HomeMy WebLinkAboutDocumentation_Special Meeting_Tab 03_09/16/2010 APPRAISAL OF
3.19 ACRES OF VACANT
COMMERCIAL LAND KNOWN AS
"PARADISE PARK"
LOCATED NEAR THE STREET ADDRESS OF
1 MAIN STREET
TEQUESTA, FLORIDA
FOR
THE VILLAGE OF TEQUESTA
MICHAEL COUZZO, VILLAGE MANAGER '
BY
FRANK J. CARDO, MAI
STATE-CERTIFIED GENERAL REAL ESTATE APPRAI5ER RZ1190
AND
MICHELLE J. JACKSON
STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ3316
VVITH
ANDERSON & CARR, INC.
521 SOUTH OLIVE AVENUE
JUPITER, FLORIDA 33401
DATE OF VALUE: FEBRUARY 10, 2010
nATF; nF RF.PnRT: FF.RRiJARY 19. 2010
ROBERT B. BANTING, MAI, SRA, PRESIDENT FRANK J. CARDO, MAI, VICE PRFSIDENT
StetaCertified General Real Estate Appraiser RZ4 Stata-Certified General Real Estaze Appraiser RZ1190
,�NDEI2SON & C,�21?, INC.
, ««««KKKKKKKKKKKKK«K«KKKKKKKKKKK«K«K Appraisers • Realtors »»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»»N»
521 SOUTH OLIVE AVENIJE
JiTPITER, FLORIDA 33401
www.andersoncarr.wm
Telephone (561) 833-1661
Faac (561) 833-0234
Febntary 19, 2010 Quality c�5eruice eSinr.e 1947
Michael Couzzo, Village Manager
Village of Tequesta
345 Tequesta Drive
Tequesta, Florida 33469
Re: Appraisal of "Paradise Park"
Dear Mr. Couzzo:
At your request, we have personally inspected and appraised the property located near the address of 1
Main Street in Tequesta, Florida. The subject property consists of three separate parcels, all of which
are currently leased by the Village of Tequesta, being used as a passive park otherwise known as
"Paradise Park". The total land area is appro�umately 3.19 acres or 138,956 square feet, according to a
copy of the lease agreement, dated May 13, 2009, provided to the appraiser by the Village of Tequesta.
This lease information also coincides with the square footage flgures in the Palm Beach County
Property Appraisers records. The subject property is located on the north side of Bridge Road, west of
U.S. Highway One and east of Old D'u�ie Highway in Tequesta, Florida.
The purpose of this appraisal is to estimate the market value of the fee simple estate of the subject
property, as of February 10, 2010, the date of inspection. The intended use of this report is for possible
acquisition by a public agency.
The legal descriptions included in this report were taken from the lease agreement mentioned above,
dated May 13, 2009. For ease in the reading of this report, the subject parcels are referred to as Parcels
1, 2 and 3. The subject parcels are currently being used as a passive park. Parcels 1 and 3 are improved
with sod and fencing and Parce12 is improved with asphalt paving for parking. There is appro�umately
285 front feet along the north boundary line of Subject Parce12 which fronts Tequesta Drive and 460
front feet along the south boundary lines of Subject Parcels 1 and 3 that front Bridge Road.
Most of the subject property was originally known as "The Tequesta Plaza" and encompassed
appro�umately 4.833 acres which ran from Tequesta Drive on the north boundary to Bridge Road on the
south boundary. JMZ Tequesta Properties, Inc. acquired the property on February 25, 1998 for a
recorded price of $1,300,000 as recorded in OR Book 10275, Page 0452 of the Public Records of Palm
Beach County, Florida. The grantor was Fehlhaber Corporation and the grantee was JMZ Tequesta
Properties, Inc. The subject parcels number #60-43-40-30-47-002-0000 (Parcel2) and #60-43-40-30-47-
003-000 (Parcel 3) have no available purchase date information as they were most likely part of this
original purchase. Parcel number 60-43-40-30-47-001-0000 (Parcel 1) was purchased on
.ANDERSON & CARR, INC.
Michael Couzzo, Village Manager
Village of Tequesta
February 19, 2010
November 19, 2003 for a recorded price of $520,000 as recorded in OR Book
16214, Page 0810 of the Public Records of Palm Beach County, Florida. The
grantor was the Village of Tequesta and the grantee was Main Street Village, Inc.
The subject parcels are zoned MU, Mu�ed Use District with an underlying land use
of Commercial as established by the Village of Tequesta. The subject property is
currently being used as a community park by the Village of Tequesta and is
otherwise known as "Paradise Park".
As a result of our analysis, we have developed an opinion that the market value (as
defined in the report), subject to the definitions, certifications, assumptions, and
limiting conditions set forth in the attached report, as of February 10, 2010, was:
ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS
($1,800,000)
The following presents a summary appraisal report. This letter must remain
attached to the report, which contains 59 pages in order for the value opinion set
forth to be considered valid. Your attention is directed to the Assumptions and
Limiting Conditions.
Respectfully submitted,
ANDERSON & CARR, INC.
Dlgttaly signed by Frank J.
Cardo
� �� IXJ:rn=Frankl.Cardo,o,ou,
� emaikkardo@arWersaMan.
mm, r-US
Date:2010.0223 09A3:56
-OS' W
Frank J. Cardq MAI
State-Certified General Real Estate Appraiser RZ1190
Digitallysig dbyMididkl.
lackcon
�� � DN:m—M�dielleJ lacksm.o.ou.
�! � � �::"�� I —_ matl—m�ackson@anderwncarr.
r—US
�a[r.3010.01.33 044333 -05'OO'
Michelle .i. Jackson
State-Certified General Real Estate Appraiser RZ3316
FJC/MJJ:cmp ',
ii
II
ANDERSON & CARR, INC.
TABLE OF CONTENT5
Page No.
Summary Of Important Facts And Conclusions .........................••---..................................................1
Certification.......................................................................................................................................... 3
Assumptions And Limiting Conditions .............................................................................................. 4
Subject Property Photos ....................................................................................................................... 7
LocationMap ......................................................................................................................................15
AreaAerial ...............................•--.......................................................................................................15
PurposeAnd Date Of Appraisal .......................................................................................................16
PropertyAppraised ............................................................................................................................16
Legal Description (From Lease Agreement) ...................................................................................17
Client................................................................................................................................................... 20
Intended Use And Intended User .............•---................................................•-•--............................... 20
DefinitionOf Market Value ..............................................................................................................21
FunctionTo Emphasize Privity .........................................................................................•••.............21
PropertyRights Appraised ................................................................................................................ 22
Typical Profile .......................................................................................................................... 22
ScopeOf Assignment ......................................................................................................................... 23
PropertyRights Appraised ................................................................................................................ 24
Natural, Cultural, Recreational, Historical Or Scientific Significance .......................................... 24
PalmBeach County Summary ........................................................................................................... 25
NeighborhoodDescription ................................................................................................................ 29
PropertyData ..................................................................................................................................... 32
Owner.................................................................................................................................... 32
Palm Beach County Property Control Number's .............................................................. 32
CensusTract ..................................................••.....................................................................32
FloodZone ........................................................................................................................... 33
2009 Assessment And Talces ................................................................................................ 34
Utilities.................................................................................................................................. 34
Zoning/ Land Use Plan ....................................................................................................... 34
Concurrency.......................................................................................................................... 35 '
SalesHistory • ........................................................................................................................ 36
SiteAnalysis .......................................................................................................................... 37
DescriptionOf Improvements .••• ........................................................................................ 37
HighestAnd Best Use ........................................................................................................................ 38
E�osure Time And Marketing Time ............................................................................................... 41
TheValuarion Process ....................................................................................................................... 42
SalesComparison Approach .....................................................•-...................................................... 43
Qualifications for Frank J. Cardo, MAI
State-Certified General Real Fstate Appraiser RZ1190
Qualifications for Micheile J. Jackson i
State-Certified General Real Fstate Appraiser R73316
Addendum (Lease Agreement, Reciprocal Parking Easement Agreement, Legal Description, ',
Reciprocal Parking Easement and Driveway Easement Agreement)
ANDERSON & CARR, INC.
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Client: Village of Tequesta
Ownerslup: JMZ Properties, Inc. & Main Street
Village, Inc.
Property Rights Appraised: Fee Simple
Special Assumptions Reference: No hazardous environmental
conditions. See limiting condition 12,
14, 16 and 17
Unusual Market Euternality: None
Location: North side of Bridge Road, just west of
U.S. Highway One and east of Old
Dixie Highway, Tequesta, Florida.
PCN No's: 60-43-40-30-47-001-0000 - 1.19 Acres
60-43-40-30-47-002-0000 - 0.98 Acres
60-43-40-30-47-003-0000 - 1.02 Acres
Site/Land Area: Appro�mately 3.19 acres or 138,956
square feet
Improvements: Fencing, sod and asphalt paving
Hazardous Waste Conditions: None observed. See Limiting
Conditions.
Zoning: MU (M�ed Use) i
Comprehensive Land Use Plan: Commercial
Census 1�act: 0001.02 '�
Map Number & Flood Zone: 1202280001C, Dated September 30, ',
1982, Zone C. �i
1 I
_ __ - - - I
ANDEI2SON & CARR, INC.
Current Use: Public Park and parking
Highest and Best Use: Commercial Redevelopment when
market conditions improve
Marketing 1�me: 8 to 12 months
Estimated Property Values:
Value Via Cost Approach: N/A
Value Via lncome Approach: N/A
Value Via Sales Comparison Approach: $1,800,000
Final Value Conclusion: $1,800,000
Date of Value: February 10, 2010
Date of Report: February 19, 2010
Date of Inspection: February 10, 2010
Appraisers: Frank J. Cardo, MAI
State-Certified General
Rea1 Estate Appraiser RZ1190
Michelle J. Jackson
State-Certified General
Real Estate Appraiser RZ3316
2
ANDERSON & CAl2R, INC.
CERTIFICATION
I certify that, to the best of my knowledge and belie£
The statements of fact contained in this report are true and correct.
The reported analysis, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and no
personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
We have not previously appraised this property in the prior three years.
My engagement in this assignment was not contingent upon the developing or reporring
predetermined results.
My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
The reported analyses, opinions, and conclusions were developed, and this report has been prepared
in conformity with the requirements of the Code of Professional Ethics & Standards of Professional
Appraisal Practice of the Appraisal Insritute which include the Uniform Standards of Professional
Appraisal Practice.
The use of this report is subject to the requirements of the Appraisal Institute and the State of
Florida Division of Real Estate, Florida Real Estate Appraisal Board, relating to review by their
duly authorized representatives.
As of the date of this report, Frank J. Cardo, MAI has completed the continuing education program
of the Appraisal Institute.
Frank J. Cardo, MAI and Michelle J. Jackson have made a personal inspection of the property that
is the subject of this report.
No one provided significant real property appraisal assistance to the person signing this certification.
OigaaYysignedbyFnnkl. rta Mdh Michellel.
Cardo � �� Y
Jackson
�/ /��.� ON:rn�rznkJ.Cartlo.qou, � DN:rndlfchelleJ.lackson,o,ou,
9 ema�rm.do�dg�n. ! � �� ; I �
mm.r-us ,.. / i� ema�n]+cWon�aMerwncan.
Oate.2010A32304N:19 � � Ca11�.C�1$
-05'00' Date; 7010A2.]3 04.45:10-05'00'
Frank J. Cardo, MAI Micheile J. Jackson
State-Certified General State-Certified General
Real Estate Appraiser RZ1190 Real Estate Appraiser RZ3316
3
ANDFRSON & CARR, INC.
ASSUMPTIONS AND LIMITING CONDITIONS
1. Unless otherwise stated, the value appearing in this appraisal represents our
opinion of the market value or the value defined AS OF THE DATE SPECIFIED.
Values of real estate are affected by national and local economic conditions and
consequently will vary with future changes in such conditions.
2. Possession of this report or any copy thereof does not carry with it the right
of publication nor may it be used for other than its intended use. The physical
report(s) remains the property of the appraiser for the use of the client. The fee
being for the analytical services only. The report may not be used for any purpose
by any person or corporation other than the client or the party to whom it is
addressed or copied without the written consent of an officer of the appraisal firm
of Anderson & Carr, Inc. and then only in its entirety.
3. Neither all nor any part of the contents of this report shall be conveyed to
the public through advertising, public relations efforts, news, sales or other media
without written consent and approval of an officer of Anderson & Carr, Inc. nor
may any reference be made in such public communication to the Appraisal
Institute or the MAI, SRA or SRPA designations.
4. T'he appraiser may not divulge the material contents of the report, analytica l
findings or conclusions, or give a copy of the report to anyone other than the client
or his designee, as specified in writing except as may be required by the Appraisal
Institute, as they may request in confidence for ethics enforcement or by a court of
law or body with the power of subpoena.
5. Liability of Anderson & Carr, Inc. and its employees is limited to the fee
collected for the appraisal. There is no accountability or liabiliry to any third pariy.
6. It is assumed that there are no hidden or unapparent conditions of the
property, subsoil or structures which make it more or less valuable. The appraiser
assumes no responsibility for such conditions or the engineering which might be
required to discover these facts.
7. This appraisal is to be used only in its entirety. All conclusions and opinions
concerning the analysis which are set forth in the report were prepared by the
appraisers whose signatures appear on the appraisal report. No change of any item
in the report shall be made by anyone other than the appraiser and the appraiser
and firm shall have no responsibility if any such unauthorized change is made.
4
.ANDERSON & C.ARR, INC.
8. No responsibility is assumed for matters legal in character or nature, ar
matters of survey, nor of any architectural, structural, mechanica.l or engineering
nature. No opinion is rendered as to the title which is presumed to be good and
merchantable. The property is valued as if free and clear, unless otherwise stated in
particular parts of the report.
9. No responsibility is assumed for accuracy of information furnished by or
from others, the clients, his designee or public records. We are not liable for such
information or the work of subcontractors. The comparable data relied upon in this
report has been confirmed with one or more parties familiar with the transaction or
from affidavit when possible. All are considered appropriate for inclusion to the
best of our knowledge and belief.
10. The contract for report, consultation or analytical service is ful�lled and the
total fee payable upon completion of the report. The appraiser or those assisting
the preparation of the report will not be asked or required to give testimony in
court or hearing because of having made the report in full or in part; nor engaged
in post-appraisal consultation with client or third parties, except under separate
and special arrangement and at an additional fee.
11. The sketches and maps in this report are included to assist the reader and
are not necessarily to scale. Various photos, if any, are included for the same
purpose and are not intended to represent the property in other than actual status,
as of the date of the photos.
12. Unless otherwise stated in this report, the e�ustence of hazardous material,
which may or may not be present on the property, was not observed by the
appraiser. The appraiser has no knowledge of the e�stence of such materials on or
in the property. The appraiser, however, is not qualified to detect such substances.
The presence of substances such as asbestos, urea-formaldehyde foam insulation or
other potentially hazardous materials may affect the value of the property. The
value estimate is predicated on the assumption that there is no such material on or
in the property that would cause a loss in value. No responsibility is assumed for
any such conditions, or for any expertise or engineering knowledge required to
discover them. The client is urged to retain an e�ert in this field, if desired.
5
ANDERSON & CARR, INC.
13. No environmental or impact studies, special market studies or analysis,
highest and best use analysis study or feasibility study has been requested or made
unless otherwise specified in an agreement for services or in the report. The
appraiser reserves the unlimited right to alter, amend, revise or rescind any of the
statements, findings, opinions, values, estimates or conclusions upon any
subsequent such study or analysis or previous study or analysis, subsequently
becoming known to him.
