EXTERIOR APPRAISAL OF A SINGLE FAMILY HOUSE LOCATED AT Volume 4330 Page 223 FOR 1318 Bedford St OPINION OF VALUE 347,000 AS OF July 2, 2014 BY Chrys-Ann Young Chrys-Ann Young, Appraiser 45 Downs Ave Stamford, CT 06902 (203) 325-8481 x1 Chrysann@optonline.net Form GA1V "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Chrys-Ann Young, Appraiser 45 Downs Ave Stamford, CT 06902 (203) 325-8481 x1 July 7, 2014 1318 Bedford St Re: Property: Owner: File No.: 14-070201 Opinion of Value: $ 347,000 Effective Date: July 2, 2014 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 s 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 Appraisal Report BORROWER/SUBJECT PROPERTY INFORMATION Borrower Census Tract 0206.00 Map Reference 9- F24 Hagstrom Check one: SF PUD Condo 2-4 Units City Stamford County Fairfield State CT Zip Code Phone No. Res. Loan Amount Requested $ Term Mos. Owner'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 6 3 2 Yes No 1,414 Sq. Ft. 2 Deck Yes No FIELD REPORT Khan File No. 14-070201 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 100 % 1 Family % 2-4 Family % Apts. % Condo % Commercial % Industrial % Vacant % Change in Present Land Use Not Likely Likely Taking Place From To Predominant Occupancy Owner Tenant % Vacant Similar Housing Price Range $ 350,000 to$ 800,000 Predominant Value $ 510,000 Similar Housing Age 0 yrs. to 125+ yrs. Predominant Age 50 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 'Cedar Heights' section of Stamford, in an area improved with homes of various age, style, size and price. Access to employment centers, shopping and services via High Ridge Rd, Routes 1, 15 and Interstate 95. The employment stability in the area and the neighborhood appeal to the market are average. No adverse factors influencing marketability were noted. SUBJECT PROPERTY Approximate Year Built 1930 No. of Units 1 No. of Stories 1.5 PROPERTY RATING Good Avg Fair Poor Type (detached, duplex, semi-detached, etc.) Detached Condition of Exterior Design (rambler, split, etc.) Cape Cod Compatibility to Neighborhood Exterior Walls Material Cedar shingle 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. Comments (favorable or unfavorable including any deferred maintenance) to be in fair to average condition. No interior inspection has been conducted at this time but the subject appears SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 26 Snow Crystal Ln 161 Dunn Ave 21 Turn of River Rd Address Proximity to Subject Days on Market 0.57 miles S 175 0.11 miles NE 16 0.35 miles SE 52 Sales Price $ N/A $ 367,000 $ 330,000 $ 320,000 Sales Price/Sq. Ft. $ /Sq. Ft. $ 331.53 /Sq. Ft. $ 307.55 /Sq. Ft. $ 344.46 /Sq. Ft. Data/Verif. Source(s) Exterior Inspection MLS/Public Records CMLS #99046609 MLS/Public Records VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( )$ Adjust. DESCRIPTION +( )$ Adjust. DESCRIPTION +( )$ Adjust. Date of Sale/Time Location -- 12/2013 12/2013 1/2014 Site Size Site View Age Condition.23 acre Neighborhood 1930 (Act).23 acre Neighborhood 1964 (Act).17 acre Neighborhood 1950 (Act) +1,000.31 acre Neighborhood 1924 (Act) -2,000 Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count 6 3 2 5 3 1 +6,000 5 2 2 7 3 1 +6,000 Gross Living Area 1,414 Sq. Ft. 1,107 Sq. Ft. +10,745 1,073 Sq. Ft. +11,935 929 Sq. Ft. +16,975 Heating/Cooling Garage/Carport Porches, Patio, Pools, etc. Special Energy Efficient Items No garage Scrn Porch No garage Deck 1 Car garage Patio, porch -5,000 1 Car garage Porch -5,000 Fireplaces 0 1-4,000 0 1-4,000 Other Fair exterior appeal Better appeal -10,000 0 0 Net Adj. (total) + $ 2,745 + $ 7,935 + $ 11,975 Indicated Value Net: 0.7 % Net: 2.4 % Net: 3.7 % of Subject Gross: 8.4 % $ 369,745 Gross: 5.4 % $ 337,935 Gross: 10.6 % $ 331,975 General Comments All sales are in the subject's immediate neighborhood and recent. Sale #2 and 'REO' sale. Gross living area adjusted at $35 per/sf if GLA exceeds 50 SF. All other adjustments as noted. As no interior inspection was conducted, all sales were given equal consideration. Property Rights Appraised Fee Simple Leased Fee Leasehold Other (describe) Opinion of Market Value $ 347,000 as of July 2, 2014 Signature Date of Report/Signature July 6, 2014 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: July 2, 2014 Form 704B "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Supplemental Addendum File No. 14-070201 Owner City Stamford County Fairfield State CT Zip Code Client Subject Dwelling: The subject dwelling appears to be in average condition, but no interior inspection was conducted. There are not any known updates to the dwelling. At end of dead end street, house cannot be full seen from street. Assessor Parcel: 001-7606. Taxes: Current Taxes are $5,762.99. Last Transfer: The subject was acquired by the current owner on September 24, 2007, consideration of $430,000. This appraisal does NOT include the adjacent vacant parcel Lot #b2 at.23 acre which was acquired at the time the subject was purchased by the current owner. Neighborhood 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: Although there has been increased market activity in the past 18 months. Market conditions do not appear to be as 'brisk' as last year, but sales are taking place. 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: The estimated exposure time for the subject on the market is estimated to be 40-180 days. Comments on s 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. Appraiser Independence Requirements (AIR): The appraiser has performed this appraisal independently and has not been influenced by any party to this transaction (including borrower, client or lender). The 'AIR' replaces what was previously known as HVCC, but maintains the spirit and intent of the HVCC. Form TADD "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Photograph Addendum Owner City Stamford County Fairfield State CT Zip Code Client to house Driveway Street view Assessor photo Form PICFOUR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Comparable Photo Page Owner City Stamford County Fairfield State CT Zip Code Client 26 Snow Crystal Ln Comparable 1 161 Dunn Ave Comparable 2 21 Turn of River Rd Comparable 3 Form PICPIX.BR "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE
Location Map Owner City Stamford County Fairfield State CT Zip Code Client Form MAP.LOC "WinTOTAL" appraisal software by a la mode, inc. 1-800-ALAMODE