Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
Exhibit A to RFA 2019-101– CDBG-DR Financing in Monroe County
1. Certification and Acknowledgement forms
a. Applicant Certification and Acknowledgement form
Provide the Applicant Certification and Acknowledgement, executed by the Authorized Principal Representative, as Attachment 1.
b. Land Owner Certification and Acknowledgement form (Priority I and II Applications only)
To be considered a Priority I or II Application, provide the Land Owner Certification and Acknowledgement form, executed by the Authorized Land Owner Representative as Attachment 1.
2. Demographic Commitment
The Demographic Commitment must be Workforce, serving the general population.
3. Applicant, Developer, Management Company, and Contact Person
a. Applicant
(1) Name of Applicant
Monroe County Housing Authority
(2) Does the Application qualify as a Priority I, II or III?
Priority I Application
If a Priority I or Priority II, state the name of the Local Government, Public Housing Authority, Land Authority, or Community Land Trust that is the Land Owner for use in the Land Owner Award Tally and, if applicable, will be the recipient of the Land Acquisition Program Funding.
Monroe County (also identified as: Monroe County Board of County Commissioners and the Board of County Commissioners of Monroe County, Florida)
If the Community Land Trust is the Land Owner, the Community Land Trust must demonstrate that it qualifies as a Community Land Trust by providing the required information as Attachment 2.
(3) If the Applicant is a Single Purpose Legal Entity, provide the required documentation to demonstrate that the Applicant is a legally formed entity qualified to do business in the state of Florida as of the Application Deadline as Attachment 2.
(4) Non-Profit Applications Page 1 of 12
RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
(a) Does the Applicant or the General Partner or managing member of the Applicant meet the definition of Non-Profit Entity as set forth Exhibit B of this RFA?
No
If “Yes”, provide the required information for the Non-Profit entity as Attachment 3 and answer question (b) below.
(b) Does the Applicant or the General Partner or managing member of the Applicant also meet the definition of 100% Non-Profit Entity as set forth Exhibit B of this RFA?
Choose an item.
b. General Developer Information
(1) Name of each Developer (including all co-Developers)
Monroe County Housing Authority
(2) For each Developer entity listed in question (1) above (that is not a natural person, Local Government, Public Housing Authority, or Land Authority), provide, as Attachment 4, the required documentation demonstrating that the Developer is a legally formed entity qualified to do business in the state of Florida as of the Application Deadline.
(3) Affordable Housing Experience Funding Preference
Does at least one natural person Principal of the Developer entity, or if more than one Developer entity, at least one natural person Principal of at least one of the Developer entities, meet the requirements to qualify for the Affordable Housing Experience Funding Preference?
Yes
If “Yes”, in order to qualify for the preference, provide, as Attachment 4, the required prior experience chart demonstrating the experience.
(4) Federal Funding Experience Funding Preference
Does at least one Principal of the Developer entity, or if more than one Developer entity, at least one Principal of at least one of the Developer entities, meet the requirements to qualify for the Federal Funding Experience Preference?
Yes
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
If “Yes”, in order to qualify for the preference, the prior experience chart provided as Attachment 4 must demonstrate the experience. c. Principals Disclosure for the Applicant and for each Developer (5 points)
(1) Eligibility Requirement
To meet the submission requirements, upload the CDBG-DR Principals of the Applicant and Developer(s) Disclosure Form (Form Rev. 06-19) (“Principals Disclosure Form”) with the Application and Development Cost Pro Forma, as outlined in Section Three of the RFA.
