HomeMy WebLinkAboutDocumentation_Regular_Tab 04c_08/14/2014 �
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An Appraisal Report
' Of �1.7567 Acres of Vacant Land
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' Located at 479 & 483 Seabrook Road
Village of Tequesta, Palm Beach County, FL 33469
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Prepared August 1, 2014 for:
� Village of Tequesta
345 Tequesta Drive
Tequesta, FL 33469
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As of: July 25, 2014
� Integra Realty Resources-Miami/Palm Beach
IRR #169-2014-0312
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Inteb a Realty Resources � �� ..::n[ , . , ,,, __. � _ ,, ._ „__,.
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� ����:: ���.�. ,G00 Douglas Rd. 819 S. Pederal Hw���. 47y� Enterprise �1��e. 28 �V. Ceutral I?h���
enclo Suite YOI Suite 201 Suite 201 Suite 300
Coral Gables. F'L �31.i�1 Siu, n, FL ;4994 Na�les. Fl_ 3410A Orlando, FL 320R1
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, August 1, 2014
, Village of Teguesta
C/o: Mr. Michael Couzzo, Village Mailager
345 Tequesta Drive
Tequesta, FL 33469
t Re.: 1.7567 Acres of Vacant Land
479 & 483 Seabrook Road
� Village of Tequesta, Palm Beach County, FL 33469
IRR File# 169-2014-0312
,
Dear Mr. Couzzo;
' As requested, attached is an appraisal of the above referenced property. The intended use is
to assist the intended user and our client, the Village of Tequesta, in a decision concerning
' the potential disposition of the subject property.
The purpose of this appraisal is to estimate inarket value "as is" of the fee simple interest of
� the subject parcel as of July 25, 2014 (the effective date of this report). The subject consists
of 1.7567 acres of vacant land currently zoned ROP (Recreation and Open Space). The
Village of Tequesta is contemplating selling the properiy and is in the process of changing
� the zoning to R1 which allows single family residential development with a minimum lot size
of 8,000 sq.ft.
� The market value estimate �concluded in this appraisal assumes the zoning is changed to
R-1. We were not provided a subdivision plat of the subject. We estimated a subdivision
based on the zoning requir�ments and are making the assumption it will be acceptable
' to the Village. Our projection assumes the parcel can support residential subdivision of
five lots. If additional information to the contrary becomes available as to the number
of lots that can be developed, we reserve the right to revise the value estimate concluded
� herein to compensate for arny addition or diminution of buildable lots.
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479 & 483 Seabrook Road, Tequesta
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' Village of Tequesta
C/o: Mr. Michael Couzzo, Village Manager
� William Rezendes, MAI personally viewed the site on Ju1y 25, 2014 and Scott M. Powell,
MAI viewed the site on a later date. We perfonned all of the research, data verification and
analyses contained herein. The attached report and value estimates indicated below are
� subject to all assumptions and limiting conditions detailed in the addendum.
The appraisal is intended to confonn with the Unifonn Standards of Professional Appraisal
� Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute and applicable state appraisal regulations. The appraisal is
also prepared in accordance with the appraisal regulations issued in connection with the
� Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).
To report the assigninent results, we use the Appraisal Report option of Standards Rule 2-
, 2(a) of the 2014-2015 edition of USPAP. As USPAP gives appraisers the flexibility to vary
the level of infonnation in an Appraisal Report depending on the intended use and intended
users of the appraisal, we adhere to the Integra Realty Resources internal standards for an
' Appraisal Report — Standard Format. This type of report has a inoderate level of detail. It
summarizes the infonnation analyzed, the appraisal inethods einployed, and the reasoning
that supports the analyses, opinions, and conclusions. It rneets or exceeds the former
� Summary Appraisal Report requirements that were contained in the 2012-2013 edition of
USPAP. A signed certification is included in the body of the report as well.
' Our conclusion, as of July 25, 2014 assuming a typical exposure time', is:
� Opinion of Market Value "As Is: $300,000
� Thank you for the opportunity to provide this appraisal, please contact us with any questions.
Sincerely,
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' Scott M Powell, MAI William Rezendes, MAI
State-Certified General REA #RZ2809 State-Certified General REA #RZ2507
' Managing Director — Palm Beach Director
Ph. 772-463-4131
Email: spo�velIi��irr.com
' ' Estimated at 6 to 12 months "as is".
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479 & 483 Seabrook Road, Tequesta
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� Table of Contents
Executive Summary of Salient Facts and Conclusions ............................................................. 1
' Statement of Important Considerations ................................................................................ 2
Scope Work ...................................................................................................................... 2
Purpose .............................................................................................................................. 3
' Intended Use and User ...................................................................................................... 3
Property ................................................................................................................. 3
Effective ................................................................................................................... 3
� Subject Pictures ................................................................................................................. 3
Definition of Value . . 5
Exposure / Marketing Time ......................................................................................... 6
Market Study and Absorption Analysis ................................................................................ 6
, Inferred Analysis ............................................................................................................... 6
Primary Competition ......................................................................................................... 6
Conclusions ....................................................................................................................... 7
� Property Identification and Legal Data ..................................................................................... 8
Property History .................................................................................................................... 9
' Economic Analysis ................................................................................................................... 10
Palm Beach County Area Analysis ..................................................................................... 10
Population ....................................................................................................................... 10
� Employment .................................................................................................................... 11
Gross Domestic Product ................................................................................................. 12
Income Education and Age ............................................................................................ 13
' Conclusion ...................................................................................................................... 14
Neighborhood Discussion ................................................................................................... 15
Demographics ................................................................................................................. 16
Conclusions ............... ....... 17
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Site Data and Analysis ............................................................................................................ 18
Site Survey .................................................................................................................. 21
' Aerial Map .................................................................................................................. 22
Land Use and Zoning .......................................................................................................... 23
Conc lus ions ............. . ... ... . ............... . ... . .. . .. . ... ................ . ... ... ............. ... . .. . ...... ......... . .. . ... .. 27
Assessment and Tax Analysis ............................................................................................. 27
, Highest and Best Use .............................................................................................................. 28
As Vacant ............................................................................................................................ 28
Typical Purchaser ........................................................................................................ 30
� Valuation Analysis .................................................................................................................. 31
Valuation Methodology ...................................................................................................... 31
Sales Comparison Approach — Lot Pricing ............................................................................. 32
' Comparable Land Sales Map ...................................................................................... 34
Land Sales Analysis ............................................................................................................ 34
Adjustments to Comparable Land Sales ............................................................................. 36
, Land Value Reconciliation and Conclusions ...................................................................... 37
Income Capitalization Approach ............................................................................................ 38
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479 & 483 Seabrook Road, Tequesta
� Subdivision A roach ...................................................... ...
Pp . ............................................... 39
Discount Rate Derivation ..................... 40
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Discounted Flow .................................................................................................... 40
Summationof Value ............................................................................................................... 42
� Certification ............................................................................................................................ 43
Assumptions and Limiting Conditions ............................................................................... 44
Extraordinary Assumptions, Hypothetical and/or Special Conditions ........................... 47
Addendum. . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . .. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8
, Appraiser Qualifications ..................................................................................................... 49
Definitions........................................................................................................................... 50
Subject ........................................................................................................................ 52
' Property Card .................................................................................................................. 53
Subject ................................................................................................................... 54
MarketData ........................................................................................................................ 56
' Land Sales Comparables ................................................................................................. 57
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479 & 483 Seabrook Road, Tequesta
1 Executive Summary of Salient Facts and Conclusions
' Address: 479 & 483 Seabrook Road, Village of Tequesta
Palm Beach County, FL 33469
' Property Parcel Number: 60-42-40-25-00-000-5140
� Census Tract Number: 1.01 (2014)
Property Type: Vacant Unimproved Land
' Date of Value Estimate: July 25, 2014
, Defined Value: Market Value "As Is"
Property Rights Appraised: Fee Simple Interest
� Site Size: 1.7567 Acres (76,522 +/- sq.ft.)
' Zoning: ROP (Recreation and Open Space),
Proposed change to R-1 (Residential)
, Future Land Use: ROP (Recreation and Open Space),
Proposed change to Low Density Residential
' Highest and Best Use: Future development of residential use
Exposure TimelMarketing Period: Estimated at 6 to 12 Months, see the Exposure
� Time/Marketing Period section
Our conclusion, as of July 25, 2014 assuming a typical exposure time, is:
' Opinion of Market Value "As Is: $300,000
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479 & 483 Seabrook Road, Tequesta
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Statement of lmportant Considerations
' The residential and commercial markets in Palm Beach County experienced significant
development from 2002 to 2007. However, the residential market, like most of the region and
, the country, experienced significant decreases in market values since the peak of 2005/2006.
Our interviews with brokers, agents, developers and investors in the market area indicate
demand is increasing but not to the point that speculative new construction is �nancially
' feasible at the present time. Some land banking is evident as investors see opportunities to
purchase unimproved land at reasonable prices.
' We appear to be emerging from the depths of a profound recession in the real estate market
which began in December 2007 and economists believe ended in June 2010. The effects of
the recession are lessening as unemployment is decreasing. Recently, it appears that
' consumer confidence is on the upswing.
Generally, the data from the last year has shown an mcrease in demand for residential
� properties as values have slightly increased. We appear to be past the bottom in the downturn
and sales absorption is improving. Barring any unforeseen negative global events, the local
real estate is anticipated to improve for the foreseeable future.
' Scope of Work
, William Rezendes, MAI personally viewed the subject site on July 25, 2014, the effective
date of this report. Scott M. Powell, MAI viewed the site on a later date. The subject history
and its relevant data (e.g., assessment/taxes, zoning, flood zone, etc.) were obtained through
' public records. We relied on a site survey provided by the Village of Tequesta to determine
the site size and a copy is included in the Site Data and Analysis section of the report.
' Comparable data was researched throughout Tequesta and the abutting portion of Jupiter
with particular attention paid to similar land sales and listings. The comparables were
researched and personally inspected, and an extensive survey of area brokers and real estate
' agents was performed to identify market trends and select the most similar comparables.
Once all of the research and verification of data was completed, we considered all of the
� valuation techniques and performed analyses to implement those deemed relevant. We then
reconciled the highest and best use of the subject site "as vacant".
� The sales comparison approach was applied to value the individual proposed lots. However,
insufficient data on bulk lot sales relative to small, mid-priced projects prevented us from
estimating the subject's "bulk" value via sales comparison. Therefore, an income
' capitalization approach was applied via subdivision analysis, a discounted cash flow analysis
method, for the complete absorption and "bulk" value of the lots i.e., the entire project's
market value "as is" to a single purchaser.
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479 & 483 Seabrook Road, Tequesta
r Purpose
� The purpose of this report is to estimate the market value of the subject "as is" in its current
undeveloped state.
r Intended Use and User
' The intended use is to assist the intended user and our client, the Village of Tequesta, in a
decision concerning the potential disposition of the subject property.
, Property Rights
' The fee simple property rights are appraised for the subject parcel as it is unencumbered by
any leases.
, Effective Date
� The effective date of this report for the market value estimate "as is" is July 25, 2014.
Subject Pictures
� The following page contains photographs of the subject taken at the time of the site visit and
viewing on July 25, 2014.
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479 & 483 Seabrook Road, Tequesta
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Front view of Subject facing west_ Front view of Subject facing northwest
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Street view of Seabrook Road facing north Street view of Seabrook Road facing south
(Subject on left) (Subject on rigl�t)
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� View of north perimeter of subject Rear view of Subject facing east
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479 & 483 Seabrook Road, Tequesta
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Definition of Value
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The Appraisal Institute provides the following definition and clari�cation of market value:
, The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in
other precisely revealed terms, for which the specified property rights should sell after
� reasonable exposure in a competitive market under all conditions requisite to a fair sale, with
the buyer and seller each acting prudently, knowledgeably, and for self-interest, and
assuming that neither is under undue duress�
� The following definition of maxket value is used by agencies that regulate federally insured
financial institutions:
� Market value means 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 and knowledgeably, and assuming the price is not affected by undue stimulus.
Implicit in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
� • Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider
their best interests;
� • A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial
' arrangements comparable thereto; and
• 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.
� (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at
57 Federal Register 12202, Apri19, 1992; 59 Federal Register 29499, June 7, 1994)
The above definitions are consistent with the definition of market value provided by the
' Uniform Standards of Professional Appraisal Practice (USPAP). Both the Appraisal Institute
and USPAP require a reasonable exposure time in the open market, discussed in the
following section.
, Additional definitions are in the addendum.
�
' Z Dictionary of Real Estate Appraisal, 4�' Ed., Appraisal Institute.
3 Ibid.
, Inoeg.a ReaIH Resouces
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479 & 483 Seabrook Road, Tequesta
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Exposure Time / Marketing Time
� Exposure time is always presumed to occur prior to the effective date of the appraisal.
However, marketing time is prospective, i.e., looking forward.
� Discussions with brokers, developers, and owners indicate that there is increased demand
currently for residential vacant land as we appear to be emerging from the economic
� recession which economists believe began in December 2007 and ended in June 2010.
Given the subject's location and the scarcity of vacant developable residential land in
, Tequesta, a reasonable exposure time is reconciled at 6 to 12 months when reasonably priced
and professionally marketed. Finally, moderate demand for similar properties supports
marketing periods commensurate with the reconciled exposure time of 6 to 12 months.
� MARKET STUDY AND ABSORPTION ANALYSIS
To value the subject "as is" a study of supply and demand for competitive properties must
� first be undertaken. This involves an analysis of absorption, or sellout, for the individual lots
and also includes estimating the lot values.
� A fundamental analysis is developed by reviewing demographic trends and projecting future
demand based upon population growth and related purchasing power. However, it is a
difficult undertaking for properties like the subject because the demand is not directly linked
� to growth forecasts. Rather, it is linked to housing preferences among buyers. Therefore, a
fundamental analysis is not applied.
