Correspondence - Timothy W. Hurckes 5880 Burnham Road
Naples, FL 34119
April 27, 2020
Collier County Clerk of the Circuit Court
Value Adjustment Board
3315 Tamiami Trail East, Suite 102
Naples, FL 34112-5324
Dear Sirs:
I request a property appraiser and the Value Adjustment Board reconsider the appraised value of my
home.
I purchased my home in June, 2018 for$1.9 million. Considering that my purchase price was lower than
the prior transaction value, the appraised value of my home was reduced to$1,429,427 in 2018.
In 2019,the appraised value of my home increased by 11.3%to $1,590,777. I did not contest the
increase because I felt that I had no information to add to the appraiser's process.
I am refinancing my mortgage at the current time. The appraisal received valued my home at
$1,955,000,just 2.9% higher than my purchase price in 2018.
As evidenced by permits, our house had extensive amounts of mold. We replaced walls, ceilings,
carpets, repaired the roof, and came close to rebuilding the entire house. The only items that were not
a replacement of an existing feature was a fence enclosing the pool in the backyard and a water filter.
I request the appraiser reconsider the increase in valuation assessed in 2019 and lower the appraised
value to no more than $1,472,000 which would be 3%higher than the appraised value assigned after
the purchase of my home.
Thank you for your consideration.
Sincerely,
i,C'n2c 1✓ l,Gc.c.cl•1..��,�
Timothy W. Hurckes
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PETITION TO THE VALUE ADJUSTMENT BOARD DR-486
a REQUEST FOR HEARING R.Rule 12D-16.002 1
Section 194.011, Florida Statutes F.A.C.
FLORIDA Eff.04/18
You have the right to an informal conference with the property appraiser. This conference is not required and does not
change your filing due date. You can present facts that support your claim and the property appraiser can present facts
that support the correctness of the assessment. To request a conference, contact your county property appraiser.
For portability of homestead assessment difference, use Form DR-486PORT. For deferral or penalties, use DR-486DP.
Petition # County Tax year 20 Date received
PART 1. Taxpayer Information
Taxpayer name Timothy W. Hurckes Representative
Mailing address 5880 Burnham Road Parcel ID and
Naples, FL 34119 68986050488
for notices physical address or 5880 Burnham Road
TPP account# Nanlac Fl :1411Q
Phone (908)337-2488 Email twh@jwbristol.com
The standard way to receive information is by US mail. If possible, I prefer to receive information by Q email ❑fax.
U I am filing this petition after the petition deadline. I have attached a statement of the reasons I filed late and any
documents that support my statement.
O I will not attend the hearing but would like my evidence considered. (In this instance only, you must submit duplicate copies of
your evidence to the value adjustment board clerk. Florida law allows the property appraiser to cross examine or object to your
evidence.The VAB or special magistrate ruling will occur under the same statutory guidelines as if you were present.)
Type of Property El Res. 1-4 units ❑ Industrial and miscellaneous 0 High-water recharge ❑ Historic,commercial or nonprofit
❑ Commercial ❑ Res.5+units ❑Agricultural or classified use ❑Vacant lots and acreage ❑ Business machinery,equipment
PART 2. Reason for Petition Check one. If more than one, file a separate petition.
O Real property value 0 Denial of exemption Select or enter type:
❑ Denial of classification
❑ Parent/grandparent reduction ❑ Denial for late filing of exemption or classification
❑ Property was not substantially complete on January 1 (Include a date-stamped copy of application.)
❑ Tangible personal property value(You must have timely ❑ Qualifying improvement(s. 193.1555(5),F.S.)or change of
filed a return required by s.193.052. (s.194.034,F.S.)) ownership or contrd(s.193.155(3), 193.1554(5),or
193.1555(5),F.S.)
❑ Check here if this is a joint petition.Attach a list of parcels or accounts with the property appraiser's determination that
they are substantially similar. (s. 194.011(3)(e), (f), and (g), F.S.)
Enter the time(in minutes)you think you need to present your case. Most hearings take 15 minutes.The VAB is not bound
by the requested time. For single joint petitions for multiple parcels or accounts, provide the time needed for the entire group.
❑ My witnesses or I will not be available to attend on specific dates. I have attached a list of dates.
