Agenda 01/10/2017 Item #16A17 16.A.17
01/10/2017
EXECUTIVE SUMMARY
Recommendation to approve an agreement for the purchase of a fee simple property (Parcel
101FEE) required for the Immokalee Stormwater Improvement Program (Project 60143).
Estimated Fiscal Impact: $456,173.
OBJECTIVE: To purchase a property needed for the Immokalee Stormwater Improvement
Program (the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 101FEE, a fee simple
parcel consisting of 28.14 acres. Located at the southwest corner of Carson Road and Lincoln
Boulevard, this property has been identified as being in an ideal location and of a suitable size
for a stormwater quality treatment facility/pond for the Immokalee area. It is a follow-up project
to the recently installed stormwater facilities along Immokalee Drive and will provide flooding
relief in the area as well as provide treatment of stormwater runoff prior to flowing through the
slough into Lake Trafford.
The appraisal prepared for Collier County by Carroll & Carroll, Inc. dated August 17, 2016,
estimates the value of Parcel 101FEE at $450,000. The attached purchase agreement for
$453,173 is the result of amicable negotiations with the owner.
FISCAL IMPACT: Funds in the amount of $456,173, being the aggregate purchase price of
$453,173, title work of approximately $2,800, and miscellaneous closing costs of approximately
$200, will be required. Funding for this acquisition is available in Project 60143, Immokalee
Stormwater Improvement Program, within the Stormwater Capital Improvement Fund 325.
Source of funds is a transfer from the Unincorporated Area General Fund(111).
No maintenance costs are anticipated until such time as the stormwater facility is built.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and
requires a majority vote for Board approval. -JAB
GROWTH MANAGEMENT IMPACT: This Project is in accordance with the goals,
objectives, and policies of all applicable sections of the Stormwater Management Sub-element
and the Conservation and Coastal Management Element of the Growth Management Plan.
RECOMMENDATION:
. To approve the attached purchase agreement and authorize the Chairman to execute same on
behalf of the Board;
. To accept the conveyance of Parcel 101 FEE and authorize the County Manager, or his
designee, to record the conveyance instrument in the public records of Collier County,
Florida;
. To authorize the payment of all costs and expenses that Collier County is required to pay
under the terms of the purchase agreement to close the transaction;
. To authorize the County Manager or his designee to take the necessary measures to ensure
the County's performance in accordance with the terms and conditions of the purchase
Packet Pg.538
16.A.17
01/10/2017
agreement; and
. To authorize any, and all, budget amendments that may be required to carry out the collective
will of the Board.
Prepared By: Karen Dancsec, Property Acquisition Specialist, ROW, Transportation Engineering
Division, Growth Management Department
ATTACHMENT(S)
1.Purchase Agreement (PDF)
2. Location Map (PDF)
3. [LINKED]Appraisal (PDF)
Packet Pg 539
16.A.17
01/10/2017
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.17
Item Summary: Recommendation to approve an agreement for the purchase of a fee simple
property (Parcel 101FEE) required for the Immokalee Stonnwater Improvement Program (Project
60143). Estimated Fiscal Impact: $456,200.
Meeting Date: 01/10/2017
Prepared by:
Title: Property Acquisition Specialist—Transportation Engineering
Name: Karen Dancsec
12/01/2016 2:20 PM
Submitted by:
Title: Division Director -Transportation Eng—Transportation Engineering
Name: Jay Ahmad
12/01/2016 2:20 PM
Approved By:
Review:
Growth Management Department Lisa Taylor Additional Reviewer Completed 12/02/2016 12:39 PM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 12/08/2016 8:03 AM
Growth Management Department Diane Lynch Level 1 Division Reviewer Completed 12/12/2016 1:31 PM
Transportation Engineering Kevin Hendricks Additional Reviewer Completed 12/12/2016 4:13 PM
Growth Management Department Gene Shue Additional Reviewer Completed 12/12/2016 5:10 PM
Procurement Services Allison Kearns Additional Reviewer Completed 12/13/2016 4:45 PM
Capital Project Planning,Impact Fees,and Program Management Amy Patterson Additional Reviewer Completed
Road Maintenance Travis Gossard Additional Reviewer Completed 12/14/2016 8:06 AM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 12/14/2016 4:56 PM
Growth Management Department Jeanne Marcella Level 2 Division Administrator Completed 12/16/2016 1:41 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 12/16/2016 2:07 PM
County Attorney's Office Jeffrey A.Klatzkow Level 3 County Attorney's Office Review Completed 12/16/2016 3:42 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 12/21/2016 4:21 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 12/28/2016 1:38 PM
Board of County Commissioners MaryJo Brock Meeting Pending 01/10/2017 9:00 AM
Packet Pg. 540
16.A.17.a
PROJECT: 60143
PARCEL(s): 101 FEE
FOLIO(s): 22430001026
PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT (hereinafter referred to as the "Agreement") is
made and entered into on this day of , 2017, by and between
SONNY JOSEPH, a married man, whose mailing address is 9430 Turkey Lake Rd
#204, Orlando, FL 32819, (hereinafter referred to as "Owner"), and COLLIER COUNTY,
a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami
Trail East, c/o the Office of the County Attorney, Suite 800, Naples, Florida 34112
(hereinafter referred to as "County").
WHEREAS, County requires a fee estate in that land described in Exhibit "A"
(hereinafter referred to as the "Property"), which is attached hereto and made a part of
this Agreement; andczi
WHEREAS, Owner desires to convey the Property to County for the stated
purposes, on the terms and conditions set forth herein; and N
WHEREAS, County has agreed to compensate Owner for conveyance of the
Property.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($10.00), and other good and valuable consideration, the receipt and sufficiency of
which is hereby mutually acknowledged, it is agreed by and between the parties as
follows: 0.
1. RECITALS - All of the above RECITALS are true and correct and are hereby E
expressly incorporated herein by reference as if set forth fully below, and all
Exhibits referenced herein are made a part of this Agreement.
2. PURCHASE P- RICE - The purchase price (the "Purchase Price") for the
Property shall be $453,173 (Four hundred fifty three thousand, one
hundred seventy three dollars) (U.S. Currency) payable at time of closing,
subject to the apportionment and distribution of proceeds pursuant to
Paragraph 9 of this Agreement (said transaction hereinafter referred to as the
"Closing"). Said payment to Owner, payable by County Warrant or funds wire
transfer, shall be full compensation for the Property conveyed.
3. CLOSING DOCUMENTS AND CLEAR TITLE - Owner shall convey a
marketable title free of any liens, encumbrances, exceptions, or qualifications.
Marketable title shall be determined according to the applicable title standards
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Page 2
adopted by the Florida Bar and in accordance with law. Owner shall obtain
from the holders of any liens, exceptions and/or qualifications encumbering the
Property, the execution of such instruments which will remove, release or
subordinate such encumbrances from the Property upon their recording in the
public records of Collier County, Florida. Prior to Closing and as soon after the
execution of this Agreement as is possible, Owner shall provide County with a
copy of any existing title insurance policy and the following documents and
instruments properly executed, witnessed, and notarized where required, in a
form acceptable to County (hereinafter referred to as "Closing Documents"):
(a) General Warranty Deed;
(b) Instruments required to remove, release or subordinate any and all
liens, exceptions and/or qualifications affecting County's enjoyment w
of the Property;
(c) Closing Statement;
M
(d) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit;
(e) W-9 Form; and N
(f) Such evidence of authority and capacity of Owner and its
representatives to execute and deliver this agreement and all other
documents required to consummate this transaction, as reasonably
determined by County, County's counsel and/or title company.
4. TIME IS OF THE ESSENCE - Both Owner and County agree that time is of the cu
essence. Therefore, Closing shall occur within ninety (90) days of the date of Q
execution of this Agreement or within thirty (30) days of County's receipt of all
Closing Documents, whichever is the later. This agreement shall remain in full
force and effect until Closing shall occur, until and unless it is terminated for c)
other cause. At Closing, payment shall be made to Owner in that amount
shown on the Closing Statement as "Net Cash to the Seller." County shall be
entitled to full possession of the Property at Closing.
5. MISCELLANEOUS REQUIREMENTS - Owner and County agree to do all
things which may be required to give effect to this Agreement immediately as
such requirement is made known to them or they are requested to do so,
whichever is the earlier.
6. REPRESENTATIONS AND WARRANTIES - Owner agrees, represents and
warrants the following:
(a) Owner has full right, power and authority to own and operate the
Property, to enter into and to execute this Agreement, to execute,
Packet Pg. 542
16.A.17.a
Page 3
deliver and perform its obligations under this Agreement and the
instruments executed in connection herewith, to undertake all
actions and to perform all tasks required of Owner hereunder and to
consummate the transaction contemplated hereby.
(b) County'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 Owner to be performed pursuant to the
provisions of this Agreement.
(c) No party or person other than County has any right or option to
acquire the Property or any portion thereof.
(d) Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Owner 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,
without first obtaining the written consent of County to such
conveyance, encumbrance, or agreement which consent may be
withheld by County for any reason whatsoever. `D
(e) There are no maintenance, construction, advertising, management,
leasing, employment, service or other contracts affecting the
Property.