(2) Point Item
Applicants will receive 5 points if the uploaded Principal Disclosure Form was stamped “Approved” during the Advance Review Process provided it is still correct as of Application Deadline.
d. General Management Company
Name of the Management Company: Monroe County Housing Authority
If the Development consists of more than 25 units, provide, as Attachment 5, the required prior experience chart for the Management Company or a principal of the Management Company reflecting the required information.
e. Authorized Principal Representative / Contact Person
(1) Authorized Principal Representative contact information (required)
Name: J. Manuel Castillo, Sr Organization: Monroe County Housing Authority Street Address: 1400 Kennedy Drive City: Key West State: FL Zip: 33040 Telephone: (305)296-5621 E-Mail Address: [email protected]
(2) Operational Contact Person information (optional)
Name: Click here to enter text. Organization: Click here to enter text. Street Address: Click here to enter text. City: Click here to enter text. State: Click here to enter text. Zip: Click here to enter text. Telephone: Click here to enter text. Page 3 of 12
RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
E-Mail Address: Click here to enter text.
4. General Proposed Development Information
a. Name of the proposed Development
Monroe County Scattered Sites
b. Development Category must be new construction, with or without acquisition. All units must consist entirely of new construction units. Rehabilitation of existing units is not allowed. Demolition of current structures is allowed.
c. Select the Development Type
Single Family Homes
d. Resiliency Preference
Does the proposed Development meet the Resiliency Preference?
Yes
e. Has construction commenced?
No
Note: If “Yes”, all rules and regulations in Item 5 of Exhibit C, which includes cross- cutting Federal Regulations, will apply.
5. Location of proposed Development a. This RFA is open only to proposed Developments located in Monroe County.
b. Address of Development Site 4 scattered sites all located in Unincorporated Monroe County: 31535 Avenue C, Big Pine Key (RE 00302670-000000); 31 S. Conch Ave, Conch Key (RE 00385780-000400); 2 N. Conch Ave, Conch Key (RE 00385780-000000); AND Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440-001100)
c. Does the proposed Development consist of Scattered Sites?
Yes
d. Latitude and Longitude Coordinates
(1) Latitude and Longitude Coordinates of the first site
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
Latitude in decimal degrees, rounded to at least the sixth decimal place 24.671065
Longitude in decimal degrees, rounded to at least the sixth decimal place -81.340755
(2) If the proposed Development consists of Scattered Sites, identify the latitude and longitude coordinate for any additional sites not identified above, rounded to at least the sixth decimal place:
24.789866 -80.890095 24.789810 -80.889674 25.092867 -80.440133
6. Number of Building and Units
a. Total number of units in the proposed Development: 25
b. Set-Aside Commitments
(1) Workforce Units
The Applicant must commit to set aside 100 percent of the total units at or below 80 percent Area Median Income (AMI).
(2) Extremely Low-Income (ELI) Set-Aside Units
At least 10 percent of the total units must be set-aside at or below 25 percent AMI as Extremely Low-Income (ELI) Set-Aside Units.
(3) Link Units for Persons with Special Needs
All Developments must commit to set-aside at least 50 percent of the ELI Set- Aside units (i.e., at least 5 percent of the total units) as Link Units for Persons with Special Needs.
c. Unit Mix Chart
Number of Number of Units per Number of Units that Bedrooms/Bathrooms Bedroom Type are ELI Set-Aside per Unit Units 1 Bedroom/1 Bathroom 18 2
2 Bedrooms/1 Bathroom 2 Enter Number
3 Bedrooms/3 Bathrooms 5 1
Choose an item. Enter Number Enter Number
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
Choose an item. Enter Number Enter Number
Choose an item. Enter Number Enter Number
(1) How many Zero Bedroom Units are described in the unit mix chart?
0
(2) How many one-bedroom units are described in the unit mix chart?
18
(3) How many two-bedroom units are described in the unit mix chart?
2
(4) How many three-bedroom units are described in the unit mix chart?
5
(5) How many four-bedroom units are described in the unit mix chart?
0
d. Number of Buildings
Number of anticipated residential buildings: 25
7. Readiness to Proceed
a. Site Control
The properly executed Site Control Certification form (Form Rev. 08-18) and attachments must be provided as Attachment 6 to demonstrate site control as of Application Deadline.
b. Ability to Proceed documents
(1) Provide the required documentation to demonstrate zoning as Attachment 7.
