Agenda 02/11/2025 Item #16A 7 (Sale and Purchase Agreement for Conservation Collier Land)2/11/2025
Item # 16.A.7
ID# 2024-2267
Executive Summary
Recommendation to approve an Agreement for Sale and Purchase under the Conservation Collier Land Acquisition
Program with 1.) Donn Charles Descoteau, Andrea Hugg n/k/a Andrea Elaine Mulanix, and Donna Ruthe Descoteau
(“Descoteau”) for a 1.14-acre parcel at a cost of $25,100 and 2.) Monica Cecile Fish for a 1.14-acre parcel at a cost of
$36,480, for a total cost not to exceed $64,640 inclusive of closing costs.
OBJECTIVE: To purchase two parcels totaling 2.28 acres within the Conservation Collier Dr. Robert H. Gore III
Preserve and Panther Walk Preserve multi-parcel project areas.
CONSIDERATIONS: On February 28, 2023, Agenda Item No. 11C, the Board of County Commissioners (Board)
approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 11B Active
Acquisition List (AAL) and directed staff to actively pursue acquisition of the properties under the Program. The
Descoteau parcel, within the Dr. Robert H. Gore III Preserve multi-parcel project was approved as an A-list property on
the Cycle 11B 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) recommended Cycle 12B Active Acquisition List (AAL) and
directed staff to actively pursue acquisition of the properties under the Program. The Fish parcel, within the Panther
Walk Preserve multi-parcel project, was approved as an A-list property on the Cycle 12B AAL.
Dr. Robert H. Gore III Preserve: Potential public uses at Gore Preserve include hiking, nature photography, bird
watching, and environmental education. Hydrologic indicators such as karst topography, cypress knees, and watermarks
on buttressed cypress trees provide evidence of seasonal flooding. The mature cypress trees in the preserve project
indicate that the area has historically contained wetlands. The properties are within a historic wetland area connecting
east with the Florida Panther National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and
surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large-sized wild land addition
north of I-75. Wildlife underpasses at the adjacent Faka-Union and nearby Miller canals create an ecological link south
under I-75 to the Picayune Strand State Forest. A little over two miles to the west are the North Belle Meade Preserve
and the North Belle Meade sending lands. The Gore Preserve project is within the Florida Fish and Wildlife
Conservation Commission (FWC) Primary Panther habitat zone.
The project area contains protected species of plants, including giant sword fern, several listed bromeliads in
the Tillandsia genus, and five native orchid species. The project area contains Florida panthers, Florida black bears, and
numerous other wildlife. The observed habitat and location would also support the presence of Everglades mink,
tricolored heron, and little blue heron, all state-protected species.
In August 2022, staff contracted with an independent, state-certified general real estate appraisal firm to appraise all
parcels within the Gore Project area. The appraisal provided an averaged appraised value of $22,000 an acre for parcels
between 1.14 and 2.73 acres, based on comparable sales from wetland, not upland parcels. The cost to obtain the
appraisal was $3,900.
Descoteau - Parcel 41617000009 on north side of 40th Ave SE, west of Desoto Blvd S
o 1.14-acres of vacant, unimproved land consisting of cypress and mixed scrub-shrub wetland with hydric
mapped soils.
o An offer of $25,100 was made on August 9, 2023, and accepted on August 10, 2023. The purchase price of
$25,100 is 100% of the appraised value. The execution of the purchase agreement was delayed due to the
probate process.
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.
Page 798 of 3773
2/11/2025
Item # 16.A.7
ID# 2024-2267
The Panther Walk Preserve Multi-parcel Project is located within the northern reaches of the Horsepen Strand. Strands
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 averaged appraised 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.
Fish - Parcel 39150520003, north off 70th Ave NE,west of Everglades Blvd. N.
1. 1.14-acres of vacant, unimproved land consisting of mesic and hydric pine flatwoods with non-hydric mapped
soils.
2. The negotiated purchase price of $36,480 was agreed upon on November 22, 2024. The purchase price is the
full appraised value.
3. The Fish parcel is located within the Panther Walk Preserve project area north of 60th Ave and will be acquired
as a fee simple purchase at full appraised value; therefore, it meets 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 the parcel, or $18,240, toward its acquisition.
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 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 $18,240 to Conservation Collier Trust Fund (1061) after
the Fish Agreement is approved by the Board and after FWCF has received documentation demonstrating that all MOU
conditions have been met in preparation for the closing. The properties identified herein are comprised of a not-to-
exceed acquisition cost of $64,640 as follows:
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2/11/2025
Item # 16.A.7
ID# 2024-2267
As of February 11, 2025, the estimated property acquisition costs for Conservation Collier properties, including these
properties and those under contract, total $129,814,911. 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 PDRs. The
total maintenance costs for these parcels for the first five years (initial maintenance costs) are estimated at $4,000. After
initial restoration, the estimated maintenance costs for these parcels will be approximately $470 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. Descoteau Agreement
2. Descoteau-PDR-Gore
3. Gore Carlson Norris appraisal 9-2022
4. Fish Agreement
5. Fish-PDR-PWP
6. Panther Walk appraisal - Carroll & Carroll
7. Panther Walk appraisal - RKL
8. FWCF MOU 04_23_2024 Item #16A 1
9. FWCF MOU Extension - Item #16A10 BCC 12_10_2024
Page 800 of 3773
CONSERVATION COLLIER
TAX lD NUt4 BER: 41617000009
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between Donn Charles
Descoteau (Share 50%), whose address is 335 Wyndemere Dr, Lake Saint Louis, MO
63367; Andrea Hugg n/Ua Andrea Elaine Mulanix (Share 10%), whose address is
4221 Linden Ave North, Seattle, WA 98103-7227; Donna Ruth Descoteaux (Share
40%), whose address is PO Box 684, San Luis, CO Bl'152; (hereinafter referred to as
"Seller"), and GOLLIER 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
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.
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:
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".
II. PAYMENT OF PURCHASE PRICE
2.01 The purchase price (the "Purchase Price") for the Property shall be Twenty-
five Thousand One Hundred Dollars and 00/100 dollars ($25,100), (U.S.
Currency) payable at time of closing.
3.01 The Closing (THE "CLOS|NG DATE", "DATE OF CLOS|NG,', OR ,'CLOS|NG,,) 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
CC Agreement 06/10/2024 Page I of 16
@
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.
I. AGREEMENT
III. CLOSING
Page 801 of 3773
CONSERVATION COLLIER
TAX lD NUMBER: 4f 617000009
Purchaseis receipt of all closing documents, whichever is later. The Closing shall
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 1 1 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.
3.0113 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 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 commitment 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 adjustment for
prorations as hereinafter set forth.
CC Agreement 06/10/2024 Page 2 of 16
3.01 12 Combined Purchaser-Seller closing statement.
Page 802 of 3773
CONSERVATION COLLIER
TAX ID NUMBER 41617OOOOO9
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 4.011
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 pay for 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. REQUIREMENTS AND CONDITIONS
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 1 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
Ag reement.
4.012 lf Purchaser shall fail to 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 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
CC Agreement 06/10/2024 Page 3 of 16
Page 803 of 3773
CONSERVATION COLLIER
TAX lD NUMBERT 41617000009
thirty (30) day period, may accept title as it then rs, 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
objections. 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 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 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.
Page 4 of l6 @CC Agreement 06/10/2024
Page 804 of 3773
CONSERVATION COLLIER
TAX lD NUIVIBERT 41617000009
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 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.
7.01 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 AND REMED IES
9.01 If 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
the right to seek and enforce all rights and remedies available at law or in equity to
CC Agreement 06/10/2024 Page 5 of r6 @
VI. INSPECTION
VII. POSSESSION
Page 805 of 3773
CONSERVATION COLLIER
TAX lD NUN.4BER: 41617000009
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 REPRES ENTATIONS AND WARRANTIES
10.01 1 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.
1 0.012 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 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.
10.01 5 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof.
CC Agreement 06/10/2024 Page 6 of 16 @
10.01 Seller and Purchaser represent and warrant the following:
Page 806 of 3773
CONSERVATION COLLIER
TAX lD NUMBER: 41617000009
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; 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 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.
10.01 8 Seller has no knowledge that the Property and Selleis 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 requiring or calling attention to the need for any work, repairs,
construction, alterations 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.
10-01 9 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.
@Page 7 of 15CC Agreement 06/1 0/2024
Page 807 of 3773
'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 Seller'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.
10.02 1 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 g601,
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 06/10/2024 Page 8 of '16
CONSERVATION COLLIER
TAx lo NUMBER: 41617000009
Page 808 of 3773
CONSERVATION COLLIER
TAX lD NUi,IBERT 41617000009
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
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 341 16
With a copy to Attn: Vera lvanova
Collier County Real Property Management
3335 Tamiami Trail East, Suite 102
Naples, Florida 34112
Telephone n umber: 239-252-7 609
Fax number: 239-252-8876
lf to Seller: Donn Charles Descoteau
335 Wyndemere Dr,
Lake Saint Louis, MO 63367
Telephone number: 571 -239-5568
Fax number: N/A
lf to Seller:Andrea Hugg
4221 Linden Ave North,
Seattle, WA98103-7227
Telephone number: 206-931-2035
Fax number: N/A
lf to Seller Donna Descoteaux
PO Box 684
San Luis, CO 81152
Telephone number: 7 19-672-0305
Fax number: N/A
CC Agreement 06/10/2024 Page 9 of 16
XI. NOTICES
Page 809 of 3773
CONSERVATION COLLIER
TAX lD NUMBER: 4'1617000009
11.02 fhe 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
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
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.
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
CC Agreement 06/10/2024 Page l0 of l6 @
XIII. MISCELLANEOUS
Page 810 of 3773
CONSERVAIION COLLIER
TAX lD NU[,lBER: 41617000009
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 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 form of a partnership, limited
partnership, corporation, trust, 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 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 ls 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.
15.02 Seller and Purchaser acknowledge and agree that any portion of the
Property may be used for public road right of way and roadway related
improvements, including, but not limited to, stormwater and utility improvements,
at the sole discretion of Purchaser.
CC Agreement 06/10/2024 Page 1l of 16 @
Page 811 of 3773
CONSERVATION COLLIER
TAX lD NUMBER: 4'1617000009
lN WITNESS 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
CC Agreement 06/10/2024 Page '12 of 16
BOARD OF COUNry COMMISSIONERS
COLLIER COUNTY, FLORIDA
Page 812 of 3773
CONSERVATION COLLIER
TAX lD NUMBER: 41617000009
AS TO SEL-LER:
DArED: ll / </ ao :.-'
By:
Donn Charles Descoteau
€
[:CC Agreement 06 I 1 Ol2O24 Page 13 of 16
Page 813 of 3773
CONSERVATION COLLIER
TAX lD NUMBER: 4151700&09
AS TO SELLER:
DATED:to /+/"o>/
\
By:
Andrea Hugg n/k/a Andrea Elaine Mulanix
CC Agraemont ffificfi?:m4 Pago 14 ol 16
Page 814 of 3773
CONSERVATION COLLIER
TAX ID NUMBER. 41 617G)OOO9
AS TO SELLER:
DATED:/0,d4 /
By:
Approved as to form and legality:
Donna Ruth Descoteaux
Assistanl County Attorney
CC Agreement 0il10n024 Page 15 of 16
Page 815 of 3773
CONSERVAIION COLLIER
TAX lD NUM BER: 4'l617000009
EXHIBIT "A"
PROPERTY IDENTIFICATION NUMBER: 41 61 7000009
THE WEST 75'OF THE EAST 150'OF TRACT NO.85 GOLDEN GATE ESTATES,
UNIT NO.92, ACCORDING TO THE MAP OR PLAT THEREOF RECORDED IN PLAT
BOOK 5, PAGE 31 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA
,I.,14 ACRES
CC Agreement 06/10/2024 Page 16 of 16
@Page 816 of 3773
1
Conservation Collier Land Acquisition Program
Project Design Report
Descoteau Property
Date: January 2025
Property Owner: Donn Charles Descoteau, Andrea Elaine Mulanix, and Donna Ruth
Descoteaux
Folio(s): 41617000009
Location: GOLDEN GATE EST UNIT 92 TR 85
Size: 1.14 acres
Purchase Price: $25,100
History of Project:
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel is within the Dr. Robert H. Gore III (Gore) Preserve multi-parcel project boundary.
The Descoteau parcel was considered due to its proximity to an existing Conservation Collier
preserve. The Gore Preserve project area, which includes the Descoteau parcel, met 5 out of 6
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.
The parcel offers access from 40th Ave. SE, west of Desoto Blvd. S. This property could
accommodate outdoor recreation, particularly due to the proximity to the Dr. Robert H. Gore III
Preserve. Potential public uses include hiking, nature photography, bird watching, and
environmental education.
The project area is approximately 75% wetlands, with the remaining 25% seasonal wetlands.
Significant areas of karst have been observed in the area. Karst is limestone terrain characterized
by sinkholes, caverns and underground streams, and is a wetland indicator. Plant communities
found on the property are consistent with mapped soils and provide habitat for wetland dependent
species. The project area is mapped by the South Florida Water Management District as
contributing 43’ to 56” annually of water to the Surficial Aquifer System and can be expected to
contribute to the attenuation of area flood waters. Hydrologic indicators such as karst topography,
cypress knees, and water marks on buttressed cypress trees provide evidence of seasonal flooding.
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
Offer made
to owners
Offer accepted
12/7/2022 2/28/2022 8/9/2023 8/10/2023
Page 817 of 3773
2
The mature cypress trees found on the property indicate that the area has historically contained
wetlands.
Invasive exotic plant species are present in significant amounts, up to 95% along the roadside and
approximately 50% interiorly. The primary invasive exotic plant is Brazilian pepper (Schinus
terebinthifolius), but others are likely also present.
The project area contains protected species of plants, including giant sword fern (Nephrolepis
biserrata) and several listed bromeliads in the Tillandsia genus. A neighbor and environmental
professional who is familiar with the property reported 5 native orchid species present within the
project area. The same neighbor has seen 5 panthers in the area since 2014 (including a panther
with kittens), dozens of Florida black bears (including females with cubs), and numerous other
wildlife. The observed habitat and location would support the presence of Everglades mink
(Neovison vison evergladensis), tricolored heron (Egretta tricolor), and little blue heron (Egretta
caerulea), all state-protected species.
