MSB Replacement Cost Reports paid in full

Transcription

1 FROM: 50Michelle Milligan SE Volusia Corporation 18 Sand Dune Dr New Smyrna Beach, FL (386) direct (386) fax INVOICE DATE REFERENCE 10AMSB001 1/14/2010 Tax ID: Main File No. 10AMSB001 Page #1 TO: Hacienda Del Sol Condo Association Make check payable to: SE Volusia Corporation 18 Sand Dune Dr New Smyrna Beach, FL RE: 4201 So Atlantic Ave New Smyrna Beach, FL DESCRIPTION AMOUNT MSB Replacement Cost Reports paid in full SE Volusia Corporation was hired by client to complete a MSB replacement cost report for insurance underwriting purposes. The report will be electronically delivered to client and insurance agent within 3-4 business days of inspection date. x Payment was collected at the time of inspection. Check # 3881 Payment is due within 7 days of electronic delivery of MSB report. Client understands failure to pay will result in a $25.00 late fee and additional fees up to 1.5% daily until paid in full. Signature: Date: Subtotal $ Late Fee $ TOTAL $ Thank you for your business! SE Volusia Corporation Form NIL "WinTOTAL" appraisal software by a la mode, inc ALAMODE

2 Main File No. 10AMSB001 Page #2 MSB REPLACEMENT COST REPORT LOCATED AT: 4201 So Atlantic Ave New Smyrna Beach, FL FOR: Hacienda Del Sol Condo Association AS OF: 1/14/2010 BY: Michelle Milligan SE Volusia Corporation 18 Sand Dune Dr, New Smyrna Beach, FL Form GA4L "WinTOTAL" appraisal software by a la mode, inc ALAMODE

3 Main File No. 10AMSB001 Page #3 File No. 10AMSB001 January 22, 2010 In Re: Hacienda Del Sol Condominium Association 4201 So. Atlantic Ave, New Smyrna Beach, FL Dear Mr. Wentzel, Per your request an interior and exterior inspection was completed for the property stated above for insurance purposes. In the following pages you will find limiting conditions, definitions, Citizens certification form, property valuation, Marshall and Swift/Boeckh replacement cost, interior and exterior photos, photos of any deferred maintenance, wind-borne debris map, location map, sketch(es) and any recommendations by the inspector. This report is designed to help establish the Insurable Replacement Cost of your property and will ensure that the carrier is collecting accurate premiums and the co-insurance requirements are properly met. These reports may also include other valuable mitigation information, which could greatly reduce your premiums. This report is not a real-estate appraisal and is exclusively for the use of internal underwriting purposes. Please review limiting conditions for additional information. If you have any questions or concerns, please feel free to call me directly at (386) Thank you for your business. Best Regards, Michelle M Milligan, RD 7061 Certified Residential Appraiser Commercial and Residential Division Form DCVR "WinTOTAL" appraisal software by a la mode, inc ALAMODE