Inferred Analysis
� The purpose of an inferred market study is to estimate or infer expectations of the overall
market, such as sale prices and absorption, by analyzing competitive properties. The subject
� is assumed to support development of 5 residential lots averaging 8,000 sq.ft. in size. Our
analysis of competitive projects comprises those developments located in Tequesta and the
neighboring portion of Jupiter, with specific attention paid to:
� a. Property type (single-family non-waterfront homes/home-sites);
b. Prospective purchasers (those that can afford to purchase in similar priced projects);
c. Recent projects and/or those existing projects with recent re-sales (as alternative
� housing choices).
Primary Competition
' We found no residential subdivisions that are offering lots for sale in Tequesta. One small
residential subdivision in Jupiter has experienced sales recently. We spoke with Neal Vander
� Waal of Vander Waal Realty (561-758-5364) who is involved with the sales at Cinquez Park
in Jupiter north of Indiantown Road. He began marketing the lots either vacant or with new
1,700 sq.ft. single family dwellings in January 2013 and has sold 19 parcels since then
� indicating absorption of one lot per month.
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479 & 483 Seabrook Road, Tequesta
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We examined residential land sales data found on the MLS. The search criterion was non-
� waterfront lot sales that occurred within the past year listed between $50,000 and $250,000 in
the cominunities of Jupiter, arid Tequesta. The search found 28 sales with an average sales
price of $98,732. This indicates annual absorption of 28 lots per year.
' Information is deemed to be reliable, but is not guaranteed. �O 2014 MLS and FBS. Prepared by Angie M Hart on Monday, July 28,
2014 12:43 PM. The information on this sheet has been made available by the MLS and may not be the listing of the provider.
' OriP� Ce �ist Price Sale Price CDOM Che % Che
9 9
This Search (-- Matches)
, Volume -- $3,231,600 $2,764,500
■P,verage -- $115,414 $98,732 240 -- --
� �Median =_ $92,500 $83,000 60 =_ __
❑Low $55,000 $35,000 0
❑High -- $250,000 $250,000 2,013 -- --
� Number of listings" -- w/Orig. Pr. 28 28 sold 28 0 changed price
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We also examined current listings for non-waterfront lots using the saine search criteria. This
� search shows 46 lots available for sale excluding the subject lots. This data indicates an 18
month supply assuming no new lots come on the market.
� CONCLUSIONS
In summary, given all of the �narket data and assuming pricing commensurate with the
market values reconciled herein, we estimate that a prudent developer would market the lots
� while going through the approval process (estimated at 9 months) and site preparation which
includes constructing a street with utilities (estiinated at 3 months). The 5 lots will sell out in
3 months after all permits are approved and all infrastructure is complete which we estimated
� to be by July 2015. All five lots are projected to be sold by October 2015.
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479 & 483 Seabrook Road, Tequesta
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� Property Identification and Legal Data
1 Property Parcel Number: 60-42-40-25-00-000-5140
Census Tract Number: 1.01 (2014)
� Owner of Record: Village of Tequesta Florida
Type of Ownership: Fee Simple Estate
� OR Book/Page: 24230/878
Date of Deed: November 17, 2410
Date Recorded: December 2, 2010
� Consideration: $225,000
Grantor: FLI, LLC
� Legal Reference: The following legal description was taken from
the subj ect deed.
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Se,etion Trncuty-Fjve (25) after streeta �ve �esteal�ahed.
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� Tl�e pervel af p►roPert�' conveyed he�sby � all��a and de�cribed aa:
�'�' � �
T'�e Fa�st 2S fcet of the Weat 5�5 fe�tt ofi the Nort�,�'eet of the Northe�tet Qwrtcr (IVE �'j Qf t6e Southea�t
� Quarber (SE'�ij of Sa�tion �S, Ta�►aship 40 SottHy Rutge 42 E�at, Peim &�ch ConMy, Fbritln.
�
� � lY Resouoes
Page 8
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479 & 483 Seabrook Road, Tequesta
�
Property Histor}r
� The last transfer was a warranty deed from the prior owners, FLl, LLC to Village of
Tequesta Florida. The recorded consideration was $225,000 and was considered an arm's
� length transaction. According to a representative of the Village, the property was improved
with two structures and a pool. One of the structures was an historic former train depot
station that was removed from the site and donated to the Town of Jupiter for preservation.
� The other structure was demolished and it is assumed the pool was filled in.
At present, no development has occurred on the site. According to a Village of Tequesta
� representative, the property has not been listed for sale since it was purchased in 2010.
Other than the aforementioned activities, we are not aware of any other transfers, listings/
offerings, and/or signi�cant improvements/ alterations during the past three years.
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479 & 483 Seabrook Road, Tequesta
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� ECONOMIC ANALYSIS
PALM BEACH COUNTY A,REA ANALYSIS
� Palm Beach County is located in southeastern Florida approximately 70 miles north of
Miami. It is 1,970 square miles in size and has a population density of 687 persons per square
� mile. Palin Beach County is part of the Miami-Fort Lauderdale-Pompano Beach, FL
Metropolitan Statistical Area, hereinafter called the Miami MSA, as de�ned by the U.S.
Office of Management and Budget.
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Tequesta FL 334r,y a n t! C
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� Population
Palm Beach County has an estimated 2014 population of 1,377,598, which represents an
average annual 1.1 % increase over the 2010 census of 1,320,134. Palm Beach County added
� an average of 14,366 residents per year over the 2010-2014 period, and its annual growth rate
is similar to that of the State of Florida.
� Looking forward, Palm Beach County's population is projected to increase at a 1.1% annual
rate from 2014-2019, equivalent to the addition of an average of 15,542 residents per year.
The Palm Beach County growth rate is expected to be similar to that of Florida.
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Population Trends
� Popul ati on Compound Ann. % Chng
2010 Census 2014 Est. 2019 Est. 2010 - 2014 2014 - 2019
VillageofTequesta 5,629 5,661 5,753 0.1% 03%
Palm Beach County, FL 1,320,134 1,377,598 1,455,310 1.1% 1.1%
� Florida 18,801,310 19,654,457 20,782,174 1.1% 1.1%
Source: Clar
� Employment
Total employment in Palm Beach County is currently estimated at 518,426 jobs. Between
year-end 2003 and the present, employment declined by 6,775 jobs, equivalent to a 1.3% loss
� over the entire period. There were declines in employment in five out of the past ten years,
influenced in part by the national economic downturn and slow recovery. Although many
areas suffered declines in employment over the last decade, Palm Beach County
� underperformed Florida, which experienced an increase in employment of 0.6% or 47,926
jobs over this period.
� A coinparison of unemployment rates is another way of gauging an area's economic health.
Over the past decade, the Palm Beach County unemployment rate has been generally higher
than that of Florida, with an average unemployment rate of 7.1% in comparison to a 6.9%
� rate for Florida. A higher unemployment rate is a negative indicator.
Recent data shows that the Palm Beach County unemployment rate is 5.6% in comparison to
� a 6.2% rate for Florida, a positive sign for Palm Beach County economy but one that must be
tempered by the fact that Palm Beach County has underperformed Florida in the rate of job
growth over the past two years.
� Employment Trends
Total Employment (Year End) Unempioyment Rate (Ann. Avg.)
Palm Beach % % Palm Beach
� Year County Change Florida Change County Florida
2003 525,201 7,453,831 5.7°h 53%
2004 546,320 4.0% 7,726,652 3.7% 5.1% 4.7%
2005 566,649 3.7% 7,990,613 3.4% 4.2% 3.8%
� 2006 579,283 2.2°� 8,128,744 1.7% 3.6% 3.3%
2007 567,730 -2.0% 8,014,4Q8 -2.4% 4.2% 4.0°�
2008 526,983 -7.2% 7,585,913 -5.3% 6.5% 6.3%
� 2009 500,832 -5.0% 7,209,010 -5.0% 10.5% 10.4%
2010 500,197 -0.1% 7,260,875 0.7% 11.4% 11.3%
2011 512,264 2.4% 7,368,030 1.5% 10.5% 10.3°h
2012 523,279 2.2% 7,538,166 2.3% 8.8% 8.8°�
� 2013* 518,426 -0.9% 7,501,757 -0.5% 7.1°h 7.2°h
Overall Change2003-2013 -6,775 -1.3% 47,926 0.6%
Avg Unemp. Rate 2003-2013 7.1� 6.9%
UnemploymentRate-Apri12014 5.6°� 6.2%
� *Total empioyment data is as ofSeptem6er 2013; unemployment rate data reflects the average of 12 months of 2013.
Source: Bureau of labor Statistics and Economy.com. Empioyment figures are from the Quarteriy Census of Employment and Wages (QCEW f.
Unempioyment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted.
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� � ty Resouress
Page 11
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479 & 483 Seabrook Road, Tequesta
� Ma'or em lo ers in Palm Beach Coun are shown in the followin table.
J P Y tY g
� Major Employers - Palm Beach County, FL
Name Number of Empioyees
1 Tenet Healthcare Corporation 4,500
� 2 Hospital Corporation ofAmerica 3,411
3 Florida Power & Light 3,250
4 The Breakers 2,300
� 5 Office Depot 2,180
6 U.S. Sugar Corporation 1,800
7 Florida Crystals 1,800
� 8 Boca Raton Resort & Club 1,650
9 AT&T 1,300
10 Pratt & Whitney Rocketdyne 850
Source: Enterprise Florida, Inc.
�
Gross Domestic Product
� Gross Domestic Product (GDP) is a measure of economic activity based on the total value of
goods and services produced in a defined geographic area. Although GDP figures are not
available at the county level, data reported for the Miami MSA is considered meaningful
� when compared to the nation overall, as Palm Beach County is part of the MSA and subject
to its influence.
� Economic growth, as measured by annual changes in GDP, has been considerably lower in
the Miami MSA than the United States overall during the past eight years. The Miami MSA
has declined at a 0.0% average annual rate while the United States has grown at a 1.0% rate.
� As the national economy improves, the Miami MSA has recently performed better than the
United States. GDP for the Miami MSA rose by 3.5% in 2012 while the United States GDP
rose by 2.5%.
� The Miami MSA has a per capita GDP of $41,271, which is 4% less than the United States
GDP of $42,784. This means that Miami MSA industries and employers are adding relatively
� less value to the economy than their counterparts in the United States overall.
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479 & 483 Seabrook Road, Tequesta
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Gross Domestic Product
� ($ Mil) ($ Mil)
Year Miami MSA % Change United States %Change
2005 237,627 12,539,116
� 2006 246,258 3.6% 12,875,816 2.7%
2007 248,617 1.0% 13,103,341 1.8�
2008 242,778 -2.3% 13,016,791 -0.7%
2009 225,268 -7.2% 12,592,668 -3.3%
� 2010 226,939 0.7% 12,897,088 2.4%
2011 229,$63 1.3% 13,108,318 1.6%
2012 237,834 3.5% 13,430,576 2.5%
� Compound %Chg (2005-2012) 0.0% 1.0%
GDP Per Capita 2012 $41,271 $42,784
Source: Bureau ofEconomicAnalysis and Economy.com; data released February 2014. The release ofstate and local GDP
� data has a longer lagtime than national data. The data represents inflation-adjusted "real"GDP stated in 2005 doilars.
Income, Education and Age
� Palm Beach County has a higher level of household income than Florida. Median household
income for Palm Beach County is $47,219, which is 6.5% greater than the corresponding
figure for Florida.
� Median Household Income - 2014
Median
� Palm Beach County, FL $47,219
Florida $44,318
Comparison of Palm Beach County, FLto Florida +6.5%
Source: Claritas
Residents of Palm Beach County have a higher level of educational attainment than those of
� Florida. An estimated 32% of Palm Beach County residents are college graduates with four-
year degrees, versus 26% of Florida residents. People in Palm Beach County are older than
their Florida counterparts. The median age for Palm Beach County is 44 years, while the
median age for Florida is 42 years.
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Ed ucation & Ag - 2
� PercentCollege Graduate Median Age
�
� $O% / SO 44 � ,. GZ
70 % 45
� �/ �
SO% �` 35
40% � 32 % 30
26% 25 .: w,
30 % 20
� 10% '" 10 ' r
Palm Beach County, FL Florida Paim Beach County, Florida
� FL
Source: Claritas
� Conclusion
The Palm Beach County economy will benefit from a growing population base and higher
income and education levels. Palm Beach County experienced a decline in the number of
� jobs, and had a generally higher unemployinent rate than Florida over the past decade. On
balance, we anticipate that growth in the Palm Beach County economy will be limited,
resulting in only a modest leve] of demand for real estate in general.
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479 & 483 Seabrook Road, Tequesta
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Neighborhood Discussion
�
A neighborhood typically encompasses a portion of a city, a coinmunity or an entire town. It
� is usually considered to be an area that exhibits a fairly high degree of homogeneous uses,
tenancy and certain other characteristics. A neighborhood is more or less an area with similar
property types and uses with somewhat definite boundaries.
� The subject is located in the ��illage of Tequesta, which is the most northeastern cominunity
in Palin Beach County and is abutted by Martin County to the north. This area is along
� Florida's southeast coast approximately 90 miles north of Miami and approximately 250
miles south of Jacksonville.
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� 5�" �
� ,..... ...............................��....................Cour�.a'..Linz..Fd...... � eahrookRd
�',p Gg Tequesta, FL'3469 f i a n t i C
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� �� 1
° � T � Jupiter Inlet
Sp � n � Coloiry
E 5 11
� Roebur,k Rd �
�
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\}, Ftt
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e; e 3rd St �
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� ioa > o
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Co riuM G and P 19&8=1GOA A�icm_c�ft Cu oration andlor its su Iiers..Nl qhts re>'erar?,��+ Pet1�a DY Tone�� Penn� DY '�zlha���ef1 _
� The boundaries immediately surrounding the subject area are:
North: Jonathal� Dickinson State Park / Martin County
� South: Town of Jupiter
East: Intracoastal Waterway / Atlantic Ocean
� West: Loxahatchee River
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� Nei hborhood ro erties are mostl residential sin le famil dwellin b' t'
g p p y g y gs uil m the
� 1970's/2000's. Jonathan Dickinson State Park abuts the neighborhood to the north in Martin
County. Riverside Memorial Park, a cemetery, is situated on County Line Rd. Some of the
neighborhoods to the west of the subject are gated communities, some with private golf
courses and water access for boats.
