APPRAISAL OF REAL PROPERTY Unit E.pdf · 2017-03-09 · APPRAISAL OF REAL PROPERTY 1102 S...
Transcript of APPRAISAL OF REAL PROPERTY Unit E.pdf · 2017-03-09 · APPRAISAL OF REAL PROPERTY 1102 S...
APPRAISAL OF REAL PROPERTY
1102 S Ridgecrest RoadWasilla, AK 99623
Lot 9, Herkimer Lake
Cozy Affordable Homes, LLCP.O. Box 871468
Wasilla, AK 99687
01/31/2017
Gregory J Brooker, GAAAppraisal Company of Mat-Su, LLC
3544 East Wanamingo DriveWasilla, AK 99654
Form GA1NV - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
LOCATED AT
FOR
AS OF
BY
Appraisal Company of Mat-Su, LLC3544 East Wanamingo Drive
Wasilla, AK 99654907-373-3977
02/15/2017
Cozy Affordable Homes, LLCP.O. Box 871468Wasilla, AK 99687
Attn: B.H. Tilton
Re: Property: 1102 S Ridgecrest RoadWasilla, AK 99623NA
File No.: 174019PVT
Opinion of Value: $ 148,000Effective Date: 01/31/2017
Dear Mr. Tilton,
In accordance with your request, I have appraised the above referenced property. The report of that appraisal is attached.
The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as if complete as proposed, in fee simple title of ownership.
The date of value is January 31, 2017, the date of appraisal observation of the land.
The Intended Users of this appraisal report include B.H. Tilton, Ken Gain, Bobby Capps. No additional Intended Users are identified by the appraiser.
The Intended Use is to evaluate the property that is the subject of this appraisal for financing and investment decisions, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value.
This report may be used for private investment decisions and the report relied upon to the extent that the construction and siting of the real estate appraised is completed to the level of workmanship set forth in property descriptions in this report. The report is not to be released or broadcast in any public offering, advertising or marketing of the individual units to the general public.
As requested, I have prepared the report on a standard Fannie Mae Form 1004. I have prepared and included substantial additional narrative analyses to better assist you in formulating your investment decisions.
This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject.
The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and assumptions and limiting conditions attached.
Sincerely,
Gregory J Brooker, GAAGeneral Real Estate Appraiser, State of AlaskaLicense or Certification #: 33State: AK Expires: 06/30/[email protected]
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Area MapNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
Appraisal Company Of Mat-Su, LLC
174019PVT
1102 S Ridgecrest Road Wasilla AK 99623NA Cozy Affordable Homes, LLC Matanuska-Susitna Borough
Lot 9, Herkimer Lake7412000L009 2016 219Meadow Lakes HO10 0007.01
0 0
Pre-construction valuation for feasibility and potential marketingCozy Affordable Homes, LLC P.O. Box 871468, Wasilla, AK 99687
Developer
115850250
04515
40411
54Alaska Railroad tracks north, Pittman Road east, Hollywood Road south, Big Lake
Road west. Other uses include vacant land, light agricultural (equestrian use, hay farming).See attached addenda.
See attached text addendum.
See discussion in text addendum 1.03 ac Roughly rectangular N;Res;No zoning, typ for area. The area is not subject to city zoning. Typical in this market. No affect on value.
There is no current or projected potential use that would provide a higher return to the land or represent a higher and better use.
MEA coopEnstar Natural Gas
Comm Well / TypicalShared septic / typical
Gravel surfaced / AvgNone
X 02170C8030E 03/17/2011
No adverse easements or encroachments observed, or noted on provided. The area is outside incorporated city limits and is unzoned. This is typical in the area. No special assessments. Real estate taxes are paid current. The land is flat, appears to have adequate drainage and the larger parcel from which the condo plat is formed is a rectangle. The land is subject to CCRs and the proposed improvements are conforming.
2
Cabin20170
00
CMU / NewWood siding / NewComp shingle / NewNoneVin csmt low E / NewDbl pane wndws / NewScreens / New
Lam,cpt,vinyl / NewGWB / NewWood, ptd / NewVinyl or lam / NewFMU / New
Nat Gas
None
0None
None
0NoneCoveredNone
2Gravel / Avg
00
2 1 1.0 624Standard finishes. Energy efficiency projected to be good.
C1;No updates in the prior 15 years;The subject is proposed construction. The finished construction is projected to be average quality completed in timely and workmanlike manner. Projected useful life estimated to be 60 years. See text addendum for brief description of construction based on plans and specifications provided. The subject appears to be a sound design and conforms to minimum FHA/VA standards set forth in handbook 4000.1.
The neighborhood has a variety of residential construction and the subject unit will be readily acceptable within the market.
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address City State Zip CodeBorrower Owner of Public Record CountyLegal DescriptionAssessor's Parcel # Tax Year R.E. Taxes $Neighborhood Name Map Reference Census TractOccupant Owner Tenant Vacant Special Assessments $ PUD HOA $ per year per monthProperty Rights Appraised Fee Simple Leasehold Other (describe)Assignment Type Purchase Transaction Refinance Transaction Other (describe)Lender/Client AddressIs the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes NoReport data source(s) used, offering price(s), and date(s).
I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was notperformed.
Contract Price $ Date of Contract Is the property seller the owner of public record? Yes No Data Source(s)Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes NoIf Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.Neighborhood Characteristics
Location Urban Suburban RuralBuilt-Up Over 75% 25-75% Under 25%Growth Rapid Stable Slow
One-Unit Housing TrendsProperty Values Increasing Stable DecliningDemand/Supply Shortage In Balance Over SupplyMarketing Time Under 3 mths 3-6 mths Over 6 mths
One-Unit HousingPRICE$ (000)
AGE(yrs)
LowHighPred.
Present Land Use %One-Unit %2-4 Unit %Multi-Family %Commercial %Other %
Neighborhood Boundaries
Neighborhood Description
Market Conditions (including support for the above conclusions)
Dimensions Area Shape ViewSpecific Zoning Classification Zoning DescriptionZoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)Is the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe
Utilities Public Other (describe) Public Other (describe)ElectricityGas
WaterSanitary Sewer
Off-site Improvements - Type Public PrivateStreetAlley
FEMA Special Flood Hazard Area Yes No FEMA Flood Zone FEMA Map # FEMA Map DateAre the utilities and off-site improvements typical for the market area? Yes No If No, describeAre there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes No If Yes, describe
General DescriptionUnits One One with Accessory Unit# of StoriesType Det. Att. S-Det./End Unit
Existing Proposed Under Const.Design (Style)Year BuiltEffective Age (Yrs)
FoundationConcrete Slab Crawl SpaceFull Basement Partial Basement
Basement Area sq.ft.Basement Finish %
Outside Entry/Exit Sump PumpEvidence of Infestation
Dampness Settlement
Exterior Description materials/conditionFoundation WallsExterior WallsRoof SurfaceGutters & DownspoutsWindow TypeStorm Sash/InsulatedScreens
Interior materials/conditionFloorsWallsTrim/FinishBath FloorBath Wainscot
Attic NoneDrop Stair StairsFloor ScuttleFinished Heated
Heating FWA HWBB RadiantOther Fuel
Cooling Central Air ConditioningIndividual Other
AmenitiesFireplace(s) #Patio/DeckPool
Woodstove(s) #FencePorchOther
Car Storage NoneDriveway # of Cars
Driveway SurfaceGarage # of CarsCarport # of CarsAtt. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above GradeAdditional features (special energy efficient items, etc.).
Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.).
Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes No If Yes, describe
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Yes No If No, describe
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
174019PVT
15 89,000 159,00031 53,000 203,000
1102 S Ridgecrest RoadWasilla, AK 99623
N;Res;HO10Fee Simple1.03 acN;Res;DT2;TS CabinQ40C1
2 1 1.0624
0sf
AdequateSpace heat gasStandard2dwCov porch
Features Standard featuresFinishes Standard finishesEffective age 0
State Recorder02/01/2017
4975 E Pine StWasilla, AK 9965412.35 miles E
148,000239.10
MLS, agent;DOM 4State,MSB,Discl/Docs
ArmLthConv;3018 -3,020s09/16;c07/16N;Res;WA07 0Fee Simple40500 sf 0N;Res;DT2;TS cabinQ416 0C3 +2,500
3 1 1.0 0619 +175
0sf
1bd/1bd septic 0Space heat gasStandard5dw 0CPch,Lg grav Pto -1,500Yard shed, -1,000Standard finishes7 +3,500
6550.47.9 148,655
State Recorder01/13/2017
2120 E Caribou CirWasilla, AK 9965410.30 miles E
137,500177.88
MLS, agent,appr;DOM 2State Recorder, Agent
ArmLthRH;2900 -2,900s08/16;c06/16N;Res;WA06 0Fee simple23281 sf +12,500N;Res;DT1;Cabin, chalt 0Q431 0C3 +2,500
3 1 1.0 0773 -5,215
0sf
1bd+loft/2bd sptc 0HWBB Gas 0Standard4dw 0Porch 0Yd shed, lscp -1,500Standard finishes10 +5,000
10,3857.6
21.5 147,885
State Recorder02/06/2017
852 S Wolf RoadBig Lake, AK 996524.79 miles W
134,000151.58
Contract,appr property;DOM 59State Recorder, Docs, Agent, Bldr
ArmLthFHA;3500 -3,500s09/16;c06/16N;Res;HO12 0Fee simple31080 sf +17,500N;Res;DT1;Small ranch 0Q40C1
3 2 1.0 0884 -9,100
0sf
AdequateFA Gas 0Standard4dw 0Cov porchStandard featuresStandard finishes0
4,9003.7
22.5 138,900
State Recorder02/06/2017
State of Alaska Recorder, MLS files.
State Recorder
The subject is a recently subdivided vacant land parcel. The improvements are proposed and there have been no prior sales of the improved property. No sale of the comparable properties within the 12 months prior to the sale analyzed.
See attached addenda.
148,000
148,000 148,200The sales comparison approach is given greatest weight as there is an active market with adequate comparable sales data. The cost approach provides support to the value indicated by sales comparison. The income approach is not developed due to a lack of relevant and appropriate information on rentals of similar properties in the market.
Subject to completion of the improvement construction as described within the report.
148,000 01/31/2017
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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There are comparable properties currently offered for sale in the subject neighborhood ranging in price from $ to $ .There are comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ to $ .
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
I did did not research the sale or transfer history of the subject property and comparable sales. If not, explain
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.Data Source(s)My research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.Data Source(s)Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Summary of Sales Comparison Approach
Indicated Value by Sales Comparison Approach $Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have beencompleted, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to thefollowing required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair:
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limitingconditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is$ , as of , which is the date of inspection and the effective date of this appraisal.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
174019PVT
Additional comments are included in the attached text addendum.
Report Assumptions and Limiting Conditions
- This report may be used for private investment decisions and the report relied upon to the extent that the construction and site of the real estate appraised is completed to the level of workmanship set forth in property descriptions in this report. The report is not to be released or broadcast in any public offering, advertising or marketing of the individual units to the general public.
- The subject of this report is proposed construction. A basic assumption underlying the opinion of value is that the project described in the report will be constructed as described, in a workmanlike manner within a reasonable time frame. Changes to the plans, construction type or quality, or other changes to the completed project not discussed or analyzed within this report, may limit, change or nullify the opinion of value.
Additional certification statements: - The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. - The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. - As of the date of this report, I have completed the Standards and Ethics Education Requirements for Practicing Affiliates of the Appraisal Institute.
Land value is estimated based on review of sales and listings of lots of similar size and utility in the local market. The range of pricing for similar lots varies from low priced raw land parcels to fully finished land with functional well and septic systems in place. Based on land pricing information reviewed, the subject, with well and septic systems in place, is most similar to lots reflecting prices in a range of about $37,500.
Cost tables, local contractors, appraisal filesAverage Current
148,200
See attached calculator cost form 1007 for cost analysis.
60
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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COST APPROACH TO VALUE (not required by Fannie Mae)Provide adequate information for the lender/client to replicate the below cost figures and calculations.Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value)
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEWSource of cost dataQuality rating from cost service Effective date of cost dataComments on Cost Approach (gross living area calculations, depreciation, etc.)
OPINION OF SITE VALUE =$DWELLING Sq.Ft. @ $ =$
Sq.Ft. @ $ =$=$
Garage/Carport Sq.Ft. @ $ =$Total Estimate of Cost-New =$Less Physical Functional ExternalDepreciation =$( )Depreciated Cost of Improvements =$"As-is" Value of Site Improvements =$
INDICATED VALUE BY COST APPROACH =$Estimated Remaining Economic Life (HUD and VA only) Years
INCOME APPROACH TO VALUE (not required by Fannie Mae)Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income ApproachSummary of Income Approach (including support for market rent and GRM)
PROJECT INFORMATION FOR PUDs (if applicable)Is the developer/builder in control of the Homeowners' Association (HOA)? Yes No Unit type(s) Detached AttachedProvide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.Legal Name of ProjectTotal number of phases Total number of units Total number of units soldTotal number of units rented Total number of units for sale Data source(s)Was the project created by the conversion of existing building(s) into a PUD? Yes No If Yes, date of conversion.Does the project contain any multi-dwelling units? Yes No Data SourceAre the units, common elements, and recreation facilities complete? Yes No If No, describe the status of completion.
Are the common elements leased to or by the Homeowners' Association? Yes No If Yes, describe the rental terms and options.
Describe common elements and recreational facilities.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae Form 1004 March 2005
174019PVT
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
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This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of amanufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intendeduse, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser mayexpand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisalassignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that donot constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser'scontinuing education or membership in an appraisal organization, are permitted.