4 Main File No. 10AMSB001 Page #4 File No. 10AMSB001 Limiting Conditions 1. SE Volusia Corporation was hired by the client to complete a Marshall and Swift/Boeckh Replacement Cost report. SE Volusia Corporation meets Citizens Property Insurance minimum requirements for non-licensed inspections and valuations. 2. This report is designed to help establish the Insurable Replacement Cost of the commercial or residential property described and will ensure that the carrier is collecting accurate premiums and the co-insurance requirements are properly met. 3. The property description supplied to SE Volusia Corporation is assumed to be correct. 4. This report is not a real-estate appraisal. The building values displayed within the report represent only the replacement cost of the insured risk item and/or structures. Market value, personal property, land value, site improvements, demolition costs and/or debris removal have been excluded from this report. This is a valuation service and not an appraisal practice. 5. This report is exclusively for the use of the client and internal underwriting purposes. 6. All information within this report is based on the observation of the fieldsman, statements of the informants and private or public records and assumed to be true. No responsibility for its accuracy or inaccuracy is assumed by SE Volusia Corporation. 7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structure, which would render the property more or less valuable. No responsibility is assumed for such conditions or for arranging engineering studies, which may be required to discover them. 8. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by SE Volusia Corporation fieldsman. SE Volusia Corporation is not qualified to detect hazardous material. The value conclusions in this report are predicted on the assumption that there are no such conditions. No responsibility is assumed for any such conditions. The client is urged to retain an expert in this field, if desired. The analysis and value conclusions in this report are null and void should any hazardous material be discovered. 9. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations; zoning laws; and required licenses and certificates of occupancy. 10. SE Volusia Corporation will not be required to give testimony or appear in court because of having made this report, unless arrangements have previously been made in writing. 11. The liability of SE Volusia Corporation, its employees, and subcontractors is limited to the client only. There is no accountability, obligation, or liability to any third party. If this report is placed in the hands of anyone other than the client, the client shall make the party aware of all the limiting conditions and assumptions of the assignment and related discussions. SE Volusia Corporation is in no way responsible for any costs incurred to discover or correct any deficiencies of the property. You or any user of this report agrees to hold us harmless from any liability arising from the use of this report. 12. It is assumed that the public project, which is the object of this report, will be constructed in the manner proposed and in the foreseeable future; the sole purpose of this report is for use in establishing insurance values. 13. Acceptance and/or use of this report constitutes acceptance of the foregoing assumptions and limiting conditions. Florida Statutes pertaining to Condominium Coverage In order to protect the safety, health, and welfare of the people in the State of Florida and to ensure consistency in the provision of insurance coverage for condominiums and their unit owners, regardless of the date of its declaration of condominium, the following subsection applies: a) Adequate hazard insurance for full insurable value, replacement cost or similar coverage, determined at least every 36 months. b) Every hazard insurance policy issued or renewed after January 1, 2009, for the purpose of protecting the condominium shall provide primary coverage for: 1) All portions of condominium property as originally installed or replacement of like kind and quality, in accordance with the original plans and specifications. 2) All alterations/additions made to the condominium association property pursuant to s (2). 3) The coverage shall exclude all personal property within the unit or limited common elements, floor, wall, ceiling, coverings, electrical fixtures, appliances, water heaters, built-in cabinets and countertops, and window treatments. Additional information on Florida Statutes found at Per Citizens ATB # February 20, "The condominium associations are responsible for loss and damage to the heating and air conditioning equipment even when it pertains to the individual unit." Form DCVR "WinTOTAL" appraisal software by a la mode, inc ALAMODE