1 The immediate sub'ect nei hborhood is bounded b Riverside Drive to the west Te uesta
J g Y , q
Drive to the south, County Line Road to the north, and Old Dixie Highway to the east. There
� is a small convenience store (7-11) at the corner of Seabrook Rd. and County Line Rd. The
Florida East Coast Railway abuts Old Dixie Highway. The Jupiter Hills Golf and Country
Club, which is a private gated community, is located just north of Old Dixie Hwy in Martin
t County.
Federal Highway (US-1) is the primary north/south commercial corridor and is situated
1 approximately 1 /4 mile east of the subject neighborhood with a variety of property uses
including neighborhood retail strip centers, gasoline service stations, neighborhood
convenience stores, restaurants, banks, etc. Commercial properties were observed to be in
� good to average overall condition.
The Village Center which houses the police and fire departments and municipal offices is at
� the southern border of the subject neighborhood on Tequesta Drive.
� Demographics
A demographic profile of the surrounding area, including population, households, and
income data, is presented in the following table.
�j Surrounding Area Demographics
Paim Beach
2014 Estimates 1-Mite Radius 3-Mile Radius 5-Mile Radius Countv, fL Florida
� Population 2010 8,205 38,278 71,980 1,320,134 18,801,310
Population 2014 8,310 39,893 76,608 1,377,598 19,654,457
Population 2019 8,535 42,121 82,365 1,455,310 20,782,174
Compound%Change2010-2014 0.3% 1.0% 1.6% l.l�0 1.1%
� Compound%Change2014-2019 0.5% 1.1% 1.5% 1.1�0 1.1%
Households 2010 3,810 16,433 31,316 544,227 7,420,802
Households 2014 3,876 17,188 33,200 565,076 7,745,850
� Households 2019 3,997 18,215 35,650 595,500 8,189,812
Compound % Change 2010-2014 0.4% 1.1% l.Sq 0.9� 1.1%
Compound % Change 2014-2019 0.6% 1.2% 1.4% 1.1% 1.1%
Median Household Income 2014 $56,657 $59,233 $59,675 $47,219 $44,318
� AverageHouseholdSize 2.1 2.3 2.3 2.4 2.5
CollegeGraduate� 39% 39% 42% 3290 26%
Median Age 50 SO 48 44 42
Owner Occupied % 80� 81% 78% 71� 67%
� Renter Occupied % 20% 19% 22% 29% 33%
Median Owner Occupied HousingValue $240,593 $251,440 $257,382 $190,613 $155,802
Median Year Structure Built 1980 1983 1987 1985 1985
Avg.Travel Timeto Work in M 25 2 25 26 28
Sou Cla ritas
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� � Resc�uaes
Page 16
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479 & 483 Seabrook Road, Tequesta
' As shown above the current o ulation within a 3-mile radius of th ' ct i 3
, p p e sub�e s 9,893, and
the average household size is 2.3. Population in the area has grown since the 2010 census,
' and this trend is projected to continue over the next five years. Compared to Palm Beach
County overall, the population within a 3-mile radius is projected to grow at a similar rate.
' Median household income is $59,233, which is higher than the household income for Palm
Beach County. Residents within a 3-mile radius have a higher level of educational attainment
than those of Palm Beach County, while median owner occupied home values axe
' considerably higher.
Conclusions
, The neighborhood's life cycle is stable at this time as it is more than 95% develo ed and
P
demand for neighborhood residential properties appears to be strengthening as we emerge
� from the recent recession. There were no adverse influences observed that would negatively
impact market values. This situation is expected to continue for the near future as we emerge
from the recent recession and demand continues to return to more normal levels.
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479 & 483 Seabrook Road, Tequesta
�
Site Data and Analysis
�
Site Area, Shape, and Frontage
, The subject site is located in the Village of Tequesta on the west side of Seabrook Road. The
site is a mostly rectangular shaped parcel containing 1.7567 acres (76,522 +/- sq.ft.) with
' approximately 130 feet of frontage along Seabrook Road and an average depth of 589 feet,
according to the subject site survey provided by our client.
� Topography
The site is at the grade of the road and appears generally level.
� Drainage, Soil and Subsoil Conditions
� Drainage appears to be adequate, and no hazardous waste or any adverse soil or subsoil
conditions are known.
' Detrimental Conditions
There are no apparent detrimental conditions visible on or near the site. We are not aware of
' any conditions that adversely affect the site's value as a result of land use and/or
development potential.
Easements and/or Encroachments
' No adverse easements of record, restrictions other than zonin /land use , or other
� g )
encroachments are known that could adversely affect the site's value (i.e., use and/or
� development).
Utilities
' The site has the availability of public/municipal utilities along the frontage of the site as
follows: water, sewer, gas, electric, telephone, and cable TV.
� Streets, Access, and Visibility
� The site has good access and visibility from Seabrook Road which is a north/south road
within the neighborhood. Street improvements are as follows: two way public street, one lane
in each direction, asphalt paved, no streetlights, storm sewers, concrete sidewalks, curbs, and
, gutters, overhead electric and telephone lines.
,
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� Inse9r+ FtealH Reso�aoes
Page 18
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479 & 483 Seabrook Road, Tequesta
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Site Improvements
! The site is mostly cleared and grassed. Mature trees and native vegetation are situated mostly
on the southern portion of the site. There are wood stockade fences along the north and south
1 perimeters of the site that appear to be owned by the abutting property owners.
There is a curb cut at the north entry to the site and remnants of a gravel driveway that was
used when the prior dwelling was on the site. Telephone poles are situated along the north
� perimeter of the site.
Parking
r Currently, there are no parking spaces on the site as it is vacant.
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Page 19
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479 & 483 Seabrook Road, Tequesta
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� Flood Zone
The subject site is located in Community Panel 120228 0001 C of the National Flood
� Insurance Program, Effective Date: September 30, 1982 and are located in Flood Zone "C"
which is defined as an area of minimal flooding.
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479 & 483 Seabrook Road, Tequesta
�
Aerial Map
'
An aerial of the subject site is shown below which was taken from the Property Appraiser's
' website.
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Page 22
�
'
479 & 483 Seabrook Road, Tequesta
�
� Land Use and Zoning�
The subject site is zoned R-OP (Recreation and Open Space) by The Village of Tequesta
� with the future land use the same (R-OP). An excerpt from the zoning map is shown below
with the future land use map �n the following page.
- I�he '�'illa�e of
, TE,C� U �ST.�.
' ZC)1\ I1'r'CX MAP
:,_,: ._:...
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TRY RETENT[ON 1
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, 59 58 S7 56 55 54
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. 'Jl—+=.�� .ASCIL'TlPIS P'4A�FTLY �WSLLING 2SISTAFGT
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' R—l?P RLCRE'ATlOX AND OPE.N 3PAC.E
' �'
Page 23
�
,
479 & 483 Seabrook Road, Tequesta
� Future Land Use Ma
P
' 1 - . . �
\ :I \ �.� \ 1y. !� ;,\ i i
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� - T'T r1?T,TI�' T�'I rTl,l?T;ti�(;',�� -M1:�TJ7 C:Tx'l�T ��+�;�l�.ti
� As previously stated, the Village intends to sell the subject for residential development and
intends to re-zone the parcel back to R-1, which was the zoning prior to thein purchasing the
property in 2010 and re-zoning the site to R-OP. We are assuming the R-1 zoning will be
� reinstated and are appraising the property based on this prernise. The following excerpts were
taken from the Tequesta Municode.
,
� � - -
Page 24
�
�
479 & 483 Seabrook Road, Tequesta
�
� Sec. 78-173. R-1 singie-family dwelling district.�
(a)
� Purpose. It is the purpose and intent of the R-1 single-family dwelling district to
provide lands within the village for single-family residential uses, consisting of no
more than one dwelling unit per any platted lot. Density shall not exceed 5.4
� dwelling units/gross acre based on a minimum 8,000-square-foot lot size. As in
the R-1A district, this district also recognizes the need for traditional single-family
� areas, however, at a slightly higher density.
(b)
Permitted uses. Permitted uses in the R-1 district are as follows:
� Single-family dwellings.
(c)
, Accessory uses. Accessory uses allowed in the R-1 district are as follows:
Private garages, swimming pools, spas and hot tubs, cabanas and
saunas, greenhouses, tennis courts, private docks, utility buildings,
� gazebos and any other similar use deemed appropriate by the building
official.
� (d)
Special exception uses. Special exception uses in the R-1 district are as follows:
(1}
' Schools and publicly owned and operated community buildings.
�2)
� Public utility structures and buildings such as water pumping plants,
electric substations, and police and fire stations.
(3)
' Parks and recreation facilities owned and operated by the village.
(4)
' Day care facilities, as may be required, regulated and licensed by
applicable state statutes and agencies.
(5)
� Foster care facilities, as may be required, regulated and licensed by
applicable state statutes and agencies.
(6)
� Group homes, as may be required, regulated and licensed by applicable
state statutes and agencies.
' �7�
Places of assembly (any size), subject to the following conditions:
� ���
Page 25
�
�
479 & 483 Seabrook Road, Tequesta
�
a.
� All presentations and events shall be conducted entirely within a
building.
b.
! Allowed accessory uses are: preschool and school facilities,
assembly halls, sanctuaries or similar meeting rooms, community
, centers or fellowship halls, administrative offices related to the
facility, gift shops for merchandise related to the facility,
playgrounds and athletic fields, and rectory or similar residence
' for religious officials or on-site caretakers, limited to one dwelling
unit.
(e)
� Prohibited uses and structures. The following uses and structures are prohibited
in the R-1 district:
� Any use or structure not specifically or by reasonable implication
permitted in this section as a permitted use, accessory use or permissible
by special exception.
' (Code 1977, app. A, § Vll(D)(2); Ord. No. 2-12, § 3, 4-12-2012)
' Minimum Setbacks
District Minimum Minimum Maximum Front Side Rear Maximum Minimum
Lot Size Lot Lot Yard Yard Yard Building Living Area
� Width Coverage Height Requirements
R-1 8,000 sq. 75 ft. 37% 25 ft. 7'/2 ft. 20 ft. 2 stories 1,200 sq. ft.
ft. for for /30 ft.
� main main main
buildi buildi building or
� ng ng or structure
and struct
access ure 1 story/15
ory ft. for any
� buildi 10 ft. accessory
ng for building or
any structure
1 20 ft. access
for ory
any buildi
� corner ng or
lot2 struct
ure
�
� � Resouaes
Page 26
�
�
479 & 483 Seabrook Road, Tequesta
�
Conclusions
� The only use permitted by right within an R-1 district is single family residential use with
subdivision of the site into buildable lots with a minimum size of 8,000 sq.ft.
� The Village has not provided us either a preliminary or final site plan depicting residential
lots on the site. We sketched a potential subdivision assuming a miniinum lot size of 8,000
� sq.ft. with a minilnum frontage of 75 feet, projecting a street corning into the site, and
concluded the parcel could accommodate 5 residential lots. We are assuming the Village will
approve residential development of the parcel with 5 lots.
�
Assessment and Tax Analysis
� The Palm Beach County Property Appraiser has assessed the subject parcel for 2013 as
follows:
� 2013 Assessment & Taxes
Address ParcellD Lund �alue I�nprovement Total �ulue Tuxes
� Yalue
483 Seabrook Road 60-42-40-25-OD-000-5140 $153,661 $0 $153 $0.00
� The subject is owned by the Village of Tequesta and is tax exempt. The subject's tax
assessment card is reproduced in the addendum.
�
�
'
�
�
�
�
� ' ` - _
Page 27
�
�
� 479 & 483 Seabrook Road, Tequesta
�
Highest and Best Use
�
The concept of highest and best use is market-driven, as the competitive forces within a
� property's market area directly impact it. As such, the trends observed in the preceding
sections are further analyzed to indicate their impact on the subject, both `as if vacant' and
`as improved'. The market conditions discussed, such as supply and demand, help to
� determine highest and best use, including maximum productivity and ideal improvements.
Highest and best use is defined as: the reasonably probable and legal use of vacant land or an
� 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.
There are three steps involved in highest and best use. The first step is to analyze potential
� uses for the site as vacant (including leaving it vacant). If the conclusion is to improve the
site, the second step is to identify an ideal improvement for the site. The last step involves
analyzing the site as improved (if applicable). Existing improvements are compared to ideal
� improvements and a conclusion is drawn to maintain the existing improvements or modify
the property to resemble its ideal improvements.
� Analysis of the subject site `as vacant' and `as improved' is performed by application of the
following four tests:
• Legal permissibility: uses allowed by pnvate restrictions (such as deed restrictions),
� or public restriction (such as zoning and land use).
• Physical possibility: uses which are physically possible, given the subject size,
configuration, etc.
� • Financial feasibility: legally permissible and physically possible uses that have
sufficient demand to indicate value commensurate with cost.
• Maxlmum productivity: the feasible use which returns the most value to the site.
' As Vacant
� Highest and best use of land or a site as though vacant is defined as: among all reasonable,
alternative uses, the use that yields the highest present land value, after payments are made
for labor, capital, and coordination. The use of a property based on the assumption that the
� parcel of land is vacant or can be made vacant by demolishing any improvements.
The four tests are applied to the subject as follows:
�
� ° Dictionary of Real Estate Appraisal.
5 Ibid.
� � ty Resouaes
Page 28
�
�
479 & 483 Seabrook Road, Tequesta
� Le all Permissible Uses
g Y
� The subject parcel is currently zoned R-OP (Recreation and Open Space). As previously
stated, the Village intends to sell the subject for residential development and intends to re-
zone the parcel back to R-1, which was the zoning prior to them purchasing the property in
� 2010 and re-zoning the site to R-OP. We are assuming the R-1 zoning will be reinstated and
are appraising the property based on this premise. The only use permitted by right within an
R-1 district is single family residential use with subdivision of the site into buildable lots
� with a minimum size of 8,000 sq.ft. and a minimum frontage of 75 feet.
