Laserfiche WebLink
,A Colorado Town & Country Realty, Inc. <br /> v <br /> December 17, 1993 <br /> Robert Delaney <br /> Delaney & Balcomb <br /> 818 Colorado Avenue <br /> Glenwood Springs, Colorado 81601 <br /> RE: Land Value Analysis - Limestone Processing Facility <br /> Carbondale, Colorado <br /> Dear Bob, <br /> Following our inspection of the subject property with John Reeves <br /> and a review of the Van Court, Applegate and Piland and Associates <br /> appraisals/assessments, we have reached the following conclusions <br /> about the underlying land value of the land. <br /> The highest and best use of the property is to retain its <br /> industrial character. Assuming sale and removal of all buildings, <br /> equipment, and materials and satisfying the other environmental <br /> recommendations set forth in the report to the Department of <br /> Natural Resources, we would recommend that the usable area of <br /> approximately ten (10) acres be bulldozed into functional pads and <br /> dressed with on-site limestone gravel sufficient for year round <br /> vehicular movement. These pads would be incorporated into a <br /> subdivision plan of relatively small industrial lots of <br /> approximately one acre, all served by the same road system, the <br /> same power source, a common water and septic system, and if still <br /> possible, the common use of the existing truck scales and railroad <br /> siding. <br /> We believe that such lots could be marketed at a substantial mark- <br /> up over a wholesale price on the entire site. If the gross value <br /> of the ten usable acres is somewhere between $.23 and $1.00/square <br /> foot, as the two appraisers suggest, our opinion is :.fiat taxi 'Lois <br /> of approximately one acre each might yield twice or three times as <br /> much. Presently, the limited supply of industrial land in small <br /> tracts available in the Carbondale/Basalt area goes for as high as <br /> $7.00/square foot, with a range of $4.00-$7.00/square foot. Here <br /> is a comparison of the above example: <br /> Van Court / 10 usable acres x $.23/square foot = $100, 188 <br /> Applegate / 10 usable acres x $1.00/square foot = $435,600 <br /> 10 usable acres x $.615/square foot average = $267,894 <br /> Rounded to $268,000 <br /> Half of low end of market: <br /> 10 - 1 acre lots x $2.00/square foot = $871,200 <br /> rounded to $871,000 <br /> 981 Cowen Drive • Carbondale, Colorado 81623 <br /> (303) 963-9700 FAX (303) 963-9796 ia <br />