(f) Owner has no knowledge that there are any suits, actions or
arbitration, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or
pending or threatened which affect the Property or which adversely 2
affect Owner's ability to perform hereunder; nor is there any other
charge or expense upon or related to the Property which has not c
been disclosed to County in writing prior to the effective date of this E
Agreement.
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(g) County is entering into this Agreement based upon Owners
representations stated in this Agreement and on the understanding
that Owner will not cause the 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, Owner 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 adversely affect the physical condition of the
Property or its intended use by County.
(h) The Property and all uses of the Property have been and presently
are in compliance with all Federal, State and Local environmental
Packet Pg. 543
16.A.17.a
Page 4
laws; that no hazardous substances have been generated, stored,
treated or transferred on the Property except as specifically
disclosed to the County; that the Owner has no knowledge of any
spill or environmental law violation on any property contiguous to or
in the vicinity of the Property to be sold to the County, that the
Owner has not received notice and otherwise has no knowledge of
a) any spill on the Property, b) any existing or threatened
environmental lien against the Property or c) any lawsuit, proceeding
or investigation regarding the generation, storage, treatment, spill or
transfer of hazardous substances on the Property. This provision
shall survive Closing and is not deemed satisfied by conveyance of
title.
7. INDEMNIFICATION - Owner shall indemnify, defend, save and hold harmless
the County against and from, and reimburse the County with respect to, any w
and all damages, claims, liabilities, laws, costs and expenses (including without o
limitation reasonable paralegal and attorney fees and expenses whether in
court, out of court, in bankruptcy or administrative proceedings or on appeal),
penalties or fines incurred by or asserted against the County by reason or
arising out of the breach of any of Owner's representations under paragraph
7(h). This provision shall survive Closing and is not deemed satisfied by
conveyance of title.
8. CURATIVE INSTRUMENTS, PROCESSING FEES, TAXES - County shall pay
all fees to record any curative instruments required to clear title, and all
Warranty Deed recording fees. In addition, County may elect to pay a
reasonable processing fees required by mortgagees in connection with the N
execution and delivery of a Release or Subordination of any mortgage, lien or
other encumbrance recorded against the Property; provided, however, that any
apportionment and distribution of the full compensation amount in Paragraph 2
which may be required by any mortgagee, lien-holder or other encumbrance-
holder for the protection of its security interest, or as consideration due to any
diminution in the value of its property right, shall be the responsibility of the 0
Owner, and shall be deducted on the Closing Statement from the
compensation payable to the Owner per Paragraph 2. County shall have sole
discretion as to what constitutes "reasonable processing fees
9. DOCUMENTARY STAMP AND PRIOR YEAR AD VALOREM TAXES - There
shall be deducted from the proceeds of sale all prior year ad valorem taxes and
assessments levied against the parent tract property which remain unpaid as of
the date of Closing. Furthermore, in accordance with the exemptions provided
for in Section 201.01 , Florida Statutes, concerning payment of documentary
stamp taxes by County, Owner shall pay all documentary stamp taxes required
on the instrument(s) of transfer, unless the Easement is acquired under threat
of condemnation.
Packet Pg. 544
16.A.17.a
Page 5
10. CLOSING STATEMENT ADJUSTMENTS - All current ad valorem real estate
taxes due on the Property during Owner's term of possession, and all
maintenance charges and assessments due from Owner, for which a bill is
rendered prior to closing, will be charged against Owner on the closing
statement. Real Property taxes shall be prorated based on the current year's
tax and paid by Owner. If Closing occurs at a date when the current year's
millage is not fixed, taxes will be prorated based upon such prior year's millage.
11. EFFECTIVE DATE - 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
trustees, and/or assignees, whenever the context so requires or admits.
12. PUBLIC DISCLOSURE - If the Owner holds the Property in the form of a
partnership, limited partnership, corporation, trust or any form of representative o
capacity whatsoever for others, Owner shall make a written public disclosure,
according to Chapter 286, Florida Statutes, under oath, subject to the penalties
prescribed for perjury, of the name and address of every person having a
beneficial interest in the Property before the Property held in such capacity is •)
conveyed to County. its successors and assigns. (If 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 E
Statutes.}
13. ENTIRE AGREEMENT - Conveyance of the Property by Owner is contingent
upon no other provisions, conditions, or premises other than those so stated
herein: and this written Agreement, including all exhibits attached hereto, shall
constitute the entire Agreement and understanding of the parties, and there are
no other prior or contemporaneous written or oral agreements, undertakings,
promises, warranties, or covenants not contained herein. No modification,
amendment or consensual cancellation of this Agreement shall be of any forceco
or effect unless made in writing and executed and dated by both Owner and
County.
14. SEVERABILITY - Should any part of this Agreement be found to be invalid,
then such invalid part shall be severed from the Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and not be
affected by such invalidity.
15. VENUE - This Agreement is governed and construed in accordance with the
laws of the State of Florida.
Packet Pg. 545
I 6.A.1 7.a
Page 6
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.
AS TO COUNTY:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY: Cu"
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Deputy Clerk DONNA FIALA, CHAIRMAN u_
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Aitness (Signature) SONNY JOSEPH
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Last Revised: 12/10/2014
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Packet Pg. 546
16.A.17.a
Exhibit "A"
Tract 3, Arrowhead Reserve at Lake Trafford - Phase One, according to the map
or plat thereof as recorded in Plat Book 42, Page 94, Public Records of Collier
County, Florida. Parcel Identification Number 22430001026
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APPRAISAL REPORT
FOR
COLLIER COUNTY BOARD OF
COUNTY COMMISSIONERS
SUBJECT PROPERTY:
ARROWHEAD RESERVE AT LAKE TRAFFORD
PHASE I – TRACT 3
IMMOKALEE, FL 34142
AT THE REQUEST OF:
COLLIER COUNTY BOARD
OF COUNTY COMMISSIONERS
3299 TAMIAMI TRAIL E. STE. 700
NAPLES, FL 34112
ASSIGNMENT NO.:
4703-TS
APPRAISAL EFFECTIVE DATE:
AUGUST 17, 2016
DATE OF REPORT:
SEPTEMBER 02, 2016
4703 Report Table of Contents
Carroll & Carroll, Inc.
Table of Contents
SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1
CERTIFICATION ..................................................................................................................................... 2
SCOPE OF WORK ................................................................................................................................... 4
DEFINITION OF FAIR MARKET VALUE .......................................................................................... 5
AREA INFORMATION .......................................................................................................................... 6
MARKET AREA ..................................................................................................................................... 17
PROPERTY INFORMATION ............................................................................................................... 25
SITE DESCRIPTION .......................................................................................................................... 26
SUBJECT PHOTOGRAPHS .............................................................................................................. 30
ENVIRONMENTAL CONTAMINATION .................................................................................... 33
NATURAL RESOURCE CONCERNS ............................................................................................ 34
ZONING .............................................................................................................................................. 35
ASSESSMENT AND TAXES ............................................................................................................ 38
FLOOD ZONE DATA ....................................................................................................................... 39
TRANSACTIONAL HISTORY ........................................................................................................ 41
CURRENT STATUS ........................................................................................................................... 41
HIGHEST AND BEST USE ................................................................................................................... 42
CONSIDERATION OF APPROACHES ............................................................................................. 43
SALES COMPARISON APPROACH ................................................................................................. 44
LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 45
VACANT LAND COMPARABLES ................................................................................................ 46
SALES ADJUSTMENT GRID ........................................................................................................... 57
ESTIMATE OF VALUE ..................................................................................................................... 61
ADDENDA ............................................................................................................................................. 63
4703 Report Summary of Important Data & Conclusions
Carroll & Carroll, Inc. 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
Tract 3, Arrowhead Reserve at Lake Trafford – Phase I
Immokalee, FL 34142
Property Description
28.14 acres of vacant land located at the southwest corner of
Lincoln Boulevard and Carson Road in Immokalee, FL.
Property Type Vacant Residential Land
Owner of Record Sonny Joseph
Property ID # 22430001026
CLIENT INFO & VALUE CONCLUSIONS
Client Collier County Board of County Commissioners
Intended Use
To assist in asset management including purchase
negotiations.
Intended Users Collier County Board of County Commissioners
PO Number 4500170011
Appraisal Effective Date 17 August 2016
Date of Report 02 September 2016
Date of Inspection 17 August 2016
Purpose of the Appraisal Estimate Market Value
Estate Appraised Fee Simple
Estimated Market Value $450,000
GENERAL INFO
Appraisers
Raymond E. Carroll, MAI, SRA
State-Certified General Real Estate Appraiser RZ165
Timothy W. Sunyog, MAI
State-Certified General Real Estate Appraiser RZ3288
Scope of Work All applicable approaches to value were developed.
EXTRAORDINARY ASSUMPTIONS AND LIMITED CONDITIONS
None
4703 Report Certification
Carroll & Carroll, Inc. 2
CERTIFICATION
WE CERTIFY THAT, TO THE BEST OF OUR KNOWLEDGE AND BELIEF:
We personally inspected the subject property. We also made an inspection of all
comparable sales or listings identified in the report.
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.
We have no present or prospective interest in the property that is the subject of this
report and no personal interest with respect to the parties involved.
In the three years immediately prior to acceptance of this assignment we have not
performed any services regarding the subject property as appraisers, or in any other
capacity.
