HomeMy WebLinkAboutHandouts_Regular_09/09/2010 (3) AN APPRAISAL OF
THREE PARCELS OF VACANT LAND
LOCATED SOUTH OF TEQUESTA DRIVE
AND NORTH OF BRIDGE ROAD,
BETWEEN U.S. HIGHWAY ONE AND
OLD DIXIE HIGHWAY,
IN TEQUESTA, FLORIDA
FILE NUMBER: 10-63494
PREPARED FOR
JMZ TEQUESTA PROPERTIES, INC.
AS OF
JULY 8, 2010
BY
MICHAEL R. SLADE, MAI, SRA, CRE
CALLAWAY & PRICE, INC.
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Callaway & Price, Inc.
Real Estate Appraisers And Consultants
www, ca//a wa yand price. com
Licensed Rea/ Estate Brokers
Please respond to West Palm Beach ofFce
WEST PALM BEACH E-Mail: mrsCa�cownb.com
1639 Forum Place
Suite 5
West Palm Beach, FL 33401 )uly 21, 2010
Phone (561)686-0333
Fax (561)686-3705
MichaelR. S/ade, MAI, SRA, CRE Mr. John Zuccarelli
St.Cert.Gen.REA RZ116 ]MZ Tequesta Properties, Inc.
Daniel P. Hrabko, Mar 209 Tequesta Drive
St.Cert.Gen.REA RZ48 Tequesta, Florida 33469
Stephen D. Shaw, MAI
St.Cert.Gen.REA RZ1192 Re: Tequesta Village Center
FORT PIERCE/STUART Dear Mr. Zuccarelli
500 South U.S. Highway 1
Suite 107
Fort Pierce, FL 34950 We have made an investigation and analysis of three parcels Of
Phone (772)464-8607 vacant land located south of Tequesta Drive and north of Bridge
FaX (772)461-0809 Road, between U.S. Highway One and Old Dixie Highway, in the
stua� Village of Tequesta, Florida. The Subject Property will be further
Phone (772)287-3330
Fax (772)461-0809 described both narratively and legally within the following
Harry D. G�ay, MAI, SRA Summary Appraisal Report. The purpose of this investigation and ,
St.Cert.Gen.REA RZ662 analysis is to provide our opinion of the Hypothetical Market Value i
Stephen G. Neill, Jr., MAZ of the Fee Simple Estate of the Subject Property as of July 8,
St. Cert. Gen. REA RZ2480 2 � 1 �. I
MELBOURNEJINDIALANTIC This report hdS been prepared fOC OUI" client �MZ Tequesta
114 6th Avenue, Properties, Inc. The intended use is for internal decision making.
Suite 3 The scope of work performed is specific to the needs of the
Indialantic, FL 32903
Phone (321)726-0970 intended user and the intended use. No other use is intended,
Fax (321)726-0384 and the scope of work may not be appropriate for other uses.
Curtis L. Phillips, MAI
St.Cert.Gen.REA RZ2085 The scope of work performed included a complete analysis of the
Subject Property. A detailed scope of work description can be
BOCA RATON found in the body of this report.
Phone (561)998-8088
Fax (561)686-3705
Daniel P. Hrabko, MAI Parcels 1 and 3 are currently improved with "Paradise Park", a
St.Cert.Gen.REA RZ48 community park established and built by the Village of Tequesta.
Parcel 2 is improved and used as an asphalt-paved parking lot,
FOUNDERS with the Village of Tequesta also making this improvement.
Joe R. Price, MAI, SRA
St. Cert. Gen. REA RZ555 !
Robert J. Callaway, MAI, SRA ��
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I
Mr. John Zuccarelli
JMZ Tequesta Properties, Inc.
July 21, 2010
Page Two
All three parcels are currently leased by the Village of Tequesta, for $1.00 per year, to be
used for passive parks and recreation purposes. According to parties to the lease, it is
likely that the lease could be waived should the owners find a buyer for the property as set
forth in Section 8.03 of the lease, as discussed in more detail later in this report. This is
because the Village of Tequesta has the right of first refusal to purchase the property, or
the portion thereof that is offered for sale, and has expressed their strong interest in
acquiring the Subject properties. Essentially, the lease could be declared null and void by
the Village of Tequesta (the Lessee) upon their purchase of the Subject parcels. Further,
our client has specified the purpose and intended use of the appraisal is to set a market
value for the property as if unencumbered, to be used in negotiating a sales price with
the Village of Tequesta. For these reasons, the lease has not been considered herein.
Therefore, because we are ignoring the existing lease on this land as of the date of
appraisal, this part of the valuation is based upon a Hypothetical Condition. The Dictionarv
of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal Institute, defines hypothetical
condition on page 141 as follows:
"That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical conditions assume conditions contrary to known facts about physical,
legal, or economic characteristics of the Subject Property; or about conditions
external to the property, such as market conditions or trends; or about the integrity
of data used in an analysis. A hypothetical condition may be used in an assignment
only if:
• Use of the hypothetical condition is clearly required for legal purposes, for
the purposes of reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis, and;
• The appraiser complies with the disclosure requirements set forth in USPAP for
hypothetical conditions.
Mr. John Zuccarelli
JMZ Tequesta Properties, Inc.
July 21, 2010
Page Three
Therefore, based upon the scope of the assignment, our investigation and analysis of the
information contained within this report, as well as our general knowledge of real estate
valuation procedures and market conditions, it is our opinion that the Hypothetical
Market Values of the three individual parcels, and the "bulk value if all 3 parcels
were sold to one buyer", by the Sales Comparison Approach as of July 8, 2010 were:
Individual Parcel Values
Sales Comparison
Parcel No. Sq• Ft• Value Per Sa. Ft. Aqqroach (Rounded)
1 51,988 $15.50 $810,000
2 42,770 $15.50 $660,000
3 44,534 $15.50 $690,000
Bulk Value for all 3 Parcels
Sales Comparison
Parcel No. Sq• Ft• Value Per Sq. Ft. A�proach
All3 139,292 $14.00 $1,950,088
combined 3.20 ac. Rounded to, $1,950,000
A description of the property appraised, together with an explanation of the valuation
procedures utilized, is contained in the body of the attached report. For your convenience,
an Executive Summary follows this letter. Your attention is directed to the Limiting
Conditions (especially Nos. 1i-14) and underlying assumptions upon which the value
conclusions are contingent.
Respectfully submitted,
CALLAWAY & PRICE, INC.
1�j, /�? .�C��r.�.
Michael R. Slade, MAI, SRA, CRE
St.Cert.Gen.REA RZ116
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Niccola L. Ellefson, MAI
St.Cert.Gen.REA RZ2096
MRS/NLE/KPS/10-63494
Attachments
r � Executive Summary
PROPERTY TYPE : Vacant commercial land.
LOCATION : South of Tequesta Drive and north of Bridge
Road, between U.S. Highway One and Old
Dixie Highway, in the Village of Tequesta,
Florida.
DATE OF VALUATION : July 8, 2010.
DATE OF INSPECTION : ]uly 8, 2010.
PROPERTY DESCRIPTION . Irregular shaped parcels containing the
following land areas:
Land Area
Parcel No. Acres Sq• ft. Frontaae Description
1 1.19 51,988 203' Bridge Road Community Park
2 0.98 42,770 231' Tequesta Drive Parking Lot
3 1.02 44,534 203' Bridge Road "Paradise Park"
Total 3.20 139,292
BUILDING . None included (see discussion of
improvements).
ZONING : MU, Mixed Use District, by the Village of
Tequesta, Florida.
LAND USE PLAN . Commercial, by the Village of Tequesta,
Florida.
HIGHEST AND BEST USE : Future commercial development.
�� Tab/e of Contents
Page No.
CERTIFICATION............................................................................................. 1
LIMITINGCONDITIONS .................................................................................. 3
DEFINITION OF THE APPRAISAL PROBLEM ...................................................... 11
Purpose, Date of Value, and Interest Appraised ............................................ 11
Intended Use and User of Appraisal ............................................................. 11
LegalDescription ...................................................................................... 11
MarketValue ........................................................................................... 11
Fee Simple Estate ..................................................................................... 12
Hypothetical Conditions ............................................................................. 12
Extraordinary Assumptions ......................................................................... 12
SCOPEOF WORK ......................................................................................... 13
NEIGHBORHOOD ANALYSIS .......................................................................... 15
Preface...................................................
