HomeMy WebLinkAboutDocumentation_Special Meeting_Tab 03_09/16/2010 (2) AN APPRAISAL OF
THREE PARCELS OF VACANT LAND
LOCATED SOUTH OF TEQUESTA DRIVE
AND NORTH OF BRIDGE ROAD,
BETWEEN U.S. HIGHWAY ONE AND
OLD DIXIE HIGHWAY,
IN TEQUESTA, FLORIDA
FILE NUMBER: 10-63494
PREPARED FOR
JMZ TEQUESTA PROPERTIES, INC.
AS OF
JULY 8, 2010
BY
MICHAEL R. SLADE, MAI, SRA, CRE
CALLAWAY & PRICE, INC.
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Callaway & Price, Inc.
Real Estate Appraisers And Consultants
www, calla wa yandprice, com
Licensed Real Estate Brokers
Please respond to West Palm Beach ofFce
WEST PALM BEACH E-Mail: mrsC�Dcowob.com
1639 Forum Place
Suite 5
West Palm BeaCh, FL 33401 JU�Y 21� 2�1�
Phone (561)686-0333
Fax (561)686-3705
Michael R. 5/ade, MAI, SRA, CRE Mr John Zuccareili
St.Cert.Gen.REA RZ116 JMZ Tequesta Properties, IIIC.
Daniel P. Hrabko, Mar 209 Tequesta Drive
St.Cert.Gen.REA RZ48 Tequesta, Florida 33469
Stephen D. Shaw, MAI
StCert.Gen.REA RZ1192 Re: Tequesta Village Center
FORT PIERCE/STUART Dear Mr. Zuccarelli
500 South U.S. Highway i
Suite 107
Fort Pierce, FL 34950 �/e have made dit investigation and analysis of three parcels Of
Phone (772)464-8607 vacant land located south of Tequesta Drive and north of Bridge
Fax (772)461-0809 Road, between U.S. Highway One and Old Dixie Highway, in the
stUart Village of Tequesta, Florida. The Subject Property will be further
Phone (772)287-3330 described both narrativel and le all within the followin
Fax (772)461-0809 Y 9 Y 9
Harry D. Gray M,ar, sRa Summary Appraisal Report. The purpose of this investigation and
St.Cert.Gen.REA RZ662 analysis is to provide our opinion of the Hypothetical Market Value
Stephen G. Neill, Jr., Mar of the Fee Simple Estate of the Subject Property as of July 8,
St.Cert.Gen.REA RZ2480 2�1�.
MELBOURNE/INDIALANTIC This report haS been prepared f01' OUI' client �MZ Tequesta
114 6th Avenue, Properties, Inc. The intended use is for internal decision making.
Suite 3 The scope of work performed is specific to the needs of the
Indialantic, FL 32903
Phone (321)726-0970 intended user and the intended use. No other use is intended,
Fax (321)726-0384 and the scope of work may not be appropriate for other uses.
Curtis L. Phillips, MAI
St.Cert.Gen.REA RZ2085 The scope of work performed included a complete analysis of the
Subject Property. A detailed scope of work description can be
BOCA RATON found in the body of this report.
Phone (561)998-8088
Fax (561)686-3705
Daniel P. Hrabko, MAI Parcels 1 and 3 are currently improved with °Paradise Park", a
St.Cert.Gen.REA RZ48 community park established and built by the Village of Tequesta.
Parcel 2 is improved and used as an asphalt-paved parking lot,
FOUNDERS with the Village of Tequesta also making this improvement.
Joe R. Price, MAI, SRA
St. Cert. Gen. REA RZ555
Robert J. Callaway, MAI, SRA
Mr. John Zuccarelli
JMZ Tequesta Properties, Inc.
July 21, 2010
Page Two
All three parcels are currently leased by the Village of Tequesta, for $1.00 per year, to be
used for passive parks and recreation purposes. According to parties to the lease, it is
likely that the lease could be waived should the owners find a buyer for the property as set
forth in Section 8.03 of the lease, as discussed in more detail later in this report. This is
because the Village of Tequesta has the right of first refusal to purchase the property, or
the portion thereof that is offered for sale, and has expressed their strong interest in
acquiring the Subject properties. Essentially, the lease could be declared null and void by
the Village of Tequesta (the Lessee) upon their purchase of the Subject parcels. Further,
our client has specified the purpose and intended use of the appraisal is to set a market
value for the property as if unencumbered, to be used in negotiating a sales price with
the Village of Tequesta. For these reasons, the lease has not been considered herein.
Therefore, because we are ignoring the existing lease on this land as of the date of
appraisal, this part of the valuation is based upon a Hypothetical Condition. The Dictionarv
of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal Institute, defines hypothetical
condition on page 141 as follows:
"That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical conditions assume conditions contrary to known facts about physical,
legal, or economic characteristics of the Subject Property; or about conditions
external to the property, such as market conditions or trends; or about the integrity
of data used in an analysis. A hypothetical condition may be used in an assignment
only if:
• Use of the hypothetical condition is clearly required for legal purposes, for
the purposes of reasonable analysis, or for purposes of comparison;
• Use of the hypothetical condition results in a credible analysis, and;
• The appraiser complies with the disclosure requirements set forth in USPAP for
hypothetical conditions.
Mr. )ohn Zuccarelli
JMZ Tequesta Properties, Inc.
]uly 21, 2010
Page Three
Therefore, based upon the scope of the assignment, our investigation and analysis of the
information contained within this report, as well as our general knowledge of real estate
valuation procedures and market conditions, it is our opinion that the Hypothetical
Market Values of the three individual parcels, and the "bulk value if all 3 parcels
were sold to one buyer", by the Sales Comparison Approach as of July 8, 2010 were:
Individual Parcel Values
Sales Comparison
Parcel No. Sa• Ft• Value Per Sa. Ft. Approach (Rounded�
1 51,988 $15.50 $810,000
2 42,770 $15.50 $660,000
3 44,534 $15.50 $690,000
Bulk Value for all 3 Parcels
Sales Comparison
Parcel No. Sq• Ft• Value Per Sq. Ft. Approach
All3 139,292 $14.00 $1,950,088
combined 3.20 ac. Rounded to, $1,950,000
A description of the property appraised, together with an explanation of the valuation
procedures utilized, is contained in the body of the attached report. For your convenience,
an Executive Summary follows this letter. Your attention is directed to the Limiting
Conditions (especially Nos. 11-14) and underlying assumptions upon which the value
conclusions are contingent.
Respectfully submitted,
CALLAWAY & PRICE, INC.
'�►, /C1 .�CC�-
Michael R. Slade, MAI, SRA, CRE
St.Cert.Gen.REA RZ116
�9� � �
Niccola L. Ellefson, MAI
St.Cert.Gen.REA RZ2096
M RS/N LE/KPS/ 10-63494
Atta ch me nts �
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Executive Summary
PROPERTY TYPE : Vacant commercial land.
LOCATION : South of Tequesta Drive and north of Bridge
Road, between U.S. Highway One and Old
Dixie Highway, in the Village of Tequesta,
Florida.
DATE OF VALUATION : July 8, 2010.
DATE OF INSPECTION : July 8, 2010.
PROPERTY DESCRIPTION : Irregular shaped parcels containing the
following land areas:
Land Area
Parcel No. Acres Sq. ft. Frontaae Description
1 1.19 51,988 203' Bridge Road Community Park
2 0.98 42,770 231' Tequesta Drive Parking Lot
3 1.02 44,534 203' Bridge Road "Paradise Park"
Tota I 3.20 139,292
BUILDING . None included (see discussion of
improvements).
ZONING . MU, Mixed Use District, by the Village of
Tequesta, Florida.
LAND USE PLAN : Commercial, by the Village of Tequesta,
Florida.
HIGHEST AND BEST USE : Future commercial development.
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Tab/e of Contents
Page No.
CERTIFICATION............................................................................................. 1
LIMITING CONDITIONS ..................................................................................
3
DEFINITION OF THE APPRAISAL PROBLEM ...................................................... 11
Purpose, Date of Value, and Interest Appraised ............................................ 11
Intended Use and User of Appraisal .............................................................
11
LegalDescription ...................................................................................... 11
MarketValue ............................................................................................ 11
FeeSimple Estate ..................................................................................... 12
Hypothetical Conditions ............................................................................. 12
Extraordinary Assumptions ......................................................................... 12
SCOPEOF WORK ......................................................................................... 13
NEIGHBORHOOD ANALYSIS .......................................................................... 15
Preface.................................................................................................... 15
PROPERTYDATA .......................................................................................... 17
Location ...... ... .. ..... .... ....... ........ . ........... ..... .... ......... ....... .. ... ......... ......
. ...... 17
Zoning..................................................................................................... 17
LandUse Plan ........................................................................................... 18
Concurrency............................................................................................. 18
Easements and Deed Restrictions ................................................................ 18
Site Size, Shape and Access ....................................................................... 19
Topography.............................................................................................. 20
FloodHazard Zone .................................................................................... 21
Assessed Value and Taxes .......................................................................... 22
PropertyHistory ........................................................................................ 22
HIGHEST AND BEST USE .............................................................................. 23
Conclusion............................................................................................... 23
LAND VALUE ANALYSIS ................................................................................ 25
Discussion of Vacant Land Sales ................................................................. 25
PropertyRights Conveyed .......................................................................... 38
Conclusion - Land Value Analysis ................................................................ 40
ADDENDA
Letter of Engagement
Legal Description
Qualifications:
Michael R. Slade, MAI, SRA, CRE
Niccola L. Ellefson, MAI
c
Certification
CERTIFICATION
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions, and are our personal, unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject
of this report, and we have no personal interest or bias with respect to the
parties involved.
