be out of reach for many moving into Collier
County.
One of the main driving forces impacting growth in this area is the quality of schools. This
market area has 15 public schools: two high schools, three middle schools, nine elementary
schools, and three Charter schools. In addition to the public school system, there are three,
faith-based private schools.
Economic Influences
The population increased 20.07% over the last 12 years or 1,097 people per year. The
population is forecasted to increase an additional 3.97% over the next five years for an
average of 625 people per year. This trend is consistent with the past twenty years and
should continue into the near future as buildout continues along the eastern edge of this
market area. The residential population is dominated by working class and young
professional residents. Comparatively, incomes within this market area are less than the
county average.
Development trends:
Residential
This market area provides a large range in home values from entry level housing to million-
dollar estates and is the greatest source of vacant residential lots in the county. Values in
Golden Gate City should remain consistent subject only to general market trends. Values in
the eastern rural estates will increase as buildout in the units closest to the coast continues.
The average home value in the market area is $384,105 which is considerably lower than the
County’s average home value of $567,449. The total number of households in the market
area is 27,440, of which, 69.9% are owner occupied, 22.8% renter occupied and 7.3% vacant.
Vacancy includes seasonal rentals.
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Commercial
Commercial development can be categorized into four different groups. Primary
commercial is in Golden Gate City. Second group is newer construction at the arterial road
intersections. Third is neighborhood commercial within the rural estates. Fourth is the
industrial commerce park near Collier Boulevard and the I-75 interchange.
Golden Gate City is the commercial center serving this market area. Santa Barbara
Boulevard, north of Golden Gate Parkway, has a mixture of multi-family residential and
commercial along the east side of the road. Commercial consists of older single story, single
user buildings and 4 to 8 unit retail plazas. Businesses include daycare/ preschools,
neighborhood food mart and gas stations, construction company offices, barber shops and
beauty salons and small restaurants. Golden Gate Parkway has a mixture of multi-family
and commercial development along both sides of the roadway. Newer commercial consists
of CVS and Walgreens, carwashes, bank branches and national fast food restaurants. There
are three older shopping centers, anchored by Winn Dixie and by Ace Hardware. Single
story commercial structures and strip centers house neighborhood businesses such as
barber shops and beauty salons, florists and jewelers; veterinary services and family
medical clinics; and small locally-run restaurants and food marts. Several businesses
consist of automotive support such as gas stations, oil chance and car washes. Professional
services are primarily located in executive suites located near Santa Barbara Boulevard.
The Quality Inn Hotel & Golf Course located at the southwest corner of Golden Gate
Parkway and Collier Boulevard was purchased by Collier County in 2019. A lease
agreement was signed with BigShots Golf in May 2021 who planned to redevelop the 165
acres with a 12-hole public golf course and a BigShots entertainment facility. The project
has still not yet broke ground.
Commercial frontage along the west side of Collier Boulevard south of Green Boulevard is
very similar to commercial along Golden Gate Parkway in building size, age and use. The
exception is that there is a greater density of national food chains. The second-tier
commercial properties, without major road frontage, are developed with single story
warehouse-type structures housing service-oriented businesses.
Newer commercial development is located along Collier Boulevard where it intersects Pine
Ridge Road and Vanderbilt Beach Road. Each intersection has a shopping center anchored
by either a Publix or Winn-Dixie supermarket. Out parcel development includes bank
branches and gas station/convenience stores and national pharmacies.
Commercial development in the rural estates is limited because residents have orchestrated
an ongoing effort to prohibit commercial development in the residential areas. The only
neighborhood commercial locations are at the intersection of Wilson Boulevard and Golden
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Gate Boulevard, Everglades Boulevard and Golden Gate Boulevard, and at Randall
Boulevard and Immokalee Road.
The Randall Boulevard and Immokalee Road intersection is where the majority of
commercial development is occurring. There is a Publix anchored shopping center on the
east side of the road. Located along the western curve of Immokalee Road is approximately
50 acres that is current being developed and will be known as Randall at Orangetree. Upon
completion, the development will include a 400-unit apartment complex and about 350,000
square feet of commercial space.
Industrial
Industrial/commercial developments are in the northeast quadrant of I-75 and Collier
Boulevard interchange. White Lake Industrial Corp Park is one of Collier County’s three
primary industrial parks. The White Lake Industrial Park contains 144.4 acres and is
approved for 7.80 acres of commercial and 77 acres of industrial. White Lake consists of
newer, good quality flex and warehouse properties and it is home to some of the largest
manufacturing facilities within the county. It is approximately 85-90% built-out.
City Gate Commerce Center contains 288 acres zoned for 2,950,000 S.F. of commercial, light
industry, office, warehouse and distribution. The site has over 3,000 feet of frontage on
Collier Boulevard where a gas station, a 102 room Spring Hill Marriott Hotel and a 100
room Fairfield Inn Marriott have been constructed. The Paradise Sports Complex was also
recently completed. A developer (Uline) recently completed the development of a 936,950-
square-foot Distribution Center on approximately 102.68 acres of land within City Gate.
There is also an Amazon Distribution Center near the corner of Davis and Collier Blvd.
Medical
None of Collier County’s major medical facilities are located within this market area. The
only major medical center/hospital servicing this area is the Physicians Regional Medical
Center located along Pine Ridge Road, just east of Interstate 75. This is a 201-bed facility
and is one of the county's four major medical centers. The hospital offers a 24-hour
emergency department that provides a full range of traditional emergency services. An
additional NCH emergency room facility was completed at the northeast corner of Collier
Boulevard and Immokalee Road. This is a two-story 19 room, state of the art emergency
room with additional medical space for practicing physicians. The facility was built to help
service the rural estates and all the new residential units being constructed along Collier
Boulevard and Immokalee Road. Physicians Regional recently completed a similar facility
at the southeast corner to serve all the new residential development along Immokalee Road
and the Golden Gates Estates community. Encompass Health Rehabilitation Hospital of
Naples is a recently completed 50-bed rehabilitation hospital along Collier Boulevard, north
of Vanderbilt Beach Road.
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Construction, education, and retail trade dominate the market area business sector.
MARKET AREA LIFE CYCLE
Market areas often pass through a four-stage life cycle of growth, stability, decline, and
revitalization.
• 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.
Most of the real estate activity in Golden Gate reflects the growth cycle. The residential and
commercial markets continue to be strong. The growth cycle is expected to continue into the
near future. Because of the age of the structures, the western portion and the city center are
just beginning to experience some revitalization.
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CONCLUSION
This continues to be one of the most affordable market areas in Collier County. The houses
within the city center provide entry level housing and the rural area satisfies the desire for
larger lot sizes and rural lifestyle. A well-designed road network provides easy access to
jobs serving the coastal community; coastal beaches and water activities; entertainment
endeavors; and commercial and medical services. This area appeals to a cross section of the
population but primarily to working-class families. Development continues to push north
and east where vacant lots still exist. Golden Gate will likely continue to enjoy a healthy
growth while maintaining its affordability.
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PROPERTY INFORMATION
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SITE DESCRIPTION – WINCHESTER HEAD PRESERVE
Summary Winchester Head consists of a total of 120 parcels or a total
of 165.29 acres. The parcels are located in northern Golden
Gate Estates, east of Everglades Boulevard and north of Oil
Well Road and stretch from south side of 37th Avenue NE to
the north side of 41st Avenue NE.
Parcel ID#& Owners There are a total of 40 parcels or a total of approximately
52.60 acres that Collier County is considering acquiring. A
complete list of the parcels is included in the addendum of
the report.
Size The remaining parcels range in size from 1.14 to 2.73 acres.
Shape All the parcels are rectangular in shape.
Access All parcels have legal and physical access along paved
roads. The parcels are accessible from 37th Avenue NE, 39th
Avenue NE, and 41st Avenue NE via Everglades Boulevard.
Topography The properties are generally level.
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Ground Cover The majority of the properties are covered in native and
exotic vegetation and have never been cleared.
I was provided with a Conservation Collier Property
Summary Winchester Head Preserve Multi Parcel Project
dated February 2024. The parcels are primarily freshwater
marsh and cypress.
Utilities Electricity, telephone and TV cable are available. The
properties are serviced by well and septic.
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ENVIRONMENTAL CONTAMINATION
Observed Contamination None
Noted Concerns None
Environmental Assessment
Available
No
Impact on Value None
Disclaimer Unless otherwise stated in this report, the existence
of hazardous substances or environmental
conditions including but not limited to asbestos,
polychlorinated biphenyls, petroleum leakage,
agricultural chemicals, urea formaldehyde
insulation, lead paint, toxic mold, et cetera, which
might or might not be present in or on the property
were not called to the attention of the appraiser.
Such tests were not in the appraiser's required
scope of work, the appraiser is not qualified to test
for such substances and conditions and the
appraiser is not qualified to render professional
opinions in this specialty area. No responsibility is
assumed for any such conditions that might exist,
or for the knowledge and expertise required to
discover them.
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NATURAL RESOURCE CONCERNS
Condition of subject The majority of the properties are covered in native
and exotic vegetation and have never been cleared.
I was provided with a Conservation Collier
Property Summary Winchester Head Preserve
Multi Parcel Project dated February 2024. The
parcels are primarily freshwater marsh and cypress
which are considered jurisdictional wetlands.
The preserve is used by the Florida Panther and is a
habitat for Wood storks.
All plant and animal communities are of interest
and concern. To a greater or lesser degree
depending on the species and the quality of habitat
they occupy, plants and animals inhabiting the
property will invoke some level of scrutiny and will
result in some cost during the permitting process.
Natural Resource Audits Available Yes
Impact on Value N/A
Disclaimer
Specialized natural resource audits were not in the
appraiser’s required scope of work, the appraiser is
not qualified to conduct such audits and the
appraiser is not qualified to render professional
opinions in this specialty area. No responsibility is
assumed for any extraordinary natural resource
concerns, or for the knowledge and expertise
required to discover them.
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FUTURE LAND USE
Ordinance or Plan Collier County
Future Land Use Designation GGE- Golden Gate Estates
Residential Estates Subdistrict
Purpose of Designation The Estates Land Use Designation encompasses lands
which are already subdivided into semi-rural
residential parcels (2.25 acres as an average)
essentially consisting of the Golden Gate Estates
Subdivision. The area is identified as having potential
for population growth far removed from supportive
services and facilities. Expansion of the area shall be
discouraged.
Refer to the Golden Gate Area Master Plan for siting
criteria and development standards for specific land
uses.
Under the Estates future land use designation there is
no provision for a conditional use and therefore a
conditional use approval requires an amendment to
the GGAMP.
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ZONING
Ordinance or Land Development
Code
Collier County
Zoning E- Estates
Purpose or Intent of Zoning The subject is zoned “E” – Estates District. The
purpose and intent of the Estates district is to provide
lands for low density residential development in a
semi-rural to rural environment. In addition, several
conditional uses including churches, social and
fraternal organizations, child care centers, private
schools, and group care facilities are available under
conditional use provisions. Permitted uses include
single-family dwellings and Family Care Facilities,
and public schools. Conditional uses permissible in
the Estates district include churches and other places
of worship, social and fraternal organizations, child
and adult care centers, schools and group care
facilities. These conditional uses are strictly
regulated.
Below are the development requirements as set forth
in the Estate Zoning District:
Minimum Lot Area: 98,010 square feet
or 2.25 acres
Minimum Lot Width: 150 feet
Minimum Front Yard Setback: 75 feet minimum
Minimum Side Yard Setback: 30 feet
Minimum Rear Yard Setback: 75 feet
Maximum Building Height: 30 feet
Overlay District None.
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HIGHEST AND BEST USE
DEFINITION
The Dictionary of Real Estate Appraisal, 7th Edition, published 2022 by the Appraisal
Institute, defines Highest and Best Use 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.
METHOD
There are four criteria that must be met in order for a use to be the highest and best use for a
given property. The highest and best use must be:
• Legally permissible.
• Physically Possible.
• Financially feasible.
• Maximally productive.
Ordinarily these criteria are considered sequentially, each step narrowing the range of
alternative uses being considered.
ANALYSIS
SITE AS THOUGH VACANT
Legally Permissible – All parcels are zoned E-Estates with a future land use of Residential
Estates. The purpose and intent of the E-Estates district is to apply to an area of low-density
single-family residences in a semi-rural environment and permits all necessary residential
activities as well as the keeping of limited agricultural animals as specified in this division.
Physically Possible: The sites are level and at or slightly below road grade and could be
developed as a single-family home sites. The location, surrounding land uses, and the size
of the properties suggest some type of single-family use. Due to the potential presence of
wetlands on the sites, mitigation could be required to develop single-family residences on
some of the properties.
Financially Feasible: The financial feasibility of single-family residential development is
good. The single-family residential market continues to be strong, especially new
construction. Single-family residential development is financially feasible.
Although it is not an economic use, acquisition of lands in the area by Collier County is
encouraged for habitat preservation and conservation.
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Maximally Productive: The maximally productive use is that the wetlands be mitigated,
and the properties developed with single-family residences, or the properties be purchased
for preservation, conservation, and restoration.
CONSIDERATION OF APPROACHES
Only the sales comparison approach is appropriate for these vacant parcels.
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SALES COMPARISON APPROACH
INTRODUCTION
In the sales comparison approach, the subject property is compared with similar properties
that have sold recently or for which listing prices or offering prices are known. Data from
generally similar properties is used, and comparisons are made to demonstrate a probable
price at which the subject property would sell if offered on the market. This approach is
particularly strong when comparable sales data is plentiful and there is good conformity
among properties in the neighborhood.
Following is the procedure to be followed in developing this approach:
1. Research the market to gather information on sales, listings, and offers to purchase
properties similar to the subject.
2. Verify the information as to factual accuracy and arm's-length market considerations.
3. Identify relevant units of comparison and develop a comparative analysis for each
unit.
4. Compare the subject with comparable sale properties using elements of comparison
and adjust the sale price of each comparable appropriately.
5. Reconcile the various value indicators produced from the analysis of comparables into
a single value indication or a range of values.
The outline above is developed in detail on the following pages.
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WINCHESTER HEAD PRESERVE
Collier County is interested in determining a per acre value for the various tiers for the
Winchester Head Preserve Area to assist them in acquiring parcels for the Conservation
Collier land preservation program. The price per acre will be estimated for the various
tiers.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 51-75% Wetlands
IV. 76-100% Wetlands
SALES DATA
A search was made for sales of land comparable to the subject parcels. The intention was to
find comparable sales in similar locations that offer similar functional utility. A total of 21
comparable sales were identified as the best available for analysis.
Price per acre of gross land area was developed as the unit of comparison, since that is the
unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and
brokers of land similar to the subject parcel. Due to the location and physical
characteristics, I elected to bracket the subject within the range indicated by comparables.
This is preferable to a conventional adjustment process where the magnitude of adjustments
is likely to be great, and there is little support for specific adjustments.
Comparable land sales grids are given on the following pages. Each comparable is
identified by a number which will be used for reference throughout the report. Each
comparable is identified on the location map immediately following this page.
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LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES
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LAND SALES ADJUSTMENT GRID – UP TO 25% WETLANDS
ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7
PARCEL #39772680004 39778720007 39781320009 39964040009 39712560003 39713200003 39712080004
PROPERTY IDENTIFICATION Winchester Head 3248 41st 3533 41st 3690 41st 3841 39th 47th 4165 43rd 4137 43rd
Avenue NE Avenue NE Avenue NE Avenue NE Avenue NE Avenue NE Avenue NE
SALE PRICE N/A $97,000 $100,000 $130,000 $90,000 $105,000 $70,000 $130,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market Market Market
0 0 0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None None None
0 0 0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0 0 0
ADJUSTED SALE PRICE N/A $97,000 $100,000 $130,000 $90,000 $105,000 $70,000 $130,000
Recording Date N/A 03/28/24 04/25/24 10/27/23 04/11/24 04/25/24 12/01/23 11/01/23
Months Prior To Effective Date 05/13/24 1.51 0.59 6.54 1.05 0.59 5.39 6.38
MARKET CHANGE ADJUSTMENT N/A 1.1%0.4%4.9%0.8%0.4%4.0%4.8%
ADJUSTED SALE PRICE N/A $98,100 $100,444 $136,378 $90,710 $105,466 $72,830 $136,218
Parcel Area in Gross Acres 1.14-2.73 1.14 1.14 1.59 1.14 1.59 1.14 2.27
PRICE PER ACRE ?$86,053 $88,109 $85,772 $79,570 $66,331 $63,886 $60,008
LOCATION
ADDRESS Winchester Head 41st Ave. NE 41st Ave. NE 41st Ave. NE 39th Ave. NE 47th Ave. NE 43rd Ave. NE 43rd Ave. NE
CORNER LOT N/A No No No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.14 1.14 1.59 1.14 1.59 1.14 2.27
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar Similar
WETLANDS No No No No No No No
WETLANDS %0-25%0%0%0%0%0%0%0%
WETLANDS QUALITY N/A N/A N/A N/A N/A N/A N/A
0%0%0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%0%0%
INDICATION OF UNIT VALUE ?$86,053 $88,109 $85,772 $79,570 $66,331 $63,886 $60,008
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LAND SALES ADJUSTMENT GRID – 26-50% WETLANDS
ITEM SUBJECT COMP #8 COMP #9 COMP #10 COMP #11
PARCEL #40067480005 39141240004 38785720004 38964120001
PROPERTY IDENTIFICATION Winchester Head 31st Avenue 2389 66th 3425 58th 2252 56th
NE Avenue NE Avenue NE Avenue NE
SALE PRICE N/A $75,000 $87,000 $125,000 $65,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market
0 0 0 0
BUILDING IMPROVEMENTS None None None None None
0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Conventional
Equivalent 0 0 0 0
ADJUSTED SALE PRICE N/A $75,000 $87,000 $125,000 $65,000
Recording Date N/A 03/05/24 06/27/23 08/07/23 12/22/23
Months Prior To Effective Date 05/13/24 2.27 10.55 9.20 4.70
MARKET CHANGE ADJUSTMENT N/A 1.7%7.9%6.9%3.5%
ADJUSTED SALE PRICE N/A $76,276 $93,885 $133,629 $67,292
Parcel Area in Gross Acres 1.14-2.73 1.59 2.73 2.73 1.14
PRICE PER ACRE ?$47,972 $34,390 $48,948 $59,028
LOCATION
ADDRESS Winchester Head 31st Ave. NE 66th Ave. NE 58th Ave. NE 56th Ave. NE
CORNER LOT N/A No No No No
PAVED ROAD Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No
OVERALL LOCATION Average Similar Similar Similar Similar
0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar
0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.59 2.73 2.73 1.14
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar
0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes
WETLANDS %26-50%40%25-50%26-50%46%
WETLANDS QUALITY Low N/A N/A Medium
0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%
INDICATION OF UNIT VALUE ?$47,972 $34,390 $48,948 $59,028
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LAND SALES ADJUSTMENT GRID – 51-75% WETLANDS
ITEM SUBJECT COMP #12 COMP #13 COMP #14 COMP #15 COMP #16
PARCEL #39958320007 38848440001 38848480003 38973000002 38972920002
PROPERTY IDENTIFICATION Winchester Head 35th 58th 58th 48th 48th
Avenue NE Avenue NE Avenue NE Avenue NE Avenue NE
SALE PRICE N/A $34,900 $55,000 $51,000 $80,000 $105,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market PENDING Market
0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None
0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0
ADJUSTED SALE PRICE N/A $34,900 $55,000 $51,000 $80,000 $105,000
Recording Date N/A 05/18/23 08/18/23 09/11/23 05/13/24 10/26/23
Months Prior To Effective Date 05/13/24 11.87 8.84 8.05 0.00 6.57
MARKET CHANGE ADJUSTMENT N/A 8.9%6.6%6.0%0.0%4.9%
ADJUSTED SALE PRICE N/A $38,006 $58,648 $54,081 $80,000 $110,178
Parcel Area in Gross Acres 1.14-2.73 1.14 2.27 1.59 2.27 2.27
PRICE PER ACRE ?$33,339 $25,836 $34,013 $35,242 $48,536
LOCATION
ADDRESS Winchester Head 35th Ave. NE 58th Ave. NE 58th Ave. NE 48th Ave. NE 48th Ave. NE
CORNER LOT N/A No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar
0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar
0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.14 2.27 1.59 2.27 2.27
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar
0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes Yes
WETLANDS %51-75%51-75%70%70%66%52%
WETLANDS QUALITY N/A N/A N/A Medium Medium
0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%
INDICATION OF UNIT VALUE ?$33,339 $25,836 $34,013 $35,242 $48,536
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LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS
ITEM SUBJECT COMP #17 COMP #18 COMP #19 COMP #20 COMP #21
PARCEL #39959000009 39840600000 39956200006 39953720000 39960440001
PROPERTY IDENTIFICATION Winchester Head 35th 43rd 37th Avenue 3315 39th 37th
Avenue NE Avenue NE NE Avenue NE Avenue NE
SALE PRICE N/A $47,000 $48,000 $29,000 $39,800 $38,500
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Govt. Agency Govt. Agency
0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None
0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0
ADJUSTED SALE PRICE N/A $47,000 $48,000 $29,000 $39,800 $38,500
Recording Date N/A 05/26/23 04/01/24 07/20/23 02/26/24 01/19/24
Months Prior To Effective Date 05/13/24 11.60 1.38 9.80 2.53 3.78
MARKET CHANGE ADJUSTMENT N/A 8.7%1.0%7.3%1.9%2.8%
ADJUSTED SALE PRICE N/A $51,090 $48,497 $31,131 $40,556 $39,592
Parcel Area in Gross Acres 1.14-2.73 1.59 1.59 1.14 1.59 1.59
PRICE PER ACRE ?$32,132 $30,501 $27,308 $25,507 $24,900
LOCATION
ADDRESS Winchester Head 35th Ave. NE 43rd Ave. NE 37th Ave. NE 39th Ave. NE 37th Ave. NE
CORNER LOT N/A No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar
0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar
0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.59 1.59 1.14 1.59 1.59
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar
0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes Yes
WETLANDS %76-100%100%75%+100%75%+100%
WETLANDS QUALITY Medium N/A High N/A High
0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%
INDICATION OF UNIT VALUE ?$32,132 $30,501 $27,308 $25,507 $24,900
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DISCUSSION OF ADJUSTMENTS
Usually, comparable sale properties are not exactly like the subject property. If a typical
buyer would perceive the difference to be significant, then adjustment(s) must be made to
the comparable sales so that in the end each offers a realistic indication of value for the
subject. Adjusting comparable sales is a two-step process.
First, adjustments are made so that all of the comparable sales meet the standard of a
“market” transaction as outlined in the definition of market value. Customarily, the first
group of adjustments is made before the comparables are reduced to a common unit of
comparison. Included at this stage are adjustments to bring historic sales current to the
appraisal effective date.
The second group of adjustments is made after an appropriate unit of comparison is chosen.
These adjustments account for physical differences like location, physical characteristics and
size. Sometimes adjustment is required for differences in the permitted land use (zoning) or
in the availability of public service (infrastructure). When the adjustment process is
complete, the unit value indications are reconciled and converted into an estimate of value
for the subject.
REAL PROPERTY RIGHTS CONVEYED
This adjustment category is intended to account for the interest, benefits, and rights
inherent in the ownership of real estate. This category reflects the impact on value caused
by the fee simple versus the leased fee interest or the contract rent as opposed to market
rent.
• None of the comparable sales required adjustment in this category.
CONDITIONS OF SALE
This adjustment category is intended to account for a variety of factors that might affect
the purchase price.
• None of the comparable sales required adjustment in this category.
BUILDING IMPROVEMENTS
This category of adjustment is intended to account for the positive or negative contribution
to value of building improvements included with the sale of the land. Buildings that made
a positive contribution to the sale price require a negative adjustment. Buildings that were
demolished and removed require a positive adjustment to account for demolition costs
which are treated as part of the purchase price.
• None of the comparable sales required adjustment in this category.
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FINANCING
Adjustments in this category are intended to account for unusual terms of financing that
are not considered equivalent to cash or conventional financing.
• None of the comparable sales required adjustment in this category.
MARKET CHANGE
This adjustment is intended to account for changes in value due to the ebb and flow of
market forces over time.
• The comparables occurred between 2023 and 2024, which market conditions continue
to improve. The vacant lot sales from the prior 12 months within the market
boundaries of Immokalee Road to the north, Desoto Boulevard to the east, Golden Gate
Boulevard to the south, and Wilson Boulevard to the west, were plotted on a graph by
price per acre. These above sales indicate a median sale price of $120,000 in June 2023
and a median sale price of $99,000 in May 2024. Based on an analysis of these sales, sale
prices over the prior 12 months appear to be stable, with no noticeable market change.
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I also analyzed recent paired sales in the submarket area which indicate positive
market change. Land values continue to appreciate due to the demand for affordable
residential land. The buyers include a mix of individuals who plan to build a home,
investors, and speculative home builders.
Giving consideration to all of the above, I applied a market change rate of 0.75% per
month or 9.00% annually.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
• None of the comparable sales required adjustment in this category.
UTILITIES/INFRASTRUCTURE
This category of adjustment references the availability and adequacy of the road system,
the public was distribution system and the public wastewater collection system of each
comparable property as that compares with the same services available to the subject
property.
• None of the comparable sales required adjustment in this category.
COMPREHENSIVE PLAN/LAND USE
This category of adjustment accounts for differences in the potential land uses
(Comprehensive Plan) or in the specific uses (Zoning) to which a property could be
developed. Differences in value between the subject property and comparable sales might
exist because their highest and best uses are different as a result of government regulation
through zoning and land use controls.
• None of the comparables sales required adjustment in this category.
SIZE/SHAPE
This category of adjustment addresses the effect on the marketability of a given property,
because its physical size/shape might limit the physical utility, or because the size and
term of the financial investment required of an investor/speculator is such that the unit
price is reduced.
• None of the comparable sales required adjustment in this category.
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PHYSICAL CHARACTERISTICS
This category of adjustment reflects the physical aspects of a property that impact its use
for development. Physical characteristics included land elevation, soil conditions,
drainage characteristics, threatened or endangered plant and animal species on the
property and the extent and density of covering vegetation.
• I was provided with a Conservation Collier Property Summary Winchester Head
Preserve Multi Parcel Project dated February 2024. The parcels are located within the
Winchester Head Preserve and consist primarily of freshwater marsh and cypress
which are considered jurisdictional wetlands. The higher the quality of the wetlands,
the higher the mitigation costs.
• I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and
sellers to determine the wetlands associated with the Comparable sales.
No adjustments were made for physical characteristics and instead the comparables
were bracketed with some being superior, similar, and inferior.
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RECAPITULATION OF DATA
After making the adjustments discussed above, the comparable sales indicated the
following unit values:
UP TO 25% WETLANDS
Comparables Price Per Gross Acre
of Land Area
1 $86,053
2 $88,109
3 $85,772
4 $79,570
5 $66,331
6 $63,886
7 $60,008
The range of unit value indications is from $60,008 to $88,109 per acre with an average of
$75,676 per acre and a median of $79,570 per acre.
Based on the range, I concluded to a unit value of $76,000 per acre.
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26-50% WETLANDS
Comparables Price Per Gross Acre
of Land Area
8 $47,972
9 $34,390
10 $48,948
11 $59,028
The range of unit value indications is from $34,390 to $59,028 per acre with an average of
$47,585 per acre and a median of $48,460 per acre.
Based on the range, I concluded to a unit value of $48,000 per acre.
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51-75% WETLANDS
Comparables Price Per Gross Acre
of Land Area
12 $33,339
13 $25,836
14 $34,013
15 $35,242
16 $48,536
The range of unit value indications is from $25,836 to $48,536 per acre with an average of
$35,393per acre and a median of $34,013 per acre.
Based on the range, I concluded to a unit value of $35,000 per acre.
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76-100% WETLANDS
Comparables Price Per Gross Acre
of Land Area
17 $31,132
18 $30,501
19 $27,308
20 $25,507
21 $24,900
The range of unit value indications is from $24,900 to $32,132 per acre with an average of
$28,070 per acre and a median of $27,308 per acre.
