Price: $399,000

470 Acres Whitehall, Washington County, New York

A well-stocked timber resource, long views, close proximity to Route 4 and direct access to state land

are highlights of this Lake Champlain Region property.

WEST MOUNTAIN FOREST

Fountains Land Inc., 1810 State Route 9 , Suite 2, Lake George, NY 12845 Contact: Todd Waldron ~ todd.waldron@fountainsamerica.com ~ (518) 668-5880 ~ Cell (518) 926-8734

www.fountainsland.com

LOCATION Fountains is pleased to offer the 470-acre West Mountain Forest in the historic town of Whitehall, Washington County. The highlight for this property is its well-stocked, quality red oak sawtimber resource which drives most of the asking price which has been set at 111% Capital Timber Value. West Mountain is perched on a scenic ridge between the outskirts of the village of Whitehall and Lake Champlain’s South Bay. The surrounding region is situated along the accessible Route 4 corridor, which is the main travel artery through northern Washington County, linking Whitehall with Glens Falls (23 miles) and the Killington, Vermont area (40 miles). Sited just outside the Adirondack Park Blue Line, the property is within easy reach of the Champlain Valley, Southern Adirondacks, Lake George Region and central Vermont. Nearby South Bay is a well-known fishing destination for catfish, bass, pike, pickerel, and carp. The village of Whitehall (population 2,600) tucks up to the property’s east boundary. Situated at the head of Lake Champlain, this farming community offers several gas and grocery stops, restaurants and an economy associated with farming, natural stone and forest products. Albany and the Capital Region’s Tech Valley is situated an hour and a half south of the property. New York City and Boston are located a half day’s drive south and east respectively.

ACCESS

The property is accessed by Second Street, a public village street linking the neighborhood to the nearby Route 4 corridor a quarter mile to the east. From the paved section of Second Street, an unsurfaced, 12’-wide jeep road heads up the hill within the public unpaved ‘street line’ for approximately 200 feet to a former forestry landing, serving as the main vehicle entrance into the property. With surface upgrades it could be used as a cabin driveway or to support future log truck traffic. From here, several miles of ATV and forestry trails lead into the heart of the land and to the property’s ridge top summit where stunning panoramic vistas can be enjoyed.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

While West Mountain asking price is firmly rooted in its timber value, it also offers several nice amenity features such as long views, direct access to state land and close proximity to town.

Second Street (middle photo) and the gravel entrance road from the town frontage (right).

SITE OPPORTUNITY West Mountain Forest is an attractive long-term investment in both land and timber – featuring potential weekend cabin lot options, rural subdivision opportunities, sweeping ridgetop views of Vermont and South Bay, hunting, hiking, ATV riding activities, and a long-term northern hardwood timber resource that can provide steady annual growth and occasional timber revenue income. The property is situated at the far northern tip of West Mountain’s elongated ridgeline and includes a diverse suite of terrain features. At the broad, plateau-like summit along the height of ground, stretching panoramic views unfold of both South Bay to the west and into Vermont’s Killington and Rutland area several miles to the east. From the height of ground, the terrain spills gradually to the east through a series of gently sloping benches that ‘step down’ over the course of several hundred yards toward the village below. There are several nice vista points tucked privately within the property’s perimeter that would be perfect for a future weekend cabin site or lean-to envelope. The hemlock and oak groves on the property’s east-facing slopes are great to explore. This part of the forest has many areas with a clean understory, occasional granite outcroppings and rocky, open vantage points. It’s a fun hike and there’s something primeval about the slightly filtered sunshine which finds its way to the forest floor through the dark green hemlock boughs. Additionally, the oak-hemlock-pine forest type offers several key habitat features for whitetail deer – acorn mast, thermal cover, bedding areas, and enough space to meet their seasonal and daily needs. Other wildlife species include the drumming ruffed grouse, the vocal wild eastern turkey, and a host of transient non-game wildlife like coyotes, red fox, raccoons, ravens, crows and hawks.

TAX and TITLE INFORMATION Annual property taxes in 2015 were $10,178. The property IS NOT enrolled in New York State’s Real Property Tax Law 480-A, which significantly reduces the annual tax burden. The property is listed as the town of Whitehall tax parcels 59-1-16, 59-1-17, and 59-2-3. Deed information can be found in the Washington County Clerk’s Office Deed Book 2592, Page 288. Village of Whitehall zoning for the property is classified as “Viewshed”, allowing for 10-acre minimum lot sizes per principle structure.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

West Mountain offers scenic hemlock and oak groves, spectacular rock outcroppings and long views toward both Killington and Lake Champlain’s South Bay. This property can be managed both as a timberland investment and an easily-accessible recreational property.