We have no bias with respect to the property that is th e subject of this report or the
parties involved with this assignment.
Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
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.
Our analyses, opinions and conclusions were developed, and this report was prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice. We are
also subject to the Code of Ethics and Standards of Professional Pra ctice 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.
4703 Report Certification
Carroll & Carroll, Inc. 3
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, Raymo nd E. Carroll has completed the requirements of the
continuing education program of the State of Florida, and for Designated Members of
the Appraisal Institute. As of the date of this report, Timothy W. Sunyog has completed
the requirements of the continuing education program of the State of Florida, and for
Designated Members of the Appraisal Institute.
CARROLL & CARROLL, INC.
Raymond E. Carroll, MAI, SRA Timothy W. Sunyog, MAI
Cert Gen RZ165 Cert Gen RZ3288
4703 Report Scope of Work
Carroll & Carroll, Inc. 4
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:
Personally inspected and photographed the subject property.
Reviewed aerial photographs, land use plans, the Land Development Code, and other
documentation
Reviewed how the property relates to its neighborhood and to the broader market area
in development of an opinion of highest and best use
Researched the market area for sales and listings of comparable vacant land
Developed the sales comparison approach
Estimated market value “As Is”
Prepared an appraisal report summarizing the appraisal assignment, the property
appraised, the application of the appraisal methodology, and the logical support for the
value conclusion
Sources of market data included local and regional MLS systems, CoStar, LoopNet, the public
records and interviews with real estate brokers.
4703 Report Definition of Market Value
Carroll & Carroll, Inc. 5
DEFINITION OF FAIR 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
A reasonable exposure time that has already occurred as of the appraisal effective date is a
premise of this and most other market value definitions. The assumed reasonable exposure
time was approximately 9 to 12 months.
4703 Report Collier County Area Analysis
Carroll & Carroll, Inc. 6
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, a recognized
source.
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 60% 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
4703 Report Collier County Area Analysis
Carroll & Carroll, Inc. 7
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 located in
north Collier County and is the agricultural center of the region.
POPULATION
“The social forces studied by appraisers primarily relate to population characteristics.
Because the demographic composition of the population reveals the potential demand for
real estate, proper analysis and interpretation of demographic trends are required. 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 12th Edition)
Collier County’s population has continued to increase year after year. The population has
grown at an annual rate of 1.47% from 2010 to 2015. The population forecasts through 2020
call for a continued steady growth cycle at an estimated annual rate of 1.97% or 6,972 people
per year.
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
2000 2005 2010 2015 2020 2025 2030 2035 2040
Collier County Population
Florida Office of Economic & Demographic Research / Florida Demographic
Estimating Conference, Feb 2014
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Collier County for years has been one of the nations’ fastest growing County’s, historically
outperforming the state. Population increases began in 2010, trending once again towards
outperforming the state. Strong growth is expected at 5 to 10% annually through 2020.
Collier County is a popular retirement destination. As of 2014, 54.10% of the County’s
residents are over the age of 45. The 2019 forecasts depict an aging community with 55.20%
of the population 45 years of age or older.
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EMPLOYMENT
Collier County is a largely service based economy with 40% of the employees in this
industry. Trade, transportation, & utilities along with government jobs account for 38% of
the County’s employees. Industries such as natural resources/mining, construction, and
manufacturing make up only 12% of the market.
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The unemployment rate in Collier County exceeded the state average by a slight margin in
the years 2008 through 2010. The unemployment rate has continued to decline as the
economy has improved with unemployment rates now less than the state.
INCOME
As of 2014 the per capita income within Collier County was 35% higher than the state
average. Projections through 2016 depict Collier County per capita income levels increasing
at a rate slower than that of the state.
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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 8% in this range. Collier County's percentage household incomes ranging from
$25,000 to $99,999 mirror that of the state. The other discrepancy lies at the other end of the
range where the state percentage of household incomes under $25,000 is significantly
greater than that of the county.
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, street lights 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
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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
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 as[halt
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
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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.
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
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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 2014 were 95,120,
which is a 3.84% increase from the previous year. Due to its downtown location, Naples
airport has restricted operations of the most noisy jet aircraft and is at the leading edge o f
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
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 a 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 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 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
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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 2010 there were more than
22,000 registered vessels in Collier. 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 45,517 students
encompassing grades K-12. There are a total of 48 public schools consisting of 29
elementary, 10 middle, 8 high schools and one K-12 (Everglades City School). There are
also 12 alternative school programs. In addition to the public school system there are
numerous private schools scattered throughout the county. The Collier County School
District continues to receive a “B” grade by the State of Florida Department of Education.
By definition an “A” or “B” grade delineates high performance. Between 2013 and 2015 the
school district had an overall population growth of more than 1,414 students.
Collier County is also home to several colleges and accredited Universities including Ave
Maria University (1,019 students), Florida Southwestern State College (15,705 students), and
Hodges University (2,228 students). Nearby Florida Gulf Coast University (located in
southern Lee County) is one of the state's fastest growing institutions and home to over
14,673 students.
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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 a return to 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 from and in which the
majority of competition is located.” (The Dictionary of Real Estate Appraisal 6th Edition)
BOUNDARIES
The subject property is located within an area of the county generally known as Immokalee.
For appraisal purposes the subject's market area boundaries are;
North Collier/Hendry County Line
South Oil Well Road
East Collier/Hendry County Line
West Collier/Lee County Line
RELEVANT FACTS
The property being appraised lies within the boundaries of the Immokalee Planning
Community which is a 26 square mile area centered on the unincorporated community of
Immokalee. Immokalee is located in north central Collier County approximately 25 miles
east of the Gulf of Mexico, six miles south of the Collier County-Hendry County line and 18
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miles north of I-75. The Immokalee area is home to Lake Trafford, which is the largest lake
in Collier County encompassing 1,500 acres.
At the county's formation in 1923, Immokalee was the only non-coastal settlement. Today it
remains the only interior community of considerable size. Immokalee was fairly isolated
from the coastal area until the Immokalee Road (CR-846) was rebuilt and resurfaced in
1955-56. With major improvements to the transportation system, Immokalee became a
thriving center of ranching, farming and lumbering.
Immokalee is the agricultural center of an area that includes parts of Collier, Lee, Glades
and Hendry counties. The economy is dominated by the agricultural industry which
employs over a third of the working population in ranching, truck farms and citrus. This
industry has made Immokalee the leading domestic producer of winter vegetables for the
United States. Most of the land and agricultural business is vested in a few large corporate-
owned enterprises.
TRANSPORTATION
The subject neighborhood is accessed by several major roadways including Immokalee
Road (CR 846), State Road 29, State Road 82, and Oil Well Road.
Immokalee Road (CR 846) is a 6-lane, divided, east-west arterial highway connecting the
north coastal community with north, interior Collier County and ultimately with t he
regional agricultural center of Immokalee. East of the I-75 interchange, Immokalee Road has
been widened to six lanes as far as the Orangetree subdivision at Oil Well Road. The
remaining ±16 miles to Immokalee is a two lane asphalt road that is heavily traveled and
dangerous due to morning and evening rushes mixing with heavy truck traffic. The
extension of four lanes on to Immokalee is not in the current 5-year plan. This is the
County's northernmost relevant east/west arterial. Development along Immokalee Road is
clustered almost exclusively west of Collier Boulevard at the major intersection of Collier
Boulevard, Interstate I-75, Airport Road and Tamiami Trail. Development consists of
single/multi-family residential, as well as office and retail uses.
State Road 82 is two/four land arterial road extending from US-41/Cleveland Avenue in
Downtown Fort Myers and extending east 29 miles until it ends at State Road 29. The road
serves the City of Fort Myers, Lehigh Acres, and the Immokalee area. Development varies
from intense commercial development in the Fort Myers area to farmlands/wetlands as it
approaches State Road 29.
Oil Well Road is a primarily 4-lane east-west asphalt paved road extending east from
Immokalee Road approximately 10 miles to the entrance of Ave Maria. Development along
this road begins with a mixture of single-family residential near Immokalee Road and
gradually changes to open farmland.
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State Road 29 is the principal highway through Immokalee. This two lane, asphalt surfaced
highway runs south from Immokalee to Everglades City in the Ten Thousand Islands and
north from Immokalee to La Belle in Hendry County. State Road 82 intersects State Road 29
north of Immokalee providing access into the City of Fort Myers. The state road system
leading into Immokalee is in good condition.
The Immokalee urban area traffic network is focused on Main Street (State Road 29) as it
passes from east to west through the center of town and then turns north toward LaBelle.
Immokalee Road (CR-846) from Naples enters south Immokalee, turns east joining Main
Street, then continues into the agricultural areas of Hendry County about 8 miles east of
Immokalee. Asphalt surfaced, 2-lane local collectors consist of New Market Road/Westclox,
a northwest-southeast neighborhood collector through the heart of the agricultural market
area and into the northwest residential neighborhoods, Immokalee Drive, an east -west
neighborhood collector serving developing residential districts west of SR-29 and Lake
Trafford Road, a medium collector connecting the northwest Immokalee commercial district
on SR-29 with residential neighborhoods and the Lake Trafford recreational area three miles
west. Local streets, sometimes asphalt paved and sometimes not, are typically laid out on a
grid pattern. Connectivity is fairly good, but the community remains segmented by the road
system.