Based on the range, I concluded to a unit value of $28,000 per acre.
FINAL ESTIMATE OF VALUE – WINCHESTER HEAD (1.14-2.73 ACRES)
The final indications of value on a per acre basis as of May 13, 2024 are presented below.
Tier Amount of Wetlands Price Per Gross Acre
I Up to 25% Wetlands $76,000
II 26-50% Wetlands $48,000
III 51-75% Wetlands $35,000
IV 76-100% Wetlands $28,000
CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
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6713 Report Addenda
Carroll & Carroll
ADDENDA
(In Order of Appearance)
Page Topic Count Page(s) Page(s)
Assumptions and Limiting Conditions............................................................................ 2
Parcel List.............................................................................................................................. 1
Qualifications of Appraiser................................................................................................. 2
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Carroll & Carroll
ASSUMPTIONS AND LIMITING CONDITIONS
The certification of the appraiser appearing in this report is subject to the following
assumptions and limiting conditions.
ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES
ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND
LIMITING CONDITIONS.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
None
HYPOTHETICAL CONDITIONS
None
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable.
2. The property is appraised free and clear of liens and encumbrances.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is assumed to be true, correct and reliable. A
reasonable effort was made to verify such information, but the appraiser bears no
responsibility for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material is
included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that might be required to discover
them.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws.
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Carroll & Carroll
8. It is assumed that the property is either in compliance with, or is "grandfathered" or
"vested" under, all applicable zoning, use regulations and restrictions.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or
private entity or organization have been, or can be, obtained or renewed for any use on
which the value estimate is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described, and that there is no encroachment or trespass.
11. It is assumed that the subject site and improvements are not contaminated by any
hazardous material or toxic substance. During the property inspection we were sensitive
to obvious signs of contamination and we reported anything unusual. However, we are
not qualified to render professional opinions regarding the existence or the nature of
hazardous materials in or on the subject property. If a definitive opinion is desired, then
the client is urged to retain an expert in the field.
12. The distribution of the total value in this report, between land and improvements, applies
only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so
used.
13. Possession of this report, or a copy thereof, does not carry with it the right of publication.
14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are
not required to give further consultation, testimony, or to be in attendance in court.
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1
Conservation Collier Land Acquisition Program
Project Design Report
JOL Property Ventures Property
Date: December 2024
Property Owner: JOL Property Ventures LLC
Folio(s): 38844880005
Location: GOLDEN GATE EST UNIT 42 TR 61
Size: 1.14 acres
Purchase Price: $36,480
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is located on the southwestern side of the Horsepen Strand near a Panther Walk
Preserve parcel. The JOL Property Ventures parcel met the Initial Screening Criteria identified in
the Conservation Collier Ordinance, No. 2002-63, as amended, including presence of native
habitat, potential for nature-based recreational and educational opportunities, protection of water
resource values and wetland dependent species habitat, presence of significant
biological/ecological values, listed species habitat, connectivity, and restoration potential.
This parcel offers access from 60th Ave NE west of Everglades Blvd – a paved public road. This
property could accommodate seasonal outdoor recreation, particularly due to the proximity to the
Panther Walk Preserve.
The parcel is part of the greater Horsepen Strand flow way and contains 100% wetlands. This
parcel is home to many wetland dependent species of flora and fauna including Florida panthers
that have been documented within the strand.
This parcel, when joined with many others, can protect the flow of both wildlife and water through
the Horsepen Strand.
Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen
Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning
classification for all the parcels is Estates (E), a rural residential classification. There are no
additional land use overlays applicable.
Selected for the “A” category, #1
priority, on the Active Acquisition
List (AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on
AAL by BCC
Purchase offer
made to owners
Purchase offer
accepted
3/6/2024 6/25/2024 10/24/2024 10/24/2024
Page 2124 of 6405
2
Projected Management Activities: No hydrologic changes are necessary to maintain wetland
characteristics on the project site. Projected management activities include the removal of invasive
plants, the development of a Land Management Plan, and continued development of public access
to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028
2029
Exotics $340 $230 $230 $230 $170
Signage $200
Total $540 $230 $230 $230 $170
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
Page 2125 of 6405
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Page 2127 of 6405
CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between Abel Ghavez Martinez,
a single man, and Victoria ltzel Chavez, a single woman, whose address is 3181 27th
Ave NE Naples, FL 34120, as Joint Tenants with Right of Survivorship (hereinafter
referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the $tate of
Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite
101, Naples, FL 34112 (hereinafter referred to as "Purchase/').
WITNESSETH
WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter
referred to as "Property"), located in Collier County, State of Florida, and being more
particularly described in Exhibit "A", attached hereto and made a part hereof by
reference.
WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions
and other agreements hereinafter set forth, and Seller is agreeable to such sale and to
such conditions and agreements.
NOW, THEREFORE, and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. AGREEMENT
1.0'l ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase
from Seller the Property, described in Exhibit "A".
II PAYMENT OF P RCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be Thirty-six
Thousand Four Hundred Eighty Dollars and 001i00 dollars ($36,480), (u.s.
Currency) payable at time of closing.
III. CLOSING
3.01 The closing (THE "cLoslNG DATE", "DATE oF cLoslNG", oR "cLoslNG") of
the transaction shall be held on or before one hundred and eighty (180) days
following execution of this Agreement by the Purchaser, or within thirty (30) days of
Purchaser's receipt of all closing documents, whichever is later. The Closing inail
f -\'I ..Y)', t)
CC Agreement 06n0n024 PaEe 1 of 1{
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CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
be held at the office of the insuring title company or by mail. The procedure to be
followed by the parties in connection with the Closing shall be as follows:
3.011 Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance with law.
At the Closing, the Seller shall cause to be delivered to the Purchaser the iterns
specified herein and the following documents and instruments duly executed and
acknowledged, in recordable form:
3.01 11 Warranty Deed in favor of Purchaser conveying title to the Property,
free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions, or conditions of record
3.01 1 2 Combined Purchaser-Seller closing statement.
3.01 13 A "Gap Tax Proration, Owner's Non*Foreign Affidavit", as required by
Section 1445 of the lnternal Revenue Code and as required by the tiile
insurance undenruriter to insure the "gap" and issue the policy contemplated
by the title insurance commitmenl.
3.0114 A W-9 Form, "Request for Taxpayer ldentification and Ceftification"
as required by the lnternal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0121 A negotiable instrument (County Warrant) in an amount equal to the
Purchase Price. No funds shall be disbursed to Seller until the Title
Cornpany verifies that the state of the title to the Property has not changed
adversely since the date of the last endorsement to the commitment,
referenced in Section 4.011 thereto, and the Title Company is irrevocably
committed to pay the Purchase Price to Seller and to issue the Owner's title
policy to Purchaser in accordance with the cornmitment immediately after the
recording of the deed.
3.0122 Funds payable to the Seller representing the cash payment due at
Closing in accordance with Article lll hereof, shall be subject to adjustrnent for
prorations as hereinafter set forth.
t.Y
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CONSERVATION COLLIER
TAX lD NUMBERT 391497600OI
3.02 Each party shall be responsible for payment of its own attorney's fees. Seller,
at its sole cost and expense, shall pay at Closing all documentary stamp taxes due
relating to the recording of the Warranty Deed, in accordance with Chapter 201.01 ,
Florida Statutes, and the cost and electronic fee of recording any instruments
necessary to clear Seller's title to the Property. The cost of the Owner's Form B
Title Policy, issued pursuant to the Commitment provided for in Section 4.A11
below, shall be paid by Purchaser. The cost of the title commitment shall also be
paid by Purchaser. lf required by a Phase I report and desired by Purchaser,
$eller shall pay for a Phase ll EnvironmentalAssessment selected by Purchaser.
3.03 Purchaser shall pay for the cost of recording the Wananty Deed. Real
Property taxes shall be prorated based on the current year's tax with due
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
yeals millage.
rv. REQUTREMENTS ANp COllprTrOh!-S
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.A11 Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy
(ALTA Form B-1970i covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment. to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing, lf the title commitment ccntains exceptions
that make the title unmarketable, Purchaser shall deliver to the Seller written
notice of its intention to waive the applicable contingencies or to terminate this
Agreement.
4.412 lf Purchaser shall fail to advise the Seller in writing of any such
objections in Sellels title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects to convey good
and marketable title at seller's expense, except for liens or monetary
obligations which will be satisfied at Closing. Seller, at its sole expense, shall
use its best efforts to make such title good and marketable. ln the event Selleris unable to cure said objections within said time period, purchaser, by
providing written notice to Seller within seven (7) days after expiration of said
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CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
thirty (30) day period, rnay accept title as it then is, waiving any objection; or
Purchaser may terminate the Agreement. A failure by Purchaser to give such
written notice of termination within the time period provided herein shall be
deemed an election by Purchaser to accept the exceptions to title as shown in
the title commitment.
4.013 Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within ten (10) days of the effective date of this
Agreement. Purchaser shall have the option, at its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit "A," unless the difference in
acreage revealed by survey exceeds 5o/o o'f the overall acreage. If the survey
provided by Seller or obtained by Purchaser, as certi{ied by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from Purchaser. Purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any suchobjections. should seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written notice to Seller within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or projection,
or lack of legal access, or Purchaser rnay terminate the Agreement. A failure
by Purchaser to give such written notice of termination within the time period
provided herein shall be deemed an election by Purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTI PERIOD
5.01 Purchaser shall have one hundred tweng (120) days from the date of this
Agreement, ("lnspection Period"), to determine through appropriate investigation
that:
1. Soil tests and engineering studies indicate that the Property can be developed
without any abnormal demucking, soil stabilization or foundations.
2" There are no abnormal drainage CIr environmental requirements to the
development of the Property.
3' The Property is in compliance with all applicable State and Federal environ-
mental laws and the Property is free from any pollution or contamination.
CC Agreement OAI 1 012024
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CONSERVATION COLLIER
TAX rO NUMBER 39149760007
4. The Property can be utilized for its intended use and purpose in the
Conservation Collier program.
5.02 lf Purchaser is not satisfied, for any reason whatsoever. with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the Inspection Period,it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser with respect to
the Property.
5.03 Purchaser and its agents, employees and servants shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
Purchaser shall, in performing such tests, use due care. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
vt. tllsPECT|oN
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
VII. POSSE$$IQN
7.01 Purchaser shall be entitled to full possession of the Property at Closing.
VIII. PRORATIONS
8.01 Ad valorem taxes next due and payable, after closing on the Property, shall
be prorated at Closing based upon the gross amount of current year taxes, and
shall be paid by Seller.
IX. TERMINATION D REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10; days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of lermination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity to
',',i
CC Agresment 061 1Ol2A24 Fage 5 of 14
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CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
a contract vendee, including the right to seek specific performance of this
Agreement.
9.02 The parties acknowledge that the remedies described herein and in the
other provisions of this Agreement provide mutually satisfactory and sufficient
remedies to each of the parties and take into account the peculiar risks and
expenses of each of the parties.
X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIE$
10.01 $eller and Purchaser represent and warrant the following:
10.011 Seller and Purchaser have full right and authority to enter into and to
execute this Agreernent and to undertake all actions and to perforrn all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceeding. Seller further represents
the Property is free fr"om any and all occupants, tenants, and other persons or
entities claiming possession of the Property at the time of closing. This
provision shall survive closing,
fi.a12 seller has full right, power, and authority to own and operate the
Property, and to execute, deliver, and perform its obrigations under this
Agreement and the instruments executed in connection herewith, and to
consummate the transaction contemplated hereby. All necessary
authorizations and approvals have been obtained authorizing Seller and
Purchaser to execute and consummate the transaction contemplated hereby.
At Closing, certified copies of such approvals shall be delivered to Purchaser
and/or Seller, if necessary.
10,013 The warranties set forth in this paragraph shall be true on the date of
this Agreement and as of the date of Closing. Purchaser's acceptance of a
deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to the provisions of this Agreement.
10.014 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other
property that could, if continued, adversely affect Seller's ability to sell the
Property to Purchaser according to the terms of this Agreement.
10.015 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof.
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CONSERVATION COLLIER
TAX ID NUMBER. 33149760007
10.016 Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Seller shall not encumber or convey any portion of the
Property or any rights therein, nor enter into any agreements granting any
person or entity any rights with respect to the Property or any part thereof,
without first obtaining the written consent of Purchaser to such conveyance,
encumbrance, or agreement which consent may be withheld by Purchaser for
any reason whatsoever.
10.017 Seller represents that they have (it has) no knowledge that there is or
ever has been incinerators, septic tanks, or cesspools on the Property; all
waste, if any, is discharged into a public sanitary sewer system; $eller
represents that they have (it has) no knowledge that any pollutants are or have
been discharged from the Property, directly or indirectly into any body of water.
Seller represents that to their knowledge the Property has not been used for
the production, handling, storage, transportation, manufacture, or disposal of
hazardous or toxic substances or wastes, as such terms are defined in
applicable laws and regulations, or any other activity that would have toxic
results, and no such hazardous or toxic substances are currently used in
connection with the operation of the Property, and there is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
(it has) no knowledge that there is ground water contamination on the Property
or potential of ground water contamination from neighboring properties. Seller
represents that they have (it has) no knowledge that there is or ever has been
any storage tanks for gasoline, or any other substances are or were located on
the Property at any time during or prior to Seller's ownership thereof. Seller
represents that they have (it has) no knowledge that any part of the Property
has ever been used as a sanitary landfill.
10.018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal, State or
local statute, law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance, code
or regulation or reguiring or calling attention to the need for any work, repairs,
construction, alterations or installation on or in connection with the Properg in
order to comply with any laws, ordinances, codes or regulation with which
Seller has not complied"
10.019 Seller has no knowledge of unrecorded leases, licenses or other
possessory interests, restrictions, easements, or rights of way (other than
existing zoning regulations) that restrict or affect the use of the Property, and
there are no maintenance, construction, advertising, managernent, leasing,
employment, service, or other contracts affecting the Property.
CC Agreement C6,,1012024 Page 7 of 14 ru\L-Vr J
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CONSERVATION COLLIER
TAX tD NUMBER. 391a9760007
10.020 Seller has no knowledge that there are any suits, actions or arbitration,
bond issuances or proposals therefor, proposals for public improvement
assessrnents, pay-back agreernents, paving agreements, road expansion or
improvement agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Property or which adversely affects Seller's ability
to perform hereunder; nor is there any other charge or expense upon or related
to the Proper$ which has not been disclosed to Purchaser in writing prior to
the effective date of this Agreement.
10.021 Seller acknowledges and aErees that Purchaser is entering into this
Agreement based upon Seller's representations stated above and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the effective date of this
Agreement up to and including the Date of Closing. Therefore, Seller agrees
not to enter into any contracts or agreements pertaining to or affecting the
Property and not to do any act or omit to perform any act which would change
the zoning or physical condition of the Property or the governmental
ordinances or laws governing same. Seller also agrees to notify Purchaser
promptly of any change in the facts contained in the foregoing representations
and of any notice or proposed change in the zoning, or any other action or
notice, that may be proposed or promulgated by any third parties or any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condition of the Property.
14.422 At the Closing, Seller shall deliver to Purchaser a statement
(hereinafier called the "Closing Representative Statement") reasserting the
foregoing representations as of the Date of Closing, which provisions shall
survive the Closing.
10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment which shall
be in accordance with, but not limited to, the Comprehensive Environmental
Response, compensation, and Liability Act of 1980, 42 u.s.c. $ection 9601,
et seq., ("CERCLA" or "superfund"), which was amended and upgraded by the
superfund Amendment and Reauthorization Act of 1g86 ("SARA";, including
any amendments or successor in function to these acts. This provision and
the rights of Purchaser, hereunder, shall survive Closing and are not deemed
satisfied by conveyance of title.
CC Agreement 06/1 0/2024 Page I of 14
Page 2135 of 6405
CONSERVATION COLLIER
Tl\X lD NUMBER: 39149760007
1A-A24 Any loss and/or damage to the Property between the date of this
Agreernent and the date of Closing shall be Seller's sole risk and expense.
XI" NOTICES
11.01 Any notice, request, demand, instruction, or other communication to be
given to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified rnail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser Summer Araque, Coordinator
Conservation Collier Program
Collier County Parks and Recreation Division
Public Services Department
Golden Gate Community Park
3300 Santa Barbara Blvd.
Naples, Florida 34116
With a copy to:Attn: Vera lvanova
Collier County Real Property Management
3335 TamiamiTrail East, Suite 102
Naples, Florida 34112
Telephone number. 239-252-7609
Fax number: 239-252-8876
lf to Seller:Abel Chavez Martinez
3181 27th Ave
NE Naples, fL3412A
Telephone number: 239-877,51 I 1
Fax number: N/A
\Mth a copy to Victoria ltzel Chavez
3181 27th Ave
NE Naples, FL 34120
Telephone number: 239-827-9760
Fax number: N/A
11.02 The addressees and numbers for the purpose of this Article may be
changed by either party by giving written notice of such change to the other party
in the manner provided herein. For the purpose of changing such addresses or
addressees only, unless and until such written notice is received, the last
CC Agreement C6,110t2024 Page I of 14
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CONSERVAT'ON COLLIER
TAX ID NUMBER 39149760007
addres$ee and respective address stated herein shall be deemed to continue in
effect for all purposes.
xil. REAI"SSTATE BRoKERS
12.U Any and all brokerage commissions or fees shall be the sole responsibility
of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from
and against any claim or liability for cornmission or fees to any broker or any other
person or par$ claiming to have been engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement. Seller agrees to
pay any and all commissions or fees at closing pursuant to the terms of a separate
agreement, if any.
XIII MISCELLANEOUS
13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
13.02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or admits.
13.03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties.
13.04 Captions and section headings contained in this Agreement are tor
convenienee and reference only; in no way do they define, describe, extend, or
limit the scope or intent of this Agreement or any provisions hereof.
13.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
13.06 No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreernent shall be applicable only to the specific instance to
which it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as to any other provision.
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CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
13.07 lf any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
13-09 lf the Seller holds the Property in the fonn of a partnership, limited
partnership, corporation, tru6t, or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from the
provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XIV. ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise, representation, warranty, or
covenant not included in this Agreement, or any such referenced agreements has
been or is being relied upon by either party. No modifisation or amendment of this
Agreement shall be of any force or effect unless made in writing and executed and
dated by both Purchaser and Seller. Time is of the essence of this Agreement.
XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE USE
15.01 Any development rights or credits available on the Property are relinquished
by the Seller and conveyed to the Purchaser at closing as part of the sale of the
Property.
S/GNATURES APPEAR ON THE FALLOWNG PAGES
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TAX rD NUMBER 391a9760007
lN WITNESS WHEREOF, the parties hereto have signed below.
Dated Project/Acquisition Approved by BCC:
AS TO PURCHASER:
AfiEST:
CRYSTAL K. KINZEL, Clerk of the
Circuit Court and Cornptroller
BOARD OT COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
By
, Deputy Clerk Chris Hall, Chairman
REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK
CC Agreement 0611U2A24 Page 12 of 14
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CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
A$ TO $ELLER:
DATED:it/qql 1+
By:
Print Name: Abel Chavez Martinez,
as Joint Tenants with Right of Sulivorship
DATED:
By:
Print Name: Victoria ltzelChavez
as Joint Tenants with Right of Survivorship
Approved as to form and legalityl
Page 13 of 14
Assrstant County Atlorney
CC Agreernent 06/1 012024
trftttt'x
Page 2140 of 6405
CONSERVATION COLLIER
TAX lD NUMBER: 39149760007
EXHIBIT "A"
PROPERW IDENTIFICATION NUMBER: 39149760007
THE EAST 75 FEET OF THE EAST 150 FEET OF TRACT 84, OF UNIT 47 GOLDEN
GATE ESTATES, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT
BOOK 7, AT PAGE 32, OF THE PUBLIC RECORDS OF COLLIER COUNTY,
FLORIDA
1 .14 ACRES
CC Agreemenl 061 1 Al 2024 Page 14 ol 14 ro\\ c-rY )
Page 2141 of 6405
1
Conservation Collier Land Acquisition Program
Project Design Report
Martinez Property
Date: January 2025
Property Owner: Abel Chavez Martinez
Folio(s): 39149760007
Location: GOLDEN GATE EST UNIT 47 TR 84
Size: 1.14 acres
Purchase Price: $36,480
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is located on the northern side of the Horsepen Strand near a Panther Walk Preserve
parcel. The Martinez parcel met the Initial Screening Criteria identified in the Conservation Collier
Ordinance, No. 2002-63, as amended, including presence of native habitat, potential for nature-
based recreational and educational opportunities, protection of water resource values and wetland
dependent species habitat, presence of significant biological/ecological values, listed species
habitat, connectivity, and restoration potential.
This parcel offers access from 68th Ave NE west of Everglades Blvd – a paved public road. This
property could accommodate seasonal outdoor recreation, particularly due to the proximity to the
Panther Walk Preserve.
The parcel is part of the greater Horsepen Strand flow way and contains hydric pine flatwoods and
marsh. This parcel is home to many wetland dependent species of flora and fauna including Florida
panthers that have been documented within the strand.
This parcel, when joined with many others, can protect the flow of both wildlife and water through
the Horsepen Strand.
Zoning, Growth Management and Land Use Overlays: The Panther Walk and Horsepen
Strand project parcels are entirely within the Northern Golden Gate Estates. The zoning
classification for all the parcels is Estates (E), a rural residential classification. There are no
additional land use overlays applicable.
Selected for the “A” category, #1
priority, on the Active Acquisition
List (AAL) by CCLAAC
Selected for the “A”
category, #1 priority, on
AAL by BCC
Purchase offer
made to owners
Purchase offer
accepted
3/6/2024 6/25/2024 10/21/2024 10/21/2024
Page 2142 of 6405
2
Projected Management Activities: No hydrologic changes are necessary to maintain wetland
characteristics on the project site. Projected management activities include the removal of invasive
plants, the development of a Land Management Plan, and continued development of public access
to selected portions of the preserve.
Estimated Management Costs:
Management
Element 2025 2026 2027 2028
2029
Exotics $340 $230 $230 $230 $170
Signage $200
Total $540 $230 $230 $230 $170
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
Page 2143 of 6405
3
Page 2144 of 6405
4
Page 2145 of 6405
APPRAISAL REPORT
FOR
THE CONSERVATION COLLIER
PROGRAM AND THE COLLIER
COUNTY BOARD OF COUNTY
COMMISSIONERS
SUBJECT PROPERTY:
PANTHER WALK PRESERVE
NAPLES, FL 34120
AT THE REQUEST OF:
ROOSEVELT LEONARD, R/W-AC
SUPERVISOR – REAL PROPERTY
MANAGEMENT
COLLIER COUNTY FACILITIES
MANAGEMENT/REAL PROPERTY
3335 TAMIAMI TRAIL E., STE. 101
NAPLES, FL 34112
ASSIGNMENT NO.:
6768-TS
APPRAISAL EFFECTIVE DATE:
JULY 12, 2024
DATE OF REPORT:
JULY 22, 2024
Page 2146 of 6405
6768 Report Table of Contents
Carroll & Carroll
Table of Contents
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1
CERTIFICATION ..................................................................................................................................... 3
SCOPE OF WORK ................................................................................................................................... 5
ESTATE APPRAISED .............................................................................................................................. 6
DEFINITION OF MARKET VALUE ..................................................................................................... 7
ASSUMED EXPOSURE TIME ................................................................................................................ 7
AREA INFORMATION .......................................................................................................................... 8
MARKET AREA ..................................................................................................................................... 17
PROPERTY INFORMATION ............................................................................................................... 29
SITE DESCRIPTION – PANTHER WALK PRESERVE ................................................................ 32
ENVIRONMENTAL CONTAMINATION .................................................................................... 33
NATURAL RESOURCE CONCERNS ............................................................................................ 34
FUTURE LAND USE ......................................................................................................................... 37
ZONING .............................................................................................................................................. 39
HIGHEST AND BEST USE ................................................................................................................... 41
CONSIDERATION OF APPROACHES ............................................................................................. 42
SALES COMPARISON APPROACH ................................................................................................. 43
PANTHER WALK (1.14-2.73 ACRES) ................................................................................................ 44
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 45
LAND SALES ADJUSTMENT GRID – UP TO 25% WETLANDS.............................................. 46
LAND SALES ADJUSTMENT GRID – 26-50% WETLANDS ..................................................... 47
LAND SALES ADJUSTMENT GRID – 51-75% WETLANDS ..................................................... 48
LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ................................................... 49
FINAL ESTIMATE OF VALUE - PANTHER WALK (1.14-2.73 ACRES) .............................. 56
PANTHER WALK (2.74-5.00 ACRES) ................................................................................................ 57
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 58
LAND SALES ADJUSTMENT GRID – UP TO 25% WETLANDS.............................................. 59
LAND SALES ADJUSTMENT GRID – 26-50% WETLANDS ..................................................... 60
LAND SALES ADJUSTMENT GRID – 51-75% WETLANDS ..................................................... 61
LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS ................................................... 62
FINAL ESTIMATE OF VALUE - PANTHER WALK (2.74-5.00 ACRES) .................................. 69
ADDENDA ............................................................................................................................................. 70
Page 2147 of 6405
6768 Report Summary of Important Data & Conclusions
Carroll & Carroll 1
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS
This information is summarized only for convenience. The value given is the final, rounded
conclusion of the appraisal. To use this summary without first reading the appraisal report
could be misleading.
PROPERTY INFORMATION
Property Identification
Panther Walk Preserve Market Area
Naples, FL 34120
Property Description
Panther Walk Preserve consists of 262 parcels or a total of
513.07 acres located within Golden Gate Estates, Units 42,
44, and 47 in Naples, Florida.
Property Type Vacant Land
Owner of Record Full List Copied into the Addendum
Property ID # Full List Copied into the Addendum
CLIENT INFO & VALUE CONCLUSIONS
Client Collier County Facilities Management Department
Intended Use
To assist the Conservation Collier Program and the Collier
County Board of County Commissioners.
Intended Users
Conservation Collier Program and the Collier County
Board of County Commissioners.
Appraisal Effective Date July 12, 2024
Date of Report July 22, 2024
Date of Inspection N/A
Purpose of Appraisal
Estimate the market value on a price per acre basis within
the Panther Walk Preserve for the various tiers for parcels
ranging in size from 1.14 acres-2.73 acres and 2.74 acres-5.00
acres.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 51-75% Wetlands
IV. 76-100% Wetlands
Estate Appraised Fee Simple
Interest Appraised 100%
Estimated Market Values
1.14-2.73 Acres
I Up to 25% Wetlands $65,000 per acre
II 26-50% Wetlands $47,000 per acre
III 51-75% Wetlands $37,000 per acre
IV 76-100% Wetlands $32,000 per acre
Page 2148 of 6405
6768 Report Summary of Important Data & Conclusions
Carroll & Carroll 2
2.74-5.00 Acres
I Up to 25% Wetlands $49,000 per acre
II 26-50% Wetlands $42,000 per acre
III 51-75% Wetlands $33,000 per acre
IV 76-100% Wetlands $30,000 per acre
GENERAL INFO
Appraiser
Timothy W. Sunyog, MAI
State-Certified General Appraiser RZ 3288
Scope of Work All applicable approaches to value were developed.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
None
HYPOTHETICAL CONDITIONS
None
Page 2149 of 6405
6768 Report Certification
Carroll & Carroll 3
CERTIFICATION
I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF:
I did not physically inspect the Panther Walk Preserve parcels or comparable sales, but I
relied on aerial photography for my analysis.
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 our personal, impartial and unbiased
professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report
and no personal interest with respect to the parties involved.
I previously appraised the property September 1, 2023 for the Collier County Facilities
Management Department. I have had no other relationship to the client or the property
within the three years prior to accepting this assignment.
I have no bias with respect to the property that is the subject of this report or the parties
involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated result
or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
My analyses, opinions and conclusions were developed, and this report was prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice. I am also
subject to the Code of Ethics and Standards of Professional Practice of the Appraisal
Institute, which includes provisions for peer review.