................................................. 15
PROPERTYDATA .......................................................................................... 17
Location ................................................................................................... 17
Zoning ....................................... ............................................................
.. 17
LandUse Plan ........................................................................................... 18
Concurrency............................................................................................. 18
Easements and Deed Restrictions ................................................................ 18
Site Size, Shape and Access ....................................................................... 19
To pog ra p hy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
FloodHazard Zone .................................................................................... 21
Assessed Value and Taxes .......................................................................... 22
PropertyHistory ........................................................................................ 22
HIGHEST AND BEST USE .............................................................................. 23
Conclusion ................................. ................... ...... 23
.. ...................................
LAND VALUE ANALYSIS ................................................................................ 25
Discussion of Vacant Land Sales ................................................................. 25
Property Rights Conveyed ..........................................................................
38
Conclusion - Land Value Analysis ................................................................ 40
ADDENDA
Letter of Engagement
Legal Description
Qualifications:
Michael R. Slade, MAI, SRA, CRE
Niccola L. Ellefson, MAI
r
Certification
CERTIFICATION
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions, and are our personal, unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject
of this report, and we have no personal interest or bias with respect to the
parties involved.
4. We have no bias with respect to the property that is the subject of this report
or to the parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of
the value estimate, the attainment of a stipulated result, or the occurrence of
a subsequent event directly related to the intended use of this appraisal.
7. The analyses, opinions, and conclusion were developed, and this report was
prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice (USPAP) and FIRREA.
8. Michael R. Slade and Niccola L. Ellefson have made a personal inspection of
the property that is the subject of this report.
9. No one provided significant real property appraisal assistance to the persons
signing this certification.
10. 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.
11. The reported analyses, opinions and conclusion were developed, and this
report was prepared, in conformity with the requirements of the Appraisal
Institute's Code of Professional Ethics and Standards of Professional Appraisal
Practice, which include the Uniform Standards of Professional Appraisal
Practice.
1
c
Certification
12. This appraisal assignment was not based on a requested minimum
valuation, a specific valuation, or the approval of a loan.
13. We have not provided any services regarding this property within the last
three years.
14. I certify that the use of this report is subject to the requirements of the
Appraisal Institute relating to review by its duly authorized representatives.
15. As of the date of this report, Michael R. Slade, MAI, SRA, and Niccola L.
Ellefson, MAI have completed the requirements under the continuing
education program of the Appraisal Institute.
���;�� � .���G�Z�
Michael R. Slade, MAI, SRA, CRE
St.Cert.Gen.REA RZ116
. , � �
••------
Niccola L. Ellefson, MAI
St.Cert.Gen.REA RZ2096
2
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Limiting Conditions
LIMITING CONDITIONS
1. Unless otherwise stated, the value appearing in this appraisal represents the
opinion of the Market Value or the Value Defined AS OF THE DATE
SPECIFIED. Market Value of real estate is affected by national and local
economic conditions and consequently will vary with future changes in such
conditions.
2. The value estimated in this appraisal report is gross, without consideration
given to any encumbrance, restriction or question of title, unless specifically
defined.
3. This appraisal report covers only the property described and any values or
rates utilized are not to be construed as applicable to any other property,
however similar the properties might be.
4. It is assumed that the title to the premises is good; that the legal description
is correct; that the improvements are entirely and correctly located on the
property described and that there are no encroachments on this property,
but no investigation or survey has been made.
5. This appraisal expresses our opinion, and employment to make this appraisal
was in no way contingent upon the reporting of predetermined value or
conclusion.
6. No responsibility is assumed for matters legal in nature, nor is any opinion of
title rendered. In the performance of our investigation and analysis leading
to the conclusions reached herein, the statements of others were relied on.
No liability is assumed for the correctness of these statements.
7. Neither all nor any part of the contents of this report (especially any
conclusions, the identity of the appraiser or the firm with which he is
connected, or any reference to the Appraisal Institute or any of its
designations) shall be disseminated to the public through advertising media,
public relations media, news media, sales media or any other public means of
communication without our prior written consent and approval.
8. It is assumed that there are no hidden or unapparent conditions of the
property, subsoil, or structures which would render it more or less valuable.
The appraiser assumes no responsibility for such conditions or the
engineering which might be required to discover these factors.
3
��
Limiting Conditions
9. Unless otherwise stated in this report, the existence of hazardous
substances, including without limitation stachybotrys chartarum (mold),
asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other
environmental conditions, was not called to the attention of, nor did the
appraiser become aware of such during the appraiser's inspection. The
appraiser has no knowledge of the existence of such materials on or in the
property unless otherwise stated. The appraiser, however, is not qualified to
test for such substances or conditions. If the presence of such substances,
such as asbestos, urea formaldehyde foam insulation, or other hazardous
substances or environmental conditions, may affect the value of the property,
the value estimated is predicated on the assumption that there is no such
proximity thereto that would cause a loss in value. We are unaware of very
wet conditions that may have existed for days or weeks which are required to
grow mold. No responsibility is assumed for any such conditions, nor for any
expertise or engineering knowledge required to discover them.
10. The Americans with Disabilities Act ("ADA") became effective January 26,
1992. The appraisers have not made a specific compliance survey and
analysis of this property to determine whether or not it is in conformity with
the various detailed requirements of the ADA. It is possible that a
compliance survey of the property, together with a detailed analysis of the
requirements of the ADA, could reveal that the property is not in compliance
with one or more of the requirements of the Act. If so, this fact could have a
negative effect upon the value of the property. Since the appraisers have no
direct evidence relating to this issue, possible noncompliance with the
requirements of ADA in estimating the value of the property has not been
considered.
11. Our opinion of value was based on the assumption of competent marketing
and management regarding the Subject Property. If there is no competent
marketing and management, then the value contained herein may not apply.
12. All three parcels are currently leased by the Village of Tequesta, for $1.00 per
year, to be used for passive parks and recreation purposes. According to
parties to the lease, it is likely that the lease could be waived should the
owners find a buyer for the property as set forth in Section 8.03 of the lease,
as discussed in more detail later in this report. This is because the Village of
Tequesta has the right of first refusal to purchase the property, or the portion
thereof that is offered for sale, and has expressed their strong interest in
acquiring the Subject properties. Essentially, the lease could be declared null
and void by the Village of Tequesta (the Lessee) upon their purchase of the
Subject parcels. Further, our client has specified the purpose and intended
use of the appraisal is to set a market value for the property as if
unencumbered, to be used in negotiating a sales price with the Village of
4
�
Limiting Conditions
Tequesta. For these reasons, we have valued the property under a
Hypothetical Condition where the lease is not considered herein.
13. Parcels 1 and 3 are currently improved with ��Paradise Park", a community
park established and built by the Village of Tequesta. Parcel 2 is improved
and used as an asphalt-paved parking lot, with the Village of Tequesta also
making this improvement. However, at the request of the client, we have
valued the Subject Property as vacant commercial land without consideration
to the existing site improvements.
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AERIAL PHOTOGRAPH
10
r P Neighborhood Analysis
NEIGHBORHOOD ANALYSIS
Preface
The relationship of the Subject Property with surrounding properties forms the basis
of neighborhood analysis. The Appraisal of Real Estate 13th Edition 2008, states:
Social, economic, governmental, and environmental forces influence property
values in the vicinity of a subject property. As a result, they affect the value of that
property. Although physical boundaries may be drawn, the most important
boundaries are those that identify factors influencing property values. The area of
influence, commonly called a neighborhood, can be defined as a group of
complementary land uses.
