“Appraisal Report” of 9.94 acres of land at 8161 & 8167 A ... · A D Mims Road, Orlando, FL...

“Appraisal Report”

of

9.94 acres of land

at

8161 & 8167 A D Mims Road

in

Orlando, FL 32818

Prepared For:

Ms. Tricia Masih-Das

1108 Foxforrest Circle

Apopka, FL 32712

Our File # 17-325

Date of Inspection October 25, 2017

Date of Value October 25, 2017

Dan Peele’s Certification Number RZ 887

Daniel L. Peele, ASA Accredited Senior Appraiser

By

Central Florida Appraisal Consultants

3956 Town Center Boulevard, Unit 133

Orlando, FL 32837

407-286-5584

A D Mims Road, Orlando, FL 32818 File # 17-325


November 2, 2017

Tricia Masih-Das

1108 Foxforrest Circle

Apopka, FL 32712

As requested, we have appraised two abutting parcels which comprise a 9.94 acre parcel of land on

A D Mims Road in NW Orange County, FL. One of the parcels is improved with a 1985 single

family residence which has a negative value since it must be removed prior to site redevelopment.

The property is listed for sale for $1,295,000 in an “as is” condition, please see a copy of the MLS

Listing flyer in this report. Single family subdivisions abut each side of the subject and reflect the

highest and best use.

The purpose of the appraisal was to “form opinions” of the “as is” market value of the fee simple

interest, as of the effective date of the appraisal, the date of our most recent inspection (see Cover)

as shown in the table below.

Market value, fee simple interest, leased fee interest and other appraisal terms are defined within the

text of the report.

As a result of our investigation into those matters which affect market value, and by virtue of our

experience and training, we have formed the following opinions of the “As Is” market values:

ONE-MILLION-TWO-HUNDRED-EIGHTY-FIVE-THOUSAND-DOLLARS

$1,285,000



As per your request, submitted herein is an "Appraisal Report" on the above referenced property.

The scope of this report is to provide an "Appraisal Report" which is intended to comply with the

reporting requirements set forth under Standards Rule 1 and 2-2 (a) of the Uniform Standards of

Professional Appraisal Practice for an "Appraisal Report".

Your attention is directed to the "General Assumptions", "General Limiting Conditions" and

"Certification" that are considered usual for this type of assignment and have been included within

the text of this report.

The appraisal analyses, opinions and conclusions were developed and this appraisal report has been

prepared in conformance with (and use of this report is subject to) all regulations issued by the

appropriate regulatory entities, regarding the enactment of Title XI of the Financial Institution

Reform, Recovery and Enforcement Act of 1989 (FIRREA), the Uniform Standards of Professional

Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

This letter of transmittal precedes the full narrative appraisal report, further describing the subject

and containing the reasoning and most pertinent data leading to the final value estimate. Your

attention is directed to the "General Assumptions", "General Limiting Conditions" and

"Certification" that are considered usual for this type of assignment and have been included within

the text of this report.

“This appraisal has been prepared in conformity with the code of ethics of the American Society

of (ASA), and the Uniform Standards of Professional Appraisal Practice as promulgated by the

Appraisal Foundation."

Respectfully submitted,


Daniel L. Peele, ASA

State-Certified General Real Estate Appraiser 887

[email protected]

407-286-5584 (office)

407-230-1023 (cell)

mailto:[email protected]



CERTIFICATION

The statements of fact contained in this report are true and correct.

The reported analysis, opinions, and conclusions are limited only by the reported assumptions andlimiting conditions and are my personal, impartial and unbiased professional analysis opinions andconclusions.

I have no present or prospective interest in the property that is the subject of this report and nopersonal interest or bias with respect to the parties involved; any specified interest or bias has notaffected the impartiality of my opinions and conclusions.

I have not performed no services, as an appraiser or in any other capacity, regarding the property thatis the subject of this report within the three-year period immediately preceding acceptance of thisassignment.

I have no bias with respect to the property that is the subject of this report or to the parties involvedwith this assignment.

My engagement in this assignment was not contingent upon developing or reporting predeterminedresults.

My compensation for completing this assignment is not contingent upon the development orreporting of a predetermined value or direction in value that favors the cause of the client, theamount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequentevent directly related to the intended use of the appraisal.