The use of this report is subject to the requirements of the State of Florida relating to
review by the Florida Real Estate Appraisal Board and to the requirements of the
Appraisal Institute relating to review by its duly authorized representatives.
Page 2150 of 6405
6768 Report Certification
Carroll & Carroll 4
No one other than the undersigned prepared the analyses, opinions and conclusions
concerning real estate that are set forth in this report.
As of the date of this report, I have completed the requirements of the continuing
education program of the State of Florida, and for Designated Members of the
Appraisal Institute.
CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
Page 2151 of 6405
6768 Report Scope of Work
Carroll & Carroll 5
SCOPE OF WORK
All applicable approaches to value were developed and the value conclusion reflects all
known information about the subject property, market conditions, and available data.
The scope of work was:
• I did not physically inspect the Panther Walk Preserve parcels or the comparable sales,
but I relied on aerial photography.
• Reviewed aerial photographs, land use plans, the Land Development Code, the
Conservation Collier Initial Criteria Screening Report, and other documentation.
• Reviewed how the properties relate to their neighborhood and to the broader market
area in development of an opinion of highest and best use.
• Researched vacant land comparable sales, listings, and pending sales.
• Developed the sales comparison approach.
• Estimated the market value on a price per acres basis within Panther Preserve for the
various tiers for parcels ranging in size from 1.14 acres-2.73 acres and 2.74 acres-5.00
acres.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 51-75% Wetlands
IV. 76-100% Wetlands
• Prepared an appraisal report summarizing the appraisal assignment, the property
appraised, the application of the appraisal methodology, and the logical support for the
value conclusions.
Sources of market data included local and regional MLS systems, CoStar, LoopNet, public
records, and interviews with real estate brokers.
Page 2152 of 6405
6768 Report Estate Appraised
Carroll & Carroll 6
ESTATE APPRAISED
The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple
Absolute is synonymous with Fee Simple.
The Dictionary of Real Estate Appraisal, Seventh Edition, published 2022 by the Appraisal
Institute, defines Fee Simple Estate 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.
We consider easements, but only to the extent that they are known to us. Appraisal of the
fee simple means that an improved property is vacant and available to be put to its highest
and best use.
Page 2153 of 6405
6768 Report Definition of Market Value
Carroll & Carroll 7
DEFINITION OF MARKET VALUE
In United States tax law, the definition of Fair Market Value is found in the United States
Supreme Court decision in the Cartwright case:
The fair market value is the price at which the property would change hands between a
willing buyer and a willing seller, neither being under any compulsion to buy or to sell
and both having reasonable knowledge of relevant facts.
United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S.
Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal
estate taxes, at 26 C.F.R. sec. 20.2031-1(b)).
ASSUMED EXPOSURE TIME
The reasonable exposure time is assumed to have already occurred as of the appraisal
effective date. The assumed reasonable exposure time was between 6 and 9 months.
Page 2154 of 6405
6768 Report Area Analysis
Carroll & Carroll 8
AREA INFORMATION
COLLIER COUNTY ANALYSIS
An analysis of geography, transportation, population, employment, income, and education
for Collier County is performed using data provided by Site to Do Business, Florida Office
of Economic & Demographic, United States Department of Labor, all recognized source(s).
GEOGRAPHY
Collier County is the most southerly county on Florida's west coast offering mainland
coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With
2,025 square miles of land area, it is the largest county in Florida. About 63% of the land
area is in public ownership, is set aside for environmental preservation, or is scheduled for
public land acquisition.
The region enjoys a climate that is classified as subtropical. Summers are relatively mild,
and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter,
is one that attracts and is enjoyable to most people.
The geography of the area runs generally northwest and southeast as indicated by the trend
of the coastline. Beaches extend from the northern county line south to Cape Romano and
then, as the coastline trends further to the southeast, beaches give over to mangrove islands
and swamps. Moving northeastward from the beaches, elevations increase very slowly.
Most of the county is less than 15 feet above mean sea level. Although changes in elevation
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6768 Report Area Analysis
Carroll & Carroll 9
are gradual, they are well defined by variations in vegetation. Much of the county is, or was
once, wetland. The once plentiful marine resources are largely depleted, but still provide
good sport fishing.
Population centers include the coastal communities of Naples, Marco Island and
Everglades/Chokoloskee. Immokalee, the single large interior community, is in north
Collier County and is the agricultural center of the region.
POPULATION
“The social forces studied by appraisers primarily relate to population characteristics. The
demographic composition of the population reveals the potential demand for real estate,
which makes the proper analysis and interpretation of demographic trends important in an
appraiser’s analysis.” The total population, it's composition by age and gender, and the rate
of household formation and dissolution strongly influence real property values. (The
Appraisal of Real Estate 14th Edition)
Collier County’s population has continued to increase year after year. The population has
increased only 0.1% as of 2022 from 2020. The population forecasts through 2027 calls for a
continued steady growth cycle with an estimated 4.4% population growth from 2022 to
2027.
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6768 Report Area Analysis
Carroll & Carroll 10
Collier County is a popular retirement destination. As of 2022, 55.9% of the County’s
residents are over the age of 45. The 2027 forecasts depict an aging community with 56.5%
of the population 45 years of age or older.
EMPLOYMENT
Collier County is a largely service based economy with 32.1% of the employees in the
leisure, hospitality, education, and health service industries and 26% in professional,
business, financial and other services. Trade, transportation, & utilities along with
government jobs account for 36.4% of the County’s employees. Industries such as natural
resources/mining, construction, and manufacturing make up only 5.5% of the market.
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6768 Report Area Analysis
Carroll & Carroll 11
The unemployment
rate in Collier County exceeded the state average by a slight margin in the years 2015 and
2016. The unemployment rate then declined through 2020 as the economy improved and,
until recently, Collier County’s unemployment rates decreased more rapidly than the state.
Top 10 Largest Employers SWFL-2022
Rank Company Employees
1 Lee Health 13595
2 Lee County School District 12936
3 Lee County Local Government 9038
4 Publix 8728
5 NCH Healthcare System 7017
6 Walmart 6516
7 Collier County School District 6422
8 Collier County Government 5000
9 Florida Gulf Coast University 3430
10 Arthrex, Inc 3000
Source: SOUTHWEST FLORIDA ECONOMIC DEVELOPMENT
ALLIANCE NOTE: * DATA AS RECENT AS 2018 Q3; ** DATA AS
RECENT AS 2017
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6768 Report Area Analysis
Carroll & Carroll 12
INCOME
Collier County’s per capita income and median household income levels are higher than
state statistics. The most substantial difference between Collier County and the state is the
large percentage difference in household incomes above $100,000 where Collier County
exceeds the state by over 12%. Collier County's percentage household incomes ranging
from $25,000 to $74,999 is slightly lower than the percentage of household incomes in the
state, only mirroring that of the state at $75,000 to $99,000, and from there exceeding the
percentage of the state. Income levels vary greatly within different areas of Collier County,
and so will be discussed in greater detail in the Market Area descriptions.
TRANSPORTATION
The transportation system reflects local geography, population densities and the primary
motivators of tourism, service industry employment, the construction industry, agriculture,
and leisure activities.
ROADS
The earliest roads were coastal, extending from north to south in the early twentieth century
with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami
Trail because it was built to connect Tampa and Miami. Where it passes through the coastal
community US-41 is a four or six lane divided highway with landscaped medians, curb and
gutter, streetlights and often with concrete sidewalks. The Trail is the principal coastal
arterial and one that defines several important boundaries. Often there is a noticeable land
value difference east and west of US-41 because the affluent coastal population prefers to
shop and trade close to home. As the highway turns southeast from downtown Naples
toward Miami the Trail defines the boundary of the coastal management zone which affects
development densities and storm evacuation requirements. The eastern segment of US -41
is a designated national scenic highway popular with tourists, especially during the winter
season as they seek adventure in the Everglades.
A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood
streets extend into the urban area east and west from US-41. North-south arterials and
major collectors are established about one mile apart. From west to east, these include
Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard
and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to
south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road
(CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84),
and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4
lane divided highways.
East of Collier Boulevard the road system reflects the economies of scale of Golden Gate
Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported
by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced
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6768 Report Area Analysis
Carroll & Carroll 13
major collectors. Golden Gate Boulevard, a 4-lane divided road for five of its eleven miles
east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and
asphalt surfaced) is the north-south major collector extending south from Immokalee Road
14 miles to the grade separation at I-75 where it continues into the Picayune Strand State
Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier
County is planning to extend east-west collectors through the Estates along the alignment of
Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south
connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road)
north to Golden Gate Boulevard.
Interstate highway 75 (I-75) was extended from north to south through Collier County in
the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of
Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with
Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced
three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden
Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty-
one miles east of the coastal community is an interchange at State Road 29; the last
interchange in Collier County. Collier County and the FDOT continue to study the
feasibility of an interchange at Everglades Boulevard.
The advent of I-75 signaled a change in the relationship of Collier County to the rest of
Florida and the United States. While US-41 was the only north-south arterial, Collier
County was dominated by the conservative mid-western influences of seasonal residents
and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road
access to Collier was made much more convenient to the northeast via connections with I -4
and I-95. This had the effect of broadening Collier’s market exposure and it stimulated
growth. The extension of I-75 south into Dade County promoted better access for European
tourists and made Collier County transient lodging attractive for east coast weekenders.
Strategic connections exist where Collier Boulevard and CR-92 extend south and west from
US-41 providing access to the City of Marco Island from the greater Naples area and from
Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural
center of Immokalee with points north, with the Naples coastal community via CR-846,
with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which
is the western gateway to Everglades National Park and the 10,000 Islands region of
Collier's southwest coast.
The road transportation system is well planned, well maintained, and operating at
acceptable capacity. Ambitious road construction projects undertaken in anticipation of
growth projections and funded by impact fees have caught up with development. The road
system reflects Collier's position at the southerly limit of development on Florida's west
coast.
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6768 Report Area Analysis
Carroll & Carroll 14
MASS TRANSIT
Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes
Department, provides inexpensive alternative transportation throughout the county linking
major employment centers of Naples with Marco Island and Immokalee. There are several
circulation routes with stops at the County government complex, hospitals, and major
shopping establishments. The system accommodates bicycle transport and personal items.
The same County department administers the Collier Area Para Transit system which
provides subsidized transportation services for the disabled and economically
disadvantaged.
This is a successful and growing system that connects people with jobs, essential services,
and shopping while reducing transportation costs and road congestion.
AIRPORTS
Collier County is supported by a system of five public airports. Southwest Florida
International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45-minute
drive via I-75 from the Collier center of population. This facility serves the five county
southwest Florida regions offering domestic and international air carrier service. It is
modern, convenient, and has planned expansion to keep up with regional growth.
Naples Municipal Airport (APF) owned by the City of Naples and operated by the
independently constituted Naples Airport Authority which derives its revenue principally
from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown
Naples. It serves the coastal community and is especially convenient to affluent residents
who own private aircraft, to the corporate convention business of the large beachfront
hotels, and to essential services like mosquito control, Emergency Medical Services (EMS),
the Sheriff’s office, and private air ambulance services. The two paved runways (5/23 @
5,290’ and 14/32 @ 5,000’) will support jets including the G4 and Challenger series. Naples
airport is tower controlled and fully certified for commercial operations and is home to
several aircraft charter services and flight training schools. In 2005, Naples Municipal
Airport accommodated 163,434 aircraft operations, a record high. Annual operations
decreased by nearly 50% from 2005 to 2011. The total operations for 2020 were 104,479,
which is a 5.2% increase from the previous year. Due to its downtown location, Naples
airport has restricted operations of the noisiest jet aircraft and is at the leading edge of noise
abatement measures.
The Collier County Airport Authority owns and operates airports at Marco Island, in
Everglades City, and at Immokalee. These are primarily funded through fuel sales and
hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation
facility on the mainland four miles northeast of Marco Island. The single paved runway
(17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is
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6768 Report Area Analysis
Carroll & Carroll 15
available. This airport is convenient to Marco Island residents and to the corporate
convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile
east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has
two paved 5,000-foot runways (18/36 and 09/27) a third diagonal runway is now used as a
weekend drag racing strip. The airport is in the Florida Rural Enterprise Zone and a HUB
Empowerment Zone. A 60-acre zone in and around the airport is a designated Foreign
Trade Zone. To date, the economic potential of this airport is largely unrealized. However,
the field is active as a training destination for coastal-based flight schools, it hosts aerial
firefighting and crop-dusting operations, and it bases numerous private aircraft. The
Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres that is within
walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400')
supports itinerant coastal traffic and half a dozen-based aircraft. Fuel, a comfortable pilot
center and bicycles are available.
The aviation community Is well supported. The greater Naples area is the beneficiary of the
winter season influx of corporate executives and affluent individuals who can afford luxury
private jet travel.
MARINE TRANSPORTATION
There is no deep-water port and no commercial marine activity other than that associated
with commercial fishing, charter sport fishing, and the marine towing services that support
the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six
feet at mean low water. The US Coast Guard maintains a dredged and well-marked
intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island.
Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of
Mexico before returning to the sheltered intracoastal system at Sanibel Island. According to
the Marine Industries Association of Collier County, as of early 2018 there were 57,685
registered vessels in Southwest Florida. In 2022, Florida registered over 1 million
recreational boats. Seasonally, excursions from Marco Island to Key West and from Ft.
Myers Beach to Key West are scheduled daily.
EDUCATION
The Collier County School District provides public education to about 47,000 students
encompassing grades K-12 and employs almost 7,000 people of which 3,200 are teachers.
The district has 51 public schools consisting of 31 elementary, 10 middle, 8 high schools, one
K-12 (Everglades City School), and 1 virtual school. There are also 12 alternative school
programs and two technical colleges, Lorenzo Walker Technical College, and Immokalee
Technical College, which offer short term and long-term training to adults and high school
students.
Between 2015 and 2020, the school district had an overall population growth of more than
6,000 students but recently student population growth has leveled off and slightly
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Carroll & Carroll 16
decreased. The student population is a diverse culture. 55% of students live in homes where
English is not the first language. Students come from 76 different countries of origin and
speak 104 different languages.
Collier County School District continues to receive an “A” grade by the State of Florida
Department of Education. The district and all schools are accredited by the Southern
Association of Colleges and Schools Council. Collier County is the leader in Florida in
educational technology. It is also a leader in advanced educational programs, offering dual
enrollment and Advance Placement courses, Cambridge Advanced International Certificate
of Education and Laureate diplomas. Career training is available through 32 career
academies.
In addition to the public-school system, there are numerous private schools throughout the
county. Approximately, 16% of all K-12 students in Collier County are educated in private
schools.
Collier County is also home to several colleges and accredited universities. Three colleges
have campuses in Collier County: Ave Maria University, Keiser University and Florida
Southwestern State College (formerly Edison Community College). Ave Maria University is
a private catholic university that offers both undergraduate and graduate programs
including a law school has around 1,245 students. Keiser University is a private university
that offers both undergraduate and graduate programs to over 17,990 students throughout
20 campuses in Florida and an online learning program. Florida Southwestern State College
with campuses in Naples, Punta Gorda, and Ft. Myers, offers both two-year and four-year
degree programs for 14,714 students. Formerly located in Naples, now in Fort Myers,
Hodges University is a private four-year college that offers bachelor’s and master’s degrees
in 20 disciplines for around 1,676 students. Nearby Florida Gulf Coast University (located
in southern Lee County) is one of the state's fastest growing institutions and home to over
16,000 students.
CONCLUSION
At the southerly limit of urban development on Florida's west coast, Collier County offers
the climate, natural resources, and sporting opportunities to support a superb retirement
community. The quality of infrastructure, schools, and social services is what one would
expect of such an area. We are experiencing a surge in new development projected to take
us through the next several years. In the long term, the attractions of the climate and
location, and the stability of fixed-account affluence promise continuing prosperity
although probably without the strong emphasis on new development.
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MARKET AREA
Market Area is defined as:
“The geographic region from which a majority of demand comes and in which the
majority of competition is located.” (The Dictionary of Real Estate Appraisal 7th Edition)
“A market area is defined in terms of the market for a specific category of real estate
and thus is the area in which alternative, similar properties effectively compete with the
subject property in the minds of probable, potential purchasers and users.” (The
Appraisal of Real Estate 15th Edition)
A market area includes those surrounding land uses which impact the value of a property
and it can encompass one or more neighborhoods or districts. An appraiser focuses on the
market area in analyzing subject property value influences.
BOUNDARIES
The subject property is located within the Golden Gate area of Collier County. For
appraisal purposes, the Golden Gate or market area boundaries are shown below:
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Introduction
The portion of Golden Gate within this market area is approximately 157 square miles in
size. Three separate land uses are worth noting. Golden Gate City, which is not
incorporated, is a 4-square mile development of high residential density consisting of both
single-family and multifamily units. Commercial services for this market area are
centralized here. The rural estates consist of approximately 116 square miles and is zoned
for estate living. This low-density development serves a rural lifestyle desired by many in
the area. A third area, Orange Blossom PUD located on Immokalee Road, is a 4-square mile
residential subdivision with commercial support near the Immokalee Road and Randall
Boulevard intersection. It is approximately 80% developed with primarily single-family
units. Collier County Fairgrounds, a high school, middle school, and elementary school are
located here.
Demographics for Golden Gate City and rural estates will be discussed separately, where
appropriate, Data for Orange Blossom PUD will be included in the rural estate’s
demographics.
Environmental Influences
This area is desired because of mild winter weather and rural lifestyle. Even though it is
inland from the coast there is still easy access to miles of beaches. The Naples area is one of
the very few in Florida that offers adequate public access to a mainland beach. The
subtropical weather allows for year-round recreational opportunities. Boating, swimming,
riding ATVs, and camping are popular activities. Bicycling, walking and jogging are
supported by an extensive network of connected biking and walking paths. Multiple tennis
and pickle ball courts are available, as well as fitness centers.
Golden Gate is known for its clean environment and healthy lifestyle. Residents are drawn
to the rural estates because of wooded lots, native vegetation and abundance of wildlife.
Agriculture uses are permitted; therefore, equestrian activities are common throughout the
estates. Golden Gate City is an urban area served by county parks and a biking/walking
path network.
Governmental Influences
This market area, including Golden Gate City, is governed by Collier County Board of
County Commissioners which serves as chief legislative body and five constitutional
officers: sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser.
County government is managed by a strong county manager structure. Collier County
provides services which range from average to high quality. However, Collier County is
known for being a difficult county for building and development. The tax burden in
Collier County is lower than the national average.
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County government has zoning, and comprehensive plan ordinances designed to protect
the character and values of property; to protect and enhance economic development; and to
maintain and enhance the attractive nature of the area.
Public services include fire protection, solid waste disposal, potable water, sanitary sewer
service and storm water drainage. In some areas of Golden Gate Estates where sanitary
sewer is not available, septic systems are permitted. Public/private companies proved
adequate services for electricity, cable, and internet. Community support facilities such as
schools, parks, churches, shopping, and places of employment are all located within this
market area.
Collier County Sheriff Department provides a full range of services for Collier County.
According to the 2022 statistics listed by the Collier County Sheriff’s Office, Collier County
has one of the lowest crime rates in Florida. The county averages are representative of
conditions in the Golden Gate area.
This market area is served by several arterial roadways. All are six-lane divided highways
with landscaped medians. Improvements include street lighting and concrete curb and
gutter. North-south arterial roadways include Santa Barbara Boulevard which connects
Rattlesnake Hammock Road to Immokalee Road and Collier Boulevard (SR-951) which is a
major arterial linking Marco Island in south Collier County with Immokalee Road near the
north county line. Development along Collier Boulevard is a mixture of single/multi-family
residential, office, light industrial, institutional, and retail.
The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles
apart, that serve the greater Naples coastal community which lies to the west and has direct
access to I-75.
East-west arterials include Golden Gate Parkway, Pine Ridge Road, and Immokalee Road.
Each one provides direct access to Interstate I-75. Development along Pine Ridge Road is
mainly developed with single family homes and institutional uses. Golden Gate Parkway
and Immokalee Roads have a mixture of single/multi-family residential, office, industrial,
institutional, and retail uses. Another east-west arterial is Vanderbilt Beach Road which is a
direct connection between the Golden Gate area and the Naples beaches. Construction has
begun on the Vanderbilt Beach Road Extension, which will be extended to Wilson
Boulevard.
Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast,
serves this entire market area and access is provided by three interchanges.
The arterial road system is laid out in a grid pattern that provides adequate traffic flow to
all areas of the county. Commercial development exists at every major intersection; but the
intersections are designed with proper turns lanes and signaling to provide for adequate
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traffic movement. The road network easily handles traffic demand in the off-season, May
through December. Traffic more than doubles in January, February, March and April
because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road
network usually handles peak traffic demand without major delays.
The rural estates are served by a grid of residential streets and collector roads. The
residential streets, which are two-lane roads with open swales, are located every quarter
mile. Most these roads are paved; however, some residential streets located along the
eastern edge of this market area have yet to be improved. The residential streets feed into
collector roads, which connect to the major arterial highway system. The collector roads
include Santa Barbara Boulevard, Golden Gate Boulevard, Wilson Boulevard, Everglades
Boulevard, Randall Boulevard and Oil Well Road. They are four to six-lanes in the more
populated areas, transitioning to two-lanes in the eastern section of this market area.
Public transportation is provided by a county transit bus service.
Naples Municipal Airport is located outside the market area but is easily accessed by any
resident of the area. The airport is City owned but operated by the independent Naples
Airport Authority. It serves private and commercial aviation, as well as aviation related
activities. It supports government services, such as, Mosquito Control District and Collier
County Sheriff’s aviation unit.
Located within the market area is the Paradise Sports Complex developed by Collier
County. The 60+ acre site is designed with 19 fields to accommodate football, soccer, field
hockey, lacrosse, baseball, and others. There is a 13-acre lake with a beachfront, food-truck
area, a market space, a large lawn, a championship stadium with seating capacity for 3,500
and an indoor fieldhouse. The total budget for the project was approximately $80 million
dollars. Adjacent to the Paradise Sports Complex will be the proposed Great Wolf Lodge
South Florida which is projected to be completed in the spring/summer of 2024. The hotel is
situated on 20 acres and will feature 500 family-friendly suites and an expansive 100,000-
square-foot indoor water park.
Social Influences
Golden Gate City is a diverse community of entry level housing. Residents like the small
town feel and consider it a safe place to raise a family. Residential is approximately 95%
built out. Rural estates are attractive for their quiet country living while being in close
proximity to all that the coastal community has to offer. Build out varies in the rural estates
from 95% in the western portion of the market area to 40% or less in the southeastern
location. Per US Census Bureau forecasts, the 2022 population is 78,769 with a projected
growth to 81,893 (0.78% annual growth) by 2027. This area experiences a lower seasonal
population increase during the winter months than other areas of Collier County.
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The median age is 36.7 with 73.7% of the population being 54 and younger. The median
household income is $83,679. 25.6% have a bachelor’s or professional degree and 24.7%
have some college education. There is an average degree of community involvement
through civic organizations, neighborhood groups, social service organizations and political
committees.
The Naples cost of living is 11.9% higher than the average cost of living in the United States.
Conversely, Florida has a cost of living that is 1% higher than the US average. Of the 25
locations included in the Economic Policy Institute's dataset for Florida, Naples-Marco
Island is the 21st most expensive. In Naples, housing is the category with the highest index
(21% above national average), while taxes are the category with the lowest index (15%
below national average). (Ref. Careertrends.com; cost of living analysis). Golden Gate has
some of the highest density of affordable housing units in Collier County, but because of the
high cost of living, home values can still be out of reach for many moving into Collier
County.
One of the main driving forces impacting growth in this area is the quality of schools. This
market area has 15 public schools: two high schools, three middle schools, nine elementary
schools, and three Charter schools. In addition to the public school system, there are three,
faith-based private schools.
Economic Influences
The population increased 20.07% over the last 12 years or 1,097 people per year. The
population is forecasted to increase an additional 3.97% over the next five years for an
average of 625 people per year. This trend is consistent with the past twenty years and
should continue into the near future as buildout continues along the eastern edge of this
market area. The residential population is dominated by working class and young
professional residents. Comparatively, incomes within this market area are less than the
county average.
Development trends:
Residential
This market area provides a large range in home values from entry level housing to million-
dollar estates and is the greatest source of vacant residential lots in the county. Values in
Golden Gate City should remain consistent subject only to general market trends. Values in
the eastern rural estates will increase as buildout in the units closest to the coast continues.
The average home value in the market area is $384,105 which is considerably lower than the
County’s average home value of $567,449. The total number of households in the market
area is 27,440, of which, 69.9% are owner occupied, 22.8% renter occupied and 7.3% vacant.
Vacancy includes seasonal rentals.
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Commercial
Commercial development can be categorized into four different groups. Primary
commercial is in Golden Gate City. Second group is newer construction at the arterial road
intersections. Third is neighborhood commercial within the rural estates. Fourth is the
industrial commerce park near Collier Boulevard and the I-75 interchange.
Golden Gate City is the commercial center serving this market area. Santa Barbara
Boulevard, north of Golden Gate Parkway, has a mixture of multi-family residential and
commercial along the east side of the road. Commercial consists of older single story, single
user buildings and 4 to 8 unit retail plazas. Businesses include daycare/ preschools,
neighborhood food mart and gas stations, construction company offices, barber shops and
beauty salons and small restaurants. Golden Gate Parkway has a mixture of multi-family
and commercial development along both sides of the roadway. Newer commercial consists
of CVS and Walgreens, carwashes, bank branches and national fast food restaurants. There
are three older shopping centers, anchored by Winn Dixie and by Ace Hardware. Single
story commercial structures and strip centers house neighborhood businesses such as
barber shops and beauty salons, florists and jewelers; veterinary services and family
medical clinics; and small locally-run restaurants and food marts. Several businesses
consist of automotive support such as gas stations, oil chance and car washes. Professional
services are primarily located in executive suites located near Santa Barbara Boulevard.
The Quality Inn Hotel & Golf Course located at the southwest corner of Golden Gate
Parkway and Collier Boulevard was purchased by Collier County in 2019. A lease
agreement was signed with BigShots Golf in May 2021 who planned to redevelop the 165
acres with a 12-hole public golf course and a BigShots entertainment facility. The project
has still not yet broke ground.
Commercial frontage along the west side of Collier Boulevard south of Green Boulevard is
very similar to commercial along Golden Gate Parkway in building size, age and use. The
exception is that there is a greater density of national food chains. The second-tier
commercial properties, without major road frontage, are developed with single story
warehouse-type structures housing service-oriented businesses.
Newer commercial development is located along Collier Boulevard where it intersects Pine
Ridge Road and Vanderbilt Beach Road. Each intersection has a shopping center anchored
by either a Publix or Winn-Dixie supermarket. Out parcel development includes bank
branches and gas station/convenience stores and national pharmacies.
Commercial development in the rural estates is limited because residents have orchestrated
an ongoing effort to prohibit commercial development in the residential areas. The only
neighborhood commercial locations are at the intersection of Wilson Boulevard and Golden
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Gate Boulevard, Everglades Boulevard and Golden Gate Boulevard, and at Randall
Boulevard and Immokalee Road.
The Randall Boulevard and Immokalee Road intersection is where the majority of
commercial development is occurring. There is a Publix anchored shopping center on the
east side of the road. Located along the western curve of Immokalee Road is approximately
50 acres that is current being developed and will be known as Randall at Orangetree. Upon
completion, the development will include a 400-unit apartment complex and about 350,000
square feet of commercial space.
Industrial
Industrial/commercial developments are in the northeast quadrant of I-75 and Collier
Boulevard interchange. White Lake Industrial Corp Park is one of Collier County’s three
primary industrial parks. The White Lake Industrial Park contains 144.4 acres and is
approved for 7.80 acres of commercial and 77 acres of industrial. White Lake consists of
newer, good quality flex and warehouse properties and it is home to some of the largest
manufacturing facilities within the county. It is approximately 85-90% built-out.