The property is within an historic wetland area that connects on the east with the Florida Panther
National Wildlife Refuge (FPNWR) via the old Ford Test Track. The Gore Preserve and
surrounding lands enhance the FPNWR by acting as a buffer and providing a reasonably large
sized wild land addition north of I-75. There are wildlife underpasses at the adjacent Faka Union
and nearby Miller canals creating an ecological link south under I-75 to the Picayune Strand State
Forest. A little over two miles to the west are the North Belle Meade sending lands. The Gore
project is within the Florida Fish and Wildlife Conservation Commission (FWC) Primary Panther
habitat zone. The Descoteau parcel expands the Gore Preserve. This parcel, joined with many
others, could permanently protect a corridor between North Belle Meade and the Florida Panther
National Wildlife Refuge.
Zoning, Growth Management and Land Use Overlays: The parcel is within the Northern
Golden Gate Estates. The zoning classification is Estates (E), a rural residential classification.
There are no additional land use overlays applicable.
Projected Management Activities: 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 $600 $500 $500 $500 $300
Signage $200
Total $800 $500 $500 $500 $300
SEE PAGES 3 AND 4 FOR AERIAL MAPS OF THE PARCEL.
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1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
August 23, 2022
Collier County Board of Commissioners
Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser
Real Property Management
3335 Tamiami Trail East, Suite 101
Naples, Florida 34112
Re: Real Estate Appraisal
51 Parcels within Golden Gates Estates Units 91 and 92, Naples
Collier County, Florida 34117
Our File Number: 22-179-MS
PO #4500217055
Dear Mr. Leonard,
At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal
presented for the above referenced real property. The purpose of the appraisal is to estimate the
market value on a price per acre basis for areas identified as parcels within the Golden Gates
Estates Units 91 and 92 in Naples, Florida. The size of the parcels range from a low of 1.14 acres
to a high of 5.68 acres. Tier values are developed for the parcels consisting of: up to 25%
wetlands; 26%-50% wetlands; 51%-75% wetlands; and 76%-100% wetlands.
The Dr. Robert H. Gore project area boundaries encompass 51 parcels totaling approximately
119.13 acres within Golden Gates Estates Units 91 and 92. The per acre values reported in this
market study will be developed for parcels 1.14 acres to 2.73 acres, 2.74 acres to 4.0 acres and
4.1 acres to 6.0 acres. The market area has a mixture of wetland designations and varying
degrees of depressional and slough soils with uplands on the FDEP Informal Wetland
Determinations map and are located within the Estates zoning designation which allows for low
density residential development with limited agricultural use.
Data, information, and calculations leading to the value conclusion are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is
an integral part of, and inseparable from, this letter. Any special assumptions and limiting
considerations were especially noted in Section 7 of this report. Your attention is directed to these
General Assumptions and Limiting Conditions which are part of this report.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and
the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, our interpretation of
the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal
Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional
Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and Title XI Regulations.
Page 822 of 3773
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C A R L S O N , N O R R I S & ASSOC I A T E S
August 23, 2022
Page 2
Carlson, Norris and Associates, Inc. does not authorize the out-of-context quoting from or partial
reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be
disseminated to the general public by the use of media for public communication without the prior
written consent of the appraiser signing this report.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted the following value conclusion(s) as of August
1, 2022 of:
4.01-6.00 acres
$36,000
$26,000
$19,000
$19,000
$41,000
$25,000
$19,000
$19,000
Indicated Value Per Acre
0-25% wetlands
26-50% wetlands
51-75% wetlands
76-100% wetlands
$50,000
$35,000
$30,000
$22,000
Area Within Golden Gate Estates Units 91 and 92
Parcel size 1.14-2.73 acres 2.74-4.00 acres
Value Conclusions
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple August 1, 2021
PLEASE NOTE: The Novel Coronavirus (COVID-19) outbreak, declared by the World Health
Organization as a global health emergency on 1-30-2020, is causing heightening uncertainty in
local, national and global markets. This outbreak was identified as a pandemic on 3-11-2020 and
further classified as a National Emergency on 3-13-2020. Worldwide cases of COVID-19 have
been identified and the scope of this crisis has expanded. Travel and “shelter in place” restrictions
have been implemented to “blunt the curve” of infections and stem the scale and longevity of this
outbreak. A prolonged medical and economic crisis may have a significant, yet unquantifiable
impact on real estate markets.
The information provided within this appraisal is based on market data available at this juncture
(date of value and date of the report). However, due to the significant uncertainty in property and
capital markets, as well as the rapid unfolding of this event, it is indeterminable for the appraiser to
quantify and assess the impact that this outbreak has had/or will have on real estate property
values. Values and incomes may change more quickly and significantly than during more typical
market conditions.
Page 823 of 3773
1919 Courtney Drive | Fort Myers, FL 33901 | Phone 239.936.1991 | www.carlsonnorris.com
August 23, 2022
Page 3
It should be emphasized that the results of this appraisal analysis and the value
conclusions reported herein are based on the effective date of the appraisal and the
appraiser makes no representation as to the effect on the subject property of any
unforeseen event subsequent to the effective date.
Please refer to the attached appraisal report, plus exhibits, for documentation of the value
estimates contained herein. It has been a pleasure to assist you in this assignment. If you have
any questions concerning the analysis, or if Carlson, Norris and Associates can be of further
service, please contact us.
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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C A R L S O N , N O R R I S & ASSOC I A T E S
MARKEY STUDY BOUNDARY MAP
51 Parcels Located Within Golden Gates Estates Units 91 and 92
Totaling 119.13 Acres
NAPLES, FLORIDA 34117
Page 825 of 3773
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C A R L S O N , N O R R I S & ASSOC I A T E S
2
TABLE OF CONTENTS
SUBJECT AERIAL PHOTOGRAPH ............................................................................................................ 1
SECTION 1 - SUMMARY OF SALIENT FACTS ........................................................................ 3
SECTION 2 – PREMISES OF THE APPRAISAL ....................................................................... 5
INTENDED USE AND USER OF APPRAISAL ........................................................................................................ 5
SCOPE OF WORK .............................................................................................................................................. 5
SALES HISTORY ................................................................................................................................................ 8
VALUATION HISTORY ........................................................................................................................................ 8
APPRAISAL ANALYSIS AND REPORT TYPE ........................................................................................................ 9
EXPOSURE TIME ............................................................................................................................................... 9
MARKETING TIME ............................................................................................................................................ 10
SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED ................................................ 11
COLLIER COUNTY AREA ANALYSIS ................................................................................................................ 11
LOCATION MAP ............................................................................................................................................... 26
MARKET AREA DESCRIPTION ......................................................................................................................... 27
LEGAL DESCRIPTION ...................................................................................................................................... 30
OWNER OF RECORD ....................................................................................................................................... 30
SITE DESCRIPTION .......................................................................................................................................... 31
SUBJECT PROPERTY PHOTOGRAPHS ............................................................................................................. 36
SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................................. 38
HIGHEST AND BEST USE AS THOUGH VACANT ............................................................................................... 38
SECTION 5 – VALUATION OF THE SUBJECT ...................................................................... 40
VALUE ESTIMATE BY THE COST APPROACH .................................................................................................. 40
VALUE ESTIMATE BY THE INCOME APPROACH .............................................................................................. 40
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH ......................................................................... 40
SECTION 6 – RECONCILIATION OF VALUE......................................................................... 72
SUMMARY OF VALUE CONCLUSIONS .............................................................................................................. 72
SECTION 7 – CERTIFICATION AND LIMITING CONDITIONS.................................................. 74
CERTIFICATION OF MICHAEL JONAS, MAI, AI-GRS, CCIM ........................................................................... 74
GENERAL ASSUMPTIONS & LIMITING CONDITIONS ......................................................................................... 76
SECTION 8 – ADDENDA .................................................................................................... 81
FDEP MAP……………………………………………………………………………………………………..82
WETLANDS MAP ............................................................................................................................................. 83
FLOOD MAP .................................................................................................................................................... 84
APPRAISER LICENSE ...................................................................................................................................... 85
QUALIFICATIONS OF MICHAEL JONAS, MAI, AI-GRS, CCIM ......................................................................... 86
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3
Section 1 - Summary of Salient Facts
Property Reference: Multiple Parcels; Located Within Golden Gate Estates Units 91
and 92
Property Type: Vacant Land
Property Address: Multiple Parcels; Located Within Golden Gate Estates Units 91
and 92
Naples, Florida 34117
Report Format: Appraisal Report
Date Of Inspection: August 1, 2022
Date Of Value: August 1, 2022
Date Of Report: August 23, 2022
Real Estate Interest
Appraised:
Fee Simple
Purpose Of Appraisal: The purpose of this appraisal is to estimate the market value on
a price per acre basis for areas identified as parcels within the
Golden Gates Estates Units 91 and 92 in Naples, Florida for our
client according to the reporting standards of the Uniform
Standards of Professional Appraisal Practice (USPAP), and
subject to the extraordinary assumptions stated herein.
Use of the Appraisal: The intended use of the appraisal is to assist the user, the
Collier County Board of County Commissioners, in the potential
acquisition of the subject property(s).
Intended Users:
Appraisal Client:
The intended user of this appraisal is the Collier County Board of
County Commissioners.
The client for this appraisal assignment is the Collier County
Board of County Commissioners.
Location: The Dr. Robert H. Gore project area boundaries encompass 51
parcels totaling approximately 119.13 acres within Golden Gates
Estates Units 91 and 92 in Collier County, Florida.
Site Description: The project area parcels are vacant, unimproved and fully
wooded, with the majority having paved road access. Wetland
determinations range from 0%-100% with varying amounts of
depressional and hydric slough soils present.
Comprehensive Land Use
Plan Designation:
Estates Designation
Zoning Classification: E-Estates
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4
Highest And Best Use As
Vacant:
The highest and best use for the identified site areas would be
for low density residential or limited agriculture use consistent
with the comprehensive land use plan classification and zoning
classification affecting the property(s).
Highest And Best Use As
Improved:
The subject property(s) are vacant unimproved parcels and as
such an analysis of the areas as improved is not appropriate in
this analysis.
Appraisal Firm: Carlson, Norris and Associates, Inc.
Appraisers Completing
Report:
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
• I, Michael Jonas, the supervisory appraiser of a registered trainee appraiser who
contributed to the development or communication of this appraisal, hereby accept
complete responsibility for any work performed by the registered trainee appraiser named
in this report as if it were my own work.
• Hannah Dwyer, State-Registered Appraiser Trainee RI25089, contributed to the
development of the appraisal report in the form of 45 hours. She assisted on the property
inspection, compiled property information, assisted in the highest and best use,
researched and analyzed comparable sale and contributed in the writing of the appraisal
report.
• As of the date of this report, Michael Jonas has completed the requirements of the
continuing education program if the State of Florida, and for the Designated Members of
the Appraisal Institute. As of the date of this report, Hannah Dwyer has completed the
requirements of the continuing education program of the State of Florida.
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Section 2 – Premise of the Appraisal
Purpose of Appraisal: The purpose of this appraisal is to estimate the market value on a price
per acre basis for areas identified as parcels within the Golden Gates Estates Units 91 and 92 in
Naples, Florida for our client according to the reporting standards of the Uniform Standards of
Professional Appraisal Practice (USPAP), and subject to the extraordinary assumptions stated
herein.
Use of the Appraisal: The intended use of this appraisal is the user, the Collier County Board of
County Commissioners, in the potential acquisition of the subject property(s).
Intended User of Appraisal: The intended user of the appraisal is the Collier County Board of
County Commissioners.
Client: The client for this report is the Collier County Board of County Commissioners.
Competency of Appraiser: The appraisers' specific qualifications are included within this report.
These qualifications serve as evidence of their competence for the completion of this appraisal
assignment in compliance with the competency provision contained within the Uniform Standards
of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the
Appraisal Foundation. The appraisers' knowledge and experience, combined with their
professional qualifications, are commensurate with the complexity of this assignment based on the
following:
• Professional experience
• Educational background and training
• Business, professional, academic affiliations and activities
The appraiser has previously provided consultation and value estimates for vacant parcels located
throughout Southwest Florida.
Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the
scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of
work includes, but is not limited to: the extent to which the property is identified, the extent to which
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tangible property is inspected, the type and extent of market research and the type and extent of
analysis applied to arrive at opinions or conclusions.”
The scope of this appraisal has been to collect, confirm, and report data. Other general market
data and conditions have been considered. Consideration has been given the property’s zoning
and surrounding improvements and neighborhood. The work performed for this assignment
included but is not limited to the following:
• Extent to which the property was identified
o The subject areas are identified as 51 parcels located within the Golden Gates Estates
Units 91 and 92 in Naples. An aerial shows the approximate borders for the parcels.
• Extent to which the property was inspected
o An inspection of the subject areas being appraised as well as the neighborhood in
which they are located was done on August 1, 2022. Please note, the appraiser relied
primarily on aerial visuals from the Collier County Property Appraisers website.
• Type and extent of analysis applied
o The value opinions presented in this report are based upon review and analysis of the
market conditions affecting real property value, including land values and sales data for
similar properties.
o Three approaches were considered to be utilized in determining value. 1) Cost
Approach – either replacement or reproduction cost is used to develop a value
indication for the subject property. 2) Income Approach – valued on the ability of a
property generating a cash stream. 3) Sales Comparison Approach – value indication
is derived by comparing sales of similar properties. It is the most common and
preferred method of land valuation when an appropriate supply of comparable sales is
available.
o As the subject areas contain no improvements, the Cost Approach is not considered to
be an applicable appraisal tool.
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7
o Vacant land is not generally purchased for its ability to generate a cash stream;
therefore, the Income Approach is not utilized.
o The analyst will utilize the Sales Comparison Approach exclusively in estimating the
price per acre market values for the subject property areas.
o Collection and analysis of comparable land sales in order to perform an opinion of
value for the underlying land.
▪ An investigation of comparable land sales and of similar unimproved properties
were utilized in order to make a comparative analysis which would lead to the
completion of the Sales Comparison Approach.
o The value opinion presented in this report is based upon review and analysis of the
market conditions affecting real property value, including land values, the attributes of
competitive properties, and sales data for similar properties.
o Reconciling the value indications from the appropriate approaches to value into final
value opinion(s) for the subject property(s); all as of the effective date of this report.
o Preparation of a written report.
To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as
defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal,
Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop a reliable
value indication.
Furthermore, the value conclusion(s) reflect information about the subject areas and market
conditions. The appraisal of the subject parcel has been presented in the form of an Appraisal
Report, which is intended to comply with the reporting requirements set forth under Standards
Rule 2-2(a) of the USPAP.
Property Rights Appraised: The property ownership rights appraised in this appraisal are those
known as fee simple.