My analyses, opinions, and conclusions, were developed, and this report has been prepared, inconformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the person signing this certification

Daniel L. Peele, ASAState Certified General Real Estate Appraiser RZ [email protected]

mailto:[email protected]



SUMMARY OF APPRAISAL

Property Type Subdivision Land upon approval to redevelop

Highest and Best Use Residential subdivision

Property Rights Appraised Fee Simple Interest

Insurable Value (for Fire Insurance Purposes) Please see Improvement Data Section

Flood Zone Panel Census Tract (CT) 120 95C 0210F 9-25-2009 150.04

Please see Addenda for complete flood information.

Flood Zone (FZ) & Hazard X See Definitions in the addenda

Extraordinary Assumptions & Hypothetical Conditions See Overview of Appraisal

Conditions: This appraisal is subject to the "General Assumptions,” "General Limiting Conditions"

and "Certification" included in the text.



TABLE OF CONTENTS

INTRODUCTION:

CERTIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

SUMMARY OF APPRAISAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

GENERAL ASSUMPTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

GENERAL LIMITING CONDITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

OVERVIEW OF APPRAISAL ASSIGNMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Extraordinary Assumptions and Hypothetical Conditions . . . . . . . . . . . . . . . . . . 10

Intended Use of Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Intended User of Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Competency of Appraisers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Scope of Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Interest Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Market Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Fee Simple Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Extraordinary Assumptions / Special Assumptions, Full Discussion . . . . . . . . . . . . . . . 14

Hypothetical Conditions, Full Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

DATA PRESENTATION

SUBJECT PHOTOGRAPHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Neighborhood Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

NEIGHBORHOOD DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

SUBJECT PROPERTY DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Legal Description (from deed) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Three (3) Year History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Tax Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

SITE DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

HIGHEST AND BEST USE ESTIMATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Exposure Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Marketing Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

APPRAISAL PROCESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

SALES COMPARISON APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Subject Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31



Comparable Sales Summary - Please see addenda for Comparable Sales . . . . . . . . . . . . 32

Market Value (Land) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

ADDENDA

QUALIFICATIONS OF DANIEL PEELE, ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Certified General Appraiser License RZ 887 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Tax Card -8661 A D Mims Road . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Flood Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

FEMA Flood Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Property Report from RPR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Comparable Sales from Xceligent Data Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43



GENERAL ASSUMPTIONS

1. The legal description used in this report is assumed to be correct.

2. No survey of the property has been made by the consultant and no responsibility is assumedin connection with such matters. Sketches in this report are included only to assist the readerin visualizing the property.

3. No responsibility is assumed for matters of legal nature affecting title to the property nor isan opinion of title rendered. The title is assumed to be good and merchantable.

4. Information and data furnished by others is usually assumed to be true, correct and reliable.When such information and data appears to be dubious and when it is critical to the analysis,a reasonable effort has been made to verify all such information; however, no responsibilityfor its accuracy is assumed by the consultant.

5. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless sospecified within the report. The property is analyzed as though under responsible ownershipand competent management.

6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, orstructures which would render it more or less valuable. No responsibility is assumed forsuch conditions or for engineering which may be required to discover them.

7. It is assumed that there is full compliance with all applicable federal, state and localenvironmental regulations and laws unless noncompliance is stated, defined and consideredin this report.

8. It is assumed that all applicable zoning and use regulations and restrictions have beencomplied with, unless a nonconformity has been stated, defined and considered in this report.

9. It is assumed that all required licenses, consents or other legislative or administrativeauthority from any local, state, or national governmental or private entity or organizationhave been or can be obtained or renewed for any use on which the value estimate containedin this report is based.

10. It is assumed that the utilization of the land and improvements is within the boundaries orproperty lines of the property described and that there is no encroachment or trespass unlessnoted within this report.

11. We are not expert in determining the presence or absence of hazardous substances, definedas all hazardous or toxic materials, wastes, pollutants or contaminants (including, but notlimited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction,or otherwise present on the property. We assume no responsibility for the studies or analyseswhich would be required to determine the presence or absence of such substances or for lossas a result of the presence of such substances.



GENERAL LIMITING CONDITIONS

1. The consultant will not be required to give testimony or appear in court because of havingmade this analysis, with reference to the property in question, unless arrangements have beenpreviously made thereof.

2. Possession of the report, or copy thereof, does not carry with it the right of publication. Itmay not be used for any purpose by any person other than the party to whom it is addressedwithout the written consent of the consultant, and in any event only with proper writtenqualifications and only in its entirety.