14. The value estimated in this appraisal report is gross without consideration
given to any encumbrance, restriction or question of title, unless speci�cally
defined. 'The estimate of value in the appraisal report is not based in whole or in
part upon the race, color or national origin of the present owners or occupants of
the properties in the vicinity of the property appraised.
15. This appraisal report has been prepared for the exclusive benefit of the
client and intended users, the Village of Tequesta. It may not be used or relied
upon by any other party. Any party who uses or relies upon any information in this
report, without the preparer's written consent, does so at his own risk. If this report
is placed in the hands of anyone but the client, client shall make such party aware
of all the assumptions and limiting conditions of this assignment.
16. This appraisal assumes the site does not contain any detrimental conditions
such as significant muck and ar wetlands that would significantly impact its value.
17. ACCEPTANCE OF, AND/OR USE OF THIS APPRAISAL REPORT
CONSTITUTES ACCEPTANCE OF THE PRECEDING CONDITIONS.
6 '�
` �
ANDERSON & CARR, INC.
SUBJECT PROPERTY PHOTOS
� ,� _ ° c;r �
'�a��� js -. r�3c:: .
� , k� � �
y y �. � �� _�; �
` ��� •� '� `�� � Y� h!� � z �' . r� �
� ;. -+ . ; _ ; �.�.
. �' ? , . .� ' a � � �'; �._.L�'
.. � - .�i } s. �. -�..�_°�' '_"' .� v" '��ta
y. � '__ _._'w._.. � �. LL fi ; ; ti11iS if�l� 'i�,�����'4��� "' ' ��� �� _ .
. . 8 . , � ..� F`^ -... �=-�r=
e .....�- � .. �y � 5� ,. � ..
� . . V _
� � .
,-� _ 's .. , . ...�,� .. � .+� a-w, .„,.�."
.
; ._ �$�... . . .. .... � i.':'e: ... . : . _' .�`:
. .` ,k .. . . . . .._ _ .
f ' ;, r._ .. � � .
� � -' ._.. . � . f .
..' ��� �.� A . , W �. ro , f 5 _ . ... . , yw .
. « �� '--g �� ` � ` �1'�� ,1 �� `F -
Parcel 3 Looking South
�; ,:�- �
;� �
�.: � _�
�'�°� - - . � �::'�n: � �� ' �• � r ��,-.�
, ,
. �
_ � � ,
"�:" �- ��� ° �� � :-.. _ � �
. , •; ,, �..- �=
'rF� k . . . "�. 1 � I
...1'-�4- �SP� r 4+�.w � a a = � e � . . — �- .. � x r "��'!i -" 1 � .����Y� # . r _ x_ �'.�. ,��� ,� !
y,... . ....... .. ., t
.���- . . . . t � �
. . . . s : , ��,�
� y � ,�., .fl. _ � � I
. . � ... � .. �� . _ •.,y . .: �:
_�.. _ � _ . . . �� - �-„• ':. L � �.� . '.�. ,w,
' ,. , , . . . - . �. � �' � , �r.� � �;
, �. � . -�c�; �. ''�`* i;,
.. m ..
�
. :� �, .
_,._,.: , _ _
. _-+.�� .,:r..,- � . _
- ... _ ... .. ���� � � � ��� ..
Parcel 3 Looking Southeast
7
ANDERSON & C,ARR, INC.
� �
. �r � ,a �* �
__ ��., f
:
, M r�� .� ..,. , , :��� ; _-r �'. ,�. �.
^ .� � . _ .. . M� � " ��. . �,,,. . - . .�--�— «
� �.. �� - s 1�
� � E.... � � .
� ' - -���t ; �
�.�,,.� � _ � k � � 4��
s ��
� ' � a. � � "a � , n' � � � _ g �,���,p„ �_�,
?� � �� � � � � :,,e:..... � � � :R�
1'�:1��� . 1'l �r��s: °;�7���i�. . -
� � I
� ��� �' ,�j �, ���'_ fi - � � �.��. :�. a ,_ ,
. �.+ ' . . € '
_,- 6..�.�' � q,.._ �; � :�.- r_:,�����1�!! �.
. _ „ . .
��� � �
4 - ` �� � ��:� n �� � : � � ,,. .,. -:t r 4 e'
� ,+�i.;� 3� .�": . N ac.�. , � - `:;
L w - � v .�. ' `_"" _."_"`
Yarcel l Louking �outh
8
.ANDERSON & CARR, INC.
, r v��
�.
� � :���
� ��.
:
�+����� ',
�,�� ' � . `'
^°t �f �
"'�:�.. �, j$ ,"� ��� . . . � �4'�{� �� `r �
.ti;� q�� � , � A ��..
; '.
. �
" e '. .__
�_..-_ s■ $
.. ; � !�,� � - ;�us '^4. ,� � Ri ■� �� �: �.n .r �y�r:: � . i� > r R
_. �j
� ...._�—s^ ._ .__ -t�.e� � a''' -' �'= i.R-fic � y Yl'�'���
_ i i �� '. ��� x, � . �
. �.. .: _,". ' _. . f T} � � , .
j �� , � . . �
_ r :n- _�` �!�!'.�� � ., `a` �
� � A��� �
.. :' . w � � `�„�.,;� � '. r , ~� �,ti �6' � , - �
, + `s � �' � t !' c ' -. �
r ,�� a " � r `�' ° '� t�,��i'6�",di�° ��; "`
� � ;� ,� i.,�_ ,.r - :
iy �r w;'., £ i
l
"J
� � D Y �
,� �"' � � � �µ, { 7� s � �� � �
y �. .
,.�
_'�,� ���� # �^�, ., � , �}"N�zY�' � ` � ��•
� .� - �i,z�9 ' �2 � l� � ,, �"' �' �, �-' �5.+ti�+�"� �� +, �c,.+*���x'y}�.`����r K�:�. i
+5��,�4 �r... . �* Yy �` `� i��
vs . � ,., 8�_ . a�e . r_ . Y' � .. .
Bridge Road Looking West - Parcel 1 On Right
�� _ ���,
4
_ !�\.., y. " .L. .
.�`"�._ ` l� � �I�l`i_ r „�it
�
- � � � r�f��.. _ i � rt:.. �
.t H� . �
� � �j� � '�` ' ` I
I
+ � ; j . � I ie � ' � : �{ � � !� � µ'" _
. . . . . a . . �' �� 1 � 1 . q i# �,. s�'ea,,,s`� 1'. a , � _
� ' 4 ` � � ` � � t.... . ..:.� . � a,„ g � .
.� _,,_._ �,} ' � f �}� '�� � , ��''� a ��,�; �� _
.�€'�,�`,,,,,,„ � '£� ��i k �: -
.�,
� :
,
,; � ,� _ �:,
f k -u _ ,:.w C ... . ,- �,.. � � � , ...
,�.- d
� �� �� °
,�.r . -. ��t � �. ,
tk a � "V�. �' �'� � k � i
� �r. � 5c��` � Yr � � �.`� €� �r k��� n ._
K
z-
k #�� a r•� x . � � ,�},,s ��
�-r•�� � r{� z a;. '�!'-" fi
� ,�,`� e + - � � � ��
� �u
���� � z�
� "r v �3 �., .
Bridge Road Looking East - Parcel3 On Left
9
- - w'
ANDERS�N & CARR, INC.
. . ' � �� � : .� 4 w .. I
i �.. . :."�� � ��. g i�i.'t,! ,.. '!
� ��« . � 7p1� �' ..e
k r �1'
,� ��� ,� r�
r� �
����
_ � 1 :���
_,. a . � ° s� .
� �� � �y �: � � � f ,
J/� ' ^ .,;�� a � . � � .
, , y
� ;� �{C ,�� � ',
`' , X u , ' ��+ �,,
� ,� � ;� � �
, � n � i��J �
�� ����
. � : �, .
� �,
' ��� .: �� - � �` ��
_ �r.. � - � "" � �. �� �
' ' � - r r :. � ''��^
� 'F ^:�^` `� � � 1� °".`'� �
y �� � 1�'� . �^ .'� � , , l �� p �
� '�' �'� ��.� r ' � .. � ,�
,
e�
�
._.- 1�„ � r"'�_r � �"'T ,s � � ` rc�l1 `^^� �'�.5�r�f''� �
,.
_ d > �- .-� � ` '
-�'-� , -- - _ ��
�� - � _ �-�-�-��w.. ._. .,_:� �;:� � ,� ��',
, .� �
.;� �`; ..-�.c ...a.�.. � ; .,,�.�. : �--� �?; - ��� " ' `.
��+� � �.u, : , .,� ;
` �� �w.. � k `� �." w.. a s � ., �s� '"' �� .
�. E �"�' * ��" ; � 1 �� � T ��. • . F ,�.i�
� _' �� ; ���" �r t� ;� d
w�,,,� � .,1 �; � 4 ' � � '� � ��.nr� , ��
�� 3 � � Y �" . . ����' n1� R * � �' � ..� . a
"�'�rJ� . '•'�� � ` ��` fC. �.
Parcel 1 Looking West
: ; � � ,.v,—
� � ,.�`�,z-.
�� �; �
�e , � �
, � � ����� �� ��',�
` F � Pp �
E f
� � 1 { � � �.� � ,F ��
,t /� t
�i�� l�,� k# � �'� ° i =' '
�,-��� ,� ��F � �� ���� � w l��`
�<��;�� �� t � i �����;
� �,� , 5 7 ����t i S�r''��
r
a�w� , �. . � ! �f
� N
.�F� ��
i � a u ,X
-�" �{ y '1 w �� � �! � �.�q -
�� 1!"" y'.'. S� � � :- , � �� �� C
! � �
S e^ �. .,,� , � j 3
. .. :.dg'� ��F ( y � n ( , l ��.�.bV' - � y ; ��.,�q � r . �' q5�
. : f 'n � � �' � 1� f I ��fl�l � �L�r'�7 r�`,
; F . � ,� �.�; �� ���„ i y � � .� � �
��;, " x �� ��! � U 1�11 Bu�l'"f' ` �,` �'`--,.
� .
. • 4 n ,
l , _, _
�
, .'
�
_. . � .:��; .�.. ,�,' .`- k � � �`'; %��s�
_° e".t c.,.s:i;ri� _.. .=�r��� ��.. k.� �::,�•
, .�
-� i ' i . . *�.��, �Y. ..,;i,�y� �� �.
�-�- ... . - ... � _ kP 'w�:
'. ... . y : �, , . .
, • . .' .. � ; � � "
-�.
„ .. .,_.. _ _ '.�s- es. " ..: ' ^. ..;::..�, � .
3!' '�: � � . . � .. ..
� �� �: . . . . . . .
-„ - Y S ;. ,., V_ .,. . . . .'_... �
���3 { � $ 1 t r � . .... . .. � . .
Main Street Looking North - Parcel 1 On Left - Parcel3 On Right
10
I
,ANDERS�N & CARR, INC.
,�.
�
i �j
�-• � pi
: 1 � N
J-
��w'� ., � i .
i
, ���'
1 ' �.v _
`.: E ,i � ?'� ,,,. �
�= � �� ;:'-�, ... ��
� �� �*.
wl��� �`�4.�. �b�'-�-J �' _ 1
��'7 �e��`�l��i� �� _. r y� ����'3�.a^ 7� 1 .�� ��.ei
a s 5-fd ., �A', 1"�"5' � AN.{•-_ 3. r — .. }gj
-. . � c '��`��i ar � � •_ - _—�—�---� , *.—►•:t'" ---� � � `�
-„�?`.'s�+�� � �.: a. �'� ' � 4 .t �?_ _; ,,nRa , ,�.,_ . s , �,.«„ws! � ..r✓ . ._ ,s. e..
+� . . •—� ' :; , '
;. "�..,. - . ..' _,: �. -.:�. . � .._ . : ._:�.. . ..0 .
� . . . � . .,. .,...
.. ..._ � �. �.. . � ,_�;�u.. .
; � ..
_ .. , _. .. � _,.. .. ,� :- k. ��c. �. ��.1
^ 3� � F
" - �� � �� . -
��-� {i F.. "�. �i 4 ,` -: it3" Y . .
Parcel3 Looking East
r '
� �� a
- .�*;^: '
. ,
..
. : ,c . . c . �� � ° . .
� .� � �.: • - . ,, —
� : . . -� a p. ��, pid.: � �r � .-"` - � ��
- � , ��
tl '�` . (g Yk�" . � � ' _ . �' °�._. ^�� # . !AM
4 � � �'�. w —F �� � ����,
� w.,. '�� 11��F� 4f� Cw33 .ik� yeL�uliR��'n��1C��' ��+LT*+w� _ • 'i_ .. .
�.�
� ^
..-
.. . � �
_ .. _..��"'� � .
,.... . .:: „ �� .._ � _.... . A _.. �� ^y..' '< - ,�, .
rno�---•_,«'.+_ . .. .. �' . q ��, -�
� �'��^ „��r k �; _ -.:� ; sj�;;Vt� r� �-ma�. "�" a �e � +� � �' .� §�x '� � 6�, �'� '
Rra" a � `�,�` � �.�� ���.,��. � .� ����.�. �` �����3 � � } � � �� t ��"��i ;'������C�� �
�?�"'�tw � ..�'+ ��` ��� .. a. S�- . ��'.'� ��"""� .,.,ra..s �'+�� ; ,. ,�,t3;: ev` s. `"rc-��i zzA�" J _ _ 7" �,=; -» � .
- :w�,:
Parcel 2 Looking East
11
�
ANDEI2SON & CARI2, INC.
s �_ S '�t q ��
i �� .
S�: t
��
_ : p.
, A
_�'�r:,:.��Mr, "a < r. � ����• ��
if '""'^ i � -�y,./'' ' �Yr w �� � _ � �4"' � `� _-.�
� � �
�"±r�'.. � � .. �,PM � k �,� � '�C �,
� � 9 �' � � a �,
. �' 1 � � �'
M " ' � �_( �� � „�''� :F�=
: � �
, _ . � _�, r-'
.� � � • G� + �
��_ •��� ��. '� �:��� f t ��_ �� 'e7..
� . . �'�' „�, _
.. - . _. �. ...
�
. _.. __ ...-..�
, `
.. a � � � ., � S
�
" = _
„� °'�-:: `:
wt9 ? r
.�
� � �Tequesta Drive Looking �ast
�;�
�,
f �4 ' :.
� ,�, ,[ i ��:�:: 3
, � -�-�-�:�'
� , ; ti +
trk�r- 4 �. v
. � r ' � 7`°' . �?p �.
� � "�."° . : a�
' k'#� � U�� x. «
:. .. �:. �Yi� �?!�
6�
., - .
� �
.y f � ` ,� �� ,� , ',���� t.
� ;-„�_. '� �f�.:. �r �� w u.`t�'.
�- !�t' � �. ,��",.' .. .. ..m
� � � � �r i�
� u �. , , r �'` �_ �. � .. � . ���-a
�: . , �>
_ ��.� ��' r �' � �� � ' � � $ � �' .; -.�_ m ��
,
=a . �,� � � � � �
, ._ � x .
��. - �°" � _� _ . ,
� � v �.� . �
.� �r .
_ _ y_ 1.
�" , �: :� — �,.: �`
� ss � , � - . �-�- �-y.� �. ' . .
� .�,, �-.��
. .� ��"
=.�-.,
�' , � �
� �� "�s. . ' _, II
Tequesta Drive Looking West
12
-- 1
,ANDERSON & CARR, INC.