(2) Provide the required documentation to demonstrate availability of electricity as Attachment 8.
(3) Provide the required documentation to demonstrate availability of water as Attachment 9.
(4) Provide the required documentation to demonstrate availability of sewer as Attachment 10.
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
(5) Provide the required documentation to demonstrate availability of roads as Attachment 11.
8. Construction Features
a. Federal requirements and State Building Code requirements for all Developments are outlined in Section Four.
b. General feature requirements for all Developments are outlined in Section Four.
c. Accessibility feature requirements for all Developments are outlined in Section Four.
d. Green Building Features:
(1) Green Building feature requirements for all Developments are outlined in Section Four.
(2) Applicants must commit to achieve one of the following Green Building Certification programs described in Section Four.
Florida Green Building Coalition (FGBC)
9. Resident Programs
For all proposed Developments that consist of less than eight units, there is no requirement to commit to any of the resident programs below. For proposed Developments that consist of eight to 25 units, it is a Mandatory requirement that at least one of the resident programs is selected, but this may be off-site if accommodations are made so that residents can attend. For all proposed Developments that consist of more than 25 units, it is a Mandatory requirement that at least two of the resident programs are selected and offered on-site.
☐ After School Program for Children ☒ Adult Literacy ☐ Employment Assistance Program ☐ Family Support Coordinator ☐ Financial Management Program
10. Funding
a. Corporation Funding (1) Development Funding available to all Applicants (a) Development Funding Request Amount: $ 7,032,682 (b) Land Acquisition Program Funding Request Amount: $ 2,000,000 The Maximum Funding Request amounts are provided in Section Four A.10. of the RFA. (2) Other Corporation Funding
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
(a) If a PLP loan has been awarded for this Development, provide the following information:
Corporation File # Amount of Funding Click here to enter text $ Click here to enter text
(b) If any other Corporation funds will be incorporated as a source of financing for the proposed Development, provide the information in the chart below:
Corporation Program Corporation File No. Amount of Funding SAIL Enter file No. $ Enter file No. HOME-Rental Enter file No. $ Enter file No. MMRB Enter file No. $ Enter file No. EHCL Enter file No. $ Enter file No.
b. Non-Corporation Funding Attach all funding proposals executed by the lender(s) or by any other source as Attachment 12. c. Development Cost Pro Forma To meet the submission requirements, upload the Development Cost Pro Forma with the Application and CDBG-DR Principals of the Applicant and Developer(s) Disclosure Form (Form Rev. 06-19) (“Principals Disclosure Form”), as outlined in Section Three of the RFA.
d. Public Housing Authority as a Principal of the Applicant Entity
Is a Principal of the Applicant Entity a Public Housing Authority or an instrumentality of a Public Housing Authority?
Yes
If the Principal of the Applicant Entity is an instrumentality of a Public Housing Authority, state the name of the Public Housing Authority:
Monroe County Housing Authority
11. Uniform Relocation Act
a. Are there any units occupied?
Yes
If “Yes” – Go to question b. below.
If “No” – Go to question c. below. Page 8 of 12
RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
b. Tenant Relocation Information for Existing Properties:
(1) How many total units now exist in the development? 20
(2) How many units are occupied? 18 Recreation Vehicles (RV's) and 2 Mobile Homes
(3) Based on the income information of each tenant, is permanent relocation (displacement) anticipated during or after the construction period?
Yes
If “Yes”, how many units are affected? Unknown at this time because it is unclear if all households are eligible under the Uniform Relocation Act
(4) Will temporary relocation of any tenants be required?
Yes
If “Yes”, how many tenants will require temporary relocation? Unknown because it is currently unclear if all households are eligible under the Uniform Relocation Act
(5) Provide the required list of all occupied units and tenant income certifications as Attachment 13.
(6) Provide the required description of how the Development will meet the set- aside requirements as Attachment 14.