The scope of work for this appraisal is defined by the complexity of this appraisal assignment and thereporting requirements of this appraisal report form, including the following definition of market value, statement ofassumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visualinspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of thecomparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
The intended use of this appraisal report is for the lender/client to evaluate the property that is thesubject of this appraisal for a mortgage finance transaction.
The intended user of this appraisal report is the lender/client.
The most probable price which a property should bring in a competitive and openmarket under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assumingthe price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date andthe passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bothparties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) areasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in termsof financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property soldunaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments arenecessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs arereadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financingadjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutionallender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicaldollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market'sreaction to the financing or concessions based on the appraiser's judgment.
The appraiser's certification in this report issubject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titleto it, except for information that he or she became aware of during the research involved in performing this appraisal. Theappraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determinationof its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in anidentified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express orimplied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he orshe became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisalreport, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of theproperty (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no suchconditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any suchconditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered asan environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactorycompletion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property willbe performed in a professional manner.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
174019PVT
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
File #
The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated inthis appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the conditionof the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect thelivability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional AppraisalPractice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were inplace at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the salescomparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approachfor this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not developthem, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering forsale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subjectproperty for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year priorto the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home thathas been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subjectproperty and the comparable sales.
10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest inthe sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listingservices, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report fromreliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subjectproperty, and the proximity of the subject property to adverse influences in the development of my opinion of market value. Ihave noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, thepresence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of thesubject property or that I became aware of during the research involved in performing this appraisal. I have considered theseadverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value andmarketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, allstatements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, whichare subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present orprospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially orcompletely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, maritalstatus, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of thepresent owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was notconditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) apredetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause ofany party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pendingmortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If Irelied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisalor the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in thisappraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to makea change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take noresponsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization thatordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
174019PVT
Gregory J Brooker, GAA
Appraisal Company of Mat-Su, LLC
3544 East Wanamingo Drive
Wasilla, AK 99654
907-373-3977
02/15/2017
01/31/2017
33
AK
06/30/2017
1102 S Ridgecrest Road
Wasilla, AK 99623
148,000
No AMC
Cozy Affordable Homes, LLC
P.O. Box 871468, Wasilla, AK 99687
Form 1004UAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
File #
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of theborrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; othersecondary market participants; data collection or reporting services; professional appraisal organizations; any department,agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having toobtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisalreport may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, publicrelations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certainlaws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practicethat pertain to disclosure or distribution by me.
23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgageinsurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as partof any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/orcriminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United StatesCode, Section 1001, et seq., or similar state laws.
The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser'sanalysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions,statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or theappraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted andpromulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisalreport was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms aredefined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of thisappraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable andvalid as if a paper version of this appraisal report were delivered containing my original hand written signature.
SignatureNameCompany NameCompany Address
Telephone NumberEmail AddressDate of Signature and ReportEffective Date of AppraisalState Certification #or State License #or Other (describe) State #StateExpiration Date of Certification or License
ADDRESS OF PROPERTY APPRAISED
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
NameCompany NameCompany Address
Email Address
SignatureNameCompany NameCompany Address
Telephone NumberEmail AddressDate of SignatureState Certification #or State License #StateExpiration Date of Certification or License
SUBJECT PROPERTY
Did not inspect subject propertyDid inspect exterior of subject property from streetDate of InspectionDid inspect interior and exterior of subject propertyDate of Inspection
COMPARABLE SALES
Did not inspect exterior of comparable sales from streetDid inspect exterior of comparable sales from streetDate of Inspection
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
174019PVT
1102 S Ridgecrest RoadWasilla, AK 99623
N;Res;HO10Fee Simple1.03 acN;Res;DT2;TS CabinQ40C1
2 1 1.0624
0sf
AdequateSpace heat gasStandard2dwCov porch
Features Standard featuresFinishes Standard finishesEffective age 0
State Recorder02/01/2017
7110 W Captain Hook DriveMeadow Lake, AK 996234.64 miles NE
161,500182.69
MLS, Appraiser;DOM 109State Recorder, appraiser
ArmLthCash;0s11/16;c06/16N;Res;HO08 0Fee simple26382 sf +12,500N;Res;DT1;Small ranch 0Q40C1
3 2 1.0 0884 -9,100
0sf
AdequateFA Gas 0Standard2ga3dw -10,000Cov pch, deck -1,500Standard featuresStandard+ finishes -5,0000
-13,1008.1
23.6 148,400
State Recorder02/06/2017
11887 W Horizon DrMeadow Lake, AK 996237.28 miles SW
146,000180.25
MLS, agent;DOM 3State Recorder, Selling agent
ArmLthRH;5990 -5,990s08/16;c04/16N;Res;GB01 0Fee simple40394 sf +17,500N;Res;DT1;Small ranch 0Q40C1
4 2 1.0 0810 -6,510
0sf
AdequateSpace heat, oil 0Standard1ga2dw -5,000Cov porchStandard featuresStandard finishes0
00.0
24.0 146,000
State Recorder02/06/2017
4 5 6
4 5 6
Form 1004UAD.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
File #
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FEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #Address
Proximity to SubjectSale Price $ $ $ $Sale Price/Gross Liv. Area $ sq.ft. $ sq.ft. $ sq.ft. $ sq.ft.Data Source(s)Verification Source(s)VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ Adjustment DESCRIPTION +(-) $ AdjustmentSales or FinancingConcessionsDate of Sale/TimeLocationLeasehold/Fee SimpleSiteViewDesign (Style)Quality of ConstructionActual AgeConditionAbove Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths
Room CountGross Living Area sq.ft. sq.ft. sq.ft. sq.ft.Basement & FinishedRooms Below GradeFunctional UtilityHeating/CoolingEnergy Efficient ItemsGarage/CarportPorch/Patio/Deck
Net Adjustment (Total) + - + - + -$ $ $Adjusted Sale Priceof Comparables $ $ $
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Net Adj. %Gross Adj. %
Report the results of the research and analysis of the prior sale or transfer history of the subject property and comparable sales (report additional prior sales on page 3).ITEM SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE #
Date of Prior Sale/TransferPrice of Prior Sale/TransferData Source(s)Effective Date of Data Source(s)Analysis of prior sale or transfer history of the subject property and comparable sales
Analysis/Comments
Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005UAD Version 9/2011
Proposed Plat Map
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
• URAR: Neighborhood - Description
The neighborhood has a variety of land uses. George Parks Highway, south of the subject, is the primary north-south arterial route betweenAlaska's two largest cities, Anchorage and Fairbanks. Pitman/Sylvan Road is a secondary collector route serving the Meadow Lakes areanorth of Parks Highway (Pittman) and south of Parks Highway (Sylvan). The intersection of these two roads has developed into a lightcommercial center with a variety of commercial uses. Commercial development extends along both sides of the Parks Highway and there is agrocery store north of the Alaska Railroad tracks east of Pittman Road. Land uses without Parks Highway frontage or exposure are primarilysingle family residential uses, with a few multiple family duplex and fourplex unit buildings scattered through the area. The subject is a newtype of use for the area, but it will be compatible with its neighbors and market acceptance is projected to be positive.