4. We have no bias with respect to the property that is the subject of this report
or to the parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of
the value estimate, the attainment of a stipulated result, or the occurrence of
a subsequent event directly related to the intended use of this appraisal.
7. The analyses, opinions, and conclusion were developed, and this report was
prepared, in conformity with the Uniform Standards of Professional Appraisal
Practice (USPAP) and FIRREA.
8. Michael R. Slade and Niccola L. Ellefson have made a personal inspection of
the property that is the subject of this report.
9. No one provided significant real property appraisal assistance to the persons
signing this certification.
10. The use of this report is subject to the requirements of the State of Florida
relating to review by the Florida Real Estate Appraisal Board.
11. The reported analyses, opinions and conclusion were developed, and this
report was prepared, in conformity with the requirements of the Appraisal
Institute's Code of Professional Ethics and Standards of Professional Appraisal
Practice, which include the Uniform Standards of Professional Appraisal
Practice.
1
�
Certification
12. This appraisal assignment was not based on a requested minimum
valuation, a specific valuation, or the approval of a loan.
13. We have not provided any services regarding this property within the last
three years.
14. I certify that the use of this report is subject to the requirements of the
Appraisal Institute relating to review by its duly authorized representatives.
15. As of the date of this report, Michael R. Slade, MAI, SRA, and Niccola L.
Ellefson, MAI have completed the requirements under the continuing
education program of the Appraisal Institute.
���� � �������
Michael R. Slade, MAI, SRA, CRE
St.Cert.Gen.REA RZ116
. - � N_._.—_
Niccola L. Ellefson, MAI
St.Cert.Gen.REA RZ2096
2
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Limiting Conditions
LIMITING CONDITIONS
1. Unless otherwise stated, the value appearing in this appraisal represents the
opinion of the Market Value or the Value Defined AS OF THE DATE
SPECIFIED. Market Value of real estate is affected by national and local
economic conditions and consequently will vary with future changes in such
conditions.
2. The value estimated in this appraisal report is gross, without consideration
given to any encumbrance, restriction or question of title, unless specifically
defined.
3. This appraisal report covers only the property described and any values or
rates utilized are not to be construed as applicable to any other property,
however similar the properties might be.
4. It is assumed that the title to the premises is good; that the legal description
is correct; that the improvements are entirely and correctly located on the
property described and that there are no encroachments on this property,
but no investigation or survey has been made.
5. This appraisal expresses our opinion, and employment to make this appraisal
was in no way contingent upon the reporting of predetermined value or
conclusion.
6. No responsibility is assumed for matters legal in nature, nor is any opinion of
title rendered. In the performance of our investigation and analysis leading
to the conclusions reached herein, the statements of others were relied on.
No liability is assumed for the correctness of these statements.
7. Neither all nor any part of the contents of this report (especially any
conclusions, the identity of the appraiser or the firm with which he is
connected, or any reference to the Appraisal Institute or any of its
designations) shall be disseminated to the public through advertising media,
public relations media, news media, sales media or any other public means of
communication without our prior written consent and approval.
8. It is assumed that there are no hidden or unapparent conditions of the
property, subsoil, or structures which would render it more or less valuable.
The appraiser assumes no responsibility for such conditions or the
engineering which might be required to discover these factors.
3
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Limiting Conditions
9. Unless otherwise stated in this report, the existence of hazardous
substances, including without limitation stachybotrys chartarum (mold),
asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other
environmental conditions, was not called to the attention of, nor did the
appraiser become aware of such during the appraiser's inspection. The
appraiser has no knowledge of the existence of such materials on or in the
property unless otherwise stated. The appraiser, however, is not qualified to
test for such substances or conditions. If the presence of such substances,
such as asbestos, urea formaldehyde foam insulation, or other hazardous
substances or environmental conditions, may affect the value of the property,
the value estimated is predicated on the assumption that there is no such
proximity thereto that would cause a loss in value. We are unaware of very
wet conditions that may have existed for days or weeks which are required to
grow mold. No responsibility is assumed for any such conditions, nor for any
expertise or engineering knowledge required to discover them.
10. The Americans with Disabilities Act ("ADA") became effective January 26,
1992. The appraisers have not made a specific compliance survey and
analysis of this property to determine whether or not it is in conformity with
the various detailed requirements of the ADA. It is possible that a
compliance survey of the property, together with a detailed analysis of the
requirements of the ADA, could reveal that the property is not in compliance
with one or more of the requirements of the Act. If so, this fact could have a
negative effect upon the value of the property. Since the appraisers have no
direct evidence relating to this issue, possible noncompliance with the
requirements of ADA in estimating the value of the property has not been
considered.
11. Our opinion of value was based on the assumption of competent marketing '
and management regarding the Subject Property. If there is no competent
marketing and management, then the value contained herein may not apply.
12. All three parcels are currently leased by the Village of Tequesta, for $1.00 per
year, to be used for passive parks and recreation purposes. According to
parties to the lease, it is likely that the lease could be waived should the
owners find a buyer for the property as set forth in Section 8.03 of the lease,
as discussed in more detail later in this report. This is because the Village of
Tequesta has the right of first refusal to purchase the property, or the portion
thereof that is offered for sale, and has expressed their strong interest in
acquiring the Subject properties. Essentially, the lease could be declared null
and void by the Village of Tequesta (the Lessee) upon their purchase of the
Subject parcels. Further, our client has specified the purpose and intended
use of the appraisal is to set a market value for the property as if '
unencumbered, to be used in negotiating a sales price with the Village of
4
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Limiting Conditions
Tequesta. For these reasons, we have valued the property under a
Hypothetical Condition where the lease is not considered herein.
13. Parcels 1 and 3 are currently improved with °Paradise Park", a community
park established and built by the Village of Tequesta. Parcel 2 is improved
and used as an asphalt-paved parking lot, with the Village of Tequesta also
making this improvement. However, at the request of the client, we have
valued the Subject Property as vacant commercial land without consideration
to the existing site improvements.
5
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AERIAL PHOTOGRAPH
10
�
Definition of the Appraisal Prob/em
DEFINITION OF THE APPRAISAL PROBLEM
Purnose, Date of Value, and Interest Appraised
The purpose of this investigation and analysis was to estimate the Hypothetical
Market Value of the Fee Simple Estate of the Subject Property as of July 8, 2010.
Intended Use and User of Appraisal
This report has been prepared for our client, JMZ Tequesta Properties, Inc. The
intended use is for internal decision making. The scope of work pertormed is
specific to the needs of the intended user and the intended use. No other use is
intended, and the scope of work may not be appropriate for other uses.
Legal Description
The legal descriptions were provided by the client and copies are provided in the
Addenda of this report.
Market Value
Section 1110 of Financial Institutions Reform, Recovery, and Enforcement Act's
(FIRREA) instructions to the Office of Thrift Supervision uses the definition of
Market Value below as developed by the Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation, and adopted by the Appraisal
Foundation's Uniform Standards of Professional Appraisal Practice.
"The most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected
by undue stimulus. Implicit in this definition are 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. both parties are well informed or well advised, and acting in what they
consider their own best interests;
c. a reasonable time is allowed for exposure in the open market;
d. payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
11
r .?
Definition of the Appraisa/ Prob/em
e. the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted
by anyone associated with the sale."
Fee Simple Estate
The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal
Institute, defines Fee Simple Estate on page 78 as follows:
"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."
Hypothetical Conditions
The Dictionary of Real Estate Ap�raisal, Fifth Edition 2010, by the Appraisal
Institute, defines Hypothetical Conditions on page 97 as follows:
'�That which is contrary to what exists but is supposed for the purpose of
analysis. Hypothetical conditions assume conditions contract to know facts about
physical, legal, or economic characteristics of the subject property; or about
conditions external to the property, such as market conditions or trends; or about
the integrity of data used in an analysis."
For purposes of this assignment, and at the request of the client, we have analyzed
and appraised the Subject Property as if unencumbered (see Limiting Condition 12).
Extraordinary Assumptions
Extraordinary assumptions are defined by The Dictionary of Real Estate Appraisal,
Fifth Edition 2010, by the Appraisal Institute, on page 73 as follows:
��An assumption, directly related to a specific assignment, which, if found to be
false, could alter the appraiser's opinions or conclusions. Extraordinary
assumptions presume as fact otherwise uncertain information about physical,
legal, or economic characteristics of the subject property; or about conditions
external to the property such as market conditions or trends; or about the
integrity of data used in an analysis."
No extraordinary assumptions were employed as a basis for this analysis and
appraisal.
12
r �?
Scope of Work
SCOPE OF WORK
According to the 13th Edition of The Appraisal of Real Estate, page 135, "Scope of
Work refers to the type and extent of research and analyses in an assignment. The
appraiser is responsible for determining the appropriate scope of work in the
appraisal assignment. Scope of work for an assignment is acceptable if it leads to
credible assignment results, is consistent with the expectations of parties who are
regularly intended users for similar assignments, and is consistent with what the
actions of the appraiser's peers would be in the same or a similar assignment."