Physically Possible
� The Village has not provided us either a preliminary or final site plan depicting residential
lots on the site. We sketched a potential subdivision assuming a minimum lot size of 8,000
� sq.ft. with a minimum frontage of 75 feet.
Based on discussions with Nilsa Zacarias, Director of the Village of Tequesta Dept. of
� Community Development, we projected a 25 foot wide street coming into the site with a 10
foot buffer along the north perimeter of the site and allowed 10 feet for a sidewalk on the
south side of the proposed street and an 80 ft. diameter cul-de-sac at the end of the street to
accommodate emergency municipal vehicles, and concluded the parcel could accommodate 5
� residential lots. We are assuming the Village will approve residential development of the
parcel with 5 lots. The sites will be mostly rectangular to slightly irregular shaped. None of
� the infrastructure necessary for development has been constructed, but development of 5
residential lots appears to maximize its potential, and is physically possible.
An illustration of the projected subdivision is shown below.
�
� �
� �, � � �
o � ��
i �� �
� �-�9 �
�
_ as FT sT��� - `�
� ° r 9 9� 95 9s s
m, `
` o
� � �� � 3 � �`�`�
�,
,
1 I
S� 9 '
� No scale
, Intega Reslty Resouaes
Page 29
�
�
479 & 483 Seabrook Road, Tequesta
� Financiall Feasible
Y
� Based on our analysis of the market, there is increased demand for additional residential lots
at the current time. Sales of single family lots and houses have increased considerably in the
past year, although in most cases prices are down significantly from their peak in late
� 2005/early 2006. It appears that demand has increased, albeit at lower prices than the peak of
the market. The recovery of the market is underway accompanied by a rise in property values
to a level that justi�es the cost of new construction. Thus, it is anticipated that residential
� subdivision sell-out is financially feasible.
Maximally Productive
� There does not appear to be any reasonably probable use of the site that would generate a
higher residual land value than developing the property with a residential subdivision.
Accordingly, it is our opinion that developing the property with a residential subdivision,
� based on the normal market density level permitted by zoning, is the maximally productive
use of the property.
� Conclusion
Creating the subdivision for residential development is the only use that meets the four tests
of highest and best use. Therefore, it is concluded to be the highest and best use of the
� property as vacant. We are assuming the parcel can be subdivided into 5 residential lots and
will value the property accordingly.
;� Typical Purchaser
The most probable buyer of the lots in bulk is a speculator/investor or home builder.
�
�
�
�
�
�
�
� � �Y Reso�+oes
Page 30
,
�.
479 & 483 Seabrook Road, Tequesta
�
� VALUATION ANALYSIS
� VALUATION METHODOLOGY
Appraisers usually consider three approaches to estimating the market value of real property.
These are the cost approach, sales comparison approach and the income capitalization
� approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of
� producing a substitute property with the same utility. This approach is particularly applicable
when the improvements being appraised are relatively new and represent the highest and best
use of the land or when the property has unique or specialized improvements for which there
� is little or no sales data from comparable properties.
The sales comparison approach assumes that an informed purchaser would pay no more for
� a property than the cost of acquiring another existing property with the same utility. This
approach is especially appropriate when an active market provides sufficient reliable data.
The sales comparison approach is less reliable in an inactive market or when estimating the
� value of properties for which no directly comparable sales data is available. The sales
comparison approach is often relied upon for owner-user properties.
� The income capitalization approach reflects the market's perception of a relationship
between a property's potential income and its market value. This approach converts the
anticipated net income from ownership of a property into a value indication through
capitalization. The primary methods are direct capitalization and discounted cash flow
� analysis, with one or both methods applied, as appropriate. This approach is widely used in
appraising income-producing properties.
� Reconciliation of the various indications into a conclusion of value is based on an evaluation
of the quantity and quality of available data in each approach and the applicability of each
approach to the property type.
� The methodology employed in this assignment is summarized as follows. The sales
comparison approach was applied to value the individual lot values; however, insufficient
� data on bulk lot sales relative to small, medium priced projects prevented us from estimating
the subject's "bulk" value via sales comparison. The income capitalization approach was
applied via subdivision analysis, a discounted cash flow analysis method, for the complete
� absorption and "bulk" value of the lots, i.e., the entire project's market value "as is".
�
�
� m� �+� e�
Page 31
�
�
479 & 483 Seabrook Road, Tequesta
�
Sales Comparison Approach — Lot Pricing
�
There is a limited supply of land. When this factor is coupled with a site's ability to support a
� particular use or structure, and related demand, value is created. Prices may rise and fall
because of imbalances such as a shortage of available land for development or a lack of
demand for a particular use. However, over time the supply and demand of land moves
� toward equilibrium within a particular location. Market value is indicated by the most
probable, sustainable price. The principle of substitution indicates that buyers will not pay
more for a specific property than the price of other, similar available sites.
� Property rights must be considered when valuing land, including the rights to use, lease,
develop andJor subdivide (as examples). Public controls must also be addressed, such as
� easements and/or rights-of-way, and public or private restrictions (of use and/or
development). Zoning is the most common public use restriction, and specifies how a parcel
can be used and developed. Florida municipalities also have master plans that assist with
� managing long-term growth. The value of a particular site is also affected by its location,
physical characteristics and site improvements (both off-site and on-site). Site improvements
that rnay be considered are off-site and on-site utilities, as well as off-site streets, curbs,
� sidewalks and street lighting, etc. On-site improvements such as grading, utility hook-ups,
paving and/or landscaping are typically appraised along with vertical improvements (if
applicable), as they are affected by deterioration and obsolescence.
� A site's value is most dependent on•its highest and best use. Regardless of its improvements,
a site is valued based on its highest and best use "as if vacant". Improvements can either
contribute value to a site or they may reduce value. The latter case occurs when the
� underlying land is worth more when vacant than as improved, and the cost of removing the
existing improvements is taken as a subtraction from the land value (unless the market
accepts otherwise).
� Land can be valued by application of any of the followin methods:
g
� • Sales Comparison: see explanation that follows.
• Allocation
� • Extraction
• Income Capitalization
� Sales comparison is the most common and preferred method for valuing land when
comparable sales are available. This method is applied by analyzing sales of similar parcels,
with market-supported adjusttnents made to the comparables for their differences as
� compared to the subject. Elements of comparison typically include financing, conditions of
sale, and market conditions.
Other than location, size, and zoning, differences in other physical characteristics, such as
� frontage, access/visibility, shape, etc., are usually less important than the elements of
comparison discussed.
� � Reso�raes
Page 32
�
�
479 & 483 Seabrook Road, Tequesta
�
�
Our sales research focused on transactions within the following parameters:
� ■ Location: Tequesta and the northern portion of Jupiter:
■ Size: 5,000 sq.ft. — 20,000 sq.ft. lots;
� ■ Use: Single family residential non-waterfront lots;
■ Transaction Date: 2013 to Present.
� For this analysis, we used price per lot as the appropriate unit of comparison because market
participants typically compare sale prices and properiy values on this basis. The most
� relevant sales are displayed on the map that follows and described in the table on the
following page.
� We selected the sales and listings considered most similar to the subject. The sites are
considered to be competitive properties. Descriptions of the land sales are included in the
addendum.
�
�
�
�
�
�
�
�
�
� � �
Page 33
�
�
479 & 483 Seabrook Road, Tequesta
�
Comparable Land Sales 1VIap
�
up er
Island
�,'�Itfc�'� ...... ........ � r ,
`Q J .......................... � Line Rd Sale �
�� Faiiwap Id z �ISCypress�.
— 1i '- F�ndinq 5ale 5 � Te�auesta FL �34Eu
� _ , 1?151 `E Daniel Ln !� � i -
-'_;: j� Te uFSta F133459 �,� 2�� r�tfar�t�c
' � � � �`� Gr � --
; N,, µ � ��
- .-� s �0 �C22t1
__ .
� � ..� `< =�n G `: w
w. `� , � � M '�
� U °
� � c+� � �' � t� �- j ° `� _ :
�
N ' — �, ^ � a�n
7 ��,� ;� Subjecr 2
� � /i, ` 4?G °�.4�3 �eabroak Rd � Tequesta 7D7
Sale 2 r Te uest� FL 3.469
� _... Si
-� i t2 Fairaie�� ���+e�t �OVR� ��
....... ` _
� UVintling �a� Te uesta F1334hG �L� N 3
v �f �
� �, � �
' q Jupiter Inlet
.. .,
m Pennock A � Gr Colo�r
� � m ��n
o� � �
� $ �`h� � � Sale � �
1 �' Roebur,k Rr1 �' 1 �313i]kGrilLn �
� � C? � lupiter, FL 3345� �
U Q 1q ��
� � � 811 =
� o `
I' �
� y IF�� SdIP, j �� t � 7� �UDOIS
hurch St � - 1'6?U CinquEZ Fark Rd E � '�� '��k
_ _ �
, J Jupiter, FL 33458 � �t � — E�, � �,,,, ,'; : ^,
� � .,rd at � Norihview Dr ����� ��.
� _ rti A1A
��
1 sf St ; � � �° �'
��a; . ,,,, _ r � E��iErnia �( Jup�er
� L'a n M�t7 antl� �R)1988-20D91�4:msoft Cu ora�ion andlur rt_ ;u lier:. NI n�,aht: re>en�ed. W
� Land Sa/es Analysis
A Land Sales Comparison Grid is presented on the following page. Note: the comparable
� sales are summarized in the grid, with complete descriptions of the land sales included in the
addendum.
�
�
� � - ,
, ,�, . ,. ,., ,,: .
Page 34
�
�
479 & 483 Seabrook Road, Tequesta
�
Land Sales Comparison Grid
� Subject Sale 1 Sale 2 Sale 3 Sale 4 Pending Sale 5
Subtlivision NI Cypress Ridge Tequesta CC Cinquez Park NI La Costa
� Address 479 & 483 Seabrook Rd 515 Cypress Circle 112 Fairview West 17670 Cinquez Park Rtl 18130 F�oril Lane 19151 SE Daniel Lane
Tequesta Tequesia Tequesta Jupiier Jupiter Tequesfa
� Consideration $93,000 $169,900 $94,000 $150,000 $120,000
Property Rights Fee Simple Fee Simpie Fee Simpie Fee Simpie Fee Simple Fee Simple
Financing Assm. Cash Equiu. Similar Similar Similar Similar Similar
� ConditionsofSale NormalN�rkel Similar Similar Similar Similar Similar
% A�justment
$ Ad'usfinenf
� Market Conditions 25-Ju1-14 5•Aug-13 21•Mar•14 18�Ju1•14 11•Oct•13 Under Contract
Per Mnum P,tljuslmenl 12%
Pdjusted Sale Price $103,805 $176,679 $94,205 $163,980 $118,000
, Size (Square Feet) 8,000 8,700 12,000 14,810 22,042 9,278
Adjusted Price per Lot $103,805 $176,679 $94,205 $163,980 $118,000
Elements of Comparison
� Location �ood Average Very Good Fair Gootl Gootl
Inferior Superior Inferior Similar Similar
%P�jusiment 10% -25% 25% 0% 0%
� SAd'usfinen! S10 (544,170 523 SO �0
�ew Residential Resitlenlial Residenlial Resitlential Residential Residential
Similar Similar Similar Similar Similar
%Adjusfinent 0% 0% 0% 0% 0%
� S Atl usimenf SO $0 SO SO �0
Site Preparation Ready to Build Reatly to Build Reatly lo Builtl Ready fo Build Ready to Builtl Reatly to Build
Gootl Similar Similar Similar Similar Similar
%A�justment 0% 0% 0% 0% 0%
� SAd'ustment SO SO SO SO $0
Configuration Rectangular Naslly Rectangular Recfangular Rectangular Reclangular Naslly Reclangular
Similar Similar Similar Similar Similar
� %Atljusiment 0% 0% 0% 0% 0%
S Atljustmenf SO $0 SO SO �0
Size (sq.ft.) 8,000 8 12 14,810 22,042 9
Similar Superior Superior Superior Similar
� %A�ijustment 0% -10% -10% -25% 0%
S Adjuslment $0 (S17,668) (�9,420) �40,995) SO
Topography Level, Af Grade Level Ai Grade Level, Ai Grade Level Al Grade Level, At Grade Level, At Gratle
Similar Similar Similar Similar Similar
� NeiAdjustments $10,380 C�`,8�' $14,131 :-:,�:� $0
Intlicated Value (SFj $114,185 $114,841 $108,335 $122,985 $118
Overall Rating Similar Superior Inferior Superior Similar
� Mean Indication $115,G69
Median Indication $114,841
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�
Adjustments to Comparable Land Sa/es
�, The comparable land sales display unadjusted sale prices ranging from $93,000 to $169,900
per lot. The following elements of comparison were considered, with appropriate adjustments
� made as reconciled.
Property Rights: All of the sales were sold in fee simple at market and no adjustments are
� needed for this item.
Financing Terms: To the best of our knowledge, none of the comparable sales were sold
� subject to special financing. As such, no adjustments are made.
Conditions of Sale: All of the sales were sold under normal market conditions and no
� adjustments axe needed for this item.
Market Condition (Sale Date): The sales were each given positive 12% per annum market
condition adjustments applied to the subject's valuation date as values have increased during
� the past year as the market continues to improve.
� Location: The proposed subject sites are situated in a good location in the Village of
Tequesta with no adverse factors noted. Sales 4 and 5 were in similar locations. Sale 1 is
situated east of the subject closer to the train tracks which is inferior to the sub�ect and was
� given a positive 10% adjustment. Sale 2 is situated in Tequesta Country Club and is
considered 25% superior to the subject warranting a negative adjustment. Sale 3 is in a much
inferior location and a positive 25% adjustment was applied to this sale.