You have the right to exchange evidence with the property appraiser. To initiate the exchange, you must submit your
evidence directly to the property appraiser at least 15 days before the hearing and make a written request for the property
appraiser's evidence. At the hearing, you have the right to have witnesses sworn.
You have the right, regardless of whether you initiate the evidence exchange, to receive from the property appraiser a copy
of your property record card containing information relevant to the computation of your current assessment, with confidential
information redacted.When the property appraiser receives the petition, he or she will either send the property record card
to you or notify you how to obtain it online.
Your petition will not be complete until you pay the filing fee.When the VAB has reviewed and accepted it, they will assign
a number, send you a confirmation, and give a copy to the property appraiser. Unless the person filing the petition is
completing part 4, the taxpayer must sign the petition in part 3.Alternatively, the taxpayer's written authorization or power
of attorney must accompany the petition at the time of filing with the signature of the person filing the petition in part 5 (s.
194.011(3), F.S.). Please complete one of the signatures below.
DR-486
R. 04/18
Page 2
PART 3. Taxpayer Signature
Complete part 3 if you are representing yourself or if you are authorizing a representative listed in part 5 to represent you
without attaching a completed power of attorney or authorization for representation to this form.
Written authorization from the taxpayer is required for access to confidential information from the property appraiser or tax
collector.
❑ I authorize the person I appoint in part 5 to have access to any confidential information related to this petition.
Under penalties of perjury, I declare that I am the owner of the property described in this petition and that I have read this
petition and thQifacts stated i'nj it are true.
i fir ,-l'kc ( �,' r(/]///✓u.(Gtic:'s �� 11 /7, (J /7 L �Ci I<�S 512 2/..20
Signature,taxpayer /Print name Date
PART 4. Employee, Attorney, or Licensed Professional Signature
Complete part 4 if you are the taxpayer's or an affiliated entity's employee or you are one of the following licensed
representatives.
I am (check any box that applies):
❑ An employee of (taxpayer or an affiliated entity).
❑ A Florida Bar licensed attorney (Florida Bar number )-
❑ A Florida real estate appraiser licensed under Chapter 475, Florida Statutes (license number ).
❑ A Florida real estate broker licensed under Chapter 475, Florida Statutes (license number ).
❑ A Florida certified public accountant licensed under Chapter 473, Florida Statutes (license number )-
I understand that written authorization from the taxpayer is required for access to confidential information from the property
appraiser or tax collector.
Under penalties of perjury, I certify that I have authorization to file this petition on the taxpayer's behalf, and I declare that I
am the owner's authorized representative for purposes of filing this petition and of becoming an agent for service of process
under s. 194.011(3)(h), Florida Statutes, and that I have read this petition and the facts stated in it are true.
Signature, representative Print name Date
PART 5. Unlicensed Representative Signature
Complete part 5 if you are an authorized representative not listed in part 4 above.
❑ I am a compensated representative not acting as one of the licensed representatives or employees listed in part 4 above
AND (check one)
❑ Attached is a power of attorney that conforms to the requirements of Part II of Chapter 709, F.S., executed with the
taxpayer's authorized signature OR❑ the taxpayer's authorized signature is in part 3 of this form.
❑ I am an uncompensated representative filing this petition AND (check one)
❑ the taxpayer's authorization is attached OR 0 the taxpayer's authorized signature is in part 3 of this form.
I understand that written authorization from the taxpayer is required for access to confidential information from the property
appraiser or tax collector.
Under penalties of perjury, I declare that I am the owner's authorized representative for purposes of filing this petition and of
becoming an agent for service of process under s. 194.011(3)(h), Florida Statutes, and that I have read this petition and the
facts stated in it are true.
Signature, representative Print name Date
April 26,2020
Timothy Werner Hurckes,Lisa Carabelli Hurckes
5880 Burnham Road
Naples,FL 34119
Re 5880 BURNHAM RD,NAPLES,FL 34119
Loan No.: 004778089823
Dear Timothy Werner Hurckes and Lisa Carabelli Hurckes:
Enclosed is a copy of the appraisal report that Citibank, N.A. has received in connection with your
mortgage loan application. Please be aware that Citibank may not have yet reviewed the Report and that it
may change prior to closing. Should a material change occur, you will be provided with a copy of the
revised report.
Should you identify significant errors in your report, please contact your original Sales or Processing
Representative for help in resolving the issue.
Sincerely,
Citibank,N.A.
