HomeMy WebLinkAboutDocumentation_Workshop_Tab 01 Full Appraisal_11/03/2014 1 x
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An Appraisal Report
' Of 1_7567 Acres of Vacant Land
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� Locatcd at �?9 & 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
' As of: Jul 25 2014
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' Integra Realty Resources-Miami/Palm Beach
IRR #169-2014-0312
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Integra Real[y Resowce,
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' August 1, 2014
Village of Tequesta
, C/o: Mr. Michael Couzzo, Village Manager
345 Tequesta Drive
Tequesta, FL 33469
' Re.: I.7567 Acres of Vacant Land
479 & 483 Seabrook Road
, Village of Tequesta, Palm Beach County, FL 33469
IRR File# 169-2014-0312
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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 market value "as is" of the fee simple interest of
� the subject pareel as of J�ily 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 property and is in the process of changing
' the zoning to Rl 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 requirements 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 any 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 July 25, 2014 and Scott M. Powell,
MAI viewed the site on a later date. We performed 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 confornl 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 isstied in connection with the
� Financial Institutions Refonn, Recovery and Enforcement Act (FIRREA).
To report the assignment 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 infornlation in an Appraisal Report depending on the intended use and intended
users of the appraisal, we adhere ro the Integra Realty Resources internal standards for an
, Appraisal Report — Standard Fonnat. This type of report has a moderate level of detail. It
summarizes the inforn�ation analyzed, the appraisal methods employed, and the reasoning
that supports the analyses, opinions, and conclusions. It meets or exceeds the fortner
� 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 asswning a typical exposure tiine�, is:
� Opinion of Market Value "As Is: $300,000
Thank you for the opportunity to provide this appraisal, please contact us with any questions.
' Sincerel ,
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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: s�owcil(ci;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
�xecutive Summary of Salient Facts and Conclusions ............................................................. 1
� Statement of Important Considerations ................................................................................ 2
Scope Work ...................................................................................................................... 2
Puipose .............................................................................................................................. 3
' Intended Use and User ...................................................................................................... 3
PropertyRights ................................................................................................................. 3
Effective ................................................................................................................... 3
� Subject Pictures ................................................................................................................. 3
Definition of Value . • 5
Exposure Time / Marketing Time ......................................................................................... 6
, Market Study and Absorption Analysis ................................................................................ 6
Inferred Analysis ............................................................................................................... 6
Priinary Competition ......................................................................................................... 6
' Conclusions ....................................................................................................................... 7
Property Identification and Legal Data ..................................................................................... 8
Property History .................................................................................................................... 9
� Economic Analysis ................................................................................................................... 10
Pahn Beach County Area Analysis ..................................................................................... 10
Population ....................................................................................................................... 10
� Einployment ............. ................................................................................................... 11
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Gross Domestic Product ................................................................................................. 12
Income, Education and Age ............................................................................................ 13
' Conclusion ...................................................................................................................... 14
Neighborhood Discussion ................................................................................................... 15
Demographics ................................................................................................................. 16
Conclusions ...................
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Site Data and Analysis ............................................................................................................
Site Survey .................................................................................................................. 21
Aerial .................................................................................................................. 22
� Land Use and Zoning .......................................................................................................... 23
Conclusions ..................................................................................................................... 27
Assessment and Tax Analysis ............................................................................................. 27
� Highest and Best Use .............................................................................................................. 28
AsVacant ............................................................................................................................ 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 ......................................................................................................... 39
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DiscountRate Derivation ................................................................................................ 40
' Discounted Cash Flow .................................................................................................... 40
Summationof Value ............................................................................................................... 42
Certification............................................................................................................................ 43
� Assumptions and Limiting Conditions ............................................................................... 44
Extraordinary Assumptions, Hypothetical and/or Special Conditions ........................... 47
Addendum........ .................................. ... .............................. ................. ...... ................. ... . ...... .. 48
� APPraiser Qualifications ..................................................................................................... 49
Definitions........................................................................................................................... 50
Subject ........................................................................................................................ 52
� Property Card .................................................................................................................. 53
Subject ................................................................................................................... 54
MarketData ........................................................................................................................ 56
' Land Sales Coinparables ................................................................................................. 57
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479 & 483 Seabrook Road, Tequesta
� Executive Summary of Salient Facts and Conclusions
� Address: 479 & 483 Seabrook Road, Village of Tequesta
Palm Beach County, FL 33469
1 Property Parcel Number: 60-42-40-25-00-000-5140
� Census Tract Number: 1.O l(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 Time/Marketing 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 Important Considerations
� The residential and commercial markets in Pahn 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 aiid investors in the market area indicate
dernand is increasing but not to tlle point that speculative new construction is financially
' 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 appeat•s that
� consumer confidence is on the upswing.
Generally, the data from the last year has shown an increase in deinand 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 1legative global events, the local
real estate �s anticipated to nnprove for the foreseeable future.
, Scope of Work
' William Rezendes, MAI personally viewed the subject site on July 25, 2014, t11e effective
date of this i 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 deternline
the site size and a copy is included in the Site Data and Analysis section of the report.
� Con�parable data was researched throu�hout Tequesta and the abutting portion of Jupiter
with particular attention paid to similar land sales and listings. The comparables were
researched and pei inspected, and an extens�ve survey of area brokers and real estate
' agents was perfonned to identify market trends and select the most sirnilar comparables.
Once all of the research and veri�cation of data was completed, we considered all of the
� valuation techniques and performed analyses to imple�nent those deemed relevant. We then
reconciled the highest and best use of the subject site "as vacanf'.
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 tlow analysis
� method, for the co�nplete 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
' Purpose
� The purpose of this report is to estimate the market value of the subject "as is" in its current
undeveloped state.
� Intended Use and User
, The intended use is to assist the intended user and our client, the Village of Tequesta, in a
decision concerniug 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
(Sub�ect on ]eft) (S�lbjcct on right)
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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
The Appraisal Institute provides the following detinition and clarification of inarket value:
� The most robable rice, as of a s ecified date, in cash, or in terms equivalent to cash, or in
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other precisely i•evealed tenns, 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 detinition of market value is used by agencies that r federally insured
tinancial 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 stitnulus.
Implicit in this definition is the consummatioil 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 inotivated;
• Both parties are well infonncd 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 tinancial
' arrangements comparable thereto; and
• The price represents the noi7nal 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 3469C, August 24, 1990, as amended at
57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994)
The above definitions are consistent with the definition of market value provided by the
� Unifonn Standards of Professional Appraisal Practice (USPAP). Both the Appraisal Institute
and USPAP require a reasonable exposure titne in the open market, discussed in the
following section.
' Additional definitions are in the addendum.
�
, 2 Dictionary of Real Estate Appraisal, 4`" Ed., Appraisal Institute.