Aerial Photos
�'� �y�' a � • � _ ... a,
c ��, �. o� ° '1 0 +— - �, � � �. .L =
�� _'� � .. f�J� � �
��' a w , � •�� � Subject Parcel 2 z
; �``� "� � � 60-43-40-30-47-002-0000 � ' r
' � , Aq ` `Y ,U'` _ `� � .. .
i_ °`
� �' a� � .��-.� . ♦ .
..a ' ,• �� � � -�:7-...� -� .- a � '
; 7eque D� � L -��� : � ' . � ��,, a
- y ' ' a: ,� e � , , .,�,�; + `�1�`� + "
r
, .
i ,
� � .
i . �( �j�
' �. ..� •!� �--'-.-'�� 'iT- 7. �C1. . 1 M .. y
._� i � r � �� ..� i , ?
. a4�� ��, ` r� �� ~� �� � � i ����, � �
+ Y �ii O Z � � .. � �
/�� O �,� �.'`'� t ' , -='� ' ', 1 1
'� � �`� � � t . � �� � �, .��� , f
.:� '<� i �=„ r a .. �i� ', - �.- }. . � � �& e �� . . . . r _ •. s
}r ti
� ,'� . � , ` w � � � + - 1 �
�
� �` ;� £ w c .1 � r
' � ' y � , X . � � ��� � .�a�.. � j 1
,�'^ r � 2
�� s._�.._ •� , Yn.,. . .�w m
..,�� � � 6ntlye rte . ,� . . - _ � ' ��Bridge Rd �' $ .
� �� � ��° `` �� `�� �; j � Subject Parcel3 Z
Subject Parcel 1 !�± + 60-43-40-30-47-003-0000 ' t
60-43-40-30-47-001-0000 '" � ''�` } I
� _ � " +,,,,�.�� -� .. ;.
� i '
N.:� -- . �.,�, �;.
_ .
M
. . :.._ .. „
�� • --
+� :, < ' : , . . ' x �,.: '' ; 1 + q
� � Qak G cte � � „ 6
� � �,�a..�`� �s � ,� �..i • . . , : e ,
y } . � '�4 �� � i' o
�....�r � a� �
Y `� � ,.�i ir.ra.a; ' �'{ i ,�a�'� . •. 1'.- �
� • �, - .+"� � • � _�� } �„�r, ' � �'
� �' �� 4.... �����ik- • � i•'� .� . �
� ' C. � ` � ��' �p �d. , ��70
� �; _ -' Subject Parcels ; �
4 �' � . .�
d .�' - P Y-. `^ �� • j� '� � �.rf •,� � ��� -,..::m.,:. y .
�
Q �'�� ��� iiE'.�Hcij F�.'1 .,n ��_
� � �.�� { ,. ;+�"„ � -wr � �,1�"�"`�+� r,�s^. �
�. „'.a��ct �� a3�w � - 3 �+ �1 ,��� H '
� , �t � ��,;, ' � ;w � . .
#� ��'�`'- d �� �i X 5`R :�` Cural FI `'�
�] k � � _� a � 1 1 � ; i
� a'�t , �a . ' � '? _�� �,� , , cn � "s
�2� , Bridgs Rd � r �,,, g `
* ." �`_""±"' �,_.,_� . �� 1 �~' � Pebble P! �.
, ' _.
,
� ' ",
✓
� �
i -/'� ` . � t+ T 4 _ �
i �`� '" + y �*� �` � -� � 't 7 , �p
, r � �� 1 •� ,� , •�.�`�� +! � ` � '� L �c �, f . . t '� . "�, .
C. '� . S � � . • .. Cove Rd �
� 3� - �� , �
. � �-. � '. � � ...
�.« +�`,. 4 t+S SNF r �� t �f L,�n �., a1r�E �
iew Rd f � � �', r �+ � . };�' vi r ii • � 1-:�.Jrl..-►siX -'�' � , �' � l i
�
� �..w, , '� +, . � . 1 A as.
.
�
w. . �
"�Y
Y
. w ��.. ... �_- �
_ .. ' ,� �
°' �y� �" � �, a k�__ r � ' ,�'�' *�".;� �
�.` _ _____.�__ _.�
13 --.__r.___.._. . _ . __ _
,I
ANDEI�SON & CA INC.
, .. ,� , .
� , �y- �a � . . . , ..,;�
r .
� ��''� � � � �"� �� � , � �; Subject Parcels
,,, . - . � ,�„ . ., � �. � y -
� �Q � -� ' � � � .m -- .� � � � w
,.. _ �
.. . � , �,
, ,� � _ .e
y •-
, � R,.�. �----•,�- � _ ..
� ` "�."'
� , ��_-.�-�� a ,,,e�°'�'� " �`. �.��,� - �' � �.�,�. \ � � a
�___,--.—..�.- � ,.� � w � -� �
, � , ,.
.� � , � _ '�° �
:, , .. � , .�� _ ��� ` � � �� m .
�-�� " � �' . � ,.� � � �� ;�� ��., �, � . ��,
� 4 r, ' � _.,.. � - ,�
, ,; , r�, �� �� -��. ��`
� ��
o . � :' .. '! s _ . ��.��,�
� �
� .� . § � � ' _ �` �..� � � •
�? ^ r a ..-»+� `�tFl��r -�._ .�a � ' � �� � '� p
t �"� �� . , , � { . �
� f ` i'
' � �. '�
_� _ , .'� 3 �, ': 3 `b-` �c:
. ^.e- ' y a.:i.�- -. � �
' � � �. . _ i. - �,. �..`�" '+" , ' . `^=
. �, k .. .... , =�... �.�� � �` 9 ,�* �� '"�+.
� ey� n,'wo w.�...�� s� � . � ,€� � ` �� _ =�-
y � M1
. ` � � � E '' �:.� � -��f'� i�:
���� ����ry �� � � € � ,,�� � �, � ��
,.°'' �a:*, . - ,,. � •
' ' � -"}� ��" ''�`-. '0t�t'#" _ ._.__,�_ ,� ;; "� �
� '�
14
I
ANDERSON & CARR, INC.
LOCATION MAP
�, -
. � . .
. f _,
� � „
_ _ _ J, , �
...... _ . . . . , : ..... ...
.irc .t9 ,'�2 �' !i
� U �
P✓i t
� 9� � . .. a P�hwl� 4 �
f � � � firWSV� $ �Yia3e[LW � � ,.
�� Z
� g �
,' y � # u q p ,y � �
� � � � � � � � ~�
�. �`" '«��,�" T�,��� Subject
� � a TR9�� fl�(;Mr51 �
.. W+r. Rd � �. .
: .Ja : �.
� � . . �� . . . � ���
a Q � � , �oP��a. rma�
x.>t� se � . . � }' J��pilr.r �:- "' Celony
� "y � � ``p e t_�ghihouse ..
.d .. . m �F� : Patk " ..
.tunG;.�f 4.ef f .A1AI Q
� � ! �
z
�
c �
e ��� = a ,.� �
y � s •- � � .. � Du6ois
f L O ft 1 O A � o .� � E1t' . � o ParM 3
B p p � i
z
� �� . . . y Nw°rv $ or � � <' �, AtA. d
� CF' � �� � 3 ALT � mi�,� �
.s F A L !.1 ;i F !. C H A1A. �. .
= z
::.�c :' . .
� .rn���.,� ��, s,�
706 . . . . . � i... ° J . . . . - wa:.u-n..n R�' 706 IOG 706
AREA AERIAL
�� . � � i �. ! :� p �
s J r" t 4 a} ; � �
�,. �C 1 ..l Wi T .: �i i"�' � � `�
�' ' t7 n „ �yr.. .
F ;� �
�� �.,..� ..� .: �� � � i" �j1 j� �"".� `' 1r/� �,
', "n a k � � } �"'� � � � � � � � � ` ,� ` ^` �.
1 F_ ,... ��
. t ,� }� � $.,+ Ly '- - r� _' \� x �' -s� s.�...�„
,. M. �i "�ii <.,. , .,� x ^� it�A � �.
5 � " �� .�.� � fr:'� Subject �'' � �a, '.
,� . , T , ` s.�. ,� .�3 g <:4�-� � ;;. � � a, -
� F� �-t s � - �ti` ss '� ` - ,Y: . `2 `R-, �.
��~: � � S E�"` � t � -t �.�L'�^ . �-�`" a ��f� �'�� . .. � . . ;y � � � �.
�,.' ,.. .�� t , � " f • T� � , ;.._ -r'� - 1 �. :, � -,�„�,
� •`Yj �T 0 � S" Jp'�•� i .�+.1 €�F`�'- l���'v- ��. � .�l` a � � .. _
_� _ �� n r." ,, '�'i � t Y � � _-- '
�!^,�' i :: �`'� •,�' _ � �:i' �-��
r 4 ;n�C .ffw'Y s � ;� � ` . . x.} r`- �, a-�
x ,. , T.�i+r �'?"'- f :.°±.�s x :a .€ � 7 � �� � .: $.. -_ s, w
�� �� �rS.s �,� :� ...�. ' k � .�� -� a .,.z
F , Q' �� '� �� � � � �,r 1 '� t . � a
,
c ., ,
'' � ' �
. `..' "� �� � •��. �� 2 ' '�e„ - - � ,w -� p�,
j:. iM�. ; � ,. �. ' � j� � .
� I f} t i Y ` � �
" � . ,•� , .
'' A1A � 1 ..�
. � i ��_ � _ � �` ., a � .
-s�• � �
�' � � ��
` �` � � _ _�, ^' �*A-..
� � , ; }� �.. .' � �
^;r .x ..�� ' y � .r E
� t .H �' 4 �� -�., .. � � 7 � .
y � y �� � �� } P f K �, � z
`."���43� SF�liid +°+J�3.�i. �P. �� �.� ;ti � y y 3 , ,�,�/ '�a,
�.Fy" !".t�4. ,;.t'�+Ay�."' .�. '�. B: . . '. '�4� "'1. x}1
l�
I
ANDEI2SON & CARR, INC.
PURPOSE AND DATE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the fee simple
estate of the subject property as of February 10, 2010, the date of inspection.
PROPERTY APPRAISED
The subject property consists of three separate parcels, all of which are currently
leased by the Village of Tequesta, being used as a park otherwise known as
"Paradise Park". The total land area is approximately 3.19 acres according to a
copy of the lease agreement, dated May 13, 2009, provided to the appraiser by the
Village of Tequesta. This lease information also coincides with the square footage
figures in the Palm Beach County Property Appraisers records. The subject
property is located on the north side of Bridge Road, west of U.S. Highway One
and east of Old Di�e Highway in Tequesta, Florida. A copy of the lease
agreement is included in the addendum of this report.
T'here is approximately 285 front feet along the north boundary line of the property
which fronts Tequesta Drive and 460 front feet along the south boundary line that
fronts Bridge Road. The property is zoned MU, Mixed Use District by the Village
of Tequesta.
16
ANDERSON & CA�2R, INC.
LEGAL DESCRIPTION (FROM LEASE AGREEMENT)
Parcel No. l: 60-43-40-30-47-001-00(
'� 10992 Op 7'7
Exd�A�i" A "
LGGAI. DCSCRIPI'lON
PARCFI, N�3 I
t_YtNG iN SEC7lON 30,
TCIWNStRP 40 SOUTii, RANGF: 4? t:�IST
A PABCCL OP 4ANU LYIMG IN 5[C170N J0, tOWNStSIP 10 S011T!{, RhNCE 43
GAST, PAIM Df�ACI l CpUNTY, Ft.QR10A. f�El{YG MORf: PARTICULA0.l.\'
OF.�CRIBED AS"f04l.OLVS
COMA/ENClNG A7 TNG POlNT OG tNTERSL•Ci'ION �f TNE C[NTEKUNB OT
STATL• itOAD NQ. �(US H(GHwAV NO 1) Wtt}{ TF1E SOUTH tINE OF
SECTION 3D, tOwtaSHtP 40 S(H.tTN, RANGfi 4) EaST: TNENCE NORTN
O7'14'SS' CAS'f (BAStS O� D6ARINGS), ALONG THC SAID CEN7'ERLINE. A
DISTAn°CC• O� C�91 SS �LE1' TO A POINT ON TItG EAST[RLY LXT'E-NSION Of
THE NpRTti RIGHT-0�-W AV LINE OF BR(DGE ROAD (PGR DEL•U BOOK ! t64,
P�GE 512 dF THE PUDLIC RECORAS OF PALM OEACH COVNTY, F1.OR{DR).
TF{ENCE SOUTH E9°14 SS' WHST. ALONG SA(D EASTGRLY EXTEN51dN AND
SrVD NORTH RIGHT�OF-WAY t.INQ A DISTANCG O[' 673.)7 FEET TO T11E
POtNT pF HGGtNNtNA; T({�NCE CONTINIlG SOlIC1I 84'46'SS' WESS, ALONG
SA/D NORTH RIGHT.O(-WAY UNE, �1 DISTANCE Of 207.2t FELT, TtiENCE
NORTt! OOPI lVS' WEST, A OISTANGB OF 22�.37 F�ET: THC•NCE NORTH
E9`sG'SS` EAST. A DISTANCC• OF 2fi3.32 FEET, TIIGNCE SOVTH 18°4)'i)' W[ST,
w DISTANCL Of a7 10 FEEI' TO Tli[ 06GINNtNG OF A CURVL, O�ING
CONGAVE TO 7NE EAST AHD HA�+ING A RAOtUS OF 116 FGE7; TNENCE
SUIJTNERI.Y AIONG THE wRC OF SAtD CURVE THROUGH A C�TRA6
ANGI,G OF ►8's6'18', fOR AN ARC (L�GT!{ OF s2 97 FEET: THHIVCE SOtJTI1
0°I�'o5• GAST, A DISTANCE QF 7� 99 FEET. TlfENCL• SOtJ111 �1'16'S5' WFST, A
D1SrANK`E pr• 35. �F FE6[' TO Tu� POfvT OF @E41NNING
17
ANDERSON & CARR, INC.
Parcel No. 2: 60-43-40-30-47-002-0000
'�D 10992 D� 78
` . ' EKMi!)T ° p j v
LEGAL DESCRIPTION
PARCL'1. N�. 2
LYING )N SECTION 10,
TAWNSHIP 40 SOUTN, RANGE d3 EAST
A Pr1RCE4 OF I,AND lY1NG IN SECTION 30, TOWNSNIP �0 SOUTH. RANGE �J
EAST, PALM BEACH COUKTY, FLORIDA. BEING MORE PARTICULARLY
pESCRIBED AS FOI,LOWS
COA1\tENCiNG AT THE POINT OF INTERSECTION OF 7HE CENTERLIN6 OF
STATE ROAD NO 5(US WIGNWAI' NQ, 1) WI?H THE SOUTH UNE OF
5[C�10N 3a, TOWNSHIP �0 SOUTf� RANGE �l EAST; TliENCE NORtH
03'34'33' EAST (BAS{S OF BEARINGS). ALOf3G THE SAID CEN7ERLINE. A
DISTANCH OF 695 SS FEET TO A POtNT ON THE EASTERLY EXTENStaN OF
T1�E NORTH RIGHT-OF- WAY LIAIE OF BRIDGE ROAD (V[R DEED BOQK i 166.