The Meadow Lakes area has been one of the fastest growing areas of the State over the past decade. According to the most recent, 2016,population estimate by the state demographer, the population in Meadow Lakes is 8,540 persons, which is only slightly smaller than thepopulation count of the City of Wasilla. This reflects a population increase of 970 persons since the 2010 census. The many area lakes withlakefront view properties and the potential for recreational opportunities continue to make Meadow Lakes a popular area. Many streets in thearea have been paved over the past few years and natural gas is available throughout the Meadow Lakes area. Waterfront lots are becomingmore scarce, but there is still a high quantity of available land off waterfront in the area in the form of subdivided and unsubdivided lots, andthe area attraction remains high. Bluff and ridgetop view properties are also in demand and typically reflect premium pricing compared withstandard building lots without view amenity.
The subject's immediate neighborhood is north of Parks Highway between Parks Highway and the Alaska Railroad right of way and betweenPittman and Big Lake Roads. The area is an older developed neighborhood with mature housing and some recreational properties. Landalong Parks Highway frontage are light commercial uses. Houses in the immediate area reflect a variety of construction design and quality,generally average finishes with many properties having finished yards and landscapes. The area is not subject to governmental controls suchas zoning and no building codes are enforced.
Cozy Affordable Homes, LLC
The subject involves a replat of a 1.03 acre residential lot within an established subdivision. The replat is to create a condominium projectwith six detached, free standing houses. A proposed plat map of the property that shows lot configuration and preliminary improvementsiting is included as an addendum exhibit. Unit buyers will become responsible for well and septic maintenance and repair costs uponpurchase. Initial dues are anticipated to be relatively low.
The Herkimer Lake subdivision has protective covenants, conditions and restrictions(CCRs) and the proposed subject project conforms to theCCRs. Upon formalization of the subdivision, a preliminary homeowner's association agreement will be instituted. Subject access toemployment, shopping, schools, churches and recreation is average for the area.
Subject Market Statistics
Multiple listing service sales and listings were researched for comparison with the subject. The data search included the following searchparameters: Property type Residential; Acres between 0 and 1.10; Area of 'BG - Big Lake', 'HO - Houston', 'ML - Meadow Lakes', 'WA -Wasilla'; Borough/Census Area of '1D - Matanuska Susitna Borough'; Price-List between 50000 and 999999; SF-Res between 450 and 950;Wtrfrnt-Frontage of None; and not Construction Type of Mobile Home; and not Floor Style of Mobile-Double Wide and not Mobile-SingleWide.
Count Price range Median Price (Avg) Med $/SF (Avg) Med SF (Avg) Med DOM (Avg)Competing Listings 15 $89,000 - $159,000 $139,900 ($133,184) $168 ($174) 832 (775) 101 (104)
2015/16 Closed Sales 38 $50,000 - $225,000 $105,250 ($109,925) $137 ($140) 800 (778) 39 (52)
2016/17 Closed Sales 31 $53,000 - $203,000 $135,000 ($128,002) $176 ($155) 860 (824) 22 (34)
The sales generated by the search parameters include a variety of construction, design, age, condition and finish. The level of competition ofthe sales ranges from high to low and the comparability has a similar range. The sales are included in the statistical analysis as they reflecttypical activity within the defined market segment. It is recognized that within the sales data developed, not all are directly comparable orcompetitive with the subject. The sales used for comparison later in the report reflect the best comparability in the dataset.
The search provides a lower pricing limit as properties that reflect prices below the set parameter are generally not competitive within thesubject market. Most include deteriorated or substandard properties, unfinished construction, damage, or otherwise non comparable features.
- 15 sales over the past year indicate seller concessions were applied in the transaction. Concessions typically include some seller assistancewith buyer closing costs, but also may include seller contribution to needed alterations, (i.e.; carpet, paint, minor maint., etc.). There doesnot appear to be any consistent or general trend in concession amounts or application when noted. Reported concessions range $900 to$5,989, with a median/average $3,000/$3,154. Alaska is a non-disclosure state and the amounts and uses of seller concessions orcontributions to a sale are often not publicly disclosed and are seldom provided in detail to identify the application.
- Foreclosure numbers are not available for the defined area, however they appear to be generally low and foreclosure competition in themarket is not currently a factor.
- Vacancy rates appear to be low and are estimated to be about 1%.
Research indicates ongoing market activity within the defined market segment; there is presently three pending sales within the marketsegment. The pending sales reflect list prices ranging from $79,500 to $159,000 for houses ranging in size from 560 to 911 square feet. Thepricing reflects market interest in a variety of small house products in the market and a general inference is that there is a continued interest inhouses of similar character.
The market search reflects a parameter set which includes limits on the physical market area searched and the size of the houses within thedata. The data returned includes the most relevant market data to be used in analysis of the subject's market potential. The market area isrelatively broad, however the subject development includes a property type that it normally found in small clusters throughout the market areaand typically the areas have similar market characteristics and appeal.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
174019PVTNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
File No.
Market Analysis
The table indication is that prices for the subject's market segment have appreciated slightly on a year-to-year scale. Overall, prices within theValley market are reflecting general stability with low to moderate strength in some sectors. The subject house style is becoming morepopular over time, but pricing is following a cyclical course. The trend of cycling prices is increasing over time and it the high price pointsover the past two years reflect a higher top price level over time. Houses within the subject's market segment are reflecting ongoing demandand the market segment has been active. Prices over the two years reflect individual prices within a relatively broad range and they include afew outlier prices, both high and low, but there is general consistency in the depth of the range and the timing of the cyclical oscillations. Thedata contained in the table is charted to better illustrate current trending in prices. The charts are included following this narrative addendum.
Over the 24 month period, the chart reflects an active market. The trendline reflects fluctuating individual prices and a relatively broad rangeof average prices with a few outlying sales, both high and low. Most activity is within a price range of $74,100 to $162,000 (one standarddeviation from the average price). The general indication of the trendline reflects a cumulative appreciation in average prices over time. Thelonger term trend is projected to remain relatively stable with slightly fluctuations and a cumulative increase in prices over time, howeverbased on the data, the prices should be at or near their seasonal low point and an upward trend is projected to begin soon. There are currentlya few pending sales, but activity has been slow over the past couple months. The lack of activity is broadly attributed to the recent generalelections, and is exacerbated by the harsh winter weather.
[It is noted that a ten year analysis of the data derived with the search parameters described indicates a flat trendline with virtually noaggregate change in average price over the past ten years. The long term market price for the described market segment is about $125,000. Prior to 2014, the sale activity for small houses was steady, but generally less active. Since 2014, sales activity has increased and the breadthof pricing has widened. Small houses have gained in popularity due to aging populations, greater numbers of singles and childless couplesopting to buy rather than rent, the generally higher costs of larger home ownerships, a greater awareness of environmental impacts and, to aminor degree, the impact of social media and cable TV programs that highlight the advantages of small house ownership. With the increasingdemand for smaller houses, there has also been a market for increased quality of product. Low priced houses continue to be popular, but anincreasing number of seniors and double income couples are demanding better quality and are able to pay.]
