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<br />LAND APPRAISAL REPORT
<br />
<br />IFile No, 2006-0131 Paoe #51
<br />
<br />File No 2006-013
<br />Borrower Jane Abbott Census Tract 99.12 Map Reference
<br />Property Address Comanche Creek Rd - Leoal attached
<br />_ City Kiowa County Elbert State Colorado Zip Code 80117
<br />. Legal Description See attached - Lennthv
<br />Sale Price $ n/a Date of Sale n/a Loan Term~ yrs, Property Rights Appraised ~ Fee 0 Leasehold 0 De Minimis PU[
<br />Actual Real Estate Taxes $ TBD (yr) Loan charges to be paid by seller $~Other sales concessions n/a
<br />Lender/Client Jane Abbott for Colo. Conservation Water Board Address 35512 Comanche Creek Rd Kiowa, CO, 80117
<br />Occupant Vacant Land Appraiser Cleo Carroll MezQer Instructions to Appraiser
<br />
<br />Comments including those factors, favorable or unfavorable, affecting marketability (e,g, public parks, schools, view, noise):Subiect neiohborhood & neneral area is
<br />, tvoicallv addressed as rural Kiowa - and those areas w~hin 20 mile radius of subject, oiven the aoricultural/ranch land nrofile like subiect. The
<br />area continues to escalate in aoneal demand and value as the larne narcels of ranch & aoriculturalland are beino subdivided into tvoicallv 60
<br />acre Sino Ie Familv Residential..,rural residential, Aa zoned orooerties. Develoners are enterinn this market, due to ~'s location & demand,
<br />Dimensions See Attached Survev = 60.16 Sq. Ft or Acres ~ Corner Lot
<br />Zoning classification AQriculture Present Improvements ~ do 0 do not conform to zoning regulations
<br />Highest and best use ~ Present use l Other {soecitvl
<br />Public Other (Describe) OFF SITE IMPROVEMENTS Topo Rollinn
<br />o Street Access ~ Public 0 Private Size Tvoical
<br />o Surface Gravel Shape Rectannular
<br />o Maintenance ~ Public 0 Private View Comanche Creek Bottom
<br />o 0 Storm Sewer 0 Curb/Gutter Drainage Aooears Adeauate
<br />o Underground Elect & Tei. n Sidewalk n Street Liohts Is the property located in a HUD Identffied Special Flood Hazard Area? 0 No 0 Yes
<br />Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) See title work or survev for anv adverse or
<br />otherwise easements, encroachments or other adverse cond~ions, not noted bv site insnection. Subiect narcel is a comer site and fronts to
<br />Comanche Creek Road w~h the eastern nortion of site havinn Comanche Creek meanderino across the nronertv, This is annealinn due to the
<br />treed bottom & other affects indicative of creek resources, Sub'ect is within 2 miles +1- of Hiwav # 86, Fronts to countv maintained road,
<br />The undersigned has recited three recent sales 01 properties most similar and proximate to subject and has considered these in the market analysis, The descrtption includes a dollar
<br />adjustment reflecting market reaction to those items 01 Significant variation between the subject and comparable properties, If a significant item in the comparable properly is superior
<br />to or more favorable than the subject properly, a minus (.) adjustment is made thus reducing the indicated value 01 subject; if a significant item in the comparable is inferior to or less
<br />favorable than the subject property, a plus (+) adjustment Is made tI1us increasing the indicated value of the subject
<br />
<br />ITEM SUBJECT PROPERTY I COMPARABLE NO, 1 COMPARABLE NO, 2 COMPARABLE NO, 3
<br />Add'" Corn.oc,," Cre,> '" -s.._ .. C""" "'-B,."~ eo.;y '" "''' Com,""', """'> "'-P'"","
<br />KIOwa Colorado Kiowa, Co Kiowa Colorado Kiowa, Co
<br />PrOlomitvto Subiect 2 miles mil from subiect ~orth and b ect/6 ml+1 .0 f subiect
<br />Sales Pnce 1$ n/a. ,';"'Yi]$ 267500 180,000 ~ 120000
<br />Pnce 1$'-' ~'~
<br />Data Source Survev,lnsoection MLS/Countv/Realtor Countv/MLS/Realtor Cou;;;;;!Purchaser
<br />Date of Sale and DESCRIPTION DESCRIPTION 1+ {- tUdiust DESCRIPTION 1+(- \$ Must DESCRIPTION 1 + 1-\$ Adiust
<br />. Time Adjustment n/a 12/2004: 11/2006 : 312006 :
<br />Location Kiowa/Elbert Ctv Kiowa/Elbert Ctv: Kiowa/Elbert Ctv Kiowa/Elbert Ctv :
<br />SitelView 60.16Acres/GdCrkV 107.547AclVGVws : 72,15 Acres 60.025 AclPlains :
<br />Price Per Acre $2500/Acre: $2494/Acre $2000/Acre
<br />Site Amenities Creek BottomfTrees RockOutCron/MtV -10000 Treed/MV/NoCrkBd: -10000 None/Plains
<br />& Trees
<br />$2395
<br />
<br />Adiusted $ PerAcre
<br />Sales or Financing
<br />Concessions
<br />NetM,rTotal\ + IXI-:$ -10,000 ift - ~ -10000 _-:$
<br />Indicated Value !'<",J] $ '1'111 ~~.,' -I
<br />of Subject I,. '..1 257,500~~$ 170,00017 '1$ 145,000
<br />Comments on Market Data: The dominant factor in valuatina thiS tvoe of orooer:v IS the "ner acrennce", Thenrofile of subiect and all of the
<br />com parables is aariculturalland w~h similar locational and characteristic aooeal I.e. trees creek, mtn views & access. Four sold comnarables
<br />were included in the analvsis and 3 properties that are currentlv under contract. The adiustments were for s~e anneal & locational differences.