3 Ibid.
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479 & 483 Seabrook Road, Tequesta
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Exposure Time / Marketing Time
� Exposure tiine 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
inarketing periods con�mensurate with the reconciled exposure tiine 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 i�lvolves an analysis of absorptioi�, 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 undertak�ng for properties like the sub�ect because the demand is not directly linked
� to growth forecasts. Rather, it is linked to housing preferences among btryers. 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
inarket, 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 coinpetitive projects comprises those developinents located in Tequesta and the
neighboring portion of Jupiter, with specific attention paid to:
' a. Property type (single-family non-waterfi•ont 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 fo�md 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 (561-758-53(4) 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 fainily 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 communities of Jupiter, and 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 F_BS. Prepared by Angie M Hart on Monday, Ju�y 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�n el List Price Sale Price CDOM �h % �h
9 9
This Search (-- Matches)
� Volume -- $3,231,600 $2,764,500
�,4verage -- $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-watertront lots using the same 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 sulnmary, given all of the market data and assuming pricing cominensurate 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) aild site preparatio» which
includes constructing a street with utilitie�s (estimated at 3 months). The 5 lots will sell out in
3 months after all pennits 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
� Property Parcel Number: 60-42-40-25-00-000-5140
Census Tract Nuinber: 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, 2010
Date Recorded: December 2, 2010
� Consideration: $225,000
Grantor: FL 1, LLC
� Lega] Reference: The following legal description was taken from
the subject deed.
- H XHIRIT "A"
� Parcel 1:
A psrcel of lxnd'ct►ntninio� appro�matelr� 75,000 square feet lying in Section 25, To►��nship 40 5outh, Range 42
� �ast, in Paim l3eech Gaunty, F4orida, and more parlicularJy descrit►ed as folluws: the Narlh l3tl leet of tUe V4'est
b35 Fect of thc NE t�r af the SE'1. , less the Piorth 117 Feet of the E l5 feet af the VV 555 feet aod ti�e eASterly �G.04
fect ior thc rig6t of way of Scebrook Road..
, Parccl Z: .
A parcet of reai property in �ection 25, Township AO Saut6, Rd�ge 42 East, P�lm �icach CuunM�, Florid�, being
� morc particularly descrtbcd ib t�c deed deted Jun 28, 1422, aud recordcd Januarti� 17,1925, ln Offic�A! Rrcord
Book 231, PaRe 101, oi the Public R�cord.c of Pafm Beech County, Florida, as follows:
Commeneing at the Nort6wcst (N�.'} col�ncr of the Northeast Qusrter (NF. '/.} of tt�c Southeast Qaartcr (SE'/.) of
� seid 5ection Twenty-Five (ZSj, then�e.rua East five 6uodred �ud thirty fett (530'); thence run �outh one k�undreJ
avd xeventeen feet (117'); thcnce rnn'�asf twenh�-fivc fcet (25'); thence run North one hundred and seventcen fect
(117'); thence run West twenty-five leet (25') lu the plece of be�inning, all bein�; in "tbwnship Furty (4U) South,
� R�n�e Forty Tw�o (42) East, and being a�erce� of land twenty-flve feet witle east and west, �nd oue hunclred and
serenteen fect deep north #nd south, in the-said l�orthes�t Quarter (NE'ti) of the Sonthcaqt Quarter (S�;'/.) of
5ection'1'wenty-)�ive (Y5) arter streel� bave bee� estabtished.
� 7'6e parcel of propert�� conve}ed 6ereby is also kno��n and deacribed aa:
The E#sk 25 feet of the W`est S55 feet oF the NoHh L[17..feet of the Northeast (jnarier (:VE'/+} of t�e �outhcest
� Quarter (SE'.�;) of Srction Z5, ToRaship 40 South, RanRc 4Z Esst, Palm Beech County, Flarid�.
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479 & 483 Seabrook Road, Tequesta
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Property History
� The last transfer was a warranty deed from the prior owners, FL1, 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 struch�re was detnolished 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, ]istings/
� offerings, and/or signi�cant improvements/ alterations during the past three years.
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� ECONOMIC ANALYSIS
PALM BEACH COUNTY AREA ANALYSIS
� Palm Beach County is located in southeastern Florida approximately 70 iniles north of
Miami. It is 1,970 square miles in size and has a population density of 687 persons per square
� mile. Palm Beach County is part of the Miami-Fort Lauderdale-Pompano Beach, FL
Metropolitan Statistical Ai•ea, hereinafter called the Miami MSA, as defined by the U.S.
Office of Manageinent and Budget.
� ; �,. ,
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t ; Subject
IndierRowna I�y� 479 & 483 Seabrook Rd 8 n t 1 C
Tequesta FL 33469
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em
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Co d ht 0 and P 1988-2009 Mcrosoft Co oration andPor its so liers. WI n 1'rcs�re"seroedF I
� 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 l.l% annual
r 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
� Population Compound Ann. %Chng
2010 Census 2014 Est. 2019 Est. 2010 - 2014 2014 - 2019
VillageofTequesta 5,629 5,661 5,753 0.1% 0.3%
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: Claritas
, Employment
Total employment in Palm Beach County is currently estiinated 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 einployment in tive out of the past ten years,
influenced in part by the national economic dowilturn and slow recovery. Although many
areas suffered declines in einployment over the last decade, Palin Beach County
� underperformed Florida, which experienced an increase in employment of 0.6% or 47,926
jobs over this period.
� A comparison of unemploylnent 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.?°/o rate for Florida, a positive sign for Palm Beach County economy but one that inust be
tempered by the fact that Palm Beach County has underperfonned Florida in the rate of job
growth over the past two years.
� Employment Trends
Total Employment (Year End) Unemployment Rate (Ann. Avg.)
PalmBeach % °/o PalmBeach
� Year County Change Florida Change County Florida
2003 525,201 7,453,831 5.7% 5.3%
2004 546,320 4.0% 7,726,652 3.7% S.lo/a q �o/
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% 33%
2007 567,730 -2.0% 8,014,408 -1.4% 4.2% 4.0%
2008 526,983 -7.2% 7,585,913 -5.3% 6.5% 63%
� 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%
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% 7.2%
Overall Change2003-2013 -6,775 -13°/o 47,926 0.6%
Avg Unemp. Rate 2003-2013 7.1% 6.9%
Unemployment Rate - Apri I 2014 5.6% 6.2 %
� *Total employment data is as of September 2013; unemployment rate data re(lects the average of 12 months of 2013.
Source:8ureau of labor Statistics and Economy.com. Employment figures are from the Quarterly Census of Employment and Wages (QCEW).
Unemployment rates are from the Current Population Survey (CPS). The figures a re not seasonally adjusted.
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� Ma'or em lo ers in Palm Beach Count are shown in the followin table.
J P Y Y g
� Major Employers - Palm Beach County, FL
Name Number of Employees
1 TenetHealthcareCorporation 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,lnc.
i
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 econolny iinproves, the Miaini MSA has recently perfonned better than the
United States. GDP for the Mia�ni 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 229,863 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 February2014.The release ofstate and local GOP
data has a longerlagtimethan national data. The data represents inflation-adjusted "real"GDPstated in 2005 dollars.
� Income, Education and A e
g
� Palm Beach County has a higher level of household income than Florida. Median household
incoine for Palm Beach County is $47,219, which is 6.5% greater than the corresponding
tigure 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 attainlnent 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 far Palm Beach County is 44 years, while the
� median age for Florida is 42 years.
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479 & 483 Seabrook Road, Tequesta
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Educat & Age - 201
i PercentCollege Graduate Median Age
� 80% 50 44 `_ 42
70% 45
60% � 40
� 35
50 %
40% � 32 % 30
26% 25 -
� � 20
� ZOo/ fF 15
10 % ' 10
Palm Beach County, FL florida Palm Beach CounYy, Floriaa
FL
� Source: Claritas
, Conclusion
The Palm Beach County economy will bene�t 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 unemployment rate than Florida over the past decade. On
balance, we anticipate that growth in the Palm Beach County economy will be limited,
r in only a modest level of demand for real estate in general.