3. The distribution of the total valuation in this report between land and improvements, if any,applies only under the reported highest and best use of the property. The allocations of valuefor land and improvements must not be used in conjunction with any other appraisal and areinvalid if so used.

4. No environmental impact studies were either requested or made in conjunction with thisanalysis, and the consultant hereby reserves the right to alter, amend, revise, or rescind anyof the value opinions based upon any subsequent environmental impact studies, research andinvestigation.

5. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed tothe public through advertising, public relations, news, sales or any other media withoutwritten consent and approval of the consultant. Nor shall the consultant, firm or professionalorganization of which the consultant is a member be identified without written consent ofthe consultant.

6. Neither our name nor report may be used in conjunction with any financing plans whichwould be classified as a public offering under state or federal securities laws.

7. Acceptance of and/or use of this report constitutes acceptance of the foregoing GeneralAssumptions and General Limiting Conditions.

8. The Americans with Disabilities Act of 1990 sets strict and specific standards forhandicapped access to and within most commercial and industrial buildings. Determinationof compliance with these standards is beyond appraisal expertise and, therefore, has not beenattempted by the appraisers. For purposes of this appraisal, we are assuming the building isin compliance; however, we recommend an architectural inspection of the building todetermine compliance or requirements for compliance. We assume no responsibility for thecost of such determination and our appraisal is subject to revision if the building is not incompliance.



OVERVIEW OF APPRAISAL ASSIGNMENT

Purpose of Appraisal

See “Letter of Transmittal”.

Extraordinary Assumptions and Hypothetical Conditions

No soil contamination

No adverse easements

Subject can gain approvals for sfr subdivision development

The use of an Extraordinary Assumption might have affected the assignment results

Intended Use of Report

To assist in documenting value for internal decision making.

Intended User of Report

Tricia Masih-Das and her representatives and/or assigns. Any other entity is considered an

unintended user who may not rely upon this appraisal without the written consent of the appraiser.

Competency of Appraisers

The appraisers specific qualifications are included within this report. These qualifications serve as

evidence of their competence for the completion of this appraisal assignment in compliance with the

competency provision contained within the Uniform Standards of Professional Appraisal Practice,

as promulgated by the Appraisal Standards Board of the Appraisal Foundation.



The appraisers' knowledge and experience, combined with their professional qualifications, are

commensurate with the complexity of this assignment, based on the following:

# Professional experience

# Educational background and training

# Business, professional, academic affiliations and activities

The appraisers have previously provided consultation and value estimates for all types of vacant

land, office, industrial, retail-commercial, sellout-properties (subdivisions and condominiums) and

all types of residential properties throughout central Florida.

Scope of Appraisal

The scope of this appraisal assignment involved the completion of several steps performed within

the guidelines of commonly accepted appraisal procedures. These include a thorough inspection of

the subject and surrounding neighborhoods; gathering comparable sales and other useful market data;

formulating opinions and judgments based on this data, including supply and demand factors and

specific property information, such as highest and best use; and, finally, analyzing the data to form

sound valuation judgments based on the appropriate valuation methods.

Interest Appraised

See “Summary of Appraisal”.



DEFINITIONS

Market Value

Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register,

Volume 75 Number 237, Page 77472.

Market Value—As defined in the Agencies’ appraisal regulations, the most probable price which

a property should bring in a competitive and open market under all conditions requisite to a fair sale,

the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected

by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date

and the passing of title from seller to buyer under conditions whereby:

• Buyer and seller are typically motivated; • Both parties are well informed or well advised, and

acting in what they consider their own best interests; • A reasonable time is allowed for exposure in

the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial

arrangements comparable thereto; and • The price represents the normal consideration for the

property sold unaffected by special or creative financing or sales concessions granted by anyone

associated with the sale.

Highest and Best Use

Highest and best use may be defined as: the reasonably probable and legal use of vacant land or an

improved property that is physically possible, appropriately supported, financially feasible, and that

results in the highest value. Implied in these definitions is that the determination of highest and best

use takes into account the contribution of a specific use to the community and community

development goals as well as the benefits of that use to individual property owners. Hence, in

certain situations the highest and best use of land may be for parks, greenbelts, preservation,

conservation, wildlife habitats, and the like.

Fee Simple Interest

Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of

eminent domain, escheat, police power, and taxation.



Leased Fee

A property held in fee with the right of use and occupancy conveyed by lease to others. A property

consisting of the right to receive ground rentals over a period of time, plus the right of ultimate

repossession at the termination of the lease.

