C150233 Appraisal - Laserfiche WebLink

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NEIGHBORHOOD ANALYSIS The immediate neighborhood of the subject is northwest of Kremmling and is accessed via US Highway 40 and State Highway 134. This area is comprised of irrigated meadows on the lower elevations and TUns into the upper foothills area and then into the more mountain timbered region that for the most part is US Forest Service lands. To the south of the subject property is the Grand River Ranch which was previously discussed. to the west is US Forest Service lands. to the north the subject joins the Pinto Valley Ranch. a larger ranch operation that is absentee ownership and is being leased out for agricultural production on an annual basis and to the east is US Highway 40 and public lands under the management of Bureau of Land Management. For the most part the area around the subject property is large tracts of private ownership and/or public lands. Further to the west of the subject property. along Highway 134 there are two single family residential subdivisions (Old Park and Gore Lakes) that wcre developed in the early 1970's. Lots in thesc subdivisions range from 5 to ] 0 acres and homes in thcsc subdivisions are a mixture of primary rcsidcnts and second home owners. - - - - - - - - 15 - - SUBJECT PROPERTY DESCRIPTION Historv of the Subiect ProDertv: The subject property has beeD owned by Tom Hill. for many years going back to the mid 1970's. The subject property. in its as is condition. has not been sold within the past 3 years. Location and Access: The subject property is located approximately 7 miles northwest of Kremmling. Colorado and is accessed via US Highway 40 and then Highway 134 that junctions with US Highway 40 6 miles north ofKrcmmling. Lel!lll Description: Township 2 North. Range 81 West; Sections 6.7.10.1 1.1 2J4.1 5.1 6.1 7.18.19.20,22 & 23. Containing approximately 2.671.69 acres per Grand County Assessor records. A completc legal description as provided by Grand County Title and Escrow Company, Inc. is included in the addcnda of this report. Watcr Ril!hts: The ranch has about 44.58 cubic feet per second water rights adjudicated to the ranch plus 1.505 acre feet of out of various reservoirs. The water is delivered through various ditches and enlargements with a variety of priority dates. It appears the water rights are adequate and dependable for irrigation on this ranch. however. recent drought conditions did impact the amount and availability ofwater. as it did on all other ranches in the area. It should be noted thai the watcr rights have not been valued as a separate entity. bul arc reflected in the value of the land. If the water rights are valued as a separate entity. the value of the irrigated land is decreased substantially. It should also be noted that if the water rights were to be valued as a separate entily. the production of the ranch operation also is decreased substantially as IS the overall scenic appeal. This is best illustrated in the sale of Taussig to Bruehea whereby a large hay production ranch was sold at the average price per acre of $950 and there was not any water rights adjudicatcd to the ranch as they had been previously sold and any irrigation water was contingent upon an annual lease agreement with Denver Water Board versus other irrigated land sales reflect prices 10 the $2.000 to $3.500 per acre range. A complete listing of water rights as provided by Tom Hill is included in the addenda of this report. 16 - - - - - - - - -