5 Main File No. 10AMSB001 Page #5 Definitions Subject Category Description Shell, Luxury Apartment This occupancy, together with occupancy 995 (Interior Space, Luxury Apartment), allows you to individually price the shell and the tenant improvement costs for an apartment (in separate sections of the report). This provides an alternative to occupancy 984 Luxury Apartment (High Rise), which includes both the shell and tenant improvement costs. High-rise luxury apartment shells are structures with three or more floors of multiple dwelling units, typically owner or time-share occupied. Each dwelling unit consists of its own separate living area and kitchen facility. Normally, shell structures over three stories have elevators, but this depends on the height of the building and the need for transportation to the upper levels. These shell structures have a lobby area, hall access to dwelling units and some type of stairway for fire exit. These shell structures include common area finishes only, which are about 10%. Although apartments built as co-ops, condominiums, or time-shares sometimes are required by building and zoning codes to have certain items not required for typical rental units, basically, "condominium" is a type of ownership and not a type of construction and the luxury apartment costs are valid. The following are not included in the costs: Appliances, fireplaces, canopies, balconies, swimming pools, yard improvements and any developers' or soft costs related to a type of ownership such as condominium Marshall & Swift/Boeckh, LLC and its Licensors Ranking a brief description of condition, quality of material, craftsmanship and the structure using these terms: 4 Excellent - High-end quality material, no deficiencies or concerns. 3.5 Very Good - Higher quality material, minimal to no deficiencies or concerns, minor or correctable deficiencies. 3 Good - Good quality of material, minimal to no deficiencies or concerns, minor or correctable deficiencies. 2.5 Good/Avg - Better than average quality of material, above average, more correctable deficiencies than Good. 2 Average - Lower cost material, more deficiencies or other concerns may be apparent. Components or system may need to be replaced within the near future, approaching end of effective life. 1.5 Poor - Low cost material. Extensive deficiencies or concerns. Major component or system replacement required, has reached the end of its effective life. Replacement Cost - the cost to construct or replace, at one time, an entire building, structure, or improvement of equal quality and utility as of the effective date of the appraisal. Modern materials and current methods, designs, and layouts are used for replacement. Replacement cost does not take into consideration improvements necessary to conform to changed building codes, demolition, debris removal, site accessibility or site work, reuse of building components or services, overtime, bonuses for labor, soft costs, extraordinary fees, premiums for materials, or other contingencies. For insurance purposes, the prices used for labor, material, overhead, profit, and fees are those in effect immediately prior to the loss. Reconstruction Cost - includes the replacement cost, land improvements, site preparations, foundation walls, slab on ground, below grade piping, demolition costs and debris removal. Insurance Exclusions - certain items of insured property are either not insured or are specifically excluded from coverage depending on the particular terms of an insurance policy. The exclusions included in the report are basement excavation; below grade foundations; and underground piping. Excluded Replacement Cost - is the estimated replacement cost of the building less insurance exclusions. Effective Age - number of years of apparent age, determined by deducting the estimated remaining life from the actual age. Terrain Exposure B - urban, suburban and wooded areas, applies to all other locations in Florida that do not have open terrain as described in Exposure C. Terrain Exposure C - open terrain with scattered obstruction, applies to: 1) All locations in HVHZ of Miami-Dade and Broward Counties. 2) Barrier Islands as defined per s (5), Florida Statutes, as the land area from the seasonal high water line to a line 5,000 feet landward from he Coastal Construction Control line. 3) All other areas with 1,500 feet of the Coastal Construction Control line, or within 1,500 feet of the mean high tide line, which is less. Form DCVR_BLG "WinTOTAL" appraisal software by a la mode, inc ALAMODE

6 Main File No. 10AMSB001 Page #6 Form SCA "WinTOTAL" appraisal software by a la mode, inc ALAMODE

7 Main File No. 10AMSB001 Page #7 Property Valuation Report General Information Inspection Date: January 14, 2010 Insured Name: Hacienda Del Sol 1 Condominium Association Property Address: 4201 So. Atlantic Ave, New Smyrna Beach, FL Requesting Office: Mullin & Company, 761 Granada Blvd, Ormond Beach, FL Property Inspector: Michelle Milligan, State Certified Residential Appraiser RD7061 Valuation Totals Summary Cost Data as of Fourth Quarter 10/2009 Replacement Cost (w/o Debris Removal & Site Improvements) Condo $ 6,464,881 Clubhouse $ 129,005 Pools $ 87,091 Fencing $ 21,118 Description of Structure The subject property is a five story condominium building with fifty units, which consists of fifteen one bedroom, one bath units, thirty two bedroom, two bath units, and five three bedroom, two bath units. Amenities include shuffle board court, heated swimming pool, kiddie pool, coin laundry on each floor, on-site management and manager's unit, clubhouse, one elevator, five laundry rooms, a garbage room and stairwells.the clubhouse has a manager's office, two bathrooms and pump room for pool. Quality of overall condition is good. Location and distance to Tidal Waters Subject property is bounded to the north by 3rd Ave, south by National Seashore, east by Atlantic Ocean and west by Intercoastal Waterway and Saxon Blvd in the city of New Smyrna Beach. (Approximate) Atlantic Ocean: Direct ocean front less than 500 ft Intracoastal Waterway: 2-3 blocks to the west FEMA Flood Flood Map#: 12127C0544G Dated: 4/15/2002 Flood Zone: X *Not in flood zone Hazards Special Hazards: None Description: None Pool or Spa enclosed: N/A Description: N/A Wet or Dry Rot: No Water Damage: No Settlement or cracking: No Infestation: No Tree Limbs or Vicious Dogs: No Terrain Exposure: Exposure C Adequate drainage: Yes Topography: Min. Slope Deferred maintenance: None Maintenance Rating: Good No unusual hazards, liability hazards or deferred maintenance. Rental Information Each unit is owned individually, no rental information available at time of inspection. Form DCVR_BLG "WinTOTAL" appraisal software by a la mode, inc ALAMODE

