A P P R A I S A L R E P O R T - Notary St.Maarten · owner. Unless otherwise agreed, the...

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550 m2

DEFIANCE, UPPER PRINCES QUARTER, SINT MAARTEN

A P P R A I S A L R E P O R T

REF/011.08/2018.HADDOCKS

Appraisers : David Morrison / Alex Frye

Site area :

Title : freehold

SUBJECT

CLIENT*

NOTARISKANTOOR MINGOEMMAPLEIN, PHILIPSBURG, SINT MAARTEN

Title in name of Yves Antoine Haddocks & Aline Sandra McQuilkin

*DWELLING at PINEL KEY DRIVE #9

Cadastral description : Mbr. # 279/2003

Ocean Building, 88 Union Road, Colebay, Sint MaartenTel 1-721 542-2719

[email protected]

Number of sheets : 9 + 3 addenda = 12

David Morrison AssociatesARCHITECTS & APPRAISERS

Requirements : market and auction values

Date of appraisal : 20 August 2018


mailto:[email protected]

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The appraisers hereby state that they have no undeclared interest whatsoever in the appraised property, nor with the owner thereof, nor with any other party concerned therewith in regard to the subject property.

The conclusions in this report are not in any way affected by any remuneration received.

Dutch leasehold is the real right authorizing the leaseholder to keep and use another's property whereby the leaseholder has the use and enjoyment of the property as if he or she were the owner. The legal case of property ownership remains with the legal owner. Unless otherwise agreed, the leaseholder may rent and (sub)lease. The 'right in rem', which is leasehold, may be sold,

David Morrison Associates N.V. is a limited liability company incorporated under the laws of Sint Maarten (1981)Principal is registered with the Dutch Institute of Architects (BNA) : all work is performed according to the DNR-2011

knowledgably, prudently and without compulsion.

If a “quick sale” value is provided in this report, this term should be interpreted as an assessment of the potential value of the asset

Where a “replacement value” is provided, this reflects the appraiser’s consideration of the cost to replace the immovable property and excludes land and movable assets. It may be used as a guide for insurance risk and excludes depreciation unless noted.

the Market Value thereof reflecting that of freehold. There may be conditions inherent in the leasehold sold.

with minimal market exposure, eg. at auction,: however, it must be understood that auction sales are unpredictable and that alesser value may result in such cases.

the conclusions of this report.

Market Value is herein defined as the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where each of the parties have acted

Department and are reproduced dependent on same and assumed to be correct.

Furthermore, this report does not warrant the structural integrity of the improvements (buildings & appurtenances) nor that the

It is thus presumed, but not verified, that the applicable planning and construction permits have been issued for any development of the property and that construction (if any) has been executed according to such permissions in a proper workmanlike manner and in accordance with all codes, regulatory requirements and general good practices.

property is free from rot, water damage, fungal or insect infestation, or any other defect, current or latent, not immediately evident

ARCHITECTS & APPRAISERS

improvements (if any) conform to such permissions.

upon brief inspection.

Any legal definitions or ownership statements have been the subject of enquiry at the Island Kadaster (survey and records)

LIMITING CONDITIONS and DEFINITIONS

Areas & dimensions quoted are approximate only and should not be used for purpose other than herein utilised.

OCEAN BUILDING - UNION ROAD - COLEBAY

No investigation (other than in the above paragraphs) has been made into potential public rights-of-way, possible compulsory purchase, future changes in public access, utilities or facilities in general, nor for future local or global events which may affect

The information and conclusions provided in this report are time sensitive and should be subject to re-evaluation from time to time, as circumstances require.

All reasonable care has been taken in the inspection of the property concerned : however, no responsibility is taken by the authors as to its/their precise location(s), conformity to codes, whether or not planning or construction permits have been obtained, nor if

This report is confidential and is for the sole use of the client and his/their professional advisors: the information therein has been assembled, interpreted and prepared with all reasonable diligence by experienced professionals.

The report, either in whole or in part, may not be reproduced, published or otherwise disseminated in any way without the express written permission of the authors.


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GLOBAL COORDINATES

LOCATION PLAN - ISLAND CONTEXT

Centre 77 m (253') above sea level

W. -62.0327

ELEVATION

GLOBAL SITUATION

N. 18.0476


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ISLAND DESCRIPTION

littoral strip as well as the beaches.