PAGE SS2 OF T'FI� PVBI,iC RCCORDS OF PALA1 BEACH COUNTY, FLORIDA),
THENCE SOUTH 89`<6'SS' WE51', ALONG SAID EASTEAI.Y EXTENStON ANU
SAID NORTH RtGHT-Of'-W AY LIN@. A DISTANCE OP i76.58 FEET, TiiENC�
NORTN OU I l'OS" WFST, A DISTAN�E OF 22117 FEET TO TFIE POINf OF
aEGINNING, TNENCE COKTINUE NiORTH 00°13V5' WEST, A DISTANCE OF
96.49 FEET TO A POINT ON TWE SOU171ERLY RlGHT-0E-WAY I.iNF. OF
TEQUESTA OKI VE (PER OFFlCIAL RECORD BOOK 66I5, PAGE l02 Of THE
PUBIIC RECOItDS OF PALA1 BEACH COUNTY, FLORI6A), THENCE ALPNG
SAID SOUTHERLY RIG11T-Of-WAY LINE FOR THE NEXT TWO (2) COURSES.
NORTH 6T59'40' EAST, A pISTJ1NCE OF 23134 fEET; TO TF1E 6EGlNNMG OF
A CURYE, 9EING CONCAVE TO Tf� SOVTFI AND NAV14G A RADIUS OF 305
FEET; THEKCE NORTHEASTERI,Y 1LLONO 77� ARC Of SA{D CURYE
T�iROUGH A CENTRAL An�LE OF 9°52'46", FOR AN ARC LENGTH OF y2 Sq
FEET; TNf.MCE DEPARTING SAID RIGNT-0E-WAY SOLJTH S I°10'19' EAST
AI,ONG A NON•RADIAL UNE. A DISTAIVCE OF 78.d3 FEET; T113]JC[ SOIJTH
oo��3r3' EAST. A DISTANCE OF 6i.97 FEET TO Tt� BEGMNIkG OF A CURVE,
BEING COiVCAVE TO Tt� WEST AND HAYfNG A RADIUS OF 70 00 FEE7.
TFI�lCE SOIJiFIERLY ALONG'fI� ARC OF SAID C'URVE THROUGH A
CEM'IUL ANGLE OF t! B'. FQR AN ARC LENGTH OF 23.11 FEEf;
TF�TICE SOIJTH IB'�7'l l" WBST, A DISTANCE OF i6 09 FEET; TNENCE NORTH
R9"16'SS' EAST, A DISTANCE OF 263 52 FEET TOItCE POINT OF BEGINNING.
SAID PNtCEL CONTAINS 1.0022 ACiIES MOitE OR lESS. SUBIECT TO
EXlSTING EASEb�MI'S OF REGOIID
_ I
r.Yk�r�.niluHJ
18 ''
.ANDERSON & CARI�, INC.
Parcel No. 3: 60-43-40-30-47-003-0000
9 � 1099L Cg 79
_�,�„ �+V FL WLNp{ QERt Pl OOI�IIT�, iL
I�CiA1.OpOtO'f70l1
01
TtQutsrw w�oownf r��
A►ARCE/.Q 1A11O LYMO MlC�1Q1 I0.'TO'IN�tIR b101t� MtKId p
twfT. fAt�l Bt�tll [OUKTT. tt.oRD�1.1�10 RtDAB tAtZ10ULA1tL7 LlSOt�ID
I►! POl.tiO�lk
ItOM 71S /OINT OI 1qTt7cS�CT101�1 O� 77m C�ROt I�16 M aTATB RAnD N0. !
N.x woNV�r ro. i�, vm� ms �am� u►� av aecrto�+� f��
Ofef�'ti'G1ST.ALONOSw�QlfiDlt�AD6iAlILBRMf.SSPHlT; Z15NCi
SBA1t s011iti ilNPSS' MEl�. Al.d1O Tfm NORlA UORI'-0P-s�AY tJ►� OP 81DG�
ROAD A►W R! EAli'R�Y �7iiDtliOl1 A OISTA/1iC80A� fli.f� FEiT 7D ilO l007T
or feononr.o: rxm+o ooxrau� salrn �r w�r. ��.aoro a�ooroarn
�lONT4FMAY t�E, w dSGt� O�l1,�7 /8R tUTI� M7l�6Cn0l/ M1TN 11lE
WffRbr RlOFfTCf-wAV Lpi O/ cM,.p p0� NEOtnnAY, w! RLOORCBD Oi ItOAD
lLAT t00� S. MOE 1�6, IAW �tQ� OOU1t}1t M1JC �OOADS: 7� BBAR
MOn711 MNTai' w+B�i AIAl10 fA1D MlifRl.Y 11[�!�!P-MAY L&i6, 9ER10 S1R
C�IORD O►A NIIV! MwVOlO A MDRn OF]!A rliT. A DI�TATPCE OF 3795 /lEf;
7!!�C! lEAR NO�TN 72s1�'20' �'lAT. AL�GIiO RA�lA3i�111.Y �IOHT-0E-NAY
�RADOTAMCQOPi1f.f7P6ET; 7fIBwCtC�ONifIMw/�d10lAABA4IfRLY
IU�4FrAr �t.ON A RAMfO QF NORTR 77a7!'q' BAY� DLWO TFt aW9lD
QR A OJlVE HAYRAO A M�l�A � ISAO P�T. A 0181'Al1CidF NAI �9tTT01f�
M7�Cf10M Nli117M �dJTl�ItLY 1tqiIT-0FMAY UN6 G! TEQUESfA 0!U V�
7t�106 tG�lFORTTI iTsfl� iAB�. ALO�+O 8ADlDt�lIaJWY �10HT-0�.�vwY
L97�rADISI'AiK'iOP7B0?3lE57; TH�VCdltAllOUiH00�IJN'fAbT.A
D13TATfLSO!'�26.I7PEST TD71��OWTO/lB6MNDla
SUl1BCL TD AN BAl�ITO! 7f� 1YitT 10� Pii OT 71� ABW6 0l�901I66P
roore�tTr eoKrer►n►eo ars spu�se �rr �o.es �a�es� woa� oa �
lAfD tAt� aI7VA7'R LYIlIG AN[19Rti0 Di PAI21 DtAQi OD(MTY. r1.OMDlI
WlJDCT TO iltA.lNfTYiEtti �RM'f�t 0* R�L+ORD.
SHi MC� 1A0.C6L CWIiAQ�IDlO �� KW.11�DR! Oil t2�
.v.w.w�,�r�r
,
I
,
19 I
ANDERSON & CARI�, INC.
CLIENT
Michael Couzzo, Village Manager
Village of Tequesta
345 Tequesta Drive
Tequesta, F'lorida 33469
INTENDED USE AND INTENDED USER
The intended use of this report is for possible acquisition by a public agency. The
intended user of the report is the Village of Tequesta.
This report has been prepared utilizing generally accepted appraisal guidelines,
techniques, and methodologies as contained within the Uniform Standard of
Professional Practice (USPAP), as promulgated by the Appraisal Foundation. As a
State-Certi�ed, Licensed or Registered Appraiser, the appraisers preparing this
report are bound by these standards and regulated by the Florida Real Estate
Appraisal Board of the Florida Department of Professional Regulation.
20
ANDERSON & CARR, INC.
DEFINITION OF MARI�ET 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 de�nition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
(A) Buyer and seller are typically motivated;
(B) Buyer and seller are well informed or well advised, and each is
acting in what he considers his and/or her own best interest;
(C) A reasonable time is allowed for exposure in the open market;
(D) Payment is made in cash in U. S. dollars or in terms of financial
arrangements comparable thereto; and
(E) The price represents normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
SOURCE: Title XI of the Financial Institutions Reform, Recovery,
and Enforcement Act of
1989 ("FIRREA").
FUNCTION TO EMPHASIZE PRIVITY
This appraisal report has been prepared for the exclusive benefit of the Village of
Tequesta, Michael Couzzo, Village Manager, for possible acquisition by a public
agency. It may not be used or relied upon by any other party or any other use. Any
party who uses or relies upon any information in this report, without the preparer's
written consent, does so at his own risk.
21 '
ANDERSON & C.ARR, INC.
PROPERTY RIGHTS APPRAISED
The property rights appraised are those of the fee simple estate.
Fee Simple Estate Absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat.
SOURCE: TheDictionaryofRealEstateAppraisal,FourthEdition
2002, by the Appraisal Institute.
TYPICAL BUYER PROFILE
An important part of an appraisal is the selection of comparable sales that can be
used to estimate the value of the subject property through the appraisal process.
Comparable sales are selected based upon the highest and best use of a property
and generally, sellers and purchasers come together on the common ground of this
highest and best use. This involves purchasers that are attracted to the property
being offered for sale based upon the criteria a purchaser uses to make this
decision. Thus, comparable sales must be considered competitive alternatives in
the eyes of typical purchasers.
The subject property is partially improved with landscaping and paving, but none of
the improvements contribute to value and are not considered to add to the value of
the underlying land. The subject property has undergone major changes during the
past decade with the demolition of the old Tequesta Plaza and re-development
with the Village of Tequesta Ciry Hall. In recent months, the development in the
subject neighborhood has stalled due to the declining market conditions being felt
nation wide. The Village of Tequesta is currently leasing the subject property for
$1.00 per year for a�ive year term and utilizing the property as a public park. T'his
lease agreement may be renewed for additional periods upon mutual agreement of
both parties.
Given the central location within the heart of the Village of Tequesta and the
strong demographics of the area and types of businesses and residential
developments within the sunounding area, we believe the typical buyer would be a
higher end developer of m�ed use projects; however, current market conditions do
not support development of the subject property at this time. The subject property
would more than likely be land banked until market conditions improve.
22
ANDERSON & C,ARR, INC.
SCOPE OF ASSIGNMENT
The traditional appraisal approaches include the cost approach, the sales
comparison approach, and the income capitalization approach. We have
considered all three approaches in this assignment, but found only the sales
comparison to be applicable.
In keeping with the purpose of the appraisal and the appraisal process, the
appraisers have engaged in original research to provide a complete analysis for the
client. Data from analysis has been gathered from various sources, such as the
Palm Beach and Martin County Public Records, First American Real Estate Data,
Inc., Co-Star and Loopnet, subscribed to services, county and local planning &
zoning departments, local realtors, property owners, and other appraisal offices.
Due to the fact that the subject property is located within the Village of Tequesta,
which is the northern most township in Palm Beach County, the appraiser's
researched both Palm Beach County and Martin County for comparable sales data.
The product of our research and analysis is formulated within this report for
analysis of and direct comparison with the subject property being appraised.
Additionally, we have used original research performed in preparation of other
appraisals by this office, which is considered appropriate for the subject property.
This report has been prepared in a summary narrative appraisal format with
additional supportive data maintained in Anderson & Carr, Inc. work �les.
�
,
23
I
I
_ - — -- __ �
ANDERSON & C.ARR, INC.
PROPERTY RIGHTS APPRAISED
The property rights being appraised are those of fee simple estate. "Fee Simple
Estate" is de�ned as "absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by governmental powers of t�ation,
eminent domain, police power, and escheat".
Source: The Dictionary of Real Estate Anpraisal Fourth Edition,
American Institute of Real Estate Appraisers, 2002, Pg 113.
The subject properiy is tenant occupied. We have not been provided with copies of
any leases and have assumed that there are no long term leases in effect; therefore,
we are valuing the fee simple estate.
NATURAL, CULTURAL, RECREATIONAI., HISTORICAL OR SCIENTIFIC
SIGNIFICANCE
To the best of our knowledge, the subject property does not possess any natural,
cultural, recreational, or scientific value. If this assumption is incorrect and the
subject property does in-fact e�iibit any of these values the appraiser reserves the
right to revise this report in order to analyze these factors, which may result in a
revised estirnate of value.
�
�
24
-- - - — - - - - --- I
�1NDEI�SON & C,AI�R, INC.
PALM BEACH COUNTY SUMMARY
' - "� 33455
__ r — . - ' ._,` '}...,
. "` - 3a956 N1 A R T i N -,`�� ��
�� ._.....
' .............._. '�.._.�-------�---- -�-_.:. ....3���9...,. 3
33�378 �'`��� Q Jupiter
' � :iu ----- `
,' ' 3331II j�r
,� :,'PaimBeach
<� '',� `� '•�Gerdens
_, ��
33�75 - _ �� '�! :
. � ; � �. 33470 ' , � 4
� . � � 33312
_ . _ _ ���, r �Rfaiera Beac
� ' 33�i11 ' (
� Palm �p aqh ;�;
, � Irterna�Shne( � �
. .___-� ` � 33 0 #�ir�a�t ',�Vest Palm
, _ -�-; � _ �, 8sach
3��93 '� : i�� P A L M B E A C H o ellingtan �� 33 s!ri�
� 33-.Z 1 i '',, ke Worth
-------- '�� F L O R I U A ;1 ��� b �i
i.
. - _ _ _ _ .. � , ,
: 33 7 ( 39 � s
a. : I T
� - -i
o : 33 7 � ; .
, �` L � �oynton
. ',Beach
W : _ _
Delray Beach
s : . 8ur; -jr o
�` ` 33�7 ,
M'.
� � i 33 �1 3,�3'1 � ;
, r ,,
- _ ;;
:. ......................................:_ ......................_.... `?;:;.j; ,; ° Boca Raton
� 3 ���+,�- •. ; . .
B R`O W A R D COf81 ;, �lee�eld
' � . SElfifl[JS _. �� :�� BeBCh
L11�ayy P.dn_rn���fl ��nr? A II fI�.�IR� fB t � � .
Palm Beach County is located along Florida's southeast coast. It is bordered by
Martin County to the north, Hendry County to the west and Broward County to
the south.
Palm Beach County is appro�mately 80 miles north of Miami and 260 miles south
of Jacksonville. Interstate 95 is a major north/south thoroughfare connecting the
counry to the southeast and northeast portions of the state. Florida's Turnpike also
passes through the county and provides connections to the north central area of the
state as well as Miami to the south.
25
ANDERSON & CARR, INC.
Palm Beach County encompasses appro�umately 2,203 square miles, of which
roughly 1,974 square miles is land azea and 229 square miles is water. The local
weather features an average January high temperature of 74 degrees and an
average July high temperature of 90 degrees. The average annual rainfall is 61
inches.
Palm Beach County has been noted as a premier location since the first army fort
was built in Jupiter in 1838 and Henry Flagler extended his railroad from northern
locales and built the Breakers Hotel in 1896, which was instrumental in establishing
the world famous Town of Palm Beach on the Atlantic Ocean.
The county had a population of 1,131,184 persons in 2000. The estimate for the
2009 population is 1,287,344 persons, up 13.8 percent over the 2000 census. The
vast majority of the growth has been a result of in-migration from the north as well
as from Dade and Broward Counties to the south. Palm Beach County ranks as the
third most populous in Florida, behind Miami-Dade and Broward. With that said,
the period from 2008 to 2009 was the first year over year in that time frame that the
county experienced a net out migration. The 2008 population estimate was
1,294,654 persons, the decrease a result of recessionary conditions that have
severely affected not only the counry but, the South Florida region and State as a
whole.
Tourism is the county's leading industry, employing over 70,000 people and
generating about $2 billion dollars annually. The other multi-billion dollar
industries have been construction and agriculture.
The e�anded (1988) Palm Beach International Airport experienced one of its ,
busiest years in 2007 facilitating 1 million flights, an increase of 1.8 percent over
2006. The airports growth has necessitated new direct access overpass interchanges
with I-95 (2004). Tourism and in-migration of retirees are the forces that drive the
county's growth. The largest employer in Palm Beach County is the Palm Beach I
County School Board with just over 21,700 employees and a$3.6 billion dollar
budget for the 2007-2008 school year. The five largest private sector employers as
shown in the following chart. ,
26
ANDERSON & CARR, INC.
