CT2015-164 Anderson Land Appraisal 01/05/2012

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Main File k_1122061Pago#5j COMPARABLE LISTINGS FileNo.: 11-2206 FEATURE I SUBJECT PROPERTY COMPARABLE LISTING#1 COMPARABLE LISTING#2 COMPARABLE LISTING#3 Address 39327 Harbour Rd TBD 56th Ln 2547 58th Ln LPOP Ranch Avondale Blvd Avondale,CO 81022 Avondale,CO 81022 Boone,CO 81025 Avondale,CO 81022 Pro>amity to Subject 10.03 miles NE 10.09 miles NE 4.53 miles NE List Price $ $ 260,000 $ 699,000 $ 400,000 Price/Acre $ $ 2,476.19 $ 1,226.32- $ 519.48 Last Price Revision Date N/A 12/14/2011 from$750,000 list N/A Data Source(s) MLS#135778;Assessor MLS#137187;Assessor MLS#137031;Assessor Verification Source(s) Previous Appraisal;Listing Agent Exterior Inspection;Listing Agent Exterior Inspection;Listing Agent VALUE ADJUSTMENT DESCRIPTION DESCRIPTION +(-)%Adjust DESCRIPTION +(-)%Adjust DESCRIPTION +(-)%Adjust Sales or Financing N/A Under Contract Current Listing Current Listing Concessions N/A List to Sale -15 List to Sale -15 Motivated Seller 0 Days on Market 192 days 98 days 107 days Rights Appraised Fee Simple Fee Simple Fee Simple _ Fee Simple Location Avondale/Boone Avondale/Boone Avondale/Boone Avondale/Boone Site Area(in Acres) 158.7 Acres 105 Acres -5 570 Acres +15 770 Acres +15 Irrigation HCIC Ditch Available CWPDA Augment 0 130 Shr Welton Ditch -20 HCIC Ditch Available Zoning Agricultural Agricultural - Agricultural Agricultural Improvements Dwelling/MiscOutbldg 2 Pivot Systems -20 Dwelling/MiscOutbldq -5 Inferior +25 Topography Slightly Sloping Huerfano River -10 Slightly Sloping Rugged Areas +15 Additional Consideration Fame/Ranch Farm/Ranch Farm/Ranch Farm/Ranch Net Adjustment(Total,in$) ❑+ ® - $ -1,238.10 ❑+ IS1 - $ -306.58 ®+ ❑ - $ 285.71 Net Adjustment(Total,in%of$/Acre) Net 50.0% (-50%of$/Acre) Net 25.0% (-25%of$/Acre) Net 55.0% (55%of 5/Acre) Adjusted Sale Price(in$/Acre) Gross 50.0%$ 1,238.09 Gross 55.0%$ 919.74 Gross 55.0%$ 805.19 Comments These competitive listings have been induded to provide further support of the value range applicable to the subject property. However, competitive listing#6 appears to be listed towards to the lower end of the market. Thus,a list to sale price ratio adjustment was not applied to this listing. Listing#1 is an irrigated acreage property that is currently under contract below list price which warrants the minus 15%list to sale price ratio adjustment. In addition,this site is somewhat smaller to the subject acreage which warrants the minus 5%site area variance adjustment. The listing does not indude water rights or ditch shares;however,the acreage includes two newer pivot systems with wells and electricity,and augmentation irrigation water leased from Colorado Water Protection and Development Association(CWPDA). This property also includes Huerfano River frontage which appears to demand a premium in the market place. Thus,a minus 10%topography adjustments was applied to this listing. Furthermore,this under contract listing has been provided to illustrate the upper limit of value as applicable to irrigated farm ground(crops)with leased irrigation water. However,least reliance is placed on the value indication due to the large net adjustments. Listing#2 is an irrigated acreage property that also required a minus 15%list to sale price ratio adjustment. This competitive listing required a plus 15%site z area adjustment since the acreage size is considerably larger than the subject. The listing does include Welton ditch shares;however,the contributory value rn is difficult to determine due to limited sales activity of Welton ditch shares. Similar irrigation ditch shares in the region have sold for$2,000 per share which • provides some support for the applicable minus 20%adjustment. Furthermore,this listing includes a dwelling and miscellaneous outbuildings somewhat m superior to the subject improvements,and provides further support of the price per acre value range applicable to the subject property. a aListing#3 is an irrigated acreage property that did not warrant a list to sale price ratio adjustment. This acreage property is located in dose proximity to the • subject along the HCIC ditch with leased water(no water rights or ditch shares included in the listing),and provides support for the site area adjustments 0 applied to the varying comparable acreage sales and listings. This competitive listing required a plus 15%site area variance adjustment since the acreage size is considerably larger in comparison to the subject.This listing required a plus 25%adjustment for inferior improvements in comparison to the subject property. According to the listing agent,only a portion of the acreage is suitable for farming;thus,a plus 15%adjustment for inferior topography was applied to this listing. Furthermore,this listing provides further support of the price per acre value range applicable to the subject property,and is given some consideration in the final reconciliation to value due to proximity along the HCIC Ditch and acreage size. Competitive Listings Prior Transfer/Sales History: Listing#1: 01/08/2008,$205,000 Listing#2: No prior sales within 36 months Listing#3: 04/10/2008,$195,000 Listings#1 and#3 provide support for no decline in market conditions for large acreage properties in the region. Thus,no adjustment were applied to the older comparable sales for changes in market conditions. In addition,the prior sale of listing#3 included ditch shares that were sold to HCIC. Furthermore, this listing indicates a positive potential impact on property values as the HCIC ditch returns to it's former irrigating capacity decades ago. GP LAND Copyright@ 2007 by a la mode,inc.This form may be reproduced unmodified without written permission,however,a is mode,inc.must be acknowledged and credited. Form GPLND.(AL)—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE 3/2007