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LAND APPRAISAL REPORT File N3.140030S Oaner BIG ELK MEADOWS ASSOCIATION Census s Trac 136.02 MapRefeance PMSA 1125 Property Address 4000 Big Elk Meadows p Die/ LYONS Dotty BOULDER State CO LP Cede 80540 • Legal Desaipiion SEE ADDITIONAL COMMENTS. O Sale Price $N/A Date of Sale N/A Properly Rights Appraised ©Fee I I Leasehold! I De'Minis PUD rL Z• Actual Real Estate Taxes $TBD 2014 (yr.) 0 w Chet BIG ELK MEADOWS RECONSTRUCTION Address 4000 Big Elk Meadows,Lyons,CO,80540 Occupant VACANT APPruser J.Scott Dolenc Instructions to Appraiser ESTIMATE CURRENT MARKET VALUE Intended user: BIG EL MEADOW AS CI I N Intended Use: Location LI Urban LX j Suburban LI Rural (Good Aug. Fair Poor Built Up I I Over 75% ©25%to 75% I I Under 25% Employment Stability L I II� I x�I❑❑ Growth Rate I I Fully Dev. ❑Rapid © n Steady I I Slow Convenience to Enployment I I l ❑❑ Property Values PI Increasing ©Stable I I Declining Convenience to Shopping I I I©❑❑ Demand/Supply ❑Shortage ❑In Balance ©Over Supply Convenience to schools ❑©❑❑ Marketing Time ❑Under 3 Mos. ❑4-6 Mos. I X I Over6 Mos. Adequacy of Public Transportation Ii I©IT❑ p Present Land Use 50 %1 Family %2-4 Fam %Apts. %Condo 2 %Camerdal Recreational Facilities ❑©❑I(—�I p 100.000000 %Industrial 20 %Vacant 28 %N.F.&OPEN SPACE LAND Adequacy ofUtilrties ❑i©❑ I ix Change in Present Land Use U Not Likely ❑Likely C7 I I Taking Place C) Property Compatibility ❑©I❑l I I m (')From To Protection from Detrimental Condi ions I I©I I I rp Predomnant Occupancy I ' L!Owner ❑Tenant %Vacant Police and Fire Protection U© I w Single Family Price Range $200,000 to$ 1 M+ Predominant Value$ 350-500 General Appearance of Properties I I I i n z 1 I Single Fanily Age NEW yrs.to 90 Yrs. Predominant Age 45-75 yrs. Appeal to Market L l I X I❑❑ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public perks, schools, noise) THE SUBJECT SITE IS LOCATED APPROX. 10 MILES WEST OF LYONS IN A SUBURBAN MOUNTAIN RESIDENTIAL AREA KNOWN AS BIG ELK MEADOWS. THERE IS A SIGNIFICANT AMOUNT OF NATIONAL FOREST AND BOULDER COUNTY OPEN SPACE IN AREA. AVERAGE ACCESS TO ALL SUPPORT FACILITIES.SEE ADDITIONAL COMMENTS. Dimensions 1312 X 1329(ESTIMATE) = 40 ACRES IT Comer Lot Zoning Classification FORESTRY(RESIDENTIAL ALLOWED) Present Improvements ©do I—I do not conform to zoning regulations Highest and best use: ❑Present use IJ Other(speciy) RESIDENTIAL HOMESITE Public Other(Describe) OFF SITE IMPROVEMENTS Topo LEVEL TO GENTLY SLOPING TO NORTH Elec. I X I Street Access: I I Pudic I X!Private I Size LARGER THAN TYPICAL FOR AREA Gas Li TO BE PROPANE Surface GRAVEL Shape APPROX.RECTANGLE water ❑ TO BE WELL Maintenance: IT Puck ',Private Mew V.GOOD/BACK RANGE OF MTNS N San.Sewer❑ TO BE SEPTIC I I Storm Suer I I Curb/Gutter Drainage APPEARS ADEOUATE ❑Underground Elect.