The first step in the appraisal process is the identification of the appraisal problem
which included the purpose and date of value, determining the interest being
appraised, intended use and user of the appraisal, and identifying the real estate
(legal description). This step also determines if the appraisal were subject to any
extraordinary assumptions or hypothetical conditions.
At the request of the client, we have valued the Subject Property as vacant land, a
hypothetical condition. The property is improved with parking lots and a city park,
which are in good condition. However, the improvements, in our opinion, do not
contribute to the Highest and Best Use of the Subject site.
The next step involved the inspection of the Subject Property in July 2010 by
Michael R. Slade, MAI, SRA, CRE and Niccola L. Ellefson, MAI. The inspection
allowed us to understand the physical components of the Subject Property. In
addition to the inspection of the Subject Property, we also began the data-collection
process and, subsequently, an analysis of the factors that affect the market value of
the Subject Property, including property data analysis. We gathered and reviewed
information from the Palm Beach County Property Appraiser's Office, the Village of
Tequesta Planning and Zoning Department, and interviewed brokers and market
participants to understand and describe the Subject Property and its surroundings.
The third step in the process is a market area analysis and neighborhood analysis to
determine the Highest and Best Use of the Subject Property as vacant. Through
the Highest and Best Use analysis, we determine the issues that have an effect on
the final opinion of value. To determine the Highest and Best Use, we rely on
information obtained from the data-collection process.
The fourth step was the application of the appropriate approach for the site
valuation. No approaches were specifically omitted from this appraisal either by the
client or the appraiser, The most reliable way to estimate land value is by the Sales
Comparison Approach. When few sales are available, however, or when the value
indications produced through sales comparison need additional support, alternative
techniques like extraction or allocation may be applied. In the case of the Subject
Property the only approach used was the Sales Comparison Approach. Since only
one approach to value was used, no reconciliation was needed.
13
�
Scope of Work
The authenticity and reliability of representations made by others in the data
gathering process are not warranted. We have taken due care in attempting to
verify the data utilized in this analysis. However, the analysis of the data and
conclusions derived therefrom are based on overall patterns in the marketplace
rather than on specific representations.
i
14 '
r
Neighborhood Ana/ysis
NEIGHBORHOOD ANALYSIS
Preface
The relationship of the Subject Property with surrounding properties forms the basis
of neighborhood analysis. The Appraisal of Real Estate, 13th Edition 2008, states:
Social, economic, governmental, and environmental forces influence property
values in the vicinity of a subject property. As a result, they affect the value of that
property. Although physical boundaries may be drawn, the most important
boundaries are those that identify factors influencing property values. The area of
influence, commonly called a neighborhood, can be defined as a group of
complementary land uses.
Neighborhood Map
Jon&Mn Oickinsan State Park
� ;.
�� N
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b � � 5 'p6
� � . `.�,� i^ . .
:
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. ... . � ....... .............
.� n ffi a
o � '� SUBIECT
. �3 � � ��� " m t � � Racro-dion Dept
� �� p � � ' 1
� p N . Tequeg�
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... _ ......... �' ........ _ _ ,.�
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� � m m � 5 Jupiler Mlet
\ & '� Dr . Calo�ry
Roebuck Rd ° .
Rood � `�
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. Irnliardorvn.R� �, � � ` � - _
��,� � �4th St a CeMer St nta
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� �{j 1 �. �7Si St � -.� .811 .. � � '
S V �
y 708`... .-: -- .- � "{5,*��q_�. Wsv� �aMOMm RdW IncA P
E � � !�Y'� �OB�.. . "[R �VYII fZd .,, E Iiy,�,�OWft ({� A1A
m � . _ .,.,, v UPQBf . . . . 4
� ' �y
� w Park� 1 \.: � ;,,, m 5th St �
. ��'��t'h � . Carla�
C ' M O]005 Mcrosoh NmElor ¢s s� sers. f�N ri hcs reservea. ��• 5 ;;�;f o �' ° � e Y �a {? Tmey Penna Dr ��haven Park
The major north/south arteries are Federal Highway (U.S. Highway 1), Old Dixie
Highway, and State Road A-1-A. U.S. Highway 1 is a four lane, divided highway
through the Subject neighborhood, connecting Stuart with northern Palm Beach
County. U.S. Highway 1 is one of the major north/south arteries on the east coast
of Florida, as well as the eastern coast of the United States. State Road A-1-A
provides access to properties situated on the Jupiter Inlet and the Atlantic Ocean in
the eastern and southern portion of the neighborhood. Dixie Highway is a two-lane,
roadway that parallels U.S. Highway 1 through the Subject neighborhood. Dixie
Highway provides local residents with an excellent alternative to U.S. Highway 1.
County Line Road and Tequesta Drive provide east/west travel, which is restricted
mostly to local streets within the Subject neighborhood. There is one major
15
�
Neighborhood Ana/ysis
east/west artery in the Subject neighborhood. Indiantown Road (State Road 706)
is a six-lane primary artery connecting the coastal areas of southeastern Martin
County and northeastern Palm Beach County with Interstate 95, to the west.
Indiantown Road also has an Interchange and provides access to the Florida
Turnpike.
Commercial development in the Subject neighborhood is located primarily along
U.S. Highway 1 and is very diverse. Commercial uses include several larger multi-
tenant shopping centers, free-standing drug stores, older restaurants, gas stations,
retail stores, banks, churches, nursing home facilities, and mobite home parks. The
U.S. Post Office is located on U.S. Highway 1, and there are two fire stations within
the neighborhood.
Residential development within the Subject Neighborhood is also very diverse. To
the north and south are private, up-scale, gated golf course communities with home
prices ranging from $300,000 to in excess of $1,000,000.
On the other end of the spectrum, there are a number of mobile home parks
scattered along U.S. Highway 1, including the Lakeside Village, Hobe Village,
Woodbridge, Hobe Sound and others. Not all are rental facilities as the pads have
been sold to individual owners. In addition, there are a number of older, low end
residential subdivisions with home values starting in the $40,000 range.
The interior areas of the neighborhood offer both single-family and multi-family
housing, represented by a variety of ages and price ranges. Two newer, quality
residential planned developments of Tequesta Oaks and Tequesta Trace are in the
neighborhood. Residential development along the Intracoastal region of the
neighborhood offers a variety of home values starting from under $100,000 and
exceeding $1,000,000.
Immediately east of the Subject Neighborhood is Jupiter Island, an exclusive,
oceanfront community. Jupiter Island is the home of many nationally renowned,
wealthy families. The U.S. Highway One commercial area directly serves the
commercial needs of many of the Jupiter Island residents.
Conclusion
The Subject neighborhood is considered to be a desirable area of northern Palm
Beach County due to the quality development, combined with "small town"
atmosphere, which currently exists. Interest in the neighborhood is further
enhanced by the continued growth pressures being felt from Palm Beach County to
the south and from Martin County to the north. The current limiting factor is the
extremely slow real estate market and overall poor national economy. We expect
that new development will be on hold until the real estate market improves.
16
r.�
Property Data
PROPERTY DATA
Location
The Subject Property is located south of Tequesta Drive and north of Bridge Road,
between Old Dixie Highway and U.S. Highway 1, in the Village of Tequesta, Florida
33477. The Subject's location is indicated on the map below.
Location Map
�, 5 Rnbeit St
�. aWingo:St
; =
R+ � Russell �t ,
plt�1J r� � Ptn �.
N Riverside � {n y :`• Ylfage Blvd � s t �y' :'
� = ' Id
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n � ; m a n�a,
- Beacan �t � # � � -: 6ndge:Rd � �
� ' Dnrec RC ' Church }�d '� � m ` � v�
� - FranklinJ�d m� p O'. o �bcmttlt � ETO
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�ti ,� - _ _ g oy__ n �. *,1.. :.:: �, .. . ' ' . . : - ..
Windsnr Rd W �
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v �+ �
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c 5
C p�` � �. F a � � .
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n M M` oh . a'nClor rts s Nas�:'PII n� Inz nserve0. �� � - .� , _,e,:, ., ,,.
Zonin4
The Subject Property is zoned MU, Multiple Use District, by the Village of Tequesta.
The purpose and intent of the MU mixed-use district is to establish a village center
which creates a vital, diverse core for the principles which utilize mixed-use
development concepts and which permit a combination of usually separated uses
within a unified development district area. Commercial uses are intended to be
limited to specialty small scale retail sales and services, business services and
professional services primarily designed to serve residential neighborhoods of the
village. Residential uses are intended to encourage the accomplishment of a more
complete residential living environment through the application of imaginative
approaches to community development which establishes neighborhood identity and
focus consistent with values of the village. It is further the purpose and intent of
this area to provide lands for a range of residential uses from lower density single-
family to higher density residential uses.
17
��
Property Data
Permitted uses within this district include, but are not limited to, single and multi-
family residential development, small-scale retail sales and service, business,
professional and personal services, etc. There are also a variety of special exception
uses allowed within this district including restaurants, hotels, adult congregate living
facilities, gas stations, etc.
Land Use Plan
The Subject is located in an area designated as Commercial by the Comprehensive
Plan of the Village of Jupiter Inlet District. The Subject's zoning conforms to the
future land use classification.
Concurrencv
In 1985, the Florida Legislature enacted the Local Government Comprehensive
Planning and Land Development Regional Act (Chapter 163, Part II, Florida
Statutes), commonly referred to as "The Growth Management Act".
