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HomeMy WebLinkAbout2006 Appraisal Quotes w.h. benson&company real estate valuation &consulting licensed real estate broker 4031 U.S.Highway One,N. E. Palm Bay,FL 32905 (321)984-0999 fax:984-9796 September 25, 2006 City of Sebastian Attn: Mr. Al Minner, City Manager 1225 Main Street Sebastian, Florida Subject: 1302 Indian River Drive Sebastian, Florida Dear Mr. Minner: Pursuant to your request, I have considered the time and expense requirements anticipated to complete an appraisal of the above referenced property. Based on my understanding of the scope of the assignment, my fee requirement is estimated at $3,500 and I anticipate completion within 30 days. If this is acceptable please sign where indicated and return to my office. Our work will be done in accordance with Uniform Standards of Professional Practice of the Appraisal Standards Board of the Appraisal Foundation (as amended from time to time) published in the Federal Register and effective July 1, 1994. The appraisal will also conform with the Uniform Standards of Professional Appraisal Practice and with the requirements of the Code of Professional Ethics of the Appraisal Institute and the Requirements for State Certified Appraiser of the State of Florida. If you have any questions, please do not hesitate to call. Sincerely, *di William H. Benson, MAI, CCIM State-Certifies General Appraiser #0001027 ` 25' CEP °4 _ ii i st-:by: Mr. Al Minner, City Manager City of Sebastian William H. Benson, MAI,CCIM, President Thomas M. Glitto, MAI,Vice President Boyle & Drake, Inc. Real Estate Appraisers and Consultants Stephen J.Boyle,MAI Paul P.Drake,MAI,SRA State Certified General State Certified General Real Estate Appraiser RZ699 Real Estate Appraiser RZ27 3790 7th Terrace,Ste 202,Vero Beach,Fl 32960 Telephone:(772)778-7577 Fax:(772)778-7868 Ppdmai @gate.net September 21, 2006 Mr. Al Minner,City Manager VIA EMAIL aminner @cityofsebastian.org City of Sebastian 1225 Main Street Sebastian, Florida 32958 Re: Summary Appraisal of property located at 1302 Indian River Drive, Sebastian, Florida. Dear Mr. Minner: Pursuant to your request for the appraisal of the above referenced property, I am submitting to you an agreement for services. The purpose of this appraisal is to estimate the Market Value of the subject property as of a current date. The report will be used for your internal use. The appraisal will be prepared in compliance with Uniform Standards of Professional Appraisal Practice and subject to the standard limiting conditions and assumptions. A copy of our standard limiting conditions is included with this letter for your review. Please be advised that we reserve the right to include special limiting conditions in the event there are property conditions that can not readily be determined. In such cases we will stop the job, discuss any special problem with you, and obtain your permission to continue. The scope of work will include a personal inspection of the subject property and market area. A search for the most recent comparable sales will be made. The subject property consists of a residence on commercial property. The highest and best use is most likely demolition and future commercial development. The most applicable approach is the Sales Comparison Approach. The Cost Approach and Income Approach will not be applied since this will be a land appraisal. The most relevant approach is the Sales Comparison Approach. Boyle & Drake, Inc. Mr. Al Minner, City Manager September 21, 2006 Page 2 We will furnish four copies of the report. If more copies are needed we must be advised before we deliver the final reports. Additional copies made after completion of the job cost$40 per copy. The fee for the appraisal is $2,850. The assignment will be completed in approximately four weeks from your authorization to proceed. If the above is agreeable to you, please sign below and return one copy of this engagement letter. Thank you for the opportunity to be of service. Respectfully submitted, BOYLE & DRAKE, INC. Pad Daale Paul P. Drake, MAI, SRA Florida State Certified General R. E. Appraiser RZ27 Expires 11/06 //if 2 I .5e? 642 e Date Boyle & Drake, Inc. Mr. Al Minner, City Manager September 21, 2006 Page 3 LIMITING CONDITIONS The certification of the appraisers is subject to the following conditions and to such other specific conditions as are set forth by the appraisers in this report. 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. Market Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The value estimated in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined. 3. This appraisal report covers only the property described and any values or rates utilized are not to be construed as applicable to any other property, however similar the properties might be. 4. It is assumed that the title to the premises is good; that the legal description is correct; that the improvements are entirely and correctly located on the property described and that there are no encroachments on this property, but no investigation or survey has been made. 5. This appraisal expresses our opinion, and employment to make this appraisal was in no way contingent upon the reporting of predetermined value or conclusion. 6. No responsibility is assumed for matters legal in nature, nor is any opinion of title rendered. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied on. No liability is assumed for the correctness of these statements; and, in any event, the appraisers' total liability for this report is limited to the actual fee charged. 7. Neither all or any part of the contents of this report (especially any conclusions, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior written consent and approval. Boyle & Drake, Inc. Mr. Al Minner, City Manager September 21,2006 Page 4 8. It is assumed that there are no hidden or apparent conditions of the property, subsoil, or structures which would render it more or less valuable. The Appraisers assumes no responsibility for such conditions or the engineering which might be required to discover these factors. 9. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such proximity thereto that would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 10.The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of the ADA in estimating the value of the property has not been considered.