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Neighborhood Discussion
�
A nei�hborhood typically encompasses a portion of a city, a community 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 Village of Tequesta, which is the most northeastern community
in Palm Beach County and is abutted by Martin County to the north. This area is along
� Florida's southeast coast approxiinately 90 miles north of Miaini and approximately 250
miles south of Jacksonville.
� Jonathan �
Uickinson s � � �
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� ...�!?�?.Y_Line_Rd....., 479 & 483 Seabroak Rd
. ....................................�......
� Tequesta FL 33469 t 1 8 A t 1 C
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a
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� _ 7 0 6 �t��e �t Indiardp,wn RdW Iqdlarttown Rd E,India�t.�Srvn R�r: AfA❑
Riverhend rt �
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co n M 0 and P 1988-2009 �fcrusoft Co or�ion,andkr rts su liers. FYI n Ms reserved,� Penne Dr Tone P�na D� o
� The boundaries immediately surrounding the subject area are:
North: Jonathan Dickinson State Park / Martin County
� South: Town of Jupiter
East: Intracoastal Waterway / Atlantic Ocean
� West: Loxahatchee River
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� Nei hborllood ro erties are inostl residential single family dwellings built in the
� P P Y
1970's/2000's. Jonathan Dickinson State Park abuts the neighborhood to the north in Martin
� County. Riverside Memorial Park, a cemeteiy, 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.
� The immediate sub�ect nei hborhood is bounded b Riverside Drive to the west, Tequesta
J g Y
Drive to the south, Colinty Line Road to the i�orth, and Old Dixie Highway to the east. Tl�ere
� is a sinall coirvenience store (7-11) at the cot 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
� County.
Federal Highway (US-1) is the primary north/south commercial corridor and is situated
, approximately '/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 tire departments and municipal oftices 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.
� Surrounding Area Demographics
Palm Beach
2014 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius County, 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% 1.1% 1.1%
� Compound % Change2014-2019 0.5% 1.1% 1.5% 1.1% 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%Change2010-2014 0.4% 1.1% 1.5% 0.9% 1.1%
Compound % Change 2014-2019 0.6% 1.2% 1.4% 1.1% 1.1%
Media� Household Income 2014 $56,657 $59,233 $59,675 $47,219 $44,318
� AverageHousehold5ize 2.1 2.3 2.3 2.4 2.5
CollegeGraduate% 39% 39% 42% 32% 26%
Median Age 50 50 48 44 42
Owner Occupied % 80% 81% 78% 71� 67%
� Renter Ocwpied % 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 Min. 25 24 25 26 28
Source: Claritas
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� As shown above, the current o ulation within a 3-mile radius of the subject is 39,893, and
P p
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. Coinpared to Palm Beach
CoLinty 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 are
� considerably higher.
Conclusions
� The neighborhood's life cycle is stable at this tiine as it is more than 95% developed and
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
froin the recent recession and demand continues to return to inore normal levels.
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479 & 483 Seabrook Road, Tequesta
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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 Seabi 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 tlle road and appears generally level.
� Drainage, Soil and Subsoil Conditions
� Dr•ainage appears to be adequate, and no hazardous waste or any adverse soil or subsoil
coilditions 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 easeme�nts of record, restrictions (othei than zoning/land use), or other
eneroachments are known that could adversely affect the site's value (i.e., use and/or
� development).
Utilities
� The site has the availability of public/mw�icipal 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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479 & 483 Seabrook Road, Tequesta
� Site Improvements
� The site is inostly cle�ared and grassed. Mature trees and i�ative vegetation are situated mostly
on the southern portion of the site. There are wood stockade fences along the north and south
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
� periineter of the site.
Parking
� Currently, there are no parking spaces on the site as it is vacant.
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479 & 483 Seabrook Road, Tequesta
� Future Land Use Map
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I LUtiY vL:h:`�I't"Y (MAXlh4t�'M �w.�l ll l%.'�+ E'�!:f�t J1c_'!tL)
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� - r'T117T,If' I�l!II,T)!r�'(:,�; -1;��T? (:I�'t��r,'��I�:;
� 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. T11e following exceipts wexe
taken from the Tequesta Municode.
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� �#�,'"��.� 4'_"� .a. �,�`x`'.w x�, �....;'i� �` '.�q� ��i;j��;; R f_ .�.�.�iti",:...
(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:
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479 & 483 Seabrook Road, Tequesta
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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,
p�aygrounds 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.
�
� Minimum Setbacks
District Minimum Minimwn 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%z 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
� 20 ft. access
for ory
any buildi
� corner ng or
lot2 struct
ure
�
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Conclusions
� The only use pennitted by right within an R-1 district is single fainily residential use with
subdivision of the site into buildable lots with a Ininimum 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 minimum lot size of 8,000
� sq.ft. with a minimum fi•ontage of 75 feet, projecting a street coming into the site�, and
concluded the parcel could accommodate 5 residential lots. We are assuming the Village will
approve res�dential development of the parcel with 5 lots.
� Assessmenf and Tax Anal sis
Y
� The Palm Beach County Property Appraiser has assessed the subject parcel for 2013 as
follows:
� 2013 Assessment & Taxes
Address Parcel /D Land Yalue Improvement Total �alue Taxes
� Yalue
483 Seabrook Road 60-42-40-25-00-000-5140 $153,661 $0 $153,661 $0,00
� The subject is owned by the Village of Tequesta and is tax exeinpt. The subject's tax
assessment card is reproduced in the addendum.
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479 & 483 Seabrook Road, Tequesta
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Highest and Best Use
1
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
' detei7nine t�ighest a��d best use, including maxi���um 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 pennissibility, physica] possibility, financial feasibility, aild maximum
productivity.�'
� There are three ste s involved in hi hest and best use. The first ste is to analyze potential
P g P
uses for the site as vacant (including leaving it vacant). If the conclusion is to improve the
� site, the secor�d 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 mai»tain the existing improvements or modify
� the property to resemble its ideal improvements.
Analysis of the subject site `as vacant' and `as improved' is perfonned by application of the
� following four tests:
• Legal pennissibility: uses allowed by private restrictions (such as deed restrictions),
or public restriction (such as zoning and land use).
� • Physical possibility: uses which are pllysically possible, given tlie subject size,
configuration, etc.
• Financial feasibility: legally pennissible and physically possible uses that have
, sufficient demand to indicate value commensurate with cost.
• Maxiinum 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,
alte�rnative 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.
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� Legally Permissible Uses
� The subject parcel is currently zoned R-OP (Recreation and Open Space). As previously
stated, the Village intends to sell the subject for residential developinent aild 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 assurning the R-1 zoning wil] be reinstated and
are appraising the property based on this premise. The only use pennitted by right within an
R-1 district is single fanlily res�dential use with s�ibdivisioi� of the site into bt�ildable lots
� with a minimum size of 8,000 sq.ft. and a mini�num 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
Commwlity 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 tt, diameter cul-de-sac at the end of the street to
accommodate emergency municipal vehicles, and concluded the parcel could accoinmodate 5
� residential lots. We are assuming the Village will approve residential develop�nent 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.
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479 & 483 Seabrook Road, Tequesta
, Financiall Feasible
Y
' Based on our analysis of the market, tllere is increased demand for additional residential lots
at the current time. Sales of single fai��ily 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 nonnal 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.
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` VALUATION ANALYSIS
' VALUATION METHODOLOGY
Appraisers usually consider three approaches to estimating the market value of real property.