Enclosures
MB4838 Rev.05/2011 Page 1 of 1
004778089823
Capital Appraisal Services,Inc.(239)437-6545
004778089823
Uniform Residential Appraisal Report Flle# S004005
The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 5880 Bumham Rd City Naples State FL Zip Code 34119
Borrower Timothy Hurckes&Lisa Carabelli Hurckes Owner of Public Record Hurckes.Timothy&Lisa County Collier
Legal Description Quail West Phase III Unit Four Blk M Lot 90
Assessor's Parcel# 68986050488 Tax Year 2019 R.E.Taxes$ 17,541
Neighborhood Name Quail West Map Reference EXTERIOR Census Tract 0112.01
W Occupant ®Owner ❑Tenant ❑Vacant Special Assessments S 0 ®PUD HOA$2,308 ❑per year ®per month
S'Property Rights Appraised ®Fee Simple ❑Leasehold ❑Other(describe)
"'Assignment Type ❑Purchase Transaction ®Refinance Transaction ❑Other(describe)
Lender/Client Citibank,N.A. Address 1000 Technology Drive,O'Fallon,MO 63368
Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? 0 Yes ®No
Report data source(s)used,offering price(s),and date(s). Matrix MLS indicates that the subject has not been marketed in the past 12 months.
I ❑did ❑did not analyze the contract for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
I-
U
a Contract Price$ Date of Contract Is the property seller the owner of put*record? ❑Yes ❑No Data Source(s)
Is there any financial assistance(loan charges,sale concessions,gift or downpayment assistance,etc.)to be paid by any party on behalf of the borrower? ❑Yes ❑No
v
It Yes,report the total dollar amount and describe the items to be paid.
Note:Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use%
Location 0 Urban ®Suburban U Rural Property Values ❑Increasing ®Stable ❑Declining PRICE AGE One-Unit 44%
o Built-Up ®Over 75% n 25.75% ❑Under 25% Demand/Supply n Shortage g)In Balance ElOver Supply $(000) (yrs) 2-4 Unit 1%
o Growth ❑Rapid ®Stable 0 Slow Marketing Time ❑Under 3 mths ®3-6 mths ❑Over 6 mths 879 Low 0 Multi-Family 25%
Neighborhood Boundaries The subject boundaries are Bonita Beach Rd to the north,County Line to the 6,999 High 55 Commercial 10%
cc
°m east,Immokalee Rd to the south and U.S.41 to the west. 2,000 Pred. 12 Other 20%
Neighborhood Description The subject neighborhood is comprised of average quality single family uses of varying vintage and design.Levels of
i maintenance are good with banks,shopping,restaurants,parks,employment and other support facilities conveniently located nearby.Larger,estate sized,
golfcourse,homes support the upper range of neighborhood values. Note:Present Land Use°A"Other indicates percentage of vacant land.
Market Conditions(Including support for the above conclusions) Over the past 12 months property values for the subject market segment have been been
relatively stable.The market exhibits a balance of inventory of existing comparable homes.Marketing times approach six(6)months.See 1004mc for
details.
Dimensions 100x200x180x230 more or less.Per County Area 28300 sf Shape irregular View B;Wtr,Glfvw
Specific Zoning Classification PUD Zoning Description Planned Unit Development
Zoning Compliance ®Legal ❑Legal Nonconforming(Grandfathered Use) ❑No Zoning 0/legal(describe)
Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? ®Yes ❑No If No,describe
Utilities Public Other(describe) Public Other(describe) O6-site Improvements-Type Public Private
Becbiciy 0 Water ® fl Street Paved ❑
Gas ® 0 Sanitary Sewer ® ❑ Alley None ❑ ❑
FEMA Special Flood Hazard Area ®Yes ❑No FEMA Flood Zone AH FEMA Map# 12021 CO205H FEMA Map Date 05/16/2012
Are the utilities and off-site improvements typical for the market area? ®Yes ❑No U No,describe
Are there any adverse site conditions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? ❑Yes ®No U Yes,describe
There are no apparent adverse site conditions or external factors.Site improvements consist of sod,landscape,sprinkler system,utility hookups,
paver drive and walkways.Note:Private streets are maintained by the Homeowners Association as is typical and common in the area.