TIMBER West Mountain’s timber resource is driven by its well-stocked red oak sawtimber that anchors the property’s long-term investment value. Timber value represents 89% of the asking price and this property is well positioned for continued steady value growth over the coming cycle. Timber Inventory: Timber information provided in this report is based on a July 2016 timber inventory by Fountains Forestry, using random point sampling with 93 BAF 15 factor points taken. Sampling statistics are ±15.5% for sawlog products and ±10.8% for pulpwood products at the 95% Confidence Interval. Total sawlog volume is 1,795 MBF International ¼” scale (3.99 MBF/commercial acre) with 6,697 pulpwood cords (14.9 cords/commercial acre). Combined, total commercial per acre volume is 21.8 cords, a figure that is slightly above average for the region. Based upon this information, Capital Timber Value (CTV) has been recently established at $358,100 ($757/acre). Total Volume: Species composition consists of a balanced mix of northern forest species including red oak (26% of total volume), hemlock (23% of total volume), white pine (12%), the maples (12%), white and chestnut oak (11%) and all others (16%). Valuable northern hardwoods make up two thirds of the total species mix while hemlock and white pine make up the remaining third of stocking. Stocking Levels: Property-wide, basal area is 90.3 square feet, a level indicative of stands slightly above B-Line levels. Property-wide, the timber resource is considered mid-rotation and is approximately 55-65 years old. The property’s recent forest management history has been shaped by two entries – one harvest that was implemented 10 years ago in the southern half of the property, and another entry around 15-20 years ago in the northern compartment. The property’s red oak resource is considered quite nice with good stem quality and numerous 12-15” medium-sized stems that pave the way for future timber returns. This resource can be left to grow toward financial maturity over the next two decades while the softwood component and lower-value hardwoods can offer periodic income-producing timber harvests in the interim. Sawlog Volume & Value: The property’s sawlog volume and value are driven by red oak, which represents 45% of the property-wide volume and 60% of total value. Red oak is considered an excellent species to include in a northern hardwood timberland portfolio because it is both fast growing and highly valued in the market place. West Mountain’s 50-60 year old oak resource is still growing rapidly each year and will contribute greatly to the property’s annual asset value growth over the next cycle.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

West Mountain’s investment opportunity is all about its quality red oak resource, which represents 60% of all sawlog value.

TIMBER (continued)

Diameter Distribution: The average diameter for all merchantable products is 11.3” (measured at breast height) with an average sawlog diameter of 13.3” (see the graph at the bottom of this page). Diameters are well represented across the size spectrum, typifying a nice bell curve with good small and medium-sized sawlog representation and numerous poles. Sawlog diameters for key species include red oak (13.0”) and white pine (15.1”). The property’s attractive timber investment opportunity is grounded by its quality red oak resource, one of the top species to have as part of a northeastern timber portfolio. West Mountain’s diameter distribution is ideally suited for asset appreciation over the coming decade. The mid-rotation timber resource, heavy to 10”-14” stems, will experience robust biological growth each year, as well as continued product shifts into high-value sawtimber and veneer products.

Fountains Land Inc — Specializing in the sale of forestland and rural estates.

Fountains Land Inc. is the exclusive broker representing the seller's interest in the marketing, negotiating and sale of this property. Fountains has an ethical and legal obligation to show honesty and fairness to the buyer. The buyer may retain brokers to represent their interests.

All measurements are given as a guide, and no liability can be accepted for any errors arising therefrom. No responsibility is taken for any other error, omission, or misstatement in these particulars, nor do they constitute an offer or a contract. We do not make or give, whether in these

particulars, during negotiations or otherwise, any representation or warranty in relation to the property.

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Map produced from the best available information including town tax maps, hand held GPS data, aerial photography and reference information obtained from NYS GIS Clearinghouse. Boundary lines portrayed on this map are approximate and could be different than the actual location of boundaries found in the field.

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Map produced from the best available information including town tax maps, hand held GPS data, aerial photography and reference information obtained from NYS GIS Clearinghouse. Boundary lines portrayed on this map are approximate and could be different than the actual location of boundaries found in the field.

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DOS 1736 (Rev. 3/08)

New York StateDEPARTMENT OF STATEDivision of Licensing Services Customer Service: (518) 474-4429P.O. Box 22001 Fax: (518) 473-6648Albany, NY 12201-2001 Web site: www.dos.state.ny.us

New York State Disclosure Form for Buyer and Seller

THIS IS NOT A CONTRACTNew York State law requires real estate licensees who

are acting as agents of buyers and sellers of property toadvise the potential buyers and sellers with whom theywork of the nature of their agency relationship and therights and obligations it creates. This disclosure will helpyou to make informed choices about your relationship withthe real estate broker and its sales associates.

Throughout the transaction you may receive more thanone disclosure form. The law requires each agent assistingin the transaction to present you with this disclosure form.A real estate agent is a person qualified to advise aboutreal estate.

If you need legal, tax or other advice, consult with aprofessional in that field.