This space intentionally left blank



Extraordinary Assumptions / Special Assumptions, Full Discussion

Appraisal Institute, Common Errors and Issues, April 15, 2015



Extraordinary Assumptions / Special Assumptions




Hypothetical Conditions, Full Discussion




DATA PRESENTATION



SUBJECT PHOTOGRAPHS

Front view of 8661 A D Mims Road

8667 A D Mims Road



SUBJECT PHOTOGRAPHS 3 & 4

Abutting subdivision to the east

Abutting subdivision to the west



SUBJECT PHOTOGRAPHS 5 & 6

Looking east along A D Mims Road Right

Looking west along A D Mims Road



Neighborhood Map



NEIGHBORHOOD DATA

The boundaries of the neighborhood are:

North Clarcona Ocoee Road

South Silver Star Rd (SR 438)

East N Hiawassee Rd

West Apopka Vineland Rd (SR 535)

The established neighborhood is approximately (10) miles northwest of downtown Orlando and was

developed as a residential area in the 1960's. Many of the residential lots are approximately 5 acres

in size.

A D Mims Road is a two-lane neighborhood collector through the neighborhood and has a signalized

intersection at Clark Road just west. Numerous 5 acre lots are in the former rural location.

Silver Star Road (SR 438) is a major east-west thoroughfare that extends westward from Orange

Blossom Trail (U.S. Highway 441) to Winter Garden. Two major neighborhood shopping centers

are at the intersection of Silver Star Road and N Hiawassee Road.

Clark Road is a major north-south material through the abutting city of Ocoee and has a signalized

intersection at Silver Star Road. Numerous national retailers such as Walgreens, CVS and Publix

are at this intersection.

West Colonial Drive (SR 50) runs parallel to SilverStar Road and is a also major east-west arterial

through the center of Orlando and extends from coast-to-coast.

N Hiawassee Road is a major north-south thoroughfare through west Orange County.

Apopka Vineland Rd is a secondary north-south arterial through west Orange County and has a

signalized intersection at Silver Star Road.

Conclusion

The neighborhood is in a desirable west Orange County location and values of properties in good

locations, such as the subject, are expected to remain stable into the foreseeable future.



SUBJECT PROPERTY DATA

Legal Description (from deed)

Please see Addenda for legal descriptions from Tax Cards.

Three (3) Year History

8661 A D Mims Road, Tax Map on Next Page

Owner of Record Date last Transaction Price Paid Size (SF) PSF

Janet J Masi-Das Moore Aug 1979 $25,000 --

OR Book & Page 03043 1047 -- -- --

Pending Transactions

Under Contract To Contract Date Price Size (SF) PSF

NA - - - - -

Listing Information

Listed with Date Price Size (SF) PSF

Empire Network Realty 2017 $1,295,000 Includes 8667

8667 A D Mims Road

Owner of Record Date last Transaction Price Paid Size (SF) PSF

Basmaty Masi-Das Aug 1979 $25,000 -- --

OR Book & Page 03043 1046 -- -- --

Pending Transactions

Under Contract To Contract Date Price Size (SF) PSF

NA - - - - -

Listing Information

Listed with Date Price Size (SF) PSF

Empire Realty 2017 $1,295,000 433,026 $2.99

Includes two abutting parcels, 8661 and 8667 A D Mims Road analyzed as land only



Tax Map



SITE DATA

Tax Map, Aerial



Access

Both parcels have direct access to A D Mims Road.

Soil and Subsoil

We have no reason to believe that any contamination exists. However, if the subject is found to be

contaminated, we reserve the right to alter our opinion of market value. Please see the Letter of

Transmittal for a standard disclaimer.

Flood Hazard Statement

See “Summary of Appraisal” for flood hazard information.

Easements & Encumbrances

We were not made aware of any adverse easements or encumbrances which would restrict the

development capabilities of the subject parcel in any unusual manner.

Street Improvements

A D Mims Road is a two-lane neighborhood collector.

Utilities and Services

All required public utilities are available.

Impact Fees:

Orange County and it’s municipalities (where applicable) charges impact fees for transportation, and

water. These fees are charged at the time building permits are issued and are an attempt by local

governments to tie the cost of additional infrastructure (roads, etc.) to new development. The fees are

charged on the proposed use based on the estimated burden the use will place on existing

infrastructure.