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Fee Simple Estate is defined as: “Absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation, eminent
domain, police power, and escheat.”1
Market Value Definition is defined in the Agencies’ appraisal regulations 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 are the consummation of a sale as of a
specified date and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider their
own best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale.”
(Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal
Register, Volume 75, Number 237, Page 77472)
Date of Property Inspection: August 1, 2022
Date of Value Estimate “As Is”: August 1, 2022
Date of the Report: August 23, 2022
Sales History: Multiple parcels and ownership.
Valuation History: The Uniform Standards of Professional Appraisal Practice requires the
appraiser to divulge any services provided on the subject property(s) during the preceding three
years. Carlson, Norris and Associates has not previously appraised the subject(s) in the past
1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, the Appraisal
Institute, Chicago, Illinois (U.S., 2015)
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three years, nor have we provided additional services related to the subject property(s) during this
time period.
Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of
making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which
all appraisals and resulting reports are made. The process of administration of those rules and
guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The
Appraisal Standards Board issues the rules and guidelines in the form of a document update
published each year by The Appraisal Foundation. That document is entitled “The Uniform
Standards of Professional Appraisal Practice” (USPAP).
As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted
Appraisal Report. The following definitions have been adopted for each type of report:
• An Appraisal Report: A written report prepared under Standards Rule 2-2(a).
• Restricted Appraisal Report: A written report prepared under Standards Rule 2-
2(b)
This appraisal is reported in an Appraisal Report format.
Exposure Time: Exposure time is the estimated length of time the property would have been
offered prior to a hypothetical market value sale on the effective date of appraisal. It is a
retrospective estimate based on an analysis of recent past events, assuming a competitive and
open market. It assumes not only adequate, sufficient, and reasonable time but also adequate,
sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal
conclusion of value.
An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-
line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more
of the following:
• statistical information about days on the market
• information gathered through sales verification
• interviews of market participants.
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The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate
of time alone. Exposure time is different for various types of real estate and under various market
conditions.
In consideration of these factors, we may have analyzed the following:
• Exposure periods of comparable sales revealed during the course of this appraisal;
• Macroeconomic exposure times for the subject property type across the Subject MSA and
the entire United States as published in multiple articles and websites.
• Knowledgeable real estate professionals.
We have also had numerous discussions with brokers active in the Collier County - Southwest
Florida area. All of these persons have indicated the land market has had varying degrees of
activity dependent on type and location.
We have also had discussions with multiple persons having active listings within the market area.
These properties have been on the market from a few months to a few years. The realtors
indicated that they have received mixed levels of interest in the properties at the list prices.
Based on this information it is our opinion an exposure time of twelve months or less appears to be
reasonable and appropriate. This exposure time assumes the subject parcel(s) would have been
competitively priced and aggressively promoted within the market area.
Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or
personal property interest at the concluded market value level during the period immediately after
the effective date of an appraisal. Marketing time differs from exposure time, which is always
presumed to precede the effective date of an appraisal.”
Marketing time is the period a prospective investor would forecast to sell the subject property
immediately after the date of value, at the value estimated. The marketing time is an estimate of
the number of months it will require to sell the subject from the date of value, into the future. The
anticipated marketing time is essentially a measure of the perceived level of risk associated with
the marketability, or liquidity, of the subject property. The marketing time estimate is based on the
data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated
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changes in market conditions following the date of appraisal. The future price for the subject (at the
end of the marketing time) may or may not equal the appraisal estimate. The future price depends
on unpredictable changes in the physical real estate, demographic and economic trends, real
estate markets in general, supply/demand characteristics for the property type, and many other
factors.
Based on the premise that present market conditions are the best indicators of future performance,
a prudent investor will forecast that, under the conditions described above, the subject(s) will
require a marketing time of twelve months or less.
Section 3 – Description of Real Estate Appraised
COLLIER COUNTY AREA ANALYSIS
The subject property is located within Collier County, Florida, some 150 miles south of Tampa and
some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion
of the state of Florida. Collier County was created in 1923 and was separated out from what was a
larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul
and real estate developer who had moved to southwest Florida and established himself as
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prominent business man and land owner. By the end of the decade railroads and Tamiami Trail
were in-place which opened the area to agricultural and resort development. Florida’s first
commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry
flourished into the 1950s. The county’s economy boomed along with its population shortly after
World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980.
The economy was sustained from agribusiness, tourism and real estate. This turned the county
into one of the fastest growing areas in the country.
PHYSICAL FACTORS
It is the largest county in the state in terms of land area with 1,998 square miles which includes
821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has
307 square miles of water to give Collier County a total size of 2,305 square miles. The most
highly developed areas within the county are west of Interstate 75 and along the coastline of the
Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the
county; and these easterly areas of the county contain a considerable amount of preserved land.
There are three incorporated cities within the county; namely City of Naples, City of Marco Island,
and Everglades City.
The county is famous for its subtropical climate with average high temperatures ranging from 78o
F. in January to 92o Fahrenheit in August. The average annual precipitation for the county is 56
inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs
from June through November.
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ECONOMIC-FINANCIAL FACTORS
There are numerous economic factors that impact the supply and demand for all types of real
estate and housing in any given area. These factors will be considered and discussed in the
following paragraphs. Although these factors are considered individually, they do not act as
independent agents in the marketplace. They interact and effect, one another. Therefore, the
economic-financial factors considered, should be considered in totality, as a part of the economic
framework.
Population: Collier County has 390,774 people living there according to recent 2020 Census
data. making Collier County Florida’s 17th most populous county. Collier County had a population
of 322,595 in 2010 and they have experienced a 68,179 person increase over 10 years or 19.37%
growth.
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Additional population estimates reflect population projections from 2018 to the year 2045 and
compare the three coastal counties in the southwest Florida area. The counties include; Charlotte,
Collier and Lee. The population estimate for the year 2018 for Collier County was 367,000 (actual
was 378,488) and is predicted to increase to around 516,000 in year 2045. This would represent
a 1.064% per year or 26.6% increase in population over the entire period.
Demographics within Collier County are predominately White at 89.3%, followed by Black or
African American at 7.4%, Asian at 1.6%, American Indian and Alaska Native at 0.5%, Native
Hawaiian and Other Pacific Islander at 0.1% and then two or more races filling out the remaining
1.2%.
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Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the
leading employer and the primary economic engine for the region, the tourism industry is
responsible for over 38,500 jobs in Collier County. About 2 million visitors in 2019 spent over $1.5
billion dollars, resulting in a total economic impact of over $2.1 billion to Collier County. Collier
County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six
months. The distribution of tourist development tax dollars is set according to Collier County
ordinance. The funds are dispersed as follows; beach related projects with 42.56% of the total
Tourist Tax, tourism promotion with 47.85%, and museums with 9.59. Of the 42.56% for beach
related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for
nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for
destination promotion and administration and the remaining 14.28% is used for amateur sports
complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum
operations, and the remaining 1.91% is used for non-county museum grants.
New Development: A relatively new town is developing in the eastern part of Collier County
known as Ave Maria. The town is located on what was once largely agricultural land is centered
around Ave Maria University, the country’s newest Catholic University. The university opened its
doors in 2007 and currently has about 1,120 students, including 35 in graduate programs. The
school has plans to keep growing and ultimately incorporate around 5,500 more undergraduate
and graduate students. The town is designed to be a compact, walk-able, self-sustaining town
that reflects the community’s rural roots while offering a full range of residential options and
commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which
nearly 20% has designated as the University Campus. A Town Core anchored by the landmark
oratory that also incorporates retail, commercial, and residential living space provides a central
connection between the town and the university. Business is expanding in Collier County as
evidenced by a surgical device company that recently opened its doors on a site near Ave Maria
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University in the form of a $25 million manufacturing plant. This construction brought 500
construction jobs to the area and currently employs around 350 workers, with more being added
all the time. Ave Maria has experienced a sever mosquito problem and as a result they have been
sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in
southwest Florida.
A new town has also been proposed in Eastern Collier County. Collier Enterprises got the
Rivergrass project through the Collier County Commission on January 28th, allowing them to begin
planning to develop a 1,000-acre township in Eastern Collier County. The plans are currently being
stalled as the project’s impact on approximately 700 acres of primary panther habitat is being
heavily opposed by wildlife organizations such as the Conservancy among many others.
Employment & Income: The most recently reported median household income for Collier County
is at $70,600. From January 2010 until March 2020, Collier County had experienced downward
trends in unemployment getting as low as almost 3%. Then in April 2020 we began to feel the
effects of COVID-19, and Unemployment jumped to 13.4% from 4% the month prior.
Unemployment continued to hang around 10% for the next few months. Collier County’s
unemployment rate rose from 3.0 percent in October 2019 to 5.0 percent in September 2020 and
to 5.1 percent in October 2020. The overall trend of unemployment has been trending downward.
Collier County’s largest employment concentrations continue to be in industries that are fueled by
population growth. The Real Estate and Rental and Leasing Industry leads the pack with 25,200
industry jobs. Retail trade is in second with 25,071. Accommodation and Food Services is just
behind with 24,833. The rest of the top ten, in descending order are as follows: 24,318 / 22,261 /
16,044 / 14,710 / 14,636 / 13,049 / 12,934.
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Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier
County School District with 5,604 employees, and Collier County Local Government with 5,119
employees. As the Collier County population matures, employment in the healthcare industry will
continue to make up a larger part of overall employment. Collier’s top employers are listed below.
Taxes: Florida is one of the few remaining states without a personal income tax. The absence of
personal income taxes draws many people to Florida. Businesses enjoy additional incentive of
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low corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far
below the 12% levied by some states. The largest share of households in Collier County pay
$3,000+ in property taxes.
The Florida statutes provide for the annual assessment and collection of property taxes on real
and personal property. Property taxes are assessed and collected at the county level as revenue
for counties, municipalities, school districts and special taxing districts. The tax rate is set by the
taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all
real estate property types in Collier County for 2018 was $112,272,221,732.
Prices: A price index is a tool that simplifies the measurement of price movements in a numerical
series. Movements are measured with respect to the base period, when the index is set to 100.
Our current cost of living index in Collier County is 113.4 meaning that generally speaking the cost
of living is more expensive in Collier County than the average cost of living throughout the United
States. Furthermore, Groceries are at 107.7, Housing is at 143 which is high, but down from 175 in
December of 2016, and Health is at 101 and below you can see the rest of the table and how it
compares to the United States.
Banking/Interest Rates/Financing: As of December 21, 2021 the prime rate was reported at
3.25%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most
recently reported to be 0.25%; a year ago was 0.25%. The federal funds rate is 0.25 %, while a
year ago it was 0.25%. The 15-year refinance fixed-rate mortgage increased to 2.45% down 2
base points over the last week. The benchmark 30-year fixed-rate loans in this week's survey
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included an average of 3.20% down 5 base points over the last week. The five-year adjustable
arm rate was at 2.69%. Please see table below.
Financing both commercial and residential properties became difficult during the downturn in the
economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased
by investors with cash and expectation of longer holding periods. Generally financing of improved
properties requires loans of 60%-75% of commercial properties and 90%-95% financing available
for residential properties.
Real Estate and Housing: Collier County was spared from the national economic downturn
(2007-2009). Collier County experienced a significant increase in residential and commercial
property values from 2004 through 2006. Several news publications rated Naples as the most
over-valued area of the country with respect to residential housing values. The decline in
residential property values began in 2006. Inventory levels began to rise as investors and owners
positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase
any property with a sense that the economy as a whole was headed for trouble. Many investors
were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida
became the epicenter for residential property foreclosures with communities such as Golden Gate
at the forefront of the crisis in Collier County.
Residential construction projects in various stages of development were stopped as housing
inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the
residential construction industry; and with no homes to build, this industry was quickly decimated.
Contractors that supplied this industry typically ran their businesses from various industrial
locations in Collier and Lee Counties. This type of property was the first commercial property to be
adversely affected with retail and office properties following.
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There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each
park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier
County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research
and Technology Parks, which are based on commerce parks and offer advanced infrastructure to
attract technology-based businesses.
Real estate indicators continued to be a bright spot for the region. Single-family building permits for
the coastal counties improved 64 percent from August 2020 to August 2021. Single-family home
sales slipped 5 percent in August 2021 over August 2020, but median prices for all three counties
rose between 21 to 28 percent during the same period. Realtor® Active listings for the coastal
counties were down in August 2021, falling 67 percent from August 2020. Steady increase in
discretionary spending associated with supply-chain disruptions have create some inflationary
pressure across the country and the region.
Single family permits identify houses under construction and therefore reflect jobs in the
construction industry. The data continue to show that, while the COVID-19 pandemic has had
deleterious effects on the economy of Southwest Florida, there appears to be some optimism for
the future based upon the single-family building permit data of the last few months. In Collier
County, 330 permits were issued in October 2021, a decrease of 22 permits (6 percent) from
October 2020, but up 112 permits (51 percent) from September 2021 (see Chart 15)
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Collier County single-family home sales registered 475 units in October 2021, a decrease of 192
units (29 percent) compared to October 2020. The median price in Collier County rose
substantially by $90 thousand from $560,000 in October 2020 to $650,000 in October 2021 (see
Chart 18).
Transportation: The infrastructure of the county continues to see improvements. Interstate 75
has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County
recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake
Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening
projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south
roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County
Government has worked diligently to develop an efficient road system that will accommodate
future growth; and it is likely to continue to develop the necessary road infrastructure in the years
to come.
Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic
needs for the fast-growing population of Southwest Florida. RSW is the eighth fastest growing
airport in the nation, servicing more than 8 million passengers a year. More than two dozen
commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to
more than 27 domestic and two international destinations. The Southwest Florida International
Airport also maintains customs clearing facilities for international cargo. RSW is located off
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Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In
2005 the airport was completely updated and expanded to meet the growing demand of area
businesses and visitors. The $386 million ultra-modern complex includes a two-story terminal with
28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a
three-story parking structure. The facility will allow for incremental expansion up to 65 gates.
Construction was recently completed on a direct access connection between I-75 and the airport.
Peak seasonal activity usually occurs in February, March, and April, with significantly lower activity
in the summer months. While all three airports continue to improve from the dip in passenger
activity experienced in April 2020, a complete recovery to pre-pandemic levels is not anticipated in
the short-term. After the large decrease in activity observed in March and April 2020, the charts
better reflect the historic seasonal pattern, albeit at a reduced level. Passenger traffic at RSW was
769,524 in October 2021, up 40 percent from September 2021 and 84 percent greater than
October 2020 (see Chart 1).