City Gate Commerce Center contains 288 acres zoned for 2,950,000 S.F. of commercial, light
industry, office, warehouse and distribution. The site has over 3,000 feet of frontage on
Collier Boulevard where a gas station, a 102 room Spring Hill Marriott Hotel and a 100
room Fairfield Inn Marriott have been constructed. The Paradise Sports Complex was also
recently completed. A developer (Uline) recently completed the development of a 936,950-
square-foot Distribution Center on approximately 102.68 acres of land within City Gate.
There is also an Amazon Distribution Center near the corner of Davis and Collier Blvd.
Medical
None of Collier County’s major medical facilities are located within this market area. The
only major medical center/hospital servicing this area is the Physicians Regional Medical
Center located along Pine Ridge Road, just east of Interstate 75. This is a 201-bed facility
and is one of the county's four major medical centers. The hospital offers a 24-hour
emergency department that provides a full range of traditional emergency services. An
additional NCH emergency room facility was completed at the northeast corner of Collier
Boulevard and Immokalee Road. This is a two-story 19 room, state of the art emergency
room with additional medical space for practicing physicians. The facility was built to help
service the rural estates and all the new residential units being constructed along Collier
Boulevard and Immokalee Road. Physicians Regional recently completed a similar facility
at the southeast corner to serve all the new residential development along Immokalee Road
and the Golden Gates Estates community. Encompass Health Rehabilitation Hospital of
Naples is a recently completed 50-bed rehabilitation hospital along Collier Boulevard, north
of Vanderbilt Beach Road.
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Construction, education, and retail trade dominate the market area business sector.
MARKET AREA LIFE CYCLE
Market areas often pass through a four-stage life cycle of growth, stability, decline, and
revitalization.
• 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.
Most of the real estate activity in Golden Gate reflects the growth cycle. The residential and
commercial markets continue to be strong. The growth cycle is expected to continue into the
near future. Because of the age of the structures, the western portion and the city center are
just beginning to experience some revitalization.
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CONCLUSION
This continues to be one of the most affordable market areas in Collier County. The houses
within the city center provide entry level housing and the rural area satisfies the desire for
larger lot sizes and rural lifestyle. A well-designed road network provides easy access to
jobs serving the coastal community; coastal beaches and water activities; entertainment
endeavors; and commercial and medical services. This area appeals to a cross section of the
population but primarily to working-class families. Development continues to push north
and east where vacant lots still exist. Golden Gate will likely continue to enjoy a healthy
growth while maintaining its affordability.
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PROPERTY INFORMATION
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SITE DESCRIPTION – PANTHER WALK PRESERVE
Summary Panther Walk consists of a total of 262 parcels or a total of
513.07 acres. The parcels are located in northern Golden
Gate Estates, west of Everglades Boulevard and stretch from
Immokalee Road south to the south side of 56th Avenue NE.
Parcel ID#& Owners There are a total of 200 parcels or a total of 390.10 acres that
Collier County is considering purchasing. A complete list of
the parcels is included in the addendum of the report.
Size The parcels range in size from 1.14 to 7.62 acres.
Shape All the parcels are rectangular in shape.
Access All parcels have legal and physical access along paved
roads. The parcels are accessible from Everglades Boulevard
North, 72nd Avenue NE, 70th Avenue NE, 68th Avenue NE,
66th Avenue NE, 64th Avenue NE, 62nd Avenue NE, 60th
Avenue NE, 58th Avenue NE, and 56th Avenue NE.
Topography The properties are generally level.
Ground Cover The majority of the properties are covered in native and
exotic vegetation and have never been cleared.
I was provided with a Conservation Collier Initial Criteria
Screening Report Panther Walk TPMA dated August 3, 2022
and updated August 26, 2022.
The parcels are located within the Horse Pen Strand with
most containing wetlands. The parcels consist of a mixture
of vegetative communities including cypress strand forest,
cypress/mixed hardwood forests, oak/pine hammock, wet
prairie, and pine flatwoods.
Utilities Electricity, telephone and TV cable are available. The
properties are serviced by well and septic.
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ENVIRONMENTAL CONTAMINATION
Observed Contamination None
Noted Concerns None
Environmental Assessment
Available
No
Impact on Value None
Disclaimer Unless otherwise stated in this report, the existence
of hazardous substances or environmental
conditions including but not limited to asbestos,
polychlorinated biphenyls, petroleum leakage,
agricultural chemicals, urea formaldehyde
insulation, lead paint, toxic mold, et cetera, which
might or might not be present in or on the property
were not called to the attention of the appraiser.
Such tests were not in the appraiser's required
scope of work, the appraiser is not qualified to test
for such substances and conditions and the
appraiser is not qualified to render professional
opinions in this specialty area. No responsibility is
assumed for any such conditions that might exist,
or for the knowledge and expertise required to
discover them.
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NATURAL RESOURCE CONCERNS
Condition of subject The majority of the properties are covered in native
and exotic vegetation and have never been cleared.
I was provided with a Conservation Collier Initial
Criteria Screening Report Panther Walk TPMA
dated August 3, 2022 and updated August 26, 2022.
The parcels are located within the Horse Pen Strand
with most containing wetlands. The parcels consist
of a mixture of vegetative communities including
cypress strand forest, cypress/mixed hardwood
forests, oak/pine hammock, wet prairie, and pine
flatwoods.
All plant and animal communities are of interest
and concern. To a greater or lesser degree
depending on the species and the quality of habitat
they occupy, plants and animals inhabiting the
property will invoke some level of scrutiny and will
result in some cost during the permitting process.
Natural Resource Audits Available Yes
Impact on Value N/A
Disclaimer
Specialized natural resource audits were not in the
appraiser’s required scope of work, the appraiser is
not qualified to conduct such audits and the
appraiser is not qualified to render professional
opinions in this specialty area. No responsibility is
assumed for any extraordinary natural resource
concerns, or for the knowledge and expertise
required to discover them.
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FUTURE LAND USE
Ordinance or Plan Collier County
Future Land Use Designation GGE- Golden Gate Estates
Residential Estates Subdistrict
Purpose of Designation The Estates Land Use Designation encompasses lands
which are already subdivided into semi-rural
residential parcels (2.25 acres as an average)
essentially consisting of the Golden Gate Estates
Subdivision. The area is identified as having potential
for population growth far removed from supportive
services and facilities. Expansion of the area shall be
discouraged.
Refer to the Golden Gate Area Master Plan for siting
criteria and development standards for specific land
uses.
Under the Estates future land use designation there is
no provision for a conditional use and therefore a
conditional use approval requires an amendment to
the GGAMP.
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ZONING
Ordinance or Land Development
Code
Collier County
Zoning E- Estates
Purpose or Intent of Zoning The subject is zoned “E” – Estates District. The
purpose and intent of the Estates district is to provide
lands for low density residential development in a
semi-rural to rural environment. In addition, several
conditional uses including churches, social and
fraternal organizations, child care centers, private
schools, and group care facilities are available under
conditional use provisions. Permitted uses include
single-family dwellings and Family Care Facilities,
and public schools. Conditional uses permissible in
the Estates district include churches and other places
of worship, social and fraternal organizations, child
and adult care centers, schools and group care
facilities. These conditional uses are strictly
regulated.
Below are the development requirements as set forth
in the Estate Zoning District:
Minimum Lot Area: 98,010 square feet
or 2.25 acres
Minimum Lot Width: 150 feet
Minimum Front Yard Setback: 75 feet minimum
Minimum Side Yard Setback: 30 feet
Minimum Rear Yard Setback: 75 feet
Maximum Building Height: 30 feet
Overlay District None.
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HIGHEST AND BEST USE
DEFINITION
The Dictionary of Real Estate Appraisal, 7th Edition, published 2022 by the Appraisal
Institute, defines Highest and Best Use 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.
METHOD
There are four criteria that must be met in order for a use to be the highest and best use for a
given property. The highest and best use must be:
• Legally permissible.
• Physically Possible.
• Financially feasible.
• Maximally productive.
Ordinarily these criteria are considered sequentially, each step narrowing the range of
alternative uses being considered.
ANALYSIS
SITE AS THOUGH VACANT
Legally Permissible – All parcels are zoned E-Estates with a future land use of Residential
Estates. The purpose and intent of the E-Estates district is to apply to an area of low-density
single-family residences in a semi-rural environment and permits all necessary residential
activities as well as the keeping of limited agricultural animals as specified in this division.
Physically Possible: The sites are level and at or slightly below road grade and could be
developed as a single-family home sites. The location, surrounding land uses, and the size
of the properties suggest some type of single-family use. Due to the potential presence of
wetlands on the sites, mitigation could be required to develop single-family residences on
some of the properties.
Financially Feasible: The financial feasibility of single-family residential development is
good. The single-family residential market continues to be strong, especially new
construction. Single-family residential development is financially feasible.
Although it is not an economic use, acquisition of lands in the area by Collier County is
encouraged for habitat preservation and conservation.
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Maximally Productive: The maximally productive use is that the wetlands be mitigated,
and the properties developed with single-family residences, or the properties be purchased
for preservation, conservation, and restoration.
CONSIDERATION OF APPROACHES
Only the sales comparison approach is appropriate for these vacant parcels.
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SALES COMPARISON APPROACH
INTRODUCTION
In the sales comparison approach, the subject property is compared with similar properties
that have sold recently or for which listing prices or offering prices are known. Data from
generally similar properties is used, and comparisons are made to demonstrate a probable
price at which the subject property would sell if offered on the market. This approach is
particularly strong when comparable sales data is plentiful and there is good conformity
among properties in the neighborhood.
Following is the procedure to be followed in developing this approach:
1. Research the market to gather information on sales, listings, and offers to purchase
properties similar to the subject.
2. Verify the information as to factual accuracy and arm's-length market considerations.
3. Identify relevant units of comparison and develop a comparative analysis for each
unit.
4. Compare the subject with comparable sale properties using elements of comparison
and adjust the sale price of each comparable appropriately.
5. Reconcile the various value indicators produced from the analysis of comparables into
a single value indication or a range of values.
The outline above is developed in detail on the following pages.
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PANTHER WALK (1.14-2.73 ACRES)
Collier County is interested in determining a per acre value for the various tiers for the
Panther Walk Preserve Area to assist them in acquiring parcels for the Conservation Collier
land preservation program. The price per acre will be estimated for the various tiers for
parcels ranging in size from 1.14 acres-2.73 acres and 2.74 acres-5.00 acres.
Tiers
I. Up to 25% Wetlands
II. 26-50% Wetlands
III. 51-75% Wetlands
IV. 76-100% Wetlands
SALES DATA
A search was made for sales of land comparable to the subject parcels. The intention was to
find comparable sales in similar locations that offer similar functional utility. A total of 20
comparable sales were identified as the best available for analysis.
Price per acre of gross land area was developed as the unit of comparison, since that is the
unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and
brokers of land similar to the subject parcel. Due to the location and physical
characteristics, I elected to bracket the subject within the range indicated by comparables.
This is preferable to a conventional adjustment process where the magnitude of adjustments
is likely to be great, and there is little support for specific adjustments.
Comparable land sales grids are given on the following pages. Each comparable is
identified by a number which will be used for reference throughout the report. Each
comparable is identified on the location map immediately following this page.
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LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES
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LAND SALES ADJUSTMENT GRID – UP TO 25% WETLANDS
ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5
PARCEL #39140520000 39144200009 39144200106 38841240004 38848600003
PROPERTY IDENTIFICATION Panther Walk 72nd Avenue 72nd Avenue 72nd Avenue 2445 60th 58th Avenue
NE NE NE Avenue NE NE
SALE PRICE N/A $99,900 $175,000 $160,000 $150,000 $95,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market
0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None
0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0
ADJUSTED SALE PRICE N/A $99,900 $175,000 $160,000 $150,000 $95,000
Recording Date N/A 03/20/24 04/10/24 06/28/24 02/15/24 12/15/23
Months Prior To Effective Date 07/12/24 3.75 3.06 0.46 4.87 6.90
MARKET CHANGE ADJUSTMENT N/A 1.9%1.5%0.2%2.4%3.5%
ADJUSTED SALE PRICE N/A $101,772 $177,675 $160,368 $153,649 $98,279
Parcel Area in Gross Acres 1.14-2.73 1.14 2.50 2.50 2.34 1.59
PRICE PER ACRE ?$89,274 $71,070 $64,147 $65,662 $61,811
LOCATION
ADDRESS Panther Walk 72nd Ave. NE 72nd Ave. NE 72nd Ave. NE 60th Ave. NE 58th Ave. NE
CORNER LOT N/A No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar
0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar
0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.14 2.50 2.50 2.34 1.59
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar
0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar
WETLANDS No No No No No
WETLANDS %0-25%0%0%0%0%0%
WETLANDS QUALITY N/A N/A N/A N/A N/A
0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%
INDICATION OF UNIT VALUE ?$89,274 $71,070 $64,147 $65,662 $61,811
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LAND SALES ADJUSTMENT GRID – 26-50% WETLANDS
ITEM SUBJECT COMP #6 COMP #7 COMP #8 COMP #9 COMP #10
PARCEL #38964120001 39088280004 39150840000 39087800100 38850760009
PROPERTY IDENTIFICATION Panther Walk 56th Avenue 72nd Avenue 68th Avenue 68th Avenue Everglades Blvd
NE NE NE NE N
SALE PRICE N/A $65,000 $48,000 $112,000 $111,000 $109,900
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market PENDING
0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None
0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0
ADJUSTED SALE PRICE N/A $65,000 $48,000 $112,000 $111,000 $109,900
Recording Date N/A 12/22/23 11/29/23 01/31/24 12/07/23 07/12/24
Months Prior To Effective Date 07/12/24 6.67 7.43 5.36 7.17 0.00
MARKET CHANGE ADJUSTMENT N/A 3.3%3.7%2.7%3.6%0.0%
ADJUSTED SALE PRICE N/A $67,169 $49,783 $115,001 $114,977 $109,900
Parcel Area in Gross Acres 1.14-2.73 1.14 1.14 2.27 2.50 2.34
PRICE PER ACRE ?$58,920 $43,669 $50,661 $45,991 $46,966
LOCATION
ADDRESS Panther Walk 56th Ave. NE 72nd Ave. NE 68th Ave. NE 68th Ave. NE Everglades Blvd.
CORNER LOT N/A No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar
0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar
0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.14 1.14 2.27 2.50 2.34
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar
0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes Yes
WETLANDS %26-50%46%45%26-50%46%38%
WETLANDS QUALITY Medium Medium N/A Low Medium
0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%
INDICATION OF UNIT VALUE ?$58,920 $43,669 $50,661 $45,991 $46,966
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LAND SALES ADJUSTMENT GRID – 51-75% WETLANDS
ITEM SUBJECT COMP #11 COMP #12 COMP #13 COMP #14
PARCEL #38848440001 38848480003 39082120005 38964560001
PROPERTY IDENTIFICATION Panther Walk 58th 58th 72nd Avenue 2581 52nd
Avenue NE Avenue NE NE Avenue NE
SALE PRICE N/A $55,000 $51,000 $95,000 $95,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market
0 0 0 0
BUILDING IMPROVEMENTS None None None None None
0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0
ADJUSTED SALE PRICE N/A $55,000 $51,000 $95,000 $95,000
Recording Date N/A 08/18/23 09/11/23 06/06/24 12/04/23
Months Prior To Effective Date 07/12/24 10.82 10.03 1.18 7.26
MARKET CHANGE ADJUSTMENT N/A 5.4%5.0%0.6%3.6%
ADJUSTED SALE PRICE N/A $57,974 $53,557 $95,562 $98,451
Parcel Area in Gross Acres 1.14-2.73 2.27 1.59 2.27 2.73
PRICE PER ACRE ?$25,539 $33,683 $42,098 $36,063
LOCATION
ADDRESS Panther Walk 58th Ave. NE 58th Ave. NE 72nd Ave. NE 52nd Ave. NE
CORNER LOT N/A No No No No
PAVED ROAD Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No
OVERALL LOCATION Average Similar Similar Similar Similar
0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar
0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%
SIZE IN ACRES 1.14-2.73 2.27 1.59 2.27 2.73
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar
0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes
WETLANDS %51-75%70%70%51-75%73%
WETLANDS QUALITY N/A N/A N/A Medium
0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%
INDICATION OF UNIT VALUE ?$25,539 $33,683 $42,098 $36,063
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LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS
ITEM SUBJECT COMP #15 COMP #16 COMP #17 COMP #18 COMP #19 COMP #20
PARCEL #39148040003 39149840008 39147240008 38844920004 39151680007 38967000005
PROPERTY IDENTIFICATION Panther Walk 70th Avenue 2830 70th 66th Avenue 2661 60th 70th Avenue 52nd Avenue
NE Avenue NE NE Avenue NE NE NE
SALE PRICE N/A $26,000 $32,000 $36,500 $50,000 $54,900 $68,500
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market Market
0 0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None None
0 0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Conventional
Equivalent 0 0 0 0 0 0
ADJUSTED SALE PRICE N/A $26,000 $32,000 $36,500 $50,000 $54,900 $68,500
Recording Date N/A 07/11/24 07/18/23 11/17/23 09/15/23 07/10/24 12/14/23
Months Prior To Effective Date 07/12/24 0.03 11.83 7.82 9.89 0.07 6.94
MARKET CHANGE ADJUSTMENT N/A 0.0%5.9%3.9%4.9%0.0%3.5%
ADJUSTED SALE PRICE N/A $26,004 $33,893 $37,928 $52,474 $54,918 $70,876
Parcel Area in Gross Acres 1.14-2.73 1.14 1.14 1.14 1.14 1.59 2.27
PRICE PER ACRE ?$22,811 $29,731 $33,270 $46,030 $34,540 $31,223
LOCATION
ADDRESS Panther Walk 70th Ave. NE 70th Ave. NE 66th Ave. NE 60th Ave. NE 70th Ave. NE 52nd Ave. NE
CORNER LOT N/A No No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%0%
SIZE IN ACRES 1.14-2.73 1.14 1.14 1.14 1.14 1.59 2.27
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes Yes Yes
WETLANDS %76-100%75%+75%+100%90%75%+75%+
WETLANDS QUALITY N/A N/A N/A V. High/High N/A N/A
0%0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%0%
INDICATION OF UNIT VALUE ?$22,811 $29,731 $33,270 $46,030 $34,540 $31,223
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DISCUSSION OF ADJUSTMENTS
Usually, comparable sale properties are not exactly like the subject property. If a typical
buyer would perceive the difference to be significant, then adjustment(s) must be made to
the comparable sales so that in the end each offers a realistic indication of value for the
subject. Adjusting comparable sales is a two-step process.
First, adjustments are made so that all of the comparable sales meet the standard of a
“market” transaction as outlined in the definition of market value. Customarily, the first
group of adjustments is made before the comparables are reduced to a common unit of
comparison. Included at this stage are adjustments to bring historic sales current to the
appraisal effective date.
The second group of adjustments is made after an appropriate unit of comparison is chosen.
These adjustments account for physical differences like location, physical characteristics and
size. Sometimes adjustment is required for differences in the permitted land use (zoning) or
in the availability of public service (infrastructure). When the adjustment process is
complete, the unit value indications are reconciled and converted into an estimate of value
for the subject.
REAL PROPERTY RIGHTS CONVEYED
This adjustment category is intended to account for the interest, benefits, and rights
inherent in the ownership of real estate. This category reflects the impact on value caused
by the fee simple versus the leased fee interest or the contract rent as opposed to market
rent.
• None of the comparable sales required adjustment in this category.
CONDITIONS OF SALE
This adjustment category is intended to account for a variety of factors that might affect
the purchase price.
• None of the comparable sales required adjustment in this category.
BUILDING IMPROVEMENTS
This category of adjustment is intended to account for the positive or negative contribution
to value of building improvements included with the sale of the land. Buildings that made
a positive contribution to the sale price require a negative adjustment. Buildings that were
demolished and removed require a positive adjustment to account for demolition costs
which are treated as part of the purchase price.
• None of the comparable sales required adjustment in this category.
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FINANCING
Adjustments in this category are intended to account for unusual terms of financing that
are not considered equivalent to cash or conventional financing.
• None of the comparable sales required adjustment in this category.
MARKET CHANGE
This adjustment is intended to account for changes in value due to the ebb and flow of
market forces over time.
• The comparables occurred between 2023 and 2024, which market conditions continue
to improve. The vacant lot sales from the prior 12 months within the market
boundaries of Immokalee Road to the north, Desoto Boulevard to the east, Oil Well
Boulevard to the south, and Golden Gate Canal to the west, were plotted on a graph by
median sale price. The median sale price in August 2023 was $85,000 and the median
sale price in July 2024 was $92,000 indicating an increase of 8.2% or 0.68% per month.
I also analyzed recent paired sales in the submarket area which indicate positive
market change. Land values continue to appreciate due to the demand for affordable
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residential land. The buyers include a mix of individuals who plan to build a home,
investors, and speculative home builders.
Giving consideration to all of the above, I applied a market change rate of 0.50% per
month or 6.00% annually.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
• None of the comparable sales required adjustment in this category.
UTILITIES/INFRASTRUCTURE
This category of adjustment references the availability and adequacy of the road system,
the public was distribution system and the public wastewater collection system of each
comparable property as that compares with the same services available to the subject
property.
• None of the comparable sales required adjustment in this category.
COMPREHENSIVE PLAN/LAND USE
This category of adjustment accounts for differences in the potential land uses
(Comprehensive Plan) or in the specific uses (Zoning) to which a property could be
developed. Differences in value between the subject property and comparable sales might
exist because their highest and best uses are different as a result of government regulation
through zoning and land use controls.
• None of the comparable sales required adjustment in this category.
SIZE/SHAPE
This category of adjustment addresses the effect on the marketability of a given property,
because its physical size/shape might limit the physical utility, or because the size and
term of the financial investment required of an investor/speculator is such that the unit
price is reduced.
• None of the comparable sales required adjustment in this category.
PHYSICAL CHARACTERISTICS
This category of adjustment reflects the physical aspects of a property that impact its use
for development. Physical characteristics included land elevation, soil conditions,
drainage characteristics, threatened or endangered plant and animal species on the
property and the extent and density of covering vegetation.
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• I was provided with the Conservation Collier Initial Criteria Screening Report Panther
Walk TPMA dated August 3, 2022 and updated August 26, 2022. The parcels are
located within the Panther Preserve with most containing wetlands. The higher the
quality of the wetlands, the higher the mitigation costs. The parcels consist of a mixture
of vegetative communities including cypress strand forest, cypress/mixed hardwood
forests, oak/pine hammock, wet prairie, and pine flatwoods.
• I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and
sellers to determine the wetlands associated with the Comparable sales.
No adjustments were made for physical characteristics and instead the comparables
were bracketed with some being superior, similar, and inferior.
RECAPITULATION OF DATA
After making the adjustments discussed above, the comparable sales indicated the
following unit values:
UP TO 25% WETLANDS
Comparables Price Per Gross Acre
of Land Area
1 $89,274
2 $71,070
3 $64,147
4 $65,662
5 $61,811
The range of unit value indications is from $61,811 to $89,274 per acre with an average of
$70,393 per acre and a median of $65,662 per acre. Comparable 1 is a high indicator and the
average of Comparables 2, 3, 4, and 5 is $65,672 per acre.
Based on the range, I concluded to a unit value of $65,000 per acre.
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26-50% WETLANDS
Comparables Price Per Gross Acre
of Land Area
6 $58,920
7 $43,669
8 $50,661
9 $45,991
10 $46,966
The range of unit value indications is from $43,669 to $58,920 per acre with an average of
$49,241 per acre and a median of $46,966 per acre. Comparable 6 is a slight outlier and the
average of Comparables 7, 8, 9, and 10 is $46,822 per acre.
Based on the range, I concluded to a unit value of $47,000 per acre.
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51-75% WETLANDS
Comparables Price Per Gross Acre
of Land Area
11 $25,539
12 $33,683
13 $42,098
14 $36,063
The range of unit value indications is from $25,539 to $42,098 per acre with an average of
$34,346 per acre and a median of $34,873 per acre. Comparable 11 is a low indicator and the
average of Comparables 12, 13, and 14 is $37,281 per acre.
Based on the range, I concluded to a unit value of $37,000 per acre.
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76-100% WETLANDS
Comparables Price Per Gross Acre
of Land Area
15 $22,811
16 $29,731
17 $33,270
18 $46,030
19 $34,540
20 $31,223
The range of unit value indications is from $22,811 to $46,030 per acre with an average of
$32,934 per acre and a median of $32,246 per acre.
Based on the range, I concluded to a unit value of $32,000 per acre.
FINAL ESTIMATE OF VALUE - PANTHER WALK (1.14-2.73 ACRES)
The final indications of value on a per acre basis as of July 12, 2024 are presented below.
Tier Amount of Wetlands Price Per Gross Acre
I Up to 25% Wetlands $65,000
II 26-50% Wetlands $47,000
III 51-75% Wetlands $37,000
IV 76-100% Wetlands $32,000
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PANTHER WALK (2.74-5.00 ACRES)
SALES DATA
A search was made for sales of land comparable to the subject parcels. The intention was to
find comparable sales in similar locations that offer similar functional utility. A total of 19
comparable sales were identified as the best available for analysis.
Price per acre of gross land area was developed as the unit of comparison, since that is the
unit best suited to the analysis, and the one most often utilized by local buyers, sellers, and
brokers of land similar to the subject parcel. Due to the location and physical
characteristics, I elected to bracket the subject within the range indicated by comparables.
This is preferable to a conventional adjustment process where the magnitude of adjustments
is likely to be great, and there is little support for specific adjustments.
Comparable land sales grids are given on the following pages. Each comparable is
identified by a number which will be used for reference throughout the report. Each
comparable is identified on the location map immediately following this page.
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LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES
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LAND SALES ADJUSTMENT GRID – UP TO 25% WETLANDS
ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6
PARCEL #38850080006 38962160005 38962080004 38783480003 38789760002 38787320004
PROPERTY IDENTIFICATION Panther Walk Everglades &56th Avenue 56th Avenue 64th Avenue 3709 64th 58th Avenue
58th Ave. NE NE NE NE Avenue NE NE
SALE PRICE N/A $235,000 $110,000 $251,000 $142,000 $125,000 $242,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market Market
0 0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None None
0 0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0 0
ADJUSTED SALE PRICE N/A $235,000 $110,000 $251,000 $142,000 $125,000 $242,000
Recording Date N/A 08/25/23 06/04/24 04/23/24 03/20/24 02/29/24 06/21/24
Months Prior To Effective Date 07/12/24 10.59 1.25 2.63 3.75 4.40 0.69
MARKET CHANGE ADJUSTMENT N/A 5.3%0.6%1.3%1.9%2.2%0.3%
ADJUSTED SALE PRICE N/A $247,438 $110,687 $254,300 $144,661 $127,753 $242,835
Parcel Area in Gross Acres 2.74-5.00 5.15 2.73 5.00 2.73 2.73 4.32
PRICE PER ACRE ?$48,046 $40,545 $50,860 $52,989 $46,796 $56,212
LOCATION
ADDRESS Panther Walk 58th Ave. NE 56th Ave. NE 56th Ave. NE 64th Ave. NE 64th Ave. NE 58th Ave. NE
CORNER LOT N/A Yes No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No Yes Yes Yes Yes Yes
OVERALL LOCATION Average Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%0%
SIZE IN ACRES 2.74-5.00 5.15 2.73 5.00 2.73 2.73 4.32
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar Similar
0%0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar Similar
WETLANDS No No No No No No
WETLANDS %0-25%0%0%0%0%0-25%0%
WETLANDS QUALITY N/A
0%0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%0%
INDICATION OF UNIT VALUE ?$48,046 $40,545 $50,860 $52,989 $46,796 $56,212
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LAND SALES ADJUSTMENT GRID – 26-50% WETLANDS
ITEM SUBJECT COMP #7 COMP #8 COMP #9 COMP 10 COMP #11
PARCEL #38843240002 38843880006 39150160007 38966360005 38848320008
PROPERTY IDENTIFICATION Panther Walk 62nd Avenue 2626 58th 72nd Avenue 2680 52nd 58th Avenue
NE Avenue NE NE Avenue NE NE
SALE PRICE N/A $125,000 $110,300 $157,500 $115,000 $121,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market Market
0 0 0 0 0
BUILDING IMPROVEMENTS None None None None None None
0 0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0 0
ADJUSTED SALE PRICE N/A $125,000 $110,300 $157,500 $115,000 $121,000
Recording Date N/A 07/26/23 05/23/23 10/27/23 11/30/23 01/25/24
Months Prior To Effective Date 07/12/24 11.57 13.68 8.51 7.40 5.56
MARKET CHANGE ADJUSTMENT N/A 5.8%6.8%4.3%3.7%2.8%
ADJUSTED SALE PRICE N/A $132,232 $117,842 $164,205 $119,253 $124,361
Parcel Area in Gross Acres 2.74-5.00+5.00 2.73 5.00 2.73 2.73
PRICE PER ACRE ?$26,446 $43,166 $32,841 $43,682 $45,554
LOCATION
ADDRESS Panther Walk 62nd Ave. NE 58th Ave. NE 72nd Ave. NE 52nd Ave. NE 58th Ave. NE
CORNER LOT N/A No No No No No
PAVED ROAD Yes Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No No
OVERALL LOCATION Average Similar Similar Similar Similar Similar
0%0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar Similar
0%0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%0%
SIZE IN ACRES 2.74-5.00+5.00 2.73 5.00 2.73 2.73
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar
0%0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes Yes
WETLANDS %26-50%38%44%26-50%44%26-50%
WETLANDS QUALITY Medium Medium N/A Low/Medium N/A
0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%
INDICATION OF UNIT VALUE ?$26,446 $43,166 $32,841 $43,682 $45,554
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LAND SALES ADJUSTMENT GRID – 51-75% WETLANDS
ITEM SUBJECT COMP #12 COMP #13 COMP #14 COMP #15
PARCEL #38848440001 38671960004 38964560001 38670640008
PROPERTY IDENTIFICATION Panther Walk 58th 48th Avenue 2581 52nd Everglades Blvd.