These are the cost approach, sales coinparison approach and the income capitalization
� approach.
The cost approach assumes that the infonned purchaser would pay no more than the cost of
� producing a substitute property with the same utility. This approach is particularly applicable
when the iinprovements 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 ar no sales data from comparable properties.
The sales comparison approach assumes that an infonned 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 �s less reliable �n 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 retlects 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 methocis are direct capitalization and discounted cash tlow
' 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 suUdivision 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".
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i
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 e�quilibrium 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, sitnilar available sites.
� Property rights must be considered when valuing land, including the rights to use, lease,
develop and/or 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-tenn growth. The value of a particular site is also affected by its location,
physical characteristics and site iinprovemet�ts (both off-site and on-site). Site improveinents
that may be cons�dered are off-site and on-site utilities, as well as off-site streets, curbs,
sidewalks and street lighting, etc. On-site improveinents 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 inay reduce value. The latter case occurs when tlle
� 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 following methods:
� • Sales Comparison: see explanation that follows.
• Allocation
� Extraction
� • lncoine Capitalization
Sales comparison is the most common and preferred method for valuing land when
� coinpar sales are available. This method is applied by analyzing sales of similar parcels,
with market-supported adjustments 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 iinportant than the eleinents of
comparison discussed.
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�
Our sales research focused oi� transactions within the following parameters:
� ■ Location: Tequesta and the northern portion of Jupiter:
■ Size: 5,000 sq.ft. —?0,000 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 property 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
adde��du�1�.
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Comparable Land Sales Map
� up er
�� island
' � Way ............... _ ............................. ............ ................ .................. umy Line Rd s�e i
�y` f airoaaY N z 515 Cypress Gr
Pending Sa� 5 � Tequesta Fl 33469
19151 SE Ganiel Ln r
' . Te ueste F1334h9 �'�i 2 � m nrtanric
� � p� � � � �
µ Y � Ocean
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� W � a � Rd (�' }� 6 U1 � o ` p1A
7 � SUbje[t a
, � dy 419&483SeabrookR.d , -�_ 70�
Sale 2 r Te uesta FL 33469
m
...........: � 1 l2 Fairview West ��t Rd � G
, bVinding �a� Te uesta F� 334b4 �L� `� 5
v 7
� 3 � C
� f v q Jupiter Inlet
m Pennaek A W pr � co�r
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� ��h� � � Sale 4 a
Y @ Roebuck Rd @ 18130 April Ln �
' m Q A Jup�er, FL 33958
� '` o. 1p ��
811
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m Sale 3 Dudois
`� � 4� Park
hurch St � 17670 Cinquet Park Rd E g .�
J Jupiter, Fl 33458 er �t N 8url ReNiofds a,
' 3rd St b N��haiew Dr park A1A
�! 1 sf Sf � � °
v
� Co o M�0 and� �R� 1988-2009 Mcrosoft Co orafio�n andPor rt liers. WI n Ms reserved. W Evernia 5t Jup�er
� 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.
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�
Land Sales Comparison Grid
' Subject Sale 1 Sale 2 Sale 3 Sale 4 Pendin Sale 5
Subdivision NI Cypress Ridge Tequesta CC Cinquez Park NI La Costa
, Address 479 & 483 Seabrook Rd 515 Cypress Circle 112 Fairview Wesl 17670 Cinquez Park Rd 18130 April Lane 19151 SE Daniel Lane
Tequesla Tequesla Tequesla Jupiler Jupiler Tequesta
' Consideration $93,000 $169,900 $94,000 $150,000 $120,000
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simpie
Financing Assm. Cash Equiu. Similar Simi�ar Similar Similar Similar
� Conditions of Sale Normal Markei Similar Similar Similar Similar Similar
% Atljustmenl
S Ad'ustmenl
, MarketConditions 25,1u1•14 5•Aug-13 21-Mar•14 18,1u1•14 11•Oct•13 UnderContract
Per Annum Pdjustment 12%
Pdjusted Sale Price $103,805 $116,679 $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 Goad Average Very Good Fair Good Good
Inferior Superior Inferior Similar Similar
%P(�jusfinenl 10% -25% 25% 0% 0%
� SP,duslmenl S10,380 S44,170 523,551 $0 30
�ew Residential Resitlential Resitlential Residenlial Residenlial Residenlial
Similar Similar Similar Similar Similar
%AtJjustment 0% 0% 0% 0% 0%
, $ Ad'uslment $0 $0 $0 SO a0
Site Preparation Ready to Build Ready lo Builtl Ready fo Buiid Reatly lo Build Ready to Build Ready fo Build
Good Similar Similar Similar Similar Similar
°1u Aiijuslmenl 0% 0% 0% 0% 0%
' S Ad'ustmenl $0 �0 SO $0 $0
Configuration Rectangular Mostly Reclangular Reclangular Reclangular Reclangular Mosfly Rectangular
Similar Similar Similar Similar Similar
' %Prijusfinenl 0% 0% 0% 0°/a 0%
S Ad'uslmeN $0 �0 50 50 SO
Size (sq.ft.) 8,000 8,700 12,000 14,810 22,042 9,278
Similar Superior Superior Superior Similar
� %Plijusfinenl 0% -10% -10% -25°/a 0%
SAd'ustmenl $0 �17,6687 $9,420 $40,995 50
Topography Level, At Grade LeveL At Gratle Level, Al Gratle Level, Al Grade Level, Al Gratle Level, Al Grade
Similar Similar Similar Similar Similar
' NetAdjuslmenis $10,380 �_' `' $14,131 - 30
Indicaled Value (SF) $114,185 $114,841 $108,335 $122,985 $118,000
Overall Rating Similar Superior Inferior Superior Similar
' Mean Indication $115,669
Median Indication $114,841
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Adjustments to Comparable Land Sa/es
� The coinparable laild sales display iuiadjusted sale prices ranging froin $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 siinple 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 are needed for this item.
Market Condition (Sale Date): The sales were each given positive 12% per annum ma�rket
� condition adjustments applied to the subject's val�iation 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 sub�ect closer to the train tracks which is inferior to the subject and was
' given a positive 10% adjustment. Sale 2 is situated in Tequesta Country Club and is
considered 25°/o 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
ihis ite�n of co�nparison.
� 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 a}�plied 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 siinilar to the subject. 5ales 2, 3, and 4 are all larger than the s�ibject
� 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 al] of the
' comparable sales; therefore, no adjustments are necessary for this item of comparison.
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Land Value Reconciliation and Conclusions
' As indicated in the Land Sales Compa� Grid, adjusted sale prices range from $108,335 to
$122,985 per lot. The data provided a mean indication of $1 15,669 per lot and a median of
� $114,841 per lot. Greater consideration is given to Sales 1 and 2 as they are located in the
subject colnlnunity. Based on this analysis, we have concluded a market value of $115,000
per ]ot.
� The retail values of the subject lots assuming completion of infrastructure are summarized
below.
' Lot 1 $115,000
Lot 2 $115,000
, Lot 3 $115,000
Lot 4 $115,000
' Lot 5 $115,000
Aggregate of Retail Values $575,000
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Income Capitalization Approach
i
The income capitalization approach to value is based on the relationship between income and
, value. Purchasers of income producing properties recognize a direct association between a
property's potential net operating incoine 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 rnay 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 higllei or lowei rates of ret�irn, 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
� iu supply and demand may affect firture inco�ne� streams by impacting rental rates and/or
occupancy levels as well as some variable expenses. Increased deinand coupled with a supply
shortage can result in h�gher 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. Because of the time required to develop real estate, a quick but
small increase in demand can spur more development than a inarket may be able to absorb.