<br />Comments and Conditions of Appraisal: There were 3 add~ional properties that were noted, all currently listed as "under contract", While these
<br />nronerties were not used in the final anatvsis thev do further sunnort the "indicated value" of the sold comnarables, Please see next naoe for
<br />additional information on analvsis,
<br />
<br />Location 0 Urban 0 Suburban ~ Rural
<br />Buin Up 0 Over 75% ~ 25% to 75% 0 Under 25%
<br />Growth Rate 0 Fully Dev, 0 Rapid ~ Steady 0 Slow
<br />Property Values ~ Increasing 0 Stable 0 Declining
<br />Demand/Supply 0 Shortage ~ In Balance 0 Oversupply
<br />Marketing Time 0 Under 3 Mos, ~ 4.6 Mos, 0 Over 6 Mos,
<br />Presenf Land Use ~% 1 Family _% 2-4 Family _% Apts. _% Condo _% Commercial
<br />: % Industrial % Vacanf 65% Ranch Land
<br />_ Change In Present Land Use 0 Not Likely -0 Likely (*) ~ Taking Piace (*)
<br />(*) From LarQe Ranches To Subdivided 60A-SFR
<br />~ Owner 0 Tenant _% Vacant
<br />$ 250K to $ 800K + Predominant Vaiue $ 450K
<br />~ yrs, to~ yrs, Predominant Age 10 yrs,
<br />
<br />Predominant Occupancy
<br />Single Family Price Range
<br />Singie Family Age
<br />
<br />Elec,
<br />Gas
<br />Water
<br />San, Sewer
<br />
<br />$2361
<br />
<br />nla
<br />
<br />Employment Stability
<br />Convenience to Empioyment
<br />Convenience to Shopping
<br />Convenience to Schools
<br />Adequacy of Public Transportation
<br />Recreational Facilities
<br />Adequacy of Utilities
<br />Property Compatibility
<br />Protection from Detrimental Conditions
<br />Police and Fire Protection
<br />General Appearance of Properties
<br />Appeal to Market
<br />
<br />Good Avg. Fair Poor
<br />O~OO
<br />OO~O
<br />O~~O
<br />O~OO
<br />OOO~
<br />O~OO
<br />O~OO
<br />O~OO
<br />O~DO
<br />D~OD
<br />O~OO
<br />O~OO
<br />
<br />+25 000
<br />
<br />$2416
<br />
<br />25,000
<br />
<br />Final Reconciliation: In the final analvsis all sales were oiven consideration. The ner acre adiustment values were $2395 $2361 !t2416 & $2382,
<br />Those 4 sales averaaed $2389. We conciude to a value of $2400 ner acre IiJ) 60.16 acres eouals $144,384. We conclude to a final estimate
<br />of value for said Darcel of $144 400.
<br />I ESTIMATE THE MARKET VALUE. AS DEFINED. OF SUBJECT PROPERTY AS OF April 11 , 2006 2006 to be $ 144400
<br />
<br />dt! ~p::b
<br />Cleo Carroll MezQer
<br />Appraiser(s)
<br />[Y2K]
<br />
<br />o Did 0 Did Not Physically Inspect Property
<br />
<br />Review AoDraiser (if applicable)
<br />
<br />Cleo Carroll Mezger, Appraiser
<br />Form lND - "WinTOTAl" appraisal software by a ia mode, inc, -1-80D-ALAMODE
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