William K. Boyd, Inc.

Transcription

1 Real Estate Appraisers & Consultants Main Office 1564 Lakeview Drive Sebring, FL Satellite Office 410 Northwest 2 nd St Okeechobee, FL Phone: Fax: November 22, 2017 wkboyd@wkboyd.com Mr. Roy Moreo 46 Meadowlake Circle Lake Placid, FL VIA: moreo@comcast.net Dear Mr. Moreo: At your request, I appraised the properties located at 913 & 939 SR 17 N, Sebring, FL and is more particularly described within the body of this appraisal report. The intended user of this report is the client, Mr. Roy Moreo and his legal representative(s). The purpose of the appraisal is to provide an independent opinion of the estimated market value of the fee simple interest in the subject real property. The function and intended use is to assist the intended user in evaluating the subject for legal proceedings and disposition purposes. Any other use is prohibited as per Standard Rule 1-2 (b) of Uniform Standards of Professional Appraisal Practice. The exterior of both buildings and the interior of 913 SR 17 were observed on October 12, 2017, which is the effective date of the appraised value of the subject. The interior of 939 SR 17 was observed on November 14, 2017, which is the date that access was provided. The time period during which the appraisal process was conducted and the report produced was October 12 November 22, This is an appraisal report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an appraisal report. As such, it presents only summarized discussions of the data, reasoning, and analysis that were used in the appraisal process to develop my opinion of value. Supporting documentation concerning the data, reasoning, and analysis is retained in my office files. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated. Commercial Residential Agriculture Livestock Equipment

2 My scope of work included the following: A review of the subject information and GIS map located on the Highlands County Property Appraiser s website Conversations with the client, Roy Moreo A limited cursory observation of the subject A review and analysis of the Highlands County Property Appraiser s website and the Heartland & My Florida Regional Multiple Listing Services and Florida Realtors MLS Advantage for sales of commercial buildings with over 700 sq. ft. of area within Sebring that have closed since April It is with consideration of the above that I formed an independent opinion of value for the subject property by applying the sales comparison approach. The sales comparison approach is the most applicable approach for this property type and was the only approach applied. The cost approach is not typically applicable to properties of the subject s age since the cost to reproduce & develop would likely exceed the market value. The income capitalization approach was not applied since properties seemingly similar to the subject s type, design or location are generally purchased to be predominantly owner occupied. Based upon my investigation of the subject property, analysis of the data in this appraisal report, and my general experience with these types of properties, I have estimated the as is value 1 of the subject property. Therefore, it is my independent opinion that the aggregate market value of the subject As Is is $222,000. This letter of transmittal is part of the Appraisal Report that follows, setting forth the most pertinent data and reasoning used to conclude the final value. Use of this report constitutes acceptance of the General Assumptions and Limiting Conditions listed at the conclusion of this report. There were no extraordinary assumptions or hypothetical conditions applied to this assignment. Respectfully Submitted, WILLIAM K. BOYD STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ338 WKB/lyb 1 As Is Value defined as the market value of the subject as of the effective appraisal date. 2

3 PARCEL IDENTIFICATION NUMBER: S S Highlands County, FL 913 SR 17 N 939 SR 17 N LEGAL DESCRIPTION: Lots 1-12, Block 197, WOODLAWN TERRACE, according to the map or plat thereof as recorded in Plat Book 1, Page 96, Public Records of Highlands County, Florida SALES HISTORY: Per the Highlands County Clerk Office Official Record 2526 Page 906, the subject, was transferred for a consideration of $190,000 on April 18, 2016 with seller financing of $190,000 at 4% interest rate with ten year balloon payment. The grantor had acquired the property through foreclosure proceeding on February 12, 2016 by Certificate of Title per Official Record 2516 Page This is being reported in compliance with Uniform Standards of Professional Appraisal Practice Standards Rule 1-5(b). LISTING HISTORY: Per the Heartland Multiple Listing Service the subject has not been listed for sale during the past year and a Google search did not produce any results that indicated that the subject was for sale. At the time of my site visit, there was no noticeable signage indicating that the subject was for sale. This is being reported in compliance with Uniform Standards of Professional Appraisal Practice Standards Rule 1-1(b) and FAQ 226 &

4 DESCRIPTION OF NEIGHBORHOOD: The subject is located on the west side of SR 17 N, a two-lane public paved roadway that connects downtown Sebring to the City of Avon Park. The immediate neighborhood consists of retail & service businesses and residential neighborhoods. Shopping, schools, employment centers and downtown Sebring are located within walking distance to two miles. 4