Sint Maarten, the Dutch side, is known for its festive nightlife, beaches, exotic rum liqueurs and plentiful casinos, while Saint-Martin, known as "the French side", is known more for its naturist beaches, jewelry, clothes, shopping and

Access to schools is reasonable (1 school nearby), public transport is available and access to shopping and public

The general area is middle quality single- and multi-family residential.

The coastline varies between sandy beaches and steep cliffs, with low-lying bush and salt/stormwater ponds along the

Philipsburg, the Dutch capital, has been upgraded to cater for this influx of shopping tourism, with palm-lined and

amenities reasonable.

coasts on near-white beaches, some private residences, others available for short-term rental to upscale vacationers.

Subject location lies a short distance from the main Sucker Garden Road, with easy access from Philipsburg.

generally hilly, with scrublands and more treed valleys : rainfall is sparse and variable, with approximately 1.2 m/annum.

bringing tourists from around the world (though mainly from N America) on a daily basis. This fuels the island's largestrevenue source, tourism. Princess Juliana International Airport terminal was badly damaged in September 2017 byhurricanes Irma & Maria, but reconstruction has commenced : there is a smaller airport on the French side of the Island

rich French Créole cuisine. The island is widely known for its hundreds of gourmet (and many more moderately priced) restaurants on both sides of the island.

The Island is usually served by many airlines bringing in large jets, including Boeing 737s, 757s, 777s & Airbus A320s, 340s,

Maarten. Sint Maarten itself is self-governed, although it defers to Holland in matters of defence and foreign policy.

two cruise piers accommodating at least six large ships, including the recently built mega-liners, and with substantialfinancial and passenger traffic commitment by both Carnival and Royal Caribbean Cruise Lines. A harbour shoppingvillage and reception centre has been completed and extension thereof is imminent.

This Property is located on Dutch Sint Maarten which, combined with the other islands of Curaçao, Bonaire, Saba andSt. Eustatius, originally made up the Netherlands Antilles, but is now an independent country within the Kingdom ofHolland. Country Sint Maarten thus shares the island with the French West Indies: Sint Maarten occupies the southern part of the island while French Saint Martin (slightly larger) occupies the northern portion.

Sint Maarten has an area of 13 square miles, the highest point being Sentry Hill at 340 meters (1,200 feet). Its interior is

at Grand Case (l'Espérance) for regional flights to St Barths, Martinique and Guadeloupe.

of which are privately available for rent or sale. Whilst most larger hotels are closed for storm damage renovation, othermostly smaller inns, many located directly on beaches or in upscale shopping districts are re-opening. Villas fringe the

St. Maarten/Saint-Martin is home to several world-class accommodations, including hotels, villas and timeshares, many

Neighbouring islands include Saint-Barthélemy (French), Anguilla (British), Saba & Sint Eustatius "Statia" (Dutch)

As the economic mainstay of the Island, tourism attracts in excess of a million visitors through its airports and almosttwice that number through the cruise port in Great Bay, near Philipsburg, also expanded recently and now comprising

Saint Kitts and Nevis (Independent, formerly British). All of these islands are easily visible on a clear day from Sint

cobblestoned streets, recovering fast after the '17 storms, as well as the Great Bay promenade, aka. the Boardwalk.


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NEIGHBOURS

Part of the District of UPPER PRINCES QUARTER at DEFIANCE

Pinel Drive

Residential properties Residential property

Residential propertyS

NE

LOCATION PLAN

W


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W E

Due to the maritime influence on the island, many properties are subject to the effects of environmental stress causedby sun, wind and a relatively saline atmosphere, as well as potential (often residual, apparent at a later date) damage

Industrial/residential

kadastral information inspected - no apparent encroachmentsfaces the road to the southwest - valley views to N from upper levels

may be detrimental to subject property, which lies in a cul-de-sac area, with minimal traffic noise.

due to extreme conditions created by hurricanes, tropical storms, seismic and volcanic activity.

Although no in-depth information is available, there would appear to be no further environmental conditions which

Valley, Upper Princes Quarter.

N

ENVIRONMENTAL CONSTRAINTS

Street views - Pinel Key Drive

LOCATION

Subject property is located towards the north-east of the area known as Defiance, situated at the head of Ravine Rouge

Surrounding development is mainly single-family residential with some small multi-family developments.