DEMOGRAPHICS
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2000 2010 2012 2014 2016 2021
Year
Population Growth Chart
PopulationU.S.Census Bureau, Census 2010 Summary File 1. Ersi forecasts for 2012 and 2014 & Esri Forecasts for 2016 and 2021
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The years between 2000 and 2010 saw the most substantial influx of population in years.
Population increased 24.6% over that ten-year period. The population is projected to
increase an additional 10.88% over the next five years, which will mainly be attributable to
the growth and development of Ave Maria. The population also nearly doubles during the
winter months in Immokalee due to agricultural seasonality. This increase occurs during
the winter when the harvest season for vegetables and citrus is at its peak.
Population demographics are considerably different from Collier County as a whole. The
2016 Immokalee median age was estimated at 27.7 while the Collier County median age
estimate was 49.3. In 2016, 73.2% of Immokalee's population was of Hispanic origin, which
may be of any race, in comparison to 27.8% of the remainder of Collier County's population
being of Hispanic origin. Incomes within this neighborhood are substantially less than the
county average. The average household income in 2016 was $45,129, 49.1% lower than the
county average of $88,733. In the subject neighborhood 53% of the households have annual
incomes less than $35,000, compared to the county average of only 29.8%. The economy of
rural Southwest Florida has been and continues to be based primarily on agriculture, which
has not kept pace with job growth and income levels throughout the state of Florida. Rural
Florida continues to have lower earned income, higher unemployment, lower property
values and fewer opportunities for employment.
0%3%6%9%12%15%18%21%
< $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000+Salary RangePercentage
U.S.Census Bureau, Census 2010 Summary File 1. Ersi forecasts for 2016 and 2021
Average Household Income
Salary RangePercentage
U.S.Census Bureau, Census 2010 Summary File 1. Ersi forecasts for
Average Household Income
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DEVELOPMENT TRENDS
Residential development density varies from less than one unit per 10 acres in agricultural
districts, to as high as eight units per acre in the high density residential areas in
Immokalee. Immokalee is an area of housing diversity ranging from large ranch style
homes to low income housing. Some areas are kept clean and maintained properly while
others suffer from housing and health violations, incompatible land uses and the
accumulation of trash and junk. There is a concerted effort to remedy this situation without
displacing the indigent population which has nowhere else to go. In general, the density of
residential development is relatively high and there are many substandard structures.
2016 2021
Population 29,536 32,749
Households 7,125 7,937
Families 5,624 6,247
Average Household Size 3.95 3.95
Owner Occupied Housing Units 2,771 3,048
Renter Occupied Housing Units 4,354 4,889
Median Age 27.7 28.6
Median Household Income $32,651 $34,181
Average Household Income $45,129 $49,242
Per Capita Income $12,902 $13,798
U.S. Census Bureau, Census 2010 Summary File 1. Ersi forecasts for 2016 and 2021
Neighborhood Summary
The housing units in this neighborhood consist of a mix of renter and o wner occupied
housing units. In 2016, the median home value of $91,781 is substantially less than the
county median of $343,181.
Commercial
The majority of the commercial development in this neighborhood is located along Main
Street/SR 29 and New Market Road. The newest development is located near the
intersection of Lake Trafford Road and SR 29. This is where the majority of the franchise
restaurants and national companies are located. Small commercial businesses support the
majority of neighborhood needs. Small retail shops are about 50% owner occupied family
businesses. Commercial businesses run the gamut from ethnic restaurants, grocery,
hardware, clothing, furniture, and auto parts. Most of the commercial buildings are over 40
years old and are legally nonconforming with current development standards.
Redevelopment would require larger setbacks hence, gentrification and routine
maintenance has allowed buildings to exist beyond their economic and physical life
expectancy. The County has implemented incentive programs to beautify facades of
buildings along Main and First Street. Only a few buildings have undertaken the incentive
program. Many of the larger businesses in the neighborhood are agriculturally related and
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function as produce packing and shipping operations that operate primarily during harvest
season. These large agricultural businesses provide most of the employment.
Immokalee also has a large industrial component that is located on the east side of town
where processing plants, packing houses and similar agri-industrial uses are located. The
Public Facilities category is composed of the Immokalee Airport, the University of Florida
Institute of Food and Agricultural Science (IFAS) experimental farm, the Seminole Indian
reservation, schools and government facilities.
The Seminole Casino Immokalee is a 24 hour/7 days a week casino located along east side of
Immokalee Road as you enter into Immokalee. Gaming at the casino includes blackjack,
high paying slots and live-action poker. In 2009 the casino received a $22 million
renovation. The casino now contains 75,600 square feet and a 750 seat outdoor pavilion for
music performances was also added. The newest addition to The Seminole Casino
Immokalee is the Seminole Casino Hotel which offers 19 suites along with 80 deluxe rooms.
Total Businesses 643
Total Employees 11,296
Total Population 29,536
Employee/Pop. Ratio 0.38:1
NEIGHBORHOOD BUSINESS SUMMARY
Industry Businesses Employees
Agriculture/Mining 32 1,094
Construction 34 150
Manufacturing 10 54
Transportation 24 108
Communication 13 98
Utility 5 43
Wholesale Trade 36 1,070
Retail Trade 138 1,749
Finance/Insurance/Real Estate 72 241
Services 223 5,749
Government 41 933
Unclassified Establishments 14 10
U.S. Census Bureau, Census 2010 Summary File 1. Ersi forecasts for 2016 and 2021
According to the business summary report, the service, retail trade, and agriculture/mining
industries lead the neighborhood business sector. However, the agriculture industry does
dominate this area and the above report might not take into account the number of part
time/seasonal employees. The agriculture economy is primarily based on a combination of
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commodity prices and crop yields. In other words, if the farmers are making money, so will
the local and regional businesses. Farming is always uncertain and usually has a pattern of
a few exceptional years to more years of marginal profit or worse. Over time the lean and
rich years appear to average out to a steady economy. Agricultural labor is the driving force
behind the neighborhood. During peak harvest season (Oct-May) the immediate area is
inundated by Mexican, Guatemalan, and Haitian migrant populations requiring close
proximity to local employment or local crew bus pick-up points for field harvesting.
The Collier County School Board operates four elementary schools, one middle school and
one high school. These schools are located within walking distance of most of the urban
area and are easily assessable by those who require transportation by school bus. Also
located in the neighborhood is the Immokalee Technical Center. The Immokalee Technical
Center is a three-story, 90,000 square foot state of the art career center, with technical
education programs for high school students and adults. The center offers programs in
industrial engineering, health services, business technology, and human services.
Also located in this neighborhood is the Town of Ave Maria which includes an entire town
and a University. Ave Maria is accessible from both Oil Well Road and Camp Keais Road.
The campus and town are 30 miles from Naples and just 10 miles from Immokalee. Ave
Maria totals about 5,000 acres, of which nearly 20% has been designated as the University
campus. When completed, the Town will contain some 11,000 residential dwellings in a
wide variety of price ranges and neighborhoods. Residential units include rental
apartments, condominiums, starter homes, and estate homes. Over the last few years there
has been a residential boom in Ave Maria ranking it as the number one selling single-family
community in the Naples-Ft Myers market for the fifth consecutive quarter, according to a
Metro Study first report for 2016. Ave Maria had 287 new home starts and 292 move-ins
over the past 12 months.
The goal of the University is to become the major Catholic University in the south, with
some 5,000 graduate and undergraduate students. Also within Ave Maria is the Arthrex
Commerce Park. Arthrex, Inc. is a world renowned medical company. The first phase of the
park consists of a 197,000 square foot manufacturing facility on 57 acres, opened in the
summer of 2013. The Arthrex Commerce Park will eventually encompass 200 acres to
accommodate future growth.
The full range of municipal services and utilities is available to the subject neighborhood.
Fire protection is provided by the Immokalee Fire District, with police protection provided
by the Collier County Sheriff's Department. Police and fire protection are average.
Community support facilities such as schools, parks, churches, shopping, and places of
employment are all located within this neighborhood.
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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.
There has been considerable recovery in the Immokalee residential real estate market,
especially in Ave Maria which continues to be the number one selling single-family
community in the Naples-Ft Myers. Well located commercial land in Immokalee has also
increased, but other segments of the commercial market including agricultural
packing/distribution facilities appear to have remained flat for at least the past five years.
Overall, the market area is considered to be in a period of growth.
CONCLUSION
In summary, this neighborhood is primarily supported by Immokalee’s agri-business. The
success of future commercial development depends on the vitality of Florida agriculture in
a global economy. The outlook for the foreseeable future is always uncertain with the
volatility of agricultural markets and legislation on international trade. Future growth of
gaming and Ave Maria will help to stabilize and diversify Immokalee’s economy.
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PROPERTY INFORMATION
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SITE DESCRIPTION
Legal Description Tract 3, Arrowhead Reserve at Lake Trafford – Phase One,
according to the map or plat thereof as recorded in Plat
Book 42, Page 94, Public Records of Collier County, Florida.
Property ID# 22430001026
Owner of Record Sonny Joseph
Size 28.14 gross acres
Easements The parcel is subject to a 10’ wide public utility easement
along the south side of Lincoln Boulevard and a drainage
easement (Lake 16) along the western boundary
encumbering approximately 1.90 acres.