5 COUNTY PROFILE: 5

6 COUNTY PROFILE (CONTD) 6

7 COUNTY PROFILE (CONTD) 7

8 DEMOGRAPHICS: 8

9 NEIGHBORHOOD MAP: 9

10 NEIGHBORHOOD MAP: 10

11 HIGHLANDS COUNTY PROPERTY APPRAISER S GIS MAP: 11

12 HIGHLANDS COUNTY PROPERTY APPRAISER S GIS MAP: 12

13 SURVEY SKETCH: 13

14 FLOOR PLAN 913 SR 17: 14

15 FLOOR PLAN 939 SR 17: 15

16 DESCRIPTION OF THE SUBJECT: The subject site is 27,789 sq. ft. with of road frontage on SR17 N, of frontage on Helena Street and on Red Oak Rd. According to the City of Sebring, the site is zoned C-1 (Commercial District) with a future land use designation of Medium Density Residential. It is the intended user s responsibility to obtain an interpretation letter regarding zoning classification, future land use designation and conforming uses of the subject present or proposed by any and all governmental regulatory agencies. The site is improved with two buildings. The south building (#913) was built in 1938 with additions and remodeling made over the years. It has 1,774 sq. ft. of enclosed area with a raised 70 sq. ft. entry. It consists of a lobby, six rooms/areas, one bathroom, and appears to have central heat/air to portions of the building. A small portion of the southwest end of the building may be encroaching into the right of way for Helena St. The north building (#939) was built in 1940 with additions and remodeling made over the years. It has 1,653 sq. ft. of enclosed area and consists of one large open room, two restrooms, storage closet, and two rear storage rooms. Site improvements consist of 11,225 sq. ft. of asphalt paving & concrete pads for parking. According to the City of Sebring Utilities Department, each building has a water meter and sewer connection. See floor plans included in this report along with any additional information and photographs within the addendum. 16

17 ENVIRONMENTAL CONDITIONS: I am not aware of any environmental conditions that would have a negative effect on the subject however it is at the intended user s discretion to obtain an environmental audit. EXISTING USE: USE REFLECTED IN THIS APPRAISAL: Two Vacant Commercial Buildings Two Vacant Commercial Buildings HIGHEST AND BEST USE AS IMPROVED: Legally Permissible: The improvements conform to the property s commercial zoning limitations and requirements with exception of possible encroachments into road right of way. Physically Possible: Upon review of the configuration, positioning of the improvements on the site, and the zoning restrictions the improvements appear to maximize the development of the site. Financially Feasible: The building has historically been predominately owner occupied with periods of tenant occupancy which is typical of commercial properties of this type. This is also supported by the comparable sales provided which were purchased to be owner occupied. Therefore, the income capitalization approach would not be applicable for this assignment. Maximally Productive: No other probable or profitable alternative use for the site is believed to exist that would economically justify removal of the existing improvements. Therefore the maximally productive and highest and best use of the property is an owner occupied commercial buildings. EXPOSURE TIME: The market indicated that exposure time (i. e., the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based upon an analysis of a past event assuming a competitive and open market) would have been about three to nine months. 17

18 COMPARABLE SALES: COMPARABLE ONE LOCATION GRANTOR GRANTEE PARCEL ID 313 S Ridgewood Dr Sebring, FL Gabriel Allen White Carol L. Spears S CLASSIFICATION RECORDED OR 2544 PG 1852 Commercial Building SALES PRICE $89,000 DATE OF SALE 09/09/2016 TERMS Seller financing for $74,000. Per Gabe White, the seller financing did not influence the sales price. CONCESSIONS None Disclosed CASH EQUIVALENCY PRICE $89,000 LOT SIZE ZONING FUTURE LAND USE DESIGNATION LEGAL DESCRIPTION BUILDING SIZE YEAR BUILT CONDITION UTILITIES ELECTRIC WATER SEWER VERIFICATION WITH UNIT PRICE COMMENTS 6,950 sq. ft. C-1 (Commercial District) Downtown Mixed Use Residential Legal description retained in appraiser s work file Highlands County, FL 1,016 sq. ft Remodeled Average Duke Energy City of Sebring City of Sebring Gabe White $87.60 per building sq. ft. This property is located between S Ridgewood Drive and Lakeview Drive. The building has one restroom and is equipped with central heat & air. There is a 254 sq. ft. of canopy area and 4,725 sq. ft. of asphalt paving. Grantee s family member will occupy this building. 18