FIVE LARGEST PRIVATE SECTOR EMPLOYERS
Em lo er T e of Business Em lo ees
Hos ital Co . of America Healthcare 3,411
Florida Power & Li t Electric Utilities 2,924
Office De ot Office Su lies, Head uarters 2,680
Boca Raton Resort & Club Hotels 2,200
U.S. Su ar Co oration iculture 2,100
The county has the highest total effective buying power in the state. The climate
and recreational opportunities attract wealthy individuals and families. The county
boasts forty-seven miles of coastline, along with the Intracoastal Waterway, as well
as a bounty of attractions, events, and festivals. With over 140 golf courses, the
county is considered the "golf capital of the world."
The county includes both unincorporated areas and incorporated municipalities;
the largest of which is West Palm Beach, the county seat. Boca Raton, located at
the south end of the county is the second largest city, and one of the highest
income retail trade areas in the U.S. The town of Palm Beach is one of the
wealthiest communities in the country.
Palm Beach County had a 2008 real estate t� base of more than 685,000
properties valued at nearly $223.4 billion, representing a moderate value decrease
of roughly 5.3% over 2007 figures totaling roughly $235.8 billion. The residential
and condo markets accounted for roughly 75% of the tax role with 19% for
commercial properties. The balance of the t� roll was made up of agricultural
properties and tangible personal property.
Some factors that have fed the county's past growth have diminished. The county
has one of the highest t� burdens in Florida and property insurance is no longer
affordable. Additionally, recent local political corruption has made national
headlines and residential construction has dramatically declined. However, the
county retains a large reserve fund and maintains the only AAA bond rating of any
county in the State.
27
ANDERSON & CARR, I NC.
Conclusion
In recent years population growth has slowed, and the residential market has been
in a signi�cant decline. Most recently, the commercial and industrial markets in
the county have also e�erienced declining occupancies and values. All indications
are that the current economic conditions will continue in a weakened state for the
ne� several years. However, the long term outlook for the county is considered
positive due to our broad employment base and desirability as a winter tourist
destination. As population grows over the long term, more supporting commercial,
industrial and services development will be required. These factors combined with
a finite quantity of developable land create a positive real estate outlook for the
long term.
28
,ANDERSON & CARI�, INC.
NEIGHBORHOOD DESCRIPTION
� }
-�t �-� N��
� .:3 � `�
'> �k"�' '� ! i r , ,3 R i ._„� \ l ������ y�; , T�
` , �
< � � � Y n w {ki �Y�s.J` - 1,�� ,� .
, � � :t� �'v� 1� �-" r�'-, ; ." ^'- .A` ti �'s � �.�'. + � .
��� °`'��_'" y-' � �' Y-�� "
. ,^'�� '� %� - � ' �-'�--.,��R� � -
� t � � � � k � � � � '•9 �� - R + � �` � '+c.=
3 + � y� �. �#1
� •�� t i + � i� � ��' !'� �� r� ��
- �. '� t 'r ��� � ....� j 2 �� - � . � . . � -
.• pS�' ,4� 4.r�
w ..�� ���.�; K i � � a'^'f ` .�! � i � s «2 . _ . -=. .��: .
3 -�Ca' �s ' �� '��" `. ;,.: `���-.` Sub'ect Pro er
Y � �`' ." ,-� � i�_ ` 3: z.� � ' _ - . .
�r l P tY
., �Si�x ' ,--- � � �F`°-�j " 4 \. '�� � . . r : # y �� �io�„_x � .
� � � ,-' . �� �,; ��. �� r `����°�F: ; .. ; . -
C " � � �_s ' " >xn. L� . " f �� � N .. , v.W�' �,= e .
{ i � J � ; � "Y? �'� �' � �efY
� C � �" A'A
�# ��-x � T�� � " � .� ��`t j J ' ' � ' � ' ^!,
� � j•Y. �►� }T1 � � „1
�,���� � �_. "!' � � : ? --�', a+^.*"� � a ri+* _ �` � �'�`-
� t ##
��� yyRL' � !f � ' _ .,, e..,.aa . un .. � L� ' " '4 � 6 �� -ss_. �
tti. T b x. � _ �� n . �, _�_,,,. ny Ra�w } 1. . 4� . ,� 6 � . � r ( . �" � _.
`' ;r,k 'T"1f-f'7- r � '' a � 4 �� h
'L } s F , � }
S'��y< :_ KS a � }�� � ���i9 '' � ° � "�3 `�
�h��, ���a�� �,� 'S, _�` • g �. J a ��� � . �;�':i-�J`
;: ' 'e '�+i Ti '.t��.i� v 5 t<�`� 1 �y - � _ .: k�
��� � `
� �"�'� k 9M. c1.:�_ p� !;#' i
^-r .� ' ,�'. .i F �^�..� s i � / � � �' � .
�Y 1 � ,- � � � �, t L `�
>.
a�� f f at .y#�oq
_ � �` � y � r ' ^' ��" a
, �)U ` ` . ,�.�-�^- _ -'� �� � +�`
�'��� �` �
r � .. ` t� , "'� ti g;
`_ �„" �
In 1955 a bridge tender was asked by developer Charles Martyn, to describe the
area that is now the Village of Tequesta. His reply was, "it's just a jungle"..
Inspired by the bridge tender's description Martyn asked for a tour of the area. As
the two men traveled the Inlet and Intracoastal by boat, Martyn was immediately
intrigued by the beaury and potential of the area. He bought 86 acres on Jupiter
Island where he developed the Jupiter Inlet Colony.
While excavating the site, Martyn's crew unearthed an Indian mound filled with
artifacts. Martyn's interest in Indian history led him to research the mound's
contents. Later speculation was that the mound belonged to an encampment of
Tequesta Indians encroaching on the native Jega Indians. Martyn was convinced
of this and named an area he was developing west of the Intracoastal after the
Tequesta tribe. That development, now known as the Tequesta Country Club, was
later incorporated as the Village of Tequesta.
Tequesta started as one man's vision and has now become a thriving Village with
miles of waterfront property. From the serene Loxahatchee River to the
29
ANDERSON & C.ARR, INC.
breathtaking ocean front homes, residents are drawn to Tequesta by natural
beauty. Tequesta also has a wealth of cultural and recreational activities for every
age. The Village is home to the Lighthouse Gallery and School of Art.
There are plenty of shops, stores and service businesses located in Tequesta along
with churches of various faiths. New residents and visitors are greeted with a
strong sense of community and a genuine hometown friendliness.
The subject neighborhood is located the within the Village of Tequesta and is
bounded to the north by Tequesta Drive, to the south by Bridge Road, to the west
by Old Di�e Highway and to the east by U.S. Highway One. U.S. Highway One is
the major north south tharoughfare in this area. Access to Interstate 95 and the
Florida Turnpike are in Jupiter, to the south and west of the subject neighborhood.
Both Center Street and Indiantown Road provide access to the major highways
which are in the westem portion of the area.
The major commercial district through the Tequesta area is located along U.S.
Highway One with smaller boutique types of establishments along Tequesta Drive
Momentum began to build in the local development community with the sale of
vast tracts of undeveloped lands located in the southern section of Jupiter and west
of I-95 and the Florida Turnpike. The Tequesta area is basically 100% built-out. I
Property values have generally increased in the neighborhood over the long term
but the general economy and commercial real estate has deteriorated noticeably I
over the past two years. This trend has affected the commercial and residential
market. Commercial values have abated. No near term value increases are
expected but long term increases should continue once the economy improves. �
����� ��� �����.
� , .. . . ,. . . . _ «, ,.. � .. � .
Hi hwa Access Avera e '
Demand Generators Avera e �
Convenience to Su ort Services Good
Convenience to Public Good
Pro e Com atibili Good
General A arance of Pro rties Good
A ea1 to Market Good I '�
Prices/Value Trend Declinin �
I
30
I
I
ANDERSON & CARR, INC.
, � '� � — ,- . � � � �,
�` .�� `l,'p; " v„14 '�' ,;;�si y .�a � f u �;z
� � , �t r�' + F• � k:c�i; ' -
.. S � ��t 4 � �..
h ? r�
- . � . �� � �,� - Yi s p c � .
.fv� # r 4 ;� �� I r' � � . ;.'i'P �� 3 � ' L Sc ^� �.
r � Y i �
,�_„ a. r. -� �� k � 4, ��.�•. -
+�.° �r w ,� �
� w � ` � �; .x�=•.� � } � �.1. � R �;• �' '
r y �'° � t -.. � � :�J � �� 3 , ��' \
i k � � � . . � � R - ` �o� � K
`
� �� �j -
i
� ���4[f • 0 1 - Y j `.
f w��� ` n � � � �� ` �� �� � � ���
� � ��K }� � �,� � � � ' � /
,� R�age r � � ��'t� 5 ��y{'[ .� i�.Jy • F ` /� ,�� � � �
r . a � r,a
M ,. � �''" ��4 �a Y .
�,� F +,� � --.�.T '� � � • .t . �.µ,,,co
.:: � .� � 5� �1���` �4r r�'=+k .1 � �y„� o �� �
rV .Ait
rw� --- �� �"� �� ��,' I2� 5 � ��� �r� { . � *�° �.
+'' �_
'. �
.-� �.,.. �`�°',.__:t � � � � � � �+_� = ' r
�-Q � � ,�``; � .-- _ ���� � � .
,
� "., � : , � �� � � � � � '�
11 ,
°�J� . y.. �� f '' '" r '"_ *--��` - -n �
y (�l � z � , J , �� y 6 ��., sa r ,: �
1"' jq . � - te P � MA� �.•�� �I � Rtl . 1 � �
�Kd�illi P � �P�.4 �� i' {.��.L.. � - � � `�
t }} �� #
. . � }}�� S^ 9dF k � o � � . C + �`". x , ir � .�. � +�. _ : y� �
� { � � .�.., 1 , t -�'
�' �,-�` 'Q 1 1 h e . +� r -: �, t . � $ '{(
= K ` -.� . �.-�-� .L�... � � � '..... Fr nai a F � , �'➢,�,' � � . C�' (.�.
� ��'''�"'_ � '`y., v p � Rd E r�l ` : "` � r E ?. � - P
`.. A" � �-4 .' A '�r�- � .. �-' -- b �.. F �' L • . .�'. '� , � ��� ! -•_
N[r: � . �� .. . � � � ��. al��i A�•. ae �.�..i.
Y . F..A. '4� �
^t�� � �9� \r � : � Fp�,... � rt t �+ � �' f ,F ��i �Y !��� �
�`
}- F � 4� � i r � �ad .� : � � � .� z i c7 .q '` ky . � .
� �" �, � � -�, „�, � te t � n . a y ' - � aY � e "'���i r
� . � + ._..� J � � � �� � �Ai�v 4«R�'�=3i;,.�t:�kv�{"£ �'g�' d r'.. . . . '
r "'� �v Rd.'�- � � � C�: .�f �R. . ._._��.� _.. .
� "t ' �'� � F ro� �c+±,e'n.
1 Older Residential Section 7 Industrial Area
2 Older Waterfront Residential 8 St. Jude's Catholic Church
3 Newer PUD - Te uesta Oaks 9 Sho in Center
4 Newer PUD - Te uesta Trace 10 Li hthouse Galle
5 Te uesta Ci Hall 11 Villa e Sho in Center '�
6 Industrial Area 12 Sub'ect Pro erty �
�
31
ANDFRSON & C.AI�I�, INC.
PROPERTY DATA
Owner
JMZ Properties, Inc. & Main Street Village, Inc.
Palm Beach County Property Control Number's
Parcel 1- 60-43-40-30-47-001-0000 - 1.19 Acres
Parcel2 - 60-43-40-30-47-002-0000 - 0.98 Acres
Parcel3 - 60-43-40-30-47-003-0000 - 1.02 Acres
Census Tract
The subject property is located within Census Tract Number 000.1.02
r �� � _
� r � ���. _ � � 1 _
, r Tcyu���ta
ti g
.a. ..__ � � � Fia�Or.1�`c� rd
. . N : .: - 'w' ''. ' w , '� � 4r p � , ��;.
�liami CA -. NOrth '� �
.--
� Attt' ("4
� Subject Property " � __ �� «�- s
e � , .�.
•� ,-
.... ,� — �. S r
� _, _ - .... ..___. , .
� ro � .
� � � k� �
,.-
, � '
� � ��� _ _--0 `w.
A ,
- c� i � I U� :�.�I _ � Y'�t tcnv��c RJ
' , —�-��i- a..��_�� '� � �u�La Dt�..._ � . 3 :� e.�
� E ��Aurchfi� � ° , a8= �°, � �: i
p� � --�, p� `Q4�9t Ltd `''
� � � , � -;? _ I t a¢ R�._
. � �`.� ` f
�� "�q Na�z/k Rrf-_,_._.
" �"�"'�;� \liami t :1
. �i � L��,c
. '� t� R� �tiatui'C:�
_,,:�ur • W Rivai :� �i,
O � �� F�^�r
, ".. i S_ �<.. „ _. � . " / , _ ,
f L hatc�ee R � �� , � �' � -- �
� � �
Ju �iier
�liam) [':� � _ ° � �`, .
Loxa = �� ... 3. ,, :.w�,,,,� � C .
�,�^'"_. . ; -
� "„"v�"�,o,�,�.,.a.,. �.
`�_. ' �' _- - ,�-, '�cr lutet ('otun}
S�uthwcst_FCk..�,{� 2�2, ;°'j t�� ;.y,u_ 3.t2. 3 s�
� � � _ �`_ .. �• . � �� � � `�.,...:.�
_ f ; „ , - �If��ui l :� � '
° �L � Nur?ri Cr � _- t�r � �:� \liami 1�:�
;' .�n.t::+. �:�:1, .._
A rox. 2.8 miles across. ���, f;�: �li mi [:� �.,
32
I
ANDERSON & CAR R, INC.
Flood Zone
The subject property has been found to be located on the National Flood
Insurance Program Map, Community Panel Number 1202280001C, dated
September 30, 1982, Zone "C". Zone "C" is described as being "areas of minimal
flood hazard, usually depicted on FIRMs as above the 500-year flood level. Zone
C may have ponding and local drainage problems that don't warrant a detailed
study or designation as base floodplain", according to FEMA.
�Qc Watenvay Rd
� ���
�`
� g 4`n$�� � �
�
�
� '# 2�228QQ01 C �
a
Bridge Rd �
a
�
�% ����-�'�`� � -�`� Subject Property
� � a .� . �
a' C�r. =
a
R �Q' e _ m ' o
. h, "
tl '
o ' 41 s� e8 � � zoNe c I
�o Cir.
� C �r m o
m
� p m
� � �
r �e/i
Dr. H o I Ci�, _
�
��Cil�. � D �
Q � <
\
y �� O
C �,ZONE6-: . � � � _
hL �ch R � y Q 're @ L8 ZONE A7-�
�' ..�� .� - IE161
ra . � Q � 9r�a,a�
R J . -
. L d �
,. a
�� S ; e Rd �
R m �F
, Subject Property
�
33
,ANDERSON & CARR, INC.
2009 Assessment and Taues
Parcel PCN Number Assessed Total
Number Value Taxes
1 60-43-40-30-47-001-0000 $ 603,371 $16,997
2 60-43-40-30-47-002-0000 $ 621,125 $16,666
3 60-43-40-30-47-003-000 $ 517,177 $14,568
TOTAL $1,741,673 $48,231
The subject property is currently assessed for a total of $1,741,673 resulting in a ta��
liability of $48,231. Based on the value indication estimated in this report, the
subject taz�es and assessments appear reasonable.