&Tel. I I Sidewalk I I Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? ©No I I Yes Comments(favorable or unfavorable inducting any apparent adverse easements,encroachments or other adverse conditions) EASEMENTS OF RECORD INCLUDING ACCESS EASEMENTS.NO ADVERSE CONDITIONS OR ENCROACHMENTS WERE OBSERVED. SUBJECT SITE APPEARS TO HAVE AT LEAST TWO POTENTIAL BUILDING ENVELOPE AREAS.SEE ADDITIONAL COMMENTS. The undersigned has recited three record sales of properties most similar and pnrdnurte to subject and has considered these in the market analysis.The description includes a dollar adjustment,reflecting market reaction to those items of significant variation between the subject and cenparable properties.If a significant item in the comparable property is superior to,or more favorable than,the subject properly,a minus(-)adjustment is made,thus reducing the indicated value of subject if a significant fern in the comparable is inferior to,or less favorable than,the subject property,a plus(o)adjustors en is made,thus increasing the indicated value of the subject. For the Market Data Analysis 1. See grid below. U See narrative attachment ITEM Subject Property I COtPARABLE NO.1 I COMPARABLE NO.2 COMPARABLE NO.3 Address 4000 Big Elk Meadows 18675 HIGHWAY 7 2201 COUNTY ROAD 103 3 REED RANCH RD LYONS LYONS,CO 80540 NEDERLAND,CO 80466 BOULDER,CO 80302 Prodnity to Subj. 6.85 miles SW 17.87 miles S 12.62 miles S ca Sales Price $ N/A $ 245 000 $ 290 000 $ 425 000 c- r Price $N/A $ 15,313 $ 14,356 $ 12,143 J 4 Data Source INSPECTION MLS#686242/CTY RECORDS MLS#724199/CTY RECORDS MLS#629994/CTY RECORDS a Date of Sale and DESCRIPTION DESCRIPTION Aajriaimnnt DESCRIPTION Adj i l Ant • DESCRIP ICN Adjuslmnnt ha– Time Adjustment N/A 9/07/2012 12/06/2013 .09/12/2010 o Location BIG ELK MEADOWS ALLENSPARK NEDERLAND BOULDER -10 000 w SaeMew GOODN.GOOD GOODN.GOOD GOOD/GOOD +15,000 GOODN.GOOD IS Sae Area 40 ACRES 116 ACRES +240,000 20.2 ACRES +198,000 35 ACRES HORSE SHED NO IMPROVEMENTS +2,500 0 IMPROVEMENTS +2,500 NO IMPROVEMENTS -2,500 POWER POWER POWER POWER TB WELL&SEPTIC WELL/TB SEPTIC -25,000 TB WELL&SEPTIC TB WELL&SEPTIC Sales or Financing Concessions � Net Adj.(Total) X Plus Minus$ 217,5001 X Plus Minus $ 215,500. PI Plus xlMinus$ -12,500 Indicated Value Gross 109.2% Gross 74.3% Gross 2.9% of Subject Net 88.8% $ 462,500 Net 74.3% $ 505,500 Net-2.9% $ 412,500 Comments on Market Data: SEE ADDENDUM FOR COMMENTS ON SALES DATA. THERE IS NO RECENT SALES DATA ON SOMEWHAT SIMILAR 35+ACRES SITES FROM THE BOULDER AND SOUTH LARIMER COUNTY AREAS. THE SALES AND LISTINGS UTILIZED ARE,IN THE APPRAISERS OPINION,THE MOST RECENT AND SIMILAR SALES AND LISTINGS FROM THE SUBURBAN MOUNTAIN AREAS OF BOULDER AND SOUTHERN LARIMER COUNTIES. •'i See Additional Comments*5* z Commas and Collations ofAppraisal: THE APPRAISAL ASSUMES THERE IS LEGAL ACCESS TO THE SUBJECT SITE AND THAT MI BOULDER COUNTY WOULD CONSIDER THE SUBJECT SITE TO BE A LEGAL BUILDING SITE. ***See Additional Comments sea pi w FnalReconnciliaion: THE SALES COMPARISON APPROACH IS THE ONLY VALID APPROACH FOR ESTIMATING THE MARKET cc VALUE OF VACANT LAND. I ESTIMATE THE MARKET VALUE,AS DEFINED,OF SUBJECT PROPERTY AS OF January 15 , 2014 to be 5440.000 Appraisal Consultants,Inc.