Form GA1V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE EXTERIOR APPRAISAL OF A TWO FAMILY HOUSE LOCATED AT -6118 Volume 8558 page 216 FOR William W. Ward, Esq 1318 Bedford St Stamford, CT 06905 OPINION OF VALUE 440,000 AS OF April 20. 2015 BY Chrys-Ann Young Chrys-Ann Young, Appraiser 45 Downs Ave (203) 325-8481 x1 Chrysann@optonline.net
Chrys-Ann Young, Appraiser 45 Downs Ave (203) 325-8481 x1 04/20/2015 William W. Ward, Esq 1318 Bedford St Stamford, CT 06905 Re: Property: : File No.: -6118 Opinion of Value: $ 440,000 Effective Date: April 20. 2015 In accordance with your request, I have appraised the above referenced property. The report of that appraisal is attached. No interior inspection has been conducted at this time. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me if I may be of additional service to you. Sincerely, Chrys-Ann Young Certification #: RCG.0000632 State: CT Expires: 04/30/2015 Chrysann@optonline.net
C-A Young Limited Appraisal Analysis - Summary Appraisal Report BORROWER/SUBJECT PROPERTY INFORMATION Saltos 15-042002 Borrower Census Tract 0221.00 Map Reference 14860 Check one: SF PUD Condo 2-4 Units Phone No. Res. Loan Amount Requested $ Term Mos. 's Est. of Value $ No. of Rooms No. of Bedrooms No. of Baths Family room or den Gross Living Area Garage/Carport Porches, Patio or (specify type & no.) Pool (specify) Central Air 7 3 2 Yes No 1,744 Sq. Ft. 2 Car det Deck Yes No FIELD REPORT NEIGHBORHOOD Location Urban Suburban Rural NEIGHBORHOOD RATING Good Avg. Fair Poor Built Up Over 75% 25% to 75% Under 25% Property Compatibility Growth Rate Fully Dev. Rapid Steady Slow General Appearance of Properties Property Values Increasing Stable Declining Appeal to Market Demand/Supply Shortage In Balance Over Supply Marketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos. Present Land Use 60 % 1 Family 25 % 2-4 Family % Apts. 15% Condo % Commercial % Industrial % Vacant % Other Change in Present Land Use Not Likely Likely Taking Place From To ---- Predominant Occupancy Tenant % Vacant Similar Housing Price Range $ 250,000 to $ 600,000 Predominant Value $ 415,000 Similar Housing Age 10 yrs. to 120 yrs. Predominant Age 65 yrs. Note: Race and the racial composition of the neighborhood are not considered to be appraisal factors. Comments including those factors affecting marketability (e.g. public parks, schools, view, noise) Located in the 'Cove' section of Stamford. The area is improved with houses of varied age, style, size and price. Access to employment centers, shopping and services via Routes 1, 15 and Interstate 95. No adverse factors influencing marketability were noted. SUBJECT PROPERTY Approximate Year Built 1950 No. of Units 2 No. of Stories 1.75 PROPERTY RATING Good Avg Fair Poor Type (detached, duplex, semi-detached, etc.) Detached - Condition of Exterior Design (rambler, split, etc.) 2 Family Compatibility to Exterior Walls Material Vinyl siding Roof Material Asphalt shingle Appeal and Marketability Is the property located in a FEMA Special Flood Hazard Area? No Yes Special Energy Efficient Items Assumed standard. House has a finished basement per MLS listing from 2006. File No. Comments (favorable or unfavorable including any deferred maintenance) generally average condition. Deck at rear. No interior inspection conducted at this time, but house appears to be in SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 221 Seaside Ave 557 Cove Rd 161 Lawn Ave Address -6118 Proximity to Subject Days on Market 0.51 miles NE 97 0.14 miles E 173 0.89 miles N 134 Sales Price $ N/A $ 426,000 $ 440,000 $ 392,000 Sales Price/Sq. Ft. $ /Sq. Ft. $ 229.28 /Sq. Ft. $ 225.53 /Sq. Ft. $ 212.12 /Sq. Ft. Data/Verif. Source(s) VALUE ADJUSTMENTS Exterior Insp DESCRIPTION CMLS #99075812 DESCRIPTION +( )$ Adjust. CMLS #99069163 DESCRIPTION +( )$ Adjust. CMLS #99045174 DESCRIPTION +( )$ Adjust. Date of Sale/Time Location N/A 12/2014 2/2015 4/2014 - +15,000 Site Size.22 acre.11 acre 0.14 acre 0.13 acre 0 Site View Age Condition 1950 (Act) 1930 (Act) 1929 (Act) 1950 (Act) + -10,000 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 7 3 2 9 4 2 10 5 2 7 3 2 Gross Living Area 1,744 Sq. Ft. 1,858 Sq. Ft. -2,850 1,951 Sq. Ft. -5,175 1,848 Sq. Ft. -2,600 Heating/Cooling Conv-CAir Conv-none +6,000 Conv-none +6,000 Conv-none +6,000 Garage/Carport 2 Car det 1 Car att garage +3,000 2 Car det garage 1 Car det garage +3,000 Porches, Patio, Pools, etc. Deck Deck Porches Patio, porch Special Energy Standard Standard Standard Standard Efficient Items Fireplaces None None 1-4,000 None Other Feature Bsmt Finish None +15,000 Bsmt Finish None +15,000 Net Adj. (total) + $ 21,150 + $ -3,175 + $ 26,400 Indicated Value of Subject Net: Gross: 5.0 6.3 % % $ Net: 447,150 Gross: 0.7 3.4 % % $ Net: 436,825 Gross: 6.7 13.2 % % $ 418,400 General Comments Gross living area adjusted at $25 per/sf if GLA exceeds 50 SF. All other adjustments as noted. All sales were given consideration in this analysis, with most weight given Sales #1 and #2 because of their proximity and more recent. Property Rights Appraised Fee Simple Leased Fee Leasehold Other (describe) Opinion of Market Value $ 440,000 as of April 20. 2015 Signature Date of Report/Signature 04/20/2015 Completed By Chrys-Ann Young Title or Designation Certified Real Estate Appraiser License or Certification # RCG.0000632 License or Certification State CT Expires 04/30/2015 Inspection of Subject: None Interior & Exterior Exterior Only Date of Inspection: April 20, 2015 Form 704B - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Supplemental Addendum File No. 15-042002 Subject Dwelling: The subject dwelling appears to be in average condition, but no interior inspection was conducted. There are not any known recent updates to the dwelling. Assessor Parcel: 001-0551. Taxes: Taxes for the 2013 tax year are $5853.17. Last Transfer: The subject was acquired by the current owner on May 19, 2006, consideration of $672,000. Comments: Because of varied housing in the area, a value above or below the predominant range for the neighborhood is not uncommon and not adverse to marketability. The typical purchaser would not necessarily limit their purchase decision to the subject's immediate area or style in making their purchase decision. Market Conditions: In the past two years there has been increased market activity throughout all of town in all market tiers. Sales are typically slower during winter because of the weather. Conventional financing is readily available from conventional sources at favorable rates. Seller and/or financing concessions are not usually prevalent in this market. The average marketing time for properties in the subject's neighborhood is generally within 180 days. Exposure Time: Estimated exposure time is 60180 days Comments on Standards Rule 2-3 I have not performed any services regarding the subject property within the prior three years, as an appraiser or in any other capacity.
Form PICPIX.TR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page Subject Front Subject Rear Subject Street
Form PICPIX.BR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page Comparable 1 221 Seaside Ave Comparable 2 557 Cove Rd Comparable 3 161 Lawn Ave
Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map