� View: The subject sites will have residential views. All of the comparable sales have
residential views that are considered similar to the subject and no adjustment was applied for
this item of comparison.
� Site Preparation: In valuing the subject sites, all infrastructure is assumed to be in place and
the sites are assumed to be cleared and ready to build on. Appropriate deductions for
� construction of infrastructure will be applied later in the discounted cash flow analysis. All of
the sales are vacant and ready to build on in established residential neighborhoods and no
adjustments were needed for site preparation.
� Configuration: The subject sites will be mostly rectangular shaped. All of the sales are
either mostly rectangular or rectangular and no adjustments are warranted for this item of
� comparison.
Size: Sales 1 and 5 are similar to the subject. Sales 2, 3, and 4 are all larger than the subject
� and negative adjustments of 10%, 10%, and 25% respectively were applied to these sales.
Topography: The subject sites are generally level and at street grade, as are all of the
� comparable sales; therefore, no adjustments are necessary for this item of comparison.
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�
Land Value Reconcili`ation and Conclusions
� As indicated in the Land Sales Comparison Grid, adjusted sale prices range from $108,335 to
$122,985 per lot. The data provided a mean indication of $115,669 per lot and a median of
� $114,841 per lot. Greater cor�sideration is given to Sales 1 and 2 as they are located in the
subject colnmunity. Based on this analysis, we have concluded a market value of $115,000
per lot.
� The retail values of the subje��t lots assuming completion of infrastnicture are summarized
below.
� Lot 1 $115,000
Lot 2 $115,000
� Lot 3 $115,000
Lot 4 $1 � 5,000
� Lot 5 $115,000
Aggregate of Retail Values $575 000
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�
Income Capitalization Approach
�
The income capitalization approach to value is based on the relationship between income and
� value. Puxchasers of income producing properties recognize a direct association between a
property's potential net operating income and the price they are willing to pay. This
relationship is based on the principle of anticipation, which generally states that value is
� created by the anticipation of benefits in the future. This principle can be applied to value a
property via direct capitalization by dividing its projected net operating income (NOI) by a
market derived overall capitalization rate that can be calculated from sales of similar
� properties. The income approach may need to account for anticipated changes in underlying
land values, as well as investor requirements and/or risk factors. Changes in risk and/or
investor requirements may warrant higher or lower rates of return, thereby impacting
capitalization and/or discount rates that account for risk.
�
The principle of supply and demand is basic to the income capitalization approach. Changes
� in supply and demand may affect future income streams by impacting rental rates and/or
occupancy levels as well as some variable expenses. Increased demand coupled with a supply
shortage can result in higher rental growth rates and increased stabilized occupancies.
� Conversely, a reduction in demand and/or an increase in supply can result in an oversupply
of a particular property type. Secause of the time required to develop real estate, a quick but
small increase in demand can spur more development than a market may be able to absorb.
Additionally, changes in demand may result in newer property types that more closely meet
� users' needs (or wants). These changes usually impact older property types in several ways,
including lower rental rates (or slower rental growth rates), increased vacancies (both longer
� lag-times between tenants and lower stabilized occupancies), as well as higher capitalization
and discount rates (which reflect additional risk).
The income capitalization approach utilizes many agents in production that affect income and
� expenses for income producing properties. The various economic principles used are:
Anticipation and Change, Supply and Demand, Substitution, Balance and Externalities. Since
all of these economic principles are also used in the other approaches to value, it can be seen
� that the income approach is inter-related with market data information. The improvements on
the site can generate income or earnings, usually through their rental. After various expenses
are deducted from this income, a net amount remains which can then be capitalized to
� estimate the value conclusion. Capitalization takes two forms: Direct Capitalization and
Yield Capitalization.
� The relationship of income to value can be quantified by an overall capitalization rate in
direct capitalization. An overall capitalization rate reflects the relationship between a single
year's net operating income and its sale price. A capitalization rate is used to convert net
� operating income into an indication of value. Direct capitalization involves a single year's
income production, and is appropriate when a property's NOI is anticipated to remain
relatively constant over time (i.e., the neax future). An overall capitalization rate (Ro) is
� calculated by dividing a property's potential NOI by its value. NOI is estimated by
� � ti Resouus
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479 & 483 Seabrook Road, Tequesta
� deductin all of the ex enses incurred b the owner includin reserves for t
g p y ( g he replacement
� of short-lived components) from the effective gross income (EGI). EGI is a property's
potential gross income (PGI) exclusive of vacancy and collection loss.
When conditions exist that indicate a property's projected income will vary over time,
� several years' NOI's can be discounted, along with an estimate of value at the end of the
income stream (reversion), to indicate value. This procedure, known as yield capitalization
(or discounted cash flow analysis (DCF)), is typically applied when projecting income
� streams into the future is relatively easy, when income is expected to vary, or when buyers of
certain property types make purchasing decisions based on DCF's. A discount rate is a yield
rate used to convert expected future payments into a present value. A yield rate is a rate of
� return on capital; it is typically expressed as a compound annual percentage rate.
SUBDIVISION APPROACH
� The following is a summary of assumptions/conclusions.
,� Sales and Absorption Projections:
Number of Sites: 5 Vacant Lots
� Absorption Rate: We estimate that the 5 lots will sell out in 3 months.
This absorption is expected to occur after all municipal
� permits are obtained and infrastructure is completed
which is projected to take approximately 12 months.
Average Lot Value as of 7I2014: $115,000
� Market Appreciation Rate: 12% per year appreciation through sellout period as
market improves.
Expense Projections:
� Real Estate Taxes: None projected for the first year as the property is tax
exempt. Second year estimated at $2,000 per lot.
� Applied to the subject based on the remaining lots (i.e.,
diminishing as lots are absorbed).
� Site Preparation Costs: Estimated at $20,000 per lot =$100,000 for
infrastructure and $5,000 per lot =$25,000 for soft
costs including permits, etc. Total: $125,000.
� Sales/Marketing Costs: Applied at 5.0% of Gross Sales, to account for typical
Realtors fees, in-house sales/marketing expenses (or a
combination of both).
I Admin./Overhead Costs: Applied at 1.5% of Gross Sales
Closing Costs: Applied at 1.0%, based upon typical transactions
� Misc. Costs/Fees, Contingency: Applied at 0.5% of Gross Sales
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� Profit Risk and Pro'ect Costs:
> > J
� Entrepreneurial Incentive: Profit can be applied as a separate line item (via a
bifurcated rate) or included in the discount rate, which
is done in this appraisal.
� Discount Rate: A discount rate is estimated below for the risk incurred
in completing the sellout of the lots, which must be
adequate to compensate a typical investor and include
� all of the required profit.
DISCOUNT RATE DERIVATION
� Data used in our appraisal is from two surveys. The first was conducted by the following
publication, PricewaterhouseCoopers Real Estate Investor Survey, 2 nd Qtr. 2014, National
Development Land Market, page 55. Including developer's profit, PWC indicates discount
� rates (IRRs) ranging from 10% to 25%, with an average of 18.15% with entitlements in
place. Without entitlements, the discount rate is increased by an average of 1,040 basis
points.
� The second survey was from RealtyRates.com, Developer Survey, 2 Qtr. 2014 (p. 13). This
survey reports discount rates including pro�t ranging from 23.90% to 47.85% with an
� average of 35.16% (actual rates), or 22.95% to 45.93% with an average of 33.75% (pro-
forma). These rates are for site built residential projects of less than 100 units in the Florida-
Caribbean region.
� Given the rates reported by the surveys, and considering the reconciled typical lot value and
overall absorption period, we judge that typical market participants would require a discount
rate near the middle of the ranges reported, or 25% inclusive of developer's profit.
�
DISCOUNTED CASH FLOW
� The followin a e contain th ' "'"
g p g s e s u b � e c t s a b s o r p t i o n c a s h fl o w f o r t h e a s i s m a r k e t v a l u e
� scenario, i.e., the subject's "Bulk" value. Note: the negative cash flows for the first year
during the permitting and construction of infrastructure process are not discounted.
�
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� ��AS IS�� Value Scenario Year 2014 2014•2015 2015 2015 2015
Periods 1 2 3 4 5
� Months FWg-Oct Nov-Jan Feb-Apr May-July Aug-Oct Totals
Total # of Lots = 5 Totals $/Loi °/o PGI
Lot Sales per Period = 5 in last 3 months 0 0 0 0 5 5
� INCOME:
MarketValueperAvgSite@ $115,000 5115,000 S115,000 �118,450 �122,004 $125,664 $575,000
Appreciation @ 12.0% 3,450 3,554 3,660 3,770
Revenue with Growth = NIA $115,000 $118,450 5122,004 $125,664 $129,434
Saies Revenue = $0 $0 $0 $0 $647,168
LotClosings = 0 0 0 0 5
Closing Revenue = $0 $0 $0 $0 $647,168 $647,000 $129,400 100%
� IXPENSES:
2014 Real Estate Taxes @ $0 S2
2013+RealEstateTaxes/Lot@ $2,000 52,500 52,500 S2,5���:;
Site Preparation $125,000 S3i,250 $31,250 $31,250 $31,250 SG
� Sales & Marketing @ 6.0% SO y0 $0 $0 �38,830
ArJministrative/Overhead @ 1.5% SO SO SO SO S9'�&
Closing Costs @ 1.0% SO � SC 5��,�?�
Miscellaneous Costs @ 0.5% SO SO
' TotalExpenses= 531,250 531,250 533,750 533,75n _ ^,. � -- ,n
Cash Flows Before Profit= (531,250) (S31,250) (533,750) (533,7501 $586,423
Less Developers Profit@ 0.0% $0 $0 $0 SO SO
CashFlowsAfterProfit= �531,250j ($31,250) (533,750) (53375C $586,423 $460,000 $92,000 71%
� PresentValueFactor@ 25.0°/, 1.0000 1.0000 1.0000 L0000 0]385
PresentValueofCashFlows= -�C �433,078 $300,000 $60,000 46°/
Lots Remaining 5 5 5 5 5 0
� Percent of Lots Remaining 100% 100% 100% 100% 0%
Indicated MV"As Is" _ $300,000
' MarketValue"Asls"= rCC
Cash Flows Before Profit = !a ��o-_� $586,423
Totai of Above = (S3Gi;.� C� �`;.250) (�31,250) (�33,750) (533,75C` $586,423
' Indicated IRR = 15.0%
The indicated "as is" value is $60,000 per lot. As a test of reasonableness, we found one
� recent sale of raw residential land in Jupiter. A 3.04 acre site on Old Jupiter Beach Road sold
on Deceinber 30, 2013 for $1,200,000. The site is approved for 20 townhouses in ten 2 story
buildings indicating a sales price of $60,000 per unit which supports our value conclusion.
� Indicated Value "as is" as of 7/25/2014: $300,000
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�
Summation of Value
�
Address: 479 & 483 Seabrook Road, Village of Tequesta
� Palm Beach County, FL 33469
Property Parcel Number: 60-42-40-25-00-000-5140
� Property Type: Vacant Unimproved Land
� Date of Value Estimate: July 25, 2014
Defined Value: Market Value "As Is"
� Property Rights Appraised: Fee Simple Interest
� The purpose of this appraisal is to estimate the market value "as is" to a single purchaser, of
the fee simple interest of the 5 proposed residential lots.
� The retail value of the lots was estimated using the most recent sales of similar residential
lots in the subject area. The adjustments were market derived and deemed to be reasonable.
� In estimating a bulk value to a single purchaser of the 5 proposed subject lots, a subdivision
analysis scenarios was employed valuing the sites as is. The assumptions used in the scenario
were market derived and were well supported.
� Our conclusion, assuming a typical exposure time is:
� Opinion of Market Value "As Is", as of 7/25/2014: $300,000
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� 6 Estimated at 9 to 12 months "as is".
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�
Certification
' We certify that, to the best of our lcnowledge and belief:
1. The statements of fact contained in this report are tiue and con
' 2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are our personal, impartial, and 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
no personal interest 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 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.
' 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal practice.
8. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformiry with the requirements of the Code of Professional Ethics and
� Standai of Professional Appraisal Practice of the Appraisal Institute.
9. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
, 10. The use of this report is subject to the requirements of the Appraisal Standards Board for the
State of Florida relating to review by its duly authorized representatives
11. William Rezendes, MAI and Scott M. Powell, MAI made a personal inspection of the
' property that is the subject of this report.
12. No one provided signilicant real property appraisal assistance to the person(s) signinb this
certification.
� 13. We have experience in appraising properties si�nilar to the subject and are in compliance with
the Competency Rule of USPAP.
] 4. We have not appraised the subject property for the client within the past three years.
15. Scott M. Powell, MAI and William Rezendes, MAI are currently certified in the state witlliu
� which the subject property is located.
16. As of the date of this report, Scott M. Powell, MAI and William Rezendes, MAI have
completed the continuing education program of the Appraisal Institute.
' 17. This appraisal assignment was not based on a requested minimum valuation, a
specific valuation, ar the approval of a loan.
' � ,
�"^� l ' '� ,,�,� \ ('� / ������
G�f (/C��"�� ��"i";- •� - �
� -�� ;
� � -
� _
� Scott M Powell, MAI, FRICS William Rezendes, MAI
State-Certified General REA #RZ2809 State-Certified General REA #RZ2507
� ��.,
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,
Assumptions and Limiting Conditions
` This appraisal is based on the following assumptions, except as otherwise noted in the
report.
� 1. The title is marketable and free and clear of all liens, encumbrances, encroachments,
easements and restrictions. The property is under responsible ownership and
, competent management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect
the value of the property.