General Description Foundation Exterior Description materials/condition interior materials/condition
Units®One ❑One with Accessory Unit ®Concrete Slab 0 Crawl Space Foundation Walls None Floors Cpt/TileP1 ood-Gd
#of Stories 1 p Full Basement ❑Partial Basement Exterior Wags CBS/Good walls Drywall-Good
Type ®Det. ❑At. 0 S-Del/End Unit Basement Area 0 sq.fL Roof Surface Tile/Good Trim/Finish Wood-Good
/I Existing n Proposed ❑Under Const Basement Finish 0 % Gutters&Downspouts Aluminum/Good Bath Floor Tile-Good
Design(Style) Contemp 0 Outside Entry/Exit 0 Sump Pump Window Type Impact/Good Bath Wainscot Tile-Good
Year Bait 2005 Evidence of ❑Infestation Storm SasMnsulated None Car Storage None
Effective Age(Yrs) 12 ❑Dampness ❑Settlement Screens Yes-Good J Driveway #of Cars 3
Attic Li None Heating tg FWA HWBB J Radiant Amenities U Wdodstove(s)# 0 Driveway Surface Pavers
❑Drop Stair 0 Stairs ❑Other Fuel Electric 0 Fireplace(s)# 0 ®Fence Metal Garage #of Cars 3
n Floor Scuttle Cooling ®Central Air Conditioning 0 Patio/Deck None ®Porch Open n Carport #of Cars 0
❑Finished ❑Heated ❑individual J❑Other ®Pool Yes ❑Other None Ad. ❑Det ❑Bult-in
Appliances ®Refrigerator ®Range/Oven ®Dishwasher ®Disposal ®Microwave ®Washer/Dryer ❑Other(describe)
w Finished area above grade contains: 12 Rooms 5 Bedrooms 6.1 Bath(s) 5.259 Square Feet of Gross Living Area Above Grade
oo Additional features(special energy efficient items,etc.). Subject features a whole house generator,screened porch and pool package.
cc
Describe the condition of the property(including needed repairs,deterioration,renovations,remodeling,etc.). C2;Kitchen-updated-one to five years
ago:Bathrooms-updatedone to five years ago:Subiect improvements are in overall good condition for its age with a functional floor plan.
According to talks with the homeowner,the interior was updated in the past 2 years due to mold remediation. Most drywall and ceilings are
newer,kitchen was updated at that time and bathrooms were partially updated at that time.
Are there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? ❑Yes ®No U Yes,describe
None observed
NOTE:An exterior only inspection was performed due to COVID-19,see pa 3 for additional comments and extraordinary assumptions..
Does the property generally onion to the neighborhood(functional ubliy,style,condition,use,construction,etc.)? ®Yes n No If No,describe
Freddie Mac Form 70 March 2005 LAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD-'TOTAL'appraisal software by ala mode,inc.-1-800-ALAMODE
004778089823
Uniform Residential Appraisal Report File#SO04005
GENERAL COMMENTS:
All comparables utilized are closed sales,as confirmed by MLS data and County Tax Records.The OR Book and Pages referenced refer to the deed being
recorded in the Public Records of the County.The MLS numbers referenced refer to the MLS Listing number as published in the local Multiple Listing
Service.
Private street access and maintenance is typical for the neighborhood and has no adverse affect on value or marketability.
Exposure Time is the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical
consumation of a sale at market value on the effective date of the appraisal. The subject exposure time is opined to be four(4)months.
I have performed no services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment. In accordance with current USPAP definitions.this report is identified as an Appraisal Report.
The estimated site value of this report approaches 30%of the total value indicated by the Cost Approach.This fact has been taken into consideration and
F has been determined that the above average site value is due to its(subject)golfcourse location and the resulting effect on supply and demand.Higher
w than average land prices over site improvements is typical for this location and does not have a negative effect on its estimated market value.
2
o Due to COVID-19 Pandemic,an interior inspection was not performed. All interior photos provided in this report was provided by the borrower.
a The subject GLA was taken directly from the Collier County Property Appraiser(i.e.,CCPA). Talks with the borrower indicate that the interior of
z the home was renovated in the past 18 months due to mold remediation. An extraordinary assumption is made that the all information regarding
E= the subject improvement as represented in this report is accurate. Note:The use of extraordinary assumptions may lead to inaccurate results if
gfound to be untrue.
The global outbreak of a"novel coronavirus"known as COVID-19 was officially declared a pandemic by the World Health Organization(WHO).