Neighborhood Map
Jonathan Dickinson State Perk
V ;
o B�'^9 A t /antic
Way FIe1 Ode Rotics
AlA
_•, 9 . y Lyle Rd ',.`_
Recreation Dept
sv
T I
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C M 02a� M`c 9,,h �atlbru rs. A ri Ms reserved. -e y ° -ey Pty' R TW y PEMIB Dr , even '�
The major north /south arteries are Federal Highway (U.S. Highway 1), Old Dixie
Highway, and State Road A -1 -A. U.S. Highway 1 is a four lane, divided highway
through the Subject neighborhood, connecting Stuart with northern Palm Beach
County. U.S. Highway 1 is one of the major north /south arteries on the east coast
of Florida, as well as the eastern coast of the United States. State Road A -1 -A
provides access to properties situated on the Jupiter Inlet and the Atlantic Ocean in
the eastern and southern portion of the neighborhood. Dixie Highway is a two -lane,
roadway that parallels U.S. Highway 1 through the Subject neighborhood. Dixie
Highway provides local residents with an excellent alternative to U.S. Highway 1.
County Line Road and Tequesta Drive provide east /west travel, which is restricted
mostly to local streets within the Subject neighborhood. There is one major
15
r
Neighborhood Analysis
east /west artery in the Subject neighborhood. Indiantown Road (State Road 706)
is a six -lane primary artery connecting the coastal areas of southeastern Martin
County and northeastern Palm Beach County with Interstate 95, to the west.
Indiantown Road also has an Interchange and provides access to the Florida
Turnpike.
Commercial development in the Subject neighborhood is located primarily along
U.S. Highway 1 and is very diverse. Commercial uses include several larger multi -
tenant shopping centers, free - standing drug stores, older restaurants, gas stations,
retail stores, banks, churches, nursing home facilities, and mobile home parks. The
U.S. Post Office is located on U.S. Highway 1, and there are two fire stations within
the neighborhood.
Residential development within the Subject Neighborhood is also very diverse. To
the north and south are private, up- scale, gated golf course communities with home
prices ranging from $300,000 to in excess of $1,000,000.
On the other end of the spectrum, there are a number of mobile home parks
scattered along U.S. Highway 1, including the Lakeside Village, Hobe Village,
Woodbridge, Hobe Sound and others. Not all are rental facilities as the pads have
been sold to individual owners. In addition, there are a number of older, low end
residential subdivisions with home values starting in the $40,000 range.
The interior areas of the neighborhood offer both single - family and multi - family
housing, represented by a variety of ages and price ranges. Two newer, quality
residential planned developments of Tequesta Oaks and Tequesta Trace are in the
neighborhood. Residential development along the Intracoastal region of the
neighborhood offers a variety of home values starting from under $100,000 and
exceeding $1,000,000.
Immediately east of the Subject Neighborhood is Jupiter Island, an exclusive,
oceanfront community. Jupiter Island is the home of many nationally renowned,
wealthy families. The U.S. Highway One commercial area directly serves the
commercial needs of many of the Jupiter Island residents.
Conclusion
The Subject neighborhood is considered to be a desirable area of northern Palm
Beach County due to the quality development, combined with "small town"
atmosphere, which currently exists. Interest in the neighborhood is further
enhanced by the continued growth pressures being felt from Palm Beach County to
the south and from Martin County to the north. The current limiting factor is the
extremely slow real estate market and overall poor national economy. We expect
that new development will be on hold until the real estate market improves.
16
�
Property Data
PROPERTY DATA
Location
The Subject Property is located south of Tequesta Drive and north of Bridge Road,
between Old Dixie Highway and U.S. Highway 1, in the Village of Tequesta, Florida
33477. The Subject's location is indicated on the map below.
Location Map
�; yRobert:St
aL , d Wingo =St
m
Q,4 Russell St
Q4S1e�1171 Tj.� " Prno ,
N R Ulfage Ellvd It
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t9 =si. .. Puri
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° s`3 a, SUB�CT
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rA
Windsor Rd W
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Beverly Rd W
ty �
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Jupitw
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L 6 Wgilorks s ie 'A d Ms reserved.
joker
Zoning
The Subject Property is zoned MU, Multiple Use District, by the Village of Tequesta.
The purpose and intent of the MU mixed -use district is to establish a village center
which creates a vital, diverse core for the principles which utilize mixed -use
development concepts and which permit a combination of usually separated uses
within a unified development district area. Commercial uses are intended to be
limited to specialty small scale retail sales and services, business services and
professional services primarily designed to serve residential neighborhoods of the
village. Residential uses are intended to encourage the accomplishment of a more
complete residential living environment through the application of imaginative
approaches to community development which establishes neighborhood identity and
focus consistent with values of the village. It is further the purpose and intent of
this area to provide lands for a range of residential uses from lower density single -
family to higher density residential uses.
17
P Property Data
Permitted uses within this district include, but are not limited to, single and multi-
family residential development, small -scale retail sales and service, business,
professional and personal services, etc. There are also a variety of special exception
uses allowed within this district including restaurants, hotels, adult congregate living
facilities, gas stations, etc.
Land Use Plan
The Subject is located in an area designated as Commercial by the Comprehensive
Plan of the Village of Jupiter Inlet District. The Subject's zoning conforms to the
future land use classification.
Concurrence
In 1985, the Florida Legislature enacted the Local Government Comprehensive
Planning and Land Development Regional Act (Chapter 163, Part II, Florida
Statutes), commonly referred to as "The Growth Management Act ".
Pursuant to Section 163.3177(10)(h), F.S., "it is the intent of the Legislature that
public facilities and services needed to support development shall be available
concurrent with the impacts of such development." From this statement, the term
"concurrency" was derived, and is commonly used to refer to the above act and its
requirements.
The basis of the concurrency concept is Rule 93- 5.0055 of the Florida Administrative
Code, which states that:
"To ensure that facilities and services needed to support development are
available concurrent with the impacts of such development, a local
government must adopt a concurrency management system. Prior to the
issuance of a development order or development permit, the concurrency
management system must ensure that the adopted level of service standards
required for roads, potable water, sanitary sewer, solid waste, drainage,
parks and recreation, and mass transit, if applicable, will be maintained."
To the best of our knowledge, the Subject Property would not be adversely affected
by concurrency issues.
Easements and Deed Restrictions
We have not been provided a title search for the Subject Property. Based upon our
inspection of the property records, no adverse deed restrictions were noted. As
explained earlier, we are ignoring the existing lease on the property (see L.C. #12).
18
r � Property Data
Site Size, Shape and Access
The Subject Property consists of three irregular shaped parcels which contain the
following:
Land Area
Parcel No. Acres Sq. ft. Frontage Description
1 1.19 51,988 203' Bridge Road Community Park
2 0.98 42,770 231' Tequesta Drive Parking Lot
3 1.02 44,534 203' Bridge Road "Paradise Park"
Total 3.20 139,292
Access is available from Tequesta Drive and Bridge Road. An access road called Main
Street divides the east and west areas as shown below on the survey. It should be
noted that the map depicts the parcels assembled by the property owner which have
since been incorporated together via a Declaration of Unity of Title.
19
Property Data
Parcel MaR
PLAT OF
T E��80E S, VUKUA 63 E C FN, Tr E R
LYING IN SECTION 3m TOWNSHIP 40 SOUm RANGE 43 EASI
wuAoc or ncou/sTA. pAuy BEACH COUNTY, FIo�oA
^vo/S` ovo' s*ccr z or u ----------------- ------------'
to
ks
lk
It
z L-23.14
(51968 SFt 1104 ACt) 31
I qiTVh
J S 89'46'55' IN 110.001 516.42' 203,21' PLAT 90 UNDARY
BRIDGE 10AD
Utilities
All public utilities are available to the Subject including sewer and water provided by
the Village mfTequesta. AT&T and FPL provide telephone and electrical services.
No topographical survey, soil or sub-soil analysis was available. However, our visual
inspection revealed that the Subject is at the grade of the adjacent roads and
drainage did not appear to be e problem. Parcels 1 and ] are improved with a
community park, and Parcel 3 is improved with e parking lot. The topography
appears tobe sufficient for development ofa variety ofuses.
20
r
Property Data
Census Tract
The Subject Property lies within Census Tract 1.02.
MSA Code: State Code County Code: Tract Code:
X 48424 12 099 0001.02
Summary Census Demographic Information
- -- —_
Tract Income Level Upper Tract 2508
Population
I Underserved or Distressed Tract Minority
Tract No 0 /o 3.35
_ - - -.