Avenue NE NE Avenue NE N
SALE PRICE N/A $55,000 $185,000 $95,000 $79,900
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market
0 0 0 0
BUILDING IMPROVEMENTS None None None None None
0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0
ADJUSTED SALE PRICE N/A $55,000 $185,000 $95,000 $79,900
Recording Date N/A 08/18/23 07/03/23 12/04/23 01/19/24
Months Prior To Effective Date 07/12/24 10.82 12.33 7.26 5.75
MARKET CHANGE ADJUSTMENT N/A 5.4%6.2%3.6%2.9%
ADJUSTED SALE PRICE N/A $57,974 $196,403 $98,451 $82,198
Parcel Area in Gross Acres 2.74-5.00+2.27 5.00 2.73 2.81
PRICE PER ACRE ?$25,539 $39,281 $36,063 $29,252
LOCATION
ADDRESS Panther Walk 58th Ave. NE 48th Ave. NE 52nd Ave. NE Everglades Blvd.
CORNER LOT N/A No No No Yes
PAVED ROAD Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No
OVERALL LOCATION Average Similar Similar Similar Similar
0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar
0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%
SIZE IN ACRES 2.74-5.00+2.27 5.00 2.73 2.81
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar
0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes
WETLANDS %51-75%70%60%73%66%
WETLANDS QUALITY N/A N/A Medium Medium
0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%
INDICATION OF UNIT VALUE ?$25,539 $39,281 $36,063 $29,252
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LAND SALES ADJUSTMENT GRID – 76-100% WETLANDS
ITEM SUBJECT COMP #16 COMP #17 COMP #18 COMP #19
PARCEL #39149280008 39142160002 39154120001 38973200006
PROPERTY IDENTIFICATION Panther Walk 2780 66th 72nd Avenue 6809 Everglades 48th Avenue
Avenue NE NE Blvd. N NE
SALE PRICE N/A $50,000 $89,280 $70,000 $94,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0
CONDITIONS OF SALE Market Market Market Market Market
0 0 0 0
BUILDING IMPROVEMENTS None None None None None
0 0 0 0
FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller
Equivalent 0 0 0 0
ADJUSTED SALE PRICE N/A $50,000 $89,280 $70,000 $94,000
Recording Date N/A 05/24/23 03/13/23 11/03/23 07/08/24
Months Prior To Effective Date 07/12/24 13.64 16.01 8.28 0.13
MARKET CHANGE ADJUSTMENT N/A 6.8%8.0%4.1%0.1%
ADJUSTED SALE PRICE N/A $53,411 $96,427 $72,899 $94,062
Parcel Area in Gross Acres 2.74-5.00+2.73 2.73 2.81 2.73
PRICE PER ACRE ?$19,564 $35,321 $25,943 $34,455
LOCATION
ADDRESS Panther Walk 66th Ave. NE 72nd Ave. NE Everglades Blvd.48th Ave. NE
CORNER LOT N/A No No Yes Yes
PAVED ROAD Yes Yes Yes Yes Yes
CANAL FRONTAGE N/A No No No No
OVERALL LOCATION Average Similar Similar Similar Similar
0%0%0%0%
UTILITIES Well & Septic Similar Similar Similar Similar
0%0%0%0%
COMP. PLAN Estates Estates Estates Estates Estates
ZONING E - Estates E - Estates E - Estates E - Estates E - Estates
0%0%0%0%
SIZE IN ACRES 2.74-5.00+2.73 2.73 2.81 2.73
SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar
0%0%0%0%
PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar
WETLANDS Yes Yes Yes Yes
WETLANDS %76-100%100%85%80%75%+
WETLANDS QUALITY N/A Medium Medium N/A
0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%
INDICATION OF UNIT VALUE ?$19,564 $35,321 $25,943 $34,455
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DISCUSSION OF ADJUSTMENTS
Usually, comparable sale properties are not exactly like the subject property. If a typical
buyer would perceive the difference to be significant, then adjustment(s) must be made to
the comparable sales so that in the end each offers a realistic indication of value for the
subject. Adjusting comparable sales is a two-step process.
First, adjustments are made so that all of the comparable sales meet the standard of a
“market” transaction as outlined in the definition of market value. Customarily, the first
group of adjustments is made before the comparables are reduced to a common unit of
comparison. Included at this stage are adjustments to bring historic sales current to the
appraisal effective date.
The second group of adjustments is made after an appropriate unit of comparison is chosen.
These adjustments account for physical differences like location, physical characteristics and
size. Sometimes adjustment is required for differences in the permitted land use (zoning) or
in the availability of public service (infrastructure). When the adjustment process is
complete, the unit value indications are reconciled and converted into an estimate of value
for the subject.
REAL PROPERTY RIGHTS CONVEYED
This adjustment category is intended to account for the interest, benefits, and rights
inherent in the ownership of real estate. This category reflects the impact on value caused
by the fee simple versus the leased fee interest or the contract rent as opposed to market
rent.
• None of the comparable sales required adjustment in this category.
CONDITIONS OF SALE
This adjustment category is intended to account for a variety of factors that might affect
the purchase price.
• None of the comparable sales required adjustment in this category.
BUILDING IMPROVEMENTS
This category of adjustment is intended to account for the positive or negative contribution
to value of building improvements included with the sale of the land. Buildings that made
a positive contribution to the sale price require a negative adjustment. Buildings that were
demolished and removed require a positive adjustment to account for demolition costs
which are treated as part of the purchase price.
• None of the comparable sales required adjustment in this category.
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FINANCING
Adjustments in this category are intended to account for unusual terms of financing that
are not considered equivalent to cash or conventional financing.
• None of the comparable sales required adjustment in this category.
MARKET CHANGE
This adjustment is intended to account for changes in value due to the ebb and flow of
market forces over time.
• The comparables occurred between 2023 and 2024, which market conditions continue
to improve. The vacant lot sales from the prior 12 months within the market
boundaries of Immokalee Road to the north, Desoto Boulevard to the east, Oil Well
Boulevard to the south, and Golden Gate Canal to the west, were plotted on a graph by
median sale price. The median sale price in August 2023 was $85,000 and the median
sale price in July 2024 was $92,000 indicating an increase of 8.2% or 0.68% per month.
I also analyzed recent paired sales in the submarket area which indicate positive
market change. Land values continue to appreciate due to the demand for affordable
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residential land. The buyers include a mix of individuals who plan to build a home,
investors, and speculative home builders.
Giving consideration to all of the above, I applied a market change rate of 0.50% per
month or 6.00% annually.
LOCATION/ACCESS/EXPOSURE
This category of adjustment reflects the impact on value caused by the advantages or
disadvantages of a given location.
• None of the comparable sales required adjustment in this category.
UTILITIES/INFRASTRUCTURE
This category of adjustment references the availability and adequacy of the road system,
the public was distribution system and the public wastewater collection system of each
comparable property as that compares with the same services available to the subject
property.
• None of the comparable sales required adjustment in this category.
COMPREHENSIVE PLAN/LAND USE
This category of adjustment accounts for differences in the potential land uses
(Comprehensive Plan) or in the specific uses (Zoning) to which a property could be
developed. Differences in value between the subject property and comparable sales might
exist because their highest and best uses are different as a result of government regulation
through zoning and land use controls.
• None of the comparables sales required adjustment in this category.
SIZE/SHAPE
This category of adjustment addresses the effect on the marketability of a given property,
because its physical size/shape might limit the physical utility, or because the size and
term of the financial investment required of an investor/speculator is such that the unit
price is reduced.
• None of the comparable sales required adjustment in this category.
PHYSICAL CHARACTERISTICS
This category of adjustment reflects the physical aspects of a property that impact its use
for development. Physical characteristics included land elevation, soil conditions,
drainage characteristics, threatened or endangered plant and animal species on the
property and the extent and density of covering vegetation.
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• I was provided with the Conservation Collier Initial Criteria Screening Report Panther
Walk TPMA dated August 3, 2022 and updated August 26, 2022. The parcels are
located within the Panther Preserve with most containing wetlands. The higher the
quality of the wetlands, the higher the mitigation costs. The parcels consist of a mixture
of vegetative communities including cypress strand forest, cypress/mixed hardwood
forests, oak/pine hammock, wet prairie, and pine flatwoods.
• I analyzed aerials, reviewed the listing history, and interviewed brokers, buyers and
sellers to determine the wetlands associated with the Comparable sales.
No adjustments were made for physical characteristics and instead the comparables
were bracketed with some being superior, similar, and inferior.
RECAPITULATION OF DATA
After making the adjustments discussed above, the comparable sales indicated the
following unit values:
UP TO 25% WETLANDS
Comparables Price Per Gross Acre
of Land Area
1 $48,046
2 $40,545
3 $50,860
4 $52,989
5 $46,796
6 $56,212
The range of unit value indications is from $40,545 to $56,212 per acre with an average of
$49,241 per acre and a median of $49,453 per acre.
Based on the range, I concluded to a unit value of $49,000 per acre.
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26-50% WETLANDS
Comparables Price Per Gross Acre
of Land Area
7 $26,446
8 $43,166
9 $32,841
10 $43,682
11 $45,554
The range of unit value indications is from $26,446 to $45,554 per acre with an average of
$38,338 per acre and a median of $43,166 per acre. Comparable 7 is a low indicator and the
average of Comparables 8, 9, 10, and 11 is $41,311 per acre.
Based on the range, I concluded to a unit value of $42,000 per acre.
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51-75% WETLANDS
Comparables Price Per Gross Acre
of Land Area
12 $25,539
13 $39,281
14 $36,063
15 $29,252
The range of unit value indications is from $25,539 to $39,281 per acre with an average of
$32,534 per acre and a median of $32,657 per acre.
Based on the range, I concluded to a unit value of $33,000 per acre.
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76-100% WETLANDS
Comparables Price Per Gross Acre
of Land Area
16 $19,564
17 $35,321
18 $25,943
19 $34,455
The range of unit value indications is from $19,564 to $35,321 per acre with an average of
$28,821 per acre and a median of $30,199 per acre.
Based on the range, I concluded to a unit value of $30,000 per acre.
FINAL ESTIMATE OF VALUE - PANTHER WALK (2.74-5.00 ACRES)
The final indications of value on a per acre basis as of July 12, 2024 are presented below.
Tier Amount of Wetlands Price Per Gross Acre
I Up to 25% Wetlands $49,000
II 26-50% Wetlands $42,000
III 51-75% Wetlands $33,000
IV 76-100% Wetlands $30,000
CARROLL & CARROLL
Timothy W. Sunyog, MAI
Cert Gen RZ3288
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ADDENDA
(In Order of Appearance)
Page Topic Count Page(s) Page(s)
Assumptions and Limiting Conditions............................................................................ 2
Parcel List.............................................................................................................................. 3
Qualifications of Appraiser................................................................................................. 2
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Carroll & Carroll
ASSUMPTIONS AND LIMITING CONDITIONS
The certification of the appraiser appearing in this report is subject to the following
assumptions and limiting conditions.
ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES
ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND
LIMITING CONDITIONS.
EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS
None
HYPOTHETICAL CONDITIONS
None
GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable.
2. The property is appraised free and clear of liens and encumbrances.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is assumed to be true, correct and reliable. A
reasonable effort was made to verify such information, but the appraiser bears no
responsibility for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material is
included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that might be required to discover
them.
7. It is assumed that there is full compliance with all applicable federal, state, and local
environmental regulations and laws.
Page 2218 of 6405
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Carroll & Carroll
8. It is assumed that the property is either in compliance with, or is "grandfathered" or
"vested" under, all applicable zoning, use regulations and restrictions.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or
private entity or organization have been, or can be, obtained or renewed for any use on
which the value estimate is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described, and that there is no encroachment or trespass.
11. It is assumed that the subject site and improvements are not contaminated by any
hazardous material or toxic substance. During the property inspection we were sensitive
to obvious signs of contamination and we reported anything unusual. However, we are
not qualified to render professional opinions regarding the existence or the nature of
hazardous materials in or on the subject property. If a definitive opinion is desired, then
the client is urged to retain an expert in the field.
12. The distribution of the total value in this report, between land and improvements, applies
only under the stated program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal and are invalid if so
used.
13. Possession of this report, or a copy thereof, does not carry with it the right of publication.
14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are
not required to give further consultation, testimony, or to be in attendance in court.
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Page 2224 of 6405
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
REAL ESTATE APPRAISAL REPORT
PANTHER WALK PROJECT MARKET STUDY
Residential Land
Generally within Golden Gate Estates Units 42, 44, and 47
Naples, Collier County, Florida, 34120
PREPARED FOR:
Mr. Roosevelt Leonard, R/W-AC
Supervisor – Real Property Management
Collier County
3335 Tamiami Trail East, Suite 101
Naples, FL 34112
Client File: PO Number 4500231940
EFFECTIVE DATE OF THE APPRAISAL:
July 18, 2024
DATE OF THE REPORT:
July 22, 2024
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2024-148
Page 2225 of 6405
Panther Walk Project Market Study
Generally within Golden Gate Estates Units 42, 44, and 47
Naples, Florida
Page 2226 of 6405
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
July 22, 2024
Mr. Roosevelt Leonard, R/W-AC
Collier County
3335 Tamiami Trail East, Suite 101
Naples, FL 34112
Re: Real Estate Appraisal
Panther Walk Project Market Study
Generally within Golden Gate Estates Units 42, 44, and 47, Naples,
Collier County, Florida, 34120
Client File: PO Number 4500231940
RKL File Number: 2024-148
Dear Mr. Leonard:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate the
market value on a price per acre basis within the area identified as the Panther Walk Project
Area. A tier valuation will be provided as follows, four (4) per acre values for parcels
between 1.14 acres – 2.73 acres and four (4) per acre values for parcels between 2.74 – 5.00
acres consisting of i) up to 25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-
100% wetlands. The intended users for the assignment are Collier County Real Property
Management (Conservation Collier Program), and the intended use of the appraisal is to
assist Collier County in its determination of market value for the potential acquisition
through the Conservation Collier Program. We use the appraisal report option of Standards
Rule 2-2 of USPAP to report the assignment results.
Please reference the appraisal scope section of this report for important information regarding
the scope of research and analysis for this appraisal, including property identification,
inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal
Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The
appraisal also conforms with the appraisal regulations issued in connection with the Financial
Institutions Reform, Recovery and Enforcement Act (FIRREA).
The subject market area is identified by Conservation Collier as Panther Walk. The Panther
Walk targeted area contains 200 parcels totaling 390.1 acres within Golden Gate Estates
Units 42, 44, and 47. The per acre values reported in this market study will be offered to
property owners with 1.14 to 5.0 acre parcels. The parcels are located within the Estates
zoning designation which allows for low density residential development with limited
agricultural uses.
Page 2227 of 6405
Mr. Roosevelt Leonard, R/W-AC
Collier County
July 22, 2024
Page 2
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), I have made the following value conclusion(s):
VALUE CONCLUSIONS
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple July 18, 2024
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
25 - 50% Wetlands:
50 - 75% Wetlands:
Up to 25% Wetlands:$50,000
1.14 - 2.73 acresSubject Size:
75 - 100% Wetlands:
$44,000
Indicated Value per Acre
$37,000
$32,000
25 - 50% Wetlands:$37,000
50 - 75% Wetlands:$32,000
75 - 100% Wetlands:$26,500
Indicated Value per Acre
Up to 25% Wetlands:$41,500
Subject Size:2.74 - 5.00 acres
Page 2228 of 6405
PANTHER WALK PROJECT MARKET STUDY TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions ................................................................... 1
Introduction Information ..................................................................................................... 2
Subject Identification ...................................................................................................... 2
Current Ownership and Property History ....................................................................... 2
Appraisal Scope .............................................................................................................. 2
Client, Intended User, and Intended Use ........................................................................ 3
Definition of Market Value ............................................................................................. 3
Definition of Property Rights Appraised ........................................................................ 3
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 3
Scope of Work ................................................................................................................ 4
Economic Analysis ............................................................................................................. 5
National Economic Analysis........................................................................................... 5
Florida Economic Analysis ............................................................................................. 7
Collier County Area Analysis ......................................................................................... 8
Property Description and Analysis ................................................................................... 25
Site Analysis ................................................................................................................. 25
Highest and Best Use .................................................................................................... 38
Valuation Methodology .................................................................................................... 40
Analyses Applied .......................................................................................................... 41
Sales Comparison Approach: 1.14-2.73 Acres ............................................................. 42
Sales Comparison Approach: 2.74-5.00 Acres ............................................................. 50
Reconciliation ............................................................................................................... 55
Final Value Conclusion................................................................................................. 55
Certification ...................................................................................................................... 57
Assumptions and Limiting Conditions ............................................................................. 59
Addenda
Appraiser Qualifications ....................................................................................... Addendum A
Property Information ............................................................................................ Addendum B
Comparable Data .................................................................................................. Addendum C
Page 2229 of 6405
PANTHER WALK PROJECT MARKET STUDY SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 1
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject:
Panther Walk Project Market Study
Generally within Golden Gate Estates Units 42, 44, and 47,
Naples, Collier County, Florida, 34120
Owner: Multiple
Legal Description: Multiple parcels generally within Golden Gate Estates Units 42,
44, and 47
Tax Identification: Multiple parcels generally within Golden Gate Estates Units 42,
44, and 47
Intended Use: The intended use is to assist Collier County in its determination
of market value for the potential acquisition through the
Conservation Collier Program.
Intended User(s): Collier County Real Property Management (Conservation Collier
Program)
PROPERTY
Highest and Best Use
As Vacant
Conservation and/or single-family development
Exposure Time 12 months
Marketing Period 12 months
VALUE INDICATIONS
Effective Date(s) July 18, 2024
Property Rights Fee Simple
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Market Area Gross Land Area
(Acres)
Typical Parcel Size
(Acres)Zoning FDEP Informal Wetland
Determination
Panther Walk 390.10 1.14 - 5.0 E - Estates Less than 25% to 100%
Market Area
25 - 50% Wetlands:
50 - 75% Wetlands:
Up to 25% Wetlands:$50,000
1.14 - 2.73 acresSubject Size:
75 - 100% Wetlands:
$44,000
Indicated Value per Acre
$37,000
$32,000
25 - 50% Wetlands:$37,000
50 - 75% Wetlands:$32,000
75 - 100% Wetlands:$26,500
Indicated Value per Acre
Up to 25% Wetlands:$41,500
Subject Size:2.74 - 5.00 acres
Page 2230 of 6405
PANTHER WALK PROJECT MARKET STUDY INTRODUCTION INFORMATION
Page 2
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject:
Panther Walk Project Market Study
Generally within Golden Gate Estates Units 42, 44, and
47, Naples, Collier County, Florida, 34120
Legal Description: Multiple parcels generally within Golden Gate Estates
Units 42, 44, and 47
Tax Identification: Multiple parcels generally within Golden Gate Estates
Units 42, 44, and 47
The subject market area is identified by Conservation Collier as Panther Walk. The
Panther Walk targeted area contains 200 parcels totaling 390.1 acres within Golden Gate
Estates Units 42, 44, and 47. The per acre values reported in this market study will be
offered to property owners with 1.14 to 5.0 acre parcels. The parcels are located within
the Estates zoning designation which allows for low density residential development with
limited agricultural uses.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner
There are multiple owners.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser’s responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
● the client and any other intended users;
● the intended use of the appraiser’s opinions and conclusions;
● the type and definition of value;
● the effective date of the appraiser’s opinions and conclusions;
● subject of the assignment and its relevant characteristics
● assignment conditions
● the expectations of parties who are regularly intended users for similar
assignments; and
● what an appraiser’s peer’s actions would be in performing the same or a similar
assignment.
Page 2231 of 6405
PANTHER WALK PROJECT MARKET STUDY INTRODUCTION INFORMATION
Page 3
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal is Collier County Real Property
Management (Conservation Collier Program). The intended use is to assist Collier
County in its determination of market value for the potential acquisition through the
Conservation Collier Program. The appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
7th ed. (Chicago: Appraisal Institute, 2022) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
▪ Buyer and seller are typically motivated;
▪ Both parties are well informed or well advised, and acting in what they consider
their best interests;
▪ A reasonable time is allowed for exposure in the open market;
▪ Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
▪ The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale.”
(Source: 12 C.F.R. Part 34.42(h); 55 Federal Register 34696, August 24, 1990, as amended at 57
Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994; 79 Federal Register
28400, May 16, 2014; 83 Federal Register April 9, 2018; 84 Federal Register, October 8, 2019)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: “Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real
Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value on a price per acre basis
within the area identified as the Panther Walk Project Area. A tier valuation will be
provided as follows, four (4) per acre values for parcels between 1.14 acres – 2.73 acres
and four (4) per acre values for parcels between 2.74 – 5.00 acres consisting of i) up to
25% wetlands, ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands. The
effective date of the subject appraisal is July 18, 2024. The date of inspection was July
18, 2024. The date of the report is July 22, 2024.
Page 2232 of 6405
PANTHER WALK PROJECT MARKET STUDY INTRODUCTION INFORMATION
Page 4
SCOPE OF WORK
The problem to be solved is to estimate the market value on a price per acre basis within
the area identified as the Panther Walk Project Area. A tier valuation will be provided as
follows, four (4) per acre values for parcels between 1.14 acres – 2.73 acres and four (4)
per acre values for parcels between 2.74 – 5.00 acres consisting of i) up to 25% wetlands,
ii) 25-50% wetlands, iii) 50-75% wetlands, and 75-100% wetlands.
SCOPE OF WORK
Report Type: This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject area is identified generally as the wetland
parcels within Panther Walk. An aerial shows the
approximate border of Panther Walk.
Inspection: A limited on site inspection was made and photographs
were taken.
Market Area and Analysis of
Market Conditions:
A complete analysis of market conditions has been made.
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible, and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Analyses
Cost Approach:
A cost approach was not applied as there are no
improvements that contribute value to the property.
Sales Comparison Approach:
A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach:
An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
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ECONOMIC ANALYSIS
NATIONAL ECONOMIC ANALYSIS
The Federal Reserve Open Market Committee (FOMC) released the following statement
on June 12, 2024. Recent indicators suggest that economic activity has continued to
expand at a solid pace. Job gains have remained strong, and the unemployment rate has
remained low. Inflation has eased over the past year but remains elevated. In recent
months, there has been modest further progress toward the Committee's 2 percent
inflation objective.
The Committee seeks to achieve maximum employment and inflation at the rate of 2
percent over the longer run. The Committee judges that the risks to achieving its
employment and inflation goals have moved toward better balance over the past year.
The economic outlook is uncertain, and the Committee remains highly attentive to
inflation risks.
In support of its goals, the Committee decided to maintain the target range for the federal
funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for
the federal funds rate, the Committee will carefully assess incoming data, the evolving
outlook, and the balance of risks. The Committee does not expect it will be appropriate to
reduce the target range until it has gained greater confidence that inflation is moving
sustainably toward 2 percent. In addition, the Committee will continue reducing its
holdings of Treasury securities and agency debt and agency mortgage-backed securities.
The Committee is strongly committed to returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to
monitor the implications of incoming information for the economic outlook. The
Committee would be prepared to adjust the stance of monetary policy as appropriate if
risks emerge that could impede the attainment of the Committee's goals. The Committee's
assessments will take into account a wide range of information, including readings on
labor market conditions, inflation pressures and inflation expectations, and financial and
international developments.
The following table details the economic forecasts of Federal Reserve Board members
and Federal Reserve Bank presidents as of June 2024. Real GDP is projected to grow at a
rate of 2.1% in 2024, the same as the March 2024 projection. The unemployment
projection also remained the same at 4.0%. The Core PCE inflation projection increased
from 2.6% to 2.8% in 2024.
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According to Freddie Mac Chief Economist Sam Khater, “Given inflation continues to
decelerate and the Federal Reserve Board’s current expectations that they will lower the
federal funds target rate next year, we likely will see a gradual thawing of the housing
market in the new year.” According to a December 2023 AP report, the recent downward
shift in mortgage rates is a welcome development for homebuyers. Mortgage applications
notched their sixth consecutive weekly increase last week, according to the Mortgage
Bankers Association.
According to an November 2023 report by Lawrence Yun, although high mortgage rates,
elevated home prices and limited housing inventory have crippled the 2023 housing
market, the outlook for 2024 is brighter. Mr. Yun expects existing-home sales to increase
by 15% in 2024 as mortgage rates stabilize and home sellers adapt. “I believe we’ve
already reached the peak in terms of interest rates. The question is when are rates going
to come down?”
According to the National Association of Real Estate Investment Trusts’ (NAREIT) 2024
Outlook, with the Federal Reserve at, or near, the end of its tightening cycle, REITs are
well-situated for outsized performance in 2024. “While public real estate valuations have
adjusted, private real estate valuations probably will see further declines in 2024.” The
firm noted that REITs’ well-managed balance sheets likely will enable them to navigate
economic uncertainty in 2024.
The 2024 CBRE U.S. Real Estate Market Outlook there is an increased chance that the
U.S. will avoid a recession and achieve a soft economic landing in 2024, but economic
growth will slow and downside risks are elevated. Commercial real estate investment
activity likely will begin to pick up in the second half of 2024. The normalization of
hybrid working arrangements will continue to limit the growth of office demand. Retail
real estate fundamentals are expected to remain strong due to the scarcity of new
construction deliveries over the past decade. The industrial market is expected to remain
healthy, with net absorption on par with 2023 levels. The biggest wave of new apartment
supply in decades will temper rent growth and improve affordability for renters in 2024.
The hotel industry will face headwinds to RevPAR growth in 2024, including
competition from alternative lodging sources and a slower economy, but fewer
Americans traveling internationally will benefit the domestic market. Demand for new
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data center development will attract more institutional investment in 2024, as investors
reallocate capital from the office sector to real estate alternatives.