Additionally, changes in deinand may i•esult 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
1 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 incoine approach is inter-related with market data infonnation. The iinprovements on
the site can generate incoine 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 fonns: 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 near future). Au overall capitalization rate (Ro) is
' calculated by dividing a property's potential NOI by its value. NOI is estimated by
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' deductin all of the ex enses incun•ed b the owner includin reserves for the re lacement
g P Y ( g P
of short-lived components) from the effective gross income (EGI). EGI is a property's
� potential gross income (PGI) exclusive of vaca»cy 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 streain (reversion), to indicate value. This procedure, known as yield capitalization
(or discounted cash flow analysis (DCF)), is typically applied when projecting income
� s�reams into the future is relatively easy, when income is expected to vary, or wheu 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
, retunl on capital; it is typically expressed as a compound annual percentage rate.
SUBDIVISION APPROACH
� The following is a suminary of asswnptions/conclusiot�s.
, Sales and Absorption Projections:
Number of Sites: 5 Vacant Lots
� Absorption Rate: We esti�nate that the 5 lots will sell out in 3 months.
This absorption is expected to occur after all municipal
pennits are obtained and infrastructure is completed
' which is projected to take approxiinately 12 months.
Average Lot Value as of 7/2014: $1 15,000
� Market Appreciation Rate: 12% per year appreciation through sellout period as
market improves.
� Expense Projections:
Real Estate Taxes: None projected f'or the �rst 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
coinbination of both).
� 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: Protit 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 incui�•ed
in completing the sellout of the lots, which must be
adequate to compensate a typical investor and include
� all of the require�d protit.
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 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 profit 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 FLO�L'
' The followin a e contains the sub�ect's abso tion cash tlow for the "as is" market value
� P � J rP
� 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 2o�a 2o�a•2o�s 2015 2o�s 20�5
Periods 1 2 3 4 5
� Months Fwg-Oct Nov-Jan Feb-Apr May-July Alig-Oct Totals
Total # of Lots = 5 Totals $ILot % PGI
Lot Sales per Period = 5 in last 3 months 0 0 0 0 5 5
� INCOME:
MarketValueperAvgSite@ $115,000 $115,000 $115,000 $118,450 $122,004 $125,664 $575,000
A{�preciation @ 12.0% 3,450 3,554 3,660 3,770
Revenue with Growth = NIA �115,000 $118,450 $122,004 $125,664 �129,434
� Sales 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
2013+ Real Estate TaxeslLot @ $2,000
SitePreparation $125,000 _. $31,25u �3'1,25G S31,t5G
, Sales & Marketing @ 6.0% $0 SO SO 5?-'
PtiministrativelOverhead @ 1.5% cn
Closing Costs @ 1.0°/
Miscellaneous Costs @ 0.5%
' Total6cpenses= �:3�.:;�G 3J4
Cash Flows Before Profit= $586,423
Less De�lopers Profit @ 0.0% SO SO SO SO 50
Cash Flows After Profit = E586,423 $460,000 592,000 71 %
� PresentValuefactor@ 25.0°/a 1.0000 10000 10000 10000 0.7385
Present Value of Cash Flows = :: 0 ,. !;�_ � $433,078 5300,000 $60,000 46°/
lots Remaining 5 5 5 5 5 0
� Percent of Lots Remaining 100% 100% 100% 100% 0°/o
Indicated MV "As Is" _ $300,000
� Market Value "As Is" = :3n^ ',^"'
Cash Flows Before Profit = 5586,423
Total of Above = � : �3"�_�� �� ��53 � ':i0': $586,423
� Indicated IRR = 15.0%
The indicated "as is" value is $60,000 per lot. As a test of reasonableness, we fotmd one
' recent sale of raw residential land in Jupiter. A 3.04 acre site on Old Jupiter Beach Road sold
on December 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
�
�
,
� �,, s.:, ...
Page 41
r
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479 & 483 Seabrook Road, Tequesta
�
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 Estiinate: July 25, 2014
Defined Value: Market Value "As Is"
� Property Rights Appraised: Fee Simple Interest
, The puipose 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 estitnated 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 conclLision, assuming a typical exposure time�, is:
� Opinion of Market Value "As Is", as of 7/25/2014: $300,000
'
�
�
�
� 6 Estimated at 9 to 12 months "as is°.
' �
_°<,,,;r,: •...
Page 42
�
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479 & 483 Seabrook Road, Tequesta
�
Certification
� We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
, 2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and 1imiting 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 tl�e subject of this report or to the parties
involved with this assignment.
� 5. Our engageinent in tl�is assigmnent was not coi�tingent upon developing or reporting
predetermined results.
6. Our compensation for completing this assignment is not contingent upon the developtnent or
� reporting of a predeterinined vallle 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.
$. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in confoi7niry with the requirements of the Code of Professional Ethics and
� Standards of Professional Appraisal Practice of the Appraisal I��stitute.
9. The use of this report is subject to the requirecnents of the Appraisal Institute relating to
review by its duly authorized representatives.
� 10. The use of this re�ort 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, MA1 made a personal inspection of the
� property tl�at is the subject of this report.
12. No one provided significant real property appraisal assistance to the person(s) signing this
certification.
13. We have experience in appraising properties similar to the subject and are in compliance with
� the Competency Rule of USPAP.
14. 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 cu�7�ently certified in the state within
' which the subject property is located.
16. As of the date of this report, 5cott M. Powell, MAI ai�d William Rezeudes, MAI have
completed the co��tii�uing education pcogram of the Appraisal Instit�ite.
, l7. This appraisal assignment was not based on a requested minimum valuation, a
specific valuation, or the approval of a loan.
, '�
. �' � /,,- ,� � / �� ,� J
� �.i'%i'!.�i�`.i/r.%� _ �,rC..��.�-%�
� ���� � � � __ �
Scott M Powell, MAI, FRICS William Rezendes, MAI
� State-Certified General REA #RZ2809 State-Certified General REA #RZ2507
1 �
.:�:,r;,,.,_,,:� Page 43
�
�
479 & 483 Seabrook Road, Tequesta
�
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 liei7s, encuinbrances, 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 sta�nps placed on any deed referenced herein to indicate the sale price
� are in correct relation to the actual dollar aYnount 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 infonnation 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 puiposes 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
dilnensions 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 tields.
Such considerations ii�clude, but are not limited to, legal descriptio�ls and other legal
� � �..:.
��:�.,�, ., Page 44
'
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479 & 483 Seabrook Road, Tequesta
' matters such as le al title, eolo ic considerations such as soils and seismic stabilit ,
� � � Y
and civil, mechanical, electrical, structural and other engineering and enviromnental
� matters.
9. The distribution of the total valuation in tlle report between land and iinprovements
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 in
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. Infonnation, estimates and opinions contained in the report, obtained froin 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 appr•aisal may be pai 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.
l6. The value found herein is subject to these and to any other assumptions 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 estiinates and
assuinptions regarding property perfonnance, 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 dui the period covered by our analysis will vary from our
estimates, and the variations may be material.
18. The A�nericas�s with Disabilr.'ties Act (ADA) became effective January 26, 1992. We
� have not inade a specific survey or analysis of the property to detennine whether the
physical aspects of the improvernents 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 ro cure the �1o»-conforn�ing physical characteristics of a
� �: ty 5�:, . . '.