(7) Provide the required description of how the cost of relocation will be covered as Attachment 15.
c. Uniform Relocation Act (URA) Acquisition Information:
(1) Does the Applicant or Land Owner currently own the Development site?
Yes
If “Yes” - Provide a narrative regarding the acquisition as Attachment 16 and skip questions (2) through (4) below.
If “No” - Answer question (2) below.
(2) Is the Applicant or Land Owner a private company?
No
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
If “Yes” - Provide a copy of the notice provided to the current owner/seller as Attachment 17 and skip questions (3) and (4) below.
If “No” - Answer question (3) below.
(3) Is the Applicant or Land Owner a public (government) Applicant?
Yes
If “Yes” - Answer question (4) below.
If “No” - Skip question (4) below.
(4) Does the Applicant have eminent domain power?
Yes
If “Yes” - Provide a copy of the required notice as Attachment 18.
If “No” - Provide the required information as Attachment 18.
*****************
B. Addenda
The Applicant may use the space below to provide any additional information or explanatory addendum for items in the Application. Please specify the particular item to which the additional information or explanatory addendum applies.
SECTION 3a.(2) - LAND OWNER
Monroe County, Monroe County Board of County Commissioners, and the Board of County Commisioners of Monroe County are listed on various documents in the Attachments to Exhibit A of the application. All references are Monroe County, the Land Owner for this application.
SECTION 5b. -DEVELOPMENT SITE ADDRESSES:
--31535 Avenue C, Big Pine Key (RE 00302670-000000) - This parcel was formally known as 31535 and 31553 Avenue C, Big Pine Key with RE 00302670-000000 and RE 00302680-000000. The parcels were recently combined by the Monroe County Property Appraiser and are now only listed as 31535 Avenue C, Big Pine Key (RE 00302670-000000) by the Property Appraiser. This address is used in this application as it is now the official address. However, some documents in the attachments still reference both addresses and/or RE numbers including the legal description attached to the Land Owners Certification
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
and Acknowledgement Form, the lease, and the purchase and sale. Because the legal descripton on the current deed for the property includes both RE numbers, these documents follow the description on the deed. When the property is purchased by Monroe County, the address and the RE number on the new deed and on any relavent documents will be revised to match what is now reflected by the Monroe County Property Appraiser.
--2 N. Conch Ave, Conch Key (RE 00385780-000000) - USPS lists multiple addresses at this site because it is a RV/mobile home park; however, the Monroe County Property Appraiser lists the address for this property as 2 N. Conch Ave with one RE number (Parcel ID number). For clarity sake, the address listed by the Monroe County Property Appraiser is being used for this application.
--RE numbers (parcel ID numbers) were added to the addresses in this application to aid the signatories of the Ability to Proceed forms to ensure the correct parcels are identified.
Section 10a(1)(b) - LAND ACQUISITION PROGRAM FUNDING REQUESTS:
--31535 Avenue C, Big Pine Key (RE 00302670-000000) and 2 N. Conch Ave, Conch Key (RE 00385780- 000000) is a request for funding for FUTURE purchase of land
--31 S. Conch Ave, Conch Key (RE 00385780-000400) is a request for funding for REIMBURSEMENT of land purchase
--Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440-001100) is NOT requesting any Land Acquisition Program Funding as it was purchased by Monroe County in 2004
SECTION 11c(1) - UNIFORM RELOCATION ACT
The Land Owner (Monroe County) owns two of the four parcels submitted for funding in the application --2 N. Conch Ave, Conch Key (RE 00385780-000000) and Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440-001100). The Applicant has entered into a 99-year lease for all four parcels for $10/year as required by the application so has "ownership" as defined only in this question. The narrative for the acquisition of these two parcels and for the lease with the Applicant are described in Attachment 16
The instructions state to skip questions 11c.(2)-(4) if the answer is "yes" to question 11c.(1). However, since this application includes both parcels that have been purchased by the Land Owner and parcels that are under a purchase and sales agreement with the Land Owner, all questions in Section 11 have been answered
SECTION 11c.(4) - UNIFORM RELOCATION ACT
This question in Exhibit A asks if the Applicant has the power of eminent domain while the instructions for 11c.(4) state that "(a) If the buyer has the power of eminent domain, the buyer must notify the seller in writing that it has such power and the determination of market value for the property is being
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Exhibit A as modified on 7-19-19
waived. Provide a copy of the required notice as Attachment 18 to Exhibit A." The "buyer" in this application is Monroe County and has the power of eminent domain.