The reader is cautioned,and reminded that the conclusions presented in this appraisal report apply only as of the effective date(s)indicated.The
appraiser makes no representation as to the effect on the subject property of any unforeseen event,subsequent to the effective date of the
appraisal.
COST APPROACH TO VALUE(not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) 4466 Wayside Dr,36600sf,Golf/Water View,
06/2019:$750,000
• ESTIMATED ❑REPRODUCTION OR ®REPLACEMENT COST NEW OPINION OF SITE VALUE =$ 750,000
• Source of cost data See Below DWELLING 5,259 Sq.Ft.@$ 235.00 =$ 1,235,865
kx Quality rating from cost service 02 Effective date of cost data Current 0 Sq.FL @$ =$
Comments on Cost Approach(gross IMng area calculations,depreciation,etc.) Appl.and Extras =S 245,000
N Cost figures are estimated with the aid of Marshall Swift Cost Tables and Garage/Carport 695 Sq.Fh @$ 50.00 =$ 34,750
• local builders costs.Depreciation figures are estimated with Marshall Swift Total Estimate of Cost-New =5 1,515,615
Depreciation Tables,Modified Age Life Method and the appraiser's own Less Physical Functional External
valuation of condition and upgrades of the subject's improvements. Depreciation 279,783 =$( 279,783)
Note:This section is not suitable or to be used for hazard and/or flood Depreciated Cost of Improvements =8 1,235,832
insurance estimation. 'As-is°Value of Site Improvements =$ 40,000
Estimated Remaining Economic Lae(HUD and VA only) 53 Years INDICATED VALUE BY COST APPROACH =S 2,025,832
INCOME APPROACH TO VALUE(not required by Fannie Mae)
o Estimated Monthly Market Rent$ X Gross Rent Multiplier =$ Indicated Value by Income Approach
Z Summary of Income Approach(including support for market rent and GRM) The Income Approach was not used as there is insufficient GRM data available
_ for this method to be utilized with any reasonable degree of reliability.
PROJECT INFORMATION FOR PUDs(If applicable)
Is the developer/builder in control of the Homeowners'Association(HOA)? ❑Yes allo Unit type(s) ®Detached - Attached
Provide the following information for PUDs ONLY it the developer/builder is in control of the HOA and the subject property is an attached dwelling unit
Legal Name of Project
z Total number of phases Total number of units Total number of units sold
aTotal number of units rented Total number of units for sale Data source(s)
r Was the project created by the conversion of existing building(s)into a PUD? ❑Yes ❑No H Yes,date of conversion.
o Does the project contain any multi-dwelling units? ❑Yes ❑No Data Source
Are the units,common elements,and recreation facilities complete? ❑Yes ❑No If No,describe the status of completion.
0
Are the common elements leased to or by the Homeowners'Association? ❑Yes ❑No If Yes,describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD-'TOTAL°appraisal software by a la mode,inc.-1-800-ALAMODE
004778089823
Uniform Residential Appraisal Report File#$004005
There are 22 comparable properties currently offered for sale in the subject neighborhood ranging in price from $ 1,045,000 to$ 4,645,000 •
There are 29 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 925,000 to$ 4,550,000 •
FEATURE I SUBJECT COMPARABLE SALE#I COMPARABLE SALE#2 COMPARABLE SALE#3
Address 5880 Bumham Rd 6304 Bumham Rd 4437 Wayside Dr 5986 Sunnyslope Dr
Naples,FL 34119 Naples,FL 34119 Naples,FL 34119 Naples,FL 34119
Proximity to Subject 0.84 miles W 0.59 miles SW 0.40 miles S
Sale Price $ $ 2,175,000 $ 2,350,000 $ 1,775,000
Sale Price/Gross Liv.Area $ sq.ft $ 365.55 sq.ft $ 419.19 sq.fL $ 421.62 sq•ft•
Data Source(s) MatrixMLS#219013663;DOM 203 MatrixMLS#217042644;DOM 100E MatrixMLS#219042231;DOM 50
Verification Source(s) Matrix MLS/Cnty Tax Record Matrix MLS/Cn ,Tax Record Matrix MLS/Cn Tax Record
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment
Sales or Financing ArmLth ArmLth ArmLth
Concessions Cash;O Cash;O Cash;0
Date of Sale/Time s08/19;Unk s07/19:Unk s08/19;Unk
Location B;Gated; B;Gated; B;Gated; B;Gated;
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 28300 sf 43100 sf 0 36600 sf 0 20900 sf 0