12008 HUD Estimated �-
MSA/MD /non- MSA/MD Median $66,000 Minority 84
Family Income Population
E
1 2008 Est. Tract Median Family Owner -
Income $92,044 Occupied 997
Units I
2000 Tract Median Family $75,000 1- to 4- Family ' 730
Income Units
Tract Median Family Income % 139.46
Flood Hazard Zone
The Subject Property lies within Flood Zones "C" according to the Flood Insurance
Rate Map (Panel Number 120228- 0001C) dated 9/30/1982 and prepared for the
National Flood Insurance Program of the U.S. Department of Housing and Urban
Development (H.U.D.). Flood Zone "C" indicates areas of minimal flooding.
21
r
Property Data
Assessed Value and Taxes
2009
Assessed 2009
Folio Number Allocations Value Taxes
60- 43- 40- 30 -47- 001 -0000 Land $603,371
(Parcel 1) Improvements $00
Subtotal $603,371 $16,997
60- 43- 40- 30 -47- 002 -0000 Land $621,125
(Parcel 2) Improvements
Subtotal $621,125 $16,666
60- 43- 40- 30 -47- 003 -0000 Land $517,177
(Parcel 3) Improvements $00
Subtotal $517,177 $14,568
Totals $1,741,673 $48,231
Property History
No title history was provided, nor did this office perform a title search. According to
the Palm Beach County Property Appraiser's Office, Parcel 1 is under the ownership
of Main Street Village, Inc., while the current owner of record for Parcels 2 and 3 is
JMZ Tequesta Properties, Inc. (related entities). The parcels have been under these
ownerships for at least 5 years, as far as we could determine.
Parcels 1 and 3 are currently improved with "Paradise Park ", a community park
established and built by the Village of Tequesta. Parcel 2 is improved and used as
an asphalt -paved parking lot, with the Village of Tequesta also making this
improvement. However, at the request of the client, we have valued the Subject
Property as vacant commercial land.
22
�a Highest and Best Use
HIGHEST AND BEST USE
The Dictionary of Real Estate Appraisal Fifth Edition 2010, by the Appraisal
Institute defines Highest and Best Use on page 93 as follows:
"The reasonably probable and legal use of vacant land or an improved
property, that is physically possible, appropriately supported, financially
feasible, and that results in the highest value. The four criteria the highest and
best use must meet are legal permissibility, physical possibility, financial
feasibility, and maximum productivity."
To estimate the Highest and Best Use of the Subject, we have considered those
uses which are legally permissible, physically possible, financially feasible, and
maximally productive. Consideration was given to individual features of the land
such as size, shape, location, access to roadways, and the availability of utilities.
Consideration was also given to the surrounding land uses and the demand for
property in the current real estate market.
In cases where properties are improved, the Highest and Best Use of the site "as
though vacant" and the Highest and Best Use of the property "as improved" may be
different. This is due to the principle of "contribution" which holds that if an
improvement adds value to the site over and above land value, the Highest and
Best Use of the property is as improved until such time as the improvements add no
contributory value to the property. In the case of the Subject Property we have
valued the Subject Property as if vacant, as requested by the client.
Conclusion
It is our opinion that the Highest and Best Use of the Subject is for future
commercial development.
1. The Subject Property is zoned MU, Mixed Use District, by the Village of
Tequesta. This category generally allows a wide variety of commercial
uses. Further, the zoning district is consistent with the underlying
commercial land use designation.
2. Physically the Subject site offers sufficient frontage and depth to support
a variety of uses. The property is surrounded by parcels developed with
commercial and residential uses. The topography would support most
any of the legal uses.
3. The market for this property type, like virtually all property types
throughout South Florida, has declined significantly during the past few
years. A likely purchaser for this property would be a user for a build -to-
suit project. However, due to softening market conditions, little interest
is expected over the near term. Properties in the immediate surroundings
23
wo
Highest and Best Use
are fairly well maintained and occupied, and the area is well established
with commercial and residential uses.
4. Therefore, it is our opinion that future commercial development would be
the most maximally productive and Highest and Best Use of the site as of
the appraisal date. The most likely purchaser of the Subject Property
would be a developer or an investor /speculator.
24
c ? Land Value Analysis
LAND VALUE ANALYSIS
According to the 13 Edition of The Appraisal of Real Estate the valuation of land
begins by identifying the real estate and property rights valued, any encumbrances,
use restrictions, and the land's physical characteristics. An appraiser can use
several techniques to obtain an indication of land value:
• Sales Comparison
• Market Extraction
• Allocation
• Land Residual Technique
• Ground Rent Capitalization
• Subdivision Development Analysis
Usually the most reliable way to estimate land value is by sales comparison. When
few sales are available, however, or when the value indications produced through
sales comparison need additional support, alternative techniques like extraction or
allocation may be applied. In the case of the Subject Property the only approach
used was the Sales Comparison Approach.
The Dictionary of Real Estate Appraisal Fifth Edition 2010, by the Appraisal
Institute defines Sales Comparison Approach on page 175 as follows:
"The process of deriving a value indication for the subject property by
comparing market information for similar properties with the property being
appraised, identifying appropriate units of comparison, and making qualitative
comparisons with or quantitative adjustments to the sale prices (or unit
prices, as appropriate) of the comparable properties based on relevant,
market - derived elements of comparison."
Discussion of Vacant Land Sales
In order to estimate the value of the Subject site, a search was made for sales with
development potential similar to the Subject. Our sale search concentrated on
vacant commercial properties located in the Subject's market area, which is
considered to be east central to northern Palm Beach County. The time frame of
the search was from the appraisal preparation date back approximately 24 months.
Our research revealed four closed sales and one active listing that were considered
to be the most comparable to the Subject site.
We analyzed the Subject Property based on price per square foot basis, as this was
the unit of comparison most commonly used by market participants.
All of the comparables were considered with regard to property rights appraised,
financing, conditions of sale, time or market conditions, location, size, site quality
and any other factors that affected the sale price.
25
�a Land Value Analysis
As shown below, the four closed sale comparables indicated an unadjusted range
from $11.09 to $25.46 per square foot prior to adjustments; Listing 5 indicated an
asking price of $19.36 per square foot.
VACANT COMMERCIAL LAND SALES SUMMARY
Sale No. 1 2 3 4 5
O.R.BK /PG 23679/1140 23601/0421 23605/0932 23489/1341 Listing
Record ID 7324 7228 7360 7275 7366
S si e of 10th NEC of Par si a SEC of W si e of E si e of AIA,
Location Subject Ave. N, 160' Dr. & Indiantown Rd. Congress Ave., 200' N of
Site east of Kirk Rd. University Blvd, & Daniel's Way S of Forest Hill E Jupiter Branch
Palm Springs Jupiter Jupiter W Palm Beach Rd, Jupiter
Appraisal Date Jul -10 - - - -
Sale Date Jan -10 Dec -09 Dec -09 Sep -09 Current
Sale Price 1 $260,000 $1,253,000 1 $1,375,000 $420,000 $1,990,000
Zoning MU CN MXD IOZ (C2) GC C2
Land Size - Pcl 1 1.194 ac. 23,435 49,223 89,111 30,492 102,802
Land Size - Pcl 2 0.982 ac 0.54 1.13 2.05 0.70 2.36
Land Size - Pcl 3 1.022 ac 11.09 $25.46 $15.43 $13.77 $19.36
ADJUSTMENT CONSIDERATIONS
Financing Market Market Market Market Market
Adjustment 0% 0% 0% 0% 0%
Ad' Price - S ft $11.09 $25.46 $15.43 $13.77 19.36
Conditions of Sale Market Market Inferior Market Listing
Adjustment 0% 0% 5% 0% -25%
Adj Price - S ft $11.09 $25.46 $16.20 $13.77 $14.52
Market Conditions Similar Similar Similar Superior Similar
Adjustment -7% -8% -8% -10% 0%
Adj Price - Sclft $10.32 $23.42 $14.91 $12.40 $14.52
Other Adjustments
Location 20% -20% 0% 15% 0%
Size -5% 0% 5% -5% 5%
Site Quality 5% 0% 5% 5% 5%
Other 0% -10% 0% 0% 0%
Net Adjustment 20% -30% 1 % 15% 10%
Adjusted Price /Sgft 1 $12.38 $16.39 $16.40 $14.26 $15.97
#10 -63494 Average: $15.08
Maximum: $16.40
Minimum: $12.38
26
Land Value Analysis
Comparable Land Sales Map
Dickinson
State Park Jonathan Dickinson
M A R T I $t P CT
'
V- 1,
'
I
Comparable Sale 3 arks and
711 , -sta �. Recreation Dept
\ `a
706 Ken Oe nter St
— .�Jupitir
- -, -�
Com Listing 5
710 , >= � 9
iRney \� a ' --- - - - - -- – - - - -.