The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO
services for general aviation including fueling and catering. It is the home to charter airlines,
aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental
agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over
40 additional aviation and non-aviation businesses. The airport encompasses approximately 732
acres of land, approximately two miles northeast of Old Naples with convenient access to major
roads and Interstate-75.
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POLITICAL-GOVERNMENTAL FACTORS
The county government is headed by a Board of Commissioners. There are five commissioners,
each assigned to a specific geographical area within the county. A County Manager coordinates
most of the departments including county services, public services, community
development/environmental services, utilities and transportation. The county is currently
experiencing a decline in revenues which will result in future capital improvement plans being
significantly cut back. Additionally, operating expenses are under increasing pressures due to
legislative mandates from the state, escalating costs of property insurance and health benefits,
and the overall economic downturn.
Collier County has experienced an increase of 1.09% in budget between FY 2019 and FY 2020.
The FY 2020 total net county budget is now $26,249,500.
Education: The Collier County public school system currently contains a total of 58 schools with
48,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. The
below chart shows more detail with regards to the public-school system.
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Collier County is home to several colleges and universities. As mentioned, Ave Maria University is
a newly established Catholic University offering liberal arts-oriented baccalaureate degrees as well
as some graduate degree programs. The county is also home to branch campuses of Florida
Southwestern State College and Florida Gulf Coast University.
Collier County has a high level of education attainment compared to other counties in Florida and
compared. Collier County has 32% of their people attain a bachelor’s degree of higher compared
to 27% in Florida and 29% in the United States. Only 14% of those within Collier County have less
than a high school education.
SOCIOLOGICAL FACTORS
Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit
include the 52-acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum
of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc.
Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital,
Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county
in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all.
Helicopter usage cuts critical minutes from transport time. 83.5% of those within Collier County
have health insurance compared to 86.5% throughout Florida and 90.6% throughout the United
States. The highest percentage of those without healthcare coverage from people making $25,000
and less at 25.6% not covered by insurance.
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SUMMARY
Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is
sub-tropical with mild winters that allow for year-round enjoyment of the many attractions this area
offers. Collier County is a desirable destination for residents and non-residents alike. In spite of
the many positives, portions of Collier County were greatly affected by the past housing debacle
which resulted in a significant number of residential foreclosures, trends have been positive in
most recent years though. While the current “improving” economic climate will keep commercial
and residential development at bay in the short term, the availability of commercial vacant land, the
county's numerous natural attractions, and the anticipated future population growth will bode well
for this area over the long term.
Collier County is considered to be a wonderful place to live. There are tremendous opportunities
as far as employment is concerned in many different industries. The diversity of job opportunities
spans a significant range from low-income persons to jobs of very high-income people as well.
There are tremendous recreational facilities with numerous golf course, beaches and recreational
parks, not to mention the significant amount of land that is federally held in conservation in the
eastern portions of the county. The public-school system is good and provides for a well-rounded
public education for the students that reside within the county.
We invite your attention to the location map, which shows the relative location of the subject
property in Naples.
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Location Map
.
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Market Area Map
Market Area Description: Market area is defined as “The geographic or locational delineation of
the market for a specific category of real estate, i.e., the area in which alternative, similar
properties effectively compete with the subject property in the minds of probable, potential
purchasers and users.”
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Market Area:
Boundaries: Northern Immokalee Road
Southern US 41
Eastern SR 29
Western Interstate Highway 75
Life Stage: “Because market areas are perceived, organized, constructed, and used
by people, each has a dynamic quality. Appraisers describe this quality
as a market area’s life cycle. The complimentary land uses that make up
neighborhoods and homogeneous land uses within districts typically
evolve through four stages:
• Growth – a period during which the market area gains public
favor and acceptance
• Stability – a period of equilibrium without marked gains or losses
• Decline – a period of diminishing demand
• Revitalization – a period of renewal, redevelopment,
modernization and increasing demand” 2
It is our opinion that the subject market area is currently in the growth
cycle. Recently the market has shown increased activity. Sales and
permit activity for commercial and residential construction have been
increasing.
Public Transportation: Public transportation is provided by Collier Transit
Maintenance/Condition: The majority of improvements are well maintained and in good condition.
Property Compatibility: There is an established retail, commercial, retail and office area along
Airport Pulling Road, Immokalee Road, Pine Ridge Road, Vanderbilt
Beach Road, and Tamiami Trail (US-41). Due to the high traffic counts in
this area, retail uses include shopping centers, restaurants, and various
other single-tenant retailers. Supporting residential abounds along
secondary roadways and land uses are primarily single-family residential
or multifamily. Generally speaking, agricultural and rural residential use is
located east of Interstate Highway 75.
Appeal/Appearance: This area has strong appeal. Appearance ranges from mostly newer
construction and some older structures with generally good to average
appearance.
Neighborhood Access: Good access exists from major north-south corridors including Collier
Boulevard, Goodlette Frank Road, Livingstone Road, Airport Pulling
Road, US-41 (Tamiami Trail), and I-75.
The major east-west corridors include Golden Gate Boulevard,
Vanderbilt Beach Road, Pine Ridge Road, and Immokalee Road.
Police/Fire: Police: Collier County Sheriff / Fire-rescue: Collier County
2 The Appraisal of Real Estate, Fourteenth Edition, , The Appraisal Institute, Chicago, Illinois (U.S., 2014)
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Development Potential: There is residential, agricultural, and commercial zoned vacant land
available in the market area. Most exists is to the east portion of the
market area. Future commercial development will be seen mainly along
US-41, Airport-Pulling Road, Vanderbilt Beach Road, Immokalee Road
and Collier Boulevard. Agricultural properties being subdivided into
smaller rural residential parcels.
Development Trend: Residential and commercial properties have had decreasing vacancies
and increasing lease rates. Brokers estimate continued improvement in
this area that could lead to new development in the near future.
Characteristics of Land
Usage:
Immediate properties in the subject market are mostly agricultural and
residential uses.
Supply of Vacant Tracts: Vacant land is available in the market.
Demand for Vacant Tracts: The supply appears to be in balance with demand at this time.
Neighboring Property Uses: Residential, both single and multi-family, general business, office, retail
and agricultural uses.
Allowable Uses in the
District:
Residential both single and multi-family, general business, office, retail,
agricultural and governmental uses.
Vacancy rates: Commercial/Agricultural: 2% - 5%
Single Family: 3% - 8%
Naples Economy Q3-2021 (Costar Summary)
While the pandemic caused significant economic disruption in Naples, the market saw
employment rebound sharply beginning in late 2020. While the pace of rehiring has slowed in
2021, the total workforce has improved to nearly 96% of pre-pandemic levels. Prior to the
coronavirus outbreak, Naples had strong economic momentum and appears poised to quickly
recapture that prior momentum once the virus is contained.
Tourism drives much of the Naples metropolitan area's economy, with leisure and hospitality
composing almost 20% of the workforce. This sector, along with retail trade, has been more
exposed to impacts from the ongoing crisis. Naples has nearly 35% of its entire workforce in these
high-risk sectors, the third-highest proportion in Florida. Prior to the pandemic, the market enjoyed
accelerating tourism. In 2019, the Naples metropolitan region's visitor count was up nearly 6%
annually, while 2018 saw tourism grow by nearly 3% over the prior year. While 2020 saw tourism
ultimately downshift, 2021 should enjoy numbers more in line with the prior trend.
The Naples metropolitan area includes the entirety of Collier County with significant population
nodes in Naples, Immokalee, and Marco Island. The market has experienced among the nation's
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strongest population and job growth rates over the past five years. While the overall rate of jobs
added over the year prior to the pandemic had slowed to under 3%, Naples still posted growth
rates of roughly double the national average.
The employment slowdown was divided across most sectors, though the overall losses were also
weighed down by somewhat deeper job losses than the national average in information, finance
and insurance, and management. Naples has also seen significant cooling growth rates, though
still net positive job additions, in both sectors of transportation and warehousing, and construction.
These two industries were among the two strongest employment sectors for the market over the
prior year.
Office-using employment had also slowed to under 2% annual growth, though remained one of
Naples' better-performing areas. In particular, real estate hiring posted an exceptionally strong
prior year, growing over 10%. The real estate sector, by itself, was strong enough to offset the
losses in information, finance, and management.
The unemployment rate had slightly risen in the months leading up to the coronavirus pandemic.
However, unemployment was still tight from a national perspective and had remained well below
the national average, which before the crisis sat at a 50-year-low. The slightly loosening market
was likely more a reflection of the limited available jobs to meet labor force growth.
Naples is one of the older markets in the nation, reflecting its status as a premier retiree
destination. This skews demand for senior housing, assisted living, and medical office space much
higher than a typical U.S. market. The older demographic also drives up the region's affluence and
median incomes, both of which are among the highest in Florida.
Interview with market participants: The appraiser was able to speak via phone conversations
with real estate brokers who are knowledgeable of the market area. These individuals were
contacted to verify sales prices and asking prices of surrounding properties similar to the subject.
Specific names and phone numbers of the individuals contacted were found by using the services
of LoopNet and CoStar and MLS.
Legal Description: Multiple legal descriptions.
Owner of Record: Multiple owners of record.
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Site Description: We invite your attention to the following boundary aerial map which shows the
relative size, configuration and location of the subject property(s). This will be followed by general
site information and data as well as information on the physical characteristics and economic
factors that affect the subject areas.
Boundary Aerial Map
General Site Information
Address:
Parcel Number:
Multiple Parcels; Located Within Golden Gate Estates Units 91
and 92
Naples, Florida 34117
Multiple Parcels
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Physical Characteristics of the Site
Total Site Area: The Dr. Robert H. Gore project boundary encompasses 51 parcels
totaling approximately 119.13 acres or 5,189,302.8 square feet per
the Collier County Property Appraiser records. We were not
provided with a site surveys.
Shape of Tract(s): Generally Rectangular.
Access: The subject site has varying access points from Desoto Blvd S,
36th Ave SE, 38th Ave SE and 40th Ave SE. There are 3 parcels
within the subject boundary that do not have road access.
Utilities to Site:
Flood Designation:
No utilities were observed at the time of inspection.
Flood Zone Code AH, Flood Zone Panel 120067-12021C0445H,
Dated May 16, 2012. See Flood Map in addenda.
Easements: Typical utility easements are assumed to exist as well as road
access easements along those parcels with road frontage.
Site Improvements: The subject site areas have no improvements.
Topography: The subject site areas are fully wooded with brush ground
covering. According to the National Wetlands Inventory Map the
site area is 100% Forested/Shrub Wetlands. Additionally, an FDEP
informal wetland determination map that was provided by the client
indicates the site has varying degrees of wetland determinations
from 0% to 100%. The portions indicated as wetlands will require
an Environmental Resource Permit from the Florida Department of
Environmental Protection would be required for any activities
involving the altercation of surface water flows.
Economic Factors Affecting the Site
Supply of Vacant Tracts: There is an adequate number of vacant residential/agricultural
zoned and residential/agricultural permissible sites located within
the immediate and general vicinity of the subject area.
Demand for Vacant Tracts: Supply and demand appear to be in-line with each other, although
demand has been improving recently.
Neighboring Property Uses: Properties located in the immediate area consist of limited semi-
rural residential uses. Zoning allows for a maximum of one
development unit per 2.25 gross acres.
Land Use Designation: Estates
Zoning Classification: E-Estates
Allowable Uses in the
District:
Allowable uses in the district will be discussed in detail in the
following comprehensive land use plan classification discussion
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and zoning discussion. In addition, they will be considered in the
highest and best use analysis for the property.
National Wetlands Inventory: The subject is located in a Freshwater Forested/Shrub Wetland
habitat classified as PFO1Cd and PFO2/1CD. Map is displayed
below.
System Palustrine (P): The Palustrine System includes all nontidal wetlands dominated
by trees, shrubs, persistent emergents, emergent mosses or lichens, and all such
wetlands that occur in tidal areas where salinity due to ocean-derived salts is below 0.5
ppt. It also includes wetlands lacking such vegetation, but with all of the following four
characteristics: (1) area less than 8 ha (20 acres); (2) active wave-formed or bedrock
shoreline features lacking; (3) water depth in the deepest part of basin less than 2.5 m (8.2
ft) at low water; and (4) salinity due to ocean-derived salts less than 0.5 ppt.
Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller.
Subclass Needle-Leaved Deciduous (2) : This subclass, consisting of wetlands
where trees or shrubs are predominantly deciduous and needle-leaved, is
represented by young or stunted trees such as tamarack or bald cypress.
Split Subclass Broad-Leaved Deciduous (1) : Woody angiosperms (trees or shrubs)
with relatively wide, flat leaves that are shed during the cold or dry season; e.g., black
ash (Fraxinus nigra).
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Water Regime Seasonally Flooded (C) : Surface water is present for extended
periods especially early in the growing season, but is absent by the end of the growing
season in most years. The water table after flooding ceases is variable, extending
from saturated to the surface to a water table well below the ground surface.
Special Modifier Partially Drained/Ditched (d) : A partly drained wetland has been
altered hydrologically, but soil moisture is still sufficient to support hydrophytes.
Drained areas that can no longer support hydrophytes are not considered wetland.
This Modifier is also used to identify wetlands containing, or connected to, ditches.
The Partly Drained/Ditched Modifier can be applied even if the ditches are too sm all to
delineate. The Excavated Modifier should be used to identify ditches that are large
enough to delineate as separate features; however, the Partly Drained/Ditched
Modifier also should be applied to the wetland area affected by the ditching.
Comprehensive Land Use Plan Classification: According to information obtained from the
Collier County Planning Development department, the subject site area has a comprehensive
land use plan classification known as Estates.
ESTATES DESIGNATION
The Estates Land Use Designation is characterized by low density semi-rural residential lots with
limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are
some legal non-conforming lots as small as 1.14 acres. Residential density is limited to a
maximum of one unit per 2.25 gross acres, or one unit per legal non-conforming lot of record,
exclusive of guesthouses. Multiple family dwelling units, duplexes, and other structures containing
two or more principal dwellings, are prohibited in all Districts and Subdistricts in this Designation.
Generally, the Estates Designation also accommodates future non-residential uses, including:
● Conditional uses and essential services as defined in the Land Development Code, except as
prohibited in the Neighborhood Center Subdistrict. Also, refer to the Conditional Uses Subdistrict.
● Parks, open space and recreational uses.
● Group Housing shall be permitted subject to the definitions and regulations as outlined in the
Collier County Land Development Code (Ordinance No. 04-41, adopted June 22, 2004, effective
October 18, 2004) and consistent with locational requirements in Florida Statutes (Chapter
419.001 F.S.).
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● Schools and school facilities in the Estates Designation north of I-75, and where feasible and
mutually acceptable, co-locate schools with other public facilities, such as parks, libraries and
community centers to the extent possible.