Utilities
The subject property is served by all customary public utilities.
Zoning / Land Use Plan
The subject property is zoned MU (Mixed Use District) with a land use designation
of Commercial by the Village of Tequesta. According to the Schedule of District
Regulations for the Village of Tequesta, "the purpose and intent of the MU
District is to establish a village center which creates a vital, diverse core for the
principles which utilize mu�ed-use development concepts and which permit a
combination of usually separated uses within a unified development district area,
i.e. residential and commercial components. 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." Additionally, "any tract of land for which a planned m�ed-use
development application is made shall contain sufficient width, depth and frontage
on a publicly dedicated arterial or major street or appropriate access thereto to
adequately accommodate its proposed use and design."
Residential density for this District is 18 dwelling units per gross acre for all ',
residential used, with the exception of ACLF's, which shall be computed on the
basis of 24 dwelling units per gross acre. In all cases, the ma�mum building height
allowed shall be su� stories or 84 feet above average finished grade. �
Some permitted uses within this District are single family dwellings, two-family
dwellings, multiple-family dwellings, small scale retail sales and services, business
services, professional services, bakeries and recreation/open space. All of these
34
- __ — __ '
ANDFRSON & C.ARR, INC.
uses must have a maximum of 3,500 square feet of gross leasable area for each
tenant area or individually owned unit. Special Fxception Uses include but are not
limited to restaurants, houses of worship, private schools, hotel and a ACLF's.
Some prohibited uses are warehouses, carwash, pawnshops, flea markets,
automobile repair and kennels.
The minimum lot size is 3,200 square feet with a minimum width of 40 feet, and a
maximum lot coverage of 62% for residential and 60% for a commercial single
minimum sized lot and 70% for a commercial property of two lots or parcels in
excess of the minimum sized lot under unity of title.
In the best case scenario, the site would be allowed to attain 70% lot coverage for
development as a Mured Use Project. The current use of the subject property as a
passive park is permitted under this zoning criteria.
The zoning and land use plan are consistent with the highest and best use of the
subject property.
Concurrency
The strongest growth control measure ever imposed on Florida counties was
passed by the Florida Legislature and became effective on February 1,1990. This
"Growth Management Law", referred to as "Concurrency", dramatically limits the
ability to develop real property. It is basically the requirement that adequate
infrastructure be available to serve new development.
If the subject were to be developed, concunency restrictions may apply. A full
analysis of possible restrictions imposed on the potential future development of the
subject site by concurrency is beyond the scope of this report. A basic assumption
of this report is that concurrency restrictions will not unreasonably restrict the
future development of the subject site to its highest and best use.
I
35
.ANDERSON & CARR, INC.
Sales Aistory
The appraisers have not been provided with a title abstract on the property
appraised, nor have they conducted a title search of their own.
Most of the subject property was originally known as "The Tequesta Plaza" and
encompassed approJUmately 4.833 acres which ran from Tequesta Drive on the
north boundary to Bridge Road on the south boundary. JMZ Tequesta Properties,
Inc. acquired the property on February 25,1998 for a recorded price of $1,300,000
as recorded in OR Book 10275, Page 0452 of the Public Records of Palm Beach
County, Florida. The grantor was Fehlhaber Corporation and the grantee was
JMZ Tequesta Properties, Inc.
The subject parcels number #60-43-40-30-47-002-0000 (Parcel2) and 60-43-40-30-
47-003-000 (Parcel3) have no available purchase date information as they were
most likely part of this original purchase.
Parcel number #60-43-40-30-47-001-0000 (Parcell) was purchased on November
19, 2003 for a recorded price of $520,000 as recorded in OR Book 16214, Page
0810 of the Public Records of Palm Beach County, F'lorida. The grantor was the
Village of Tequesta and the grantee was Main Street Village, Inc.
I
36 '�
ANDERSON & CARR, INC.
Site Analysis
The following site and improvement description is taken from inspection of the
subject property on February 10, 2010, performed by the appraisers.
The subject property consists of three separate parcels, all of which are currently
leased by the Village of Tequesta, being used as a park otherwise known as
"Paradise Park". The total land area is appro�cimately 3.19 acres according to a
copy of the lease agreement, dated May 13, 2009, provided to the appraiser by the
Village of Tequesta. This lease information also coincides with the square footage
figures in the Palm Beach County Property Appraisers records. The subject
property is located on the north side of Bridge Road, west of U.S. Highway One
and east of Old D'u�ie Highway in Tequesta, Florida.
There is appro�umately 285 front feet along the north boundary line of the property
which fronts Tequesta Drive and 460 front feet along the south boundary line that
fronts Bridge Road. The site is relatively level and nearly at street grade.
Access and sure
The subject property enjoys good access and average exposure characteristics.
Vehicular traffic enters and exits the subject properry from either Bridge Road or
Tequesta Drive.
Soil Study Data
The subject site appears to be composed of loose, sandy top soil, typical of the area.
We saw no indications of fuel storage tanks or any soil contamination on the date of
our inspection. This appraisal assumes the property is free from any hazardous waste
or fuel contamination. If this is not the case, then we reserve the right to change the
value conclusion of this report.
Description of Improvements
The subject site is improved with minimal landscaping, sod and fencing on two parcels
with asphalt paving on the third parcel. All of the e�sting building improvements
would likely be removed far if the property were developed as either a stand alone
parcel or as part of an assemblage. Therefore, a discussion of the existing
improvements is beyond the scope of this analysis.
37
ANDERSON & C,ARR, INC.
HIGHEST AND BEST USE
The Appraisal Institute defines "Highest and Best Use" as follows:
"The reasonably probable and legal use of vacant land or improved property which
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"
SOURCE: TheDlctionaryofRealEstateAppraisal, Fourth Edition
2002, by the Appraisal Institute.
The highest and best use is that use of the land that can reasonably be e�ected to
produce the greatest net return to the land over a given period of time. That is the
legal use that will yield to land the highest present value, sometimes called
"ma�mally productive".
In estimating highest and best use, there are four aspects to be considered:
l. Physically Possible. What uses are physically appropriate to the site
in question?
2. Legally Permissible. What uses are permitted by zoning, deed
restriction, etc. on the site in question?
3. Financially Feasible. Which possible and permissible uses will
produce a net return to the owner of the site?
4. Maximally Productive. Among the feasible uses, which use will
produce the highest present worth?
Factors which must be considered in estimating highest and best use include
accessibility and transportation, local facilities and services available, the physical
attributes of the site, the effect of t�es and zoning, and the broader concept of
environmental harmony within the neighborhood. 'The use must be reasonably
probable, legally permitted, and logical; if a use is merely possible but is remote in
time and likelihood, it cannot be considered highest and best use.
38
,ANDERSON & C,ARR, INC.
In addressing the four aspects of highest and best use, the following is noted:
Highest and Best Use of the Site
1. Ph sy ically possible: The site is slightly above road grade. It can support a variery
of commercial uses. No physical impediments to development are known.
2. Legall�permissible: Uses permitted by zoning include a wide variety of
commercial and residential types. Zoning restrictions do not appear to be an
impediment to use potentiaL T'he subject property, in its current use as a passive
park is a legal conforming use of the site.
3. Financially feasible: Financially feasible uses tend to occur naturally in free
market environments, and are evident on direct observation of the marketplace.
Examination of the subject area reveals multi-story commercial buildings and
residential planned unit developments, due in large part to previous demand in the
area. Based on the current area demand, sunounding development, zoning
constraints, and the particular characteristics of the subject site, construction of an
mixed use project would not be �nancially feasible given the slow market
conditions. The immediate subject area possesses average e�osure to low levels of
vehicular traffic along Tequesta Drive, Bridge Road and Old Di�ue Highway.
4. M�imally productive uses are also most obviously identified by examination of
the marketplace. Based on the particular characteristics of the subject site and
immediate locality, it is our opinion that improving it with a mu�ed use
development constructed to the m�imum allowable FAR would represent the
ma.�umally productive use of the site.
T'he subject property is zoned MU (Mixed Use District) with a land use designation
of Commercial by the Village of Tequesta. According to the Schedule of District
Regulations for the Village of Tequesta, "the purpose and intent of the MU
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,
i.e. residential and commercial components. Commercial uses are intended to be
limited to specialry small scale retail sales and services, business services and
professional services primarily designed to serve residential neighborhoods of the
village." Additionally, "any tract of land for which a planned mu�ed-use
development application is made shall contain sufficient width, depth and frontage
on a publicly dedicated arterial or major street or appropriate access thereto to
adequately accommodate its proposed use and design."
39
ANDERSON & C.ARR, INC.
Residential density for this District is 18 dwelling units per gross acre for all
residential used, with the exception of ACLF's, which shall be computed on the
basis of 24 dwelling units per gross acre. In all cases, the m�imum building height
allowed shall be su� stories or 84 feet above average finished grade.
Demand for this rype of land in this locale has slowed as the local and national
economies have softened. Unemployment is rising in the area as is the amount of
foreclosed residential properties. The supply of land in this neighborhood is nearly
e�austed with the strip commercial frontage totally built out. Residential demand
has diminished dramatically and appears to continue a downward trend.
Commercial and industrial properties have also been following a downward trend,
albeit not as fast a pace as residential.
The highest and best use of the site, as vacant, is for its current use as a passive
park until such time as the economy stabilizes and a muted use development is
financially feasible.
40
.ANDERSON & CARR, INC.
EXPOSURE TIME AND MARI�ETING TIME
Fxposure time is the estimated length of time the property interest being appraised
would have been offered on the market prior to the hypothetical consummation of
a sale at market value on the effective date of the appraisal: a retrospective
estimate based upon an analysis of past events assuming a competitive and open
market. Exposure time is always presumed to occur prior to the effective date of
the appraisal. The overall concept of reasonable exposure encompasses not only
adequate, sufficient and reasonable time but also effort. Fxposure time is different
for various types of real estate and value ranges and under various market
conditions. (Appraisal Standards Board of The Appraisal Foundation, Statement
on Appraisal Standards No. 6, "Reasonable Fxposure Time in Rea1 Property and
Personal Property Market Value Opinions")
Reasonable marketing time is an estimate of the amount of time it might take to
sell an interest in real property at its estimated market value during the period
immediately after the effective date of the appraisal; the anticipated time required
to e�ose the property to a pool of prospective purchasers and to a11ow appropriate
time for negotiation, the exercise of due diligence, and consummation of a sale at a
price supportable by concurrent market condition. Marketing time differs from
e�osure time, which is always presumed to precede the effective date of the
appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal
Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure
Time in Real Property and Personal Property Market Va1ue Opinions" address the
determination of reasonable exposure and marketing time.)
Source: The Dictionary of Real Estate Appraisal, Fourth Edition, by The
Appraisal Institute, 2002
Market activity in this downtown commercial district in Tequesta has been stalled
over the recent past due to the declining economic conditions being felt
nationwide. It appears that the subject market segment has reacted negatively to
these current economic conditions as evidenced by the lack of activity in and
around the area. The comparables sales also show a longer exposure time than in
the recent past. If the local and national economies continue their downward trend
the demand could be further affected negatively. Therefore, an e�osure time
estimated at 8 to 12 months would be reasonable, only if the state of the local and
national economies stabilize. Looking forward, we see no basis to conclude that
marketing time would differ from e�osure time.
41
ANDERSON & CARR, INC.
THE VALUATION PROCESS
Generally, the appraiser uses three approaches to value in estimating the market
value of a particular property. These approaches are the Cost Approach, the
Income Approach, and the Sales Comparison Approach.
The Cost Approach is based upon the principle of substitution, which �rms that a
prudent purchaser will pay no more for a property than the cost of constructing an
equally desirable substitution. This approach is most applicable for new properties
that represent the highest and best use and for special purpose properties when no
comparisons are available.
The Income Approach is based upon capitalization of the net income attributable
to the real estate ca.pitalized into an estimate of the present worth of the
anticipated future benefits. This approach views the properiy through the eyes of
the typical rational investor and is most applicable for investment type properties.
The Sales Comparison Approach requires that the appraisers locate recent sales of
similar properties and through an adjustment process arrive at an indication of
what these properties would have sold for if they possessed all of the salient
characteristics of the subject property. These adjusted sales prices are then
conelated into an estimate of the market value of the property via the Sales
Comparison Approach to Value. This is the only method commonly utilized to
estimate the value of a site like the subject property.
The most reliable method of valuing the subject property is through the Sales
Comparison Approach. Especially, in this case, when there is a sufficient amount of
reliable data available.
42
ANDERSON & CARR, INC.
SALES COMPARISON APPROACH
A search of Pa1m Beach County Official Records, local multiple listing service
records, paid subscription data services, discussions with local brokers and
appraisers and a personal inspection of the subject area produced several sales of
similar type properties. The sales used in the analysis were the best comparables
that we were able to verify with a party to the transaction.
We compared the selected sales with the subject, considering differences and
possible adjustments. We utilized a quantitative process to compare the subject
property with the comparables to reflect a value for the subject property.
The following pages feature a detailed write up of each comparable used in the
analysis, a locational map and summary of the selected comparable sales data,
which is followed by a discussion of the pertinent adjustments and conclusion of
value.
43
,ANDERSO & CARR INC.
SALE NO. 1- XX Central Parkway, Stuart, FL
Our File No.: 290192
,.�.. : .� , .,. -� � � , � ,� �,� ���_��,� „� �� � ,
n+ti : y ''a,_ � �• � a ��'��� � � � � .��, �.
� �'.�rt i� �'���+��=�` "�: � }$-,., .. � p�q, ��k � �. � ,"�;
i�� �"' d' ,. ;� '�f � �� � kS°""e. ..: "�'4 � � :�-� � �.,��I
� � �° � . °n � ��,.:at� ., ��i�.yL� � :'� �:. , E��ya � �";�, e:
_ �,� �,�� ,,��.�,�' , �,,, �` _- �. �, _ ^ '�. � ,�° = � � R � � � � 1
�. �s a ' f�: � � � ... � �,;� �: �"
s t�, - •�"��� �� � _'� � ��,'�' '� '� �::' 'f ` „ �t�' "� r.m.. P*� „�m
t 3; �, � 'g' '°s`� `g'. .�' r i,°+�` ,�` �. „�! r3�`g�c�w�� � �.�'�', y �;� �
`�°` � `� �� �"s��� r � +�-
,a..-,w,,,� •� �. � �� ; � '
y ,,. f p _ 1. S�
, � � i �4L� " +.R E � ° � '� �. a � i' b f y w .. Y �' � o'
+y � rs �
� ����� �n 1 '^� 1 � �' � y$�.
� �"1 J�l�l1M�'ss� �b°..� '� � . - 1S '�
oe. ._ � ; � s „ ;� �� ,� �"' r� , a ..�' ... � � '��n ;
5� `- 4 �
�. . . ,€.,' � „ � � 3 '� � *¢Y' � � � � �'�^ �
� � �. �s
a .� P ,�'°'� A�� :� ����� . � p '� �: �,� � '".�� _ � � � � �"' .