- - – j Juno Beach
viation al Beach Gardens
786 8
-n
eos 811 North Palm
Beach
F L O R I D C 809A J 850
Lake Park
Riviera Beach A t l a n t i c
Orange Blvd _ , ❑ -r:a
1° Palm Beach O c e a n
Shores
702 ,, _ .,
Mangonia Park
r
i
°4A West Palm
pB
Royal Palm each � � t1'_
C , 4 Beach 7 — . -__- 704 Palm Beach
E P A L M E A C I♦averhill r i
Comparable Sale 4
441 "
98
I CorriparabFe Sale 1 v I ntl r(" ,r.� •,
ll�
882 Lake Clarke Shores
Wellington --
3p.'ings
Greenail es j w
'802 – z Lake Worth
1 �Fai South Palm
LLL Atl rttis
°
' Beach
27
r
Land Value Analysis
Land Sale No. 1
# ODB
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t ,�, i 111j 1 M
Pronertv Identification
Record ID 7324
Property Type Commercial
Address 3956 10th Avenue N, Palm Springs, Palm Beach County
Location South side of 10th Avenue N, 160 feet east of Kirk Rd.
Tax ID 70- 43- 44- 19 -20- 017 -0010
Legal Lengthy legal
Sale Data
Grantor Fred W. Noyes and Jacqueline Noyes, Rep. of Estate
Grantee Rizanur Altan
Sale Date January 14, 2010
Deed Book /Page 23679/1140
Property Rights Fee Simple
Marketing Time 3 months
Conditions of Sale Arm's Length
Financing Cash to seller
Verification Confirmed by Jim Murray
Sale Price $260,000
Land Data
Zoning CN
Topography Level
28
c i? Land Value Analysis
Land Sale No. i (Cont.)
Utilities All available
Shape Rectangular
Depth 220
Land Size Information
Gross Land Size 0.538 Acres or 23,435 SF
Front Footage 110 ft Total Frontage: 110 ft 10th Avenue N
Indicators
Sale Price /Gross Acre $483,277
Sale Price /Gross SF $11.09
Remarks
This property was being marketed for sale at $300,000 as a vacant commercial site.
According to the listing broker, the buyers are intending to use the site for a used car
business and are planning to use the 1,248 SF office for the business. The
improvements were old, in poor condition and not considered to contribute to the
overall value of the property. The property was sold by representatives of an estate,
but according to the agent, the sale price was market oriented and not distressed.
29
r
Land Value Analysis
Land Sale No. 2
pal 72 fit
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y 40
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Property Identification
Record ID 7228
Property Type Commercial
Address Jupiter, Palm Beach County, Florida
Location Northeast corner of Parkside Drive and University Blvd.
Tax ID 30- 42- 41- 23 -09- 004 -0000
Legal Parcel 4 of Abacoa Town Center Plat No. 2
Sale Data
Grantor TC II Office LLC
Grantee UPC Investors, LLLP
Sale Date December 17, 2009
Deed Book /Page 23601/0421
Recorded Plat 102/155
Property Rights Fee
Conditions of Sale Arm's length
Financing Cash to seller
Verification Confirmed by Nicci Ellefson
Sale Price $1,253,000
Land Data
Zoning MXD, Mixed Use
Topography Cleared, ready to build
Utilities All
Shape Mostly rectangular
30
�a Land Value Analysis
Land Sale No. 2 (Cont.)
Land Use Mixed -Use
Land Size Information
Gross Land Size 1.130 Acres or 49,223 SF
Actual /Planned 62,984
Building SF
Indicators
Sale Price /Gross Acre $1,108,850
Sale Price /Gross SF $25.46
Sale Price /Planned $19.89
Bldg. SF
Remarks
Site was approved at the time of sale for a 4- story, 62,984 square foot office
building. Plans are to complete construction of the building by late 2010 /early 2011.
The buyer intends to occupy a large portion of the building.
31
r ? Land Value Analysis
Land Sale No. 3
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WIL
711r
s
r
i
e
Property Identification
Record ID 7360
Property Type Commercial, Medical Office
Address Jupiter, Palm Beach County, Florida
Location Southeast corner of Indiantown Road and Daniel's Way
Tax ID 30- 42- 41- 01 -00- 000 -7160 & -7170
Legal Lengthy metes and bounds
Sale Data
Grantor MNB2, LLC &I EC, LLC
Grantee STORM73LLC
Sale Date December 17, 2009
Deed Book /Page 23605/0932
Property Rights Fee Simple
Marketing Time 4 years
Conditions of Sale Arm's Length (see remarks)
Financing Cash (no financing involved)
Verification Rebel Cook, broker; Other sources: Costar; public
records, Confirmed by Jim Murray
Sale Price $1,375,000
32
Land Value Analysis
Land Sale No. 3 (Cont.)
Land Data
Zoning IOZ (C -2)
Utilities All available to site
Shape Rectangular
Landscaping Wooded
Land Use Commercial, by Town of Jupiter
Land Size Information
Gross Land Size 2.046 Acres or 89,111 SF
Front Footage 307 ft Total Frontage: 307 ft Indiantown Road
Actual /Planned 24,000
Building SF
Indicators
Sale Price /Gross Acre $672,139
Sale Price /Gross SF $15.43
Sale Price /Planned $57.29
Bldg. SF
Remarks
This is the sale of property assembled in 2004 & 2005, and then approved for the
development of "Warrior Plaza ", a 24,000 sq. ft. medical office project. According to
the listing broker on the sale, the property was listed for several years with price
reductions over time, until she got the listing and the seller was ready to get rid of
the property. The list price, with approvals, was originally $2.5 million, then reduced
to $1.8 million before finally selling. The seller was very motivated and worked the
sale into a 1031 exchange. This sale was an all -cash transaction with a 20 -day
closing. The approvals expire in Aug. or Sept. 2010 according to the broker who is
now listing the property for the current owner at $2.5 million.
33
r � Land Value Analysis
Land Sale No. 4
AV
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Pro [)erty Identification
Record ID 7275
Property Type Commercial
Address 1769 S. Congress Ave., West Palm Beach, Palm Beach
County, Florida
Location West side of Congress Ave., approx. 275 feet south of
Forest Hill Blvd.
Tax ID 70- 43- 44- 07 -01- 002 -0190
Legal Lengthy
Sale Data
Grantor Peter R. Greenstein, LLC
Grantee Elwill Associated, Inc.
Sale Date September 24, 2009
Deed Book /Page 23489/1341
Conditions of Sale Arms Length
Financing All cash to seller and no effect on sales price
Verification Ted Brown, listing broker; Other sources: Deed, Co -Star,
Property Appraiser office, Confirmed by Dwain McPeake
Sale Price $420,000
34
I
r � Land Value Analysis
Land Sale No. 4 (Cont.)
Land Data
Zoning GC, General Commercial
Topography Level
Utilities All
Shape irregular
Land Use Commercial
Land Size Information
Gross Land Size 0.700 Acres or 30,492 SF
Indicators
Sale Price /Gross Acre ,$600,000
Sale Price /Gross SF $13.77
Remarks
Purchaser owned the property to the north and assembled this to his holdings. He did
not think this affected the sales price.
35
I CMM
Land Value Analysis
Land Listing No. 5
AMP-
n
� .p
'h
4.
t
3.
1
Property Identification
Record ID 7366
Property Type Commercial
Address Jupiter, Palm Beach County, Florida
Location East side of AlA, 200 feet north of Jupiter Beach Road
Tax ID 30- 43- 41- 06 -00- 001 -0012
Legal Lengthy metes and bounds
Sale Data
Grantor 3D Development Company, LLC
Survey Date March 26, 2010
Property Rights Fee Simple
Marketing Time 5 mos.