� 3. There are no hidden or undisclosed conditions of the land or of the improvements that
would render the property more or less valuable. Furthermore, there is no asbestos in
the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale price
� axe in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
' 6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
' This appraisal is subject to the following limiting conditions, except as otherwise noted in
the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of the
' property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
, 3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with
� this appraisal, and we reserve the right to revise or rescind any of the value opinions
based upon any subsequent environmental impact studies. If any environmental
impact statement is required by law, the appraisal assumes that such statement will be
� favorable and will be approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond
to any subpoena or attend any court, governmental or other hearing with reference to
� the property without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection
with such matters. Any sketch or survey of the property included in this report is for
' illustrative purposes only and should not be considered to be scaled accurately for
size. The appraisal covers the property as described in this report, and the areas and
dimensions set forth are assumed to be correct.
' 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any,
and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
' 8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other legal
' � Resoua�s
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479 & 483 Seabrook Road, Tequesta
� matters such as le al title eolo ic
g , g g considerations such as soils and seismic stability,
� and civil, mechanical, electrical, structural and other engineering and environmental
matters.
9. The distribution of the total valuation in the report between land and improvements
� applies only under the reported highest and best use of the property. The allocations
of value for land and improvements must not be used in conjunction with any other
appraisal and are invalid if so used. The appraisal report shall be considered only m
its entirety. No part of the appraisal report shall be utilized separately or out of
� context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraisers, or any reference to the Appraisal Institute) shall
� be disseminated through advertising media, public relations media, news media or
any other means of communication (including without limitation prospectuses,
private offering memoranda and other offering material provided to prospective
' investors) without the prior written consent of the person signing the report.
11. Information, estimates and opinions contained in the report, obtained from third-party
sources are assumed to be reliable and have not been independently verified.
� 12. Any income and expense estimates contained in the appraisal report are used only for
the purpose of estimating value and do not constitute predictions of future operating
results.
' 13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in the
condition of the economy, of the real estate industry, or of the appraised property at
' the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or to
the cost of moving or relocating such personal property; only the real property has
� been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
, occur.
16. The value found herein is subject to these and to any other assurnptions or conditions
set forth in the body of this report but which may have been omitted from this list of
� Assumptions and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and
� economic conditions, the absence of material changes in the competitive environment
and other matters. Some estimates or assumptions, however, inevitably will not
materialize, and unanticipated events and circumstances may occur; therefore, actual
� results achieved during the period covered by our analysis will vary from our
estimates, and the variations may be material.
18. The Ame�icans with Disabilities Act (ADA) became effective January 26, 1992. We
, have not made a specific survey or analysis of the property to determine whether the
physical aspects of the improvements meet the ADA accessibility guidelines. We
claim no expertise in ADA issues, and render no opinion regarding compliance of the
' subject with ADA regulations. Inasmuch as compliance matches each owner's
financial ability with the cost to cure the non-conforming physical characteristics of a
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479 & 483 Seabrook Road, Tequesta
� ro e a s ecific stud of both the owner's financial abili t
p p rty, p y ty and the cos to cure any
� deficiencies would be needed for the Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive bene�t of the Client, its subsidiaries
andlor affiliates. It may not be used or relied upon by any other party. All parties who
� use or rely upon any information in the report without our written consent do so at
their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous
materials on the subject property or in the improvements, and our valuation is
, predicated upon the assumption that the subject property is free and clear of any
environment hazards including, without limitation, hazardous wastes, toxic
substances and mold. No representations or warranties are made regarding the
� environmental condition of the subject property and the person signing the report
shall not be responsible for any such environmental conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions
� exist. Because we are not experts in the field of environmental conditions, the
appraisal report cannot be considered as an environmental assessment of the subject
property.
' 21. The person signing the report may have reviewed available flood maps and may have
noted in the appraisal report whether the subject property is located in an identified
Special Flood Hazard Area. We are not qualified to detect such areas and therefore do
' not guarantee such determinations. The presence of flood plain areas andlor wetlands
may affect the value of the property, and the value conclusion is predicated on the
assumption that wetlands are non-existent or minimal.
' 22. Integra Realty Resources — Miami/Palm Beach is not a building or environmental
inspector. Integra Miami does not guarantee that the subject property is free of defects
or environmental problems. Mold may be present in the subject property and a
� professional inspection is recommended.
23. The appraisal report and value conclusion for an appraisal assumes the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
� 24. It is expressly acknowledged that in any action which may be brought against Integra
Realty Resources — Miami/Palm Beach, Integra Realty Resources, Inc. or their
respective officers, owners, managers, directors, agents, subcontractors or employees
� (the "Integra Parties"), arising out of, relating to, or in any way pertaining to this
engagement, the appraisal reports, or any estimates or information contained therein,
the Integra Parties shall not be responsible or liable for an incidental or consequential
� damages or losses, unless the appraisal was fraudulent or prepared with gross
negligence. It is further acknowledged that the collective liability of the Integra
Parties in any such action shall not exceed the fees paid for the preparation of the
� appraisal report unless the appraisal was fraudulent or prepared with gross
negligence. Finally, it is acknowledged that the fees charged herein are in reliance
upon the foregoing limitations of liability.
� 25. Integra Realty Resources — Miami/Palm Beach, an independently owned and operated
company, has prepared the appraisal for the specific purpose stated elsewhere in the
report. The intended use of the appraisal is stated in the General Information section
� of the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
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, addressed to and shall be solel for th Cli '
y e ent s use and benefit unless we provide our
' prior written consent. We expressly reserve the unrestricted right to withhold our
consent to your disclosure of the appraisal report (or any part thereof including,
without limitation, conclusions of value and our identity), to any third parties. Stated
� again for clarification, unless our prior written consent is obtained, no third party may
rely on the appraisal report (even if their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and
reasonably foreseeable future occurrences. These estimates are based partly on
' property information, data obtained in public records, interviews, existing trends,
buyer-seller decision criteria in the current market, and research conducted by third
parties, and such data are not always completely reliable. Integra Realty Resources,
' Inc. and the undersigned are not responsible for these and other future occurrences
that could not have reasonably been foreseen on the effective date of this assignment.
Furthermore, it is inevitable that some assumptions will not materialize and that
� unanticipated events may occur that will likely affect actual performance. While we
are of the opinion that our findings are reasonable based on current market conditions,
we do not represent that these estimates will actually be achieved, as they are subject
� to considerable risk and uncertainty. Moreover, we assume competent and effective
management and marketing for the duration of the projected holding period of this
property.
, 27. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and uncertainty.
In addition to the contingencies noted in the preceding paragraph, several events may
' occur that could substantially alter the outcome of our estimates such as, but not
limited to changes in the economy, interest rates, and capitalization rates, behavior of
consumers, investors and lenders, fire and other physical destruction, changes in title
� or conveyances of easements and deed restrictions, etc. It is assumed that conditions
reasonably foreseeable at the present time are consistent or similar with the future.
� Extraordinary Assumptions, Hypotheticaf and/or Speciai Conditions
� 1. It is assumed that the Village of Tequesta will re-zone the subject to R-1 and will
allow development of the site with five residential lots. Our rendering of a
proposed subdivision is included for illustrative purposes only.
�
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� �aR�
Page 47
'
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479 & 483 Seabrook Road, Tequesta
�
' Addendum
� • Appraiser Qualifications
, • Definitions
• Subject Data
' • Property Card
• Deed
� • Market Data
• Land Sales Comparables
r • Engagement Letter and Correspondence
'
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,
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� � �
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� Integra Realty Resources
Scott M. Powell, MAI `; . V; ,__ �
Experience r",�° S. Federai Hwy.
� �....� � ?r`
Managing Director with Integra Realty Resources - Miami/Palm Beach. Mr. Powell was the -}= %��
Founder and President of The SMP Group, Inc., located in Stuart, Florida. In April, 2010, the
SMP Group merged with Integra Realty Resources - Miami to better service all of South Florida
� 7;'Z.u��.;:�
and the Treasure Coast. ,; �.463.4057
Mr. Powell entered the appraisal profession in 1992, and joined the Appraisal Institute in 1995.
' He completed his MAI designation requirements in 2001, and in 2002 he was invited by the � �
Appraisal Institute to serve on the prestigious General Comprehensive Examination
Subcommittee. Scott has gained his clients' trust through attention to detail and thorough
research, and by routinely applying advanced methods of analysis over a broad scope of work.
� He has extensive practical knowledge in market analyses/feasibility studies, consulting, and
market value appraisal reports for lending, litigation (including expert witness testimony), tax
appeals, and condemnation.
' He is actively engaged in all aspects of appraisal practice, including appraisal and analysis of
various types of properties including:
1 Subdivisions, Gas/Service Stations, Retail Shopping Centers, Net Leased Properties, Land
Commercial/Retail, Fitness Centers/Sports Clubs, Golf Courses/Country Clubs, Lodging &
Hospitality, Marinas, Restaurants, Car Washes, Schools/Universities,
Taverns/Bars/Micro-Breweries, Truck Stops/Transit Facilities, Tank Farms/Petroleum Storages,
Self-Storage Facilities, Malis: Regional/Local, Car Dealerships Religious Facilities/Churches,
� Manufactured Housing, Funeral Homes/Mortuaries, Industrial Manufacturing/Warehouses,
Multi-Family/Apartments, Office Buildings/Condominiums.
� Professional Activities & Affiliations
Appraisal Institute, Member (MAI) #11886 (Effect. 2002)
Member: National Experience Review Panels, Appraisal Institute, 2006-Present
, Member: General Comprehensive Examination Subcommittee, Appraisal Institute, 2003-2007
Chairman: University Relations Committee, App°aisal Institute South Florida Chapter, 2007-2011
Chairman: Candidate Guidance Committee, Appraisal Institute South Florida Chapter, 2010
� President: Northwestern Pennsylvania Chapter, Appraisal Institute, 2003-2004
Licenses
' Florida, State-Certified General Appraiser, RZ2809, Expires November 2014
,
'
'
� � irr�
� spowell@irr.com - 772.463.4131 x210 �
�
'
� SC�tt IY1 Powell, MAI Integra Realty Resources
Education '" 9 S. Federal Hwy.
' Graduated from Pennsylvania State University Nrith a Bachelor of Science Degree in 1987. """ ^'- �� �` -
Mr. Powell has successfully completed numerous real estate and related courses and seminars,
� including: " ;'2.�.;�.4'31
= %; 2.4b3.4G9i
Appraisal Courses and Seminars
' Current CE Cycle: ""
1. National USPAP Update Course
2. Business Practical and Ethics
3. Florida Law for Real Estate Appraisers
' Select Courses & Seminars
• Fundamentals of Separating Real Property, and Intangible Business Assets
• Hotel Market Studies & Valuations/Using HV Software
• An Appraiser's Intro/Overview of the US Hotel Industry
• Valuation of Conservation Easements, Appraisal institute
� • The Appraiser as an Expert Witness: Preparation & Testimony, Appraisal Institute
• Litigation Appraising: Specialized Topics and Applications, Appraisal Institute
• Commercial Appraisal Engagement and Review, Appraisal Institute
• Subdivision Valuation, Appraisal institute
' • introduction to Valuing Commercial Green Buildings, Appraisal Institute
• Litigation Skills for the Appraiser, Appraisal Institute
• Office Building Valuation: A Contemporary Perspective, Appraisal Institute
• Real Estate Finance, Value, and Investment Performance, Appraisal institute
• The Appraiser's Role in New Urbanism, Appraisal Institute
� • Rates & Ratios: Making Sense of GIMs, OARs and DCF, Appraisal Institute
• Appraisal of Retail Properties, Appraisal Institute
• Appraising Assisted Living Facilities, Appraisal Institute
• Critical Thinking in Appraisal
� • Marketability Studies: Advance Consideration & Application
• Condemnation Appraising: Principles & Applications
• Uniform Appraisai Standards for Federal Land Acquisitions
• ThaYs Logistics — The Valuation of Warehouses
• Resort Properties & Business Valuation, Appraisal Institute
� Qualified Before Courts & Administrative Bodies
' Expert Witness - 19th Circuit Court, Indian River, Martin, Okeechobee and St. Lucie Counties, Florida
Expert Witness - 16th Circuit Court, Monroe County, Florida
Expert Witness - 15th Circuit Court, Palm Beach County, Florida
Expert Witness - 11th Circuit Court, Miami-Dade, Florida
Expert Witness - 12th Circuit Court, DeSoto, Manatee, and Sarasota Counties, Florida
� Expert Witness - 1st Circuit Court, Escambia, Okaloosa, Santa Rosa and Walton Counties, Florida
Expert Witness - United States Bankruptcy Court, Southern District of Florida
Broward County Valuation Adjustment Board
Indian River County Valuation Adjustment Board
�
�
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� �rr�
� spowell@irr.com - 772.463.4131 x210
�
� �r � � s� r � r +� r r � � � r� � � � �
.� �-:., 1 ... .,... !�; ' � �;; a I, n �-i � ' . , ..�i � .� ''�I.. � ����d - e . '.t � .i �� � i�71 . . . � .. _ � .
AG # 6 3 3 0 413 STA7E OF FLORIDA
DEPARTMENT OF BUSINE89 ANb PROFE�BIQNpL REGULATZON
FLORiDA R�AL ESTATE APPRAiSAL BD S�(�L12083105903
, - LICSNSE NBR
c; 8 j 31 � 4 01;� ! 1 z 3 0 6 6 S 4 o RZ z 8 0 9 ..._,._._._ .__ _.—.._
The CERTIFI�D GENFRAL APPRAI58R
Named below I3 CERTIFIED
Onder the provisione of Chaptier 4'IS FS.
$�iration date: NOV 30, 2014
POWBLL 3COTT
819 SO{7TH FEDERAL HIGHWAY
SUITE 201
3TU1iRT FL 34994
RICK SCOTT KEN LA.WSON
GOVERNOR S�SCRETARY
DISPL.AY AS REQIJIRED t3Y LAW
�
� Integra Realty Resources
William Rezendes, MAI _;.,,;�,_,,
Experience 819 S. Federal Hwy.
� suite 201
Commercial Real Estate Appraiser with Integra Realty R=sources - Miami/Palm Beach. Formerly with The SMP Stuart, FL 34994
Group, Inc., located in Stuart, Florida. In April, 2010, the SMP Group merged with Integra Realty Resources - Miami.