Pursuant to Section 163.3177(10)(h), F.S., "it is the intent of the Legislature that
public facilities and services needed to support development shall be available
concurrent with the impacts of such development." From this statement, the term
"concurrency" was derived, and is commonly used to refer to the above act and its
requirements.
The basis of the concurrency concept is Rule 9J-5.0055 of the Florida Administrative
Code, which states that:
"To ensure that facilities and services needed to support development are
available concurrent with the impacts of such development, a local
government must adopt a concurrency management system. Prior to the
issuance of a development order or development permit, the concurrency
management system must ensure that the adopted level of service standards
required for roads, potable water, sanitary sewer, solid waste, drainage,
parks and recreation, and mass transit, if applicable, will be maintained." i
To the best of our knowledge, the Subject Property would not be adversely affected
by concurrency issues.
Easements and Deed Restrictions �
We have not been provided a title search for the Subject Property. Based upon our
inspection of the property records, no adverse deed restrictions were noted. As ,
explained earlier, we are ignoring the existing lease on the property (see L.C. #12).
18
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Property Data
Site Size, Shape and Access
The Subject Property consists of three irregular shaped parcels which contain the
following:
Land Area
Parcel No. Acres Sq. ft. Frontaae Description
1 1.19 51,988 203' Bridge Road Community Park
2 0.98 42,770 231' Tequesta Drive Parking Lot
3 1.02 44,534 203' Bridge Road "Paradise Park"
Total 3.20 139,292
Access is available from Tequesta Drive and Bridge Road. An access road called Main
Street divides the east and west areas as shown below on the survey. It should be
noted that the map depicts the parcels assembled by the property owner which have
since been incorporated together via a Declaration of Unity of Title.
19
r
� Property Data
Parcel Mao
��r� r c?F
�%CC?�}���;�`'�°a ���� o, �C ����[�(�3
l`��NG iN 5ECTI(�N 3i;. TOWNSMiP 4Q SaU i'H, R�NG� �3 EAST
Vi��.Ai,� OF TEQU��STA, FAIM BEAGH CC;�tNTY, �i�pR�Dk
AiJGUSF 20;)1 SNEET 2 OF 2 �,� .. �..—... _ _._........_ _ _......___.... _ .. _'__ _ _._..__.._._. _ ..�._...__..... _ _
r �,.r
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qi �tIDGE ZOAD _
. _ ...-.--�... _ � ._ _ .�_.._._. _ _ EM A!M' PFR OFF tt66. PC 562 :'
rp rr xu� .,.. _ _. _ ...............� _ _ __ _. ................... ' ,
�.+a w ku'"
UtI�It12S
All public utilities are available to the Subject including sewer and water provided by
the Village of Tequesta. AT&T and FPL provide telephone and electrical services.
Topographx
No topographical survey, soil or sub-soil analysis was available. However, our visual
inspection revealed that the Subject is at the grade of the adjacent roads and
drainage did not appear to be a problem. Parcels 1 and 3 are improved with a
community park, and Parcel 2 is improved with a parking lot. The topography
appears to be sufficient for development of a variety of uses.
20
�
Property Dai�a
Census Tract
The Subject Property lies within Census Tract 1.02.
�_.__ � _� �,.��:�_�� _. _.:. ��_=.�W. _ ._�r��__ ,
__.�.��._-_--___�--..._W - �
� MSA Code: � State Code � County Code: Tract Code:
` 48424 ;12 i099 �0001.02 �
- � _ . _ _. _ _. ._ -` _-- �— __ _ _ _ � .�. - ___._� � _� .....:. �
Summary Census Demographic Information
__��-------_-_� �___ __��_�__ --_=- - ----__ ---��------___.�- �_ � _--
� __� �__ �-
�� � Tract Income Level ; Upper � Tract 1' 2508 ����
° ��� Population !
a ,
� �
�--._ ____ _ _�._: � m��: � ..��W �� _ ����_
� Underserved or Distressed , No Tract Minority i 3.35
j Tract � % 3
....._ _ .. .. ....._.::.;::.._........:._�f ._....:�....._.�:r. .. . ._ k
� 2 8 HUD Estimated � �
� MSA/MD/non-MSAIMD Median !$66,000 Minority j 84
� Family Income � ���� Population `I
� �
___._�:v______. _-----
, __ ---
�_____ ._ ___-_ �------------- �_-
i 2008 Est. Tract Median Family � Owner- ;
i Income � $92,044 Occupied 997
;
j ,� Units `
�s �
.�� __. �:�__ _ _ ...� �-__.._ �_ � .._�__ . _�.w __ �� ��. ___�. ..._�
� 2000 Tract Median Family �$75,000 1 to 4-Family � 730
� Income _ � _ � Units ;
�a��_�;e�d
��.._ � m�n__ ._ _
E Tract Median Family Income %��� 139.46 � ;� ��
Flood Hazard Zone
The Subject Property lies within Flood Zones "C" according to the Flood Insurance
Rate Map (Panel Number 120228-OOO1C) dated 9/30/1982 and prepared for the
National Flood Insurance Program of the U.S. Department of Housing and Urban
Development (H.U.D.). Flood Zone "C" indicates areas of minimal flooding.
21
c a Property Data
Assessed Value and Taxes
2009
Assessed 2009
Folio Number Allocations Value Taxes
60-43-40-30-47-001-0000 Land $603,371
(Parcell) Improvements �
Subtotal $603,371 $16,997
60-43-40-30-47-002-0000 Land $621,125
(Parcel2) Improvements �0
Subtotal $621,125 $16,666
60-43-40-30-47-003-0000 Land $517,177
(Parcel3) Improvements �0
Subtotal $517,177 $14,568
Totals $1,741,673 $48,231
Property Historv
No title history was provided, nor did this office perform a title search. According to
the Palm Beach County Property Appraiser's Office, Parcel 1 is under the ownership
of Main Street Village, Inc., while the current owner of record for Parcels 2 and 3 is
]MZ Tequesta Properties, Inc. (related entities). The parcels have been under these
ownerships for at least 5 years, as far as we could determine.
Parcels 1 and 3 are currently improved with '�Paradise Park", a community park
established and built by the Village of Tequesta. Parcel 2 is improved and used as
an asphalt-paved parking lot, with the Village of Tequesta also making this
improvement. However, at the request of the client, we have valued the Subject
Property as vacant commercial land.
22
r�
Highest and Best Use
HIGHEST AND BEST USE
The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal
Institute defines Highest and Best Use on page 93 as follows:
"The reasonably probable and legal use of vacant land or an improved
property, that is physically possible, appropriately supported, financially
feasible, and that results in the highest value. The four criteria the highest and
best use must meet are legal permissibility, physical possibility, financial
feasibility, and maximum productivity."
To estimate the Highest and Best Use of the Subject, we have considered those
uses which are legally permissible, physically possible, financially feasible, and
maximally productive. Consideration was given to individual features of the land
such as size, shape, location, access to roadways, and the availability of utilities.
Consideration was also given to the surrounding land uses and the demand for
property in the current real estate market.
In cases where properties are improved, the Highest and Best Use of the site "as
though vacant" and the Highest and Best Use of the property "as improved" may be
different. This is due to the principle of "contribution" which holds that if an
improvement adds value to the site over and above land value, the Highest and
Best Use of the property is as improved until such time as the improvements add no
contributory value to the property. In the case of the Subject Property we have
valued the Subject Property as if vacant, as requested by the client.
Conclusion
It is our opinion that the Highest and Best Use of the Subject is for future
commercial development.
1. The Subject Property is zoned MU, Mixed Use District, by the Village of
Tequesta. This category generally allows a wide variety of commercial
uses. Further, the zoning district is consistent with the underlying
commercial land use designation.
2. Physically the Subject site offers su�cient frontage and depth to support
a variety of uses. The property is surrounded by parcels developed with
commercial and residential uses. The topography would support most
any of the legal uses.
3. The market for this property type, like virtually all property types
throughout South Florida, has declined significantly during the past few
years. A likely purchaser for this property would be a user for a build-to-
suit project. However, due to softening market conditions, tittle interest
is expected over the near term. Properties in the immediate surroundings
23
�
Highest and Best Use
are fairly wel{ maintained and occupied, and the area is weli established
with commercial and residential uses.
4. Therefore, it is our opinion that future commercial development would be
the most maximally productive and Highest and Best Use of the site as of
the appraisal date. The most likely purchaser of the Subject Property
would be a developer or an investor/speculator.
24
r
Land Va/ue Ana/ysis
LAND VALUE ANALYSIS
According to the 13 Edition of The Appraisal of Real Estate the valuation of land
begins by identifying the real estate and property rights valued, any encumbrances,
use restrictions, and the land's physical characteristics. An appraiser can use
several techniques to obtain an indication of land value:
• Sales Comparison
• Market Extraction
• Allocation
• Land Residual Technique
• Ground Rent Capitalization
• Subdivision Development Analysis
Usually the most reliable way to estimate land value is by sales comparison. When
few sales are available, however, or when the value indications produced through
sales comparison need additional support, alternative techniques like extraction or
allocation may be applied. In the case of the Subject Property the only approach
used was the Sales Comparison Approach.
The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal
Institute defines Sales Comparison Approach on page 175 as follows:
"The process of deriving a value indication for the subject property by
comparing market information for similar properties with the property being
appraised, identifying appropriate units of comparison, and making qualitative
comparisons with or quantitative adjustments to the sale prices (or unit
prices, as appropriate) of the comparable properties based on relevant,
market-derived elements of comparison."