HIGHEST AND BEST USE ESTIMATE

In order to estimate the highest and best use of the subject, we considered those uses which are

physically possible, legally permissible and economically feasible. The highest and best use of land

is defined as that use which is reasonably probable and which will result in the highest return to the

land. Consideration must be given to the individual features of the land, such as size, shape, location,

access to roadways and the availability and demand for the property in the current real estate market.

In addition, the legal uses permitted under zoning regulations were analyzed.

Highest and Best Use - as Vacant

Legally Permissible

Single family residential subdivisions abut each side of the assembled two-parcel subject. For this

reason, we believe the subject can be developed into a single family residential subdivision. A site

plan from a Florida licensed Civil Engineering firm must be submitted to Orange County Planning to

seek approval.

Physically Possible

As assembled, the subject has a desirable shape and size and is physically similar to existing

subdivisions which abut it on each side. Therefore, the subject appears to have the physical features

required for successful development.

Financially Feasible & Maximally Productive

Development into a single family residential subdivision is one of the highest and best uses.

Comments

Reasonable Marketing Period Similar properties typically sell within twelve (12) months

Typical Participant Home builders and/or church owner-users

Forecasted Changes Neighborhood continues to improve due to area improvements

Real Estate Commissions Between 6% and 8%

Existing Supply & Demand In Balance



Exposure Time

An exposure time of (12) months is reasonable, defensible and appropriate.

Exposure time is not intended to be a prediction of a date of sale or an one-line statement. Instead, it

is an integral part of the appraisal analysis and is based on one or more of the following:

- statistical information about the days on the market

- information gathered through sales verification

- interviews of market participants

(Paraphrased from USPAP)

The reasonable exposure period is a function of price, time and use. It is not an isolated estimate of

time along. Exposure time is different for various types of real estate and under various market

conditions. Exposure time is the estimated length of time the property would have been offered prior

to a hypothetical market value sale on the effective date of appraisal.

Marketing Time

We have estimated a marketing time of (12) months.

USPAP states “The reasonable marketing time is an opinion of the amount of time it might take to sell

a real or personal property interest at the concluded market value level during the period immediately

after the effective date of an appraisal”.

Based on statistical information about days on market, information gathered through sales verification,

interviews of market participants and anticipated changes in market conditions.



APPRAISAL PROCESS

There are three traditional approaches normally used by appraisers in the estimation of market value.

These three approaches analyze data from three market perspectives and are the Cost Approach, the

Income Approach and the Sales Comparison Approach.

The Cost Approach is the sum of the land value and the cost new of the improvements less accrued

depreciation. The Cost Approach is based on the premise that an informed, rational investor/purchaser

would pay no more for an existing property than it would cost him to replace a substitute property with

the same utility without undue delay.

The Sales Comparison Approach is the process for comparing prices paid for properties having a

satisfactory degree of similarity to the subject, adjusted for differences in time, location and physical

characteristics. This approach is based upon the principle of substitution, which implies that a prudent

purchaser will not pay more to buy a property than it would cost him to buy a comparable substitute

property in a similar location.

The Income Approach is based on the premise that a prudent investor would pay no more for the

subject than he would for another investment with similar risk and return characteristics. Since the

value of an investment can be considered equal to the present worth of anticipated future benefits in

the form of dollar income or amenities, this approach estimates the present value of the net income that

the property is capable of producing. This amount is capitalized at a rate which reflects risk to the

investor and the amount of income necessary to support debt service.

Each technique or approach to value has its strengths and weaknesses, depending to a large extent on

the type of property being appraised and the quality of available data. In most instances, one of the

approaches will produce a more reliable value indication than the other approaches.

When sufficient Comparable Sales are available, land is typically appraised using only the Sales

Comparison Approach as was the case here.



SALES COMPARISON APPROACH

The Sales Comparison Approach to value is the basis by which properties are compared, one to the

other, by some comparable measure.

Methodology

In estimating the market value of the subject, we utilized sales of similar properties that have recently

sold. An exhaustive search produced the following sales.

Please see Sales in the addenda.