19 COMPARABLE SALES (CONTD) COMPARABLE TWO LOCATION GRANTOR GRANTEE PARCEL ID 648 S Commerce Ave Sebring, FL BLT Real Estate, Inc. Under Pressure Sports, LLC S RECORDED OR 2558 PG 1619 CLASSIFICATION Commercial Buildings SALES PRICE $135,000 DATE OF SALE 12/19/2016 TERMS CONCESSIONS Seller financing for $108,000. Per Chip Boring, the seller financing did not influence the sales price. None Disclosed CASH EQUIVALENCY PRICE $135,000 LOT SIZE ZONING FUTURE LAND USE DESIGNATION LEGAL DESCRIPTION BUILDING SIZE 15,700 sq. ft. C-1 (Commercial District) Downtown Mixed Use Residential Legal description retained in appraiser s work file Highlands County, FL 780 sq. ft. plus 1,479 sq. ft. Total 2,259 sq. ft. YEAR BUILT 1960 (remodeled in 2004) & 1970 (remodeled in 1999) CONDITION UTILITIES ELECTRIC WATER SEWER VERIFICATION WITH UNIT PRICE COMMENTS Average Duke Energy City of Sebring City of Sebring Chip Boring, Listing & Selling Broker $59.76 per building sq. ft. This property is located on the east side of S Commerce Avenue, approximately ½ block south of the Highlands County Governmental Center. The building to the north contains 780 sq. ft., is equipped with one restroom and has central heat & air. Grantee plans to occupy this building. The building to the south contains 1,479 sq. ft. with a 528 sq. ft. screen porch. It is equipped with central heat & air and has two restrooms. Site improvements include 3,650 sq. ft. of asphalt paving and/or concrete pads and 207 linear feet of 6 high chain link fence. 19

20 COMPARABLE SALES (CONTD) COMPARABLE THREE LOCATION 742 N Ridgewood Dr Sebring, FL GRANTOR Barbara Ann Schroeder GRANTEE PARCEL ID Central Florida Thrift Store LLC S RECORDED OR 2600 PG 1730 CLASSIFICATION Commercial Building SALES PRICE $75,000 DATE OF SALE 10/04/2017 TERMS CONCESSIONS Seller financing for $67,500. Per Barbara Schroeder, the seller financing did not influence the sales price. None Disclosed CASH EQUIVALENCY PRICE $75,000 LOT SIZE ZONING FUTURE LAND USE DESIGNATION 15,700 sq. ft. C-1 (Commercial District) Downtown Mixed Use Residential LEGAL DESCRIPTION Legal description retained in appraiser s work file. Highlands County, FL BUILDING SIZE 1,600 sq. ft.. YEAR BUILT 1935 CONDITION. UTILITIES ELECTRIC WATER SEWER VERIFICATION WITH UNIT PRICE COMMENTS Average Duke Energy City of Sebring City of Sebring Barbara Schroeder $48.88 per building sq. ft. This property is located on the south side of N Ridgewood Drive, approximately ½ block south of SR 17 N. The building contains 1,600 sq. ft. with one restroom. There is a detached 450 sq. ft. wood frame garage building and 800 sq. ft. of concrete pads. Grantee is adjoining property owner and plans to owner occupy this property. 20

21 COMPARABLE ADJUSTMENT GRID: SUBJECT COMP 1 COMP 2 COMP 3 LOCATION 913 & 939 SR 17 N 313 S Ridgewood Dr 648 S Commerce Ave 742 N Ridgewood Dr Sebring, FL Sebring, FL Sebring, FL Sebring, FL SALES PRICE N/A $89,000 $135,000 $75,000 SALES DATE N/A 09/09/ /19/ /29/2017 LAND AREA 27,789 sf 6,950 sf 15,700 sf 15,700 sf ZONING Commercial District Commercial District Commercial District Commercial District FUTURE LAND USE Medium Density Downtown Mixed Use Downtown Mixed Use Downtown Mixed Use DESIGNATION Residential Residential Residential Residential BUILDING AREA 1,774 sf 1,653 sf 1,016 sf 780 sf 1,479 sf 1,600 YEAR BUILT Remodeled 1962 Remodeled Remodeled CONDITION Average Average Average Average DESIGN Commercial Buildings Commercial Building Commercial Buildings Commercial Building SITE AMENITIES PRICE PER BUILDING SQ. FT. N/A Canopies Fencing Detached Garage 11,225 sf parking area 4,725 sf parking area 3,650 sf parking area 800 sf parking area N/A $87.60 $59.76 $48.88 QUALITATIVE ANALYSIS LOCATION 913 & 939 SR 17 N Highly Superior Slightly Superior Similar Sebring LAND AREA 27,789 sf Inferior Slightly Inferior Slightly Inferior ZONING Commercial District Similar Similar Similar FUTURE LAND USE DESIGNATION Medium Density Residential BUILDING AREA 1,774 sf Slightly Superior Similar Slightly Superior 1,653 sf YEAR BUILT 1938 Slightly Superior Slightly Superior Inferior 1940 Remodeled CONDITION Average Similar Similar Similar DESIGN Commercial Buildings Similar Similar Similar SITE AMENITIES 11,225 sf parking area Slightly Inferior Slightly Inferior Inferior AGGREGATE ADJUSTMENT ADJUSTED PRICE PER BUILDING SQ. FT. N/A -$22 +$5 +$15 N/A $65.60 $64.76 $