Page 45
�
�
479 & 483 Seabrook Road, Tequesta
1 ro ert a s ecific stud of both the owner's tinancial abilit and the cost to cure any
P P Y, P Y Y
deficiencies would be needed for the Department of Justice to detennine compliance.
� 19. The appraisal report is prepared for tlle exclusive benefit of the Client, its subsidiaries
and/or 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 �is indicating the presence or absence of hazardous
��aterials on the subject property or in the iinprovements, and our valuation is
� predicated upon the assuinption that the subject property is free and clear of any
environment hazards including, without limitation, hazardous wastes, toxic
substances and mold. No repi•esentations or warranties are made regarding the
� enviromnental condition of the subject property and the person signing the report
shall not be respo��sible for any such ei�vironmental 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.
� 2l . 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 detec The presence of tlood plain areas and/or 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 fi•ee 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 inanner.
� 24. It is expressly acknowledged that in any action which may be brought against Integra
Realty Resources — Miami/Palin Beach, Integra Realty Resources, Inc. or their
respective officers, owners, managers, directors, agents, subcontractors ar employees
� (the "Integra Parties"), arising out of, relating to, or in any way pertaining to this
engagement, the appraisal reports, or any estiinates or infoc contained therein,
the Integra Parties shall not be responsible or liable for an incidental or consequential
� da�nages 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 fi•audulent 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 puipose stated elsewhere in the
report. The intended use of the appraisal is stated in the General Infonnation 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
� �:,v F,,, _. �
Page 46
'
�
479 & 483 Seabrook Road, Tequesta
� addressed to and shall be solel for the Client's use and benefit unless we rovide our
Y p
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 re�liance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and
reasonably foreseeable future occurrences. These estiinates are based partly on
� property infoi data obtained in public re�cords, intel 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 undei•signed are not responsible for these and other future occurrences
that could not have reasonably been foreseen on the effective date of this assignment.
Furthennore, it is inevitable that some assumptions will not materialize and that
� unanticipated events may occur that will likely affect actual perfonnance. 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 ar subject
� to considerable risk and uncertainty. Moreover, we assume competent and effective
management and inarketing for the duration of tlle 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 ro changes in the econouly, i�lterest rates, and capitalization rates, behavior of
consumers, investors and lenders, fire and other physical destruction, changes in title
� or conveyances of ease�l�ents and deed restrictions, etc. It is assumed that conditions
reasonably foreseeable at the present time are consistent or similar with the future.
� Extraordinary Assumptions, Hypothetical and/or Special 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 f'or illustrative purposes only.
�
�
�
�
� � _
�...:� �,5..: .
Page 47
,
,
479 & 483 Seabrook Road, Tequesta
�
� Addendum
� • Appraiser Qualifications
� • De�nitions
• Subject Data
� • Property Card
• Deed
� • Market Data
• Land Sales Comparables
� • Engagement Letter and Correspondence
�
,
�
�
�
M
�
t
!
1 �,�F. .
�
�
� SCOtt IY1 Powell IY1/'�1� Integre Realty Resources
'�%;ia:rc�/''� air., €3�^�.ci
EXp21'Ie1lCe _ :"? S. Fecieral Hwy.
� 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
� and the Treasure Coast.
F i/2.463.409I
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:
� 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, Malls: 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, Appraisal 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�
1 spowell@irr.com - 772.463.4131 x210 _
1
�
� Scott M Powel I MAI Integre Realty Resources
. � �,��; � �- .:-„ c ,.
Education °'" � ����f��t� "wY
� Graduated from Pennsylvania State University with a Bachelor of Science Degree in 1987. �
Mr. Powell has successfully completed numerous real estate and related courses and seminars,
� including: �> ab3.�097
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 Appraisai 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 Vaivation: 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 Appraisal Standards for Federal Land Acquisitions
• That's 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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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 specitied yield rate. DCF
� analysis can be applied with any yield eapitalization technique and may be performed on
either a lease-by-lease or• aggregate basis.�
� Entitlement is detined as in the context of ownership, use and/or development of real estate,
flie right to receive gove��7iment approvals for annexation, aoning, utility extensious,
construction pennits, and occupancy/use pei7nits. The approval period is usually finite and
may require the owner and/or 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
governinent protocols, may constitute vested rights, and may represent an enhanceinent to the
property's value.�
� Entrepreneurial incentive is defined as a market derived tigure that represents the arnount an
entrepreneur expects to receive for his or her contribution to a project and risk.�
� Extraordinary assumption is an assumption, directly related to a specific assignment, which,
if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary
� assumptions presume as fact otherwise uncertain infot7nation about physical, legal, or
economic characteristics of tl�e subject pi or about conditions exter to the propei�ty,
such as market conditions or trends; of about the integrity of data used in the analysis. An
� exh•aordinary 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 extraordinaiy assumption;
� • Use of the extraordinarily ass�nnption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary ass�unptions.
� Fee simple estate is defined as absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the governmental powers of taxation,
� eminent domain, police power, and escheat. ��
�
�
' Dictionary of Real Estate Apprarsal, 4' Ed., Appraisal Institute.
� e Ibid.
9 Ibid.
10 Ibid.
" Ibid.
� �'', F, ; . :
�
�
479 & 483 Seabrook Road, Tequesta
� Gross buildin area GBA is detined as the total floor area of a buildin includin
g � ) g� g
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 pennanent outer building walls without any deductions. All enclosed floors of the
building including baseinents, mechanical equipment floors, penthouses, and the like are
� included in the measurement. Parking spaces and parking garages are excluded.l2
Gr•oss leasable area (GLA) is the total floor area designed for the occupancy and exclusive
� use of tenants, including basements and mezzanines, and measured froin the center of interior
partitioning to outside wall surfaces; the standard measure for detennining the size of
shopping centers where rent is calculated based on the GLA occupied. The area for which
� tenants pay rent. "
Hypothetical condition meai�s 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
extenlal to the property, such as inarket conditions or trends; or about the iiltegrity of data
� used in the analysis. A hypothetical condition inay be used in an assignment only if:
• Use of tl�e hypothetical condition is clearly required for ]egal putposes, for purposes
of reasonable analysis, or for purposes of comparison;
1 • 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 specific ownership rights to an identified parcel of
real estate as of the effective date of the appraisal; relates to what physically exists and is
� legally per�nissible and excludes all assumptions concerning hypothetical market conditions
or possible rezoning. See also effective date; prospective value opinion.�
�
�
�
�
�
� 12 Dictionary of Real Estate Appraisal.
" Ibid.
'" Ibid.
15 Ibid.
� � tY F.��.-.