Applicant is defined in Exhibit B of this RFA as "(a)ny person or legal entity of the type and with the management and ownership structure described herein that is seeking a loan or funding from the Corporation…". Monroe County is the Land Owner and "buyer" for two parcels in this application and is requesting Land Acquisition Program Funding from the Corporation for a total of three parcels. Because Monroe County is "seeking a loan or funding" as defined in Exhibit B, the County is also considered an Applicant. Monroe County has the power of eminent domain so the answer is "yes" to this question and only the information requested for the "buyer" as outlined in the instructions for Section 11c.(4) has been included in Attachment 18.
While Monroe County Housing Authority is also a public Applicant, they have entered into a 99-year lease with Monre County for $10 a year as required by this application. They do not have the power of eminent domain so only the information requested for the "buyer" as stated in the instructions is included in Attachment 18.
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RFA 2019-101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 1 of 7)
NOTES: (1) Developer fee may not exceed the limits established in Rule Chapter 67-48, F.A.C., or this RFA Any portion of the fee that has been deferred must be included in Total Development Cost. When the (2) General Contractor's fee is limited to 14% of actual construction cost (for Application purposes, this is represented by A1.1. Column 3), rounded down to nearest dollar. The General Contractor's fee must be disclosed. The General Contractor's fee includes General Conditions, Overhead, and Profit. (3) For Application purposes, the maximum hard cost contingency allowed cannot exceed 5% of the amount provided in column 3 for A1.3. TOTAL ACTUAL CONSTRUCTION COSTS for Developments where 50 percent or more of the units are new construction. Otherwise the maximum is 15%. The maximum soft cost contintengy allowed cannot exceed 5% of the amount provided in column 3 for A2.1 TOTAL GENERAL DEVELOPMENT COST. Limitations on these contingency line items post-Application are provided in Rule Chapter 67-48, F.A.C. (4) Operating Deficit Reserves (ODR) of any kind are not to be included in C. DEVELOPMENT COST and cannot be used in determining the maximum Developer fee. In addition, an ODR is not permitted in this Application at all. If one has been included, it will be removed by the scorer, reducing total costs. However, one may be included during the credit underwriting process where it will be sized. The final cost certification may include an ODR, but it cannot exceed the amount sized during credit underwriting. (5) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma, Detail/Explanation Sheet, Construction Analysis and Permanent Analysis are subject to change during credit underwriting, such costs are subject to the Total Development Cost Per Unit Limitation as provided in the RFA, as well as the other cost limitations provided in Rule Chapter 67-48, F.A.C., as applicable.
USE THE DETAIL/EXPLANATION SHEET FOR EXPLANATION OF * ITEMS. IF ADDITIONAL SPACE IS REQUIRED, ENTER THE INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION.