View B;Wtr:Gtfvw B;Glfvw;Wtr 0 B:Glfvw:Wtr 0 B;Glfvw;Wtr 0
Design(Style) DT1;Contemp DT2.0;Contemp 0 DT1;Contemp DT1;Contemp
Quality of Construction Q2 Q2 Q2 02
Actual Age 15 27 +24,000 13 0 6 -18,000
Condition C2 C2 C2 C2
Above Grade Total Bdnns. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room Count 12 5 6.1 14 4 5.1 +15,000 12 4 4.1 +30,000 10 4 4.2 +22,500
Gross Living Area 5,259 sq•f. 5,950 sq•lt• -120,900 5,606 sq•ff• -60,700 4,210 sq.ft +183,600
Basement&Finished Osf Osf Osf Osf
Rooms Below Grade
Functional Utility Average Average Average Average
iHeating/Cooling Central Central Central _ Central
o Energy Efficient Items Standard Standard Standard Standard
a Garage/Carport 3ga3dw 4ga4dw -20,000 3ga3dw 3ga3dw
< Porch/Patio/Deck Porch Porch Porch Porch
o Pool Pkq Pool Pkq Pool Pkq Pool Pkq
Fe Furnishings -100.000
a Golf Membersh -120,000 Golf Membersh -120,000 Golf Membersh -120,000
o Net Adjustment(Total) ❑+ ®- $ -221,900 ❑+ ®- $ -250,700 ®+ 0- $ 68,100
u,,Adjusted Sale Price Net Adj. 10.2% Net Adj. 10.7% Net Adj. 3.8%
a of Comparables Gross Adj. 13.8% $ 1,953,100 Gross Adj. 13.2% $ 2,099,300 Gross Adj. 19.4%$ 1,843,100
N I ®did ❑did not research the sale or transfer history of the subject property and comparable sales.If not,explain
My research ®did ❑did not reveal any prior sales or transfers of the subject properly for the three years prior to the effective date of this appraisal.
Data Source(s) County Property Appraiser,RealList,and/or Matrix MLS
My research ❑did E]did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Source(s) County Property Appraiser,RealList and/or Matrix MLS
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Date of Prior Sale/Transfer 05/31/2018
Price of Prior Sale/Transfer $1,900,000
Data Source(s) See Above See Above See Above See Above
Effective Date of Data Source(s) 04/01/2020 04/01/2020 04/01/2020 04/01/2020
Analysis of prior sale or transfer history of the subject property and comparable sales The subject was purchased as an arms length sale(including full golf
membership)for$1,900,000 on 05/31/2018. No other transfers for the subiect in the past three years.
Summary of Sales Comparison Approach A 1.50 mile radius search for single family home sales,in the subject immediate development.of simaar Quaky/condition,within 20%of the subject's GLA,within the
peal 12 months,yielded eight(el comparable sales.The four(4)most comparable sales were utilized In this report.Comp#1 Is utlazed as a senile,sale bracketing the upper end of GLA Camp#21s utilized es a ream
sale similar In actual age.Comp 42 warranted a superior 5100.000 personal furismrys adjustment(based on paired sales and talks with Realtors).Comp#3 is Maned as a recent sale,bracketing the low end of GLA.
Comp#4 is utilized as a recent sale most similar m GLA Comps#1,42 and#3 warranted a supenor adjustment as they included a 5120.000 got membership.Age adjustments were performed for properties differing by
MOM than five(5)actual age years ate market observed 52.000fyr.After proper adjusbnenb,In accordance and derived from generally accepted appraisal principles(paired sales).al sales are considered good
Indicators°,market value.Adjusted sakes data indicate a value range of 51,643,100 to 52,099,300 with the subject commanding a value within this range.Primary weight placed on Comp#1 as the most recant sale on
the subjects immediate street with supporting weight placed on the remaining sales.
_Indicated Value by Sales Comparison Approach$ 1,955,000
Indicated Value by:Sales Comparison Approach$ 1,955,000 Cost Approach(if developed)$ 2,025,832 Income Approach(if developed)$
Principle emphasis is placed on the Market Data Approach which shows the interactions of buyers and sellers in the marketplace. The Cost Approach
ztends to support the Market Data Approach. The income approach was not used as there is insufficient GRM data available for this method to be utilized
z
'0 with any reasonable degree of reliability.Exposure time is estimated to be five(5)months. See Pq 3 for Extraordinary Assumptions due to COVID-19.