�
�
479 & 483 Seabrook Road, Tequesta
�
! Subject Data
� The following pages contain supporting documentation and/or additional information on the
subject relied upon and analyzed in the body of this report, as follows:
' Pro ert Card: Palm Beach County Property Appraiser
U Y
� Deed: Palm Beach Couilty Ofticial Re�cords
'
�
�
�
�
�
�
�
�
�
�
� �,,h�� _
�
�
479 & 483 Seabrook Road, Tequesta
�
Subject Deed
j i��r�ri�i���i�����i���
CFH 2O100�59354
�. OR BK 24230 PG 0878
THLS IVSTRUASEM PRFPAAED PY ANU RI�'TURT� �fYt �DCD l2/�212�1� 17:16s l�
AaL Bwd� Couatr, i'Lorid�
AFFtNffY TITL.E SERVICES TNC ,� ny, �, M
8198 S)O(; RA Doe stHp 1. 573. M
DOYNTi)N BYJ�CH Fl. 33472 5laron R, 6ocic, CI.ER i WIIPrNOLL6R
� �PropeitY Appraixrs Pvicel Idmti(uuiun (Fuliol vumben, 60-42-40.25-Q�i0�6'7LO+r�79� 12yq�1
� 60•42-40-25 �00.000-5 I �t0
c�ss a:
� . ..___. ti�sx Alwve 7Tn l.ine Fm RecordinR Dw
TH1S WARRANTY DCED, mada ihe 17th hy o! IAm�ealer, 7010 by FLI, LLC, A DISSOLVED
YLARJUA LIMT{'ED LlABILfTY COMPANY , herem alkd the Fwar, to VIL.LAGE OP TF.QUY3TA
FLORIDA , whose post olTia addrnn ia JlL1 Q� �7f SEABROOX POAD, JUPITER, FL, heminalter caila! Ne
Gnmre:
� fWqnrwv uled hereu Mrwf 'Rrpw/0r" mA 'pmwM[" irrlwL ull M[ pnlM !o th✓ ��Utr`n�wr oM fH FNrx. Mg0(
'ryrwraa�Kr aM ms�n eJl�wmoG. aM ur wcnua.r andm.�d'v �I«'P��^^4
W 1 T N E 5 3 F T H: TtyT the gnntor, for ud in contidera�wn of the wm af TWO Hl1NDRF.D TU�EN1'Y FR�E
THOUSAND AND ODi100'5 (5223,DOO.Iq) Doll�s md odrcr ra;u�ble raosidcntions, rcui�rt whereaf ia hercby
acimawledge4 6erc6y Osms, bKgauu, xlle. viau, ranixa, rckaus, nn,�eys md confum� unto �bc gnotcc all
� �lw certam Imd sim�OC in PALM BEACH County, Suee of F1oridQ viz.:
S[E HXHIEIT "A" ATTACHEll
� 7'OGETNER w��h atl ihe iencma�a. hnadiumcnts md �ppunaroea+ fl�eret� bNongmg rn iu mywix
filx^+�^+n8
TO H � VE ANp TO HULD, the same m fre simpk forever.
A`ID, tlrc grnntor hereby ccnenunta wi�h aid gtarit« that Nr granror is lawfully ceionl o( said IYnd in fee simpk;
� t6e� ttie y�ntar lys good right end lawful wcMrHy w aell and convry said land, end hc�e2ry wamnn tbe titk w�aid
Iond md will defend the same agsin� tAe lawful claims of all persona whomcoever; end tha� nw fand �s fiee oTall
a�cum6ranr.ea, eacepi wces �cctuinQ suhoequeM u� UxanF�er 31, 2010
1� WlTMC55 WNEREOF, ihe seid granta he� xiRned aod scded these presend tl�e day and ymr fini alrore
wnnen.
� S�prcd. sealed and delivend in �he prcsence of� FL-I, LLC, A DISSOLVrU fLURlDA llMRED
L1.4RI1.17Y f.OM('AT:Y
� i
Wimn� I Si rure -�� � PAU E BI .vS Sl;' .F.SSOR
� Q � � _ 'I7tUSTEL, IT3 MANAGiNG MEMBER
�_V. i����`�r�/l�F-� ITlIIQUF.F.NAVNFpkRNJEROAIJ.IfOWIC.M[121716
w� as � I �ed Name .
_ _. _ . _ _ ______
W9 n2 Si /�, . �
� �[, Q IP,1 I Q�It.E'�: ANNE HRIU(if ROM, W�I7F, RID 7C116
wimen� N2 ' � hamc
S7ATE OP l�j.
COUNTY UF AWYE �L
� �fhe 1'msgomg inamiment w�s ycknowledged betwt me !6is ITtti day of lJbremba, 2010 hy PAI,'I.A E BiE VSKI,
AS SUCCF_�iSON 7RCSfEF, ITS MANAf.ING MFMB6R OF PLI. LI.C, A UISSULVHD FLURIDA
LIMITGU UABILI7'Y fl)MPAAY w�o n Personally knewn �n oe htt Fsoduted
.. .. . _ _ __ . na iderttiflcuion.
tiF,AL
� g 4Uq N�ury r„ « - _
� O � MINE �r' . ..._ .._ B.II��7Nb`t7�y
ARUNOEl ' Print«f Ndarv ?:amc
QOIM(TV
YAFYI AN0
� � Pu"
F�i�vo �aia:
� Book24230lPage878 Page 1 of 2
� �i�ty fi���;:'�.!;a�
�
�
479 & 483 Seabrook Road, Tequesta
�
�
STEWART T1TLE G�iIARANTY COMPANY
� Plant file na�010062
AgenYs File.MO. 10-039
F.XHIRIT "A"
� Percel l :
A psreel of ]and cnnfniniog npproximatelv 75,000 squsre feet tyin� in Sect[o� 25, i'oK•nship 40 South, Range 43
� Eest, in L'alm 13each Counh�, Florida, end more parlicularly deurit►ed as folluwr: the North t3U feet of the N%e�t
b35 Fcet of the NE i h o�the SE'/. , less the tiorth 117 Fect of the E 25 fcet of the W 555 teet and the casterly 46.04
Pect for thc right of wny of Se�brook Road..
� Parcel Z:
A parcci of real pmpert�� in Section 25, Tawnship 40 Sm�th, Rangc 42 Fest, Pelm Rcach Count�', Florida, beiog
more particul'rly deecribed in !be deed deted Juo 28, 1922, end recordecl Janusn• 17, 1925, ln Officiel Record
Hook 231, Page 101, o[ the Public Rccorda of Palm Beac6 County, Florida, as followv:
� Commencing at thc Northwest (N�S') cerncr of the Norlheeat Quartcr (NF. '/.) of the SoatLeast Querlcr (SE '/.) ot
seid Sectioa "Pweoty-Five (25), then�x rua Eaxt Tive 6uadrect and thirty teet (53(I'); theoce ruo Suuth one 6widred
and seventecn feet (l17'); ihcnce run''Easf twentp-five fcet (25'); thcace rua North aoe hundred end scvcotcen fcct
(117'); the�ce run Wesi twenty-five teet {25') lo the pl�►ce of bekinuing, all befng in "I'oNnsUip Fort}� (4U) SoutL,
� Rsn�e Furtr� 7'wo (42) Ea51, and being q p�rCel of isnd twent}•-flve [eet wide eest entl west, and onc hundred snd
seventecn feet deep north �ncf south, in thc-said M1ortheast Qusrter (PEE 54) of the Southeavl Quarter (SE:'/.) ��f
Section 7'wenty-Five (2S) nfter alreels heve ireen estabtished.
� `fhc parccl of property couvc}ed 6creby is also knowo snd described ss:
The East 25 feet of the V4'est 555 feet o( the North LCL1.feet of the Northetst Quarler (VE'/.) of the Southcest
Quarter (SE'!.} ot Seetion 25, ToRnship 40 5outh, RsnQc 42 EASt, PAIm Beech Cortnty, Fto��de•
�
�
r
�
�
� Book24230/Page879 Page 2 of 2
�
� �',�
�
�
Land Sale Profile Sale No. 2
� ,, : �R
L�cati�n 8c �r�perty I �entification '���Z
�,, , �
,,
Property Name: Tequesta CC A' �"� ��! �'�°" �-'� w�'
� Sub-Pro ert T e:
p Y Yp Residential
�,
� Address: 112 Fairview W.
y � , ,.