Discussion of Vacant Land Sales
In order to estimate the value of the Subject site, a search was made for sales with
development potential similar to the Subject. Our sale search concentrated on
vacant commercial properties located in the Subject's market area, which is
considered to be east central to northern Palm Beach County. The time frame of
the search was from the appraisal preparation date back approximately 24 months.
Our research revealed four closed sales and one active listing that were considered '
to be the most comparable to the Subject site.
We analyzed the Subject Property based on price per square foot basis, as this was
the unit of comparison most commonly used by market participants.
All of the comparables were considered with regard to property rights appraised,
financing, conditions of sale, time or market conditions, location, size, site quality
and any other factors that afFected the sale price.
25
c�
Land Value Ana/ysis
As shown below, the four closed sale comparables indicated an unadjusted range
from $11.09 to $25.46 per square foot prior to adjustments; Listing 5 indicated an
asking price of $19.36 per square foot.
VACANT COMMERCIAL LAND SALES SUMMARY
Sale No. 1 2 3 4 5
O.R.BK/PG 23679/1140 23601/0421 23605/0932 23489/1341 Listing
RecordID 7324 7228 7360 7275 7366
si e o 1 t N o Par si e o si e o E si e o AlA,
Location Subject Ave. N, 160' Dr. & Indiantown Rd. Congress Ave., 200' N of
Site east of Kirk Rd. University Blvd, & Daniel's Way S of Forest Hill Jupiter Branch
Palm Springs Jupiter ]upiter W Palm Beach Rd, Jupiter
Appraisal Date Jul-10 - - - _ _
Sale Date ]an-10 Dec-09 Dec-09 Sep-09 Current
Sale Price $260,000 $1,253,000 $1,375 000 $420,000 $1 990 000
Zoning MU CN MXD IOZ (C2) GC C2
Land Size - Pcl 1 1.i94 ac. 23,435 49,223 89,111 30,492 102,802
Land Size - Pcl 2 0.982 ac 0.54 1.13 2.05 0.70 2.36
Land Size - Pcl 3 1.022 ac 11.09 25.46 15.43 $13.77 19.36
ADJUSTMENT CONSIDERATIONS
Financing Market Market Market Market Market
Adjustment 0% 0% 0% 0% 0%
Ad' Price - S ft 11.09 25.46 15.43 13.77 19.36
Conditions of Sale Market Market Inferior Market Listing
Adjustment 0% 0% 5% 0% -25%
Ad� Price - S ft $11.09 25.46 16.20 $13.77 $14.52
Market Conditions Similar Similar Similar Superior Similar
Adjustment -7% -8% -8% -10% 0%
Ad� Price - S ft $10.32 $23.42 $14.91 $12.40 $14.52
Other Adjustments
Lotati0n 20% -20% 0% 15% 0%
Size -5% 0% 5% -5% 5%
Site Quality 5% 0% 5% 5% 5%
Other 0% -10% 0% 0% 0%
Net A justment 2% - 0% 10% 15% 10%
Adjusted Price/Sqft $12.38 $16.39 ;16.40 $14.26 $15.97
#10-63494 Average: $15.08
Maximum: $16.40
Minimum: $12.38
26
r
Land Va/ue Ana/ysis
Comparable Land Sales Map
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Land Va/ue Analysis
� Land Sale No. 1
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Pronertv Identification
Record ID 7324
Property Type Commercial
Address 3956 10th Avenue N, Palm Springs, Palm Beach County
Location South side of lOth Avenue N, 160 feet east of Kirk Rd.
Tax ID 70-43-44-19-20-017-0010
Legal Lengthy legal
Sale Data
Grantor Fred W. Noyes and Jacqueline Noyes, Rep. of Estate
Grantee Rizanur Altan
Sale Date January 14, 2010
Deed Book/Page 23679/1140
Property Rights Fee Simple
Marketing Time 3 months
Conditions of Sale Arm's Length
Financing Cash to seller
Verification Confirmed by Jim Murray
Sale Price $260,000
Land Data
Zoning CN
Topography Level
28 '
I
c .?
Land Value Analysis
Land Sale No. 1 (Cont.)
Utilities All available
Shape Rectangular
Depth 220
Land Size information
Gross Land Size 0.538 Acres or 23,435 SF
Front Footage 110 ft Total Frontage: 110 ft 10th Avenue N
Indicators
Sale Price/Gross Acre $483,277
Sale Price/Gross SF $11.09
Remarks
This property was being marketed for sale at $300,000 as a vacant commercial site.
According to the listing broker, the buyers are intending to use the site for a used car
business and are planning to use the 1,248 SF office for the business. The
improvements were old, in poor condition and not considered to contribute to the
overall value of the property. The property was sold by representatives of an estate,
but according to the agent, the sale price was market oriented and not distressed.
29
c
Land Value Analysis
Land Sale No. 2
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Proaertv Identification
Record ID 7228
Property Type Commercial
Address Jupiter, Palm Beach County, Florida
Location Northeast corner of Parkside Drive and University Blvd.
Tax ID 30-42-41-23-09-004-0000
Legal Parcel 4 of Abacoa Town Center Plat No. 2
Sale Data
Grantor TC II Office LLC
Grantee UPC Investors, LLLP
Sale Date December 17, 2009
Deed Book/Page 23601/0421
Recorded Plat 102/155
Property Rights Fee
Conditions of Sale Arm's length
Financing Cash to seller
Verification Confirmed by Nicci Ellefson
Sale Price $1,253,000
Land Data
Zoning MXD, Mixed Use
Topography Cleared, ready to build
Utilities AI I
Shape Mostly rectangufar
30
��
Land Va/ue Ana/ysis
Land Sale No. 2 (Cont.)
Land Use Mixed-Use
Land Size Information
Gross Land Size 1.130 Acres or 49,223 SF
Actual/Planned 62,984
Building SF
Indicators
Sale Price/Gross Acre $1,108,850
Sale Price/Gross SF $25.46
Sale Price/Planned $19.89
Bidg. SF
Remarks
Site was approved at the time of sale for a 4-story, 62,984 square foot office
building. Plans are to complete construction of the building by late 2010/early 2011.
The buyer intends to occupy a large portion of the building.
31
��
Land Va/ue Ana/ysis
Land Sale No. 3
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Pronertv Identification
Record ID 7360
Property Type Commercial, Medical Office
Address Jupiter, Palm Beach County, Florida
Location Southeast corner of Indiantown Road and Daniel's Way
Tax ID 30-42-41-01-00-000-7160 &-7170
Legal Lengthy metes and bounds
Sale Data
Grantor MNB2, LLC & JEC, LLC
Grantee STORM73LLC
Sale Date December 17, 2009
Deed Book/Page 23605/0932
Property Rights Fee Simple
Marketing Time 4 years
Conditions of Sale Arm's Length (see remarks)
Financing Cash (no financing involved)
Verification Rebel Cook, broker; Other sources: Costar; public
records, Confirmed by Jim Murray
Sale Price $1,375,000
32
r.�
Land Value Ana/ysis
Land Sale No. 3 (Cont.)
Land Data
2oning IOZ (C-2)
Utilities All availabie to site
Shape Rectangular
Landscaping Wooded
Land Use Commercial, by Town of Jupiter
Land Size Information
Gross Land Size 2.046 Acres or 89,111 SF
Front Footage 307 ft Total Frontage: 307 R Indiantown Road
Actual/Planned 24,000
Building SF
Indicators
Sale Price/Gross Acre $672 139
Sale Price/Gross SF $15.43
Sale Price/Planned $57.29
Bldg. SF
Remarks
This is the sale of property assembled in 2004 & 2005, and then approved for the
development of "Warrior Plaza", a 24,000 sq. ft. medical office project. According to
the listing broker on the sale, the property was listed for several years with price
reductions over time, until she got the listing and the seller was ready to get rid of
the property. The list price, with approvals, was originally $2.5 million, then reduced
to $1.8 million before finally selling. The seller was very motivated and worked the
sale into a 1031 exchange. This sale was an all-cash transaction with a 20-day
closing. The approvals expire in Aug. or Sept. 2010 according to the broker who is
now listing the property for the current owner at $2.5 million.
33 '
� r �
Land Va/ue Analysis
Land Sale No. 4
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Prooertv Identification
Record ID 7275
Property Type Commercial
Address 1769 S. Congress Ave., West Palm Beach, Palm Beach
County, Florida
Location West side of Congress Ave., approx. 275 feet south of
Forest Hill Blvd.
Tax ID 70-43-44-07-01-002-0190
Legal Lengthy
Sale Data
Grantor Peter R. Greenstein, LLC
Grantee Elwill Associated, Inc.
Sale Date September 24, 2009
Deed Book/Page 23489/1341
Conditions of Sale Arms Length
Financing All cash to seller and no effect on sales price
Verification Ted Brown, listing broker; Other sources: Deed, Co-Star,
Property Appraiser office, Confirmed by Dwain McPeake
Sale Price $420,000
34
c
� Land Va/ue Analysis
Land Sale No. 4 (Cont.)
Land Data
Zoning GC, General Commercial
Topog raphy Level
Utilities AI I
Shape irregular
Land Use Commercial
Land Size Information
Gross Land Size 0.700 Acres or 30,492 SF
Indicators
Sale Price/Gross Acre $600,000
Sale Price/Gross SF $13.77
Remarks
Purchaser owned the property to the north and assembied this to his holdings. He did
not think this affected the sales price.