22 SUMMATION AND ANALYSIS OF COMPARABLE SALES/LISTINGS: The sales outlined are the best available data for comparison of sales of commercial buildings with an area greater than 700 sq. ft. and located within Sebring that have closed since April 1, After an exhaustive search, no other significant sales or listing data was found that would produce a more creditable opinion of value. Adjustments were derived from sales analysis and conversations with market participants (sellers/buyers/agents). Comparable One is adjusted for inferior land area, slightly superior building area & year built and slightly inferior site amenities. The indicated adjusted price per square foot has been determined to be $ Comparable Two is adjusted for slightly inferior land area & site amenities and slightly superior year built. The indicated adjusted price per square foot has been determined to be $ Comparable Three is adjusted for slightly inferior land area, slightly superior building area and inferior year built & site amenities. The indicated adjusted price per square foot has been determined to be $ Based upon my review and analysis of this data, current market conditions and giving consideration to all three comparable sales, it is my independent opinion that the as is market value of the subject real property as of the effective date by the Sales Comparison Approach is as follows: $64.75 per building sq. ft. = $222,000 (R) 22

23 COMPARABLE SALES MAP: 23

24 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS: The certification that appears in the appraisal report is subject to the following conditions. Please see letter of transmittal for additional assumptions, which apply directly to the subject property. 1. Acceptance of and/or use of this report constitutes acceptance of the foregoing General Assumptions and General Limiting Conditions. 2. Possession of the report, or copy thereof, does not carry within the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without my written consent, and in any event only with proper written qualifications and only in its entirety. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales or any other media without written consent and approval. 3. I will not be required to give testimony or appear in court because of having made this analysis, with reference to the property in question, unless arrangements have been previously made thereof. 4. It is assumed that the legal descriptions as given are correct, that the utilization of the land and improvements are entirely and correctly located on the property described and that there are no encroachments or overlapping boundaries. I have not made a survey of the property and no responsibility is assumed in connection with such matters. Should a current survey indicate a discrepancy in the subject site size, this report would be subject to review and change. Sketches in this report are not to scale and are included only to assist the reader in visualizing the property. 5. No responsibility is assumed for matters of legal nature affecting title to the property nor is an opinion of title rendered. I have not reviewed an abstract of title relating to the subject property unless otherwise stated. No title search has been made and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable but the title should be reviewed by legal counsel. Any sales history information given has been researched and to the best of my knowledge is accurate, but not warranted. 6. Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the analysts, a reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed. 7. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report. 8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in this report. 9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in this report. 24

25 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS (CONTD) 10. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 11. It is assumed that the subject property conforms with the 1985 Growth Management Act's "concurrency" requirements. 12. Improvements proposed, if any, on or off-site, as well as any repairs required, are considered, for the purpose of this appraisal, to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. This estimate of value is as of the date shown, as proposed, as if completed and operating at levels shown and projected. 13. It is assumed that there are no hidden or unapparent conditions of the property or structures which would render it more or less valuable. As an appraiser, I am not a licensed exterminator, licensed roofer, hazardous substance and environmental expert or structural engineer. Inspections by qualified experts in these fields would be required to determine any adverse conditions. No responsibility is assumed for such conditions or for inspections which may be required to discover them. If any adverse conditions are found, this report would be subject to review and changes. 14. No environmental impact studies were either requested or made in conjunction with this analysis, and I hereby reserve the right to alter, amend, revise or rescind any of the value opinions based upon any subsequent environmental impact studies, research or investigation. 15. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 16. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from the county public health unit. 17. The appraised value is subject to documentation being provided that there are no in-ground or above ground fuel/storage tanks existing on the subject site. In the event that such fuel/storage tanks are found, it is assumed that they comply with all local, state and federal regulations regarding fuel or storage tanks. If they are not in compliance, this report would be subject to review and change. 25