Subject Listing



Comparable Sales Summary - Please see addenda for Comparable Sales

Subject Sale 1 Sale 2 Sale 3

Location W Orange Co Sanford Oviedo Oviedo

Fronts on AD Mims Rd N Oregon St Storybook Ln Aloma Avenue

Nearest Main Cross Clark Road Orange Blvd Chapman Road Highway 417

Use Subdivision Subdivision Subdivision Subdivision

Buyer Available MI Homes Pulte Homes Beazer Homes

County Orange Seminole Seminole Orange

Zoning A-1 PD A-1 PD

Sale Date Listing Dec 2016 Feb 2017 Aug 2017

Price Paid $1,295,000 $1,470,000 $1,400,000 $1,300,000

Financing Cash Equivalent Cash Equivalent Cash Equivalent Cash Equivalent

Sale Conditions Normal Normal Normal Normal

Adjustment 0% 0% 0% 0%

Adjusted Price Paid $1,295,000 $1,470,000 $1,400,000 $1,300,000

Time $0 0% 0% 0%

Time Adjusted Price $1,295,000 $1,470,000 $1,400,000 $1,300,000

Site Size (SF) 433,026 435,600 410,771 445,183

Site Size (AC) 9.94 10.00 9.43 10.22

Price PSF $2.99 $3.37 $3.41 $2.92

Adjustments

Size - 0% 0% 0%

Location - 0% 0% 0%

Topography - 0% 0% 0%

Miscellaneous 0% 0% 0%

Net Adjustment - 0% 0% 0%

Land Value PSF - $3.37 $3.41 $2.92

Conclusion

Item Size (SF) PSF Value

Land As Vacant 433,026 $3.00 $1,299,078

Less: Estimated Demolition Cost ($15,000)

Sub-Total $1,284,078

Market Value “As Is” 433,026 $2.97 $1,285,000



Financing: Sometimes sellers will finance or “hold paper” on a property at a non-market

interest rate and at non-market loan-to-value ratios. Appraisers must consider the

affect on the price paid and calculate a “Cash Equivalent” price paid.

Sale Conditions: Properties are sometimes sold under duress and this condition must be considered

since it usually has a negative affect on the price paid. This condition can be

difficult to quantify and appraisers often don’t rely on sale transactions that took

place under duress. Part of the definition of “Market Value” is that the sale

occurred under typical or normal sale conditions.

Time: The market has since been stable over the time period of the sales.

Size: Larger sites usually sell for less than smaller sites on a per unit basis, all other

things being equal and we made adjustments as deemed appropriate.

Location: Comparable sales with superior locational characteristics when compared to the

subject were adjusted down and sales with inferior locations, when compared to

the subject were adjusted up.

Topography: The subject soils appear suitable for subdivision development.

Miscellaneous: None noted

Market Value (Land)

We concluded on a land value as shown on the previous “Summary” page.



ADDENDA



QUALIFICATIONS OF DANIEL PEELE, ASA

EDUCATION

Graduated from Florida International University (FIU) in Miami, Real Estate Major

State Certified General Real Estate Appraiser RZ 887

State Licensed Real Estate Broker-Associate BK 166385

EXPERIENCE

Commercial Real Estate Appraiser with Pardue, Heid, Church, Smith & Waller, 1984 - 1994

President of Central Florida Appraisal Consultants (CFAC) since 1994

Over 30 years of full-time commercial real estate appraisal experience in Central Florida

Commercial RE Broker-Associate with Charles Rutenberg Realty

APPRAISAL EDUCATION

BA Degree (Real Estate Major) Florida International University (FIU) in Miami (State College)

PROFESSIONAL AFFILIATIONS

ASA, American Society of Appraisers, (Designated Member) ASA Designation

CAI, Community Associations Institute, (Business Member)

ORRA, Greater Orlando Area Board of Realtors, Realtor Member (we have MLS)

PREPARED APPRAISALS FOR

Commercial Banks, Private Lenders, Lawyers, Buyers and Sellers, Insurance Companies

PROPERTIES APPRAISED

Commercial (all types) Insurable Value for Insurance Office Buildings (all types)

Special Use Properties Sellout type Properties Subdivisions (all types)

Hotels and Motels Industrial (All types) Residential (all types)

Self Storage Facilities Retail (all types) Vacant land (all types)



Certified General Appraiser License RZ 887



Tax Card -8661 A D Mims Road



Tax Card - 8667 A D Mims Road



Flood Map



FEMA Flood Definitions



FEMA Flood Definitions - Page 2

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“Appraisal Report” of 9.94 acres of land at 8161 & 8167 A ... · A D Mims Road, Orlando, FL...

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Transcript of “Appraisal Report” of 9.94 acres of land at 8161 & 8167 A ... · A D Mims Road, Orlando, FL...