Conditions of Sale Arm's length
Financing Cash to seller
Sale History 3/04 for $1,500,000
Verification Richard Apple, listing broker; Other sources: Loopnet;
Public Records, Confirmed by Jim Murray
Listing Price $1,990,000
Land Data
Zoning C2
Topography Wooded; high and dry
Utilities All available
36
r � Land Value Analysis
Land Listing No. 5 (Cont.)
Shape Irregular
Land Use Commercial
Land Size Information
Gross Land Size 2.360 Acres or 102,802 SF
Front Footage 317 ft AIA; 271 ft Dubois Road
Indicators
Sale Price /Gross Acre $843,217
Sale Price /Gross SF $19.36
Remarks
This is a wooded site along the east side of A1A, north of Jupiter Beach Road. The
broker has received some calls in the 4 -5 months since listing the property, but no
serious offers. The site was initially offered at $2.4 million and reduced to the
current asking price over time. The broker stated there are no approvals in place,
but indicated the site lies within the Tequesta Inlet Village District.
37
Land Value Analysis
Property Rights Conveyed
All the sales in this analysis were transferred on a Fee Simple Estate basis, with the
buyers receiving full property rights ownership. We are also unaware of any
adverse deed restrictions or any other property rights limitations which would have
affected the sales. Therefore, no adjustment was considered necessary for
property rights conveyed.
Terms of Financing (Cash Equivalency.
The transaction price of one property may differ from that of a similar property due
to atypical financing arrangements. In a case where favorable financing is
established, a cash equivalency adjustment is often necessary. However, all of the
sales analyzed herein involved either market terms or cash to Grantor. Therefore,
no adjustments were made, nor any cash equivalency performed.
Conditions of Sale
Adjustments for conditions of sale usually reflect the motivations of the buyer and
seller at the time of conveyance. Based on our confirmations, only one of the
closed sales, Sale 3, involved atypical conditions of sale. According to our
discussion with the listing broker, this property was marketed for sale for several
years prior to the seller becoming very motivated to affect a sale with a significant
price reduction and a requirement for a 20 -day closing period. The seller was
motivated to sell the property as part of a 1031 tax exchange. As a result, we have
adjusted this sale upward to reflect more typical conditions of sale.
In addition, Listing 5 required a downward adjustment for conditions of sale.
Properties for sale, especially during periods of soft market conditions, typically sell
for less than the listing price. In our opinion, a fairly significant downward
adjustment was necessary based on our discussion with the listing broker.
None of the remaining comparables required adjustment for conditions of sale.
Time or Changes in Market Conditions
Market conditions generally change over time and may be caused by inflation,
deflation, fluctuations in supply and demand, or other factors. The closed sales
occurred from September 2009 to January 2010. The listing was current as of the
appraisal date. The available data indicates that price levels for this property type
peaked during 2005 to 2008 and have since declined along with the general
economy. Based on the available data, we applied a -1.0% per month downward
time adjustment to the sales, which transpired approximately seven to 10 months
prior to the date of value.
38
r � Land Value Analysis
Location
In terms of location, it is our opinion that Sale 2 was located in area (Abacoa PUD)
that is superior to the Subject and warranted a downward adjustment. Sale 3 and
Listing 5 were considered to have a similar overall location in terms of traffic volume,
exposure, and price levels, and did not require adjustment for this factor. Sales 1
and 4 warranted upward adjustments based on the lower overall property values in
their respective areas.
Size
The Subject Parcels 1, 2, and 3 contain 1.194, 0.982, and 1.022 acres, respectively,
as compared to the comparables that ranged from 0.54 to 2.36 acres. Typically, a
smaller parcel will sell for more per square foot than a larger parcel when all other
things are equal. Sales 1 and 4 were smaller than the Subject Parcels and were
adjusted downward accordingly. Conversely, Sale 3 and Listing 5 were larger than
the Subject and were, therefore, adjusted upward for this factor. The remaining
sale, Sale 2, was similar to the Subject in this respect and was not adjusted.
Site Quality
The Subject site is cleared, and ready to build. Sale 2 is similar and required no
adjustment. The remaining comparables required demolition costs to remove
existing buildings, or clearing costs to remove existing heavy vegetation. Therefore,
these comparables were considered to be inferior to the Subject, and upward
adjustments were required for differences overall site quality.
Other (Miscellaneous)
In terms of other adjustments that appear to be warranted, Sale 2 was adjusted
downward based on approvals in place for development at the time of sale. Each of
the sales was selected based partially on their having commercial zoning
designations. However, only Sale 2 required adjustment for existing approvals
which benefit a prospective buyer and typically represent a premium to value. It is
noted that Sale 3 was purchased with approvals; however, they were soon to expire
and the buyer does not plan on developing the site. As a result, this comparable
was not adjusted for this factor.
39
r ? Land Value Analysis
Conclusion - Land Value Analysis
After adjustments, the data indicated the following:
ADJUSTED $ /SQFT INDICATIONS
Time Adj Net Adjusted
Sale $ /sgft Adjustment $ /sgft.
1 $10.32 20% $12.38
2 $23.42 -30% $16.39
3 $14.91 10% $16.40
4 $12.40 15% $14.26
5 $14.52 10% $15.97
Average $15.08
The overall average of the adjusted sale prices is $15.08 per square foot. Sale 1
appears to be inconsistent with the other comparables; however it is the most recent
transaction. Therefore, if the high and low ends of the range are eliminated (Sales 1
and 3, respectively), the average equates to $15.54 per square foot. Sales 3 and
Listing 5 required the least net physical adjustments and indicated values of $16.40
and $15.97 per square foot, respectively.
Based on the available data and current market conditions, we have concluded that a
value of $15.50 per square foot appears to be a well supported indication of value for
the Subject Property. As a result, our opinion of the Hypothetical Market Value for
the individual parcels, as of July 8, 2010, is calculated as follows:
JMZ Teauesta Properties
Value Estimate
Sales Comparison
Parcel No. Sq. Ft. Value Per Sq. Ft. Approach (Rounded)
1 51,988 $15.50 $810,000
2 42,770 $15.50 $660,000
3 44,534 $15.50 $690,000
Further, if the three parcels were sold "in bulk" to one purchaser, we would
consider the larger overall land area of all three parcels combined, or 3.20 acres.
As noted earlier, a larger parcel will sell for less per square foot than a smaller
parcel when all other things are equal. It is our opinion that the value per square
foot would be slightly lower, at $14.00 per square foot, due to the larger land area
of all three parcels in bulk (or a 10% reduction in value as compared to the
individual smaller parcel sales).
40
r
P Land Value Analysis
Based upon the scope of the assignment, our investigation and analysis of the
information contained within this report, as well as our general knowledge of real
estate valuation procedures and market conditions, it is our opinion that the
Hypothetical Market Value of the Fee Simple Estate of the Subject Property, if all
three parcels were sold in bulk to one buyer, as of July 8, 2010 was:
Value Estimate -
Sales Comparison
Parcel No. Sq. Ft. Value Per Sq. Ft. Approach
All 139,292 $14.00 $1,950,088
combined 3.20 ac. Rounded to, $1,950,000
41
ADDENDA
ENGAGEMENT LETTER
Me- k Lie
Callaway & Price, Inc.
Real Estate Appraisers And Consultants / � % ► t
www.callawayandprice.com lam/
Licensed Real Estate Brokers
Please respond to West Palm Beach office
E -Mail: mrs @cpwpb.com
WEST PALM BEACH
1639 Forum Place
Suite 5 April 6, 2010
West Palm Beach, FL 33401
Phone (561)686 -0333
Fax (561)686 -3705
Michael R. Slade, MAI, SRA, CRE
St.Cert.Gen.REA RZ116 sole
Daniel P. Hrabko, MAI Mr. John M. Zuccarelli
A IF-
St. RZ48 JMZ Tequesta Properties, Inc.