26 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS (CONTD) 18. The distribution of the total valuation in this report between land and improvements, if any applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 19. The estimated market value is based upon no changes in the existing Federal Tax Laws that are in effect on the date of the appraisal. 20. It is assumed that the property, which is the subject of this report, will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. 21. The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the market place. The estimate of value in the report is not based in whole or in part upon race, color, or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 22. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretations of income and yields and other factors which were derived from general and specific market information. Such estimates are made, as of the date of the estimate of value. As a result, they are thus subject to change over time. The date as of which the value estimate applies is only as of the date of valuation as stated in the letter of transmittal. I assumed no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. 23. An appraisal is the product of a professionally trained person but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the same facts. Thus, I warrant only that the value conclusions are my best estimate as of the date of value. There are no guarantees, either written or implied, that the property would sell for the expressed estimate of value. 24. The Americans with Disabilities Act (ADA) became effective January 26, I have not made a specific compliance survey and/or analysis of this property to determine whether or not it is in conformity with the various and detailed requirements of the ADA. Since there is no direct evidence relating to this issue, I did not consider possible noncompliance with the requirements of ADA in forming my independent opinion of the value of the subject property. However, should a compliance survey of the property reveal non-compliance, it could have a negative effect upon the value of the subject. 26

27 CERTIFICATE OF APPRAISAL: I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported Assumptions and Limiting Conditions, and are my personal, impartial and unbiased professional analyses, opinions and conclusions. - I have no present or prospective interest in the property that is the subject of my appraisal report, and I have no personal interest or bias with respect to the parties involved. - I have performed services as an appraiser regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment. This was disclosed to the client/intended user prior to accepting the assignment. - This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum valuation, specific valuation, or an amount, which would result in approval of a loan. - My compensation is not contingent upon the developing or reporting of a predetermined value or direction in value that favors the cause of the client/intended user, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with: the requirements of the State of Florida for state certified appraisers; the requirements of the Uniform Standards of Professional Appraisal Practices of the Appraisal Foundation; and the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. - The use of this appraisal report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. - I currently hold an appropriate state certification allowing the performance of real estate appraisals in connection with federally related transactions in the state of Florida in which the subject property is located. - As of the date of this report, I have completed the mandatory continuing education requirements of the Appraisal Foundation and the State of Florida. -I certify that if this report was transmitted as an electronic record containing my electronic signature as those terms are defined in applicable federal and/or state laws, or a facsimile transmission of this report containing a copy or representation of my signature, the report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. -I certify that my education, experience, and knowledge is sufficient to perform the appraisal assignment. - I made a personal observation of the subject property that is the subject of this report. - No one provided significant professional assistance in the preparation of my appraisal. -This appraisal meets the minimum requirements of 13 CFR (Code for Federal Regulators) Part 323 concerning Real Estate Appraisals for FDIC (Federal Deposit Insurance Corporation) or institutions regulated by FDIC and the minimum appraisal standards as listed in the engagement letter. 27

28 -This appraisal report recognizes the following definition of value: *Market Value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in United States' dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sale concessions granted by anyone associated with the sale." *This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July , and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, Advisory Opinion 22 The Appraisal Foundation. WILLIAM K. BOYD Dated: November 22, 2017 STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ338 WKB/lyb 28

29 ADDENDUM 29

30 HIGHLANDS COUNTY PROPERTY APPRAISER S OFFICE INFORMATION: 30

31 HIGHLANDS COUNTY PROPERTY APPRAISER S OFFICE INFORMATION: 31

32 SUBJECT PHOTOGRAPHS 913 SR 17 N TAKEN OCTOBER 12,

33 SUBJECT PHOTOGRAPHS 913 SR 17 N TAKEN OCTOBER 12,

34 SUBJECT PHOTOGRAPHS 913 SR 17 N TAKEN OCTOBER 12,

35 SUBJECT PHOTOGRAPHS 939 SR 17 N TAKEN OCTOBER 12,

36 SUBJECT PHOTOGRAPHS 939 SR 17 N TAKEN OCTOBER 12,

37 SUBJECT PHOTOGRAPHS 939 SR 17 N TAKEN NOVEMBER 14,

38 SUBJECT PHOTOGRAPHS 939 SR 17 N TAKEN NOVEMBER 14,

39 39

40 40

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