General economic conditions, financing availability and perceived demand remain stable over the longer term, however in many marketsegments, a slowdown in sales appears to be normal over winter months. It is observed that the subject market segment reflect a minordecline in sale volume during the last winter, and there has been a similar slowdown this winter. Seasonal fluctuations in volume are normalwithin the overall market, are usually short term, and do not appear to affect long term average pricing.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
174019PVTNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
File No.
This chart reflects a trend of variable individual prices in the 2015 - 2016 year, with an average price trendline that reflects a fluctuating pricetrend. The overall annual trend is very slightly negative, however the average change overall is minimal.
This chart reflects a positive pattern of pricing overall during the course of the year. Sale activity is active, but slightly slower last winter andvery slow this winter. As discussed above, the current winter has been more harsh than usual and sale activity has slowed in most marketsegments. The trend line bows with a high during the summer months and a decline going into winter. The general cycle appears to benormal and upon the resumption of sale activity, it is projected that prices will quickly recover. The general trending of the sales is cyclical,with up and down cycles that range over a longer term. The indication of the charts is that the cycle repeats over about a one year period andsubsequent up periods often peak at slightly higher levels than previous cycles. Over the past decade, prices have remained very stable overtime, however, the recent introduction of new, better quality product into the market and a perception of an elevated demand is expected to bereflected in stronger prices over the next few years.
Market demand has remained relatively stable between the two years and the available inventory is adequate to serve existing demand. Thecost of some land and most building materials have increased over time. Recently, after a long period of stable prices, many builders havebeen able to raise the prices of new construction to better cover costs. Cost containment was strong over the past few years as pricesremained stable, and the ability of some builders to realize slightly higher prices for new construction is reflected by the positive trendindications of the table and charts.
The rate of price change is anticipated to level off again over the next couple years as the State realizes lower revenues and attempts torestructure state spending and revenue sources to greater sustainability. There is a growing market apprehension about future public sectorchanges, including lower public spending, institution of revenue enhancement measures (taxes) and general uncertainty in the local market. Although the subject market segment has been relatively stable, the direction of prices for the near future remains uncertain, but because ofthe size of the subject house and the lower cost nature of the overall project, the popularity of the product is expected to continue to bepositive and sale activity stable to strong.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
174019PVTNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
File No.
Market conditions continue to reflect active demand, adequate supply, readily available financing at low rates, however, interest rates, whichare more generally based on regional and national markets, are reflecting fluctuations over the recent past, and could be set to rise over thecoming months as the lower 48 economy picks up. Based on the data assembled and review of current market conditions, it is my opinionthat the subject market segment will show prices over the foreseeable future that will reflect stability, with a general strength in demand, but amoderating effect in interest rates and State government activity. A factor that will help to keep demand positive is the recent disclosure thatthe anticipated Army troop reduction by early 2017 has been rescinded and the staffing of the JBER contingent is to remain stable, with someincrease due to newly consolidated departments.
There have been cutbacks in State government expenditures due to lower state oil revenues. It is possible that the next cycle will not maintaina strong market pricing direction. At present the rate and direction of change is too recent to project its continuation over the short- andmid-terms with any confidence and no specific percentage projection of price appreciation or decline is warranted.
Over time the availability of new construction in the area is expected to keep prices closer to stable levels as demand and supply appear closeto balanced; however, increasing materials costs will have some effect on pricing and slightly stronger prices will eventually become moresteady and predictable. New construction is ongoing in the market, and some of the new construction is within the subject market segment. Minor speculative construction is ongoing within the more affordable portion of the subject market segment, but demand is active and nooversupply is anticipated. General inventory quantities are manageable.
Continuing uncertainty in the marketplace can be expected to have an effect on market timing and pricing considerations over time. Ongoingand often contradictory governmental actions, uncertain employment outlook, threats of imposition of new taxes, media highlighting ofdepressed markets, fluctuating interest rates and more stringent buyer qualification processes have combined to slow market demand overall. On the other hand, market inventory levels in some market segments appear to reflect lower numbers of available houses, Realtors are notingsteady activity and sale closings in the overall market are slightly lower, but close to the prior calendar year. Supply continues to be adequateto meet demand. [Some market segments are beginning to show a slight deficit in available inventory and prices are stronger in thosesegments, but the subject market segment appears to have adequate inventory.]. The local market was relatively unaffected by the recentrecession that affected much of the rest of the nation, and general pricing stability has been the rule over the past few years, but recent Statebudget issues are expected to affect the market over time. The direction and magnitude of those effects are speculative at present and noprojections are yet warranted.
Other Market Data Considered
The sales used in the Sales Comparison Approach reflect the best comparability in the data available. The data includes properties withsimilar/competitive houses situated on standard building lots. The houses are similar in size, age and amenity. Sales are in a market readycondition and the houses are ready to move into upon closing.
The absorption rate for the properties is about 2.6 units/month based on the sales data. At that rate, there is a 5.8 month inventory available. The marketing periods reflected by the closed sales reflect median and average Days-on-Market(DOM) of 22 and 34 days, respectively,within a range of 0 to 148 days. Based on the historic data available, the subject is estimated to have a prior exposure duration of closer to 90days. However, the winter season is progressing and sale activity has historically slowed through year end and during early Spring months. Because of the seasonal factors, it is estimated that the subject presently has a normal marketing period of 60 days, if marketed properly.
As discussed above, the overall Valley real estate market pricing is generally stable to slightly strong. The longer term future of the Valley ispositive. A discussion of the local economy is contained in the following paragraphs.
General Market Overview
The Matanuska-Susitna Borough, located north of Anchorage in southcentral Alaska, contains a land area of 24,685 square miles - about thesame area as the state of West Virginia. The population is primarily settled in the south central portion of the Borough in the land areabounded by the Knik and Matanuska Rivers and Knik Arm of Cook Inlet to the south and east, the Susitna River and southern TalkeetnaMountains to the west and north with the greatest population concentration in the Big Lake-Wasilla-Palmer area commonly referred to as theValley. Current population estimate for the Borough is 102,598 persons (2016 AKDOL estimate) which reflects continuing populationgrowth since the 2010 U.S. Census count of 88,995 persons. It is estimated 85% of the Borough population resides within the Valley. Of theremaining 15%, about 12% live within the 'railbelt' area with access to the George Parks Highway; this area extends north from BigLake/Houston to the Borough boundary north of Talkeetna/Trapper Creek.
Marketing periods in the Borough average about 60 to 90 days, however actual days-on-market statistics for different locations in theBorough vary depending on a variety of physical and locational factors. Marketing time also varies seasonally, and winter sales activity issomewhat slower, but still active. New construction is ongoing, however, much of the new construction is owner/builder or pre-soldconstruction and speculative development in the area is occurring, but is generally slow. Demand for properties was strong over the first halfof the past decade as interest rates stayed low and the local population and economy grew. As the local economy continues to expand throughinfrastructure and employment development, demand for both new and existing properties is expected to continue over time.