Group Housing includes the following type facilities:
• Family Care Facility if occupied by not more than six (6) persons shall be permitted in
residential areas.
• Group Care Facility,
• Care Units,
• Adult Congregate Living Facilities, and
• Nursing Homes.
All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the
Golden Gate Area Master Plan.
Zoning Classification: Estates District (E).
The purpose and intent of the Estates Zoning District (E)* is to provide lands for low density
residential development in a semi-rural to rural environment, with limited agricultural activities.
In addition to low density residential density with limited agricultural activities, the E district is
also designed to accommodate as Conditional Uses, Development that provides services for
and is compatible with the low density residential, semi-rural and rural character of the E
district. The E district corresponds to and implements the estate land use designation on the
future land use map of the Collier County GMP, although, in limited instances, it may occur
outside of the estates land use designation. The maximum density permissible in the E
district shall be consistent with and not exceed the density permissible or permitted under the
estates district of the future land use element of the Collier County GMP or as provided under
the Golden Gate Master Plan. Permitted uses include:
1.Single-family dwelling.
2.Family care facilities, subject to section 5.05.04.
3.Essential services, as set forth in section 2.01.03.
4.Educational plants, as an essential service.
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Subject Property Photographs
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Subject Property Photographs
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
View: General
topography, Units
91 and 92
Photograph date:
August 1, 2022
Taken by: Hannah
Dwyer
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Section 4 – Highest and Best Use Analysis
The principal of highest and best use is defined as: “The reasonably probable use of property
that results in the highest value. The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity.”
The four criteria the highest and best use must meet are legal permissibility, physical possibility,
financial feasibility, and maximum profitability.
• Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the
site in question?
• Possible Use- to what uses is it physically possible to put the site in question?
• Feasible Use-, which possible and permissible uses will produce any net return to the
owner of the site?
• Highest and best Use- among the feasible uses, which use will produce the highest net
return or the highest present worth?
HIGHEST AND BEST USE AS VACANT
Legally Permissible Use: Factors that impact the legally permissible uses for the subject site
include such things as the comprehensive land use plan classification, zoning classification, deed
restrictions and government regulations. No specific deed restrictions are known relating to the
property. The subject area has a comprehensive land use plan classification of Estates and is
zoned (E) Estates. Some of the uses permitted include; Low-density residential with limited
agriculture, including, but not limited to: single-family dwelling; fruit and vegetable growth for
personal consumption; keeping fowl or poultry (max 25); educational plants as an essential
service; keeping horses and livestock (2/acre); recreational facilities that are an integral part of
residential development. Residential use is not to exceed 1-DU per/2.25-acres. The portions
indicated as wetlands will require an Environmental Resource Permit from the Florida Department
of Environmental Protection would be required for any activities involving the altercation of surface
water flows.
Physically Possible Uses: The physical aspects of the subject area impact legally permissible
development. The sites are generally rectangular in configuration containing a range in size of
1.14 acres to 5.68 acres for a combined total of 119.3 acres. The property has no frontage of
along any roadways with no visible access. There are wetlands present on portions of the
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subject area and the property(s) are fully wooded with brush covering. This impacts
developability and value for properties of this nature. Currently, no utilities were present. The
size of the parcels is sufficient to support low density residential use or limited agriculture
activities.
Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a
process to eliminate potential uses. In other words, once the uses that are legally permissible
have been determined, consideration of uses which are physically possible will tend to reduce
the legally permissible uses or reinforce them. Likewise, consideration of the economical and
financial aspects of a given property will tend to further refine the uses which have been
previously described as legally permissible and physically possible.
The physical characteristics of this property area include vacant low density residential and
agriculture in the immediate area. There is an abundance of Estate zoned vacant land surrounding
the property. The most economic and financially feasible uses of the property(s) would be for low
density residential development of the site or for limited agriculture activities under the permitted
uses.
Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has
considered which uses are reasonably considered to be legal, physically possible as well as
economically and financially supported. The zoning and land use allow for a range of uses
including agricultural such as fruit and vegetable growth for personal consumption and low density
horse and livestock as well as low density residential.
Considering the near-by low density properties, it is our opinion that low density residential or
limited agriculture use has the most development potential for the site areas.
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Section 5 – Valuation of the Subject
VALUE ESTIMATE BY THE COST APPROACH
Cost Approach is defined as: “A set of procedures through which a value indication is derived for
the fee simple estate by estimating the current cost to construct a reproduction of (or replacement
for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation
from the total cost; and adding the estimated land value. Adjustments may then be made to the
indicated value of the fee simple estate in the subject property to reflect the value of the property
interest being appraised.”
Since there are no improvements to consider, the cost approach will not be used in this appraisal.
VALUE ESTIMATE BY THE INCOME APPROACH
The Income Approach is defined as “A set of procedures through which an appraiser derives a
value indication for an income-producing property by converting its anticipated benefits (cash flows
and reversion) into property value. This conversion can be accomplished in two ways. One year's
income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization
rate that reflects a specified income pattern, return on investment, and change in the value of the
investment. Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield rate.”
The Income Approach is widely applied in appraising income-producing properties. Anticipated
future income and/or reversions are discounted to a present worth figure through the capitalization
process. Since vacant land is typically not purchased for its ability to generate a positive cash
stream, the income approach is not used in this appraisal.
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH
Sales Comparison Approach is defined as: “A set of procedures in which a value indication is
derived by comparing the property being appraised to similar properties that have been sold
recently, then applying appropriate units of comparison and making adjustments to the sale prices
of the comparables based on the elements of comparison. The sales comparison approach may
be used to value improved properties, vacant land, or land being considered as though vacant; it is
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the most common and preferred method of land valuation when an adequate supply of
comparable sales are available.”
The Sales Comparison Approach involves the direct comparison of sales of similar properties,
adjustments for variances, and correlation of the results into a property value indication.
Adjustments to the sale prices of competitive properties selected for comparison are considered as
they relate to the subject property and to the various dissimilar investment features.
The application of this approach produces an estimate of value for a property by comparing it with
similar properties which have been sold or are currently offered for sale in the same or competing
areas.
The valuation of the subject site involves research, analysis, and comparison of sales of similar
properties to the subject. There are several units of comparison applicable for appraisal purposes.
As previously noted, the purpose of this appraisal is to estimate the market value on a price per
acre basis within the areas identified as the Dr. Robert H. Gore project for parcels 1.14 acres to
2.73 acres, 2.74 acres to 4.0 acres and 4.1 acres to 6.0 acres. This unit is calculated by dividing
the sale price of the comparable sales by the number of acres contained within the sale.
The subject site area is being valued on a tier basis consisting of up to 25% wetlands; 26%-50%
wetlands; 51%-75% wetlands; and 76%-100% wetlands. Only the most similar to the subject in
terms of physical and locational characteristics were selected. The appraiser’s research
uncovered multiple sales of sites considered appropriate for comparison purposes. These
transactions were included in the analysis process.
In the analysis process, the analyst will utilize a quantitative procedure. In the initial step the
appraiser will utilize a cumulative adjustment for each of the sale properties considering property
rights, financing, conditions of sale, expenditures immediately after the sale and market conditions
(commonly known as time). As the adjustments are cumulative in nature, they must be performed
in the order in which they occur.
Next the analyst will utilize a quantitative procedure by considering physical characteristics
including location, site size, land use/zoning classification, utilities, access and site
condition/topography. After completion of the analysis and adjustment process, the appraiser will
estimate an appropriate value per acre. This value estimate will then be rounded to an appropriate
figure for appraisal purposes.
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Sales Comparison Approach- 1.14 acres to 2.73 acres- 0% to 50% Wetlands
Nine comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 0%-50% WETLANDS
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Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
0%-50% Wetlands
Naples 1.14-2.73
1 16th Ave SE 41110240007 8/11/2022 $65,000
Naples Not Filed Yet 1.14 $57,018
2 32nd Ave SE 41342640006 6/23/2022 $80,000
Naples #6274773 1.14 $70,175
3 26th Ave SE 41396120006 6/17/2022 $115,000
Naples #6277182 2.50 $46,000
4 3561 36th Ave SE 41613080007 4/22/2022 $95,000
Naples #6239301 2.27 $41,850
5 4659 22nd Ave SE 41167800005 4/6/2022 $100,000
Naples #6234888 2.73 $36,630
6 36th Ave SE 41720040008 3/28/2022 $120,000
Naples #6231036 2.73 $43,956
7 2731 30th Ave SE 41342160007 2/18/2022 $63,500
Naples #6208258 2.28 $27,851
8 4320 30th Ave SE 41442680005 1/10/2022 $65,000
Naples #6191938 2.23 $29,148
9 3588 36th Ave SE 41612920003 11/3/2021 $72,000
Naples #6154488 2.73 $26,374
Comments
This is a vacant unimproved wooded lot with an indicated 30% wetlands
present on site through a DEP report.
This parcel contains 31% wetlands per a wetlands determination report. The
site is vacant and fully wooded. This was an arm's lenth transaction verified
through the listing agent Shannon Hubbell.
This is a fully wooded vacant site with 37% wetlands present per a DEP
report.
This is a vacant, wooded land parcel located near the end of 16th Ave going
east. According to a TEC report (Tropical Environmental Consultants), the
site is 19% wetlands or .21 acres. The parcel was previously sold for $45,000
in May of 2022.
This site is 100% uplands per a DEP wetland determination report. The site is
fully wooded and vacant. This was an arm's length transaction verified
through the listing agent, Bill Duffy Jr.
This is a vacant, fully wooded site that is 100% uplands according to an
informal wetlands determination report. The property was listed for
$125,000 before selling at $115,000 in June of 2022.
This site is vacant and fully wooded. According to an FDEP informal wetlands
determination map this parcel is 100% Uplands.
This site is vacant and wooded and contains 15% wetlands according to a
DEP report. The transaction was arm's length.
This is vacant site, fully wooded with partial underbrush cleared out
according the listing agent, Amanda Borro. A wetlands determination report
indicates this site as 100% uplands. This sale was recoded through a
corporate warranty deed. The parcel last sold for $40,000 on 11/30/21.
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
Please note the following sales adjustment grid.
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Criteria Subject Sale 1 (Prospective)Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7 Sale 8 Sale 9
Location Golden Gate Estates Area 16th Ave SE 32nd Ave SE 26th Ave SE 3561 36th Ave SE 4659 22nd Ave SE 36th Ave SE 2731 30th Ave SE 4320 30th Ave SE 3588 36th Ave SE
Naples Naples Naples Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 August 11, 2022 June 23, 2022 June 17, 2022 April 22, 2022 April 6, 2022 March 28, 2022 February 18, 2022 January 10, 2022 November 3, 2021
Parcel Size (Acres)1.14 to 2.73 1.14 1.14 2.50 2.27 2.73 2.73 2.28 2.23 2.73
Sale Price -$65,000 $80,000 $115,000 $95,000 $100,000 $120,000 $63,500 $65,000 $72,000
Sale Price per Acre -$57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $26,374
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $0 $0 $0 $0 $0 $0 $0 $3,240
Adjusted Sale Price -$65,000 $80,000 $115,000 $95,000 $100,000 $120,000 $63,500 $65,000 $75,240
Adjusted Sale Price per Acre -$57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $27,560
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)1.14 to 2.73 1.14 1.14 2.50 2.27 2.73 2.73 2.28 2.23 2.73
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 0%-50%19%0%0%0%15%0%30%31%37%
Physical Property Adjustments
Location 0%0%0%0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%0%0%0%
Access 0%0%0%0%0%0%0%0%0%
Topography 0%0%0%0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$57,018 $70,175 $46,000 $41,850 $36,630 $43,956 $27,851 $29,148 $27,560
Upland Land Sales Adjustment Analysis - Quantitative- 1.14 to 2.73 Acres
26-50% Wetlands0%-25% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between November 2021 (Sale 9) and August 2022 (Sale One),
with Sale One being a prospective sale occurring just after the date of value which provides a
good indication of what similar properties would sell for. Realtors familiar with this market area
confirmed that both land and improved property values had been increasing, especially in the
subject area immediate neighborhood towards the end of 2021 and early 2022, but have leveled
off in recent months. Sales One through Eight occurred within the last eight months from the date
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of value and therefore did not require a market conditions adjustment. Sale Nine occurred over 8
months ago and therefore a market conditions adjustment of 6% was applied to this sale.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 1.14 acres and 2.73 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 1.14 acres to 2.73 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0%-50%. All
of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 1.14 to 2.73
acres in size with 0%-50% wetlands.
Area Within Units 91 and 92
26%-50% Wetlands $35,000
Size 1.14-2.73 Acres
Indicated Value Per Acre
0%-25% Wetlands $50,000
Next, we will value a price per acre for parcels within the 1.14 acre to 2.73 acre range for 51%-
100% wetlands.
Sales Comparison Approach- 1.14 acres to 2.73 acres- 51% to 100% Wetlands
Seven comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 51%-100% WETLANDS
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Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
51%-100% Wetlands
Naples 1.14-2.73
1 32nd Ave SE 41349400003 2/19/2022 $59,000
Naples #6212641 1.14 $51,754
2 32nd Ave SE 41398720006 12/30/2021 $30,000
Naples 1.14 $26,316
3 38th Ave SE 41613720008 12/3/2021 $25,000
Naples #6172819 1.14 $21,930
4 3445 Desoto Blvd S 41505360000 11/22/2021 $40,000
Naples #6171558 2.27 $17,621
5 40th Ave SE 41660440001 11/16/2021 $33,000
Naples #6166927 1.59 $20,755
6 32nd Ave SE 41443080002 10/13/2021 $28,000
Naples #6150809 1.14 $24,561
7 40th Ave SE 41616360009 9/17/2021 $56,000
Naples #6131306 2.73 $20,513
This vacant, fully wooded site is almost entirley wetlands, with a DEP report
indicating 99% wetlands present. The property sold for slightly higher than the
listing price of $50,000 at $56,000.
This is a vacant, fully wooded land parcel with ground brush covering. The site is
51% wetlands per an informal wetlands determination map and confirmation
from the listing agent, Bill Duffy Jr. This was an arm's length transaction.
This is a vacant and unimproved parcel, fully wooded. A DEP report indicates the
site has 58% wetlands present. The listing agent, Ralph Harvey confirmed this as
accurate. This was an arm's length transaction.
This is the sale of a vacant wooded parcel that is 100% wetlands per a DEP report
and confirmation from the listing agent, David De La Noval. This transaction was
arm's length.