,�
City/State/Zip: Tequesta, FL 33469 �„��"* ,�.;.�: � � ;� M
� ';:;� �'. �
� CountY� Palm Beach , M '"
; M y ,:�,��!��� ~ ��,. r �� 4 .i�ta
� ',� �
t , L � <` ��'-�,*, � � � � � z �'�� -..
�y � * �a.
Market Orientation: Suburban � �`�"' ��'� � :,�: �4 ' *""� �'�,� '�',�,. �;
� " + .�
� i , ,� �`„` r ti^ .� �rt�C1�f �� � �. ,��'ry6
Property Location: East side of Fairview W in the � �r �. +i►^ �'� * �� "" .` �' "` _
'� � ;� '� a, �' -«, �[' , +� ''�
Tequesta Country Club � � :r;�:, '�. .;^4x �;�. ' �� ° ,a�. � .-
, . . �k/' � � ^ 1. �. �'�. � � ��� :��'� � �
� Lat./Long.: 26.961415/-80.111346 IRR Event ID ( 793311 )
� Acres(Usable/Gross): 0.28/0.28
Sale Information Land-SF(Usable/Gross): 12 ,000/s2,000
Usable/Gross Ratio: 1.00
Sale Price: $169,900 Shape: Rectangular
� Eff. R.E. Sale Price: $169,900 Topography: Level
Sale Date: 03/21/2014 Vegetation: Minimal
Sale Status: Closed
� $/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
Grantee/Buyer: 112 Fairview West, LLC Traffic Flow: Low
� Property Rights: Fee Simple AccessibilityRating: Average
Visibility Rating: Average
% oflnterestConveyed: 100.00
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
�
�
�
Land Sale Profile Sale No. 3
�
Location & Property Id en t ification
, Property Name: Cinquez Park
Sub-PropertyType: Residential , �4., �
�
1 Address: 17670 Cinquez Park Rd. E. �
�.}
City/State/Zip: Jupiter, FL 33458 �r.�
,
County: Palm Beach �:" � :, ,�
� . . ° �-� t.
�.� _o.,� �� � �.
�. ,.�:- �. ,
Market Orientation: Suburban .��'"°�; � ` 5�, „ -
� ,� - . , �,� �;
Property Location: East side of Cinquez Park Road �"" ,� '� "�' � ,., _, �''�' �p.�, � ,�
E ' � , y ,�
��' �.�"r ." _ T ,'w :��i�,,,�
� 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
' Shape: Rectangular
Eff. R.E. Sale Price: $94,000
Topography: Level
Sale Date: 07/18/2014
Sale Status: Vegetation: Trees and grasses
� Closed
$/Acre(Gross): $276,471 Corner Lot: No
$/Land SF(Gross): Frontage Feet: 100
$6.35
$/Acre(Usable): $276,471 Frontage Desc.: Cinquez Park Road E
� $/Land SF(Usable): Frontage Type: 2 way, 1 lane each way
$6.35
Grantor/Seller: Douglas Howell, JR, and Jamie Traffic Control at Entry: None
Wynn Traffic Flow: Low
� Grantee/Buyer: Charles Biondo AccessibilityRating: Average
Property Rights: Fee Simple Visibility Rating: Average
Financin Zoning Code: RH
I g� Cash to seller
Document Type: Warranty Deed Zoning Desc.: Residential
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.
Y.� ��
�
'
Land Sale Profile Sale No. 4
� 1���►'���'° „ * ��+r °�C!� r�
Location & Property Identification ��,��` � � � �,� � ` �
4, � ,
� Property Name: 18130 April Lane ��i�,f' *""'�_ � ���j � r �-�
� , �.�� �� °` �
Sub-Property Type: Residential � ��� . �:'�- •
E y ,
Address: 18130 April Ln. � ��� �'�` + � ' ; � `�"
� : "�' ,� a.. � � �° �
City/State/Zip: Jupiter, FL33458 A � ���� �• �� � •�� ��� �'; 1 � �
a� � ` .�,, r
�! �r
CountY� Palm Beach �' , ��: `��-� . .. � '-�i'�`±��, "' ��
� s �� " �- ' ' � } * � . �,i�
� � �� , �� �� � �`
. YS � f •
Market Orientation: Suburban �* �`� ��t:` � � �- •�
�,�"'�,' ��� �, � E �+'. �� �.
� Property Location: East side of April Lane '� ' •�s�- � ,;,.� � s � ';"� �
��� ` �, � � �,: ��...,
� � � ,��-;���.�,� � � . � �,
� �.. � �_ ,... , � � � � r..� _
�at./Long.: 26.943350/ 80104744 IRR Event ID ( 793352 �
� MSA: Miami-Fort Lauderdale-Miami
Sale Information Beach, FL Metropolitan
Statistical Area
Sale Price: $150,000
� Eff. R.E. Sale Price: $150,000 Le al Tax Parcel ID:
g / / 00-42-40-36-00-005-0010
Sale Date: 10/11/2013
Sale Status: Acres(Usable/Gross): 0.47/0.47
Closed Land-SF(Usable/Gross): 20,473/20,473
� $/Acre(Gross): $319,149 Usable/Gross Ratio: 1.00
$/Land SF(Gross): $7.33 Shape:
$/Acre(Usable): $319,149 Rectangular
' Topography: Level
$/Land SF(Usable): $7.33
Vegetation: Trees and grasses
Grantor/Seller: Allen L. Morris and Donna L. Corner Lot: No
Morris
' Frontage Feet: 100
Grantee/Buyer: Benjamin A. and Melissa A. Frontage Desc.: April Lane
Pierce
Property Rights: Fee Simple Frontage Type: 2 way, 1 lane each way
� % of Interest Conveyed: 100.00 Traffic Control at Entry: None
Financin Traffic Flow: Low
g� Cash to seller
Document Type: Warranty Deed AccessibilityRating: Average
� Recording No.: OR Book 26401 Page 1499 Visibility Rating: Average
Verified B Zoning Code: RS
Y� William Rezendes, MAI
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
1 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.
1 �'� Irr'
18130 April Lane ;.5�.�-
1
�
Land Sale Profile Sale No. 5
�
Location & Property Identification �,'�'
� �.��
� Property Name: La Costa ,�
,.
Sub-Property Type: Residential �'�'"` �., „ , � �,�''
' " � �'�. - �;. ��;
Address: '�"�
�
19151 SE. Daniel Ln. ''��: ��
� City/State/Zip: Te uesta FL 33469
q , �'�
County: Martin '�
� ..�- ��.. _
_ _�.
�s - �--��
Market Orientation: Suburban `� � ��
_ �,
� Property Location: East side of SE Daniel Lane
north of County Line Road
�' Lat./Lon .: 26.971428/-80.107262 , IRR Event ID ( 793360 )
B
' Frontage Type: 2 way, 1 lane each way
Sale Information Traffic Control at Entry: None
Sale Price: $118,000 Traffic Flow: Low
� Eff. R.E. Sale Price: $118,000 AccessibilityRating: Average
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
Document T e: under contract for $118,000.
YP Contract of Sale
r+ Verified Ey: 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
i La Costa � irr.
,�;.. ,