Given the drainage, water retention, and open space
requirements of the land development code, the location
and size of the easements do not have a negative impact on
the property. Therefore, the gross land area will be used in
our analysis.
Shape Irregular
Frontage The subject fronts for approximately 836 feet along the
south side of Lincoln Boulevard and for 450 fee along the
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west side of Carson Road. side of Coconut Road
Access Access is full service via Lincoln Road and Carson Road.
Topography The terrain is mostly level and at road grade.
Ground Cover The northern half of the property is cleared and the
southern half of the property is covered in native
vegetation.
Elevation Approximately 32 to 35 feet above mean sea level NGVD.
Utilities All available
Concurrency The service levels along the adjacent road system are within
acceptable limits as defined by Collier County. There are no
concurrence issues adversely affecting this property.
There was a moratorium on development in Arrowhead
Reserve due to the incompleteness off-site improvements
that were committed by the original developer. The largest
property owners (owners of large tract or multiple lots)
contributed a total of $300,000 for the committed
improvements including a turn lane on Carson Road and
sidewalk replacement on Lake Trafford Road. The
contribution satisfied the county and new development can
commence.
Surrounding Land Uses Surrounding land uses consist primarily residential uses.
Land to the north, west, and south are all part of the
Arrowhead Reserve at Lake Trafford development. Located
north of the subject is the Crestview Park Apartments and
to the west are vacant single-family lots. South of the
subject is vacant land dedicated as preserve. Located east
of the subject across Carson Road is vacant and improved
single-family residential and mobile home parks.
Improvements None
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SUBJECT PHOTOGRAPHS
View to the east along Lincoln Boulevard.
View to the north along Carson Road.
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View to the south along the western boundary.
View to the southeast from the northwest corner of the property.
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View to the northwest from Carson Road.
View to the southwest from Carson Road.
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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 property is covered in a heavy cover of native
and exotic vegetation on the southern half of the
property. Based on the ground cover and elevation
it does not appear that any of the property would
be considered jurisdictional wetlands.
Noted Concerns None
Natural Resource Audits Available No
Impact on Value None
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 Growth Management Plan
(Immokalee Area Master Plan)
Future Land Use Designation Low Residential Subdistrict
Purpose of Designation The purpose of this designation is to provide a
subdistrict for low density residential development.
Residential dwellings shall be limited to single-
family structures and duplexes. Multi-family
dwellings shall be permitted to provide they are
within a PUD. A density less than or equal to four
dwelling units per gross acre is permitted.
ZONING
Ordinance or Land Development
Code
Collier County
Zoning MPUD – Mixed Use Planned Unit Development
Purpose/Intent of Zoning The purpose and intent of establishing the planned
unit development district (PUD) is to provide
procedures and standards to encourage mixed use
planned developments that may be situated at
appropriate locations, or planned developments that
may or may not be mixed use in the urban fringe
areas, all in accordance with the planning and
development objectives of the county under the LDC
and the GMP. It is further the purpose and intent of
these PUD regulations to encourage ingenuity,
innovation and imagination in the planning, design,
and development or redevelopment of relatively
large tracts of land under unified ownership or
control. PUDs produced in compliance with the
terms and provisions of this LDC and the GMP may
depart from the strict application of setback, height,
and minimum lot requirements of conventional
zoning districts while maintaining minimum
standards by which flexibility may be accomplished,
and while protecting the public interest.
The subject is part of the Arrowhead MPUD, which
encompasses 307.30 acres. The MPUD is approved
for a total of 436 single-family dwelling units, and
809 multi-family dwelling units or a total of 1,245
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residential units reflecting an average density of 4.03
units per acre. The number of single-family units
may be increased with a corresponding reduction in
the number of multi-family units.
As of December 15, 2015 a total of 114 single-family
homes have been developed and 332 multi-family
units. Therefore, there are a total of 322 remaining
single-family homes and 477 multi-family units
remaining.
A total of 15.00 acres are approved for a maximum
of 130,680 square feet of commercial uses.
The 809 multi-family units are permitted on three
designated land tracts. Tract 1 has been partially
developed with 28 units and identified as
Townhomes at Trafford Isle. Tract 2 is developed
with Crestview Apartments, a 304-unit apartment
complex. The subject site is identified as Tract 3 of
Arrowhead Reserve at Lake Trafford. Permitted
uses include multi-family dwellings, including
garden apartments. Based on what has already been
developed, there are 477 units remaining. We also
interviewed the owner, Sonny Joseph, who said that
he was told that his property was approved for 290
multi-family units reflecting a density of 10.31 units
per acre.
The maximum building height is 35 feet and the
minimum size for an efficiency unit is 450 square
feet, 600 square feet for one bedroom units, and 750
square feet for two bedroom units.
Copies of pertinent sections of the Comprehensive Plan and Land Development Code are
included in the Addendum.
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ASSESSMENT AND TAXES
By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st
of the tax year. Since annual tax assessments are based on sales from previous years,
depending upon market trends, assessed values can fall on either side of the current
market value estimate. The tax assessment is usually not a reliable indicator of market
value.
Parcel Tax ID 22430001026
Assessment and Tax Year 2016 Preliminary Assessment
Land Assessment $153,075
Improvement Assessment $0
Total Assessment $153,075
Taxes $2,284.30
Immokalee Water & Sewer $11,257.51
Total Taxes (March Payment) $13,541.81
Taxing Authority/Jurisdiction Collier County
The property is assessed in a manner consistent with other similar parcels. The land is
assessed at $5,440 per acre, which is significantly less than the range of the recent land
sales. The 2016 preliminary assessment reflects no change from 2015.
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FLOOD ZONE DATA
Flood Zone X, X500 and AH
Flood Zone Comments Zone X – Areas subject to inundation by the
0.2% annual chance flood with average
flood depths of less than 1 foot or with
drainage areas less than 1 square mile
Zone X500 – Areas subject to inundation by
the 0.2% annual chance flood with average
flood depths of less than 1 foot or with
drainage areas less than 1 square mile.
Zone AH – Areas of 1% annual-chance
shallow flooding with a constant water-
surface elevation (usually areas of ponding)
where average depths are between 1 and 3
feet. Base flood elevations determined.
Community Panel Number 12021C0140H
Revised May 16, 2012
Source National Flood Insurance Program
Flood Insurance Rate Maps
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TRANSACTIONAL HISTORY
Sales History The property sold March 7, 2013 for $110,000
or $3,909 per gross acre of land area. The sale
was from Regions Bank to Sonny Joseph as
recorded in O.R. Book 4894, Page 2101 of the
Public Records of Collier County, Florida.
We verified the sale with the buyer who said
that the sale was arm’s-length. This was a
bank sale. Due to the fact this was a bank sale
and the improving market conditions, the
previous sale is not a good indicator of
market value.
CURRENT STATUS
Subject Listed for Sale No
Subject Under Contract No
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HIGHEST AND BEST USE
DEFINITION
For typical appraisal practice in the United States, The Dictionary of Real Estate Appraisal,
Sixth Edition, published 2015 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
Legally Permissible: The Immokalee Area Master Plan identifies the property as within an
area designated Low Residential Subdistrict and the current zoning MPUD. The subject is
approved for multi-family development and could be developed with a maximum of
approximately 290 residential units or a density of 10.31 units per gross acre.
Single-family is also legally permissible which would require an amendment to the MPUD.
Physically Possible: Although the shape is irregular, it does not restrict the development
potential. All utilities are available to the site. The location suggests residential
development given the surrounding land uses.
Financially Feasible: Single-family residential development is financially feasible, but only
at a minimal land value. We interviewed Gary Hains, purchaser of over 300 single-family
lots in Arrowhead Reserve over the past few years. They have sold 15 homes over the past
year ranging from $175,000 to $215,000. However, they were able to purchase finished lots
for between $1,000 and $2,000 per lot. Their land component is so minimal that they are
able to make a profit. To develop vacant single-family lots today would cost approximately
$45,000 per lot, assuming a 50-foot wide lot. With a finished lot cost of $45,000, single-
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family development is not feasible. The site could also be subdivided into large home sites,
2 to 5 acres. Given the cost to put in the infrastructure it is also not financially feasible.
There has been no new multi-family developed in Arrowhead Reserve since 2008. There are
28 townhomes at the Townhomes at Trafford Isle and 304 apartments in the Crestview
Apartment complex. Crestview is the newest apartment complex in Immokalee and
commands the highest rates. We interviewed the leasing agent at Crestview Apartments,
who said that their current rates range from $775 per month for a 2 bedroom/2 bathroom to
$900 for a 3 bedroom/2 bathroom. The leasing agent said that they are at least 95% occupied
throughout the year with the winter months being 100%.
Copied in the Addendum is a feasibility rent analysis of a 317-unit apartment complex
assuming an average unit size of 887 square feet. We estimated the construction costs to be
$100.00 per square foot (concrete block building). Included are estimated construction costs,
site improvements, soft costs at 10% (impact fees, financing costs, etc.) and a 15%
entrepreneurial profit. We assumed a land cost of $0 to determine if development is
financially feasible. We also assumed a 6.50% CAP rate, 30% operating expense ratio, and a
10% vacancy and collection loss. The analysis concluded an annual feasibility rent of $13.53
per square foot or $1,000 per month. This is significantly higher than the average rental rate
of $816 per month in Crestview. The rental rate at Crestview is also heavily subsidized
along with the majority of the apartment complexes in Immokalee. Determining whether
subsidized housing is financially feasible is beyond the scope of our assignment. Non-
subsidized apartments are clearly not financially feasible.