35
r
Land Va/ue Analysis
Land Listing No. 5
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Proaertv Identification
Record ID 7366
Property Type Commercial
Address Jupiter, Palm Beach County, Florida
Location East side of A1A, 200 feet north of )upiter Beach Road
TaxID 30-43-41-06-00-001-0012
Legal Lengthy metes and bounds
Sale Data
Grantor 3D Development Company, LLC
Survey Date March 26, 2010
Property Rights Fee Simple
Marketing Time 5 mos.
Conditions of Sale Arm's length
Financing Cash to seller
Sale History 3/04 for $1,500,000
Verification Richard Apple, listing broker; Other sources: Loopnet;
Public Records, Confirmed by ]im Murray
Listing Price $1,990,000
Land Data
Zoning C2
Topography Wooded; high and dry
Utilities AII available
36
�a Land Va/ue Analysis
Land Listing No. 5 (Cont.)
Shape Irregular
Land Use Commercial
Land Size Information
Gross Land Size 2.360 Acres or 102,802 SF
Front Footage 317 ft AIA; 271 ft Dubois Road
Indicators
Sale Price/Gross Acre $843,217
Sale Price/Gross SF $19.36
Remarks
This is a wooded site along the east side of A1A, north of ]upiter Beach Road. The
broker has received some calls in the 4-5 months since listing the property, but no
serious offers. The site was initially offered at $2.4 million and reduced to the
current asking price over time. The broker stated there are no approvals in place,
but indicated the site lies within the Tequesta Inlet Village District.
37
�a Land Va/ue Analysis
Property Rights Conveyed
All the sales in this analysis were transferred on a Fee Simple Estate basis, with the
buyers receiving full property rights ownership. We are also unaware of any
adverse deed restrictions or any other property rights limitations which would have
affected the sales. Therefore, no adjustment was considered necessary for
property rights conveyed.
Terms of Financing (Cash Equivalencv)
The transaction price of one property may differ from that of a similar property due
to atypical financing arrangements. In a case where favorable financing is
established, a cash equivalency adjustment is often necessary. However, all of the
sales analyzed herein involved either market terms or cash to Grantor. Therefore,
no adjustments were made, nor any cash equivalency performed.
Conditions of Sale
Adjustments for conditions of sale usually reflect the motivations of the buyer and
seller at the time of conveyance. Based on our confirmations, only one of the
closed sales, Sale 3, involved atypical conditions of sale. According to our
discussion with the listing broker, this property was marketed for sale for several
years prior to the seller becoming very motivated to affect a sale with a significant
price reduction and a requirement for a 20-day closing period. The seller was
motivated to sell the property as part of a 1031 tax exchange. As a result, we have
adjusted this sale upward to reflect more typical conditions of sale.
In addition, Listing 5 required a downward adjustment for conditions of sale.
Properties for sale, especially during periods of soft market conditions, typically sell
for less than the listing price. In our opinion, a fairly significant downward
adjustment was necessary based on our discussion with the listing broker.
None of the remaining comparables required adjustment for conditions of sale.
Time or Changes in Market Conditions
Market conditions generally change over time and may be caused by inflation,
deflation, fluctuations in supply and demand, or other factors. The closed sales
occurred from September 2009 to January 2010. The listing was current as of the
appraisal date. The available data indicates that price levels for this property type
peaked during 2005 to 2008 and have since declined along with the general
economy. Based on the available data, we applied a-1.0% per month downward
time adjustment to the sales, which transpired approximately seven to 10 months
prior to the date of value.
38
r
Land Va/ue Ana/ysis
Location
In terms of location, it is our opinion that Sale 2 was located in area (Abacoa PUD)
that is superior to the Subject and warranted a downward adjustment. Sale 3 and
Listing 5 were considered to have a similar overall location in terms of traffic volume,
exposure, and price levels, and did not require adjustment for this factor. Sales 1
and 4 warranted upward adjustments based on the lower overall property values in
their respective areas.
Size
The Subject Parcels 1, 2, and 3 contain 1.194, 0.982, and 1.022 acres, respectively,
as compared to the comparables that ranged from 0.54 to 2.36 acres. Typically, a
smaller parcel will sell for more per square foot than a larger parcel when all other
things are equal. Sales 1 and 4 were smaller than the Subject Parcels and were
adjusted downward accordingly. Conversely, Sale 3 and Listing 5 were larger than
the Subject and were, therefore, adjusted upward for this factor. The remaining
sale, Sale 2, was similar to the Subject in this respect and was not adjusted.
Site QualitX
The Subject site is cleared, and ready to build. Sale 2 is similar and required no
adjustment. The remaining comparables required demolition costs to remove
existing buildings, or clearing costs to remove existing heavy vegetation. Therefore,
these comparables were considered to be inferior to the Subject, and upward
adjustments were required for difFerences overall site quality.
Other (Miscellaneous�
In terms of other adjustments that appear to be warranted, Sale 2 was adjusted
downward based on approvals in place for development at the time of sale. Each of
the sales was selected based partially on their having commercial zoning
designations. However, only Sale 2 required adjustment for existing approvals
which benefit a prospective buyer and typically represent a premium to value. It is
noted that Sale 3 was purchased with approvals; however, they were soon to expire
and the buyer does not plan on developing the site. As a result, this comparable
was not adjusted for this factor.
39
��
Land Va/ue Ana/ysis
Conclusion - Land Value Analysis
After adjustments, the data indicated the following:
ADJUSTED $/SQFT INDICATIONS
Time Adj Net Adjusted
Sale $/sqft Adjustment $/sqft.
1 $10.32 20% $12.38
2 $23.42 -30% $16.39
3 $14.91 10% $16.40
4 $12.40 15% $14.26
5 $14.52 10% $15.97
Average $15.08
The overall average of the adjusted sale prices is $15.08 per square foot. Sale 1
appears to be inconsistent with the other comparables; however it is the most recent
transaction. Therefore, if the high and low ends of the range are eliminated (Sales 1
and 3, respectively), the average equates to $15.54 per square foot. Sales 3 and
Listing 5 required the least net physical adjustments and indicated values of $16.40
and $15.97 per square foot, respectively.
Based on the available data and current market conditions, we have concluded that a
value of $15.50 per square foot appears to be a well supported indication of value for
the Subject Property. As a result, our opinion of the Hypothetical Market Value for
the individual parcels, as of July 8, 2010, is calculated as follows:
7MZ Teauesta Pronerties
Value Estimate
Sales Comparison
Parcel No. Sq• Ft' Value Per Sq. Ft. A�proach (Roundedl
1 51,988 $15.50 $810,000
2 42,770 $15.50 $660,000
3 44,534 $15.50 $690,000
Further, if the three parcels were sold "in bulk" to one purchaser, we would
consider the larger overall land area of all three parcels combined, or 3.20 acres.
As noted earlier, a larger parcel will sell for less per square foot than a smaller
parcel when all other things are equal. It is our opinion that the value per square
foot would be slightly lower, at $14.00 per square foot, due to the larger land area
of all three parcels in bulk (or a 10% reduction in value as compared to the
individual smaller parcel sales).
40
c
� Land Va/ue Ana/ysis
Based upon the scope of the assignment, our investigation and analysis of the
information contained within this report, as well as our general knowledge of real
estate valuation procedures and market conditions, it is our opinion that the
Hypothetical Market Value of the Fee Simple Estate of the Subject Property, if all
three parcels were sold in bulk to one buyer, as of July 8, 2010 was:
Value Estimate-
Sales Comparison
Parcel No. Sq• Ft• Value Per Sq. Ft. �nroach
All3 139,292 $14.00 $1,950,088
combined 3.20 ac. Rounded to, $1,950,000
41
i
ADDENDA
ENGAGEMENT LETTER
i
�I
M�� �N �
to_���.
Callaway & Price, Inc.
Real Estate Appraisers And Consultants �
www.callawayandprice.com
Ucensed Real Estate Brokers
Please respond to West Palm Beach office
E-Mail: mrs@cpwpb.com
WEST PALM BEACH
1639 Forum Place
su�te 5 April 6, 2010
West Paim Beach, FL 33401
Phone (561)686-0333
Fax (561)686-3705
Michael R. Slade, MAI, SRA, CRE
St.Cert.Gen.REA RZ116
Daniel P. Hrabko, MA1 Mr. John M. Zuccarelii w
sr.ce�r.�e�.ae,a az4s )MZ Tequesta Properties, Inc.
Stephen D. Shaw, MAl 209 Tequesta Drive
St.Cert.Gen.RER RZ1192 Tequesta, FL 33469
FORT P2ERCE/STUART
500 South U.S. Highway 1 Dear Mr. Zuccarelli: VIA EMAIL: mz ro @aol.com
suite l07 � p p
Fort Pierce, FL 34950
Phone (772)464-8607 We would be pleased to prepare an appraisal on 3 vacant parcels
Fax (772)461-0809 of land located on Main Street, that total just over 3 acres of land.
st"art They are further ide�tified by their folio numbers as 60-43-40-30-
Phone (772}287-3330
Fax (772)461-0809 47-001-0000, 60-43-40-30-47-002-0000 and 60-43-40-30-47-
Harry D. Gray, MAI, SRA 003 It is our understanding that the purpose of the
St.Cert.Gen.REA RZ662 appraisal is to estimate Market Value.