Stephen D. Shaw, MAI 209 Tequesta Drive
St.Cert.Gen.REA RZ1192 Tequesta, FL 33469
FORT PIERCE /STUART
5 South U.S. Highway 1
S 107 jmzprop@aol.com
Dear Mr. Zuccarelli: VIA EMAIL: @aol.com
p p
Fort Pierce, FL 34950
Phone (772)464 -8607 We would be pleased to prepare an appraisal on 3 vacant parcels
Fax (772)461 -0809 of land located on Main Street, that total just over 3 acres of land.
Stuart They are further identified by their folio numbers as 60-43-40-30 -
Phone (772)287 -3330
Fax (772)461 -0809 47- 001 -0000, 60- 43- 40- 30 -47- 002 -0000 and 60-43-40-30-47 -
Harry D. Gray, MAI SRA 003 -0000. It is our understanding that the purpose of the
St.Cert.Gen.REA RZ662 appraisal is to estimate Market Value.
Stephen G. Neill, Jr., MAI
St.Cert.Gen.REA RZ2480 The intended user is JMZ Tequesta Properties, Inc. The intended
use is for internal decision making. The scope of work performed
MELBOURNE /INDIALANTIC is specific to the needs of the intended user and the intended use.
114 6th Avenue, No other use is intended, and the scope of work may not be
Suite 3 appropriate for other uses.
Indialantic, FL 32903
Phone (321)726 -0970
Fax (321)726 -0384 The fee would be $3500. It is our policy to request a retainer and
Curtis L. Phillips, MAI $1750 will suffice for this purpose. We will provide 2 originals of
St.Cert.Gen.REA RZ2085 the final report.
BOCA RATON We will have the report completed in approximately 2 to 3 weeks
Phone (561)998 -8088 p rovided that we receive our authorization. Please be aware
Fax (561)686 -3705 p ve y
that delays in our receipt of information requested could
Daniel P. Hrabko, MAI
St.Cert.Gen.REA RZ48 postpone completion.
FOUNDERS We need you to supply the survey and /or legal description, if
Joe R. Price, MAI, SRA available and any other information you deemed appropriate.
St.Cert.Gen.REA RZ555
Robert J. Callaway, MAI, SRA
Jun 18 2010 13:25 JwZ `xOPERllss 56122? p';
Mr. John M.ZwccangQ
April 5,2D10
pegeTvvw
If the above is agreeable to you, please sign below as our authorization and return
it together with the retainer and the information requested and we will begin work
immediately. This agreement Is subject to the Agreements and Conditions listed on
the attached pages, a copy of which should also be signed and returned to uy. Our
work will be done in accordance with the Appraisal Institute Code of Ethics and
Standards oy Professional Practice, Thank you for the opportunity Umbeofservice.
Respectfully submitted,
[ALLAVVAY&PR[CE, INC.
Michael R. Slade, MAI, SRA, CRE
SLCe±.Gen.REARZl16
MRS:
Attachments
Client:
AccestedBy\Da&e:
Date Signature
Name and Title (Printed or Typed): +'C
Client Fed lD# or B5#;
Quoteo1OVzuccare|||
LEGAL DESCRIPTION
"RB I OSS;2 pa 77
LEGAI, DESCRIPTION
PARCEL NO, I
LYING IN SECTION 30,
`roWNSI-IIP 40 SOUTH, RANGE 43 EAST
A PARCEL OF LAND LYING IN SECTION 30, TOWNSHIP 40 SOUTH. RANGE 43
EAST. PALM BEACH COUNTY. FLORIDA, 13EING MORE PARTICULARLY
DESCRIBED AS' FOLLOWS:
COMMENCING AT THE POINT OF INTERSECTION OF THE CENTERLINE OF
STATE ROAD NO. 5 (US HIGHWAY NO, 1) WITH THE SOUTH LINE OF
SECTION 30, TOWNSHIP 40 SOUTH, RANGE 43 EAST; THENCE NORTH
03 EAST (BASIS OF BEA ALONG THE SAID CENTERLINEA
DISTANCE OF 695.55 FEET TO A POINT ON THE EASTERLY EXTENSION OF
THE NORTH RIGHT-OF-WAY LINE OF BRIDGE ROAD (PER DEED BOOK 1166,
PAGE 552 OF T14E PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA);
THENCE SOUTH 89 WEST, ALONG SAID EASTERLY EXTENSION AND
SAID NORTH RIGHT-OF-WAY LINE, A DISTANCE OF 673.37 FEET TO THE
POINT OF BEGINNIN48, THENCE CONTINUO SOUTH 89 WEST, ALONG
SAID NORTH RIGHT-Or-WAY LINE, A DISTANCE OF 203.21 FEET THENCE
NORTH 00 WEST. A DISTANCE OF 224.57 FEET, • THENCE NORTH
89 EAST, A DISTANCE OF 263,52 FEET, THENCE SOUTH 18 ° 43'.13" WE-S
A DISTANCE OF 87.10 FEET TO THE BEGINNING OF A CURVE, BEING
CONCAVE TO THE EAST AND HAVING A RADIUS OF 130 FEET, THENCE
SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 18 FOR AN ARC LE\GTH OF 42.97 FEET; THENCE SOUTH
0 EAST, A DISTANCE OF 74.99 FEET, THENCE SOUTH 4446*55" WEST. A
DISTANCE OF 35.36 FEET TO THE POINT OF BEGINNING.
113 losse Pg 78
LEGAL DESCRIPTION
PARCEL NO, 2
LYING IN SECTION 30,
TOWNSHIP 40 SOUTH, RANGE 43 EAST
A PARCEL OF LAND LYING IN SECTION 30, TOWNSHIP 40 SOUTH, RANGE 43
EAST, PALM BEACH COUNTY, FLORIDA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING AT THE POINT OF INTERSECTION OF THE CENTERLINE OF
STATE ROAD NO. 5 (US HIGHWAY NO. 1) WITH THE SOUTH LINE OF
SECTION 30, TOWNSHIP 40 SOUTH, RANGE 43 EAST; THENCE NORTH
03 EAST (BASIS OF BEARINGS), ALONG THE SAID CENTERLINE, A
DISTANCE OF 695.55 FEET TO A POINT ON THE EASTERLY EXTENSION OF
THE NORTH RIGHT-OF-WAY LINE OF BRIDGE ROAD (PER DEED BOOK 1166,
PAGE 552 OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA);
THENCE SOUTH 89*46'55 WEST, ALONG SAID EASTERLY EXTENSION AND
SAID NORTH RIGHT-OF-WAY LINE, A DISTANCE OF 876.58 FEET, THENCE
NORTH 00 0 13'05" WEST, A DISTANCE OF 224.57 FEET TO THE POINT OF
BEGINNING; THENCE CONTINUE NORTH 00°13 '05" WEST, A DISTANCE OF
96.49 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF
TEQUESTA DRIVE (PER OFFICIAL RECORD BOOK 6625, PAGE 302 OF THE
PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA), THENCE ALONG
SAID SOUTHERLY RIGHT-OF-WAY LINE FOR THE NEXT TWO (2) COURSES.
NORTH 67 0 59'40" EAST, A DISTANCE OF 231.34 FEET; TO THE BEGINNING OF
A CURVE, BEING CONCAVE TO THE SOUTH AND HAVING A RADIUS OF 305
FEET. THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 9 FOR AN ARC LENGTH OF 52,59
FEET, THENCE DEPARTING SAID RIGHT-OF-WAY SOUTH 5 1 * I 0'19" EAST
ALONG A NON-RADIAL LINE, A DISTANCE OF 38.83 FEET; THENCE SOUTH
00 °13'05" EAST, A DISTANCE OF 68.97 FEET TO THE BEGINNING OF A CURVE,
BEING CONCAVE TO THE WEST AND HAVING A RADIUS OF 70.00 FEET;
THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A
CENTRAL ANGLE OF 18 0 56'18", FOR AN ARC LENGTH OF 23.14 FEET;
THENCE SOUTH 18 0 43'13 " WEST, A DISTANCE OF 86.09 FEET; THENCE NORTH
89"46 EAST, A DISTANCE OF 263.52 FEET TO THE POINT OF BEGINNING.