This appraisal is made ®'as is', 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
i completed, ❑subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or CI subject to the
o
t_)following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair
c
w
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Based on a complete visual Inspection of the Interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting
conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that Is the subject of this report is
$ 1,955,000 ,asof 04/01/2020 , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 U4D Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD-"TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
Uniform Residential Appraisal Report 004778089823
PP P Fllea S004005
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have n0 present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD-"TOTAL"appraisal software by ala mode,inc.-1-800-ALAMODE
004778089823
Uniform Residential Appraisal Report Files S004005
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources.
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD-'TOTAL"appraisal software by ala mode,inc.-1.800-ALAMODE
004778089823
Uniform Residential Appraisal Report File# SO04005
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraisers (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or Imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED)
Signature Signature
Name J.R.Cabai Name
Company Name Capital Appraisal Services,Inc. Company Name
Company Address 12995 S.Cleveland Ave,Suite 251 Company Address
Fort Myers,FL 33907
Telephone Number (239)437-6545 Telephone Number
Email Address iaa)capitalappraisals.com Email Address
Date of Signature and Report 04/06/2020 Date of Signature
Effective Date of Appraisal 04/01/2020 State Certification#
State Certification# Cert Res RD2777 or State License#
or State License# State
or Other(describe) State# Expiration Date of Certification or License
State FL
Expiration Date of Certification or License 11/30/2020 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property
5880 Burnham Rd ❑ Did inspect exterior of subject property from street
Naples,FL 34119 Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY$ 1,955,000 ❑ Did inspect interior and exterior of subject property
LENDER/CLIENT Date of Inspection
Name PCV Murcor COMPARABLE SALES
Company Name Citibank,N.A.
Company Address 1000 Technology Drive,O'Fallon,MO 63368 ❑ Did not inspect exterior of comparable sales from street
❑ Did inspect exterior of comparable sales from street
Email Address Date of Inspection
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD-°TOTAL'appraisal software by a la mode,inc.-1-800-ALAMODE
VALUE ADJUSTMENT BOARD DR-485WCN
75 R. 01/17
CLERK'S NOTICE Rule 12D-16.002
F.A.C.
Eff. 01/17
FLORIDA Collier County TC
To Timothy W. Hurckes From Ann Jenneiohn, Deputy Clerk
5880 Burnham Road Clerk, Value Adjustment Board
Naples, FL 34119 Address 3299 Tamiami Trail East, Suite #401
Petition # Phone 239-252-8406
Representative # Email vabclerk@collierclerk.com
This notice will inform the parties of the following action taken on the petition.
❑ You have 10 days to complete the petition and return it to the value adjustment board. (Rule 12D-9.015(12), F.A.C.)
❑ The petition will not be set for hearing because it was not completed and filed as specified in the previous clerk's
notice. (Rule 12D-9.015(12), F.A.C.)
❑ The board found good cause for your failure to file your petition on time. The clerk will schedule a hearing by
separate notice (Rule 12D-9.015(14), F.A.C.)
❑ The board did not find good cause for your failure to file your petition on time. Your petition will not be scheduled for
hearing. (Rule 12D-9.015(14), F.A.C.)
® Your petition was returned. There was no filing fee included with the petition.
❑ We received duplicate petitions for this property. The VAB is trying to resolve this issue. Please contact the clerk
when you receive this notice.
❑ The property appraiser has produced a revised assessment after remand (attached). If you do not agree with the
revised assessment, you have the right to present additional evidence at a continuation hearing. You must notify
the VAB clerk and request a continuation hearing within 25 days of the date of this notice. (Rule 12D-9.029, F.A.C.)
❑ The board found good cause to reschedule your hearing. Your new hearing date will be sent to you.
❑ The board did not find good cause to reschedule your hearing. Your hearing will be held on
at
❑ Other, specify
Certificate of Service
I certify a true copy was served by US mail or the method IN petitioner Timothy W. Hurckes
requested on the petitioner's form on: ❑ other
❑ A copy was provided to the property appraiser.
akAAA t*
�C May 8, 2020
Signature, deputy cl Date