Stephen G. Neill, lr., MAI
S[.Cert.Gen.REA RZ2480 The intended user is JMZ Tequesta Properties, Inc. The intended
use is for internal decision making. The scope of work performed
MELBOURNE/INDIAIANTIC is specific to the needs of the intended user and the intended use.
114 6th Avenue, No other use is intended, and the scope of work may not be
Suite 3
Indialantic, FL 32903 appropriate for other uses.
Phone (321j726-0970
Fax (321)726-0384 The fee would be $3500. It is our policy to request a retainer and
curas L. Pmu�ps, MA1 $1750 will suffice for this purpose. We will provide 2 originals of
St.Cert.Gen.REA RZ2085 the final report.
eaca w►roN We will have the report completed in approximately 2 to 3 weeks
Phone (561)998-8088 rovided that we receive our authorization. Please be aware
Fax (561)686-3705 p y
Danie! P. Hrabko, MAr that delays in our receipt of information requested could
St.Cert.Gen.REA RZ48 postpone completion.
FOUNDERS We need you to supply the survey and/or legal description, if
Joe R. Priee, MAI, SRA available and any other information you deemed appropriate.
St.Cert.Gen.REA RZ555
Robert J. Callaway, MAI, SRA
Jun i 8 201 0 1 3: �5 ,1ht� '�"fZOPERT I ES 5F� 1��''� �'C}�(l p. '7
Mr, Jahn M. ZuccareNi
April 6, 201a
�age Two
Zf the above is agreeable to you, please slgn below as our authariz�tio� and return
Et togekher with the retalner and the infarmat�on requested and we wili begin wo�k
irnmediately. This agreement is subject ko the Agreements and CondEtions listed or�
the attached pages, a copy of which should also be signed and retu�ned to us, Our
work wil{ be dane in accordance with the Appraisal Instltute Code oF Ethics and
Standards r�f Prafessiar�al Practice, Thank you fbr the apportunity to be vf service.
Respectfully submitted,
CALLAWAY & PRI�E, ING
1��� ` ` ' �4�f/w' � �
Michae! R, Siade, MAI, SRA, CRE
5t,Cert.Gen.REA RZYy.6
MRS:
Art�chments
Client:
Acce�ted By`Oate;
Signature �,���
Date
Name and Title {Printed or Typed}: �bd�f.� �-cJ c��s-s�"c.�, �� �.✓r✓��-.
Client �ed ID# or SS# ; �� �` � �' � � '� �=� .
Quotesl0fzuccareili
LEGAL DESCRIPTI4N
�RB 1 t0��3,� Pg �'7
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EAST, i't1L.M t3f�AC!-I COUNT'Y, f�LORIDA, f3�fNG M4RI; PARTiCUi_ARt.S'
�C:SCRi(3ED AS' ffl�,L04�S:
CQMML-NC'tNG A'1' THE POlNT OC (NT�RSECTtC}N Of' TI-iE CEN'tEltLIi*IE OF
STAT� R.4A[3 NC?. 5(US HtGNWAY N0. !) WITH THE SOUTN LlwE pF
SECT[ON 30, T'QWNSHIP 40 SOUTH, RANCrE 43 EAS'C; TNENCE NORTf-t
03°54'SS" EA5T (BASIS t��' CiEARiNGS}, A[.ONG TF-iE SAID CENTC:R�INE,'A
UtST'�1NCE OE G9S,SS I"CE'I' TO A POtNT t)N Ti-[C EAST�RLY EX1'ENS[ON Q�'
THE NORTE•� RiGHT-OC-I�JAY LtNE C}t' BRIDGE RQAd (PLR DECd S�UK I 1 GG,
PAGC 5S2 OF T!-tE PUE3LtC REC4RD5 OF PALM �EACH COUNTY, F[.C3RlUA);
TNENCE SUUTH 89°45'SS" WE�T, A1.ONG SAiD EASTERLY EX�`ENStpT+t AND
SAta NOR.I'I-t R!G[-IT-OF-WAY [,iNE, A DiSTANG� C1C G73.37 �'EET TQ THE
PO1NT fl�' BCGII�tNtNd; TNENCE CQNTtNUG SOUTE{ 8�°4G'SS" W�ST, hI.�NG
SAtO NORTH RlGHT-OF-WAY L,tNE, A DiSTAN�B t}F 203,2I FE�T; THEhIC�
N{)F'FH 00°13't?S" WEST, A DiSTANCE C?� 224.5? 1��,E7"; TEiENCE N{3RTH
89°46'SS" EAST, A F)[Sl`AhICC QF 2G3.52 FE�T; THCNGC 5t}UTH 18°43'_t3" WCST,
A DiSTANCE OF 87.10 FCCZ' TCl Tt{E LiEiGINNING Of� A CURVC, BE(NG
CONCAVE TC1'E'HE EAST AND HAVtNG A RADtUS C}F' 13f} �E�T; THENCE
S{}UTHERLY ALC3NG THE ARC C)F SAtD CURVE TkiR4UGH A CENTRAL
ANGLE OF t8°Sb't8"', FQR Al�i ARC LC�GTH 4F 42.97 FECI';'1'I�tEt�tCE 50UTH
fl°13'05" �AST, A DISTANCE O� 74.49 FZET; THENCC SL)UTi�i 44°dG'SS" W�ST. A
D►ST`ANCE 4f� 35.3t* FEE�' TC} TNE PC?l;�T t?F �EGINNING.
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� - �.EGAL DESCRIPTION
Pt�RCCL NO. 2
� - LYING 1N SECT�QN :i0,
� TC7WNSHIP 40 SOUTH, Rfi�NGE 43 EAST
� A PARGEL {)F LAND LYlNG 11V SECTtC?N 30, TClWNSNIP 4t3 SCIUTH, RANGE 43
� EA�ST, PALM SEACH COUNTY, FLC)R[t�A, BEtNG MQRE PARTtCULARLY
� DESCRIB�D A5 FC3LL()WS:
� COhtMENGING AT THE PO11�I'T t7F INTERSECTlO1V OF THE CENTERL[NE QF
� STATE ROAD NO. 5(U5 HIGHWAY NO. i} WCTH TH� St)UTH LINE QF
�, SEC't't�N 3U, TOWNSHtP 40 SUUTH, RANGE 43 EAS'T; THENCE NCIRTH
03°S4'SS" EAST (BASIS OF BEARtNG5), ALONG THE SAIU CENTERLtNE, A
� DISTANC� UF 695.55 FEET TQ �A PUINT QN THE EASTERLY EXTENSION i0F
� THE NORTH R[GHT-OF-WAY LINE OF BRIDGE ROAD {PCR DEED BOOK 116E,
; PAG6 5S2 OF THE PUBLIC RECOR�S OF PALM $EACH CC3UNTY, FLORl�A);
= THENCE SOUTH $9°46'SS" WEST, ALOIVG SAID EASTERLY EXTENSION ANU
SAiD NORTH RIGNT-tJF-WAY LINE, A DISTANCE OF 876.58 FEET; THENCE
� N4RTH 00°13'OS" WEST, A DISTANCE OF 224.57 FE�T TQ THE POIN'T C3F
' B E G I N N i N+ G; T H E t V C E C O N T I N U E t u t J R T H 0(}° 1 3' 0 5" W E S T A C 1[ S T A N C E U F
� 96.49 FEET TO A PUINT 4t�1 THE 5{3UTHERLY RIGHT-OF-WAY G1IVF C1F
� � TEQUESTA DRlVE �FER OFFIC[AL RECORD BOOK fi625, PAGE 302 OF THE
� PUBLIC RECORDS OF P,Ai..M $EACH COUNTY, FLORiDA); TFIENCE AL�NG
� SAt[� St7UTHERLY RIGHT-QF-WAY LINE FOR THE NEXT TWO (2} COURSES,
N{?RTf-I 67°59`40" EAST, A I315TANCE OF 231.34 FEET; TO THE BEGINNING 0�
� A CURVE, BEING CUNCAVE TC� TH� St)UTH ANIa HAVING A RADiU5 �F 305
� FEET; THENCE Nt)RTHEASTERLY ALOl'VG THE ARC t}F SAID CURVE
THRt}UGN A CENTRAL t1NGt,E f3F' 9°52'46", F(7R AN ARC LENGTH OF 52.59
� FEET; THENCE t?EPARTING SA1D RIGHT-QF-WAY SOUTH Si°!4'19" EAST
� ALC?NG A NON-RAI�iAL LINE, A DISTANCE OF 38.83 FEET; TNENCE SOUTH
� 00°13't15" EAST, A DISTANCE OF 68.97 FE�T TO TF-IE BEGINTJING t�F A CURVE,
BEING CONCAYE TC1 THE WEST AND HAVING A RADIUS OF 7Q.00 �EET;
� THENCE SOUTHETtLY ALC?NG THE ARC OF SAID CURYE THRC7UGH A
� CEIVTRAL ANGLE L}F 18°56' 1 S", FC?R AN A.RC LENGT�-I OF 23. t4 FEET;
� TKENCE 50UTH 18°43' 13" WEST, A i7ISTANCE OF 86A9 FEET; THENCE NOR"TH
89°46'35" EAST, A DFSTANCE C3F 2b3.52 �EET 7fl THE PC}i?�JT 4F BEGINt+1ING.