The local economy is diversified to a point where no single industry should be able to create a catastrophic effect on the economy. Ongoingfederal, state and private ventures continue to infuse the economy with dynamic cash flows through infrastructure development, commercialand residential construction and new enterprise development. Some of the projects underway include continued development andenhancement of the Port facilities at Point MacKenzie and active industry recruiting efforts for use of the port facilities, numerous road andhighway improvements are ongoing and many arterial and secondary roads are being upgraded, as well as paving of many neighborhoodresidential streets. A rail spur connecting the Port to the main Alaska Railroad north-south line is under construction and will be in processover the next few years. The Knik Arm bridge between Anchorage and Point MacKenzie is in land acquisition stage and construction shouldbegin within the next few years. Medical office space and ancillary buildings serving the new Regional Hospital and its personnel arerecently completed, under construction and planned. A new Native Hospital in Wasilla is recently opened, an agricultural processing plantfor production of export agricultural products is in planning stages.
A variety of commercial projects in and around Wasilla and Palmer are underway or recently completed and include a variety of office andprofessional office, retail, and warehousing buildings. A number of new houses are recently completed or under construction. New housingstarts have dropped from the all time highs experienced during the mid-'00s, but there continues to be demand for new housing in the area. The slower building and real estate market is generally attributed to the current economic uncertainty due to uncertain state economic supportand budget cutting.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
174019PVTNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
File No.
Fixed rate home mortgages are currently 4.125% for 30 year conventional fixed rate and 3.875% for FHA 30 year fixed (First National BankAlaska, 1/13/2017). Rates have changed little over the past few years, however, financial indicators are anticipating some upward pressure torates over the next few months. The rate of change is slow and the current rates continue to be affordable. There continues to be a variety ofactive lenders and alternative financing instruments available. Interest rates have increased slightly over the past month, but are not expectedto reflect significant change over the near term and the availability of reasonably priced financing is expected to continue over the foreseeablefuture. The secondary mortgage market participants Fannie Mae and Freddie Mac have been bolstered by US Government guarantees thatserve to provide financing funding to banks and mortgage lenders, which in turn, provides availability of alternatives to homebuyershowever, the planned changes in Fannie Mae and Freddie Mac over the next few years can be expected to have an effect on financing criteriaand availability in the future. Locally, Alaska Housing Finance Corporation (AHFC) has a pool of funds available and continues toparticipate in new mortgage loan originations.
In the past few years, price stability has been the norm in the market. Sales activity cooled somewhat and new construction slowedsignificantly as the general real estate market slowed down in the mid to late '00s. In an overall Valley market review, the average salevolume and prices reflect minimal general change between 2007 and 2012, and the past two years have seen similar stability with slightfluctuations in pricing in some market segments. Individual residential market segments, analyzed separately, indicate appreciation, stabilityor decline. Analysis of the individual market segment for the subject is discussed previously in the report. The general stabilization of marketpricing is attributed to a normalization of the local market. General economic conditions in the national and global markets have causeduncertainty in the market and this has had the effect of slowing local home sale activity, however there continues to be steady turnover andpopulation growth. Local market conditions appear to be reflecting some strength in pricing in more popular market segments, which isbecoming apparent in segment analysis. It is early in the process and not yet certain if appreciation will continue to be observed, however,barring unforeseen calamity, no declines in pricing are anticipated in the foreseeable future. Vacancy rates in the existing housing stock areestimated to be fairly low, in the 2% or less range overall. Ongoing inflow of population will continue to create a demand for housing.
The market has a strong foundation. Job creation and employment rates remain relatively strong, with typical seasonal fluctuations. Thetrend of steady housing inventory growth alongside active existing inventory turnover is expected to continue at a steady pace. Housinginventory growth over time should provide a control factor to limit market prices from developing unhealthy inflationary trends. Individualmarket segments reflect varying sale/list price ratios. High gasoline prices and the national economic downturn have had some dampeningeffect on commuter interest in the Valley, but much of that is mitigated by high housing prices in Anchorage - the alternative to Valleyhousing.
A factor that will continue to contribute to Valley housing and population growth is that Anchorage no longer has a significant stock ofvacant developable land. As the costs of land acquisition and development in Anchorage have climbed, housing prices in the AnchorageMunicipality have climbed well above prices for similar product in the Valley. Population trends for southcentral Alaska reflect an averagepopulation growth in excess of 2% per year every year since the 1940's, (3% per year in the decade of the 1980s, 5.8% per year in the '90s6.7% per year in the '00s) and there is no indication that the growth trend will end soon. According to recently published Alaska Departmentof Labor, Research and Analysis Section (http://almis.labor.state.ak.us/) forecast, the Mat-Su Borough is expected to continue its populationgrowth and economic expansion. The population of the Borough grew 50% between 2000 and 2010, and is forecast to increase by anadditional 70,972 by the year 2035 [with an average household of 2.75 persons, this implies a potential need for 1,185 additional housingunits per year]. Additionally, Anchorage population is projected to increase by 75,564 persons by the year 2035 and Anchorage does nothave the useable land area to support this amount of projected population growth within the noted time frame. Expansion of this populationis anticipated to be in the direction of the Valley. By 2035, the combined population of southcentral Alaska is projected to be over 1/2million persons. In summary, the Valley economy is dynamic and growth oriented. Although there may be temporary fluctuations, the longterm outlook for the Valley real estate industry is positive.
Description of Proposed Improvements
The subject is presently proposed construction. The finished improvements will consist of a detached cabin residence. The residence designwill include a two story design with a living area, kitchen and bath on the first level, a bedroom in the second floor, and a covered front porch The house is projected to be average in market standard quality with standard finishes with some upgrades. The house will have 624 squarefeet. A brief summary of construction features is developed from the floor plans and discussion with the owner/builder.
Foundations and Footings: The base foundation is concrete masonry unit perimeter footings. Full crawl space.
Frame: The house has load bearing exterior walls.
Exterior Walls: Wood framed exterior walls with wood sheathing and wood siding. Batt insulation, vapor barrier. Gypsum wall board tapedand painted on the interior. Double pane vinyl slider windows.
Windows: Double pane vinyl sliding windows.
Floor Structure, Cover: Main floor will consist of manufactured wood joist construction with wood decking. Floor covers are to includelaminate, carpet and pad, and/or tile. Quality is expected to be average quality.
Roof Structure, Cover: Roof structure is gable with manufactured wood truss, wood deck, composition shingle cover, front roof elevationwill include windowed dormer to provide better interior lighting. Blown in fiberglass insulation.
Interior Construction and Finishes: Wood framed, gypsum board taped and painted interior partitions. Ceilings gypsum board taped andpainted. Finishes are to include average quality floor covers including laminate, carpet and/or tile, wood or painted baseboard and casings,modern cabinetry, hard surface countertops, average appliances and fixtures.
Electrical: Standard electrical service and fixtures. 200 amp service. Underground connection to main.