�w � � ^R � t�� '��'' � �.'��,�' � .: �' �' .
y, �,� *� '�" �. _. � ,�`�-�'� �r,
..'P� �� �� �: *^. ' N�': {- �'�- �`�, ai" „�'', e �^ � �:��.
i �. ,
. � ro � i '' .�4 r "�Y`��'�R' �` �' ��
`� � ^* � � *" ¢'�. `i
,
� � �i�� ' �` � w. _
^� � � �
... '�" r � R x
_-��� � � .:� aAfS� r � � �;� s , 4 P+r'"y,� ,��, �'�:� i � -
�5'� y .,� nffik „� d'r„F`
��- � �r, i �� & � r�;
a� � `� � �'�. ��-� ��:
`�, `�� ., � � r �� � C .� _ .
. � � - � I � �- ' ��,$ '�
`� . :..�� . .. . . . . .. . .. ... , r..v . . ...
OR Book 2351, Page 1913 Type: Land
Sale Status: Sale Sub-Type: Commercial
Date: September 22, 2008
Grantor: Stuart Educational Resources, Inc
Grantee: Children's Services Council of Martin County
Legal: Lot 2, Unity Church Subdivision in Plat Book 15, Page 24
Folio No.: 09-38-41-026-000-00020-0
Location: North side of Central Parkway, east of Kanner Highway,
Stuart
Zoning: CPUD - Commercial Planned Unit Developrnent by Stuart
Land Use: Commercial
44
ANDERSON & CARR, INC.
Utilities: All Available
Site Size: Front Feet: 170 Shape: Irregular
Sauare Feet: 66,429 Acres: 1.53
Topog�raphv/Elevation: Level, near road grade
Use: Current Use Vacant
Intended Use Office
Highest and Best Use: Commercial
Verification: Source: Boyd Bradfield
Relationshin: Listing Broker
Conditions of Sale: Arm's length
Verified bv : M. Herold
Date: Apri130, 2009
Sa1es History: None in prior five years
Sales Price: $525,000
Price/SF Land: $7.90
Price/Acre: $344,262
Financing: Cash to Seller
Comments:
According to the listing broker Boyd Brad�eld the property was on the market
about 9 months. The Children's Services Council bought the properry for
construction of offices. They are currently leasing in the area.
45
ANDERSON & CARR, INC.
SALE NO. 2- Military Trail, Jupiter , FL
Our File No.: 280612
� ' I ' `�•; -' .. ,uy� .��.e' r`�P_! � 4�41 �3000
(377Ac) i 7 � I �, .. R.a
{ : 1 �5 � yiw�s-f�
I _ I - �D1Q' - -3.9� - y5 ; �i��' `� ; ' "
8 � CO�� .
i � 1 � �_
I " � �� p �1 �° � � �. g Y a�. . � j �_"JS�°' l ��� '29'.fO
O 'a � P
I - � u s : � ! _. . � �' x p � �
i I :.x.n�� q�. .as �. �e'� � `, '�,
t �
I I . ��J D000 � .. i c .� m, � � � -
-� �—� -._._.._. ' if , _vccr � r� ; �34`3�. �'•
� I �w � �
e . . . t _ � ' ,
. . � , . I j � � � � zM. � r.�<.�� �. �. . -2aw � -
i � i �_. __�_� � �`
� ' i .�.iU)p� �,� � � „� I � ���`� � -
j-- • � � � �
' �,� l � L fi �, o ' 1 , _!� —�� I & e l l�� —� � �,
i ' � —'—'—'— ! �
�� � y ! � s'" � y a
� — -b.,.,�.,-ce..v:,� � ;,;� . � � 1 , � i h - x – 1 � , \ e
. 00 k� � e ` `
�1 � � ;,,A>� �
� i q �,,�,�,,—v, �, � j l o�: �
` � �
� �; -- �, �-m . _ _ _
��
I ' .. �� I E � - �
`�';�n���) � I � �� 09� � � �.
; �...� �,�. —� �� ;
i = I �. -J ,�„ � ne� , ! �: " ,
j _ I �� 4 s I ec 8 B f �'i F
f s O o = � ao'1 = -- � I '.
- i a , i � y I ° " ° g -as- d ,4y'@.r� � ., f i
i o ��;� ��� - 1 i i
� „
�
j aowi.. a�u�::�" i' ;- ;� � I � /
OR Book 22859, Page 1695 Type: Land
Sale Status: Sale Sub-Type: Commercial
Date: September 15, 2008
Grantor: New Urban Workplace, LLC
Grantee: Abacoa Realty Partners, LLC
Legal: Tracts M and N of Greenwich, accarding to the plat thereof
as recorded in Plat Book 106, Page 154, of the Public
Records of Palm Beach County, Florida.
Folio No.: 30-42-41-24-09-013-0000, 30-42-41-24-19-014-0000
Location: East side of Military Trail, roughly 1/2 mile north of Donald
Ross Road, Jupiter
Zoning. MXD - MiYed Use Development by Jupiter
Land Use: Mixed Use
46
_ _ I
,ANDERSON & C,ARR, INC.
Utilities: All Available
Site Size: Front Feet: 138 Shape: Inegular
SQUare Feet: 60,854 Acres: 1.40
Topo�,raphy/Elevation: Level, near road grade
Use: Cunent Use Vacant
Intended Use Medical Offices
Hi�hest and Best Use: Commercial
, Verification: Source: David Duckworth
Relationship: Listing Broker
I Conditions of Sale: Arm's length
Verified bv: M. Evans
Date: November 19, 2008
I
Sales History: No Prior Sales History
Sales Price: $1,775,000
Price/SF Land: $29.17
Price/Acre: $1,270,566
Financing: Cash to Seller
Comments:
The buyer intends to build two medical buildings totaling 50,000 square feet. There
is left over land to build residential units, but the buyer does not have immediate
plans to develop any residential units. At the time of sale parking was in place, but
needed modification to suit the development plans of the buyer. Estimated cost of
the modifications is $300,000.
I
I
47
i
i
,ANDERSON & C,ARR, INC.
SALE NO. 3- 5895 S Kanner Highway, Stuart, FL
Our File No.: 290192
� ___. "—_-
M�. +�. .� ., n r?T • .�lr rii i rii i 17i_�i�i `
�� . s . �, .: � .. �.7'r .s=:.�l _
� � � `� �'t.r ! � �.. _, r -.� .� r n
:�" �-�
4 P �"' = ^., . ""R ��.�,,� � � � y i . �'�*'f _ -
� : t � �"r �"' .. ,,.y . � 4y. �' i 1" +. a�`'' � "'�� � � rt
� - r:. � s �. t � �L` , ' , ,� 1 -_ 4n' ' 1"� y y' � , �'�:
�" -.. 4 � � z ' s �c t�r hy.,` �.. � c��' �'
. �'S 'w � *�f. .��- �y- � �s, � � �` � ��i'� ,�, . 4 w t� P .. � �T« ��,. �ti w�
�_ � �; � a�` �-a ,c�'. :`^�, `�^ �`�' $ .��`�, r
�P x �t ��,�'�� ��� � ����r�" �� ,:'�'�°�,�."��,:.�� ,`�..y � $ ¢x �,�� q �� ���=�.��.
-° r- �. �' 2 A�' :.. z� y � r " s s � . "�.9 � t�". ..�a � i . .
t
� � �� �; �"' ,� s � � 1,,. t s� . s� M„�� ,. � „
� ;w- x� 2 `� �,z�, � „ � ; � � ° �� §e . �+4" f , _ � ,' ,°��•�3c +ty y .�, � �� � +, ' °� �� "
" ;as"' " - ,,c � �'�+` 4� - � � � a *' `$" !k n,�`'�°�z �"� � =` F jc� .
.. +s. d*a '�c _� - � s - `"' ; " - ' a at.
�#,._ s�i. �4+'' ,� � ,"� # �: r �C '� �' a- �. � - � z �+k.4 ,�,� ,- -a , �.,;�-+r;
�+�i. ♦ `�, 1 ��;- z'� � �%; ��_r, �,;:a� ' � :�x � �4 � w
¢°' ',� .r � V' ��' ,�' • - � s "� � ;;� � _.:: '? r.,r k _` vo° -
Y . ,c. y�"'��'�'.� i �"�� ��.. �`� ' ��' '' .F.�*, �'A`6' �`• j'� 4 �*
r.z�,' �$� . t �-"` �+ .-�'�. *�, � p �# '£, a- �- '� e .� :� � t-
� Y �� n y, �
'S.�l � �n•. �'� � '. . _ 'C` � . � � . e � �`�R � ��� � ` , P; ~ �'1� �^}�-�. i a s
� .� 'v+g +R i' � � . ., � � '-Y . s't �`� 5 � �. l 4R 1 . � � _ F.' �qd :: �.
4 -
€��' � � � S ht.�� �� ��" � �,+�� ♦ v.. _ .; W '"� C�° v�
� � fi' y. ¢ .,�'7�� N'M c"t° � ` � 4' . "^� `47�F � h:.a � �� _
. _
: r
h ':�, � '` .� 4 �'.
<_ . _- .
=
� _
...- .
" � \ �"�rt t - _ *'"",'�'�: ' .wK«r,�,'�� � �lY'��1 „� v
�`� ' ' k � , ' � x ^ y�
,� ��� . . . '{ §= . a,�, - ,g � ' . . A*. �� �a*a . - .: k ;r
+� "`� _ � � � i �� ,ss
'�� _ *�u �...
� � ��
'..�. —� , q' +., � `' ` � . ry `�� �, �' �
�� ' � �� � � � � .''' ,� � ��, �?�
: � � �
� � �.. '" z �w ���.� � �_ .�►o..�� � �.' � z '4 '_ -t` '�- � v
�► �r ' r��� �' ,�€��,, �'�"�"�� �*'"+�,,�. 'r � d" '-r ��1
�' �T: M �!"�` �` �''' �,� ""`a,,L ?;�,-...d' .y.i. z �,mt"
wlt - ..�5 � �.»� ,, �. a � Y•: �,� �w.r �'.,r,rir f . � � „ _ ,k �` .a€ ,n+x .:�
OR Book 2321, Page 0074 Type: Land
Sale Status: Sale Sub-Type: Commercial
Date: March 21, 2008
Grantor: Royal Fine Cars
Grantee: Spears Boat Sales and Service LLC
Legal: Part of Tract 5, lying east of State Road 76, Block 50, St
Lucie Inlet Farms, in Plat Book 1, Page 98
Folio No.: 55-38-41-000-050-00051-1
Location: East side of Kanner Highway, north of SW Linden Street,
Stuart
Zoning: R-3A - Liberal Multi Family by Martin County
Land Use: Commercial General
48
ANDERSON & C.AR12, INC.
Utilities: All Available
Site Size: Front Feet: 500 Shape: Triangular
Square Feet: 100,188 Acres: 2.30
Topography/Elevation: Level, near road grade
Use: Current Use Vacant
Intended Use Commercial
Highest and Best Use: Commercial
Verification: Source: Bobby Spears
Relationshiv: Buyer
Conditions of Sale: Arm's length
Verified bv : M. Herold
Date: May Ol, 2009
Sales History: None in past five years
Sales Price: $1,100,000
Price/SF Land: $10.98
Price/Acre: $478,261
Financing: Mortgage with Regions Bank
Comments:
Buyer purchased the property for his boat repair business. Site is zoned liberal
multifamily but had been used for commercial in the past. In discussions with the
Martin County Planning and Zoning Department it was agreed that a change in
zoning to Commercial General would be more consistent with the future land use
of the property. Site was improved with a mobile home used as an office and a
carport.
49
ANDERSON & C.AI�I�, INC.
SALE NO. 4- 1000 U.S. Highway 1, Jupiter, FL
Our File No.: 280012
_ j�
, t.; _.,� ; - - . .: �.... ...._ � :;-• _:`:
._ -
'�t°"" �-�, . '. ,,.,, � � �".���."".
� �"` »`'"" Y � � � . r � .d • � � �"�'• ���
�'�' y � — �� { . - 4 2 ;`� � +a'` �. v"� �' <,r �
'�i �� � � .r �-
� Y `? . '��', r . � � ,. y .s ►- : : ;� .. y � � � �✓: � ' ` , �� • . �
'„��r�� -•�� �' � � r�� .^ " ' . � < -.��?.:.
7�y��r. z r .r . s ^� y"S ° �c � n •a � �t,� � �, � �'
> �'' � :r.. _-� . � "t � �` � 's'� ,�,rt�
�.., r, 1 1 i��� a. s*. �: L� tw � �. vs � .. �
-, �e~F� ��..(SZ��. { � ` t ��� :..4 '�'� •• � -'; ;'° �-s.a�r '� jY:
- <. � : �?6t s 4 - •
;�. �'^° .�-., ky < i � �' � .,� � �► t �r t '► y � �
� �?' �= �
�'° —� '+ �-� �,�, - � tF� �! � , .-.. "�
s 4 � �� ��
y �t1s1 �� .+' 1� � �...J .r .�. ' � : ,. � : �' . i� 1f�
a -.�w: . 5. '.�-`s� a�
sjtf er <-.x S" R � ,�- s� �+ � ���y, -":��, r
� �:..� '��°��h ;x�i. �y,� �" _ � `� � `� +,��
- '�` �".:� `�aw. .-.. a �, �'�x 4� � .� �:
. -�}• ^ � ,� n "_s. r � "4. � �; . �L. E 'ai� �A : �. ~ �, , . .
. ,�. ± . . .�� � �-... T�zWi, g ,. J ..
' . . ��� �i v. � \ � ♦ �� `' � .
'.� �` - �E '! ��` y �°��
°'° � ` [+9 � � :�* � g ��
,
-
.
. . . !.- 4�"� "`. �'%"" �..'� °M1 _ w'4�' - " � %�
' " -`. �4� - y �
� . �: L ) �• �ir _ � �� . = / : � � �.4�+t'.Al, 1� '"�•�+.°��.�.R
- � % 7 .l� a �l . t � � x. ! }' � :
_ t •
a . . �,
•-'TM' .`� _...ti ' _. :. 7e 6 R i � �� j��� . � X' � E . w s�^d� �.
.
_ � . ^__
�, . � ... _ � : 7 �. . � . x
-
:
_. _ .. - i �E�.. ' � , �
,, a w E�.
,.� - �a _ t f 1 _ y �, �.t! a . � � , ,
. . , i �.� :°r -
, OR Book 22196, Page 1471 �Type: Land
Sale Status: Sale Sub-Type: Commercial
Date: September 25, 2007
Grantor: Harbor Investment, LTD
Grantee: Jupiter Harbour, LLC
Legal: Parcel F-2, Dockside at Jupiter Harbour, Plat Book 97, Page
174, Palm Beach County, Florida
Folio No.: 30-43-40-31-35-006-0020
Location: Northwest corner of US Highway One and North Ocean
Drive, Just south of the Jupiter Inlet Jupiter, Florida.
Zoning: R3 - Residential-Limited Multifamily by Jupiter
Land Use: Residential by Jupiter
50
ANDERSON & CARR, INC.
Utilities: All Available
Site Size: Front Feet: 0 Shape: Irregular
SQUare Feet: 73,346 Acres: 1.68
Topog_raphy/Elevation: Level, above road grade
Use: Current Use: Vacant commercial land with a shared parking
lot
Intended Use: 10,700 SF commercial space
Highest and Best Use: Commercial
Verification: Source Public records
Relationship: N/A
Conditions of Sale Not available
Verified bv : B. Arnold
Date: March 01, 2008
Sales History: N/A
Sales Price: $1,400,000
Price/SF Land: $19.09
Price/Acre: $831,456
Financing: Cash to Seller
Comments:
The sale is a portion of a 3.75 acre, mixed use, residential and commercial PUD
located between US Highway 1 and the Intracoastal Waterway, south of the Jupiter
Harbour Marina. The overall project consists of 19 townhouse lots and two
commercial sites. This sale includes the commercial sites as well as a shared
parking area.