� 1978-1980 Francis T. Crimmins Co., Stoughton, MA T 772-463-4131
F 772-463-4097
1980 R. Hanley Investments Co., Jamaica Plain, MA
1981-1982 City of Boston Assessors Office, Boston, MA
1983-1990 Brad Collins Agency, Medford, MA irr.com
� 1991-2000 Collins-Rezendes & Associates (Partner), Medford, MA
2001-2007 Self Employed (Sole Proprietor), Hobe Sound, FL
� Professional Activities & Affiliations
Member: MAI, Appraisal Institute #8556
Member: Hobe Sound Chamber of Commerce
� Licenses
Florida, State-Certified General Real Estate Appraiser, RZ2507, Expires November 2012
� Education
Graduated Xaverian Brothers High School located in Westwood, MA
� Successfully completed various Appraisal Institute sponsored real estate appraisal and related courses and
seminars, including:
� Course lA-1: Real Estate Appraisal Principles
Course lA-2: Based Valuation Procedures
Course 8-2: Residential Valuation
Course 1B-A: Caoitalization Theory & Techniques
� Course 1B-B: Capitalization Theory & Techniques
Course 2-1: Case Studies in Real Estate Valuation
Course 2-2: Valuation Analysis and Report Wriiing
Course SPP: Standards of Professional Practice
� Seminars
Discounted Cash Flow Analysis
Market Analysis
� Condominium Analysis
Industrial Valuation
Accrued Depreciation
, Appraising Troubled Properties
Rates, Ratios, and Reasonableness
Appraisal Review, Income Properties
Real Estate Risk Analysis
� Valuation of Leased Fee Interests
Subdivision Analysis
Dynamics of Office Building Valuation
Appraisal of Local Retail Properties
� Case Studies in Commercial Highest and Best Use
1 ��-� irr�
� wrezendes@irr.com - 772-463-4131 x12 ,':k
'
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t�:�, � � � � � � � � STATE �F FLORIDA
DBPARZ`M�N��,O�RZDA�RSALS�ST1piTSRAPFRAISA�HD GDLI�ITI{�H
SE r. i�o9��o��zo
___� . -. _,_._.�...� .__,_ ....
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09 24 20i2 1"lU1�UU54 RZ�SU�'�
__ ,L�..1..._. _____ __._
The CERTZFIED GENBRAL APPR1►I�BR
Named below IS CSRT�F���
Under the �roviaioz�s of Cha,pter �75 FS.
Expiration d�ka: NOV 30, �014
r��az�rr�$s, t�z�t,rArs
7�54 SE LEXINdTON AV�
HnB� SULri3D FL 33�l55
RICR SCOTT S��N f�AWSaI�
GOVERI�OR D15PLAY AS RE(�UIRED BY L�W '����Y
�
479 & 483 Seabrook Road, Tequesta
,
Definitions
�
Discounted cash flow (DCF) analysis is defined as the procedure in which a discount rate is
� applied to a set of projected income streams and a reversion. The analyst specifies the
quantity, variability, timing, and duration of the income streams as well as the quantity and
timing of the reversion and discounts each to its present value at a specified yield rate. DCF
� analysis can be applied with any yield capitalization technique and may be performed on
either a lease-by-lease or aggregate basis.�
� Entitlement is defined as in the context of ownership, use and/or development of real estate,
the right to receive government approvals for annexation, zoning, utility extensions,
construction permits, and occupancy/use permits. The approval period is usually finite and
' may require the owner andlor developer to pay impact and/or other fees in addition to other
costs to secure the entitlement. Entitlements may be transferable, subject to covenants or
government protocols, may constitute vested rights, and may represent an enhancement to the
property's value.
� Entre reneurial incentive is de�ned as a market derived fi ure that re resents the amount an
P g P
entrepreneur expects to receive for his or her contribution to a project and risk.
� Extraordina assum tion is an assum tion, directl related to a s ecific assi nment which
rY A P Y P g > >
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; of about the integrity of data used in the analysis. An
� extraordinary assumption may be sued in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
� • Use of the extraordinarily assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.
� Fee sim le estate is defined as absolute ownershi unencumbered b an other interest or
P P Y Y
� estate, subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power, and escheat."
�
�
' Dictionary of Real Estate Appraisal, 4`" Ed., Appraisal Institute.
� 8 Ibid.
9 Ibid.
' Ibid.
" Ibid.
� k+nK}a Wealty Resouces
�
�
479 & 483 Seabrook Road, Tequesta
1 Gross buildin area GBA is f
g ( ) de med as the total floor area of a buildmg, including
� below-grade space but excluding unenclosed areas, measured from the exterior of the walls.
Gross building area for office buildings is computed by measuring to the outside finished
surface of permanent outer building walls without any deductions. All enclosed floors of the
� building including basements, mechanical equipment floors, penthouses, and the like are
included in the measurement. Parking spaces and parking garages are excluded.l2
� Gross leasable area (GLA) is the total floor area designed for the occupancy and exclusive
use of tenants, including basements and mezzanines, and measured from the center of interior
partitioning to outside wall surfaces; the standard measure for determimng the size of
shopping centers where rent is calculated based on the GLA occupied. The area for which
� tenants pay rent.
Hypothetical condition means that which is contrary to what exists but is supposed for the
� purpose of analysis. Hypothetical conditions assumes 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 the analysis. A hypothetical condition may be used in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for 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.
� Value "as is" is defined as the value of s ecific ownershi ri hts to an identified arcel of
P P g P
real estate as of the effective date of the appraisal; relates to what physically exists and is
� legally permissible and excludes all assumptions concerning hypothetical market conditions
or possible rezoning. See also effective date; prospective value opinion.
�
�
�
�
�
� 12 Dictionary of Real Estate Appraisal.
13 �rJIC�.
14 Ibid.
� Ibid.
� Integra Reariyr Resouces
�
�
479 & 483 Seabrook Road, Tequesta
�
� Subject Data
, The following pages contain supporting documentation andJor additional information on the
subject relied upon and analyzed in the body of this report, as follows:
� Pro ert Card•
p y . Palm Beach County Property Appraiser
! Deed: Palm Beach County Official Records
�
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479 & 483 Seabrook Road, Tequesta
i
� Property Card
�age 1 of 1
�- ��,�, �.^.,, ;;. 1���6. �'s, C�r,-. -on �es � � Exempti�on
` '� * n� ' 4;� P�operty Appraiser
� �`:'� � f'<:I �_-- _-� ,t- ` � �
'il�ir:'
Locaticn +.�ares; =E; SE=3F.COF: ,� �
� .' Mu�i�:�.ca:'rv �_ +.UES-�
?arcelCcntrc� Ncmber F��;''��G
S.�od:visior
'.. Off;cial Records 6�ck �-_,., F,.: 5'S �
� � Sa e Ca�e \C'•+'-� U 1 0
•AO-=?,M17_�7:'�FYr'�35Fi ��FME';JCF�c�.;4fLE?S=LY-c-:�37
Le9a1 Desc.-iption 5_.�ERO� h. FC F,;'•d;;
'� '�.lail`nri u�ltiress
�. Ownzrs : �5 TE^JcST�. C^
� � TEQ.JEST� .__.;_:EO` - r.� - - � �-:JE�T=.FL'_4rG�Cc_ �
. Salrs Date Prite _ _ _ , Ownar
�,. N;��`:-ZC7C S%2=.��:��� �-_�. ��S?g �.-..,.aP�lTi �E'_� TE:,J=:T�.'dl__aGEpF .
!.7::F: 2r,rr S7= .,, �7� i � �.�....�NTY �EEC =L � '
� ,. 0� u3u �1_5��� J583� �; �' � a 'JJA4atNTY� 7EED '
-.M1-1�£�5 �55=�� GES� ;'�UITCL�.�!�t
`-7°d� S`�D U53�?: "'3 ^�.JIT•�L4�I�i
� Exemptiun Ap���licant;'05�.'ner t'ear Detail �
TE:tiJE=T.� 'r:_�:.GE OF ?U14 F�__ !:'�'1 U=�L ��-0'JEkNh."_\T ,
� �umc-c�e`C�� C� �T�:a� �:oczrF Feet C =.r=�. -.:SE' .
U:e ::coe 5�00 -`AU11CG.=.L _cr�:in�. 35 - l o0--=QUES�-A :
�� TaxYear 2013 :%0±� ;:p11 �.
� � Imprcv=mentb'�I�e SU :D j0 ..
_a�d`Ialce 5�53.001 5?.?33 5=?�0
. � �:.�I `:tar e[ `<'.=.14� 5'. S�.nnl <.?.,a;i3 5=.�20 �.
all �aa JcG dfE ac. c� lan�zr: 1 st -::c� ��!-a• �.
� ..'.. Ta� Year �013 �G12 Lnl i '-. .
;;ed Val�e ; 5�,no7 S?,3SS ' 3�U
cxemcr�,on Fmccr�t 5' S�,nnl 5?,335 .,-,°_��0 .
� Taxable'dalue 50 50 SD
, � Tax Year 2013 2012 2U71 �
Ad 'Jalcr=m SU 'sU 50
Nor •:,d'�`alcrzrn 5G :0 >n
Tc.a��.tax ?�0 50 50
� ...� .... .. ... . . . . . . . . . . . . .. . .
�
�
� htt�.i: uz paF Asps PropemI7etail'?ropertyDetail.aspx"pazc.1=!iC�?�O=�OOO�JCi�1�0& ,. ��'?Oi�
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479 & 483 Seabrook Road, Tequesta
�
Subject Deed
� I�III�IINIIrNilll�l/
CFiI Z0100439354
� OR BK 24230 PO 0$7B
7H19INS1RIDMENfPRF�YAREDBYANDRBl'URNTO: � 13A2/2�1� 17s16y1�
APPQIITY TRI� SERViCE3 @iC P�L BwaA Cor�kr� PLerid�
8 SJ08RD AU! �3„M0.M
BEACH PL 33472 �Oi �MP 1. �93. M
'81rea� R. 8wl.Qffi i C0�1'EROLLL4
� AppoaeasParoeSL�iScaka(,Folio)Nmubas:d0-d2-40-25-Q�OM'dt0a�l79y t2/y�l
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1� w�� ur�u„ v.ae mr y� a�y or asw.00; �a�o ey t�w, 1d.C� A D786QLVSD
ILOR�rA WABILITY COAIPANY . herefo ca�led ds ;anmy to YH�.ACC OR TBQU[3TA
iE�OR@A � �,ot6oc eddres !s �83 d� 49! SHABROOIC IIOA�D,.1UPf[�R, Fl,. hma6rMx a0ed tlr
� �: p '
t��w aeed AveL��� '�ra�par• aad �rawr" 8r&de aC 4ie ymaks ao fl�tr l�mrear ad Ne Mka. Lgd
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�, ��T �. �+�. eba4M. rolase�, oonveys md wnfa� �o �he gmms all
� dutca4iulmdaa�teinP y Cowpy,9abofPlmidqviz:
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� n�ky m ad �ad mmey mH lend, and berc6ry wrrmb the tttle m ashd
knd aod will de6rnA 9ie �rro apmet Na IrwBtl dafine of m paewe whom�osve; rd tluit said 4md a 6a oF sll
aiwroM�ncp„ e+saPt mxs �cemSm`eutpeamrtto Dea��� 3S.2A10.
EPI N'l7NBSS WNERFAF, itie s7d pmtor Ms fiyadl Wd oestal thue p�aem�rs tla dqy aad par gna abore
w'a7t�o.
� S'�yAad,satndemddeleweedieahapexaoeaf: P[ri. LLC. A DlSSOLV£D FL.ORIDA IdbIfTED
L7A6R.TIYODMPANY
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SCATEOF 1�
COUtP!'Y OF 1410�IE �L
'IT�e Soee�gooeg mnnenent uas ackno�ledged betnee m� II�e 1716 dty of Novenher,1010 by PAUl.A 8 B�ISIti.
AS SiACL�R '[RT�E, !!'S 1MANAGING d[�t68R OP FLI, iL� A DIS'BOLV6D FLOBIDA
Ln++QTED LIA80.l1'Y OOMPANIf tMo 's p�cwalty kepwn ro or Ns peo�cW
as identit�eetlox.
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� Baok24230/Page878 Page 1 of �
� � �
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479 & 483 Seabrook Road, Tequesta
�
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STEWART TITLE GUARANTY COMPANY
� �entrae oaanaa
AgaM's �A�1Q-039
� �.� �, EXHBIT �A"
�' .-
L
Parcel L• '�;� "
�
A parcd oi Isnd� sPP��i' 75,00� sqwre feet lyieg in Scctaoa 25, Townehip 40 Sout6, Raage 42
� Eaet, in Palm Beac����t9, Florida, aed mare puHadwrly de�criibed u folbws: the Nath 130 fcet of tLe West
635 Raet of fhe NE ',5$'b i iCSS the Pioith 117 FeM of t6e E 25 4'e� of t�te W 355 feet and the ea� 45.QA
feet for the rig6t of Seabrnok Ra�a�,.
,�
Farcel2: ��
��,�
A prrrel of real proEttrty io�5�ekiou 25, Towns6ip 4fl 3outd, Rau�c 42 Eest, Alm Hach Cotinty, F�orida, beisg
Yemx particuiuiy desccribed t�o deed da�ed dsa 28, 2922, and t+e�wrded Jaaoary 17,1925, ln Olt�de! Record
r o
Boolt ?31, Psge 101, ot tke Psb ' n�s of Palm Beac6 County, Florlds, at foi6owa:
� � r 7
Commelo�l�g et the Northwest of tbe Nnrthaaet Qaarter {NE 5G) of the So�sthesst Qaartcr (SE'ii) of
% h-:
said 5e�tioa Twesty-Fire (25}, :F�xet Sv�e I�aodred and tLirty fect {S30'19 thmee r�n Sonth ooe hundred
aad reventeen ieet (117'); t6enee ran �' twenty-5ve fcet C�+S'); theocc ran Nort6 one Lyadred and siwcntw feet
(2!7'1► tbe�ce run Weet t�renty �ve fee(�') to the pl�u+o af be,g�nniop, all bel� is Toweship Forty (49) Soat�,
ow s
Rsuge �orty Two (42) Lset, aod beinQ a� �laod tweimty-�v+e teet wide ea9t and wea, and oce luodre�l �nd
sev�teen feet deep ao�rth and aoath, in � s i d Northeast Qaarter {TIE'&) of the Soutkeset Quarter (SE'Li) of
Sxtlan Twenty-Five (2� afita dtreets have a�lests6�iehad.