Condominium/townhome development is an unproven residential product in Immokalee
and is not financially feasible.
Maximally Productive: The maximally productive use is that the site be held until
development is financially feasible.
CONSIDERATION OF APPROACHES
Only the sales comparison approach is appropriate for this vacant parcel.
The cost depreciation approach was not developed as there are no improvements to which a
cost analysis and depreciation could apply.
The income capitalization approach was not developed either because the property is not of a
type that generates revenue, or the potential revenue it might generate would be so minor
that it would not form the basis for valuation.
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SALES COMPARISON APPROACH
INTRODUCTION
In the sales comparison approach, the subject property is compared with similar properties
that have sold 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.
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.
SALES DATA
Due to the fact that no residential uses are currently financially feasible and the entitlements
have minimal impact on value, we included a wide range of entitled and non-entitled
comparable sales. Due to the Immokalee location and characteristics of subject property we
sought to bracket the subject within the range indicated by comparables inferior and
superior. This is preferable to a conventional adjustment process where the magnitude of
adjustments is likely to be great and there is insufficient support for specific adjustments.
Seven closed sales and one current listing were identified as the best available for analysis.
The sales were analyzed on the basis of dollars per acre. This unit of value is commonly
employed by the local real estate market and it lends itself well to our analysis.
Data for the comparable sale properties is presented on the following pages. Each
comparable sale property is identified by number. The location of each comparable can be
determined from the location map immediately following this page.
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LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES
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VACANT LAND COMPARABLE 01
ADDRESS 6024 Pepper Road, Immokalee, FL 34142
PROPERTY ID NO. 00052920206
SALE PRICE $130,000
UNIT AREA 18.90 acres
UNIT PRICE $6,878 per acre
DATE OF RECORDING June 28, 2016
O.R. BOOK-PAGE 5291/3413
CONTRACT DATE June 14, 2016
GRANTOR J & J Palms, Inc.
GRANTEE Victor Estrada
FINANCING Seller Financing
TOPO-ELEVATION Level
GROUND COVER Mostly cleared
LAND USE DESIGNATION Low Residential
ZONING A-MHO
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
VERIFICATION
Verified with Elvira Nodal, listing agent. She verified the sale price and the arm's-length nature. The buyer is an owner-user. The property
was listed for $226,800.
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VACANT LAND COMPARABLE 02
ADDRESS 1991 Experimental Road, Immokalee, FL 34142
PROPERTY ID NO. 00065880003
SALE PRICE $115,000
UNIT AREA 10.00 acres
UNIT PRICE $11,500 per acre
DATE OF RECORDING July 15, 2016
O.R. BOOK-PAGE 5295/479
CONTRACT DATE July 7, 2016
GRANTOR Al Mueller
GRANTEE Cindy Zang and Zong Xing Tang
FINANCING Cash to seller
TOPO-ELEVATION Level
GROUND COVER Cleared
LAND USE DESIGNATION Low Residential
ZONING A-MHO
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES Sold September 2, 2014 for $30,000 (does not appear arm's-length)
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
VERIFICATION
Verified with Elvira Nodal, listing agent. She verified the sale price and the arm's-length nature. The buyer is an owner-user. The property
was on the market 2.5 months before it went under contract. The property was listed for $143,000.
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VACANT LAND COMPARABLE 03
ADDRESS Lake Trafford Road, Immokalee, FL 34142
PROPERTY ID NO. 22430003286
SALE PRICE $200,000
UNIT AREA 14.42 acres
UNIT PRICE $13,870 per acre
DATE OF RECORDING June 30, 2014
O.R. BOOK-PAGE 5054/1288
CONTRACT DATE Unknown
GRANTOR Branch Banking and Trust Company
GRANTEE Arrowhead Reserve Commercial Tract, LLC
FINANCING Cash to seller
TOPO-ELEVATION Level
GROUND COVER Cleared
LAND USE DESIGNATION Neighborhood Center
ZONING MPUD - Mixed Use Planned Unit Development
IMPROVEMENTS None
UTILITIES All available
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
VERIFICATION
Verified with Rocky Metcalf, listing agent. He verified the sale price and the arm's-length nature. This was a bank sale. The property was
listed for $570,000 and adequately exposed to the market.
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VACANT LAND COMPARABLE 04
ADDRESS 3600 Buckingham Road, Fort Myers, FL 33905
PROPERTY ID NO. 32-43-26-00-00002.0000
SALE PRICE $260,000
UNIT AREA 16.230 acres
UNIT PRICE $16,020 per acre
DATE OF RECORDING October 08, 2015
O.R. BOOK-PAGE 2015000220492
CONTRACT DATE Unknown
GRANTOR Tom Henry Santin and Dorothy Richardson
GRANTEE Buckingham 16, LLC
FINANCING Cash to seller
TOPO-ELEVATION Level
GROUND COVER Cleared
LAND USE DESIGNATION Suburban
ZONING AG-2 - Agriculture
IMPROVEMENTS An 864 square foot wood frame house building in 1927 that contributed little or no value.
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
VERIFICATION
Verified with Doug Meschko, selling agent. He verified the sale price and the arm's-length nature.
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VACANT LAND COMPARABLE 05
ADDRESS 3950 Ordnance Road, Lehigh Acres, FL 33971
PROPERTY ID NO. 21-44-26-01-00038.022A
SALE PRICE $125,500
UNIT AREA 5.030 acres
UNIT PRICE $24,950 per acre
DATE OF RECORDING January 20, 2016
O.R. BOOK-PAGE 2016000016693
CONTRACT DATE Unknown
GRANTOR Ronald and Nikki Wood
GRANTEE Eric Nicholas Volvoic
FINANCING Cash to seller
TOPO-ELEVATION Level
GROUND COVER Cleared
LAND USE DESIGNATION Urban Community
ZONING AG-2 - Agriculture
IMPROVEMENTS A 3,200 square foot garage built in 2003.
UTILITIES Well & Septic
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
VERIFICATION
Attempted to contact the buyer and seller. The sale appears to be between two unrelated parties and therefore arm's-length. The sale was
also qualified by the Lee County Property Appraiser.
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VACANT LAND COMPARABLE 06
ADDRESS Boston Avenue, Immokalee, FL 34142
PROPERTY ID NO. 00127564306
SALE PRICE $157,080
UNIT AREA 4.77 acres
UNIT PRICE $32,931 per acre
DATE OF RECORDING January 27, 2016
O.R. BOOK-PAGE 5244/3340
CONTRACT DATE Unknown
GRANTOR Minerva Christman, Maria Salazar, Pedro Salazar III, Teresa Salazar
GRANTEE Trinity Enterprise Holdings, Inc.
FINANCING Cash to seller
TOPO-ELEVATION Level
GROUND COVER Selectively cleared
LAND USE DESIGNATION High Residential
ZONING RMF- 6 Residential Multiple Family
IMPROVEMENTS None
UTILITIES All available
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
The South 1/2 of the Southwest 1/4 of the Northeast 1/4 of the Southwest 1/4 of Section 4, Township 47 South, Range 29 East, Collier
County, Florida, less the West 30 feet for Right-of-way purposes.
VERIFICATION
Contacted the Diocese of Venice (buyer) to try to verify the sale, but our phone call was not returned. The sale is between two unrelated
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parties and appears to be an arm’s-length transaction.
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VACANT LAND COMPARABLE 07 (LISTING)
ADDRESS Lake Trafford Road, Immokalee, FL 34142
PROPERTY ID NO. 00072120002
LIST PRICE $595,000
UNIT AREA 17.44 acres
UNIT PRICE $34,117 per acre
DATE OF RECORDING N/A
O.R. BOOK-PAGE N/A
CONTRACT DATE N/A
GRANTOR Al Mueller
GRANTEE N/A
FINANCING N/A
TOPO-ELEVATION Level
GROUND COVER Mostly cleared
LAND USE DESIGNATION Low Residential
ZONING A-MHO
IMPROVEMENTS None
UTILITIES Well & Septic
PRIOR SALES Sold January 6, 2014 for $36,000. This was a auction sale and not a good indicator of
value.
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
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VERIFICATION
Verified the listing with Mara Dewrell, listing agent and owner. She said that the property had only been on the market a week and had
not received any calls or offers.
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VACANT LAND COMPARABLE 08
ADDRESS 7390 Concourse Drive, Fort Myers, FL 33908
PROPERTY ID NO. 32-45-24-00-00024.0000
SALE PRICE $1,400,000
UNIT AREA 20.16 acres
UNIT PRICE $69,444 per acre
DATE OF RECORDING May 19, 2016
O.R. BOOK-PAGE 2016000118248
CONTRACT DATE December 2015
GRANTOR FINDUQ, LLC
GRANTEE Habitat for Humanity of Lee and Hendry Counties, Inc.