According to the Deloitte Center for Financial Services annual Commercial Real Estate
Outlook for 2024, “the global real estate industry has an opportunity to start rebuilding on
more solid ground. Multiple factors, from a pandemic-era recovery that shifted how and
where people work to more recent geopolitical uncertainties and financial market
instability, the coming year is expected to be pivotal in real estate firms’ ability to recover
and build up. Marked by a myriad of mixed signals about the health and trajectory of our
industry, real estate leaders may need to find their footing as they shape the next phase of
real estate ownership and investment.”
According to the PwC Emerging Trends in Real Estate 2024, there’s a reluctant
acceptance in the industry that interest rates will remain high for at least the next year and
possibly even longer. “Even good news, such as investors being eager to acquire new
assets, is tempered by bleak sector data. For example, despite available equity,
transactions are down — and many in the industry point to instances where buyers and
sellers simply can’t agree on pricing because the dearth of sales limits price clarity.”
Respondents to the Emerging Trends survey believe the worst of inflation is behind us,
which should give the Federal Reserve a reason to pause interest rate hikes.
According to J.P. Morgan Chase 2024 commercial real estate outlook, “multifamily and
neighborhood retail stay strong, while industrial may be starting to soften. The future of
office buildings remains unclear.” They also report the future of interest rates is uncertain
as the economy begins to slow down.
FLORIDA ECONOMIC ANALYSIS
According to the U.S. Census Bureau, after a historically low rate of change between
2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to
333,287,557 in 2022. Florida was the fastest-growing state in 2022, with an annual
population increase of 1.9%, resulting in a total resident population of 22,244,823. It was
also the second largest-gaining state behind Texas, with an increase of 416,754 residents.
Net migration was the largest contributing component of change to Florida’s growth,
adding 444,484 residents. “While Florida has often been among the largest-gaining
states,” Kristie Wilder, a demographer in the Population Division at the Census Bureau
noted, “this was the first time since 1957 that Florida has been the state with the largest
percent increase in population.
According to the Summer 2023 Florida Forecast prepared by the Institute for Economic
Competitiveness at the University of Central Florida, Florida’s economy, as measured by
real Gross State Product, will expand at an average annual rate of 1.5% from 2023 to
2026. Real Gross State Product will decelerate during the economic slowdown as growth
will slow to 0.5% in 2024 and 0.8% in 2025, then accelerate to reach 1.7% by 2026.
Payroll job growth in Florida will begin to falter with a slowdown in the U.S. economy,
but not in every sector. After year-over-year growth of 4.7% in 2021 and job growth of
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5.6% in 2022, payroll employment in 2023 will decrease to 2.4%, contract by 1.8% in
2024, and by 0.4% in 2025. Job growth turns positive and grows by 1.0% in 2026.
Housing starts have felt the bitter chill of higher mortgage rates. Total starts were
192,213 in 2022—before higher mortgage rates and worries of a slowing economy will
result in a deceleration in starts to 183,134 in 2023, 158,716 in 2024, 154,424 in 2025,
and 150,981 in 2026.
The unemployment rate fell to 4.7% in 2021, and then to 2.9% in 2022. The slowing
economy will push the rate up to 3.1% in 2023, to 4.4% in 2024, and to 5.0% in 2025 and
2026.
COLLIER COUNTY AREA ANALYSIS
Collier County has long been an attractive place to retire and it continues to be an area
that experiences a great deal of seasonal population increases. According to the Collier
County Comprehensive Planning Department, Collier County’s population increases up
to 25% between November and April due to seasonal residents and short-term
agricultural workers in the Immokalee area. The population increase creates a high
degree of seasonality within the retail, service, and hospitality sectors of Collier County’s
economy.
Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami,
Sarasota, and West Palm Beach as shown in the following table.
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Metro Area Miles
Fort Myers 44 Jacksonville 378
Fort Lauderdale 107 Tallahassee 435
Miami 128 Atlanta 616
Sarasota 120 New York 1,311
West Palm Beach 150 Dallas 1,315
Tampa 169 Chicago 1,335
Orlando 238
Distance to Other Major Markets
Population
The Bureau of Economic and Business Research, University of Florida released the
following population statistics for Southwest Florida. As shown, total population
increased in all six Southwest Florida counties with the greatest percentage growth in Lee
County and the second highest in Charlotte County.
2023 2025 2030
2023 2025 2030 2035 to 2025 to 2030 to 2035
Southwest Florida 1,922,304 1,993,700 2,144,000 2,262,900 3.71% 7.54% 5.55%
Charlotte 204,126 211,300 226,900 240,000 3.51% 7.38% 5.77%
Collier 399,480 413,300 443,000 466,000 3.46% 7.19% 5.19%
Glades 12,591 12,700 12,900 13,000 0.87% 1.57% 0.78%
Hendry 40,895 41,500 42,600 43,400 1.48% 2.65% 1.88%
Lee 800,989 835,900 908,500 964,400 4.36% 8.69% 6.15%
Sarasota 464,223 479,000 510,100 536,100 3.18% 6.49% 5.10%
Percent Change
Projections of Florida Population by County, 2025-2050, with Estimates for 2023
Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies,
Bulletin 198, January 2024
Population
U.S. News & World Report, the global authority in rankings and consumer advice
evaluated the country’s 150 most populous metropolitan areas based on affordability, job
prospects and desirability. The 2024 25 Best Places to Retire includes six Florida metro
areas with Daytona Beach the top Florida market at No. 8. Tampa is No. 12 overall while
Sarasota is No. 18. Naples is ranked 6th overall in the 2023-2024 Best Places to Live
report released by U.S. News & World Report and Sarasota is ranked 5th.
Naples ranks No. 1 in the annual U.S. News & World Report Best Places to Live in the
U.S. Sarasota, was ranked No. 11.
Employment
The local economy is largely dependent on the real estate market. Covid-19 negatively
impacted overall employment and the service and leisure and hospitality sectors in
particular; however, jobs continue to return as the market improves. Tourism drives much
of the Collier County area's economy, with leisure and hospitality composing almost 20%
of the workforce. Employment growth has slowed considerably here, according to the
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Florida Bureau of Workforce Statistics and Economic Research, Collier County added
approximately 1,200 jobs over the past year as of November 2023. The leisure and
hospitality sector led the region in job gains, adding 900 jobs year over year. However,
several industries recorded year-over-year job losses, with professional and business
services leading the region with 1,100 jobs lost.
The following table shows the 1Q 2024 Collier County Employment by Industry as well
as historical and projected job growth.
The following table shows employment projections through 2031 by the Florida
Department of Economic Opportunity. As shown, the Leisure and Hospitality industry
has the largest projected growth rate of 19.3% followed by Education and Health
Services (13.7%).
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NAICS Title 2023 2031 Growth
Percent
Growth
Total, All Industries 592,524 657,397 64,873 10.9
Agriculture, Forestry, Fishing & Hunting 7,122 6,681 -441 -6.2
Mining 460 486 26 5.7
Construction 66,003 73,809 7,806 11.8
Manufacturing 14,969 16,103 1,134 7.6
Trade, Transportation and Utilities 105,894 113,674 7,780 7.3
Information 5,278 5,626 348 6.6
Financial Activities 28,940 32,255 3,315 11.5
Professional and Business Services 75,246 85,284 10,038 13.3
Education and Health Services 69,915 79,489 9,574 13.7
Leisure and Hospitality 81,102 96,765 15,663 19.3
Other Services, Ex. Public Admin 21,653 23,603 1,950 9.0
Government 68,519 72,939 4,420 6.5
Self Employed and Unpaid Family Workers, All Jobs 47,423 50,683 3,260 6.9
Source: Florida Department of Economic Opportunity
JOBS BY INDUSTRY
CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES
Employment
Collier County unemployment peaked in August 2010 at 13.0% and had generally been
declining until the Covid-19 pandemic with unemployment peaking again at 13.1% in
April 2020. The preliminary reported unemployment rate in February 2024 was only
3.0%.
The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since
until the spike from the Covid-19 pandemic in April 2020. However, unemployment
numbers have steadily decreased as the economy continues to improve.
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As of February 2024, the unemployment rate for the State of Florida was 3.3%, down
from the peak in May 2020 of 14.3%. On a national level, the unemployment rate in
February 2024 was 3.8%, a decrease from the peak in April 2020 of 14.8%. Collier
County currently has a lower February rate, at 3.0%, than state and national levels.
The local economy is largely dependent on the real estate market. The following table
from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment
from 2014 through March 2024. As shown, unemployment from the Covid-19 pandemic
affected the service and leisure and hospitality sectors the most. All sectors have regained
all lost jobs and have exceeded 2019 levels.
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Year
Service-
Providing
%
Change
Goods
Producing
%
Change
Mining, Logging, &
Const.
%
Change
Leisure and
Hospitality
%
Change
All Employees,
Total Nonfarm
%
Change
2014 114,400 4.4%15,400 14.1%12,100 15.2%25,500 4.5%129,400 4.9%
2015 118,500 3.6%17,000 10.4%13,600 12.4%26,500 3.9%135,500 4.7%
2016 123,200 4.0%18,700 10.0%14,900 9.6%27,500 3.8%141,900 4.7%
2017 125,400 1.8%19,400 3.7%15,400 3.4%28,300 2.9%144,800 2.0%
2018 128,600 2.6%21,500 10.8%17,200 11.7%29,100 2.8%150,100 3.7%
2019 132,200 2.8%22,400 4.2%17,700 2.9%30,000 3.1%154,600 3.0%
2020 125,300 -5.2%22,100 -1.3%17,200 -2.8%25,600 -14.7%147,400 -4.7%
2021 132,000 5.3%23,200 5.0%18,100 5.2%27,800 8.6%155,300 5.4%
2022 139,700 5.8%24,800 6.9%19,400 7.2%29,300 5.4%164,500 5.9%
2023 144,700 3.6%26,400 6.5%20,800 7.2%30,000 2.4%171,100 4.0%
2024*149,200 2.0%26,900 4.0%21,200 3.8%32,600 3.3%176,100 2.3%
*Through March 2024; percentage increase in comparison to March 2023 YTD
Source: U.S. Department of Labor
Naples - Immokalee - Marco Island
Collier County and the entire Southwest Florida Region is substantially dependent on the
real estate and construction sectors. Therefore, the area has been and should be more
susceptible to cyclical fluctuations that have occurred in other areas dominated by a
single industry. The Southwest Florida Economic Development Alliance reports key
employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels,
healthcare, technology, apparel design, to sugar production are a driving force behind the
region’s success. The table below provides a few examples of some key employers in
Southwest Florida.
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The following table shows the Top 25 Employers as reported by the Florida Gulf Coast
University Regional Economic Research Institute in 2023.
Tourist Tax Revenues
The following graph from the Southwest Florida Regional Economic Indicators April
2024 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte,
Sarasota County’s tourist tax revenues. The after-effects of Hurricane Ian continue to be
felt in the Southwest Florida economy.
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Development
Growth continues to shift east with Ave Maria becoming the top-selling single-family
residential community in Collier County and was recently ranked as one of the Top 20
Selling Master-Planned Communities in the United States. It has maintained the top
ranking in the Naples-Fort Myers market for the past eight years. Ave Maria reported a
total of 652 new home sales in 2023, an increase from the record breaking 646 new home
sales in 2021, and an increase from the 586 new home sales in 2022. It is the highest -
ranking commumity in all of Collier County. There are currently four residential builders
in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand
opening of The National Golf and Country Club at Ave Maria, a bundled golf community
by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples
and Ave Maria is projected to see thousands of new homes developed in the next few
years. According to a June 2023 Naples Daily News article, Collier County
commissioners approved an increase in the town of Ave Maria by nearly 1,000 acres to
5,000 acres which doesn’t include the roughly 1,000-acre Ave Maria University campus
and other public benefits such as parks. According to David Genson, president of
development for Barron Collier Cos., while more single-family homes will be built, the
maximum number of residences won’t change, with the cap remaining at 11,000. With
the way the town was originally laid out, it would have supported about 8,400 units
without adding more land. The original plans called for 60% of the homes to be single-
family which will increase to more than 80%. According to Genson, they are on pace to
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possibly sell close to 700 homes in 2023. Approximately 50% of the buyers are from the
east coast of Florida.
In January 2020, in what has been described as one of the most important votes for the
future of growth in Collier County, commissioners approved Rivergrass Village. The
village is the first of three planned 1,000-acre villages stretching from just north of Oil
Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to
2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square
feet for civic government, and institutional buildings. Longwater Village will allow for
up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet
for civic government, and institutional buildings and Bellmar Village will allow for up to
2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for
civic government, and institutional buildings. In a near unanimous decision, the Collier
County Planning Commission agreed to recommend approval of Longwater in March
2021. The project has sparked controversy because the property sits in the
environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners
voted to approve the Longwater and Bellmar Villages on June 8, 2021. The
commissioners approved Brightshore, another rural village with thousands of proposed
homes in December 2022.
There are more than $1 billion in new luxury high-rise developments near the coast
including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore
Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100
and 200 are complete, Tower 300 was completed in December 2022, Tower 400
currently under construction) in North Naples. New commercial development is very
active at the intersections of Collier Boulevard and US 41 East as well as Collier
Boulevard and Immokalee Road.
In its 4th Quarter 2023 report, the Office of Federal Housing Enterprise Oversight
(OFHEO) found that the Naples- Marco Island MSA had a 5.9% increase in home prices
(all-transactions including purchase and refinance mortgage) over the trailing 12 months.
Home prices in the state of Florida increased 6.85% over the past year (4Q 2023 - 4Q
2024) which was 23rd in the nation.
The continuing care retirement community, Moorings Park, teamed with London Bay
Homes to develop an independent living development with 275 residences in 17
buildings. All of the buildings are six stories over parking. Grande Lake, will be built on
55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads.
Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47
units in three buildings commenced in December 2018 with completion in May 2020.
Arthrex, a medical device manufacturer and one of the county's largest employers,
completed construction of its latest expansion plan at its headquarters along Goodlette-
Frank Road in early 2020. The development includes a 300,000 square-foot, six-story
office complex with an auditorium, a four-story Innovation Hotel with approximately 160
rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic
surgeons from the U.S. and around the world for medical education on the company's
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devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail,
to manage all elements of the hotel operation, including employees.
NCH Healthcare partnered with New York-based Hospital for Hospital for Special
Surgery, known as HSS, to build a three-story, 80,000-square-foot hospital. HSS at NCH
will be a 15-bed acute-care addition on the hospital campus located along the north side
of Immokalee Road near the NCH North Naples campus between Health Park and
Medical Boulevards. The facility is expected to open to patients in early 2025.
The first regional store for Phoenix-based Sprouts Farmers Market anchors The Landings
at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and
Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast
quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the
first free standing ER facility in Collier County. The two-story building consists of
approximately 41,500± square feet.
Barron Collier Companies and Metro Development Group broke ground on Founders
Square, a 55-acre mixed-use development located on the southeast corner of Immokalee
Road and Collier Boulevard in January 2020. The development is anchored by The
Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a
400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot
medical office building leased by Physicians Regional Medical Healthcare; and
StorQuest a 110,000 square foot self-storage facility.
Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and
Immokalee Roads in North Naples opened in December 2019. The former Albertson's
was completely gutted and consists of 77,000+ square foot store with sit-down dining, a
full-service bar, three bars for beer and wine, wine room with samples on tap, a wood-
fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations
preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and
even homemade ice cream with indoor-outdoor seating.
Paradise Coast Sports Complex, is Collier County’s new $100 million Amateur Sports
Complex. The county hopes to become a destination for traveling youth sports teams and
amateur athletes. While the focus of the complex is athletics, there will be 20 fields
between soccer, baseball and softball, plus a 10,000-person championship stadium, the
goal is to get people to stay after the game is over with The Cove and The Factory. The
Cove is a bar and food truck area for patrons to relax, listed to live music and play a
variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The
Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit)
which is available on a monthly membership basis. Additionally, the man-made lake next
to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a
climbing wall for public use and a beach volleyball court.
Collier County Commissioners approved a $15 million economic development agreement
on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in
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July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres
of land along City Gate Boulevard North and will feature a 100,000 square foot indoor
water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The
resort is expected to open in the summer of 2024. It will bring in more than 200
construction jobs, plus an additional 600 full-time and part-time jobs once open.
Investment Trends
The following CoStar data shows Collier County trends in the Multi-Family, Retail,
Office, and Industrial sectors as of the second quarter 2024.
According to the CoStar report, multifamily investment is down across Florida, and
Collier County is no exception. Total sales volume during 2023 was roughly $240
million, which represented a decline of approximately 40% over the previous year, and
there have been no notable trades to date in 2024.
Private and institutional buyers were the only active investor group in the last year, and
looking back over the previous three-year period shows private buyers comprising half of
all activity with the remainder coming from private equity and institutional investors.
As investment volume has fallen over the past year so too has the average price per unit.
Pricing peaked here at roughly $312,000/unit in early 2022 and has dropped to $270,000
as of the second quarter of 2024, a trend that is anticipated to continue over the coming
quarters.
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According to the CoStar Report, there have been 76 sales in the Naples retail market over
the past year, amounting to $365 million of volume and 490,000 SF of stock. These sales
have averaged $719/SF, greater than the estimated market price of $335/SF. During this
time, trailing one-year price per SF averages were as high as $719/SF and as low as
$362/SF. Over the past three years, Naples has averaged 103 sales per year, $363 million
of volume per year, and 1.1 million SF of stock per year.
The market's current transaction cap rate stands at 5.9%, below the national average of
6.6%. Over the past three years, transaction cap rates have averaged 5.4%.
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According to the CoStar Report, there have been 67 sales in the Collier County office
market over the past year, which amounts to $81.6 million of volume and 250,000 SF of
stock. These sales have averaged $397/SF, which is greater than the estimated market
price of $241/SF. During this time, trailing one-year price per SF averages were as high
as $397/SF and as low as $236/SF. Over the past three years, Collier County has
averaged 76 sales per year, $123 million of volume per year, and 570,000 SF of stock per
year.
The market's current transaction cap rate stands at 7.0%, below the national average of
7.3%. Over the past three years, transaction cap rates have averaged 6.8%.
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According to the CoStar report, there have been 58 industrial sales in the past year. Sales
have averaged $240/SF, and the estimated value for the market as a whole is $164/SF.
Over the past three years, there have been 282 sales, which have traded for approximately
$380 million. During this time, the market cap rate for Collier County has increased to
8.1%, higher than its trailing three-year average of 7.2%.
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Income
Personal income is a significant factor in determining the real estate demand in a given
market. The following table shows Collier County households by income from the
CCIM Site to do Business. Overall, Collier County has an average household income of
$135,508 and a per capita income of $57,867.
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Conclusion
The long term economic outlook for Collier County is positive. The area lures people
from all over the country for tourism as well as retirement, with the beaches and weather
considered major demand drivers.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject property.
These conditions have resulted in increasing property values and should stimulate
continued increases within the foreseeable future. Prior to the coronavirus pandemic, the
residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 and 2024 YTD as demand declined due to continued increases in interest rates.
Prices continue to increase; however, the rate of increase is declining.
According to the Naples Area Board of Realtors (NABOR), there was a record $18.2
billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021
with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed
price (year over year). The 2023 Annual Market Report released by NABOR reported
total sales were down 13.6% in 2023 and the overall median sales price increased 4.3% 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.
Generally, the commercial market lags the residential market. The significant residential
demand since the pandemic has generally stabilized the commercial market overall with
an increased demand for the industrial sector and select retail and office properties.
Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest
Florida on September 28, 2022, and caused widespread wind and storm surge damage.
The analyses and value opinion(s) in this appraisal are based on the data available to the
appraiser at the time of the assignment and apply only as of the effective date indicated.
No analyses or opinions contained in this appraisal should be construed as predictions of
future market conditions or value(s).
Page 2252 of 6405
PANTHER WALK PROJECT MARKET STUDY
Page 24
Collier County Area Map
Panther
Walk
Page 2253 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 25
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS
The following description is based on our property inspection and public records.
The Panther Walk targeted area contains 186 remaining project parcels totaling 360.1 acres
within Golden Gate Estates Units 42, 44, and 47. According to Collier County, the typical
parcel sizes to be acquired range from 1.14 to 5.00 acres in size.
SITE
Location: Panther Walk is located west of Everglades Boulevard North
generally between 56th Avenue NE and 72nd Avenue NE. It is
surrounded by single-family residential sites and homes.
Current Use of the Property: Vacant wetlands with some single-family development.
Shape: Each parcel is rectangular in shape.
Road Frontage/Access:
Access to targeted parcels within the Panther Walk is provided by:
• 56th Ave NE; 58th Ave NE; 60th Ave NE; 62nd Ave NE; 64th
Ave NE; 66th Ave NE; 68th Ave NE; 70th Ave NE; and 72nd
Ave NE: All arterials run east/west through market area.
• The parcels each have 75 - 330 feet of frontage.
The parcels have an average depth of 660 feet.
Topography: The Panther Walk Preserve area contains high quality cypress
wetlands and is part of the Horsepen Slough.
Soil Conditions: According to the Conservation Collier Initial Criteria Screening
Report revised August 26, 2022, Hydric soils exist on just over 71%
of the parcels. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: None; Private septic systems service surrounding homes
Water: None; Private wells service surrounding homes
Environmental Issues: According to the Conservation Collier Property Summary the sites
consist of Cypress strand forest, mixed wetland hardwood forest,
oak/pine hammock, freshwater marshes, wet prairie, and pine
flatwoods. The parcels protect the marshes and cypress forests of the
northern reaches of the Horsepen Strand and provide flood water
attenuation, aquifer recharge, and water filtration.
Encumbrance / Easements: Each lot has a thirty-foot (30’) platted right-of-way and utility
easements along 56th Ave NE; 58th Ave NE; 60th Ave NE; 62nd
Ave NE; 64th Ave NE; 66th Ave NE; 68th Ave NE; 70th Ave NE;
and 72nd Ave NE. A current title report was not provided for the
purpose of this appraisal. We are not aware of any easement,
Market Area Gross Land Area
(Acres)
Typical Parcel Size
(Acres)Zoning FDEP Informal Wetland
Determination
Panther Walk 390.10 1.14 - 5.0 E - Estates Less than 25% to 100%
Market Area
Page 2254 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 26
restrictions, or encumbrances that would adversely affect value.
Therefore, our valuation assumes the subject has a clear and
marketable title with no adverse easement, restrictions, or
encumbrances.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code E
Zoning Authority Collier County
Zoning Description Estates
Permitted Uses Includes single-family dwellings, family care facilities
(subject to section 5.05.04), essential services (as set forth
in section 2.01.03), and schools, public, including
educational plants.
Minimum Lot Area (SF) 2.25 acres
Minimum Floor Area (SF) 1,000
Minimum Street Frontage (Feet) 150
Front Set Back Distance (Feet) 75
Rear Set Back Distance (Feet) 75
Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side
Maximum Density/FAR One dwelling units per 2.25 acres
Maximum Building Height (Feet) 30
Page 2255 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 27
Panther Walk Market Study Parcels Aerial
Page 2256 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 28
Site Photographs
58th Ave NE – Westerly
(Photo Taken on July 18, 2024)
58th Ave NE – Easterly
(Photo Taken on July 18, 2024)
Page 2257 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 29
Site Photographs
Typical Parcel view from 58th Ave NE
(Photo Taken on July 18, 2024)
Typical Parcel view from 58th Ave NE
(Photo Taken on July 18, 2024)
Page 2258 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 30
Site Photographs
62nd Ave NE – Westerly
(Photo Taken on July 18, 2024)
62nd Ave NE – Easterly
(Photo Taken on July 18, 2024)
Page 2259 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 31
Site Photographs
Typical Parcel view from 62nd Ave NE
(Photo Taken on July 18, 2024)
Typical Parcel view from 62nd Ave NE
(Photo Taken on July 18, 2024)
Page 2260 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 32
Site Photographs
64th Ave NE – Westerly
(Photo Taken on July 18, 2024)
64th Ave NE – Easterly
(Photo Taken on July 18, 2024)
Page 2261 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 33
Site Photographs
Typical Parcel view from 64th Ave NE
(Photo Taken on July 18, 2024)
Typical Parcel view from 64th Ave NE
(Photo Taken on July 18, 2024)
Page 2262 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 34
Site Photographs
68th Ave NE – Westerly
(Photo Taken on July 18, 2024)
68th Ave NE – Easterly
(Photo Taken on July 18, 2024)
Page 2263 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 35
Site Photographs
Typical Parcel view from 68th Ave NE
(Photo Taken on July 18, 2024)
Typical Parcel view from 68th Ave NE
(Photo Taken on July 18, 2024)
Page 2264 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 36
Site Photographs
72nd Ave NE – Westerly
(Photo Taken on July 18, 2024)
72nd Ave NE – Easterly
(Photo Taken on July 18, 2024)
Page 2265 of 6405
PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
Page 37
Site Photographs
Typical Parcel view from 72nd Ave NE
(Photo Taken on July 18, 2024)
Typical Parcel view from 72nd Ave NE
(Photo Taken on July 18, 2024)
Page 2266 of 6405
PANTHER WALK PROJECT MARKET STUDY HIGHEST AND BEST USE
Page 38
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
▪ Physically possible for the land to accommodate the size and shape of the
ideal improvement.
▪ Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
▪ Financially feasible to generate sufficient income to support the use.
▪ Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As Vacant
Physically Possible
The subject consists of parcels ranging in size from 1.14 to 5.00 acres located within the
previously defined Panther Walk areas. Access through Panther Walk is provided by
paved roads. The parcels range in width from 75 feet to 330 feet with 660 feet of depth.
The physical characteristics of the parcels should reasonably accommodate any use that is
not restricted by its size. However, development on the parcels may be limited due to
wetland coverage.
Legally Permissible
The subject parcels are zoned Estates (E), which allows low density residential with
limited agricultural uses. Parcels with impacted wetlands will require permits from FDEP
prior to development.
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject property.
These conditions have resulted in increasing property values and should stimulate
continued increases within the foreseeable future. Prior to the coronavirus pandemic, the
residential market had stabilized after several years of an expansion period, with
sustained growth in demand and increasing construction. Since the coronavirus
pandemic, residential demand increased significantly with record sales in 2020 and
1 The Dictionary of Real Estate Appraisal 7th ed. (Chicago: Appraisal Institute, 2022)
Page 2267 of 6405
PANTHER WALK PROJECT MARKET STUDY HIGHEST AND BEST USE
Page 39
continued high demand but limited inventory in 2021 and 2022. Inventory increased in
2023 and 2024 YTD as demand declined due to continued increases in interest rates.
Prices continue to increase; however, the rate of increase is declining.
On this basis, barring unforeseen changes in the market, a well-designed single-family
home that is appropriately marketed and priced, should be received favorably by the
market.
It is noted, the substantial costs associated with permitting and fill typically result in a
lower price per acre for wetland parcels than upland parcels in order to make
development financially feasible. If the costs make development financially unfeasible or
permitting is not achievable; conservation use becomes the only financially feasible use.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses.
Conservation and/or single-family development is the only use that meets the tests of
physically possible, legally permissible, and financially feasible.
The permitting process for parcels with significant coverage of active wetlands will likely
be very difficult, if not impossible.
Therefore, conservation and/or single-family development is concluded to be the
maximally productive and highest and best use of the site.
Highest and Best Use as Improved
No improvements are situated on the site. Therefore, a highest and best analysis as
improved is not applicable.
Most Probable Buyer
Considering the size and location of the property, the most probable buyer of an
individual parcel is an owner-user or builder for single-family development or wetland
mitigation. Conservation Collier is also a probable buyer as a multi -parcel conservation
project.