This is a vacant, wooded site located off Desoto Blvd S. An FDEP informal
wetlands determination map indicates this site is 100% wetlands and would
require a permit to develop on.
This is a vacant fully wooded parcel. The parcel was originally listed for $45,000
before selling at $39,500, however, a corrective deed dated the same day was
recorded to reflect a sale price change to $33,000. An FDEP wetlands map
indictaed this parcel will need a site plan to determine impacts. The soils are
100% hydric slough.
This is a fully wooded, vacant and unimproved parcel. The selling agent,
Magdevys Abreu stated that this parcel is 100% wetlands. Additionally, the
National Wetlands Inventory Map indicates 100% forested/shrub wetlands
present. The parcel sold together with another parcel on 3/23/2021 for $30,000.
Comments
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Sale 7
Location Golden Gate Estates Area 32nd Ave SE 32nd Ave SE 38th Ave SE 3445 Desoto Blvd S 40th Ave SE 32nd Ave SE 40th Ave SE
Naples Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 February 19, 2022 December 30, 2021 December 3, 2021 November 22, 2021 November 16, 2021 October 13, 2021 September 17, 2021
Parcel Size (Acres)1.14 to 2.73 1.14 1.14 1.14 2.27 1.59 1.14 2.73
Sale Price -$59,000 $30,000 $25,000 $40,000 $33,000 $28,000 $56,000
Sale Price per Acre -$51,754 $26,316 $21,930 $17,621 $20,755 $24,561 $20,513
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $0 $0 $1,600 $1,320 $1,400 $2,800
Adjusted Sale Price -$59,000 $30,000 $25,000 $41,600 $34,320 $29,400 $58,800
Adjusted Sale Price per Acre -$51,754 $26,316 $21,930 $18,326 $21,585 $25,789 $21,538
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)1.14 to 2.73 1.14 1.14 1.14 2.27 1.59 1.14 2.73
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 51%-100%51%58%96%100%100% Slough 100%99%
Physical Property Adjustments
Location 0%0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%0%
Access 0%0%0%0%0%0%0%
Topography 0%0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$51,754 $26,316 $21,930 $18,326 $21,585 $25,789 $21,538
Wetland Land Sales Adjustment Analysis - Quantitative- 1.14 to 2.73 Acres
76%-100% Wetlands51%-75% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between September 2021 (Sale 7) and February 2022 (Sale
One). Realtors familiar with this market area confirmed that both land and improved property
values had been increasing, especially in the subject area immediate neighborhood towards the
end of 2021 and early 2022, but have leveled off in recent months. Sales One through Three
occurred within the last eight months from the date of value and therefore did not require a market
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conditions adjustment. Sales Four through Seven occurred over 8 months ago and therefore a
market conditions adjustment of 6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 1.14 acres and 2.73 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 1.14 acres to 2.73 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51%-100%.
All of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 1.14 to 2.73
acres in size with 51%-100% wetlands.
Area Within Units 91 and 92
76%-100% Wetlands
Indicated Value Per Acre
$30,000
$22,000
Size 1.14-2.73 Acres
51%-75% Wetlands
Next, we will value a price per acre for parcels within the 2.74 acre to 4.00 acre range for 0%-50%
wetlands.
Sales Comparison Approach- 2.74 acres to 4.00 acres- 0% to 50% Wetlands
Six comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 0%-50% WETLANDS
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Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
0%-50% Wetlands
Naples 2.74-4.00
1 40th Ave SE 41720360005 6/30/2022 $120,000
Naples #6277639 2.74 $43,796
2 1475 Everglades Blvd S 40988320008 5/13/2022 $135,000
Naples #6268170 2.81 $48,043
3 3921 6th Ave SE 40869480106 9/16/2021 $125,000
Naples #6219134 3.41 $36,657
4 2560 16th Ave SE 40980080003 8/20/2021 $130,000
Naples #6117169 4.00 $32,500
5 3080 Desoto Blvd S 41447160009 4/1/2022 $100,000
Naples #6233381 2.81 $35,587
6 36th Ave SE 41504760009 5/1/2021 $35,000
Naples #6010876 2.81 $12,456
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
This site is vacant and wooded and contains 62% uplands according to a
wetlands determination report. The transaction was arm's length.
This is vacant site, fully wooded site on the corner of Desoto Blvd S and 38th
Ave SE. The site is 50% Depressional soils on the western portion of the
property according to an FDEP wetlands determination map.
Comments
This is a vacant, wooded land parcel. The site is 100% uplands according to a
DEP report as well as through Collier County's wetland determination
report. This was an arm's length transaction confirmed through Kim Ellis,
listing agent.
This site is 87% uplands per a DEP wetland determination report. The site is
fully wooded and vacant.
This is a 3.41 acre vacant lot. A wetlands determination report states that
this site is 100% uplands. The property sold for the list price of $125,000 in
an arm's length transaction.
This 4.00 acre, fully wooded vacant lot is 100% uplands according to an
FDEP informal wetlands determination map. The listing agent, Victoria Hines
confirmed this as true.
Please note the following sales adjustment grid.
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6
Location Golden Gate Estates Area 40th Ave SE 1475 Everglades Blvd S 3921 6th Ave SE 2560 16th Ave SE 3080 Desoto Blvd S 36th Ave SE
Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 June 30, 2022 May 13, 2022 September 16, 2021 August 20, 2021 April 1, 2022 March 1, 2021
Parcel Size (Acres)2.74-4.00 2.74 2.81 3.41 4.00 2.81 2.81
Sale Price -$120,000 $135,000 $125,000 $130,000 $100,000 $35,000
Sale Price per Acre -$43,796 $48,043 $36,657 $32,500 $35,587 $12,456
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $0 $6,250 $7,150 $0 $2,975
Adjusted Sale Price -$120,000 $135,000 $131,250 $137,150 $100,000 $37,975
Adjusted Sale Price per Acre -$43,796 $48,043 $38,490 $34,288 $35,587 $13,514
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)2.74 to 4.00 2.74 2.81 3.41 4.00 2.81 2.81
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 0%-50%0%13%0%0%38%50% Depressional
Physical Property Adjustments
Location 0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%
Access 0%0%0%0%0%0%
Topography 0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$43,796 $48,043 $38,490 $34,288 $35,587 $13,514
Upland Land Sales Adjustment Analysis - Quantitative- 2.74 to 4.00 Acres
0%-25% Wetlands 26%-50% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between March 2021 (Sale Six) and June 2022 (Sale One).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sales One, Two and Five occurred within
the last eight months from the date of value and therefore did not require a market conditions
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adjustment. Sales Three, Four and Six occurred over 8 months ago and therefore a market
conditions adjustment of 6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 2.74 acres and 4.00 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 2.74 acres to 4.00 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0%-50%. All
of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 2.74 to 4.00
acres in size with 0%-50% wetlands.
Size 2.74-4.00 Acres
Indicated Value Per Acre
0%-25% Wetlands
26%-50% Wetlands
$41,000
$25,000
Area Within Units 91 and 92
Next, we will value a price per acre for parcels within the 2.74 acre to 4.00 acre range for 51%-
100% wetlands.
Sales Comparison Approach- 2.74 acres to 4.00 acres- 51% to 100% Wetlands
Four comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 51%-100% WETLANDS
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Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
51%-100% Wetlands
Naples 2.74-4.00
1 4765 28th Ave SE 41449840000 6/14/2021 $49,000
Naples #6078408 2.78 $17,626
2 22nd Ave SE 41171480000 1/8/2021 $56,000
Naples #5982816 3.64 $15,385
3 8th Ave SE 40811800006 4/8/2022 $59,900
Naples #6235728 2.74 $21,861
4 3535 42nd Ave SE 41660520109 2/12/2021 $49,000
Naples #6003666 3.35 $14,627
This is a 2.78 vacant land parcel, fully wooded. A TEC report indicates that this
property is 64% wetlands. The parcel previously sold in 2019 for $18,600.
This is a vacant, wooded parcel located at the end of dead end road, 22nd Ave
SE. A DEP report indicates this parcel is 54% wetlands, with the uplands being
located on the front half of the property according to the listing agent, Denisse
Viera and DEP report map. This parcel sold for $45,000 in 2020.
According to an informal wetlands determinations map, this fully wooded vacant
site is 95% wetlands, although an official report has not been done. The listing
agent stated the price was set to reflect a mostly wetland property.
Collier county wetland map determines this site as 100% wetlands with a permit
being required. An official wetlands determination report has not been done. The
site is fully wooded. The parcel presviously sold for $22,000 in 2020.
Comments
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location Golden Gate Estates Area 4765 28th Ave SE 22nd Ave SE 8th Ave SE 3535 42nd Ave SE
Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 June 14, 2021 January 8, 2021 April 8, 2022 February 12, 2021
Parcel Size (Acres)2.74 to 4.00 2.78 3.64 2.74 3.35
Sale Price -$49,000 $56,000 $59,900 $49,000
Sale Price per Acre -$17,626 $15,385 $21,861 $14,627
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$3,430 $5,320 $0 $4,410
Adjusted Sale Price -$52,430 $61,320 $59,900 $53,410
Adjusted Sale Price per Acre -$18,860 $16,846 $21,861 $15,943
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (acres)2.74 to 4.00 2.78 3.64 2.74 3.35
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E
Access Generally Paved Road Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 51%-100%64%54%95%100%
Physical Property Adjustments
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Access 0%0%0%0%
Topography 0%0%0%0%
Wetlands 0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$18,860 $16,846 $21,861 $15,943
51%-75% Wetlands 76%-100% Wetlands
Wetland Land Sales Adjustment Analysis - Quantitative- 2.74 to 4.00 Acres
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between January 2021 (Sale Two) and April 2022 (Sale Three).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sale Three occurred within the last eight
months from the date of value and therefore did not require a market conditions adjustment. Sales
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One, Two and Four occurred over 8 months ago and therefore a market conditions adjustment of
6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 2.74 acres and 4.00 acres. All of the comparable sales fall within this range and did not
require adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 2.74 acres to 4.00 acres contain wetland determinations ranging
from 0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51%-100%.
All of the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 2.74 to 4.00
acres in size with 51%-100% wetlands.
Area Within Units 91 and 92
Size 2.74-4.00 Acres
Indicated Value Per Acre
51%-75% Wetlands
76%-100% Wetlands
$19,000
$19,000
Next, we will value a price per acre for parcels within the 4.01 acre to 6.00 acre range for 0%-50%
wetlands.
Sales Comparison Approach- 4.01 acres to 6.00 acres- 0% to 50% Wetlands
Six comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 0%-50% WETLANDS
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Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
0%-50% Wetlands
Naples 4.01-6.00
1 40th Ave SE 41719360003 12/27/2021 $180,000
Naples #6184699 5.00 $36,000
2 26th Ave SE 41348000006 9/21/2021 $190,000
Naples #6134689 5.00 $38,000
3 18th Ave SE 41227480006 8/5/2021 $185,000
Naples #6113018 5.68 $32,570
4 16th Ave SE 41110880001 4/8/2021 $150,000
Naples #6048128 4.48 $33,482
5 Desoto Blvd S and 28th Ave SE 41445640000 11/23/2021 $100,000
Naples #6168220 5.15 $19,417
6 28th Ave SE 41344960001 6/11/2021 $155,000
Naples #6078183 5.00 $31,000
This is 5.15 acres of vacant land located on the corner od Desoto Blvd S and
28th Ave SE. The site is 65% uplands, indicated on an environmental
disclosure TEC report. The property is fully wooded with no improvements.
This is a vacant, wooded 5 acre lot consisting of 71% uplands through a DEP
report. The parcel was sold in an arm's length transaction.
Comments
This is a vacant, wooded land parcel. According to an FDEP informal
wetlands determination map, the site is 100% Uplands. This was confirmed
by listing agent, Mike Miller. The site consists of mostly pine trees.
This site is 100% uplands per a DEP wetland determination report. The site is
fully wooded and vacant. This was an arm's length transaction verified
through the listing agent, Lupe Morera.
This is a vacant, fully wooded site that is 91% uplands according to a DEP
wetlands determination report. The property was listed for $200,000 before
selling at $185,000 in August of 2022 after a little under 7 months on the
market.
This is a vacant land parcel located at the end of the dead end street. 16th
Ave SE. According to the listing agent, Angelo Sottosanti, the site is 100%
uplands. Furthermore, a DEP report also indicates the site is fully uplands.
The parcel previously sold for 70,000 in 2020.
Comp Price
Price Per Acre
Date
Acres
Parcel
Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6
Location Golden Gate Estates Area 40th Ave SE 26th Ave SE 18th Ave SE 16th Ave SE Desoto Blvd S and 28th Ave SE 28th Ave SE
Naples Naples Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 December 27, 2021 September 21, 2021 August 5, 2021 April 8, 2021 November 23, 2021 June 11, 2021
Parcel Size (Acres)4.01 to 6.00 5.00 5.00 5.68 4.48 5.15 5.00
Sale Price -$180,000 $190,000 $185,000 $150,000 $100,000 $155,000
Sale Price per Acre -$36,000 $38,000 $32,570 $33,482 $19,417 $31,000
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$0 $9,500 $11,100 $12,000 $4,000 $10,850
Adjusted Sale Price -$180,000 $199,500 $196,100 $162,000 $104,000 $165,850
Adjusted Sale Price per Acre -$36,000 $39,900 $34,525 $36,161 $20,194 $33,170
Physical Properties
Location Naples Naples Naples Naples Naples Naples Naples
Parcel Size (acres)4.01 to 6.00 5.00 5.00 5.68 4.48 5.15 5.00
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E E E
Access Generally Paved Road Paved Paved Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 0%-50%0%0%9%0%35%29%
Physical Property Adjustments
Location 0%0%0%0%0%0%
Parcel Size 0%0%0%0%0%0%
Land Use 0%0%0%0%0%0%
Zoning 0%0%0%0%0%0%
Access 0%0%0%0%0%0%
Topography 0%0%0%0%0%0%
Wetlands 0%0%0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.$36,000 $39,900 $34,525 $36,161 $20,194 $33,170
Upland Land Sales Adjustment Analysis - Quantitative- 4.01 to 6.00 Acres
0%-25% Wetlands 26%-50% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between April 2021 (Sale Four) and December 2021 (Sale One).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sale One occurred within the last eight
months from the date of value and therefore did not require a market conditions adjustment. Sales
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Two through Six occurred over 8 months ago and therefore a market conditions adjustment of 6%
was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 4.01 to 6.00 acres. All of the comparable sales fall within this range and did not require
adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 4.01 to 6.00 acres contain wetland determinations ranging from
0%-100%. For this analysis, the appraiser is valuing wetland determinations of 0% to 50%. All of
the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 4.01 to 6.00
acres in size with 0%-50% wetlands.