Residential area

sloping land, retained

Undeveloped area Below standard

Commercial/residential

TOPOGRAPHICAL

Lower classMiddle class

YY

MARKET APPEAL

Top class

average to good

ORIENTATIONSURVEY DATA


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INTERNAL SPACE 322 m2 EXTERNAL COVERED 66 m2 GARAGE 54 m2

442 m2 UNCOVERED TERRACES 56 m2 POOL 20 m2

UPPER LEVELS (FINISH UNKNOWN)Y Master bedroom Y Recreation roomY Master bath 2 Terraces/Patios

Y GazeboY Pool (under construction)

Y

Y Gazebo Y Office3 Terraces/Patios

Bathrooms 2 BedroomsY 3-car carport 2 1/2 Bathrooms

The lower level of the dwelling contains a 1-bedroom apartment, and one level up are the living areas of the maindwelling, including two bedrooms. This level is finished in above average materials.

DESCRIPTION

major spaces are air-conditioned. A concrete driveway affords access to a spacious hardstanding and a 3-car carport (54m²),with entry through a large sliding vehicular metal gate. Above the carport is a roof terrace with a gazebo.

ENTRY LEVEL

Dining roomY

The upper level and the partial top level accommodates the master suite, they are structurally complete and enclosed, Internal walls are plastered and the floor internal finish is unknown.

pool and the main dwelling. Some rock-facing has been added to the boundary wall and the terrace walls.

Extensive retaining structures can be found on 3 sides of the property, while most of the yard is hardscaped in concrete.

A pool is constructed on the deck above the garage, maybe still unfinished, and there is a covered area between the

External Works

50%

MAIN LEVELY

Plumbing

0%Overall property

Electrical

ACCOMMODATION

Parking facilities

Condition improvement

YKitchen

1 Bedroom Kitchen1 1/2

Millwork & trim

Living roomY

Living/dining

100%

A partly 4-storey building is extant on the property, of gross roofed area (excluding garage) approximately 380 m². All

TOTAL COVERED SPACE

Quality construction

Room sizes/lay-outCloset & storage


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10 50

CURRENT

Ext. works concrete paved yard, entry gazebo, walling, metal gate, landscaping

custom wood cabinetry with tiled countertops

ceramic tiles

alum/glass sliding and French; embossed wood internalpainted concrete, exposed rafters over living room

ARCHIVE PHOTOS - 2012

split system to major spaces

Estimated remaining life of building (yrs.)

Kitchen Baths

decorative concrete balusters

alum/glass awningWindowsDoors

Estimated age of existing building (yrs.)

Walls plaster, paint;

Terrace railsAir conditioning

PHOTOGRAPHS

Protection

tiled floors, walls, showers

Floors

roll-down storm shutters

Ceiling

STRUCTURAL

The building is constructed of masonry and concrete with roofs framed in timber and clad in profiled metal sheeting.

FINISHES at LOWER LEVELS


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COMPARABLES.

400 083/ 1987185 227/ 1987310 030/ 1991390 134/ 2005

321.25

m2 LOCATION SALE DATE Mbr. # RATE/ m2

398 096A /2012 $198630 112 /2007 $143430 516 /1990 $115

$152 /m2

ESTIMATED ANNUAL RENT 12

Addenda1

CAP RATE 9% 492,800$

Pine Garden Apr 2015 90,000$ Bishop Hill

$4,200 50,400$ DEDUCT FOR TURNOVER, INSURANCE, etc. (6,048)$ NET RENT 44,352$

Total US 667,500$

INCOME APPROACH: finally, we inspect the potential rental income from the residual property.

CAPITALISATION OF RENTAL INCOME RENT/AN CAP VALUE

External works 90,000$ Land 77,500$

Feb 2015 49,500$ Mean

COST APPROACH: from calculations of replacement cost, we have:-

Dwelling 500,000$

Claude Estate Aug 2016 445,000$

496,809$ A sample of residential land sales, in the area and similar locations, is as follows :

LAN

D

SP

Blue Mountain Cottages AI 9 Jun 2018 79,000$

Defiance Feb 2018 335,000$ Dawn Beach Estate Jun 2017 500,000$

m2 LOCATION meetbrief . # date of sale SP

Middle Region Mar 2018 400,000$

inzageformulieren

QUICK-SALE VALUE 367,500$ 525,000$

DAVID MORRISON, B.N.A.,DAVID MORRISON ASSOCIATES N.V.