FINANCING Cash to seller
TOPO-ELEVATION Level
GROUND COVER Covered in native vegetation
LAND USE DESIGNATION Urban Community
ZONING RPD - Residential Planned Development
IMPROVEMENTS None
UTILITIES All available
PRIOR SALES No sales in the previous three years.
LEGAL DESCRIPTION
Lengthy legal description retained in appraiser's file.
VERIFICATION
Verified with Pam Wittenauer, listing agent. She verified the sale price and the arm’s-length nature. The buyer is Habitat for Humanity
who plans to develop the site with a multi-family project. The property is approved for the development of 160 units reflecting a density of
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7.94 acres per gross acre. The property was under contract for approximately six months. The property was listed for $4,200,000 and was
on the market six months.
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SALES ADJUSTMENT GRID
ITEM SUBJECT COMP #1 COMP #2 COMP #3 COMP #4 COMP #5 COMP #6 COMP #7 COMP #8
LISTING
PROPERTY IDENTIFICATION Tract 3 6024 Pepper 1991 Lake Trafford 3600 3950 Ordinance Boston Avenue Lake Trafford 7390 Concourse
Arrowhead Road Experimental Rd Rd - Commercial Buckingham Rd Road Road Drive
SALE PRICE N/A $130,000 $115,000 $200,000 $260,000 $125,500 $157,080 $595,000 $1,400,000
REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
0 0 0 0 0 0 0 0
CONDITIONS OF SALE Market Market Market Bank Sale Market Market Adjacent Owner Market Market
0 0 0 0 0 0 0 0
BUILDING IMPROVEMENTS None None None None No Contribution Metal Building None None None
0 0 0 0 (37,600)0 0 0
FINANCING Cash or Seller Financing Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller N/A Cash to seller
Equivalent 0 0 0 0 0 0 0 0
ADJUSTED SALE PRICE N/A $130,000 $115,000 $200,000 $260,000 $87,900 $157,080 $595,000 $1,400,000
Recording Date N/A 06/28/16 01/07/16 06/30/14 10/08/15 01/20/16 01/27/16 08/17/16 05/19/16
Months Prior To Effective Date 08/17/16 1.64 7.33 25.61 10.32 6.90 6.67 0.00 2.96
MARKET CHANGE ADJUSTMENT N/A 0.82%3.67%12.80%5.16%3.45%3.34%0.00%1.48%
ADJUSTED SALE PRICE N/A $131,068 $119,215 $225,608 $273,419 $90,934 $162,321 $595,000 $1,420,710
Parcel Area in Gross Acres 28.14 18.90 10.00 14.42 16.23 5.03 4.77 17.44 20.16
PRICE PER ACRE ?$6,935 $11,922 $15,646 $16,847 $18,078 $34,030 $34,117 $70,472
LOCATION Average Inferior Inferior Similar Similar Similar Similar Similar Superior
0%0%0%0%0%0%0%0%
UTILITIES All Available Inferior Inferior Similar Inferior Similar Similar Similar Similar
0%0%0%0%0%0%0%0%
COMP. PLAN Low Residential Low Residential Low Residential Neighborhood Suburban Urban Comm.High Residential Low Residential Urban Comm.
ZONING MPUD A-MHO A-MHO MPUD AG-2 AG-2 RMF-6 A-MHO RPD
0%0%0%0%0%0%0%0%
SIZE IN ACRES 28.14 18.90 10.00 14.42 16.23 5.03 4.77 17.44 20.16
SHAPE/CONFIGURATION Irregular Similar Similar Similar Similar Superior Superior Similar Similar
0%0%0%0%0%0%0%0%
PHYSICAL CHARACTERISTICS Cleared/Veg.Cleared/Veg.Cleared Cleared Cleared Cleared Cleared Cleared Native Veg.
0%0%0%0%0%0%0%0%
GROSS ADJUSTMENT N/A 0%0%0%0%0%0%0%0%
INDICATION OF UNIT VALUE ?$6,935 $11,922 $15,646 $16,847 $18,078 $34,030 $34,117 $70,472
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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.
The second group of adjustments is made after an appropriate unit of comparison is chosen.
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 co ntribution
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.
Comparable 5 is improved with a 3,200 square foot metal building built in 2003. We
estimate the cost new to be $25.00 per square foot or $80,000. Similar metal buildings
have an economic life of approximately 30 years indicating a depreciation of 43% (13/30
years). We estimate the contribution value of the improvements to be $37,600.
Comparable 5 was adjusted downward $37,600.
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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.
Market conditions make accurate measurement of this adjustment difficult. The land
market is composed of end users so we are not seeing the pattern of investor/speculator
sale and resale that lends itself to good matched paired analysis. When we do find
matched pairs it is often the case that the early sale was affected by duress. However, a
trend of increasing value is inferred by generally increasing sale prices, increasing listing
prices, and shortening supply.
The land adjacent to Comparable 6 sold exactly one year earlier to the same buyer. The
matched pair indicates an annual market change rate of 9.91% or 0.83% monthly. The
Immokalee market continues to improve and therefore we applied a market change
rate of 0.50% per month or 6.00% annually through the appraisal effective date.
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.
UTILITES/INFRASTRUCTURE
This category of adjustment references the availability and adequacy of the road system,
the public was distribution system and the public waste water 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/ZONING
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
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Carroll & Carroll, Inc. 60
exist because their highest and best uses are different as a result of go vernment 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.
None of the comparable sale required adjustment in this category.
RECAPITULATION OF DATA
After making the adjustments discussed above, the comparable sales indicated the
following unit values:
Comparables Price Per Gross Acre
(Indicated for Subject)
1 $6,935
2 $11,922
3 $15,646
4 $16,847
5 $18,078
6 $34,030
7 $34,117
8 $70,472
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RECONCILIATION OF DATA
To arrive at a market range for subject property, the adjusted indications of value were
arrayed analyzed for location, utilities, size, and physical characteristics.
Comparable 1 is located in an inferior location with inferior utilities and physical
characteristics. The subject must be higher than $6,935 per acre.
Comparable 2 is located just north of Immokalee in an inferior location and it also utilizes
well and septic. Overall, Comparable 2 is inferior and the subject must be higher than
$11,922 per acre.
Comparable 3 is the commercial tract of Arrowhead Reserve. Comparable 3 is similar in
size and location with all public utilities. Although it is commercially zoned, development
is not financially feasible and therefore it is similar to the subject. The subject should be
similar to $15,646 per acre.
Comparable 4 is located along Buckingham Road in Fort Myers. It is located adjacent to
single-family residential which is similar to the subject. Its utilities are inferior, but overall
Comparable 4 is very similar. The subject’s unit value should be similar to $16,847 per acre.
Comparable 5 is located on the northern edge of Lehigh Acres. Comparable 5 is similar to
the subject however it is considerably smaller in size and therefore the subject should be
slightly less than $18,078 per acre.
Comparable 6 is a similar location in Immokalee, but it was purchased by the adjacent
owner and we were unable to verify the sale to determine the motivation of the sale. Given
the conditions surrounding Comparable 6 and its smaller size, the subject should be less
than $34,030 per acre.
Comparable 7 is a current listing for a similar site in Immokalee. We contacted the listing
agent who said there has been no interest, but it has only been on the market a week.
Comparable 7 is a current listing and the subject must be less than $34,117 per acre.
Comparable 8 is a recent sale of a multi-family site in Fort Myers. This is a far superior
location and the subject must be less than $70,472 per acre.
The bracketed unit value range indicated by the comparables analyzed above is from
$15,646 to $16,847 per acre. We settled on $16,000 per acre.
ESTIMATE OF VALUE
$16,000 per acre results in an indication of value for the subject as of 17 August 2016 of
$450,240 ($16,000 per acre × 28.14 acres), which rounds to $450,000.
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CARROLL & CARROLL, INC.
Raymond E. Carroll, MAI, SRA Timothy W. Sunyog, MAI
Cert Gen RZ165 Cert Gen RZ3288
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Carroll & Carroll, Inc.
ADDENDA
(In Order of Appearance)
Page Topic Count Page(s) Page(s)
Assumptions and Limiting Conditions........................................................................... 2
Purchase Order.................................................................................................................... 1
Future Land Use.................................................................................................................. 1
Zoning................................................................................................................................... 8
Feasibility Rent..................................................................................................................... 1
Qualifications of Appraisers.............................................................................................. 2
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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
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.
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.
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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. Proposed improvements are assumed to have been completed as of the prospective date
of value. Proposed construction is presumed to conform with the building plans
referenced in the report.
12. It is assumed that the subject site and improvements are not contaminated by any
hazardous material or toxic substance. During the property inspection I was sensitive
to obvious signs of contamination and I reported anything unusual. However, this
appraiser is not qualified to render a professional opinion 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.
13. 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.
14. Possession of this report, or a copy thereof, does not carry with it the right of
publication.
15. Unless previous arrangements were made, the appraiser, by reason of this appraisal, is
not required to give further consultation, testimony, or to be in attendance in court.
16. Neither all nor any part of the contents of this report (especially any opinions as to
value, the identity of the appraiser, or the firm with which the appraiser is connected)
shall be disseminated to the public through advertising, public relations, news, sales, or
other media without the prior written consent and approval of the appraiser.