Disclosure Regarding Real EstateAgency Relationships

Seller’s AgentA seller’s agent is an agent who is engaged by a seller torepresent the seller’s interest. The seller’s agent does this bysecuring a buyer for the seller’s home at a price and onterms acceptable to the seller. A seller’s agent has, withoutlimitation, the following fiduciary duties to the seller:reasonable care, undivided loyalty, confidentiality, fulldisclosure, obedience and duty to account. A seller’s agentdoes not represent the interests of the buyer. The obligationsof a seller’s agent are also subject to any specific provisionsset forth in an agreement between the agent and the seller.In dealings with the buyer, a seller’s agent should (a) exer-cise reasonable skill and care in performance of the agent’sduties; (b) deal honestly, fairly and in good faith; and (c)disclose all facts known to the agent materially affecting thevalue or desirability of property, except as otherwise pro-vided by law.

Buyer’s AgentA buyer’s agent is an agent who is engaged by a buyer torepresent the buyer’s interest. The buyer’s agent does this

by negotiating the purchase of a home at a price and onterms acceptable to the buyer. A buyer’s agent has, withoutlimitation, the following fiduciary duties to the buyer:reasonable care, undivided loyalty, confidentiality, fulldisclosure, obedience and duty to account. A buyer’s agentdoes not represent the interest of the seller. The obligationsof a buyer’s agent are also subject to any specific provisionsset forth in an agreement between the agent and the buyer.In dealings with the seller, a buyer’s agent should (a) exer-cise reasonable skill and care in performance of the agent’sduties; (b) deal honestly, fairly and in good faith; and (c)disclose all facts known to the agent materially affecting thebuyer’s ability and/or willingness to perform a contract toacquire seller’s property that are not inconsistent with theagent’s fiduciary duties to the buyer.

Broker’s AgentsA broker’s agent is an agent that cooperates or is engagedby a listing agent or a buyer’s agent (but does not work forthe same firm as the listing agent or buyer’s agent) to assistthe listing agent or buyer’s agent in locating a property tosell or buy, respectively, for the listing agent’s seller or thebuyer agent’s buyer. The broker’s agent does not have adirect relationship with the buyer or seller and the buyer orseller can not provide instructions or direction directly to thebroker’s agent. The buyer and the seller therefore do nothave vicarious liability for the acts of the broker’s agent.The listing agent or buyer’s agent do provide direction andinstruction to the broker’s agent and therefore the listingagent or buyer’s agent will have liability for the acts of thebroker’s agent.

Dual AgentA real estate broker may represent both the buyer and sellerif both the buyer and seller give their informed consent inwriting. In such a dual agency situation, the agent will notbe able to provide the full range of fiduciary duties to thebuyer and seller. The obligations of an agent are also subjectto any specific provisions set forth in an agreement between

DOS 1736 (Rev. 3/08)

the agent, and the buyer and seller. An agent acting as a dualagent must explain carefully to both the buyer and sellerthat the agent is acting for the other party as well. The agentshould also explain the possible effects of dual representa-tion, including that by consenting to the dual agency rela-tionship the buyer and seller are giving up their right toundivided loyalty. A buyer or seller should carefully con-sider the possible consequences of a dual agency relation-ship before agreeing to such representation.

Dual Agent with Designated Sales AgentsIf the buyer and seller provide their informed consent inwriting, the principals and the real estate broker who repre-sents both parties as a dual agent may designate a salesagent to represent the buyer and another sales agent torepresent the seller to negotiate the purchase and sale of real

estate. A sales agent works under the supervision of the realestate broker. With the informed consent of the buyer andthe seller in writing, the designated sales agent for the buyerwill function as the buyer’s agent representing the interestsof and advocating on behalf of the buyer and the designatedsales agent for the seller will function as the seller’s agentrepresenting the interests of and advocating on behalf of theseller in the negotiations between the buyer and seller. Adesignated sales agent cannot provide the full range offiduciary duties to the buyer or seller. The designated salesagent must explain that like the dual agent under whosesupervision they function, they cannot provide undividedloyalty. A buyer or seller should carefully consider thepossible consequences of a dual agency relationship withdesignated sales agents before agreeing to such representa-tion.

This form was provided to me by (print name of licensee) of

(print name of company, firm or brokerage), a licensed real estate broker acting in the interest of the:

( ) Seller as a (check relationship below) ( ) Buyer as a (check relationship below)

( ) Seller’s agent ( ) Buyer’s agent

( ) Broker’s agent ( ) Broker’s agent

( ) Dual agent

( ) Dual agent with designated sales agent

If dual agent with designated sales agents is checked: is appointed to represent the buyer;

and is appointed to represent the seller in this transaction.

I/We acknowledge receipt of a copy of this disclosure form:

signature of { } Buyer(s) and/or { } Seller(s):

Date: Date:

Todd Waldron Fountains Land

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