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Property Appraisal #3 REAL ESTATE APPRAISAL OF THE 62.05 ACRES OF GROSS LAND AREA (PARCELS 1, 2 AND 3) ESTERO ON THE RIVER LOCATED AT 8661 CORKSCREW ROAD VILLAGE OF ESTERO, FL 33982 for STEVE SARKOZY VILLAGE MANAGER VILLAGE OF ESTERO 9401 CORKSCREW PALMS CIRCLE VILLAGE OF ESTERO, FL 33928 by C. MICHAEL POLK & ASSOCIATES, INC. P.O. BOX 510215 PUNTA GORDA, FLORIDA 33951 TABLE OF CONTENTS Summary of Appraisal .........................................................................................................1 Legal Description .................................................................................................................4 Purpose of the Appraisal ......................................................................................................4 Scope of Work .....................................................................................................................4 Owner of Records ................................................................................................................7 Sales History ........................................................................................................................7 Taxes & Assessments ..........................................................................................................9 Zoning ..................................................................................................................................9 Marketing Time Estimate ..................................................................................................23 Reasonable Exposure Time................................................................................................24 Subject Pictures ..................................................................................................................25 Lee County Analysis ..........................................................................................................34 Description of the Market Area .........................................................................................46 Neighborhood Location Map .............................................................................................60 Description of the Site .......................................................................................................61 Survey ................................................................................................................................63 Aerial View ........................................................................................................................64 Highest and Best Use Analysis ..........................................................................................65 Method of Appraisal ..........................................................................................................68 Valuation of the Residential/Multi-Family Component 34.85 Acres ................................71 Sales Comparison Approach to Value ...............................................................................72 Land Sale #1 ......................................................................................................................73 TABLE OF CONTENTS (Cont'd) Land Sale #2 ......................................................................................................................75 Land Sale #3 ......................................................................................................................77 Land Sale #4 ......................................................................................................................79 Land Sale #5 ......................................................................................................................81 Land Sales Map..................................................................................................................83 Land Sales Adjustment Grid ..............................................................................................84 Land Sales Analysis ...........................................................................................................85 Valuation of the Commercial Component 27.20 Acres .....................................................91 Sales Comparison Approach to Value ...............................................................................92 Land Sale #6 ......................................................................................................................93 Land Sale #7 ......................................................................................................................95 Land Sale #8 ......................................................................................................................97 Land Sale #9 ......................................................................................................................99 Land Sale #10 ..................................................................................................................101 Land Sales Map................................................................................................................103 Land Sales Adjustment Grid ............................................................................................104 Land Sales Analysis .........................................................................................................105 Reconciliation ..................................................................................................................110 Certification of Value ......................................................................................................112 Assumptions and Limiting Conditions ............................................................................114 Qualifications of Appraiser ..............................................................................................117 Letter of Engagement .......................................................................................................121 Addendum SUMMARY OF APPRAISAL Location: The subject property consists of the 62.05 acre Estero on the River site that is located at the northeast corner of Corkscrew Road and U.S. 41 (Tamiami Trail) in Estero. The physical address is 8661 Corkscrew Road, Village of Estero, FL 33982. Type of Property: The subject property is 62.05 acres of vacant land. Site: 2,702,898 square feet or 62.05 acres. Zoning: The subject property is zoned MPD-Mixed Planned Development and AG2-Agrucultural by Lee County. Flood Zone Information: According to the National Flood Hazard Layer FIRMette 12071C0591F the subject is in Zone AE and Zone X. Zone AE defined as the area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year. The 1-percent annual chance flood is also referred to as the base flood or 100-year flood. Zone X, are areas of minimal flood hazard, which are the areas outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood Effective Date August 28, 2008. Highest and Best Use: As If Vacant: Residential Date of Investigation: May 29 – June 26, 2018 Date of Valuation: June 6, 2018 Interest Appraised: Fee Simple 1 SUMMARY OF APPRAISAL VALUE INDICATIONS: Of the Residential/Multi-Family Component 34.86 Acres Cost Approach N/A Sales Comparison Approach: $13,240,000 Income Capitalization Approach: N/A Residential Multi-family Component $13,240,000 (Market Value Estimate) VALUE INDICATIONS: Of the Commercial Component 27.20 Acres Cost Approach N/A Sales Comparison Approach: $10,660,000 Income Capitalization Approach: N/A Commercial Component $10,660,000 (Market Value Estimate) Market Value of the Total Parcel: $23,900,000 2 DEFINITION OF IMPORTANT TERMS Market Value 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, knowledgeably 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: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and each acting in what they consider their own best interest; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.1 Fee Simple Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.2 Extraordinary Assumption – An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser’s opinions or conclusions. Hypothetical Condition 1. A condition that is presumed to be true when it is known to be false. (SVP) 2. A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, buts is used for the purpose of analysis. 1 Federal National Mortgage Association (F.N.M.A.) and OCC CFR 34.42-f 2 Appraisal Institute, The Dictionary of Real Estate Appraisal, (Sixth Edition,
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