Area Within Units 91 and 92
Size 4.01-6.00 Acres
Indicated Value Per Acre
0%-25% Wetlands
26%-50% Wetlands
$36,000
$26,000
Next, we will value a price per acre for parcels within the 4.01 acre to 6.00 acre range for 51%-
100% wetlands.
Sales Comparison Approach- 4.01 acres to 6.00 acres- 51% to 100% Wetlands
Four comparable sales were chosen for this analysis. The comparable sales map is displayed
below.
LAND SALES MAP 51%-100% WETLANDS
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Please note the following sales adjustment grid.
Subject Generally within Golden Gate
Estates Units 91 and 92
Multiple 8/1/2022
51%-100% Wetlands
Naples 4.01-6.00
1 2nd Ave SE 40808920009/0106 6/17/2021 $83,000
Naples #6087571 5.00 $16,600
2 18th Ave SE 41162280002/41160960007 4/7/2021 $84,000
Naples #6035170 5.46 $15,385
3 26th Ave SE 41440600003 7/27/2022 $95,000
Naples #6293131 5.00 $19,000
4 Everglades Blvd S 41287320009 6/1/2021 $92,000
Naples #6072943 5.18 $17,954
This is a vacant unimproved wetlands parcel located off Everglades Blvd S. The
parcel is 100% wetlands, indicated pon an FDEP wetlands determination map and
confirmed through listing agent, Sharon Cohan.
This is the sale of two 2.5 acre adjacent parcels sold together. The parcels
combined consist of 70% wetlands per a DEP report.The parcels were previously
sold together in 2020 for $70,000.
This is a 4.32 acre parcel and adjacent 1.14 acre parcel for a combined 5.46 acres
sold together. The wetlands determination report indicates the property consists
of 58% wetlands. This was an arm's length transaction.
This is a vacant, wooded parcel that is 96% hydric slough soils according to an
informal wetlands determination map.
Comments
Comp Price
Price Per Acre
Date
AcresParcel Instr.#
Address
City
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Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4
Location Golden Gate Estates Area 2nd Ave SE 18th Ave SE 26th Ave SE Everglades Blvd S
Naples Naples Naples Naples Naples
Sale/Appraisal Date August 1, 2022 June 17, 2021 April 7, 2021 July 27, 2022 June 2, 2021
Parcel Size (Acres)4.01 to 6.00 5.00 5.46 5.00 5.18
Sale Price -$83,000 $84,000 $95,000 $92,000
Sale Price per Acre -$16,600 $15,385 $19,000 $17,761
Transactional Adjustments
Property Rights -Fee Simple Fee Simple Fee Simple Fee Simple
Financing -Cash to Seller Cash to Seller Cash to Seller Cash to Seller
Conditions of Sale -Arm's Length Arm's Length Arm's Length Arm's Length
Market Conditions -$5,395 $6,720 $0 $6,440
Adjusted Sale Price -$88,395 $90,720 $95,000 $98,440
Adjusted Sale Price per Acre -$17,679 $16,615 $19,000 $19,004
Physical Properties
Location Naples Naples Naples Naples Naples
Parcel Size (acres)4.01 to 6.00 5.00 5.46 5.00 5.18
Land Use Estates Designation Estates Designation Estates Designation Estates Designation Estates Designation
Zoning E E E E E
Access Generally Paved Road Paved Paved Paved Paved
Topography Fully Wooded Fully Wooded Fully Wooded Fully Wooded Fully Wooded
Wetlands 51%-100%70%58%96% Slough 100%
Physical Property Adjustments
Location 0%0%0%0%
Parcel Size 0%0%0%0%
Land Use 0%0%0%0%
Zoning 0%0%0%0%
Access 0%0%0%0%
Topography 0%0%0%0%
Wetlands 0%0%0%0%
Overall Percentage of Adjustments 0%0%0%0%
Final Adjusted Sale Price per Sq. Ft.17,679 16,615 19,000 19,004
76%-100% Wetlands
Wetland Land Sales Adjustment Analysis - Quantitative- 4.01 to 6.00 Acres
51%-75% Wetlands
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Adjustment Analysis: The sales were compared to each other individually and collectively as
well as being compared to the subject property in order to assist in the adjustment process.
Property Rights: “An element of comparison in the sales comparison approach; comparable
sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee,
leasehold, easements, or other encumbrances, etc.) involved in the transactions being compared.”
In this analysis all property rights conveyed were fee simple, no adjustments were necessary.
Financing: “The manner in which a transaction was financed; an element of comparison in the
sales comparison approach whereby comparable properties can be adjusted for the influence of
differences between a transaction’s financing terms and those assumed in the valuation of a
subject property.” In this analysis all of the transactions were cash to the seller, no adjustments
were necessary.
Conditions of Sales: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer or a seller in a
transaction.” In this analysis, the sales selected are all “arm’s length” transactions including no
conditions of sale.
Expenditures Immediately After Sale: “An element of comparison in the sales comparison
approach; comparable properties can be adjusted for any additional investment (e.g., curing
deferred maintenance) that the buyer needed to make immediately after purchase for the
properties to have similar utility to the subject property being valued.” None of the comparables
required expenditures immediately after sale; no adjustment for this factor was required.
Market Conditions: “An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the points in the real estate cycle at which the
transactions occur. Sometimes called a time adjustment because the differences in dates of sale
are often compared, although the usage can be misleading because property values do not
change merely as the result of the passage of time.”
The sales transactions occurred between June 2021 (Sale Four) and July 2022 (Sale Three).
Realtors familiar with this market area confirmed that both land and improved property values had
been increasing, especially in the subject area immediate neighborhood towards the end of 2021
and early 2022, but have leveled off in recent months. Sale Three occurred within the last eight
months from the date of value and therefore did not require a market conditions adjustment. Sales
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One, Two and Four occurred over 8 months ago and therefore a market conditions adjustment of
6% was applied to these sales.
Physical Characteristics: Next the sales were considered and compared with one another and
the subject for physical characteristics. These include location, parcel size, land use classification,
zoning classification, access and site topography. The analyst will utilize a quantitative procedure
by considering percentage adjustments for physical differences in the sales properties when
compared to the subject. These adjustments will be made on a percentage basis with a net
adjustment being calculated and this being multiplied by the value per square foot to arrive at an
adjusted value per square foot.
Location Adjustment: The subject property is located generally within Units 91 and 92 of Golden
Gate Estates in Naples. All of the sales are located within the same Golden Gate Estates
neighborhood as the subject areas and in close proximity. None of the sales required an
adjustment in this category.
Size: For this section of analysis, we are appraising property within the subject areas that are
between 4.01 to 6.00 acres. All of the comparable sales fall within this range and did not require
adjustments.
Land Use Classification: The subject property has a land use classification of Estates
Designation. All of the sales have the same land use designation as the subject and did not
require an adjustment.
Zoning Classification: The subject property is zoned (E) Estates District. All of the sales have
the same zoning as the subject and did not require an adjustment.
Access: The subject property areas generally have paved road access. All of the comparables
have paved road access and therefore no adjustments were made.
Topography: The subject is vacant, fully wooded with ground brush covering. All of the sales are
considered similar to the subject in this category.
Wetlands: The subject areas of 4.01 to 6.00 acres contain wetland determinations ranging from
0%-100%. For this analysis, the appraiser is valuing wetland determinations of 51% to 100%. All of
the comparables fall within this range.
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Final Analysis: All of the value indications have been considered. The following table
summarizes the final reconciled value per the final reconciled per acre for parcels 4.01 to 6.00
acres in size with 51%-100% wetlands.
51%-75% Wetlands
76%-100% Wetlands
Indicated Value Per Acre
Area Within Units 91 and 92
Size 4.01-6.00 Acres
$19,000
$19,000
Section 6 – Reconciliation of Value
Summary of Value Conclusions “As-Is”
Cost Approach Not Applied
Income Approach Not Applied
Sales Comparison Approach See Below
4.01-6.00 acres
$36,000
$26,000
$19,000
$19,000
$41,000
$25,000
$19,000
$19,000
Indicated Value Per Acre
0-25% wetlands
26-50% wetlands
51-75% wetlands
76-100% wetlands
$50,000
$35,000
$30,000
$22,000
Area Within Golden Gate Estates Units 91 and 92
Parcel size 1.14-2.73 acres 2.74-4.00 acres
Value Conclusions
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple August 1, 2021
The Sales Comparison Approach references sales of similar properties located in competitive
areas in the market area as researched. The sales analyzed provide a range of value indications
which support the final value conclusions. The sales utilized in this analysis provide a range of
actual purchase prices for properties considered to be similar to the subject areas. The appraiser
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properly considered each of the sales studied and analyzed each of these properties in
relationship to the subject areas in order to arrive at the value estimates on a price per acre basis.
Respectfully submitted,
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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Section 7 – Cer tification and Limiting Conditions
Certification of Michael Jonas, MAI, AI-GRS, CCIM
I certify to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and is our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
• I have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• My compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal.
• This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
• My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of
The Appraisal Foundation and the requirements of the Code of Professional Ethics and the
Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the
requirements of the State of Florida relating to review by its duly authorized
representatives. This report also conforms to the requirements of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• Michael Jonas has completed the requirements of the continuing education program of the
Appraisal Institute.
• Michael Jonas has made an inspection of the property that is the subject of this report.
• Hannah Dwyer, State-Registered Appraiser Trainee RI25089, contributed to the
development of the appraisal report in the form of 45 hours. No additional persons
contributed significant real property appraisal assistance to the signors of this report.
• Michael Jonas has extensive experience in the appraisal/review of similar property types.
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• Michael Jonas is currently certified in the state where the subject is located and has
completed the continuing education requirements set forth with the State of Florida.
Certification is current until November 30, 2022.
• Although other appraisers may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy are maintained at all times with
regard to this assignment without conflict of interest.
• Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted
in FIRREA 1989 and has sufficient education and experience to perform the appraisal of
the subject property.
• Michael Jonas has not previously appraised the subject property; nor has he performed
any other services related to the subject property in the past three years.
Based on market conditions existing as of the effective date of appraisal, and in consideration of
the property as it existed on this date, it is our opinion the subject property, under the extraordinary
assumptions as discussed in this report, warranted a market value in its “as is” condition in fee
simple ownership on August 1, 2022 of:
4.01-6.00 acres
$36,000
$26,000
$19,000
$19,000
$41,000
$25,000
$19,000
$19,000
Indicated Value Per Acre
0-25% wetlands
26-50% wetlands
51-75% wetlands
76-100% wetlands
$50,000
$35,000
$30,000
$22,000
Area Within Golden Gate Estates Units 91 and 92
Parcel size 1.14-2.73 acres 2.74-4.00 acres
Value Conclusions
Appraisal Premise Interest Appraised Date of Value
Market Value, As Is Fee Simple August 1, 2021
Respectfully submitted,
CARLSON, NORRIS & ASSOCIATES
Michael Jonas, MAI, AI-GRS, CCIM
State-certified general real estate appraiser RZ2623
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General Assumptions & Limiting Conditions
Information Used: No responsibility is assumed for accuracy of information furnished by others
or from others, including the client, its officers and employees, or public records. We are not liable
for such information or for the work of contractors, subcontractors and engineers. The comparable
data relied upon in this appraisal has been confirmed with one or more parties familiar with the
transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my
factual judgment and knowledge.
Certain information upon which the opinions and values are based may have been gathered by
research staff working with the appraiser. Names, professional qualifications and extent of their
participation can be furnished to the client upon request.
Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil:
No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of
any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the
legal nature or condition of the title to the property, which is presumed to be good and marketable.
The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances,
unless otherwise stated in particular parts of this report.
The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise.
I assume no responsibility for the survey, any encroachments or overlapping or other
discrepancies that might be revealed thereby.
I have inspected, as far as possible by observation, the land thereon; however, it was not possible
to personally observe conditions beneath the soil or hidden; as a result, no representation is made
herein as to such matters unless otherwise specifically stated. The estimated market value
assumes that no such conditions exist that would cause a loss of value. I do not warrant against
the occurrence of problems arising from any of these conditions. It is assumed that there are no
hidden or unapparent conditions to the property, soil, subsoil or structures, which would render
them more or less valuable. No responsibility is assumed for any such conditions or for any
expense or engineering to discover them.
Information relating to the location or existence of public utilities has been obtained through inquiry
to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has
been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas
or mineral rights were not considered in this report unless otherwise stated.
Legality of Use: The appraisal is based on the premise that there is or will be full compliance with
all applicable Federal, State and local environmental regulations and laws, unless otherwise stated
in the report; and that all appropriate zoning, building and use regulations and restrictions of all
types have been or will be complied with and required licenses, consent, permits or other authority,
whether local, State, Federal and/or private, have been or can be obtained or renewed for the use
intended and considered in the value estimate.
Component Values: The distribution of the total valuation of this report between land and
improvements applies only under the proposed program of utilization. The separate valuations of
land and buildings must not be used in conjunction with any other appraisal, and are invalid if so
used.
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A report related to an estate that is less than the whole fee simple estate applies only to the
fractional interest involved. The value of this fractional interest, plus the value of all other fractional
interests, may or may not equal the value of the entire fee simple estate considered as a whole.
A report relating to the geographic portion of a larger property applies only to such geographic
portion and should not be considered as applying with equal validity to other portions of the larger
property or tract. The value for such geographic portions, plus the value of all other geographic
portions, may or may not equal the value of the entire property or tract considered as a single
entity.
All valuations in the report are applicable only under the estimated program of the highest and best
use and are not necessarily appropriate under other programs of use.
Auxiliary and Related Studies: No environmental or impact studies, special market study or
analysis, highest and best use analysis study or feasibility study has been requested or made by
us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited
right to alter, amend, revise or rescind any of these statements, findings, opinions, values,
estimates or conclusions upon any subsequent study or analysis or previous study or analysis that
subsequently becomes available to us.
Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the
date of the estimate of value. All dollar amounts are based on the purchasing power and price of
the United States dollar as of the date of value estimate.
Inclusions: Furnishings and equipment or business operations, except as otherwise specifically
indicated, have been disregarded, with only the real estate being considered.
Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site
improvements proposed, if any, as well as any repairs required, are considered to be completed in
a good and workmanlike manner according to information submitted and/or considered by us. In
cases of proposed construction, the report is subject to change upon inspection of the property
after construction is complete. The estimate of value, as proposed, is as of the date shown, as if
completed and operating at levels shown and projected.