Page 2268 of 6405
PANTHER WALK PROJECT MARKET STUDY VALUATION METHODOLOGY
Page 40
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is least reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor’s perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
Page 2269 of 6405
PANTHER WALK PROJECT MARKET STUDY VALUATION METHODOLOGY
Page 41
ANALYSES APPLIED
A cost analysis was considered and was not developed because there are no
improvements that contribute value to the property.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
Page 2270 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 42
SALES COMPARISON APPROACH: 1.14-2.73 ACRES
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Land Comparables
I have researched eight comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per acre as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Page 2271 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 43
Comp Address Date Price
Comp City Acres Price Per Acre
Subject Generally within Golden Gate Estates
Units 42, 44, and 47
7/18/2024
Subject Naples 1.14 - 2.73 acres
1 NS 70th Ave NE 7/11/2024 $26,000
1 Naples 1.14 $22,880
2 SS 70TH Ave NE 7/10/2024 $54,900
2 Naples 1.59 $34,509
3 NS 48th Ave NE 5/14/2024 $70,000
3 Naples 2.27 $30,800
4 2868 58th Ave NE 7/19/2024 $80,000
4 Naples 1.14 $70,400
5 NS 60th Ave NE 6/14/2024 $120,000
5 Naples 1.59 $75,429
6 NS 72nd Ave NE 6/6/2024 $95,000
6 Naples 2.27 $41,800
7 SS 68th Ave NE 7/18/2024 $132,500
7 Naples 2.27 $58,300
8 SS 47th Ave NE 4/25/2024 $70,000
8 Naples 1.59 $44,000
According to a W David Key, LLC, Environmental Consultant, letter dated November
2018, the site is mostly uplands with a small area of wetlands. The letter states the
wetlands should not involve any regulatory agencies in the permitting process.
However, DEP National Wetland Inventory GIS shows the site consists entirely of
Freshwater Forested/Shrub Wetland and Freshwater Emergent Wetland. Listing agent
priced the property based on the assumption it was entirely uplands. Listed at $54,900
in February 2024 at a "firm price as the county will buy the lot in the near future."
Listing agent reported the site was wetlands and it was priced accordingly. Site was
listed for $50,000 in May 2024 and reduced to $25,000 in June 2024.
Informal Wetland Determination dated 4/22/2024 prepared by Ramsey Inc shows site is
100% uplands. Site was listed for $159,000 and price was reduced multiple times. The
final asking price was $119,900.
Informal Wetland Determination dated 12/13/2023 prepared by Tropical Environmental
Consultants shows 66% wetlands located throughout the site, with upland portion in
front. Site was listed in Jan 2024 fr $135,000 and reduced multiple times. Final reduction
to $80,000 in April 2024.
Sale Comments
Informal Wetland Determination dated 12/26/23 prepared by Earth Tech Environmental
shows consists of 0.45 acres (39%) wetlands located mainly in the front of the site. Site
was listed for $99,000 in June 2024.
Informal Wetland Determination dated 5/9/2024 prepared by Tropical Environmental
Consultants shows 0.02 acres of wetlands (1%) located near the middle of the side
consisting of a wetland ditch. Site was listed for $117,900 in May 2024.
Ramsey Inc letter dated August 2021 states soil sampling onsite did not reveal wetland
characteristics with no jurisdictional wetlands. Property sold in April 2022 for $109,900
and was relisted in May 2024 for $135,000.
DEP Letter dated May 2002 states the site will not require an Evironmental Resource
Permit. Listed as uplands at $149,000 in June 2023 and decreased to $139,000 in August
2023.
Up to 25% wetlands; 25-50% wetlands; 50-75% wetlands; 75-100% wetlands
Page 2272 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 44
Comparables Map
Page 2273 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 45
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price
This takes into consideration unusual conditions involved in the
sale that could affect the sales price, such as excess land, non-
realty components, commissions, or other similar factors.
Usually the sale price is adjusted for this prior to comparison to
the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms
Favorable or unfavorable seller financing, or assumption of
existing financing.
Conditions of Sale
Circumstances that atypically motivate the buyer or seller, such
as 1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding
land use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Page 2274 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 46
Name
Address
City
Date
Price
Acres
Acre Unit Price
Property Rights Fee Simple 0.0%
Fee
Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Financing Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%
Conditions of Sale
Arm's
length 0.0%
Arm's
length 0.0%
Arm's
length 0.0%
Arm's
length 0.0%Arm's length 0.0%
Arm's
length 0.0%
Arm's
length 0.0%
Arm's
length 0.0%
Market Trends Through 7/18/2024 5.0%
Location
% Adjustment
$ Adjustment
Acres
% Adjustment
$ Adjustment
Environmental Issues
% Adjustment
$ Adjustment
Topography
% Adjustment
$ Adjustment
Zoning
% Adjustment
$ Adjustment
Net Adjustments
Gross Adjustments 5.0%0.0%5.0%0.0%
-$3,789
0%
$0
0%
$0
0%
$0
$0
0% Wetlands
7/10/20247/18/2024 7/11/2024
$54,900
0.0%
0%
$70,400
0%
$0
Heavily Treed
(E) Estates
$0
(E) Estates
0%
-$2,915
(E) Estates
0%
-5%
Largely cleared
$0
0%
1% Wetlands
Heavily TreedLargely cleared
$75,429
Similar
$75,429
$70,400
1.59
0%
$75,772
Similar
0%
0%
$0
$58,300
0%
0%
SS 68th Ave NE
SS 68th Ave NE
$42,035
1.59
$41,800
2.27
0.5%
6/14/2024
NS 60th Ave NE
Comp 6
$58,300
0.6%
Comp 7
2.27
Naples
$95,000
$58,300
0.0%
$132,500
Naples
1.14
39% Wetlands -
Front
NS 72nd Ave NE
(E) Estates
7/18/2024
$0
NS 72nd Ave NE2868 58th Ave NE
$70,400
6/6/2024
$41,800
0.0%
$120,000
NS 60th Ave NE
$80,000
Naples
7/19/2024
0%
66% Wetlands -
Throughout
0%
$0
0%
Naples
1.14
Similar
$0
0%
$0
100% Wetlands
$0
$0
Heavily Treed
$0
0%0%0%
Comp 3
Similar
0%
100% Wetlands
$0
$0
(E) Estates
0%
(E) Estates
$0
$0
(E) Estates
$31,069
2.27
0%
$34,509
Panther Walk Project Market
Study
Land Analysis Grid Comp 1 Comp 4
2868 58th Ave NE
Comp 5
NS 48th Ave NE
Naples
NS 70th Ave NE SS 70TH Ave NE
NS 70th Ave NE
Comp 2
Naples
Generally within Golden Gate
Estates Units 42, 44, and 47
SS 70TH Ave NE
NaplesNaples
$30,800
2.27
NS 48th Ave NE
1.14
5/14/2024
$70,000$26,000
1.14 - 2.73 acres
$22,880
1.59
$34,509
Fee Simple
Transaction Adjustments
Adjusted Acre Unit Price $22,880 $30,800
1.14 - 2.73 acres
$0
0%
0.1%
$0
1.14
0%
Similar
0.1%
$34,545
0%
Adjusted Acre Unit Price $22,901
Average Similar
Up to 25% - 100% Wetlands
1.59
$0
$0
Heavily Treed Heavily Treed
0%
$0
Heavily Treed
E
$0
0%
$0
Adjusted Acre Unit Price
0.0%0.0%
0.0%0.0%
0.0%
$0 $0 $0$0
$0
2.27
0%
-5%
$0
0%
0%
0%
2.27
0% Wetlands
$0
0%
$0
Heavily Treed
0%
$0
(E) Estates
0%
$0
$0
0% Wetlands
$0
1.59
0%
$44,000
$44,000
1.1%
4/25/2024
Similar
$70,000
Naples
Comp 8
SS 47th Ave NE
0.9%
1.59
SS 47th Ave NE
0%0%
Similar
$44,497
0.0%
$44,497
0.0%
$22,901 $42,035$70,400
-5.0%
$31,069$34,545
0.0%
0.0%
-5.0%
$71,984 $55,385
Page 2275 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 47
Comparable Land Sale Adjustments
Property Rights
All of the comparables transferred in fee simple interest; therefore, no adjustments for
property rights are required.
Financing
All of the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustments for financing are required.
Conditions of Sale
All of the comparable sales were arm’s length transactions; therefore, no adjustments for
conditions of sale are required.
Economic Trends
The following graph shows comparable residential land sales on the Southwest Florida
MLS within the surrounding market area over the past seven months.
The survey included 41 transactions. Prices ranged from $22,807 to $116,667 per acre
and averaged $59,349 per acre. The graph indicates an increasing trend in sales prices
from December 2023 through the current date. However, it is noted this is unadjusted raw
data and does not account for adjustments due to location, size, or wetland coverage.
I also consider Comparable 7 was purchased in April 2022 for $109,900 and resold in
July 2024 for $132,500, an annualized increase of 8.9%. Comparables 4 and 8 were
Page 2276 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 48
purchased in early 2024 for below market prices of $35,000 and $55,000 respectively and
flipped about a month later for $80,000 and $70,000 respectively.
Based on the previous analysis and considering the declining demand for residential
property in Southwest Florida, as well as the recent interest rate increases by the federal
reserve, we have applied a 5.0% annual adjustment.
Location
The comparable sales are located within the immediate vicinity of Panther Walk and no
adjustments are required.
Size
For this analysis, all of the comparable sales are relatively similar in terms of size;
therefore, no adjustments are required.
Environmental Issues
The subject parcels are located within Panther Walk which is comprised entirely of
depressional cypress and marsh wetlands and therefore, provides habitat for wetland
dependent species.
Comparables 1 through 4 are all impacted by wetlands to varying degrees. Comparable 5
has minimal wetlands and Comparables 6, 7, and 8 are 100% uplands.
No adjustments are made in the grid; however, the varying wetland coverage is
considered in the final reconciliation.
Topography
The subject parcels are heavily treed similar to all of the comparables except
Comparables 5 and 7. Comparables 5 and 7 are largely cleared and are adjusted
downward accordingly.
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Page 2277 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 49
Sales Comparison Approach Conclusion: 1.14 – 2.73 Acre Parcels
All of the value indications have been considered. Based on the preceding analysis, I
arrive at my final reconciled per acre value for each tier as shown in the following table.
8 % Δ
0.09%
-4.57%
-1.40%
Land Value Ranges & Reconciled Values
Low:
25 - 50% Wetlands:
50 - 75% Wetlands:
Up to 25% Wetlands:$50,000
1.14 - 2.73 acresSubject Size:
High:
Average:
75 - 100% Wetlands:
$44,000
Number of Comparables:Unadjusted Adjusted
$22,901
$71,984
$46,602
$75,429
$47,265
$22,880
Indicated Value per Acre
$37,000
$32,000
Page 2278 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Page 50
SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Land Comparables
I have researched eight comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per acre as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Comp Address Date Price
Comp City Acres Price Per Acre
Subject Generally within Golden Gate Estates
Units 42, 44, and 47
7/18/2024
Subject Naples 2.74 - 5.00 acres
1 2680 52nd AVE NE 11/30/2023 $115,000
1 Naples 5.00 $23,000
2 2581 52nd AVE NE 12/4/2023 $95,000
2 Naples 2.73 $34,833
3 NS 48th Ave NE 5/14/2024 $70,000
3 Naples 2.27 $30,800
4 SS 68th Ave NE Tract 75 12/7/2023 $111,000
4 Naples 2.50 $44,400
5 72nd ST NE, E 1/2 6/28/2024 $160,000
5 Naples 2.50 $64,000
6 72nd ST NE, W 1/2 4/10/2024 $175,000
6 Naples 2.50 $70,000
7 NS 48th Ave NE Tract 141 7/8/2024 $94,000
7 Naples 2.73 $34,467
8 NS 56th Ave NE 6/4/2024 $110,000
8 Naples 2.73 $40,333
Informal Wetland Determination dated 12/13/2023 prepared by Tropical Environmental
Consultants shows 66% wetlands located throughout the site, with upland portion in
front. Site was listed in Jan 2024 fr $135,000 and reduced multiple times. Final reduction
to $80,000 in April 2024.
Informal Wetland Determination dated 6/20/2023 prepared by Wetland Consultants
shows 1.16 acres (46%) wetlands located in the back of the site. Site was listed for
$199,900 and decreased multiple times. Final listing price was $127,900.
Informal wetland determination shows site is 100% uplands. Site was listed for
$199,900 in Jan 2024 and reduced multiple times, finally to $165,000 in May 2024. Seller
financed $136,000 (86%). Buyer had purchased the adjacent site in April 2024. Site has
since been relisted on 7/10/24 with the adjacent parcel (5 total acres) for $950,000.
Informal wetland determination shows site is 100% uplands. Site was listed for
$199,900 in Jan 2024 and reduced multiple times, finally to $165,000 in May 2024. Seller
financed $131,250 (75%). Buyer since purchased the adjacent site in June 2024. Site
has since been relisted on 7/10/24 with the adjacent parcel (5 total acres) for $950,000.
No informal wetland determination on file. DEP National Wetland Inventory GIS shows
site is 100% uplands. Site was listed for $123,500 in April 2024 and reduced multiple
times. Final price reduction to $99,900 in May 2024.
No informal wetland determination on file. DEP National Wetland Inventory GIS shows
site is 100% uplands. Site was listed for $165,000 and reduced multiple times. Final
reduction to $139,999 in April 2024.
Sale Comments
Up to 25% wetlands; 25-50% wetlands; 50-75% wetlands; 75-100% wetlands
Purchase consisted of two adjacent parcels. Informal Wetland Determination dated
1/20/2022 prepared by Wetland Consultants shows a combined 4.03 acres (81%)
wetlands on the two parcels. The location of the wetlands was not noted in the report.
According to the DEP National Wetland Inventory GIS, the wetlands are located in the
front portion of the site. The eastern half was listed in July 2023 for $149,800 and
reduced to $129,900 in August 2023. The parcel was listed with adjacent parcel to be
sold together.
Informal Wetland Determination dated 12/13/2023 prepared by Tropical Environmental
Consultants shows 2.00 acres (73%) wetlands located in the back of the site. Site was
listed for $199,900 and decreased multiple times. Final listing price was $104,900.
Page 2279 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Page 51
Comparables Map
6
Page 2280 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Page 52
Name
Address
City
Date
Price
Acres
Acre Unit Price
Property Rights Fee Simple 0.0%
Fee
Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Financing Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Seller 0.0%Seller 0.0%Cash 0.0%Cash 0.0%
Conditions of Sale
Arm's
length 0.0%
Arm's
length 0.0%Arm's length 0.0%
Arm's
length 0.0%Arm's length 0.0%
Arm's
length 0.0%
Arm's
length 0.0%
Arm's
length 0.0%
Market Trends Through 7/18/2024 5.0%
Location
% Adjustment
$ Adjustment
Acres
% Adjustment
$ Adjustment
Environmental Issues
% Adjustment
$ Adjustment
Topography
% Adjustment
$ Adjustment
Zoning
% Adjustment
$ Adjustment
Net Adjustments
Gross Adjustments
Panther Walk Project Market
Study
2680 52nd AVE NE 2581 52nd AVE NE NS 48th Ave NE SS 68th Ave NE
Tract 75
72nd ST NE, Tract 40 E
1/2
72nd ST NE, Tract
40 W 1/2
NS 48th Ave NE
Tract 141
NS 56th Ave NE
Comp 5 Comp 6 Comp 7 Comp 8Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4
7/18/2024 11/30/2023 12/4/2023 5/14/2024 12/7/2023 6/28/2024 4/10/2024 7/8/2024
$94,000
NS 56th Ave NE
Naples Naples Naples Naples Naples Naples Naples
Generally within Golden Gate
Estates Units 42, 44, and 47
2680 52nd AVE NE 2581 52nd AVE NE NS 48th Ave NE SS 68th Ave NE
Tract 75
72nd ST NE, E 1/2 72nd ST NE, W 1/2 NS 48th Ave NE
Tract 141
6/4/2024
Naples Naples
$115,000 $95,000 $70,000 $111,000 $175,000 $110,000$160,000
2.74 - 5.00 acres 5.00 2.73 2.27 2.50 2.50 2.50 2.73 2.73
$70,000 $34,467 $40,333
Transaction Adjustments
$23,000 $34,833 $30,800 $44,400 $64,000
Fee Simple
Adjusted Acre Unit Price $23,000 $34,833 $30,800 $44,400 $64,000
3.1%3.1%0.9%3.0%0.3%
$70,000 $34,467 $40,333
1.3%0.1%0.6%
Average Similar Similar Similar Similar
Adjusted Acre Unit Price $23,721 $35,906 $31,069 $45,750 $64,171
Similar Similar Similar
0%
Similar
$70,933 $34,513 $40,571
0%0%0%
$0 $0 $0 $0 $0
0%0%0%0%
$0 $0 $0
0%0%0%0%
2.74 - 5.00 acres 5.00 2.73 2.27 2.50
0%0%0%0%
2.50 2.73 2.732.50
$0 $0 $0$0 $0 $0 $0 $0
Up to 25% - 100% Wetlands 81% Wetlands -
Front
73% Wetlands - Back 66% Wetlands -
Throughout
46% Wetlands - Back 0% Wetlands 0% Wetlands 0% Wetlands 0% Wetlands
$0 $0 $0 $0
0%0%0%0%
$0 $0 $0 $0
0%0%0%0%
0%0%0%-3%
Heavily Treed Heavily Treed Heavily Treed Heavily Treed Partially Treed Heavily Treed
0%0%0%
$0
-3%
Heavily Treed Heavily Treed Partially Treed
E (E) Estates (E) Estates (E) Estates (E) Estates
$0 $0 -$1,217
(E) Estates (E) Estates (E) Estates (E) Estates
$0 $0 $0 -$1,372
0%0%0%0%0%0%0%0%
$0 $0 $0 $0 $0 $0 $0 $0
Adjusted Acre Unit Price $23,721 $35,906 $31,069 $44,377 $64,171 $70,933 $34,513 $39,354
0.0%0.0%-3.0%
0.0%0.0%0.0%3.0%0.0%
0.0%0.0%0.0%-3.0%0.0%
0.0%0.0%3.0%
Page 2281 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Page 53
Comparable Land Sale Adjustments
Property Rights
All of the comparables transferred in fee simple interest; therefore, no adjustments for
property rights are required.
Financing
With the exception of Comparables 5 and 6, the comparables all had market orientated
financing or were cash transactions; therefore, no adjustments for financing are required.
Comparables 5 and 6 were both seller financed. No adjustments are made in the grid;
however, the seller financing is considered in the final reconciliation.
Conditions of Sale
All of the comparable sales were arm’s length transactions; therefore, no adjustments for
conditions of sale are required.
Economic Trends
As in the previous analysis, we have applied a 5.0% annual adjustment.
Location
The comparable sales are located within the immediate vicinity of Panther Walk and no
adjustments could be supported; therefore, none are made.
Size
For this analysis, all of the comparable sales are relatively similar in terms of size;
therefore, no adjustments are required.
Environmental Issues
The subject parcels are located within Panther Walk which is comprised entirely of
depressional cypress and marsh wetlands and therefore, provides habitat for wetland
dependent species.
Comparables 1 through 4 are all impacted by wetlands to varying degrees. Comparables 5
through 8 are 100% uplands.
No adjustments are made in the grid; however, the varying wetland coverage is
considered in the final reconciliation.
Topography
The subject parcels are heavily treed similar to all of the comparables except
Comparables 4 and 8. Comparables 4 and 8 are partially treed and are adjusted downward
accordingly.
Page 2282 of 6405
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Page 54
Zoning
All of the comparables are similar in terms of zoning; therefore, no adjustments are
required.
Sales Comparison Approach Conclusion: 2.74 – 5.0 Acre Parcels
All of the value indications have been considered. Based on the preceding analysis, I
arrive at my final reconciled per acre value for each tier as shown in the following table.
8 % Δ
3.14%
1.33%
0.65%
Land Value Ranges & Reconciled Values
Number of Comparables:Unadjusted Adjusted
Low:$23,000 $23,721
High:$70,000 $70,933
25 - 50% Wetlands:$37,000
50 - 75% Wetlands:$32,000
75 - 100% Wetlands:$26,500
Average:$42,729 $43,006
Indicated Value per Acre
Up to 25% Wetlands:$41,500
Subject Size:2.74 - 5.00 acres
Page 2283 of 6405
PANTHER WALK PROJECT MARKET STUDY RECONCILIATION
Page 55
RECONCILIATION
The process of reconciliation involves the analysis of each approach to value. The
quantity and quality of data applied the significance of each approach as it relates to
market behavior and defensibility of each approach are considered and weighed. Finally,
each is considered separately and comparatively with each other. As discussed
previously, we use only the sales comparison approach in developing an opinion of value
for the subject. The cost and income approaches are not applicable, and are not used.
FINAL VALUE CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of July 18, 2024, subject to the Limiting Conditions and
Assumptions of this appraisal.
VALUE CONCLUSIONS
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple July 18, 2024
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: None.
Extraordinary Assumptions: None.
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
25 - 50% Wetlands:
50 - 75% Wetlands:
Up to 25% Wetlands:$50,000
1.14 - 2.73 acresSubject Size:
75 - 100% Wetlands:
$44,000
Indicated Value per Acre
$37,000
$32,000
25 - 50% Wetlands:$37,000
50 - 75% Wetlands:$32,000
75 - 100% Wetlands:$26,500
Indicated Value per Acre
Up to 25% Wetlands:$41,500
Subject Size:2.74 - 5.00 acres
Page 2284 of 6405
PANTHER WALK PROJECT MARKET STUDY FINAL VALUE CONCLUSION
Page 56
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local market it is our opinion that the probable marketing and
exposure time for the property is 12 months.
Page 2285 of 6405
PANTHER WALK PROJECT MARKET STUDY CERTIFICATION
Page 57
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
Page 2286 of 6405
PANTHER WALK PROJECT MARKET STUDY
Page 58
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has appraised this property in the three years prior
to accepting this assignment.
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program for Designated Members of the Appraisal Institute.
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ2984
rzucchi@rklac.com; Phone 239-596-0801
Page 2287 of 6405
PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
Page 59
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
Page 2288 of 6405
PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
Page 60
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third-
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 2289 of 6405
PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
Page 61
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner’s financial ability with
the cost to cure the non-conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner’s financial ability to cure non-accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner’s
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
Page 2290 of 6405
PANTHER WALK PROJECT MARKET STUDY ASSUMPTIONS AND LIMITING CONDITIONS
Page 62
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client’s use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 2291 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
Page 2292 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
Page 2293 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
4500 Executive Drive, Suite 230
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our combined appraisal
experience to provide our clients with the highest quality of Real Estate Appraisal and
Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner (Retired)
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
Page 2294 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 – Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 – Present)
Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida
Naples, FL (2003 – 2009)
Research Associate, Integra Realty Resources – Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
ACTIVITIES:
Member:
President:
VP/Secretary/Treasurer:
Region X Representative:
Board of Directors:
Government. Relations:
Prof. Standards & Guidance:
LDAC Attendee:
Member:
Member:
Licensed:
Licensed:
Appraisal Institute – MAI Certificate Number 451177
Appraisal Institute Florida Gulf Coast Chapter (2020)
Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019)
Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022)
Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021)
Appraisal Institute National (2022)
Appraisal Institute National (2023-2024)
Leadership Development & Advisory Council
Appraisal Institute - Washington, D.C. (2016, 2017, 2018)
CCIM Institute - CCIM Designation Pin Number 21042
Naples Area Board of REALTORS
Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Real Estate Broker (Florida)
License No. BK3077672
EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and
Lee County
EDUCATION: Bachelor of Arts, Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, retail and office buildings, industrial
warehouse/distribution, multi-family and single-family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized services
include market feasibility studies and litigation support in connection with real estate
transactions. Clients served include banks and financial institutions, developers and investors,
law firms, government, and property owners. Valuations have been performed for eminent
domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence
support.
Page 2295 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
Page 2296 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
Page 2297 of 6405
BCC Conservation Collier Property Summary Cycle 12A
Panther Walk Preserve Multi-Parcel Project
Currently on Board Approved A-list; CCLACC Recommendation: Remain on A-list
Property Name: Panther Walk Preserve Multi-Parcel Project Owner(s): 200 parcels - See Map
Target Protection Area: North Golden Gate Estates Acreage: 390.1 acres
Total Estimated Market Value: $11,587,269
Staff estimates that 15 parcels (31.60 acres) within the Panther Walk Preserve Multi-
Parcel Project Area will be acquired during Cycle 12A. For budgeting purposes the
estimated cost of 15 parcels has been allocated to the Active Acquisition List A-List
Total - Cycle 12A, while the estimated cost of the remaining 186 project parcels (360.1
acres) is provided within the Active Acquisition List Multi-Parcel Projects total.
Highlights:
• Location: Located east of Everglades Blvd between 56th Ave. NE and
Immokalee Rd.
• Met 5 out of 6 Initial Screening Criteria: Native plant communities; human
values; water resource values; biological and ecological value; enhancement of
current conservation lands
• Habitat: Cypress strand forest, mixed wetland hardwood forest, oak/pine
hammock, freshwater marshes, wet prairie, pine flatwoods.
• Listed Plants: Hand fern (Cheiroglossa palmata), cardinal air plant (Tillandsia
fasciculata), fuzzy-wuzzy air plant (Tillandsia pruinosa), giant air plant
(Tillandsia utriculata), northern needleleaf (Tillandsia balbisiana)
• Listed Wildlife: Little blue heron and Florida sandhill crane observed. FWC
telemetry shows use by Florida panthers. Habitat for Florida bonneted bats, big
cypress fox squirrel, crested caracara, wood stork, and snail kites.
• Water Resource Values: Parcels protect the marshes and cypress forests of the
northern reaches of the Horsepen Strand. Provide flood water attenuation,
aquifer recharge, and water filtration.
• Connectivity: Once more parcels are acquired, a contiguous pathway following
the Horsepen Strand will connect the NGGE to conservation lands to the north.
• Access: All parcels accessible via paved roads
• Management Issues / Estimated Costs: Initial invasive plant treatment -
$350/acre. Ongoing annual maintenance estimated at $150/acre.
• Partnership Opportunities: None
133
33
64 60
160
80 80 80
0
20
40
60
80
100
120
140
160
180
1 - Ecological
Value
2 - Human
Value
3 - Restoration
and
Management
4 - Vulnerability
Total Score: 290/400
Awarded Points Possible Points
Page 2298 of 6405
BCC Conservation Collier Property Summary Cycle 12A
Panther Walk Preserve Multi-Parcel Project
• Zoning/Overlays: No Overlays, no TDRs; Single family Estates zoning
• Surrounding land uses: Undeveloped lots and low-density single-family homes
• All Criteria Score: 290/400 – high ecological and management scores
• Other Division Interest: Everglades Blvd. widening will require ROW/pond
sites; Utility upgrades will occur on west side of Everglades Blvd. from 41st
Ave NE north to Immokalee Rd.
• Acquisition Considerations: Staff recommend purchasing all parcels to ensure maximum flexibility in creating a contiguous wildlife
corridor in the future
History: The original 3 parcels (4.6 acres) that created Panther Walk Preserve were acquired in 2007 and 2008. Eighteen parcels (39.8 acres)
adjacent to the original Panther Walk Preserve were approved for the A-list by the Board of County Commissioners on December 13, 2022. The
entire Panther Walk Preserve project boundary, totaling 451.6 acres, was approved for the A-list by the Board of County Commissioners on
February 28, 2023. To date, the Program has acquired 9% of the project area or 22 parcels for a total of 40.3 acres.
.