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2.03.06 - Planned Unit Development Districts
A. Purpose and intent. The purpose and intent of establishing the planned unit development district (PUD) is to
provide procedures and standards to encourage mixed use planned developments that may be situated at
appropriate locations, or planned developments that may or may not be mixed use in the urban fringe
areas, all in accordance with the planning and development objectives of the county under the LDC and the
GMP. It is further the purpose and intent of these PUD regulations to encourage ingenuity, innovation and
imagination in the planning, design, and development or redevelopment of relatively large tracts of land
under unified ownership or control. PUDs produced in compliance with the terms and provisions of this LDC
and the GMP may depart from the strict application of setback, height, and minimum lot requirements of
conventional zoning districts while maintaining minimum standards by which flexibility may be accomplished,
and while protecting the public interest, in order to:
B. The PUD process is intended to accomplish the following:
1. Provide a creative approach to improve the quality of the built environment of contiguous tr acts of land
which will encourage development of infill parcels of contiguous tracts of land in certain circumstances.
2. Create a more desirable environment providing for consistency and visual harmony than would be
possible through strict application of the minimum requirements of this LDC.
3. Encourage patterns of lad use that support economical provisions of infrastructure, resulting in smaller
networks of utilities and streets with consequent lower construction and future maintenance costs.
4. Evaluate the impact of a particular PUD on the present and projected population, economy, land use
pattern, tax base, street system, and public facility network(s) of the county relative to the various costs
and benefits associated with such development.
5. Assure that the development employs techniques featuring amenities and excellence in the form of
variations in siting, mixed land uses and/or varied dwelling types, as well as adaptation to and
conservation of the topography and other natural characteristics of the land involved. Exceptions to
variations in siting, mixed land uses and/or varied dwelling types may be granted on PUD infill
development.
C. PUD districts shall hereafter be established by amendment of the official zoning atlas according to the
procedures established in LDC section 10.02.08 and the Administrative Code. The purpose and intent of
establishing and identifying the following classifications is to identify a relationship between a proposed PUD
and the other zoning districts within this LDC. The goal is to relate the purpose and intent of the PUD zoning
district and the uses permitted within a PUD to defined zoning districts within this LDC and to establish
appropriate uses and performance standards within this PUD, which are similar to th ose allowed by the most
similar district(s). PUDs shall hereafter be defined by the following districts and shall be referenced as such
within the PUD document as follows:
1. Residential planned unit development district. This district is intended to further the general purpose of
a planned unit development district set forth above as it relates to residential areas. The principal use
of any residential planned unit development is for human habitation in permanent and/or seasonal
year-round dwelling units. The RPUD district shall be construed to include the following zoning
districts: RSF-1, RSF-2, RSF-3, RSF-4, RSF-5, RSF-6, RMF-6, RMF-12, RMF-16, RT, VR, AND MH.
2. Community facilities planned unit development district. This district is intended to accommodate public
facilities, institutional uses, open space uses, recreational uses, water-related or dependent uses, and
other governmental, religious and community service activities which complement and are necessary to
serve other zoning districts.
3. Commercial planned unit development district. This district shall be construed to include the following
districts: C-1, C-2, C-3, C-4, C-5 and TTRVC. Accessory uses which may be permitted in the
commercial planned unit development district include permanent and/or seasonal human habitation in
multiple-family buildings and townhouses, transient housing in hotel or motel rooms, health care
facilities, and other limited institutional uses.
4. Industrial planned unit development district. This district is intended to accommodate industrial
development. The principal use of any industrial planned unit development is the manufacture of
goods, materials and the storage and wholesale distribution of such goods or materials.
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Carroll & Carroll, Inc.
5. Airport operations planned unit development district (AOPUD). This district is intended to
accommodate and regulate those lands on which public airports and ancillary facilities are to be
located.
6. Mixed use planned unit development district (MPUD). This district is intended to accommodate a
planned unit development with more than one type of PUD district. The PUD document shall define the
mixture of PUD districts as set forth in this section.
7. Research and technology park planned unit development district. This district is intended to
accommodate a planned unit development with a mixture of targeted industry uses -
aviation/aerospace, health technology industry, information technology industry, and light, low
environmental impact manufacturing industry and non-industrial uses, in accordance with the design
requirements of section 4.07.05 of this LDC and the GMP research and technology park subdistrict.
a. Type A - Research and technology park in the urban-mixed use district of the GMP.
b. Type B - Research and technology park in the urban commercial district of the GMP.
c. Type C - Research and technology park in the urban industrial district of the GMP.
d. At a minimum, 60 percent of the total park net acreage shall be devoted to target industry uses as
defined below in section 2.03.06(D) of this LDC, use regulations table.
e. Non-target industries, as defined below in section 2.03.06(D) of this LDC, use regulations table,
and workforce housing, shall be permitted to include up to twenty (20) percent of the total park
net acreage.
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Land Value $0
Building Cost @ $100/Sq Ft 27,497,000
Site Work/Improvements 1,000,000
Soft Costs @ 10%2,849,700
Entrepreneurial Profit @ 15%4,702,005
Total Project Costs $36,048,705
Feasibility NOI (Total Cost x OAR)$2,343,166
Feasibility EGI (NOI/(1-Expense Ratio)$3,347,380
Feasibility PGI (EGI/(1-Vacancy Rate)$3,719,311
Feasibility Rent/Sq. Ft.$13.53
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QUALIFICATIONS
RAYMOND E. CARROLL, MAI, SRA
PROFESSIONAL RECOGNITION
SRA Designation Appraisal Institute - Certificate 1784, Earned 08-02-83
MAI Designation Appraisal Institute - Certificate 8276, Earned 10-20-89
State-Certified General Real Estate Appraiser RZ165, Earned 11-30-89
2000 Ad Miller Award Recipient - Naples Area Board of Realtors
2010 Hall of Fame Inductee – Naples Area Board of Realtors
2011 Men of Distinction, Collier County Education Foundation
2016 Henry C. Entreken Lifetime Achievement Award – Florida Gulf Coast Chapter of the Appraisal Institute
PROFESSIONAL EXPERIENCE
President CARROLL & CARROLL, Inc. 2002-
Partner, CARROLL & CARROLL, LLP 1984-2002
Registered Florida Real Estate Broker Since 1980
Practicing Real Estate Appraiser Since 1975
Qualified Expert Witness, Circuit Court & Federal Bankruptcy Court
EDUCATION
Florida Atlantic University - Boca Raton, Florida - Bachelor of Science - Real Estate - 1975
Appraisal Institute (AI)
The full battery of courses, tests, and demonstration appraisal reports required
for the SRA & MAI designations
Continuing Education – Ray Carroll has met the continuing education requirements
of the State of Florida and of the Appraisal Institute
PROFESSIONAL ASSOCIATIONS
National, State & Local REALTOR Membership
Appraisal Institute, West Coast Florida Chapter, President 1997
Appraisal Institute, 1998 Chair of Region X
Appraisal Institute, Director 1996-1998
Appraisal Institute, West Coast Florida Chapter, Education Chair 2006 -2007
Florida Bar Association Grievance Committee, Public Member 2010-2012
APPOINTMENTS AND CIVIC OFFICES
Naples Airport Authority, Member & Chairman, 1988 -1992
Community Blood Center, Trustee 2001-2003
Graduate of Leadership Collier, Class of 2000
Member, Board of Directors, Liberty Youth Ranch 2004-2010
Chair, Park PAC, Committee to Save the Zoo at Naples - 2004
Secretary, Naples Flying Club, Inc. 2002-2009
Member, Board of Directors, Naples Zoo, Inc. 2007-2012
President, Board of Directors, Friends of Fakahatchee, 2012-2013
Committee Chair, Old Timers Reunion
Chair, Friends of Rookery Bay 2016-2017
PRACTICE INCLUDES ASSIGNMENTS INVOLVING
Condemnation Special Purpose Properties
General Litigation Commercial/Multi-family Properties
Private Consulting Agricultural Properties
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Carroll & Carroll, Inc.
QUALIFICATIONS
TIMOTHY W. SUNYOG, MAI
State-Certified General Real Estate Appraiser RZ3288
PROFESSIONAL RECOGNITION
State-Certified General Real Estate Appraiser RZ3288
Earned 12-15-08
MAI Designation Appraisal Institute
Earned 06-24-15
PROFESSIONAL EXPERIENCE
2007 - Present
Realvest Appraisal Services, Inc., Maitland, FL, Associate appraiser, September 2006 - June 2007
UBS Financial Services Inc., Orlando, FL., Investments intern, Fall 2003
EDUCATION
Rollins College, Winter Park, Florida
Bachelor of Arts – Economics - May 2004
Argus Valuation – DCF Training, February 2012
Continuing Education – Tim Sunyog has met the continuing education requirements of the State of Florida and the
Appraisal Institute.
PROFESSIONAL
Appraisal Institute – Florida Gulf Coast Chapter
Naples Area Board of Realtors
CIVIC INVOLVEMENT
Education Foundation – Connect Now Initiative
Relay for Life
PRACTICE INCLUDES ASSIGNMENTS INVOLVING
Vacant land Agricultural properties Churches
Multifamily properties Commercial condos Industrial buildings
Office buildings Retail Centers Restaurants
Subdivisions Buy/sell decisions Estate settlement
Ad Valorem tax analysis Litigation