(including land). Residential buildings are generally assessed using the COMPARABLE approach to valuation, unlessmulti-family and fully leased by a single owner (real or projected) when capitalised INCOME would predominate.

The above results have been adjusted, compared & rounded to obtain the following estimates which are, in the opinion

amount of Naf. 387,643, as well as three liens (Kadaster - 21 March 2018).The property is burdened by three mortgages in favour of First Caribbean Bank International Bank Ltd., in the total

MARKET VALUE OF REAL PROPERTY

EVALUATION

of the Appraiser(s), true and correct, and are based on current construction costs and market forces on Sint Maarten :-

Values are generated using comparable sales, projected income generation & estimated replacement cost D

EV


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Cadastral extract (object)

Stichting Kadaster & Hypotheekwezen St. MaartenBackstreet 118, Philipsburg, St. Maarten

ph: (+1721) 5422282, fax: (+1721) 5422880, [email protected], [email protected]

All our services are governed by the General Terms and Conditions of Stichting Kadaster & Hypotheekwezen St. Maarten, which include a limitation of liability. These terms, which have been filed with the Court of First Instance in St. Maarten, will be sent or given to you upon request.

KBradshaw

Registration update through 11-8-2010Extract per 21-3-2018Reference Marlene { Not.Mingo} 21-03-2018 KBExtract price ANG 145,00

Cadastral code object

Identification SXM UPQ 279/2003Index

Object detailsArea 550 m2

Description DefianceOrigin MeetbriefLocation

Object note Previous certificate of admeasurementDate of commencementValid throughDescription 225/1980

Entitled person 0/0 Ownership

Name YVES ANTOINE HADDOCKS Identification 1979.03.13.76Born 13-3-1979 Sex MaleMarital status MarriedProfession TechnicianPlace of birth Saint Martin F.W.ICountry of birth SAINT MARTINResidence Pinel Key Drive 9 Defiance Estate

Sint MaartenUPQ

RightsRight obtained by C register volume/number 197/48Type of deed Sale and purchase

purchase price USD 33.000,00 registered on 6-9-2004 0:00:00executed at 26-8-2004 before notary J.P.G.H. Schaepman

Entitled person 0/0 Ownership

Name ALINE SANDRA MCQUILKIN

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KBradshaw

Identification 1974010778Born 7-1-1974 Sex FemaleMarital status UnknownProfession SecretaryPlace of birth Saint MartinResidence Merit Shell Drive 8

Sint Maarten

RightsRight obtained by C register volume/number 197/48Type of deed Sale and purchase

purchase price USD 33.000,00 registered on 6-9-2004 0:00:00executed at 26-8-2004 before notary J.P.G.H. Schaepman

Mortgages and seizuresMortgage B register volume/number 200/25

principal sum NAF 311.676,00 Mortgageregistered on 27-4-2006 0:00:00executed at 19-4-2006 before notary J.P.G.H. Schaepman

Creditor First Caribbean International Bank Ltd.

Mortgage B register volume/number 246/60principal sum ANG 68.324,00 interest amount ANG 27.329,60Mortgageregistered on 13-7-2010 11:45:00executed at 12-7-2010 before notary H. Parisius

Creditor First Caribbean International Bank (Cayman) Ltd.

Mortgage B register volume/number 261/60principal sum ANG 7.643,00 , more principle sumsinterest amount ANG 3.057,20Mortgageregistered on 26-11-2012 10:45:00executed at 23-11-2012 before notary H. Parisiuspriority 3

Creditor First Caribbean International Bank (Cayman) Ltd.

Seizure D register volume/number 16/271claim USD 255.000,00Conservatory seizureregistered on 5-4-2013 10:50:00drawn up 5-4-2013 by bailiff M.J. Rabess (Deurwaarder)

Claimer XTREME Communications N.V.

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KBradshaw

Seizure D register volume/number 17/207claim Executorial seizureregistered on 12-10-2016 14:20:00drawn up 12-10-2016 by bailiff M.J. Rabess (Deurwaarder)


Seizure D register volume/number 17/253claim Executorial seizureregistered on 11-4-2017 14:55:00drawn up 11-4-2017 by bailiff M.J. Rabess (Deurwaarder)


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