Plumbing: One full bath with water closet, lavatory, large shower stall. Kitchen sink; refrigerator water connection. Laundry connection. One exterior hose bib. Fixtures assumed to be standard quality.
Heat: Gas fired free standing space heat system.
Energy: Insulation will include: Blown-in fiberglass ceiling/attic spaces; fiberglass batt to R-21 in exterior walls. On-demand water heaterprojected to have good efficiency ratings. Appliances and mechanicals will be natural gas fueled.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
174019PVTNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
File No.
Yard Improvements: Covered front porch. Gravel driveway. No other yard improvements indicated in provided material. Assumed toinclude site grading with adequate grade away from foundations.
Quality and Condition: Overall standard quality with average quality finishes, new condition.
Functional: The building plan analyzed reflects a functional floor plan.
• URAR: Sales Comparison Analysis - Summary of Sales Comparison Approach
Sale adjustments include $35/SF above ground living area; $500/year effective age; $5000/car garage. Square foot adjustments are based oncost differentials tempered by paired sale analysis; garage adjustment is based on paired sale analysis.
Residential lots are typically valued on a per building lot basis in the local market. The subject is to consist of a subdivision of sixcondominium lots, each of which is already proximate to existing, functional well and septic systems. The subject land value is discussed inthe Land Value section of the Cost Approach and is based on sales of lots with similar level of lot amenity and improvement. In my marketsearch, I found few direct comparisons with the subject lots, however, there is sufficient market evidence to support the estimated lot value. In comparing the improved sales with the proposed subject unit(s), review of lot sales in MLS files for each of the comparable propertiesprovides an indication of lot pricing for each sale. Adjustments to the sales for differences in lot values are based on that review.
The subject is a proposed condominium project that will contain six freestanding, detached single family residences. The residences are to besmall in size and provide amenity to a target homebuyer pool that is currently expanding. Search of the market for similar property typesuncovered a number of income properties in which similar small detached residential units are sold as a detached rental income development,but no sales data concerning a project similar to the subject. Discussion with Realtors and developers familiar with the Valley uncovered noadditional data on similar projects.
Because there are an apparent lack of similar projects within the local market area, and the property type has not yet been tested locally, Iexplored Anchorage MLS files and found no suitable similar properties. In an internet search, I found details of dozens of small and tinyhouse plans, and photos and testimonials about the efficacy of small houses. There is a slow movement progressing within a few subsets ofthe population in which the small house is becoming very popular. The success of many of the detached multiple family projects over thepast few years indicates a demand for the smaller units, however, there is indication that some who are seeking such living accommodationsdo not care to be landlords, and they are not happy about paying rent. Based on my research, I have formed an opinion that there is a marketdemand for the subject product, and that it is presently not being met in the market.
At present, the subject competition will spring from the inventory of small houses situated within subdivisions that include larger buildinglots and conventional, non-condominium platted land. The sales include similar small houses with one or two bedrooms, standardconstruction, similar amenity. The sales selected for presentation within this report are the best available comparable and competitiveproperties that have sold recently. Sales 1 and 2 are small, one bedroom cabins that are close in unit size. Each of these sales includes anadjustment for condition that is generally attributed to minor wear and tear of an older house and the natural depreciation of some of theshorter lived components. However, both houses have been maintained and over time have been remodeled. Sale 1 has some recentlyupdated finishes, that reflect standard quality. Sales 3 - 5 are more conventional small, two bedroom houses. Each of these sales are newconstruction and in new condition, so no condition adjustments are warranted. Sale 4 has a few upgraded finish items including higher gradeflooring, and lighting fixtures. Sales 4 and 5 also include garages, which increases the gross adjustment levels, but the net adjustments remainlow.
The sales provide insight into the market potential for the subject units upon completion. The sales provide reasonable adjusted prices thathelp to indicate a realistic range of market value for the subject units. Based on the sales data contained in the grid, the sales reviewed inresearching the market, and the competitive properties offered in the market, it is my opinion that sales of the subject units will reflect pricesthat fall within a reasonable range of about $130,000 to $150,000.
Note on Sale Distance
The Valley housing stock is spread out over a 3,000 square mile area and many developed subdivisions reflect comparable quality, finishesand market appeal. Most area subdivisions have been developed over time. Although there are a few larger subdivisions with almost 200lots, subdivision sizes are typically smaller developments with sizes ranging from a few up to a few dozen lots. Subdivision development isseldom carried out by a single builder, but the lots are sold individually or in various size bulk packages to home builders who have varyinghome designs and construction styles. For these reasons, houses within subdivisions often reflect highly individual design elements,construction characteristics, size, and age. Homogeneous, tract style housing is generally limited to a few small, older subdivisions located inor near incorporated cities of Palmer and Wasilla. Characteristics considered when performing market comparable searches include the lowerdensity land use in the area, relatively low population density, and the individual nature of house design and style. Comparable searchparameters often include properties within a wide search area as the occurrence of recent sales with truly comparable characteristics tend to beless concentrated in any one area. The distances between the subject and comparable sales are typical in this market.
Supplemental Addendum
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
174019PVTNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
File No.
Form SQ1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODEAppraisal Company Of Mat-Su, LLC
Cozy Affordable Homes, LLC
1102 S Ridgecrest Road
Wasilla AK
Cozy Affordable Homes, LLC
Gregory J Brooker, GAA
99623 01/31/2017
416
208
624
8
1
4
2
0 0
1 624 110.41 68,895.84
In base cost
Varies; carpet, laminate, vinyl 624 4.25 2,652.00
In base cost
Extreme climate, wind 624 4.37 2,726.88
Foundation, seismic 624 7.76 4,842.24
In base cost
None
In base cost
1 860.00 860.00
79,976.96
79,976.96
79,976.96
1.00 1.24 1.24
99,171.43
0 0
99,171.43
Well & septic 11,500.00
37,500.00
148,171.43
SQUARE FOOT APPRAISAL FORMRESIDENTIAL COST HANDBOOK
Single Family
Multiple
Town House
Row House
Manufactured
Cabin, Dome, etc.
FLOOR AREA
1st
2nd
3rd
Total
Low
Fair
Average
Good
Very Good
Excellent
Class I
Class II
Class III
Class IV
No. Stories
Bi-level
Split Level
1 1/2 story-Fin.
1 1/2 story-Unf.
2 1/2 story-Fin.
2 1/2 story-Unf.End Row
Inside Row
Hardboard/Plywood
Stucco
Siding or Shingle
Masonry Veneer
Common Brick
Face Brick or Stone
Concrete Block
Alum., Ribbed
Lap Siding
Hardboard
Plywood
Built-Up or Comp. Shingle
Wood Shingle or Shake
Clay Tile
Concrete Tile
Slate
Metal
(Style or Type)
Fixtures
Rough-in
Unf.
Fin.