SAID PARCEL CONTAINS 1.0022 ACRES MORE OR LESS, SUBIECT TO
EXISTING EASEMENTS OF RECORD,
41! i 0992 Rg 79
�1Y H. WILKEN, CLERK PB COUNTY, FL
zYi tBM;C
T.ECAL DI4SCRIPTION
OF
TZQUWrA ASSOCIATYS PARCEBL
A PARCEL OF LAND LYING IN SECTION 30. TOWNSHIP 40 SOUTH, RANGE 43
EAST, PALM BEACH COUNTY, FLORIDA. DIEING MORE PARTICULARLY DESCRISED
AS FOLLOWS:
FROM THE POINT OF INTERSECTION OF THE CENTER LIMB OF STATE ROAD NO .3
(U.S. HIGHWAY NO. 1). WITH THE SOUTH LINE OF SECTION 30,BEAR NORTH
03054'35• EAST, ALONG SAID CENTERIjNE, A DLWANCEOF 695.55 FERT. THIDiCfi
BEAR SOUTH 39046'55" WEST, ALONG THR NORTH AIGHr4F -WAY LINE OF BRIDGE
ROAD AND ITS EASTERLY E)MENSION, A DISTANCE OP 876S1 FEET TO THE POINT
OF BFAMNING; THENCE CONTINUE SOUTH 2%46 WEST. ALONG SAID NORTH
RIOHT".WAY LINE, A DISTANCE Of 94.23 FEIBT, TO THE INTERSECTION W'TH THE
EASTERLY RJOHT -0P -WAY LINE OF OLD DVM MOHWAY. AS RECORDED IN ROAD
PLAT BOOK 3, PAGE 146, PALM BEACH COUNTY PUBLIC RECORDS; THEIRCB SEAR
NORTH 36o13 WEST. ALONG &AID' EASTERLY RIGHT-OF-WAY LING, REM THE
CHORD OF A CURVE, HAVING A RADIUS OF 23.4 FEET. A WBTANCE OF 27.95 FEET;
THENCE BEAR NORTH 22o142V WEST, ALONG SAID EASTERLY RIGHT -0F -WAY
UNE, A DISTANCE OF 219.57 FEET, THENCE CONTINUE ALONG SAID EASTERLY
RIMIT -OF -WAY LINE, ON A BEARING OF NORTH 22oST4V EAST. BEING THE CHORD
OF A CURVE HAVING A RADIUS OF 23.00 FEET. A DISTANCE OF 35A3 FEET TO THE
M I WLWA'RON WITH THE SOUTHERLY RIGHT -4P- -WAY LINE OF TSQUESTA DRIVE;
"THENCE BEAR NORTH 67o59'4V EAST, ALONG SAID SOUTHERLY RIGHT-OF WAY
LINE, A DISTANCE OF 200.25 FEBT; THENCE BEAR SOUM OOo13'05" EAST, A
DISTANCE OF 326.37 FEET TO THE POINT OF BEGINNING;
SUBJECT" TO AN EASEMENT OF THIS WEST 10.00 FEET OF THE ABOVE DESCRIBED
PROPERTY CONTAINING 2245 SQUARE FEET (0.03 ACRES) MORE OR LESS.
SAID LANDS SI UATB, LYING AND SEINE IN PALM BEACH COUNTY, FLORIDA.
SUBJECT TO ALL PERTINENT MATTERS OF RECORD•
THE AFURBSAID PARCEL CONTAINMG �_ ACRE& MORE OR LESS
QUALIFICATIONS
Professional Desicinations\Licenses\Certifications
Member, Appraisal Institute, MAI Designation #68f4, and 8RADesignation
Member, American Society of Real Estate Counselors, [REDesignation
Florida State-Certified General Real Estate Appraiser RZ116
Real Estate BrnkerBKD128Z22, State VfFlorida
Appraisal Institute Approved Instructor (1986-1993) for:
Course 201 - Principles of Income Property Appraisal
Course 310 - Basic Income Capitalization
Professional Experience
Principal, Callaway &Price, Inc. since 1g81
Staff Appraiser, Callaway & Price, Inc., 1975 to 1981
Special Maater/Magistrate, Tax Appeal Hearings, Palm Beach County
Qualified As An Expert Witness
Broaard County, Florida
Palm Beach County, Florida
Martin County, Florida
Federal District Court of Southern District of Florida
United States Bankruptcy Court Southern Florida
Supreme Court ofthe State of New York (for Florida properties)
New Jersey Superior Court
Geographic Experienc
Throughout Florida
Education
Masters of Business Administration, Florida Atlantic University
Bachelor ofScience, Accounting, Florida Atlantic University
Sudety of Real Estate Appraisers:
Course 101 ' Introduction to Appraising Real Estate
Course 201 ' Principles o/ Income Property Appraising
Course 2U2- Advanced Applications
American Institute of Real Estate Appraisers:
Course D- Urban Properties
[ourseIV - Condemnation
Standards ofProfessional Practice
Nunnerousserninars sponsored by the Appraisal Institute and other organizations
irm
P Qualifications - Michael R. Sla&, MAX, SRA, CRE
Organizations and Affiliations
Appraisal Institute:
Ethics Administration, Past National Chairman
Ethics fkCounseling, Past National Vice Chairman
Review 8kCounseling Division, Past National Chairman
South Florida-Caribbean Chapter, Past President
American Society of Real Estate Counselors:
Southern Florida Chapter, past Treasurer
Urban Land Institute, Member
Palm Beach County Housing Authority:
PaotChairrnan/Boand Member (Gubernatorial Appointment)
Chamber of Commerce of the Palm Beaches:
Board of Directors, Past Member ofthe Executive Committee, Treasurer
Economic Development Committee, Past Chair and Member
Society of Real Estate Appraisers (now Appraisal Institute):
Young Advisory Council, Past National Chairman and Member
Boys Town of South Florida, Chairman of the Board ofDirectors
Guardian ad L|benoVolunteer, South Florida
Awards and Honors
Robert L. Foreman Memorial Award from the Appraisal Institute, 1999
Alumni Talon Award from Florida Atlantic University, 2001
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irm
_P quafifications - Niccola L. Ellefson, !A1
Professional Designations\Licenses\Certification
Member, Appraisal Institute, MAl Designation #11777
Florida State-Certified General Appraiser RZZOg6
Professional Exl2erience
Appraisal Cn | Callaway &Price, January 2003
Senior Appraiser, Palm Beach County Property Appraiser's Office, 2001-2003
President, Cignal Appraisal Consultants m xaa| Estate An present
Appraiser and Consultant, Roe Westberry Q`Associates, 1992-1994
Assistant Vice President, Landauer Real Estate Consultants, 1989-1992
Manager, Market Research and Real Estate Analysis, MlG Companies, 1986-1989
Education
Bachelor ofArts Degree, Business Administration, University of Wisconsin
Appraisal Institute:
Course 1A2- Basic Valuation, 1991
Course 310 - Basic Income Capitalization, 1992
Course 2-1- Case Studies in Real Estate Valuation, 1993
Course 51O' Advance Income Capitalization, 1994
Course 41O/42O- Standards of Professional Practice, 1995
Course 54O' Report Writing, 1996
Course 55O- Advanced Applications, 1998
Course 410/420 - Standards of Professional Practice, 2008
Course 800 - Separating Real and Personal Property from Intangible Business
Assets, 2002
Numerous seminars sponsored by the Appraisal Institute and other organizations
aeog.raphic Experience
Throughout Florida Arizona Arkansas
California Georgia Minnesota
Nevada North Carolina Tennessee
Texas Washington State
Appraisinci\Consulting- Expertise
Agricultural Land/Groves Large-Scale Planned Developments
Apartment Complexes, 8-400+ Units Life Cane Facilities
Automobile Dealerships Marinas
Commercial Buildings Mitigation Banks
Churches Mobile Home Parks
Condominium Projects Multi-Tenant Shopping Centers
Environmentally Sensitive Lands Office Buildings
Golf Courses Property in Litigation
Hotels and Motels PnopnsedSubdivision -Residentia|
Industrial Properties Shopping Centers
vacant Commercial and Residential Land Special Put Properties
Qualifications - Nkcola L. Ellefson,, MAX
STATE OF FLORIDA
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