8 Main File No. 10AMSB001 Page #8 General Building Description Building 1 of 2 Condominium Occupancy: 777-Luxury Apartment/Shell Year Built: 1972 Business: None # Stories: 5 # Sections/Units: 50 Units # Rooms/Baths: 190+/- rooms and 85 baths Construction Class: C-Masonry bearing walls ISO Fire Class: 6-Fire Resistive Foundation: Concrete slab Basement: None Exterior Walls: Reinforced concrete w/stucco Window Type/Cond: Double Hung/Good Interior Walls: Drywall Wall Height: 8 Ft Floor Cover/Cond: Carpet/tile/Good Kitchen/Appliances: Typical RF/ST/DW/DS/MW Pools/Spa: Ht pool & kiddie pool Pump House: Yes sq ft Porches/Balconies: Covered balconies 3448 sq ft Garage/Carport: None Security: None Hurricane Shutters: 20% - on direct ocean units Fire protection: Fire Alarm/pullswitch Fire sprinkler: None Overall Condition: Good HT/TT SQFT: 69,626 tt sq ft Roof Description Meets current code: Yes Age (est.yrs): 2010 Type: Mansard, metal sides Effective Age: New Covering: TPO, Modified Bitumen Remaining Life: 30+/- Structure: Concrete Attic Space: None Overall Condition: Good Visible leaks: None Comments: New roofing system, work was underway at time of inspection. Wayne s roofing bid was $204, 415 for 80 mil PVC roof membrane, includes an elevated pitch for adequate drainage. 150 mph wind warranty. Electrical Description Meets current code: Yes Last update: 2010 Service entrance: Aerial Exposed wires: No Sufficient load: Yes Proper ground: Yes Overall condition: Good Adequate: Yes Comments: Electrical conduit for A/C units located on roof will be replaced with new roof system. HVAC Description Current code: Yes Last Update: Heating: Forced Warm Air Cooling: Central Cooled Air Energy Source: Electric * Gas for pool heater Thermostatic: Yes; Zoned Number of units: 50 Duct type: Fiberglass insulted, alum Overall condition: Good Adequate: Yes Comments: Electric forced warm air and cooled air with adequate duct work. System appeared in adequate condition. Roofing company offered to replace 26 units and air handlers for a discounted price, offer good up to three years. Per Citizens ATB # February 20, "The condominium associations are responsible for loss and damage to the heating and air conditioning equipment even when it pertains to the individual unit." and included in this replacement cost report. Plumbing Description Current code: Last Update: 1972 Water Service: Public Sewage: Public Overall condition: Good Adequate: Yes Comments: No leaks noted at time of inspection. Form DCVR_BLG "WinTOTAL" appraisal software by a la mode, inc ALAMODE

9 Main File No. 10AMSB001 Page #9 General Building Description Building 2 of 2 Clubhouse Occupancy: Clubhouse Year Built: 1972 Business: None # Stories: 1 # Sections/Units: 1 # Rooms/Baths: 2 rooms and 2 baths Construction Class: C-Masonry bearing walls ISO Fire Class: 2-Joisted Masonry Foundation: Concrete slab Basement: None Exterior Walls: Concrete block w/stucco Window Type/Cond: Sliders/Good Interior Walls: Drywall Wall Height: 9 Ft Floor Cover/Cond: Tile/Good Kitchen/Appliances: Typical RF/MW Pools/Spa: Ht pool & kiddie pool Pump House: Yes sq ft Porches/Balconies: None Garage/Carport: None Security: None Hurricane Shutters: Yes- Non rated Pre-drilled Plywood 100% Fire protection: Smoke detectors/extinguisher Fire sprinkler: None Overall Condition: Good HT/TT SQFT: 1,147 ht sq ft/1,250 tt sq ft Roof Description Meets current code: Yes Age (est.yrs): 2006 Type: Mansard, metal sides Effective Age: 3 Covering: Asphalt role roof Remaining Life: 10+/- Structure: Wood trusses * braces noted Attic Space: Minimal to none Overall Condition: Good Visible leaks: None Comments: * see photos for braces. Electrical Description Meets current code: Last update: 1972 Service entrance: Underground Exposed wires: No Sufficient load: Yes Proper ground: Yes Overall condition: Good Adequate: Yes Comments: Updates as needed HVAC Description Current code: Yes Last Update: 2006 Heating: Forced Warm Air Cooling: Central Cooled Air Energy Source: Electric * Gas for pool heater Thermostatic: Yes Number of units: 1 Duct type: Fiberglass insulted, alum Overall condition: Good Adequate: Yes Comments: Electric forced warm air and cooled air with adequate duct work. Plumbing Description Current code: Last Update: 1972* Water Service: Public Sewage: Public Overall condition: Good Adequate: Yes Comments: No leaks noted at time of inspection. Updates to baths and kitchen fixtures, however piping is original. Form DCVR_BLG "WinTOTAL" appraisal software by a la mode, inc ALAMODE

10 Main File No. 10AMSB001 Page #10 Form SCA "WinTOTAL" appraisal software by a la mode, inc ALAMODE

11 Main File No. 10AMSB001 Page #11 Form SCA "WinTOTAL" appraisal software by a la mode, inc ALAMODE

12 Subject Photo Page Main File No. 10AMSB001 Page #12 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Subject Front Subject Rear Subject Street Form PICPIX.TR "WinTOTAL" appraisal software by a la mode, inc ALAMODE

13 Photograph Addendum Main File No. 10AMSB001 Page #13 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Fencing Front/side Roof - New TPO Roof - New TPO Side Rear Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc ALAMODE

14 Photograph Addendum Main File No. 10AMSB001 Page #14 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Gas for pool heater Rear club house & condominium Front Pool Pumphouse Pool heaters Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc ALAMODE

15 Photograph Addendum Main File No. 10AMSB001 Page #15 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Clubhouse interior Clubhouse interior Clubhouse interior Wood trusses with braces Clubhou Wood trusses with braces Clubhou Roof - New TPO Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc ALAMODE

16 Photograph Addendum Main File No. 10AMSB001 Page #16 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Interior Breezeway/Elevators Interior Direct Ocean Front Interior Interior Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc ALAMODE

17 Main File No. 10AMSB001 Page #17 Form SCA "WinTOTAL" appraisal software by a la mode, inc ALAMODE

18 Building Sketch Main File No. 10AMSB001 Page #18 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Ocean 44' Covered balcony/patio 13' 6' 2' 16' 24.7' Unit 09 Unit 10 2' 50.6' Hacienda Del Sol 1 Five Story Condominium 50 units; 15-1br/1ba 30-2br/2ba 5-3br/2ba 25' 10' Unit 08 2' Covered balcony/patio Unit 07 Unit 06 Unit 05 Covered balcony/patio Clubhouse Pumphouse Unit 04 Unit 03 Covered balcony/patio Covered balcony/patio trash Laundry Unit 02 Unit 01 Sketch by Apex Medina Comments: AREA CALCULATIONS SUMMARY Code Description Net Size Net Totals GLA1 First Floor First Floor Clubhouse Pumphouse GBA1 Stairwell/Elevator GAR Trash/storage P/P Cov Entry/Breezeway Cov Entry/Breezeway Balcony Balcony Balcony Balcony Balcony OTH Stairwwell Net LIVABLE Area (rounded) Net BUILDING Area (rounded) 913 LIVING/BUILDING AREA BREAKDOWN Breakdown Subtotals First Floor 13.0 x x x x x x x x x x x x x x 0.0 x x 0.1 x x x x Clubhouse 32.2 x Pumphouse 0.5 x 0.1 x x x x 0.4 x Stairwell/Elevator 39.0 x Items (rounded) Form SKT.BldSkI "WinTOTAL" appraisal software by a la mode, inc ALAMODE

19 Location Map Main File No. 10AMSB001 Page #19 Lender/Client Hacienda Del Sol Condo Association Property Address 4201 So Atlantic Ave City New Smyrna Beach County Volusia State FL Zip Code Appraiser Michelle Milligan Form MAP.LOC "WinTOTAL" appraisal software by a la mode, inc ALAMODE