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Main File No.11-22061 Pape#41 <br /> ADDITIONAL COMPARABLE SALES File No.: 11-2206 <br /> FEATURE I SUBJECT PROPERTY COMPARABLE NO.4 COMPARABLE NO.5 COMPARABLE NO.6 <br /> Address 39327 Harbour Rd 1498 36th Ln 7081 S Interstate 25 5182 40th Ln <br /> Avondale,CO 81022 Pueblo,CO 81006 Pueblo,CO 81004 Avondale,CO 81022 <br /> Pro>dmity to Subject 7.29 miles N 18.61 miles SW 1.75 miles S <br /> Sale Price $ $ 200,000 $ 400,000 $ 232,000 <br /> Price/Acre $ $ 2,521.43 $ 912.22 $ 644.44 <br /> Data Source(s) Court House/Owner PARMLS#134352;DOM 11 PARMLS#124339;DOM 425 Owner;Contract <br /> Verification Source(s) Inspection Previous Appraisal;Assessor;Clerk Exterior Inspection;Assessor;Clerk Previous Appraisal;Assessor;Clerk <br /> VALUE ADJUSTMENT _ DESCRIPTION DESCRIPTION +1-)%Adjust DESCRIPTION +1-1%Adjust DESCRIPTION +(-1%Adjust <br /> Sales or Financing N/A ArmLth ArmLth ArmLth <br /> Concessions _N/A Cony;0 Cash;0 Conv;non-MLS 0 <br /> Date of Sale/Time N/A 504/08/2011 0 s08/09/2010 0 s09/19/2005 0 <br /> Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple <br /> Location Avondale I Boone St Charles Mesa -30 Hatchet Ranch 0 Avondale/Boone <br /> Site Area(in Acres) 158.7 Acres 79.32 Acres -5 438.49 Acres +5 360 Acres +5 <br /> Irrigation HCIC Ditch Available Bessemer Available -20 Sub-Irrigated 0*HCIC Now Available +15 <br /> Zoning Agricultural Agricultural Agricultural Agricultural <br /> Improvements Dwelling/MiscOutbldg Dwelling/MiscOutbldq -5 Dwelling/MiscOutbldq -5 OldDwelling/Outbldg +5 <br /> Topography Slightly Sloping Slightly Sloping Partially Wooded -10 Slightly Sloping <br /> Additional Consideration Farm/Ranch Farm/Ranch _ Hobby Ranch 0 Farm/Ranch <br /> Net Adjustment(Total,in$) ❑+ ® — $ -1,512.86 ❑+ ® — $ -91.22 ®+ ❑ — $ 161.11 <br /> Net Adjustment(Total,in%of$/Acre) Net 60.0% (-60%of T./Acre) Net 10.0% (-10%of$/Acre) Net 25.0% (25%of 8/Acre) <br /> Adjusted Sale Price(in$/Acre) Gross 60.0%$ 1,008.57 Gross 20.0%$ 821.00 Gross 25.0%$ 805.55 <br /> Summary of Sales Comparison Approach These comparable sales of large acreage properties located in fairly close proximity to the subject have been added <br /> to provide further support of the price per acre and opinion of market value applicable to the subject property. As previously discussed,it is imperative to <br /> understand that comparable sales of large acreage properties similar to the subject are extremely limited at this time. Thus,some less than ideal comparable <br /> sales conveyed over one year ago that required larger than desired adjustments and/or are located several miles from the subject property were analyzed. <br /> However,the six comparable sales and three competitive listings utilized in this appraisal report share many similarities to the subject property,and provide <br /> support for a credible value range condusion. Refer to the competitive listings on the following page. <br /> The quantitative adjustments applied to the comparable sales in the comparison analysis grid are rounded percentage adiustments based on my opinion of <br /> qualitative variances between the comparable sales and subject property.The applicable adjustments have been rounded to a 5%variance increment based <br /> on rating and/or market extracted trend indicators. Due to limited comparable sales of irrigated acreage properties,adiustments extracted from paired sales <br /> = analysis are difficult to develop at this time. Although some of the comparable sales were conveyed over one year ago,time adjustments for market <br /> < conditions were not warranted since the market has been relatively stable since these properties sold.Additional information is retained in the work file. <br /> re <br /> a The adjustments for site area essentially consider a price per acre variance between the comparable sales and subject property. Most of the comparable <br /> a sales indude smaller acreage sites which warrants the downward adjustments. As previously stated,large acreage sales similar to the subject are extremely <br /> o limited at this time. The adjustments for improvements consider any existing improvements(or lack thereof)of the comparable sales in comparison to the <br /> subject property improvements. Furthermore,I have completed an inspection of the subject property and comparable properties unless otherwise noted. <br /> m Comparable sale#1 is located just south of the subject property,and required a plus 5%adjustment for larger acreage. The sale included considerably <br /> o superior improvements(dwelling and outbuildings)in comparison to the subject which required a minus 20%adjustment. This comparable sale includes <br /> u) premium Huerfano River frontage which warrants the minus 10%topography adjustment. Although this sale was conveyed over three years ago,it is given <br /> considerable weight in the reconciliation due to the dose proximity. Furthermore,a time adjustment for changes in market conditions was not warranted. <br /> rn <br /> Comparable sale#2 is a recent sale of an irrigated farm operation located many miles northeast of the subject near Punkin Center&Rush.This comparable <br /> sale required a plus 5%adjustment for larger acreage site area in comparison to the subject. This property includes some irrigation rights with partial <br /> augmentation. Thus,a minus 25%irrigation rights adjustment was applied by paired sales analysis extraction. In addition,this large acreage property <br /> includes a dwelling,outbuildings and four pivot systems which warrants the minus 20%superior improvements adjustment. Although this comparable sale is <br /> not situated within the subject neighborhood,it is still considered a relevant indicator of market value,and is given some weight in the reconciliation process <br /> due to limited sales of large,irrigated acreage properties. <br /> Comparable sale#3 is a recent sale of a partially irrigated hobby ranch located northwest of Fowler near the Arkansas River. This sale required plus 5% <br /> respective adjustments for larger site area acreage and inferior improvements,and a plus 5%adjustment for rugged topography areas. This comparable <br /> sale is considered to be a good indictor of market value,and given some weight in the reconciliation due to date of sale. <br /> Comparable sale#4 is located on the St.Charles Mesa with smaller site area acreage than the subject acreage which warrants the minus 30%location <br /> adjustment and minus 5%site size adjustment. This property did not include any Bessemer Ditch shares;however,the acreage is irrigated with leased <br /> Bessemer Ditch share availability which demands a minus 20%adjustment consideration. This sale is given minimal weight due to large net adjustments. <br /> Comparable sale#5 is a recent sale of a hobby ranch located south of Pueblo west of Interstate-25 near Hatchet Ranch. This comparable sale required the <br /> respective plus 5%adjustment for smaller acreage site area,and minus 10%adjustment for superior wooded topography in comparison to the subject. <br /> Although this property does not include irrigation shares,and not considered suitable for farming,it is a large ranching acreage property considered a <br /> relevant indicator of market value,and is given some weight in the reconciliation process due to limited appropriate irrigated farm ground sales. <br /> Comparable sale#6 are large acreage property located in very dose proximity to the subject. This property is larger than the subject acreage which <br /> warrants the plus 5%site area adjustment. In addition,this property was acquired prior to the availability of HCIC Ditch irrigation which warrants the plus <br /> 15%irrigation adjustment. In addition,the improvements are slightly inferior in comparison to the subject which warrants the plus 5%adjustment. Although <br /> this property was conveyed several years ago,a time adjustment for changes in market conditions does not appear to be warranted(considered within the <br /> irrigation availability). Furthermore,this sale is given considerable weight in the reconciliation due to location,use and lower net adjustments. <br /> Comparable Sales Prior Transfer/Sales History: <br /> Sale#1: No prior sales within 36 months <br /> Sale#2: No prior sales within 36 months <br /> Sale#3: No prior sales within 36 months <br /> Sale#4: No prior sales within 36 months <br /> Sale#5: No prior sales within 36 months <br /> Sale#6: No prior sales within 36 months <br /> Copyright®2007 by a la mode,inc.This form may be reproduced unmodified without written permission,however,a la mode,inc.must be acknowledged and credited. <br /> GP LAND D Form GPLND.(AC)—'WinTOTAL'appraisal software by a la mode,inc.—1-800-ALAMODE 3/2007 <br />