�,—;�
� Tke pe�l ot proprriy comeyed henby is al�d ��� aed descn'bed as:
p �`,--�•1\
The Fast ZS feet of t6e Weut 5d5 fcat oi the Nort ,�Z ,_�eet of t6e Nartleast Qu�rter (NE 94j of the Sout6east
Qnarta� (SE'� of Seetion 25, Tawm6ip 40 South, Range 42 East, Palm Beach Couuty, Fbrida.
�
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� Bonk242301Page879 Page 2 of 2
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� �? R�
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479 & 483 Seabrook Road, Tequesta
�
� Market Data
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The following pages contain additional information andlor supporting documentation on the
� market data relied upon and analyzed in the body of this report, as follows:
� Land sales comparables: Aerials and descriptions
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Land Sale Profile Sale No. 1
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Location & Property Identification �� � � �. ��' ""� T�``�""�
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PropertyName: CypressRidge r �`� , �.c „ �,� " .�,,,
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Sub-Property Type: Residential �- �' '"
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� Address: 515 Cypress Cir. ����`;�• ,��' � � � 0� � �i►.. .�'
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City/State/Zip: Tequesta, FL 33469 � ���^.�`1r � �, ��' t �
7l� ,,
County: Palm Beach •�' �` � � �
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� a�r' , � . � � .7k �yr+.: '...n,�.,:k � .� .- .'a� ��
Market Orientation: Suburban �!� � � ;� '*"" �`' "
�a '''•' � �
� Property Location: South side of Cypress Circle ,;�' �, r•• ��_ �� , �
west of N Cypress Drive "����++' „� ' �•- k . .."�"�- �1k ..�`, • , �
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Lat./Long.: 26.964312/-80.092667 IRR Event ID ( 793302 )
� Land-SF(Usable/Gross): 8,700/8,700
Sale Information Usable/Gross Ratio: 1.00
Shape: Rectangular
� Sale Price: $93,000
Topography: Level
Eff. R.E. Sale Price: $93,000
Sale Date: 08/05/2013
Vegetation: Grass and shrubs
Sale Status: Closed Corner Lot: No
� $/Acre(Gross): $465,000 Frontage Feet: 100
$f Land SF(Gross): $10.67 Frontage Desc.: Cypress Circle
$/Acre(Usable): $465,000 Traffic Flow: �
� $10.67 AccessibilityRating: Avera e
$/Land SF(Usable): g
Grantor/Seller: W. Jay Hunston, III, and Kelly Visibility Rating: Average
Ann Hunston Zoning Code: R1
� Grantee/Buyer: RST Investment Properties, Zoning Desc.: Residential
LLC Easements: No
Property Rights: Fee Simple Environmental Issues: N
� % of Interest Conveyed: 100.00 Utilities: Electricity, Water Public,
Telephone
Financing: Cash to seller
Document T e: Source of Land Info.: Public Records
� Yp Warranty Deed
Recording No.: OR Book 26244 Page 40
Verification Type: Secondary Verification Comments
� This property is a.2 acre piece of vacant, residential land
Improvement and Site Data located on Cypress Circle in Tequesta. The land sold on August
5th, 2013 for $93,000.
MSA: Miami-Fort Lauderdale-Miami
� Beach, FL Metropolitan
Statistical Area
� Legal/Tax/ParcellD: 60-43-40-30-38-000-0110
Acres(Usable/Gross): 0.20/0.20
� Cypress Ridge irr
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land Sale Profile Sale No. 2
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Location & Property I "�
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Property Name: Tequesta CC �� ~` ��-
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Sub-PropertyType: Residential �' �"' `
� Address: 112 Fairview \N. *� #"'� M .,� ��,;�;. �,� ,
_ � _ � � �: , ,:'►
City/State/Zip: Tequesta, FL?�3469 �` �`'� V �
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County: Palm Beach � ����' '��`� �� � � � � ���
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Market Orientation: �'° '�'�;, k � ' "�" � � �°'� � ��°�`�� `"
Suburban �'�� �� ,� � ��^� ; ` ` � ' �'
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Property Location: East side of Fairview W in the • '.;� ' �"�� r +� �` � � �¢.`� �" �"`''�„ � •�',w �'
Tequesta Country Club � ° k�, . ��.� ' �," �` �»�i',�n. � y�«�,t > 1 � .. �'-
� � r �k `',,��'�.�� � $. � � t�' �' �y � �t`''�"+�`� •
� . . �. �. _ . " . �_ � . � � ! $� � e., .: . � . .''�.� •. .. �'. "� . �'�Wc$...' . : '
Lat./Long.: 26.961415/-80.111346 IRR Event ID ( 793311 )
� Acres(Usable/Gross): Q.28/0.28
Sale Information Land-SF(Usable/Gross): 12 ,000/12,000
� Sale Price: $169,900
Usable/Gross Ratio: 1.00
Eff. R.E. Sale Price: $169,900
Shape: Rectangular
Sale Date: 03/21/2014 Topography: Level
Sale Status: Closed Vegetation: Minimal
� $/Acre(Gross): $606,786 Corner Lot: No
$/Land SF(Gross): $13.93 Frontage Feet: 100
$/Acre(Usable): $606,786 Frontage Desc.: Fairview W
� $/Land SF(Usable): $13.93 Frontage Type: 2 way, 1 lane each way
Grantor/Seller: All Canadian Export, Inc Traffic Control at Entry: None
Traffic Flow: Low
� Grantee/Buyer: 112 Fairview West, LLC
Accessibilit Ratin
Property Rights: Fee Simple y g� Average
% of Interest Conveyed: 100.00 Visibility Rating: Average
Zoning Code: R1A
� Financing: Cash to seller
Document Type: Warranty Deed Zoning Desc.: Residential
Recording No.: OR Book 26694 Page 92 Easements: No
Verified By: William Rezendes, MAI Environmental Issues: No
� Verification Source: Neal Vanderwaal, Vanderwaal Source of Land Info.: Public Records
Realty
Verification Type: Confirmed-Seller Broker Comments
� This property is a.28 acre piece of vacant, residential land
Improvement and Site Data located in the Tequesta Country Club. The land sold on March
21st, 2014 for $169,900.
� MSA: Miami-Fort Lauderdale-Miami
Beach, FL Metropolitan
Statistical Area
� Legal/Tax/ParcellD: 60-42-40-26-01-000-5510
' Tequesta CC ;. irr.
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Land Sale Profile Sale No. 3
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Location & Property Identification 4 „�
� Property Name: Cinquez Park � , � ,
Sub-Property Type: Residential r �"'"
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Address: 17670 Cinquez Park Rd. E. �� � I
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City/State/Zip: Jupiter, FL 33458
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� County: Palm Beach . � �
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Market Orientation: Suburban , �+ � ,
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Property Location: East side of Cinquez Park Road ' -• � ,�;.,
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Lat./Long.: 26.936872/-80.130394 IRR Event ID ( 793327 )
� Acres(Usable/Gross): 0.34/0.34
Sale Information Land-SF(Usable/Gross): 14,810/14,810
, Sale Price: $94,000
Usable/Gross Ratio: 1.00
Eff. R.E. Sale Price: $94,000
Shape: Rectangular
Topography: Level
Sale Date: 07/18/2014
Sale Status: Closed Vegetation: Trees and grasses
� $/Acre(Gross): $276,471 Corner Lot: No
$/Land SF(Grossj: $6.35 Frontage Feet: 100
$/Acre(Usable): $276,471 Frontage Desc.: Cinquez Park Road E
� Fronta e T e:
$/Land SF(Usable): $6.35 g yp 2 way, 1 lane each way
Grantor/Seller: Douglas Howell, JR, and lamie Traffic Control at Entry: None
Wynn Traffic Flow: Low
, Grantee Bu er: AccessibilityRating: Avera e
/ Y Charles Biondo g
Pro ert Ri hts: Visibilit Ratin
p Y g Fee Simple y g� Average
Financing: Cash to seller Zoning Code: RH
� Document T e: Zoning Desc.: Residential
YP Warranty Deed
Recording No.: OR Book 26942 Page 116 Easements: No
Verified By: William Rezendes, MAI Environmental Issues: No
� Verification Source: Neal Vanderwaal, Vanderwaal Source of Land Info.: Public Records
Realty
� Verification Type: Confirmed-Seller Broker Comments
This property is a.34 piece of vacant, residential located in
Improvement and Site Data Jupiter. The land sold on 7/28/2014 for $94 ,000.
� MSA: Miami-Fort Lauderdale-Miami
Beach, FL Metropolitan
Statistical Area
� Legal/Tax/ParcellD: 30-42-41-03-05-000-0380
� Cinquez Park ` irr.
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Land Sale Profile Sale No. 4
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Location & Property Identification �'�`��``��" '° "� i''�j-'`'•`'� y,"� i
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Property Name: 18130 April Lane w, ,,� �, �S� �w.;.�'
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Sub-Property Type: Residential - �C �` ~ � x �°� A �� "`3�`+" � � � •
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Address: ''},,. ,"' S . � ',�„� � � r.
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� 18130 April Ln. � � , .�c� �'�^ � i� 3'� ' i ,r �,,,„ ,.�..�
City/State/ZiP� i r � .��� ���«� �.'� �� �i►k•� .. :e
Jup te , FL 33458 1� � t �, { ,. y
�x { � ;� 4 += * �;; � �� � ,,
County: Palm Beach _ ,, �' ""r' • j �� �i
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Market Orientation: Suburban r"`' `� "':�° k��„^ "'` 1 �
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' Property Location: East side of April Lane + ' '�� � ' ��;;,�� "" w � =e ��'� f�
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Lat./Long.: 26.943350/-80.104744 IRR Event ID ( 793352 j
MSA: Miami-Fort Lauderdale-Miami
` Sale Information Beach, FL Metropolitan
Statistical Area
Sale Price: $150,000
' Eff. R.E. Sale Price: $150,000 Legal/Tax/Parcel ID: 00-42-40-36-00-005-0010
Sale Date: 10/11/2013 Acres(Usable/Gross): 0.47/0.47
Sale Status: Closed
� $/Acre(Gross): Land-SF(Usable/Gross): 20,473/20,473
$319,149 Usable/Gross Ratio: 1.00
$/Land SF(Gross): $7.33
$/Acre(Usable): $319,149 Shape: Rectangular
� Topogra phy: Level
$/Land SF(Usable): $7.33
Vegetation: Trees and grasses
Grantor/Seller: Allen L. Morris and Donna L.
Morris Corner Lot: No
� Frontage Feet: 100
Grantee/Buyer: Benjamin A. and Melissa A. Fronta e Desc.:
Pierce g April Lane
Property Rights: Fee Simple Frontage Type: 2 way, 1 lane each way
� Traffic Control at Entry: None
% of Interest Conveyed: 100.00
Traffic Flow: Low
Financing: Cash to seller
AccessibilityRating: Average
Document Type: Warranty Deed
� Recording No.: OR Book 26401 Page 1499 Visibility Rating: Average
Verified By: William Rezendes, MAI Zoning Code: RS
Verification Source: Mark Elbe, Water Pointe Zoning Desc.: Single Family Residential
� Realty Group Easements: No
Verification Type: Confirmed-Seller Broker Environmental Issues: No
Source of Land Info.: Public Records
, Improvement and Site Data
Comments
� This property is a.47 acre piece of vacant, residential land
located in Jupiter. The land sold on October 11, 2013 for
$150, 000.
, 18130 April Lane irr.
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Land Sale Profile Sale No. 5
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Location & Property Identification
� Property Name: La Costa r � yaf'�I ,� " �°• ` �
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Sub-PropertyType: Residential :�-� � a;`�
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Address: 19151 SE. Daniel Ln. �'� '-� '
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City/State/Zip: Tequesta, FL 33469 �'��
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' County: Martin ^
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MarketOrientation: Suburban °�a ° .��_. -*
, � �� r
Property Location: East side of SE Daniel Lane
north of County Line Road
' �}
Lat./Long.: 26.971428/-80.107262 IRR Event ID ( 793360 )
� Frontage Type: 2 way, 1 lane each way
Sale Information Traffic Control at Entry: None
Traffic Flow: Low
� Sale Price: $118,000
AccessibilityRating: Average
Eff. R.E. Sale Price: $118,000
Sale Date: 07/31/2014 Visibility Rating: Average
Sale Status: In-Contract Easements: No
� $/Acre(Gross): $553,991 Environmentallssues: No
$/Land SF(Gross): Source of Land Info.: Public Records
$12.72
� $/Acre(Usable): $553,991
$/Land SF(Usable): $12 �2 Comments
Grantor/Seller: Wells Fargo Bank This property is a.213 acre piece of vacant, residential land
Property Rights: Fee Simple located on Daniel Lane in Tequesta. This land is currently
' under contract for $118,000.
Document Type: Contract of Sale
Verified By: William Rezendes, MAI
� Verification Source: Sue Lavati, Coldwell Banker
Verification Type: Confirmed-Seller Broker
� Improvement and Site Data
Legal/Tax/ParcellD: 24-40-42-014-000-00070-0
Acres(Usable/Gross): 0.21/0.21
� Land-SF(Usable/Gross): 9,278/9,278
Usable/Gross Ratio: 1.00
Shape: Rectangular
' Topography: Level
Vegetation: Minimal
Corner Lot: No
� Frontage Feet: 100
Frontage Desc.: SE Daniel Lane
� La Costa ; irr.
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