(a)
(b)
Detached
Attached
Built-in
Subterranean
Carport
(Gable, Shed or Flat)
AGE CONDITION CLIMATE: Mild Moderate Extreme REGION: Western Central Eastern
Factor Quantity Cost Extension
1. COMPUTE RESIDENCE BASIC COST:
SQUARE FOOT ADJUSTMENTS: Specify type, quality, condition, age, etc. +
2. Roofing
3. Subfloor
4. Floor Cover
5. Plaster Interior
6. Heating/Cooling
7. Energy Adjustment
8. Foundation
LUMP SUM ADJUSTMENTS: Specify type, quality, condition, age, etc.
9. Plumbing
10. Fireplaces
11. Built-in Appliances
12. Miscellaneous (Dormers)
13. SUBTOTAL ADJ. RESIDENCE COST: Line 1 plus or minus Lines 2-12
14. BASEMENT, UNFINISHED
15. Add for basement interior finish
16. Add for basement outside entrance
17. Add for basement garage: Single Double
18. PORCH/BREEZEWAY, describe
19.
20. SUBTOTAL RESIDENCE COST: Total of Lines 13-19
21. GARAGE OR CARPORT - sq. ft. area x selected sq. ft. cost
22. Miscellaneous (roofing adjustment)
23. SUBTOTAL OF GARAGE COST: Line 21 plus or minus Line 22
24. SUBTOTAL OF ALL BUILDING IMPROVEMENTS: Sum of Lines 20 and 23
25. Current Cost Multiplier x Local Multiplier
26. TOTAL BUILDING COST NEW: Line 24 x 25
27. Depreciation: Physical and functional Life Exp. Eff. Age Deduction % of Line 26
28. Economic and/or Excessive Functional Obsolescence
29. Depreciated cost of building improvements: Line 26 less Lines 27 and 28
30. Yard improvements cost: List, total, apply multiplier and depreciate on reverse side
31. Miscellaneous: (Landscaping) If local cost, do not apply any multipliers
32. Lot or land value
33. Total of Lines 29-32
FORM 1007
Form SQ1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
This page not used for this appraisal.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
NOTES AND COMPUTATIONS
FORM 1007 ©1991
Appraisal Company Of Mat-Su, LLC
174019PVT
NA
1102 S Ridgecrest Road
Wasilla Matanuska-Susitna Borough AK 99623
Cozy Affordable Homes, LLC
Opinion of market value to be used for purposes of lending and investment decisions.
The scope of the appraisal includes visual observation of the property that is subject to the appraisal, identification of the subject property, identification of factors affecting the market value of the subject property, research of market activity including current market sale and cost trends, research and analysis of comparable market data, development and delivery of a summary report setting forth summaries of descriptions, analyses, findings and conclusion of value.
60 daysIt is my opinion that the subject has a normal marketing period of 60 days if appropriately marketed at the appraised value. See discussion of market in text addendum.
This is a summary report intended to comply with the provisions of Standards Rule 2-2 of USPAP. Details of the appraisal investigation are contained in the appraisal file. The depth of discussion in this report is specific to the needs of the client.
The subject of this appraisal is one single family residence in a group of six identical residences.
- I 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.- I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year periodimmediately preceding acceptance of this assignment.
The Intended Users of this appraisal report include B.H. Tilton, Ken Gain, Bobby Capps. No additional Intended Users are identified by the appraiser. The Intended Use is to evaluate the property that is the subject of this appraisal for financing and investment decisions, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value.
This report may be used for private investment decisions and the report relied upon to the extent that the construction and siting of the real estate appraised is completed to the level of workmanship set forth in property descriptions in this report. The report is not to be released or broadcast in any public offering, advertising or marketing of the individual units to the general public.
The value set forth in the cost approach to value is not an insurance value and should not be used in determination of insurable value of the subject.
02/15/2017Gregory J Brooker, GAA
Form FNCUCA - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
File No:
Borrower
Property Address
City County State Zip Code
Lender/Client
Is the subject property currently listed? Yes No List Price $Has the property sold during the prior year? Yes No If yes, describe below:
What is your estimate of marketing time for the subject property? Describe below the basis (rationale)for your estimate:
Does the transaction involve the transfer of personal property, fixtures, or intangibles that are not real property? Yes NoIf yes, provide description and valuation below:
Date: Appraiser(s):
Date: Review Appraiser(s):
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Location MapNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Building SketchNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Sketch by Apex Sketch v5 Standard™
16.0'
26.0'
13.0'
16.0'
13.0'
11.0'
4.0'
Bath
Laund
ry
Utility
Entry
EntryUp
Living
Area
DiningArea
Kitchen
Clo
set
Bedroom
Open to Below
Dn
Dormer
Covered Porch
Comments:
AREA CALCULATIONS SUMMARYCode Description Net Size Net Totals
GLA1 First Floor 416.00GLA2
416.00Second Floor 208.00
P/P 208.00
Covered Porch 44.00OTH
44.00Open to Below 208.00 208.00
Net LIVABLE Area (rounded) 624
Breakdown Subtotals
LIVING AREA BREAKDOWN
First Floor 16.0 x 26.0 416.00
Second Floor 13.0 x 16.0 208.00
2 Items (rounded) 624
Property AddressCity County State Zip Code
Form PICPIX.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Subject Photo PageNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Subject site from street
Sales PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
1102 S Ridgecrest Road
624211.0N;Res;HO10N;Res;1.03 acQ40
Street scene south
Street scene north
Borrower
Lender/Client
Property AddressCity County State Zip Code
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Comparable Sales MapNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Borrower
Lender/Client
Property AddressCity County State Zip Code
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Comparable Photo PageNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Comparable 1
Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
4975 E Pine St12.35 miles E148,000619311.0N;Res;WA07N;Res;40500 sfQ416
Comparable 2
Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
2120 E Caribou Cir10.30 miles E137,500773311.0N;Res;WA06N;Res;23281 sfQ431
Comparable 3
Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
852 S Wolf Road4.79 miles W134,000884321.0N;Res;HO12N;Res;31080 sfQ40
Borrower
Lender/Client
Property AddressCity County State Zip Code
Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Comparable Photo PageNA1102 S Ridgecrest RoadWasilla Matanuska-Susitna Borough AK 99623Cozy Affordable Homes, LLC
Comparable 4
Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
7110 W Captain Hook Drive4.64 miles NE161,500884321.0N;Res;HO08N;Res;26382 sfQ40
MLS photo, actual photo notavaliable at print time.Note: this is a template property photo. Actual house is same, but includes a garage.
Comparable 5
Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
11887 W Horizon Dr7.28 miles SW146,000810421.0N;Res;GB01N;Res;40394 sfQ40
MLS illustration, actual photo not avaliable at print time.
Comparable 6
Prox. to SubjectSale PriceGross Living AreaTotal RoomsTotal BedroomsTotal BathroomsLocationViewSiteQualityAge
Borrower
Lender/Client
Property AddressCity County State Zip Code
Appraiser Credentials - Page 1
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Appraiser Credentials - Page 2
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Appraiser Credentials - Page 3
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Appraiser Credentials - Page 4
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Appraiser State Certificate
Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE