Main File No. Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT 1142 Mill Rd Greenleaf, WI Prt of NW1/4 NW Frac 1/4 & Prt of SW 1/4 NW Frac 1/4 Sec 18 T21N R20E Desc in 1666521 Ex Rd FOR OPINION OF VALUE 410,000.00 AS OF 05/09/2012 BY James E Van Vonderen City Wide Appraisal P.O. Box 432 De Pere, WI 54115 (920) 606-2841 jvanvonderen1@new.rr.com Form GA1V "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 18
Borrower/Client File No. Property Address 1142 Mill Rd City Greenleaf County Brown State WI Zip Code Lender TABLE OF CONTENTS Cover Page... 1 Letter of Transmittal... 2 USPAP Identification... 3 GP Land... 4 Additional Listings 1-3... 6 Subject Photos... 7 Photograph Addendum... 8 Comparable Photos 1-3... 9 Listings Photos 1-3... 10 Plat map... 11 Aerial Plat Map... 12 Appraiser Certification... 13 Form TOCNP "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 19
Main File No. Page #2 City Wide Appraisal P.O. Box 432 De Pere, WI 54115 (920) 606-2841 May 17, 2012 Re: Property: Borrower: File No.: 1142 Mill Rd Greenleaf, WI Opinion of Value: $ 410,000.00 Effective Date: 05/09/2012 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. 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 or any of my staff if we can be of additional service to you. Sincerely, James E Van Vonderen Certified Residential Appraiser License or Certification #: 1768-9 State: WI Expires: 12/14/2013 jvanvonderen1@new.rr.com 20
Main File No. Page #3 Borrower/Client File No. Property Address City 1142 Mill Rd Greenleaf County Brown State WI Zip Code Lender APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is one of the following types: Self Contained (A written report prepared under Standards Rule 2-2(a), pursuant to the Scope of Work, as disclosed elsewhere in this report.) Summary (A written report prepared under Standards Rule 2-2(b), pursuant to the Scope of Work, as disclosed elsewhere in this report.) Restricted Use (A written report prepared under Standards Rule 2-2(c), pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 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. Unless otherwise indicated, I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, 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 analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification (if there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report). Reasonable Exposure Time My Opinion of Reasonable Exposure Time for the subject property at the market value stated in this report is: Exposure time is estimated at 400 days, It is how long a property would require exposure in order to find a buyer, under either typical circumstances. Comments on Appraisal and Report Identification Note any USPAP-related issues requiring disclosure and any state mandated requirements: Standards Rule 1-4 ( c ) The income approach was not developed, as it was not considered applicable due to the fact the property is owner occupied. USPAP 3 Year Requirement: No the appraiser has not performed any services on or for the subject property in the previous 3 years. APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: James E Van Vonderen Name: Designation: Certified Residential Appraiser Designation: Date Signed: May 17, 2012 Date Signed: State Certification #: or State License #: 1768-9 State Certification #: or State License #: State: WI State: Expiration Date of Certification or License: 12/14/2013 Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: 05/09/2012 Did Not Exterior-only from street Interior and Exterior Form ID12E "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 21
Creekview Appraisal (920) 362-1920 Main File No. Page #4 File No.: Property Address: 1142 Mill Rd City: Greenleaf State: WI Zip Code: County: Brown Legal Description: Prt of NW1/4 NW Frac 1/4 & Prt of SW 1/4 NW Frac 1/4 Sec 18 T21N R20E Desc in 1666521 Ex Rd LAND APPRAISAL SUMMARY REPORT SUBJECT Assessor's Parcel #: HL-356 Tax Year: 2011 R.E. Taxes: $ 851.20 Special Assessments: $ 0 Market Area Name: Town of Holland Map Reference: 24580 Census Tract: 55009-0215.00 Current Owner of Record: Andrew S. & Karen L. Hoffmann Borrower (if applicable): Project Type (if applicable): PUD De Minimis PUD Other (describe) HOA: $ per year per month Are there any existing improvements to the property? No Yes If Yes, indicate current occupancy: Owner Tenant Vacant Not habitable If Yes, give a brief description: The subject property is 44.30 acre parcel which has approximately 4 acres of level non wooded area for a residential building site and and 39.70 acres of heavily wooded forest land with mature trees and a small river. ASSIGNMENT MARKET AREA DESCRIPTION The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe) Intended Use: To establish a opinion of market value for parcel HL-356 Intended User(s) (by name or type): Andrew S. & Karen L. Hoffmann Client: Andrew S. & Karen L. Hoffmann Address: 316 Sheldon Court, Green Bay, WI 54313 Appraiser: James E Van Vonderen Address: P.O. Box 432, De Pere, WI 54115 Characteristics Predominant One-Unit Housing Present Land Use Change in Land Use Location: Urban Suburban Rural Occupancy PRICE AGE One-Unit 40 % Not Likely Built up: Over 75% 25-75% Under 25% Owner 95 $(000) (yrs) 2-4 Unit 0 % Likely * In Process * Growth rate: Rapid Stable Slow Tenant 5 30 Low 0 Multi-Unit 0 % * To: Property values: Increasing Stable Declining Vacant (0-5%) 400 High 150 Comm'l 5 % Demand/supply: Shortage In Balance Over Supply Vacant (>5%) 150 Pred 50+ Agricultural 55 % Marketing time: Under 3 Mos. 3-6 Mos. Over 6 Mos. % Factors Affecting Marketability Item Good Average Fair Poor Item Good Average Fair Poor Employment Stability Adequacy of Utilities Convenience to Employment Property Compatibility Convenience to Shopping Protection from Detrimental Conditions Convenience to Schools Police and Fire Protection Adequacy of Public Transportation General Appearance of Properties Recreational Facilities Appeal to Market Market Area Comments: Current interest rates have they have been in the last few years. The general economy has slowed, there is still growth in the residential housing market. Local MLS statistics reflect a typical marketing time for this particular area to be 400 or more days. Agricultural properties in the subjects area has shown a increase in sale price in the past 2 years due to larger farms purchasing more acreage for cattle feed and acreage to dispose of cattle waste. Recreational properties similar to the subject property with abundant wildlife and rivers are not listed on the open market often, but when sold do sell for higher than normal price per acre due to limited parcels of properties which are wooded and with a river. Dimensions: Irregular Zoning Classification: Agricultural Description: Site Area: Agricultural Wooded 44.303 Acres Uses allowed under current zoning: Do present improvements comply with existing zoning requirements? Yes No No Improvements Agricultural/Residential Are CC&Rs applicable? Yes No Unknown Have the documents been reviewed? Yes No Ground Rent (if applicable) $ / Comments: Highest & Best Use as improved: Present use, or Other use (explain) SITE DESCRIPTION Actual Use as of Effective Date: Summary of Highest & Best Use: Recreational Wooded ( Vacant Land ) Use as appraised in this report: Recreational Wooded ( Vacant Land ) At this time the highest and best use is agricultural/residential. Utilities Public Other Provider/Description Off-site Improvements Type Public Private Frontage 496.23' Electricity Gas Water Sanitary Sewer Storm Sewer Public Liquid Propane Private Well Private System Ditch Street Width Surface Curb/Gutter Sidewalk Asphalt Adequate Asphalt Topography Size Shape Drainage View Level 44.303 Acres Basically Rectangular Appears Adequate Resid/Fields Telephone Available Street Lights Multimedia Available Alley Other site elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone A FEMA Map # 55009C0345F FEMA Map Date 08/18/2009 Site Comments: The property is a 44.303 acre parcel with adequate space and ground contours for a residential building site. Brown County has purchased and developed the adjoining land to the East of the subject property for a future land fill site. Per conservation with Brown County officials the land fill will not be operational until the year 2020 or the year 2022. The subject property also borders adjacent farm land. Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPLND "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007 22
LAND APPRAISAL SUMMARY REPORT TRANSFER HISTORY SALES COMPARISON APPROACH PUD Main File No. Page #5 File No.: My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): Assessor Records and REDI 1st Prior Subject Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing: Research of county records and REDI Date: have shown the subject property has not transferred or sold in the previous three years as stated above. Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): FEATURE SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address 1142 Mill Rd 12520 Zander Road 1884 Hill Road St Pats Church Road Greenleaf, WI Denmark, WI 54208 Greenleaf, WI Greenleaf, WI Proximity to Subject 1.37 miles E 3.46 miles NE 9.56 miles S Sale Price $ $ 115,000 $ 611,000 $ 160,000 Price/ Acre $ $ 9,829.06 $ 8,605.63 $ 14,388.49 Data Source(s) Inspection Cliff Kane Realty/Inspection Wi Transfer Data/ Inspection MLS # 10810099/ Inspection Verification Source(s) Assessor Records Assessor Records/REDI Assessor Records/REDI Assessor Records/REDI VALUE ADJUSTMENT DESCRIPTION DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust Sales or Financing Conventional Cash Cash Concessions None Noted None Noted None Noted Date of Sale/Time 05/14/2012 04/13/2012 11/20/2009 Rights Appraised Fee Simple Fee Simple Fee Simple Fee Simple Location Site Area (in Acres) 44.30 11.70 +309,700 71.0-253,650 11.12 +315,210 Building 288 Sq Ft None Noted +5,760 None Noted +5,760 250+/- Sq Ft 0 Net Adjustment (Total, in $) + $ 315,460 + $ -247,890 + $ 315,210 Net 274.3 % Net 40.6 % Net 197.0 % Adjusted Sale Price (in $) Gross 274.3 % $ 430,460 Gross 42.5 % $ 363,110 Gross 197.0 % $ 475,210 Summary of Sales Comparison Approach The comparables listed are all vacant land sales with similar features and are located within reasonable proximity to the subject. The comparables listed are considered the best, most recent sales and are considered the best indicator of value. Due to limited vacant land sales the appraiser has listed what are competing vacant agricultural parcels that are located in similar markets such as the subject property. Comparable properties listed are the most recent sales of rural properties with a mixture of agricultural land with wooded areas within the subject property market. Comparable properties #1 and #3 are most similar to the subject which is mostly wooded and recreational land. No one property of equal acreage could be located in the subjects market area. Most sold properties are bare land tillable properties which have a average sale price of $7,200.00 per acre, but do not have similar amenities as the subject property. The subject property does have a river, is heavily wooded and offers recreational usage, has a small building, electrical service to the parcel and 496' +/- road frontage. The subject has approximately 5+ acres of buildable land with the possibility of 1-2 lots for residential properties. The wooded area contains mature growth hardwood, softwood trees, winding river and 50% highlands. PROJECT INFORMATION FOR PUDs (if applicable) The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities: RECONCILIATION ATTACH. Indicated Value by: Sales Comparison Approach $ 410,000 or $ 9,255.08 per Acre Final Reconciliation The market approach is the strongest indication of value because it illustrates the actions of the typical buyer and seller. This appraisal is made ''as is'', or subject to the following conditions: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based upon an inspection of the subject property, defined Scope of Work, Statement of Assumptions and Limiting Conditions, and Appraiser s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $ 410,000.00, as of: 05/09/2012, which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda. A true and complete copy of this report contains 14 pages, including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report, which contains the following attached exhibits: Scope of Work Limiting cond./certifications Narrative Addendum Location Map(s) Flood Addendum Additional Sales Photo Addenda Parcel Map Hypothetical Conditions Extraordinary Assumptions Client Contact: Andrew S. & Karen L. Hoffmann Client Name: Andrew S. & Karen L. Hoffmann E-Mail: Address: 316 Sheldon Court, Green Bay, WI 54313 APPRAISER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) SIGNATURES Supervisory or Appraiser Name: James E Van Vonderen Co-Appraiser Name: Company: City Wide Appraisal Company: Phone: (920) 606-2841 Fax: (920) 336-6365 Phone: Fax: E-Mail: jvanvonderen1@new.rr.com E-Mail: Date of Report (Signature): License or Certification #: May 17, 2012 1768-9 State: WI Date of Report (Signature): License or Certification #: State: Designation: Certified Residential Appraiser Designation: Expiration Date of License or Certification: 12/14/2013 Expiration Date of License or Certification: Inspection of Subject: Did Inspect Did Not Inspect (Desktop) Inspection of Subject: Did Inspect Did Not Inspect Date of Inspection: 05/09/2012 Date of Inspection: Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPLND "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 23 3/2007
File No.: FEATURE SUBJECT PROPERTY COMPARABLE LISTING # 1 COMPARABLE LISTING # 2 COMPARABLE LISTING # 3 Address 1142 Mill Rd Harvest Moon Lane 2101 Lakeview Drive Greenleaf, WI Kaukauna WI, 54130 Suamico WI, 54173 Proximity to Subject List Price $ $ 430,000 $ 1,275,000 $ Price/ Acre $ $ 14,492.75 $ 13,934.43 $ Last Price Revision Date Data Source(s) Inspection MLS# 50047883 WhiteTail Properties Verification Source(s) Assessor Records Assessor Records Assessor Records VALUE ADJUSTMENT DESCRIPTION DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust DESCRIPTION +(-) $ Adjust Sales or Financing Listing Listing Concessions None Noted None Noted Days on Market 103 Days Unknown Rights Appraised Fee Simple Fee Simple Fee Simple Location Site Area (in Acres) 44.30 29.67 +138,985 91.5-448,400 Building 288 Sq Ft +5,760 1200 Sq Ft -24,000 COMPARABLE LISTINGS Main File No. Page #6 Net Adjustment (Total, in $) + $ 144,745 + $ -472,400 + $ Net 33.7 % Net 37.1 % Net % Adjusted Sale Price (in $) Gross 33.7 % $ 574,745 Gross 37.1 % $ 802,600 Gross % $ Comments The listing properties #1 and #2 are wooded properties with similar heavily wooded areas, wild life and streams or rivers. All properties listed are located in Northeast Wisconsin and due to the fact they have not sold all values are hypothetical.. Recreational properties such as the listing properties and the subject property do sell for higher value due to the wild life and hunting opportunities they offer. COMPARABLE LISTINGS Copyright 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. Form GPLND.(AL) "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 3/2007 24
Subject Photo Page Main File No. Borrower/Client Property Address City 1142 Mill Rd Greenleaf County Brown State WI Zip Code Lender Page #7 Subject Property Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 1.0 10.0 ac 44.30 Q3 54 Subject Property Subject Road Form PIC3x5.SR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 25
Photograph Addendum Main File No. Borrower/Client Property Address City 1142 Mill Rd Greenleaf County Brown State WI Zip Code Lender Page #8 Subject property Subject property Subject property Subject property Subject road view Subject property Form PICSIX2 "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 26
Comparable Photo Page Main File No. Borrower/Client Property Address City 1142 Mill Rd Greenleaf County Brown State WI Zip Code Lender Page #9 Comparable 1 12520 Zander Road Prox. to Subject 1.37 miles E Sales Price 115,000 Gross Living Area 1,144 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.0 Location View N;Res;Pstrl Site 11.70 Quality Q4 Age 18 Comparable 2 1884 Hill Road Prox. to Subject 3.46 miles NE Sales Price 611,000 Gross Living Area 2,016 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 1.0 Location View N;Res;Pstrl Site 71.0 Quality Q3 Age ~85 Comparable 3 St Pats Church Road Prox. to Subject 9.56 miles S Sales Price 160,000 Gross Living Area 2,012 Total Rooms 8 Total Bedrooms 3 Total Bathrooms 2.0 Location View N;Res;Pstrl Site 11.12 Quality Q3 Age 129 Form PIC3x5.CR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 27
Listing Photo Page Main File No. Borrower/Client Property Address City 1142 Mill Rd Greenleaf County Brown State WI Zip Code Lender Page #10 Listing 1 Harvest Moon Lane Proximity to Subject List Price 430,000 Days on Market 103 Days Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Age Listing 2 2101 Lakeview Drive Proximity to Subject List Price 1,275,000 Days on Market Unknown Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Age 3 Form DLSTRNT.DM#R "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 28
Plat Map Main File No. Page #11 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 29
Aerial Plat Map Main File No. Page #12 Form SCNLGL "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 30
Appraiser Certification Main File No. Borrower/Client Property Address City 1142 Mill Rd Greenleaf County Brown State WI Zip Code Lender Page #13 Form MAP.PLAT "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE 31