Page 2299 of 6405
CCLAAC Conservation Collier Property Summary Cycle 12A
Panther Walk Preserve Multi-Parcel Project
Page 2300 of 6405
Map of Panther Walk Preserve Project Area
Page 2301 of 6405
Table of Panther Walk Preserve Project Area Parcels
FOLIO NUMBER ACRES FOLIO NUMBER ACRES
38841560001 2.27 38849440000 1.14
38841600000 1.14 38849480002 2.73
38841640002 1.59 38849520001 1.14
38841680004 2.27 38849560003 2.73
38843040008 5.00 38849600002 2.27
38843120009 2.50 38964080002 2.73
38843120106 2.50 38965680003 2.73
38843160001 2.50 38965760004 1.14
38843160108 2.50 39141440008 2.27
38843240002 5.00 39141480000 2.73
38843680002 2.73 39143160001 1.14
38843800002 2.73 39143200000 1.14
38843880006 2.73 39143320003 1.59
38844040007 5.00 39143360005 1.14
38844080009 2.27 39145200008 2.73
38844120008 2.73 39145240000 1.14
38844160000 1.14 39145280002 2.73
38844200009 1.14 39145320001 1.14
38844240001 1.59 39145360003 1.14
38844280003 1.14 39147120005 2.73
38844320002 2.73 39147200006 2.73
38844360004 2.27 39147240008 1.14
38844400003 5.00 39147280000 1.14
38844440005 2.73 39147320009 1.14
38844480007 2.27 39147360001 1.14
38844520006 2.27 39147400000 2.73
38844560008 2.73 39147440002 1.14
38844600007 5.00 39147480004 1.14
38844640009 1.14 39147520003 2.73
38844680001 2.73 39147600004 1.14
38844720000 1.14 39148960002 2.73
38844760002 2.27 39149000000 1.14
38844840003 1.59 39149080004 1.59
38844880005 1.14 39149120003 1.14
38844920004 1.14 39149160005 2.27
38844960006 1.14 39149200004 1.14
38845000004 1.14 39149280008 2.73
38845040006 2.73 39149320007 1.14
38845120007 2.27 39149360009 1.14
38845160009 2.73 39149400008 2.73
38845200008 5.00 39149440000 1.14
Page 2302 of 6405
FOLIO NUMBER ACRES FOLIO NUMBER ACRES
38845320001 1.14 39149480002 1.14
38845360003 1.59 39149520001 2.73
38845440004 1.14 39149560003 1.14
38845480006 2.27 39149640004 2.73
38845520005 2.73 39149720005 1.14
38845640008 1.14 39149760007 1.14
38845840002 1.59 39149800006 1.14
38845880004 5.00 39149840008 1.14
38845920003 1.14 39150000002 1.14
38845960005 2.73 39150120005 2.73
38846000003 1.14 39150160007 5.00
38846040005 1.14 39150200006 1.14
38846080007 1.14 39150240008 2.73
38846160008 2.27 39150280000 1.14
38846200007 2.73 39150320009 1.14
38846240009 5.00 39150440002 1.59
38846280001 2.27 39150480004 1.14
38846320000 2.73 39150520003 1.14
38846360002 5.00 39150560005 1.14
38846400001 1.59 39150680008 2.73
38846520004 1.14 39150720007 1.14
38846720008 1.14 39150760009 2.73
38846760000 1.59 39150800008 1.14
38846800009 1.14 39150840000 2.27
38846880003 2.73 39150880002 2.73
38846920002 2.27 39151120004 1.14
38846960004 2.73 39151440001 1.14
38847120005 1.14 39151520002 1.14
38847280000 1.59 39151560004 1.14
38847320009 2.73 39151600003 2.73
38847360001 1.14 39151640005 2.27
38847440002 2.50 39151680007 1.59
38847440109 2.50 39151720006 1.14
38847480004 1.14 39151760008 1.14
38847520003 1.59 39151880001 1.14
38847560005 1.14 39151920000 1.59
38847600004 1.14 39152080004 1.14
38847680008 2.27 39152120003 1.14
38847760009 1.59 39152160005 1.14
38847840000 1.14 39152200004 2.73
38847880002 1.14 39152240006 1.14
38848040003 2.27 39152280008 1.14
Page 2303 of 6405
FOLIO NUMBER ACRES FOLIO NUMBER ACRES
38848080005 2.73 39152320007 1.14
38848120101 2.73 39152360009 2.73
38848200005 1.59 39152400008 1.14
38848240007 2.27 39152440000 1.14
38848280009 1.14 39152480002 1.14
38848400009 1.14 39152520001 1.59
38848600003 1.59 39152560003 2.73
38848640005 1.14 39152600002 1.14
38848840009 1.14 39152640004 1.14
38848920000 2.73 39152760007 1.14
38849000000 1.14 39152800006 2.27
38849040002 1.59 39152840008 2.73
38849080004 2.27 39152920009 1.14
38849120003 2.73 39155080001 2.34
38849160005 2.27 39155120000 1.17
38849360009 2.73 39155160002 2.40
38849400008 2.27 39155200001 2.00
Page 2304 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
Page 2305 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9614 Date 7/11/2024
Name NS 70th Ave NE Price $26,000
Address NS 70th Ave NE Price Per Acre $22,880
City Naples Transaction Type Closed Sale
Grantor Suzette C. De Armas Financing Cash
Grantee Carlos Perez and Marileidy
Diaz
Property Rights Fee Simple
Tax ID
Days on Market 52 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6570092 Sale Verification Source Ilens Sanchez w/ Saggio
Realty, Inc
Conditions of Sale
Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 1.14 Topography Heavily Treed
Land SF 49,500 Zoning (E) Estates
Primary Frontage Feet 75 Dimensions 75' x 660'
Primary Frontage Street 70th Ave NE Shape Rectangular
Utilities None
Land Comparable 1 - Small Parcels
Transaction
Site
Listing agent reported the site was wetlands and it was priced accordingly. Site was listed for $50,000 in May 2024 and
reduced to $25,000 in June 2024.
Comments
39148040003
Page 2306 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9616 Date 7/10/2024
Name SS 70TH Ave NE Price $54,900
Address SS 70TH Ave NE Price Per Acre $34,509
City Naples Transaction Type Closed Sale
Grantor Jeffrey & Melissa Hughes Financing Cash
Grantee Not yet recorded Property Rights Fee Simple
Tax ID
Days on Market 133 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Not yet recorded Sale Verification Source David Huff w/ Sun Realty
USA, Inc.
Conditions of Sale Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 1.59 Topography Heavily Treed
Land SF 69,300 Zoning (E) Estates
Primary Frontage Feet 105 Dimensions 105' x 660'
Primary Frontage Street 70TH Ave NE Shape Rectangular
Utilities None
According to a W David Key, LLC, Environmental Consultant, letter dated November 2018, the site is mostly uplands
with a small area of wetlands. The letter states the wetlands should not involve any regulatory agencies in the
permitting process. However, DEP National Wetland Inventory GIS shows the site consists entirely of Freshwater
Forested/Shrub Wetland and Freshwater Emergent Wetland. Listing agent priced the property based on the
assumption it was entirely uplands. Listed at $54,900 in February 2024 at a "firm price as the county will buy the lot in
the near future."
Land Comparable 2
Comments
Site
Transaction
39151680007
Page 2307 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9615 Date 5/14/2024
Name NS 48th Ave NE Price $70,000
Address NS 48th Ave NE Price Per Acre $30,800
City Naples Transaction Type Closed Sale
Grantor Windsor Animal Sanctuary &
Ag Education Center Inc
Financing Cash
Grantee Opal Jade LLC Property Rights Fee Simple
Tax ID
Days on Market 87 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6552262 Sale Verification Source Greg Williams w/ Paradise
Coast Property Team
Conditions of Sale Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 2.27 Topography Heavily Treed
Land SF 99,000 Zoning (E) Estates
Primary Frontage Feet 150 Dimensions 150' x 660'
Primary Frontage Street 48th Ave NE Shape Rectangular
Utilities None
Transaction
Land Comparable 3
Informal Wetland Determination dated 12/13/2023 prepared by Tropical Environmental Consultants shows 66%
wetlands located throughout the site, with upland portion in front. Site was listed in Jan 2024 fr $135,000 and reduced
multiple times. Final reduction to $80,000 in April 2024.
Site
Comments
38973000002
Page 2308 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9620 Date 7/19/2024
Name 2868 58th Ave NE Price $80,000
Address 2868 58th Ave NE Price Per Acre $70,400
City Naples Transaction Type Closed Sale
Grantor D-Mega Castle LLC Financing Cash
Grantee Not yet recorded Property Rights Fee Simple
Tax ID
Days on Market 16 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Not yet recorded Sale Verification Source Mayela Perez Carmenate w/
MVP Realty Associates LLC
Conditions of Sale Arm's length Sale History 6/2024 - $35,000
Acres 1.14 Topography Heavily Treed
Land SF 49,500 Zoning (E) Estates
Primary Frontage Feet 75 Dimensions 75' x 660'
Primary Frontage Street 58th Ave NE Shape Rectangular
Utilities None
Comments
Informal Wetland Determination dated 12/26/23 prepared by Earth Tech Environmental shows consists of 0.45 acres
(39%) wetlands located mainly in the front of the site. Site was listed for $99,000 in June 2024.
Site
Transaction
Land Comparable 4
38848400009
Page 2309 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9621 Date 6/14/2024
Name NS 60th Ave NE Price $120,000
Address NS 60th Ave NE Price Per Acre $75,429
City Naples Transaction Type Closed Sale
Grantor Ian Mac Lennan Financing Cash
Grantee Helen Angela Matos-Marrero Property Rights Fee Simple
Tax ID
Days on Market 1 day Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6560314 Sale Verification Source Bill Duffy, Jr. w/ Premiere Plus
Realty Company
Conditions of Sale
Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 1.59 Topography Largely cleared
Land SF 69,300 Zoning (E) Estates
Primary Frontage Feet 105 Dimensions 105' x 660'
Primary Frontage Street 60th Ave NE Shape Rectangular
Utilities None
Land Comparable 5
38789280003
Transaction
Site
Informal Wetland Determination dated 5/9/2024 prepared by Tropical Environmental Consultants shows 0.02 acres of
wetlands (1%) located near the middle of the side consisting of a wetland ditch. Site was listed for $117,900 in May
2024.
Comments
Page 2310 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9617 Date 6/6/2024
Name NS 72nd Ave NE Price $95,000
Address NS 72nd Ave NE Price Per Acre $41,800
City Naples Transaction Type Closed Sale
Grantor George & Ellen Schneider Financing Cash
Grantee Gorgoy Homes, Inc Property Rights Fee Simple
Tax ID
Days on Market 305 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6561513 Sale Verification Source Bob Kapish w/ John R Wood
Properties
Conditions of Sale
Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 2.27 Topography Heavily Treed
Land SF 99,000 Zoning (E) Estates
Primary Frontage Feet 150 Dimensions 150' x 660'
Primary Frontage Street 72nd Ave NE Shape Rectangular
Utilities None
39082120005
DEP Letter dated May 2002 states the site will not require an Evironmental Resource Permit. Listed as uplands at
$149,000 in June 2023 and decreased to $139,000 in August 2023.
Site
Comments
Land Comparable 6
Transaction
Page 2311 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9618 Date 7/18/2024
Name SS 68th Ave NE Price $132,500
Address SS 68th Ave NE Price Per Acre $58,300
City Naples Transaction Type Closed Sale
Grantor Raquel S & Jimmy Floyd Financing Cash
Grantee Golden Capital Group, LLC Property Rights Fee Simple
Tax ID
Days on Market 40 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6572722 Sale Verification Source Candice Jolly w/ Marzucco
Real Estate
Conditions of Sale Arm's length Sale History 4/2022 - $109,900; 9/2021 -
$65,000
Acres 2.27 Topography Largely cleared
Land SF 99,000 Zoning (E) Estates
Primary Frontage Feet 150 Dimensions 150' x 660'
Primary Frontage Street 68th Ave NE Shape Rectangular
Utilities None
Site
39089600007
Comments
Ramsey Inc letter dated August 2021 states soil sampling onsite did not reveal wetland characteristics with no
jurisdictional wetlands. Property sold in April 2022 for $109,900 and was relisted in May 2024 for $135,000.
Land Comparable 7
Transaction
Page 2312 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9619 Date 4/25/2024
Name SS 47th Ave NE Price $70,000
Address SS 47th Ave NE Price Per Acre $44,000
City Naples Transaction Type Closed Sale
Grantor Nateva Homes, LLC Financing Cash
Grantee Line Investment, LLC Property Rights Fee Simple
Days on Market 22 days Sale Verification Date 45490
Book/Page or Reference
Doc
Instr #6554884 Sale Verification Source Ernesto Sampedro w/ Sun
Realty
Conditions of Sale Arm's length Sale History 4/2024: $55,000
Acres 1.6 Topography Heavily Treed
Land SF 69,300 Zoning (E) Estates
Primary Frontage Feet 105 Dimensions 105' x 660'
Primary Frontage Street 47th Ave NE Shape Rectangular
Utilities None
Comments
Land Comparable 8
Transaction
Site
Informal Wetland Determination dated 4/22/2024 prepared by Ramsey Inc shows site is 100% uplands. Site was listed
for $159,000 and price was reduced multiple times. The final asking price was $119,900.
Page 2313 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9637 Date 11/30/2023
Name 2680 52nd AVE NE Price $115,000
Address 2680 52nd AVE NE Price Per Acre $23,000
City Naples Transaction Type Closed Sale
Grantor Thomas K Walton Financing Cash
Grantee Marius Loots Property Rights Fee Simple
Tax ID
Days on Market 96 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6483191 Sale Verification Source David Huff w/ Sun Realty
USA, Inc.
Conditions of Sale
Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 5.00 Topography Heavily Treed
Land SF 217,800 Zoning (E) Estates
Primary Frontage Feet 330 Dimensions 330' x 660'
Primary Frontage Street 52nd Ave NE Shape Rectangular
Utilities None Topography Heavily Treed
Transaction
38966360005 + 38966320003
Site
Comments
Land Comparable 1 - Large Parcels
Purchase consisted of two adjacent parcels. Informal Wetland Determination dated 1/20/2022 prepared by Wetland
Consultants shows a combined 4.03 acres (81%) wetlands on the two parcels. The location of the wetlands was not
noted in the report. According to the DEP National Wetland Inventory GIS, the wetlands are located in the front
portion of the site. The eastern half was listed in July 2023 for $149,800 and reduced to $129,900 in August 2023. The
parcel was listed with adjacent parcel to be sold together.
Page 2314 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9635 Date 12/4/2023
Name 2581 52nd AVE NE Price $95,000
Address 2581 52nd AVE NE Price Per Acre $34,833
City Naples Transaction Type Closed Sale
Grantor James W Robak & Sandra E
Vancourt
Financing Cash
Grantee George Cortbaoui Property Rights Fee Simple
Tax ID
Days on Market 260 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6487817 Sale Verification Source Steve Bacardi, LLC w/
Coldwell Banker Realty
Conditions of Sale Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 2.73 Topography Heavily Treed
Land SF 118,800 Zoning (E) Estates
Primary Frontage Feet 180 Dimensions 180' x 660'
Primary Frontage Street 52nd Ave NE Shape Rectangular
Utilities None Topography Heavily Treed
Transaction
38964560001
Site
Comments
Informal Wetland Determination dated 12/13/2023 prepared by Tropical Environmental Consultants shows 2.00 acres
(73%) wetlands located in the back of the site. Site was listed for $199,900 and decreased multiple times. Final listing
price was $104,900.
Land Comparable 2
Page 2315 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9615 Date 5/14/2024
Name NS 48th Ave NE Price $70,000
Address NS 48th Ave NE Price Per Acre $30,800
City Naples Transaction Type Closed Sale
Grantor Windsor Animal Sanctuary &
Ag Education Center Inc
Financing Cash
Grantee Opal Jade LLC Property Rights Fee Simple
Tax ID
Days on Market 87 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6552262 Sale Verification Source Greg Williams w/ Paradise
Coast Property Team
Conditions of Sale Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 2.27 Topography Heavily Treed
Land SF 99,000 Zoning (E) Estates
Primary Frontage Feet 150 Dimensions 150' x 660'
Primary Frontage Street 48th Ave NE Shape Rectangular
Utilities None Topography Heavily Treed
Comments
Informal Wetland Determination dated 12/13/2023 prepared by Tropical Environmental Consultants shows 66%
wetlands located throughout the site, with upland portion in front. Site was listed in Jan 2024 fr $135,000 and reduced
multiple times. Final reduction to $80,000 in April 2024.
Land Comparable 3
Transaction
38973000002
Site
Page 2316 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9636 Date 12/7/2023
Name SS 68th Ave NE Tract 75 Price $111,000
Address SS 68th Ave NE Tract 75 Price Per Acre $44,400
City Naples Transaction Type Closed Sale
Grantor Stacey A & Phillip E Barnett Financing Cash
Grantee BHV I, LLC Property Rights Fee Simple
Tax ID
Days on Market 408 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6485739 Sale Verification Source Candice Jolly w/ Marzucco
Real Estate
Conditions of Sale Arm's length Sale History 3/2022 - $119,000
Acres 2.50 Topography Partially Treed
Land SF 108,900 Zoning (E) Estates
Primary Frontage Feet 165 Dimensions 165' x 660'
Primary Frontage Street 68th Ave NE Shape Rectangular
Utilities None Topography Partially Treed
Land Comparable 4
Transaction
39087800100
Site
Comments
Informal Wetland Determination dated 6/20/2023 prepared by Wetland Consultants shows 1.16 acres (46%) wetlands
located in the back of the site. Site was listed for $199,900 and decreased multiple times. Final listing price was
$127,900.
Page 2317 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9622 Date 6/28/2024
Name 72nd ST NE, Tract 40 E 1/2 Price $160,000
Address 72nd ST NE, E 1/2 Price Per Acre $64,000
City Naples Transaction Type Closed Sale
Grantor Barnhart Properties LLC and
James M. McCabe PA
Financing Seller
Grantee Juan Carlos Gonzalez
Agudelo and Sandra Ximena
Tejada Trujillo
Property Rights Fee Simple
Tax ID
Days on Market 150 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6566551 Sale Verification Source Brian Barnhart w/ Gulf
Gateway Realty, Inc.
Conditions of Sale Arm's length Sale History 10/2023 - $88,000 (prior to
subdividing)
Acres 2.50 Topography Heavily Treed
Land SF 108,900 Zoning (E) Estates
Primary Frontage Feet 165 Dimensions 165' x 660'
Primary Frontage Street 72nd ST NE Shape Rectangular
Utilities None Topography Heavily Treed
Transaction
39144200106
Site
Comments
Informal wetland determination shows site is 100% uplands. Site was listed for $199,900 in Jan 2024 and reduced
multiple times, finally to $165,000 in May 2024. Seller financed $136,000 (86%). Buyer had purchased the adjacent site
in April 2024. Site has since been relisted on 7/10/24 with the adjacent parcel (5 total acres) for $950,000.
Land Comparable 5
Page 2318 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9623 Date 4/10/2024
Name 72nd ST NE, Tract 40 W 1/2 Price $175,000
Address 72nd ST NE, W 1/2 Price Per Acre $70,000
City Naples Transaction Type Closed Sale
Grantor Barnhart Properties Llc and
James M. McCabe PA
Financing Seller
Grantee Juan Carlos Gonzalez
Agudelo and Sandra Ximena
Tejada Trujillo
Property Rights Fee Simple
Tax ID
Days on Market 74 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6532801 Sale Verification Source Brian Barnhart w/ Gulf
Gateway Realty, Inc.
Conditions of Sale Arm's length Sale History 10/2023 - $88,000 (prior to
subdividing)
Acres 2.50 Topography Heavily Treed
Land SF 108,900 Zoning (E) Estates
Primary Frontage Feet 165 Dimensions 165' x 660'
Primary Frontage Street 72nd ST NE Shape Rectangular
Utilities None Topography Heavily Treed
Comments
Informal wetland determination shows site is 100% uplands. Site was listed for $199,900 in Jan 2024 and reduced
multiple times, finally to $165,000 in May 2024. Seller financed $131,250 (75%). Buyer since purchased the adjacent site
in June 2024. Site has since been relisted on 7/10/24 with the adjacent parcel (5 total acres) for $950,000.
Land Comparable 6
Transaction
39144200009
Site
Page 2319 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9625 Date 7/8/2024
Name NS 48th Ave NE Tract 141 Price $94,000
Address NS 48th Ave NE Tract 141 Price Per Acre $34,467
City Naples Transaction Type Closed Sale
Grantor Edrit Frasheri Financing Cash
Grantee Yamila Ramos Property Rights Fee Simple
Tax ID
Days on Market 62 days Sale Verification Date 7/17/2024
Book/Page or Reference
Doc
Instr #6571213 Sale Verification Source Dodona Roboci, PA w/ Royal
Shell Real Estate, Inc.
Conditions of Sale Arm's length Sale History 4/2022 - $55,000
Acres 2.73 Topography Heavily Treed
Land SF 118,800 Zoning (E) Estates
Primary Frontage Feet 180 Dimensions 180' x 660'
Primary Frontage Street 48th Ave NE Shape Rectangular
Utilities None Topography Heavily Treed
Land Comparable 7
Transaction
38973200006
Site
Comments
No informal wetland determination on file. DEP National Wetland Inventory GIS shows site is 100% uplands. Site was
listed for $123,500 in April 2024 and reduced multiple times. Final price reduction to $99,900 in May 2024.
Page 2320 of 6405
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ID 9626 Date 6/4/2024
Name NS 56th Ave NE Price $110,000
Address NS 56th Ave NE Price Per Acre $40,333
City Naples Transaction Type Closed Sale
Grantor Rosa G Gutierrez Pacheco Financing Cash
Grantee B&G Properties of Naples,
LLC
Property Rights Fee Simple
Days on Market 63 days Sale Verification Date 45490
Book/Page or Reference
Doc
Instr #6559883 Sale Verification Source Melissa Luzardo Perez w/
Sellstate 5 Star Realty
Conditions of Sale Arm's length Sale History No arm's length transactions
in previous 3 years
Acres 2.7 Topography Partially Treed
Land SF 118,800 Zoning (E) Estates
Primary Frontage Feet 180 Dimensions 180' x 660'
Primary Frontage Street 56th Ave NE Shape Rectangular
Utilities None Topography Partially Treed
Transaction
Site
Comments
No informal wetland determination on file. DEP National Wetland Inventory GIS shows site is 100% uplands. Site was
listed for $165,000 and reduced multiple times. Final reduction to $139,999 in April 2024.
Land Comparable 8
Page 2321 of 6405
6A 1
INSTR 6542942 OR 6357 PG 1445
RECORDED 5/7/2024 2:22 PM PAGES 5
Florida CLERK OF THE CIRCUIT COURT AND COMPTROLLER
0111., WILDLIFE COLLIER COUNTY FLORIDA
IOW CORRIDOR REC$44 00
Foundation
Memorandum of Understanding
This agreement is made between the Collier County Board of County Commissioners ("Collier County"), and
Florida Wildlife Corridor Foundation, Inc. ("FWCF") (referred to collectively as the "Parties"), effective April 23,
2024. This agreement is subject to the terms and conditions contained herein between the Parties and is made
part thereof.
Period of Performance
Conservation Collier, a program of Collier County, is authorized to plan for and request use of FWCF's Corridor
Critical Linkages Fund to close qualifying acquisitions starting Jan 31, 2024 through Dec 31, 2024. Successful
implementation of the program will inform potential ability to extend or execute a similar agreement for 2025 for
unused FWCF funds.
Scope of Work
Collier County agrees to:
a. Offer landowners 100% of appraised value, as determined by most recent market studies, for all
acquisitions in Target Area where FWCF funds will also be used.
b. Work to accelerate the pace of conservation in the acquisition target area by using FWCF funds as a match
to existing Conservation Collier program budget. Collier County will make a good faith effort to achieve a
near 1:1 match until their Panther Walk designated funds are expended.
c. Provide and utilize existing program resources for management and execution of landowner outreach and
acquisitions including offer letters, due diligence, and transaction support.
d. Provide written quarterly progress reports highlighting acquisitions to date funded by each party and
pipeline or outlook for next quarter, on or before March 31,June 30, and Sept 30, 2024.
Florida Wildlife Corridor Foundation agrees to:
a. Contribute one half of the contract price for each acquired parcel within the Target Area,up to$1.5 million
Total authorized Corridor Critical Linkages Funds), during the Period of Performance to match and
accelerate the pace of conservation in the target acquisition area.
b. Wire required funds for each transaction to designated closing account after each Purchase Agreement is
approved by the Board of County Commissioners, after documentation is received demonstrating that all
MOU conditions have been met in preparation for closing, and after wiring instructions have been
provided.
c. Fully yield implementation for acquisition process to Conservation Collier and not influence decision-
making or management of the effort, so long as FWCF fund use is consistent with the terms in this MOU.
Page 2322 of 6405
16A1.
Qualifying Acquisitions
Qualifying acquisitions are defined as fee simple purchases of lots in the target acquisition area for 100%of
appraised value as determined by most-recent market studies.
Target Area
The acquisition target area shall consist of all parcels north of 60'Ave. NE within the Conservation Collier
Panther Walk Preserve Multi-parcel project area, as depicted here:
IMMOKALEE RD
72ND AVE NE J
70TH AVE NE
68TH AVE NE
z
66TH AVE NE r
cn
m
64TH AVE NE I
w
62ND AVE NE
60TH AVE NE I III I -
TI0 1 2
Miles
Panther Walk Preserve Multi-Parcel Project Area
Panther Walk Preserve t7FWCFTargetAreaParcels
1
1031.
L
CON ATION
LLIER
jidlhjhimk_
Co County \,
23-ENS-00 74 6/1 82653 7/1J
Gp"
Page 2323 of 6405
16AI.
Indemnification
To the extent provided by law, each party shall indemnify, defend,save, and hold harmless the other party and
all of the other party officers, agents or employees from all suits, actions, claims, demands, or liability of any
nature whatsoever arising out of, because of, by any negligent act, or by any occurrence of commission of the
acts, by the other party officers, agents, or employees. Neither party officers, agents, or employees will
be liable under this section for damages arising out of injury or damage or persons or property directly
caused or resulting from the negligence of the other party or any of the other party officers, agents, or
employees. This indemnification shall not be deemed a waiver of any limitation of liability to which the County
may be entitled under Florida Statutes, including but not limited to Section 768.28, Florida Statutes.
Governing Law, Jurisdiction, and Venue
This Agreement and all related documents including all schedules attached hereto and all matters arising out of
or relating to this Agreement, and the Services provided hereunder,whether sounding in contract,tort, or
statute for all purposes shall be governed by, and construed in accordance with,the laws of the State of Florida,
without giving effect to any conflict of laws principles that would cause the laws of any other jurisdiction other
than those of the State of Florida to apply. Any action or proceeding by either of the Parties to enforce this
Agreement shall be brought only in any state or federal court located in the State of Florida, County of Collier.
The Parties hereby irrevocably submit to the non-exclusive jurisdiction of these courts and waive the defense of
inconvenient forum to the maintenance of any action or proceeding in such venue.
IN WITNESS WHEREOF,the parties hereto have caused this MOU to be effective as of the day, month and year
first written above.
23-IsNS-007-16/1826 53 7/11
Page 2324 of 6405
1 6 A 1
IN WITNESS WHEREOF, the parties hereto have caused this Memorandum of Understanding to be executed by
the undersigned officials, as duly authorized.
FLORIDA WILDLIFE CORRIDOR
FOUNDATION, INC.
By'
Print: RO47 L. b.n4o1P71/—
Title: Coo
TTEST: BOARD OF COUNTY COMMISSIONERS
C stal K. Kinzel, Clerk of Courts OF COLLIER COUNTY, FLORIDA
C ptroller
By:
By: Rick LoCastro, Chairman
De ty Clerk
l yi
Approved as to form and
legality
Sally A. Ashkar L2
Assistant County Attorney ` /
Gp,O
Page 2325 of 6405
16A1
IN WITNESS WHEREOF, the parties hereto have caused this Memorandum of Understanding to be
executed by the undersigned officials, as duly authorized.
FLORIDA WILDLIFE CORRIDOR
FOUNDATION, INC.
By:
Print:
Title:
ATTEST: BOARD OF CO NTY COMMISSIONERS
Crystal,.K. Kinzel, Clerk of Courts OF COLLIER U TY, FL IDA
Comptroller
By:
Chris Hall, Chairman
Depu Clerk Attest as to s
signature only
Approv as o form and
legality
a ly kar
Assistant County Attorney
Page 2326 of 6405
Panther Walk Preserve (JOL Property Venture & Chavez Martinez)
JOL
Property
Venture
Properties owned by Conservation
Collier
Page 2327 of 6405
Winchester Head (Fernandez Parcel)
Fernandez
Fernandez Parcel (1.59 acres)
Properties under contract (BCC approved)
Owners accepted offers (not yet BCC approved)
Page 2328 of 6405