�
� SAID PARCEL C4NT�IN� t.(7022 ACRES MQftE OFt LESS, SUBIECT'TO
� EXtSTiNG EASE�iEtdTS {)F RECCJRQ. 1 y
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?TQU�STA ASS(3C[ATBS rARC�L
A PARCEL flP L.AND LYINt3 IN SECTIf�N 30� T4WNSHIP 40 SOtJTEl. RANaB 43
EAS'1'. PAI.t�! BBACH CClUt31Y, FLCiRIdA. HBt�tQ MORB PART`tCtJLJil�t1.Y DBSCltiBEQ
AS FY}LLAWS: �
FWt�M THB POtNT OF M1ER,S�ECTi4N O! THB CF�17Elt I.II�18 OA STATE IIQAb NQ. S
(U.S. HX'lHWAY 1V�1. ij. WtTH'C� SOtti'H Ltt�E OF SFCTSON 3d,8EAA N�?N
03a'�f�11'33• EA3T. AIANO S�AID Ct:M�ERLI'�15, A DISTAi�tt��'' 69S.SS �Fl�T; 1"�iCB
SLTAR 8£�LtTH Q9Md'SS" �YES"T, ALUNti 7H8 NOR'fH RI4Eit'-OF-'�+AY LiNE OP BRIDt3B
itOAd AND TC9 BASTBRLY BXT"ENSiON, A DISTANCB Of �Ta3i F'E�I' TO'tNB t4IIVT'
C?B BEQtNN[N(3: T'HENCE CC?NT7Ntl8 80tlt�i �9'o�sS�' WFBT, At.tfNO SAI!] NOR'f'ft
ttIOHI'-0E-WAY LtN6. A DiSTANCB C1F l433 F8$T, TO'�E 1NTBRSEG"tt�l W1TH TH�
�+s�na�.�r wattrr•o�-w�,r �.nas o� ow ancffiHCC�c�w�v. �ss �cau�a �rc �x�
PLAT 80(?K S� PAaB t�6� PA,LM HSACK t30i1N"!Y RT@LIC ]RBCO�RD& ?HfiNGE HEAR
NOATH S5oI3'43" wBST, ALCn+id 9AtR Ha19�l�t.Y RiOH7"-C1E-WAY LiNB. HEINO TW5
CHCIRD OP A CURVB HAV [MD A MDIUS OP' 23.0 F68T. A DtSTANCB OR 2'7.93 PE�i`;
THhTiCE BB,ARNORTH Z2of4'ZO" WF.'�T. ALCZNO SAID� BAS't�'s7tt,Y Ri�tiT-0E-WAY
L1N�, A DIS1'ATtCE t�F 219.E7 FE�Z; TN�NCB CQN'!'iritfg ALbNQ 8AtD EAS'fl3RLY
1!(CwHTT i)F•WAY C,INB, QN A HBARit�1t3 OF MORTH 22obS2'�' BAST, HBiNt4 THS CHt}lt�
qF A CI1RV8 HAYIN4 A RAl'HU9 OP' 2S.OQ F�BT, A flI9TANC8 OF 33.t3 FB8'f' TO ?H�
iNTFR3ECRdN WZ'!H TNE S�OVTHF.ltLY WCINT-0F WAY I.iNE 4P TBQLiE3TA DtUVE;
THBNCS S�AR NOR'i'tt 67059'40" EAS'i', AZA�riiCi B�AID 34tl71�PRI.Y RICiKt`-0F•WAY
L1N6. A D[ST/INCE QF 200.25 F�Si; 'Tfit3iVCE HEAR SOVtfi Oaot3jDS" EA.ST. A
DtS�TANCB OF 326.3T F88T TO 'I7� PQ}NT QP HFAIM+t1Ntl;
SUS�ECT'IY? AN BASEM�'M' UF TH6 WEST lO.Ob FEET UF ?HE ABO1B DESCRfHED
PROPERTY CqN7'AM1NC3 2295 SQtJARE FEF.T (QAS ACRBSj MiDRB t?R I.�S9.
SA1D LAND3 St'CtJA'i8. LYtNO APID BECNtti itd PALM HLACH COtJN'tY, FLORIDA.
SUH]P.C"!"1't3 ALL PERTLNENT MATI"ERS QF RECOitD,
THS AFORBSAID PARCEL CUN7'ATNTNCi .;�_ ACR�3. M4RE 4R LESS
t��
t�UALIFICATICaNS
�
� _.._...�
�ualificafions - Michae! R. Sfade, MAI, SRA, CRE
Prnfessiflnal Designatians\Licenses\Certifications
Member, Appraisal insfiitute, MRI �esignation # 6864, and SRA Designation
Member, American Society of Real Estate Caunselars, CRE Designatian
Florida State-Certified Gener�l Reai Estate Appraiser RZ116
Real Estate Broker BK0128222, State of Florida
Appraisal Institute Approved Instructor {1986-1993) for:
Course 2Q1 - Principles of Income Property Appraisal
Caurse 310 - Basic Income Capitalization
Professianal Ex�erience
Principal, Callaway & Price, Inc. since 1981
Staff Appraiser, Call�way & Price, Inc., 1975 to 1981
Special Master/Magiskrate, Tax Appeal Hearings, Palm Beach County
Qualified As An Expert Witness
Braward County, Florida
Palm Beach County, Florida
Martin County, Florida
Federa! District Caurt of Sauthern District of Florida
United States Bankruptcy Caurt Southern Florida
Supreme Ccaurt of the State of N�w York (far Florida prape��ties)
New Jersey Superior Courfi
Geoaraphic Experience
Throughout Flarida
Ecfucation
Mast�rs af Business Administr�tinn, Florida AClantic University
E3achelor of Science, Accounting, Florid� Atlantic University
Society of Real Estate Apprais�rs:
Course 101 - Introductian ta A��pr�ising Real Estate
Cqurse 201 - Principles of Income Property Appraisir�g
Course 202 - Advanced Applications
American Tr�stitute af Real Estatc Appraisers:
Course II - Urb�n Properties '
Course IV - Condernnation
Standards of Professional Practice
Num�rous seminars sponsared h�y the A�praisal institute anc! c�ther arganizations
i
�
uat�fieations - Michaef R. S/ade, M�4I, SRA, CRE
Organizations and Affiliatians
Appraisal Institute:
Ethics Administration, Pask National Chairman
Ethics & Caunseling, Past National Vice Chairman
Review & Counseling Division, Past National Chairman
5outh Florida-Caribbean Chapter, Past President
American Society of Real Estate Counselors:
Southern Florida Chapter, past Treasurer
Urban �and Institute, Member
Palm Beach County Housing Authority:
Past Chairman/Board Member (GubernaCorial Appaintment}
Ghamber o� Commeree of the Palm Beaches:
Board of Directars, Past Member of the Executive Comrnittee, Treasurer
Ecanomic Developrnent Committee, Past Chair and Mernber
Society of Real Estate Appraisers {now Appraisal Institute}:
Yaung Advisory Council, Past National Chairman and Member
Boys Town of South Florida, Chairman of the Board of Directors
Guardian ad Litem VolunCeer, South Florida
Awards anc! Honors
Robert �. Foreman Memorial Award frorn the Appraisal InsCitute, i999
Alumni Talon Award from Florida Atlantic University, 2001
r,. •� STATF G?F Fl.faf?t�7A.
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ua lificati on� — Niccola L. El/efson MAI
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Professionai Designatians\Licenses\Certifications
Niember, Appraisal Institute, MAI Designation #11777
Flarida State-Certified General Appraiser RZ2096
Professional Experience
Appraisal Consultant, Callaway & Price, Tnc., since January 2003
Senior Appraiser, Palm Beach Caunty Rroperty Appraiser's Office, 2Q01-2003
President, Cignal Appraisal Consultants & Real Estate Analysts, 1994 to present
Appraiser and Consultant, Rae Westberry & Associates, 1992-1994
Assistant Vice President, Landauer Real Estate Consultants, 1989-1992
Manager, Market Research and Real Estate Analysis, MIG Campanies, 1986-1989
Education
Bachelor of Arts Degree, Business Administration, UniversiCy of Wisconsin
Appraisal Institute; �
Course 1A2 - Basic Valuation, 1991
Caurse 310 - Basic Income Capitalization, 1992
Caurse 2-1 - Case Studies in Real Estate Valuation, 1993
Course S10 - Advance Income Capitalization, 1994
Course 410/420 - Standards of Professional Practice, 1995
Course 54Q - Report Writing, 1996
Course 550 - Advanced Applications, 1998
Caurse 410J420 - Standards of Prafessiona{ Practice, 20Q0
Course 8�Q - Separating Real and Personal Property from Intangible Business
Assets, 2002
Numerous seminars spansored by the Apprai�al Institute and other organizations
Geogra.p.hic Experience
Throughout Florida Arizona Arkansas
California Georgia Minnesota
Nevada North Carolina Tenn�ssee
Texas Washington 5tate
Appraisinq\Consultinc�Experkise
Agricultural Land/Graves Large-Seale Planned Develapments
R�artment Complexes, 8-40C1+ Units Life Care Facifities
Automabile Dealerships Marinas
Cc�mmercial Buildings Mitigation Banks
Churches Mobile Horne Parks
Condc�minium Projects Multi-Tenant Shapping Centers
Er�viro�mentally Sensitive ���nds (7Ffice Buildings
Galf Courses Proper�y ir� Utigation
F3c�tcls and Motels Proposed Sut�clivision -Residential
Ir�dustrial Properties Shopping Centers
Vacant Commercial and R�sici�ntial Land Special FurE�osc� Properties
�c�a/ificafions - Niecvla L. Etlefson, MAI
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