The site is approved for 10,700 square feet of commercial space. 'The site contains
a total land area of 73,345 square feet. This creates a very low floor area ratio of
only about 15%. Typically commercial sites are anticipated to attain a floor area
ratio of from ZS% to 40% of the total land area.
51
ANDE & CA RR, INC.
The site also suffers from an onerous parking area agreement in which the subject
will have exclusive use of only 59 of the 142 parking spaces during the day with
shared use of 22 additional units. This indicates only approximately 70 (59 + 11 =
70) of the total 142 parking spaces can be utilized by the subject during the day.
That number drops to only 40 shared spaces in the evening, weekends and holidays.
Not a11 of the 73,346 square feet is usable land area for the buyer. The subject site
has use of only appro�umately half of the parking during the day (significantly lower
at night) as well as the 16,000 sf +/- area outside of the parking lot where the
buildings will be placed. For the purposes of this report, it is assumed that 50% of
the 73,346 square foot site is usable area or 36,673 square feet, this equates to an
FAR of roughly 0.30.
52
ANDERSON & CARR, INC.
Comparable Sales Location Maps
.�. Fsrk,� Reaeation Port Sekrnu
�'�iR `m" � y�. Ee 1 CAh INAham FieW
F��{,: � _ 9 �Str�et �srF
i�a _
:'_� Pakn City� .. Sale 1
.. - .__-___ L_..._._.__. �. SECentralPkwy
Stuart, FL 34994
f i717'
�
T $
�9 �
� Sale 3 1A � _ . Cp�e ?:x.
5895 5 Kaimer Hwy � -�� �� �
Stuart, FL 34997
�8
��i ,
„ tte�:.i'� .�s;V'.
� ..�
!v1 A R�1 N j ���
. ''� �. , ISlend
� ___ _�,�r_ Ho6eSound
- F L O R 1 � A � �`o� " ..
�8..: '� -..� `" , ...-__" �
�. �. �nTth2.
DiuofRzcre�ionendPaYMs '. i���:krt�..c:�.n
� .lonathan " -�: rt:--�. Frtt
Oickinsw� � �� �
SYete Park
'_7l i,
� Subjed Property
- . � Teques[a Dr
� Sale 4 �upi[er, FL 33469
L e.
us-i
�. lup[er, FL 33469
.. —_ ,._—.-. --��7pg�. -- :_.,.. CeMer SY � .
_--__�
h= _
-- �---- €SirPPS r i!: 706 . .
JupAer
i
� Sale 2
P R. L M B E A C H 1�1iGtary Tr
� k�piter, FL 33458
., '710', �,y � �
�
�' .
53
� #� � ° � a � , o �'
o�
� N o � z
� � � � �
� o 0 0
' ` g o 0 o Q
� _ _ _ z
` � y N � � �
� "' ' `�'�� � .-1 .� r-i
� �v s� �
oy
r-^.
� c � �
� �u `..�. V GO � M �
d b � � � M
s
Y N �,
Y " 3 � �� � o ,�, �a .�
� : 3 �� � � � 0 3 `" .c
: � a � 3 �on A x �
J yp VJ
� �.� ��'� � • 1� � � �
t w ., w � w �� � y V]
O � � '-' VI "C� � �
.-- Y � • O "
r ' N .0 O O � � F �
T � � � c ° �' o i
� ' "� `° ° .. c a O o � y 3
* � �; a 3 � :� � o -o
, � ; �a a ? '�ao 3 .o � cn a
�r Q+ �
� F' � � � '�c�u ca E� � �
c �a � Y x � �ax
v � . �� �,� �°''�
` = �, �
.. eu .�
"..�' �a `'� � � �'°A
a
.o � o '° ° ' � « •� pq �°
>; a� a� V� °� v' ,'�' w O
� _... � '3 b p � N � � `� « p
�+ .-� •
� { t, c. p� m A N q N a�r+ � c�d �. y�
� � � r �-+ �Si L7a O W ra � r.�"i O�. �-. N O
Z . 5 Q� �O
�� � { h .- � � N V � � Q
� ,�- M O� N �D M [� N � z
� ,;��' s,: fV .� N ry N N .�-�
� : t,
� � 2� f � O O O 0 � O
� "'i a ( V G]�. M �" � LL .D
` �� „ �
' v� v� � v� " w
�
Z
0
h
�i
W
G
�
ANDEI2SON & CARR, INC.
Sales Summary and Discussion
In this analysis, we considered differences between the sales and the subject in
terms of property rights sold, conditions of sale, financing, market conditions
(trend or time adjustment), zoning and land use classification, location, site size,
and site conditions, such as entitlements, subsoil conditions or e�sting
improvements.
The appraisers based the comparisons on a standardized unit of ineasure, the sale
price per square foot of land area. The sale price per squaze foot of land area
correlates well among the comparable and is commonly used by buyers in this type
of analysis.
Propertv Ri ts
The property rights transferred were believed to be fee simple. No differences
between the sales and the subject are reflected.
Conditions of Sale
All sales were reportedly market oriented. No adjustment consideration for
conditions of sale was necessary.
Financin;�
We considered any indication of favorable financing. All sales were either on a
cash basis, or had market oriented financing, and, therefore, no differences were
noted, nor were adjustments made.
Market Conditions
The sales occurred over the period from Sep-07 to Sep-08. The market has shown
declining market conditions over this time period. All of the sales were adjusted
downward for superior market conditions using a factor of 1% per month.
55
,ANDERSON & CARR, INC.
Location
The subject property is located at Near 1 Main Street in Tequesta, Florida. This is
a somewhat affluent neighborhood although it is an older neighborhood. There
have been numerous new residential planned unit communities erected as well as
new shopping centers in Tequesta during the past ten years. The subject has
exposure from Tequesta Drive, Bridge Road and Old Dixie Highway. Sales 1 and 3
were considered to be in inferior locations when compared with the subject
property. These sales are in areas that are demographically inferior to the subject
and have lower rent levels. Upward adjustments were deemed necessary to these
sales. Sale 2 is in a demographically superior neighborhood as it is surrounded by
the Abacoa development which has higher rent levels. A downward adjustment for
superior location was deemed necessary. Sale 4 is also superior to the subject due
to its proximity to the waterfront and the anticipated Riverwalk development in
Jupiter. A downward adjustment was deemed necessary to Sale 4.
Size
Generally, larger properties will sell for a somewhat lower price per square foot of
land area than smaller ones, and vice versa, when all else is equal. The sales in this
market do appear to follow this pattern and some adjustment is wananted. Sales 1
2 and 4 are smaller than the subject and required a downward adjustment. Sale 3 is
larger than the subject and required an upward adjustment.
Site Conditions
Properties of all different shapes can typically be developed. However, some
properties allow for a more efficient development of the site, allowing for the
ma�umum development intensity. The subject property is of sufficient size to
accommodate numerous uses; however it is three separate parcels. Parcels 1 and 2
are contiguous, but Parcel 3 is separated by a roadway, Main Street. This could
affect the efficient use of the land in any future development scenarios.
Sale 1 is inferior to the subject due to its shape as it does not have a large area of
frontage. The parcel is very nanow and deep. An upward adjustment was deemed
necessary to Sale 1.
Sale Z is two separate parcels that are not contiguous. They are similar to the
subject and required no adjustment.
56
ANDERSON & CARI�, INC.
Sale 3 is a pie shaped piece of property and would present challenges in its
development to its inegular shape. An upward adjustment was made to Sale 3 as a
result.
Sale 4 is inegular in shape and suffers from an onerous parking agreement in
which it will ha�e exclusive use of only 59 of the 142 parking spaces during the day
with a shared use of an additiona122 spaces. Also, not all of the land area is usable
land area for development. As a result an upward adjustment was made to Sale 4.
Zoning/I,and Use
The subject parcels are zoned Mu�ed Use District by the Village of Tequesta.
Future development could include both residential and commercial components.
Sale 1 is zoned strictly for commercial development and was adjusted upward as a
result.
Sales 2 and 4 have similar m�ed use zoning like the subject and required no
adjustment.
57
� '} P S"¢ 5+ .. �l*"�.
� .. w
<,n �' � rn � O Q
x O V'� N M
y r�" s v� � s z
'e ` a�$
� �
� e.
b� � t� S Q
���
.3 � M o �, z
�..
t �i�n s a s o Q
� . s �
��,��; N � ° � z
,�.
�� :
k�,': � �z „ �
� � � � Q
��- O � O v� z
� ti .-y .-r
4. � z
�.. v _
t�
� -��a �����
.� - s ', � � � � Q
� � � � � z
+ z
� k�
O
O
. ,' o 0 0 � Q �
' ��,y�'�EV M M M `'� -.�. V�
� $#
� ✓
� �; �� � �O � h � 7 � � Q
u
,�" �. i�� � � � N N � N . -�T.
6A b9
t� �
�* -:.
� ' [� 00 T
i �_. S � S '."� S G� �p O Q
�_�!"..�.,�. � .��. � N � � � � Z
ff3 69 G/3
�� :
xN �:..
�kr
� . � .--� T O Q
V ���' � N � � z
Z n � � �
r � � ��
� ? r.
r.
,�.� , ��
� �����:
Q� �' �� N � ° � �
� �°�` � � 00 '� M O�
�O O � M �
� ' O M
� ry � .� . � � � � �
� � � �
; sY { Y : i
x ;, ;
Z � '$' O O � O � O
� �? v � 1 3�.� ' �.� ~ � N L/] M F. � V] � L7
�
W
G
�
ANDERS�N & CAl2R, INC.
Conclusion
Considering all of these differences, we developed the preceding quantitative
comparison chart listing the sales as they compare to the subject property, based on
a price per square foot of land area. Not all categories considered are depicted.
Those omitted reflect no differences between the sale and the subject properry.
The unadjusted range of value indicated by the sales is roughly $7.90 to $29.17 per
square foot of land area. The preceding quantitative comparison chart shows the
value range for the subject property after adjustment and excluding the e�remes
based on a price per square foot of land area to be more than $12.68 and less than
$13.05. Considering all of the salient factors discussed previously and prevailing
market conditions, the appraisers feel a conclusion in the middle portion of the
indicated range is most appropriate. Given the preceding data and discussions, it is
concluded that the market reflects a value per square foot of land area for the
subject property of $13.00 as of February 10, 2010. Total value is calculated as
follows:
138,956 Square Feet @$13.00 Per Square Foot = $1,806,428
Based on the preceding it is concluded that as of February 10, 2010 the market
reflected a fee simple market value, for the subject of:
MARKET VALUE VIA SALES COMPARISON: $1,800,000
59
ANDERSON & C,ARR, /NC.
ADDENDUM
QUALIFICATIONS OF APPRAISER
' FRANK J. CARDO, MAI
GENERAL INFORMATION
Vice President of Anderson & Carr, Inc., Realtors and Appraisers, established 1947.
MAI - Member Appraisal Institute
State-Certified General Real Estate Appraiser, State of Florida, License No. RZ1190
Licensed Real Estate Broker/Salesman, State of Florida, No. BK0402416
EDUCATION AND SPECIAL TRAIIVING
Graduate, Florida State University, College of Business, BS Degrees (Majors in Real Estate and Risk
Management Insurance) - 1982
Successfully completed and passed the following Society of Real Estate Appraisers (SREA), Florida State University (FSU) and
Appraisal Institute (AI) courses andlor exams or seminars:
AI: The Appraisers Complete Review SREA 101: Introduction to Appraising Real Property
AI: 201:Principles of Income Property Appraising SREA 102: Applied Residential Property Valuation
AI: 202:Applied Income Property Valuation SREA: R41c and the Appraiser Seminar
AI: SPP Standards of Professional Practice Part "A" & Part "B" SREA: Professional Pracrice Seminar
AI: The good, the bad, and the Board SREA: Condemnation Seminar
AI: Supporting Sales Comparison (Legal Rules and Appraisal Practices)
AI: USPAP "Core" Law for Appraisers FSU: Principles of Real Estate
AI: Eminent Domain & Condemnation FSU: Introducrion to Residential Appraising
AI: Loss Prevention Seminar FSU: Income Property Valuation
AI: An Inside View of Ethics and Standards FSU: Real Estate Finance
AI: Consumer Influence and the Impact On Real Estate FSU: Real Estate Law
AI: Mock Trial For Real Estate Appraisers FSU: Real Estate Feasibility
AI: The Impact of Contamination on Real Estate FSU: Real Estate Time Sharing, Financing,
AI: Real Estate Boom of "1997" — Will it last and Operations
Engaging in appraising and consulting assignments including market research, rental studies, feasibility analysis, eJCpert witness
testimony, cash flow analysis, settlement conferences, and brokerage covering all types of real estate since 1983.
Qualified as an Fxpert Witness providing tesrimony in matters of condemnation, property disputes, bankruptcy court, foreclosures, and
other issues of real property valuarion.
House Committee Chairman, Appraisal Institute, South Florida Chapter 2000-2010.
Member of the Education Committee, Appraisal Institute - Palm Beach Chapter for 1992 and 1993.
Served on Board of Directors, Appraisal Institute, Palm Beach Chapter for 1995.
Member of Board of Directors, Appraisal Institute, South Florida Chapter 2001, 2002, 2003, 2004, 2005, 2009 and 2010.
TYPES OF PROPERTY APPRAISED-PARTIAL LISTING
Apartment Buildings Nursing Homes Banks
Office Buildings Churches Residences - All Types
Auto Dealerships Restaurants Service Starions
Deparnnent Stores Shopping Centers Funeral Homes
Special Purpose Buildings Hotels - Motels Store Buildings
Industrial Buildings Supermarkets Leasehold Interests
Mobile Home Parks Medical Buildings Vacant Lots & Acreage
Warehouses Marinas Residential Project
Adult Congregate Living Facilities Easements Citrus Groves
Condominiums - Residential & Office Schools Agricultural Properties
Eminent Domain Appraisals Road Right-of-Ways Golf Courses
"I am currently certified under the continuing education program of the Appraisal Institute".
QUALIFICATIONS OF APPRAISER
MICHELLE J. JACKSON
GENERAL INFORMATION
State — Certified General Real Estate Appraiser RZ3316
Associate Member of the Appraisal Institute
South Florida Chapter
EDUCATION AND SPECIAL TRAIIVING
Palm Beach Community College, Lake Worth, Florida
AA( Majors - Architecture and Fine Art) 1984
Practiced Architectural Design in Palm Beach, Florida from 1985 through 1993.
Successfully completed and passed the following courses:
FREAB Residential Appraisal Course I, January 2005
MREA Residential Appraisal Course II, June 2006
FREAB Certified General Appraisal Course, October 2007
AI- General Appraiser Income Approach (Part I), Apri12008
USPAP, June 2008
Engaged in appraising real estate on a full time basis with:
Appraisal Realty Institute, March 2005
North Palm Beach, Florida
Anderson & Can, Inc, March 2006
West Palm Beach, Florida
Resident of Palm Beach County since 1971.
TYPES OF PROPERTIES APPRAISED
Vacant Commercial Land
Vacant Residential Land
Commercial Buildings
Industrial Buildings
Insurable Value Reports — Residential and Commercial
Single Family Residences
Condominiums - Residenrial and Commercial
2-4 Family Residential Buildings
Retail Stores
Self-Storage Facilities
Film Production Studios
Eminent Domain Appraisals