Value Change, Dynamic Market Influences: The estimated value is subject to change with
market changes over time. Value is highly related to interest rates, exposure, time, promotional
effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The
value estimate considers the productivity and relative attractiveness of the property both physically
and economically in the marketplace.
The estimate of value in this report is not based in whole or in part upon race, color or national
origin of the present owners or occupants of the properties in the vicinity of the property appraised.
In the event this appraisal includes the capitalization of income, the estimate of value is a reflection
of such benefits and my interpretation of income and yields and other factors which were derived
from general and specific market information. Such estimates are made as of the date of the
estimate of value. As a result, they are subject to change, as the market is dynamic and may
naturally change over time. The date upon which the value estimate applies is only as of the date
of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for
economic or physical factors occurring at some later date which may affect the opinion stated
herein.
An appraisal is the product of a professionally trained person, but nevertheless is an opinion only,
and not a provable fact. As a personal opinion, a valuation may vary between appraisers based
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upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best
estimate as of the date of valuation. There are no guaranties, either written or implied, that the
property would sell for the expressed estimate of value.
Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating
to the subject property. No title search has been made, and the reader should consult an attorney
or title company for information and data relative to the property ownership and legal description.
It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel.
Any information given by the appraiser as to a sales history is information that the appraiser has
researched; to the best of my knowledge, this information is accurate, but not warranted.
Management of the Property: It is assumed that the property which is the subject of this report
will be under prudent and competent ownership and management over the entire life of the
property. If prudent and competent management and ownership are not provided, this would have
an adverse effect upon the value of the property appraised.
Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this
report and analytical findings or conclusions, or give a copy of this report to anyone other than the
client or his designee, as specified in writing, except as may be required by the Appraisal Institute,
as they may request in confidence for ethic enforcement, or by a court of law with the power of
subpoena.
All conclusions and opinions concerning the analyses as set forth herein are prepared by the
appraisers whose signatures appear. No change of any item in the report shall be made by
anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized
change is made.
Whenever our opinion herein with respect to the existence or absence of fact is qualified by the
phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to
indicate that, during the course of our review and investigation of the property, no information has
come to our attention which would give us actual knowledge of the existence or absence of such
facts.
The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of
receipt and return of the report, along with all copies, to the appraiser for corrections prior to any
use whatsoever. Neither our name nor this report may be used in connection with any financing
plans which would be classified as a public offering under State or Federal Security Laws.
Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof,
does not carry with it the right of publication, nor may it be used for other than its intended use.
The physical report remains the property of the firm for the use of the client, with the fee being for
the analytical services only. This report may not be used for any purpose by any person or
corporation other than the client or the party to whom the report is addressed. Additional copies
may not be made without the written consent of an officer of the firm, and then only in its entirety.
Neither all nor any part of the contents of this report shall be conveyed to the public through
advertising, public relations effort, news, sales or other media without my prior written consent and
approval of the client.
It has been assumed that the client or representative thereof, if soliciting funds for his project, has
furnished to the user of this report complete plans, specifications, surveys and photographs of land
and improvements, along with all other information which might be deemed necessary to correctly
analyze and appraise the subject property.
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Authentic Copies: Any copy that does not have original signatures of the appraiser is
unauthorized and may have been altered and, therefore, is considered invalid.
Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for
appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion
of the report. The appraisers or those assisting in the preparation of the report will not be asked or
required to give testimony in court or hearing because of having made the appraisal in full or in
part, nor will they be asked or required to engage in post appraisal consultation with client or third
parties except under separate and special arrangement and at an additional fee.
Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses’ basis, to
be negotiated at the time of request.
Limit of Liability: Liability of the firm and the associates is limited to the fee collected for
preparation of the appraisal. There is no accountability or liability to any third party.
Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the
physical report. The acceptance of the report by the client takes with it the agreement and
acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal
or written. The fee is in no way contingent on the value estimated.
Special Limiting Conditions: The Americans with Disabilities Act became effective January 26,
1992. Notwithstanding any discussion of possible readily achievable barrier removable
construction items in this report, Carlson, Norris and Associates, has not made a specific
compliance survey and analysis of this property to determine whether it is in conformance with the
various detailed requirements of the A.D.A. It is possible that a compliance survey of the property
together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is
not in compliance with one or more of the requirements of the A.D.A.; If so, this fact could have a
negative effect on the value estimated herein. Since Carlson, Norris and Associates has no
specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make
such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A.
was not considered in estimating the value of the subject property.
This analysis is made in conformity with the requirements with the Uniform Standards of
Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal
Institute.
Extraordinary Assumption is defined as: “An assumption, directly related to a specific
assignment, as of the effective date of the assignment results, which, if found to be false, could
alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact
otherwise uncertain information about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or trends; or
about the integrity of data used in an analysis.” An extraordinary assumption may be used in an
assignment only if:
• It is required to properly develop credible opinions and conclusions.
• The appraiser has a reasonable basis for the extraordinary assumption.
• Use of the extraordinary assumption results in a credible analysis; and
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• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.
Please note the following extraordinary assumptions:
• A soil analysis for the site has not been provided for the preparation of this appraisal. In the
absence of a soil report, it is a specific assumption that the site has adequate soils to
support the highest and best use. The analyst is not an expert in area of soils, and would
recommend that an expert be consulted.
• It is assumed that there are no hidden or unapparent conditions to the property, soil, or
subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral
rights were not considered in this report unless otherwise stated. The analyst is not an
expert with respect to subsurface conditions, and would recommend that an expert be
consulted.
• It is assumed that there are no hazardous materials either at ground level or subsurface.
None were noted during the property inspection. The analyst is not an expert in the
evaluation of site contamination, and would recommend that an expert be consulted.
• The appraisers were not provided with a survey of the subject parcel. We relied on the
information found on the Collier County Property Appraiser’s website.
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Section 8 – Addenda
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FDEP Informal Wetland Determination Map
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NATIONAL WETLANDS MAP
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FLOOD MAP
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APPRAISER LICENSE
License of Michael P. Jonas, MAI, AI-GRS, CCIM
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1
Conservation Collier Land Acquisition Program
Project Design Report
Fish Property
Date: January 2025
Property Owner: Monica Cecile Fish
Folio(s): 39150520003
Location: GOLDEN GATE EST UNIT 47 TR 91
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 Fish 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 70th 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 mesic and hydric pine
flatwoods. 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 9/5/2024 11/22/2024
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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.
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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
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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
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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
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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
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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.
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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
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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.
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6768 Report Estate Appraised
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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.
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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.
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6768 Report Area Analysis
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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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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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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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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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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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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 – 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
Page 980 of 3773
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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
Page 987 of 3773
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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
Page 992 of 3773
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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
Page 993 of 3773
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Carroll & Carroll 63
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.
Page 994 of 3773
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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
Page 995 of 3773
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Carroll & Carroll 65
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.
Page 996 of 3773
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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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Carroll & Carroll 67
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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Carroll & Carroll 69
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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6768 Report Addenda
Carroll & Carroll
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.
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6768 Report Addenda
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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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 1009 of 3773
Panther Walk Project Market Study
Generally within Golden Gate Estates Units 42, 44, and 47
Naples, Florida
Page 1010 of 3773
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 1011 of 3773
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 1012 of 3773
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 1013 of 3773
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 1014 of 3773
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.
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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 1016 of 3773
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.
Page 1017 of 3773
PANTHER WALK PROJECT MARKET STUDY NATIONAL ECONOMIC ANALYSIS
Page 5
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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PANTHER WALK PROJECT MARKET STUDY NATIONAL ECONOMIC ANALYSIS
Page 6
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
Page 1019 of 3773
PANTHER WALK PROJECT MARKET STUDY FLORIDA ECONOMIC ANALYSIS
Page 7
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
Page 1020 of 3773
PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS
Page 8
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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PANTHER WALK PROJECT MARKET STUDY COLLIER COUNTY AREA ANALYSIS
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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).
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PANTHER WALK PROJECT MARKET STUDY
Page 24
Collier County Area Map
Panther
Walk
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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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
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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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
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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Panther Walk Market Study Parcels Aerial
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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Site Photographs
58th Ave NE – Westerly
(Photo Taken on July 18, 2024)
58th Ave NE – Easterly
(Photo Taken on July 18, 2024)
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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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)
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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Site Photographs
62nd Ave NE – Westerly
(Photo Taken on July 18, 2024)
62nd Ave NE – Easterly
(Photo Taken on July 18, 2024)
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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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)
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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Site Photographs
64th Ave NE – Westerly
(Photo Taken on July 18, 2024)
64th Ave NE – Easterly
(Photo Taken on July 18, 2024)
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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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)
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PANTHER WALK PROJECT MARKET STUDY SITE ANALYSIS
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Site Photographs
68th Ave NE – Westerly
(Photo Taken on July 18, 2024)
68th Ave NE – Easterly
(Photo Taken on July 18, 2024)
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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 1048 of 3773
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 1049 of 3773
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 1050 of 3773
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 1051 of 3773
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 1052 of 3773
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 1053 of 3773
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 1054 of 3773
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 1055 of 3773
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 1056 of 3773
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 1.14-2.73 ACRES
Page 44
Comparables Map
Page 1057 of 3773
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 1058 of 3773
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 1059 of 3773
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 1060 of 3773
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 1061 of 3773
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 1062 of 3773
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 1063 of 3773
PANTHER WALK PROJECT MARKET STUDY SALES COMPARISON APPROACH: 2.74-5.00 ACRES
Page 51
Comparables Map
6
Page 1064 of 3773
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 1065 of 3773
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 1066 of 3773
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 1067 of 3773
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 1068 of 3773
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 1069 of 3773
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 1070 of 3773
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 1071 of 3773
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 1072 of 3773
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 1073 of 3773
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 1074 of 3773
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 1075 of 3773
PANTHER WALK PROJECT MARKET STUDY ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
Page 1076 of 3773
PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
Page 1077 of 3773
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 1078 of 3773
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 1079 of 3773
PANTHER WALK PROJECT MARKET STUDY ADDENDUM A - APPRAISER QUALIFICATIONS
Page 1080 of 3773
PANTHER WALK PROJECT MARKET STUDY ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
Page 1081 of 3773
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 1082 of 3773
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 1083 of 3773
CCLAAC Conservation Collier Property Summary Cycle 12A
Panther Walk Preserve Multi-Parcel Project
Page 1084 of 3773
Map of Panther Walk Preserve Project Area
Page 1085 of 3773
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 1086 of 3773
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 1087 of 3773
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 1088 of 3773
PANTHER WALK PROJECT MARKET STUDY ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
Page 1089 of 3773
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 1090 of 3773
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 1091 of 3773
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 1092 of 3773
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 1093 of 3773
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 1094 of 3773
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 1095 of 3773
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 1096 of 3773
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 1097 of 3773
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 1098 of 3773
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 1099 of 3773
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 1100 of 3773
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 1101 of 3773
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 1102 of 3773
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 1103 of 3773
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 1104 of 3773
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 1105 of 3773
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 1106 of 3773
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 1107 of 3773
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 1108 of 3773
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 1109 of 3773
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 1110 of 3773
EXTENSION OF MEMORANDUM OF UNDERSTANDING
FOR
CONSERVATION COLLIER ACQUISITION CONTRIBUTIONS
THIS EXTENSION OF MEMORANDUM OF UNDERSTANDING is made and entered
into this 10th day of December . 2024 by and between Collier County, a political
subdivision of the State of Florida ('County") and Florida Wildlife Corridor Foundation, Inc., a
Florida not-for-profit corporation ("FWCF").
WHEREAS, Collier County and FWCF have previously entered into a Memorandum of
Understanding dated April 23, 2024; and
WHEREAS, the Memorandum of Understanding provides that FWCF will provide
monetary contributions towards the acquisition of certain Conservation Collier properties meeting
certain criteria; and
WHEREAS, the Memorandum of Understanding expires on December 31, 2024; and
WHEREAS, Collier County and FWCF desire to extend the Performance Period of the
Memorandum of Understanding to December 31, 2025.
NOW THEREFORE, in consideration of the mutual promises in this Extension of
Memorandum of Understanding, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged by the parties, it is agreed as follows:
1. The above recitals are hereby incorporated into this Extension of Memorandum of
Understanding as if fully set forth herein.
2. The term of the Memorandum of Understanding is hereby extended by one year to
December 31, 2025.
3. All future renewals and extensions of the Memorandum of Understanding are subject to
approval by the Collier County Board of County Commissioners.
4. Except as stated herein, all other terms and conditions of the Memorandum of
Understanding shall remain in full force and effect.
Signatures appear on.fbllowing page.
Page 1111 of 3773
IN WITNESS WHEREOF,the undersigned have executed and delivered this Extension of
Memorandum of Understanding effective as of the date first above written.
ATTEST:
Crystal K. Kinzel, Clerk of the Circuit BOARD OF COUNTY COMMISSIONERS
Court & Comptroller COLLIER COUNTY, FLORIDA
t''
y
c,1k kik,BIr ! " d L. By; obi io/
t :' x i Chris Hall, Chairman
jz ttest 6 to t,rlairMOS,
to. : ,u\1 signature only..
Approved as to form and
legality:
S lly A. hkar
A i t unty Attorneycp2\
Signatures continued on following page.
Page 1112 of 3773
FLORIDA WILDLIFE CORRIDOR
FOUNDATION, INC
By:
Print: Mallory Dimmitt
Title:
Chief Executive Officer
Page 1113 of 3773
Wildlife Corridor MOU Extension Nov 2024
Final Audit Report 2024-11-06
Created: 2024-11-06
By: Teresa Chalkley(teresa@floridawildlifecorridor.org)
Status: Signed
Transaction ID: CBJCHBCAABAAzFtfOL75ihm5t_t2itGv7PGCFwpEfl-I
Wildlife Corridor MOU Extension Nov 2024" History
15 Document created by Teresa Chalkley(teresa@floridawildlifecorridor.org)
2024-11-06-7:03:13 PM GMT
E Document emailed to Mallory Dimmitt (mallory@floridawildlifecorridor.org) for signature
2024-11-06-7:03:29 PM GMT
t Email viewed by Mallory Dimmitt(mallory@floridawildlifecorridor.org)
2024-11-06-7:44:17 PM GMT
CSc, Document e-signed by Mallory Dimmitt(mallory@floridawildlifecorridor.org)
Signature Date:2024-11-06-7:44:30 PM GMT-Time Source:server
Agreement completed.
2024-11-06-7:44:30 PM GMT
0 Adobe Acrobat Sign
Page 1114 of 3773