What was the Development Category of the Proposed Development: New Construction (w/ or w/o Acquisition) Indicate the number of total units in the proposed Development: 25 Units
1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN DEVELOPMENT COSTS Actual Construction Costs Accessory Buildings
Demolition
New Rental Units 4,200,000 4,200,000
*Off-Site Work (explain in detail)
Recreational Amenities
Site Work 250,000 250,000 . *Other (explain in detail)
A1.1. Actual Construction Cost $ 4,450,000 $ 4,450,000
A1.2. General Contractor Fee See Note (3) (Max. 14% of A1.1., column 3) $ 600,000 $ 600,000
A1.3. TOTAL ACTUAL CONSTRUCTION COSTS $ 5,050,000 $ 5,050,000
A1.4. HARD COST CONTINGENCY See Note (4) $ 245,000 $ 245,000 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 2 of 7) 1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN General Development Costs Accounting Fees 20,000 20,000
Appraisal 7,500 7,500
Architect's Fee - Site/Building Design 75,000 75,000
Architect's Fee - Supervision 25,000 25,000
Builder's Risk Insurance 25,000 25,000
Building Permit
Capital Needs Assessment
Engineering Fees 50,000 50,000
Environmental Report 25,000 25,000
FHFC Administrative Fee See Note (2)
FHFC Application Fee See Note (2) 1,500 1,500
FHFC Compliance Fee See Note (2)
FHFC PRL/Credit Underwriting Fees See Note (2) 14,082 14,082
Green Building Certification/ HERS Inspection Costs 30,000 30,000
*Impact Fees (list in detail)
Inspection Fees 21,000 21,000
Insurance 25,000 25,000
Legal Fees 75,000 75,000
Market Study 6,500 6,500
Marketing/Advertising
Property Taxes
Soil Test Report 5,000 5,000
Survey 50,000 50,000
Tenant Relocation Costs 300,000 300,000
Title Insurance & Recording Fees 25,000 25,000
Utility Connection Fee 112,500 112,500
*Other (explain in detail)
A2.1. TOTAL GENERAL DEVELOPMENT COST $ 893,082 $ 893,082
A2.2. SOFT COST CONTINGENCY See Note (4) $ 44,600 $ 44,600 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 3 of 7) 1 3 ENTER TOTAL TOTAL COSTS IN THIS COSTS COLUMN Financial Costs Construction Loan Origination/ Commitment Fee(s)
Construction Loan Credit Enhancement Fee(s)
Construction Loan Interest
Non-Permanent Loan(s) Closing Costs
Permanent Loan Origination/ Commitment Fee(s)
Permanent Loan Credit Enhancement Fee(s)
Permanent Loan Closing Costs
Bridge Loan Origination/ Commitment Fee(s)
Bridge Loan Interest
*Other (explain in detail)
A3. TOTAL FINANCIAL COSTS $ $
ACQUISITION COST OF EXISTING DEVELOPMENT (excluding land) Existing Building(s)
*Other (explain in detail)
B. TOTAL ACQUISITION COSTS OF EXISTING DEVELOPMENT (excluding land) $ $
C. DEVELOPMENT COST $ 6,232,682 $ 6,232,682 (A1.3+A1.4+A2.1+A2.2+A3+B)
Developer Fee See Note (1) Developer Fee on Acquisition Costs
Developer Fee on Non-Acquisition Costs 800,000 800,000
D. TOTAL DEVELOPER FEE $ 800,000 $ 800,000
E. OPERATING DEFICIT RESERVES See Note (5) $ $
F. TOTAL LAND COST $ 2,000,000 $ 2,000,000
G. TOTAL DEVELOPMENT COST See Note (6) $ 9,032,682 $ 9,032,682 (C+D+E+F) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 4 of 7)
Detail/Explanation Sheet
Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been completed on the Pro Forma that requires a detailed list or explanation.
DEVELOPMENT COSTS
Actual Construction Cost (as listed at Item A1.)
Off-Site Work:
Other:
General Development Costs (as listed at Item A2.)
Impact Fees:
Other:
Financial Costs (as listed at Item A3.)
Other:
Acquisition Cost of Existing Developments (as listed at Item B2. )
Other:
NOTES: Neither brokerage fees nor syndication fees can be included in eligible basis. Consulting fees, if any, and any financial or other guarantees required for the financing must be paid out of the Developer fee. Consulting fees include, but are not limited to, payments for Application consultants, construction management or supervision consultants, or local government consultants.
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 5 of 7)
CONSTRUCTION ANALYSIS AMOUNT LENDER/TYPE OF FUNDS
A. Total Development Costs $ 9,032,682.00
B. Construction Funding Sources:
1. First Mortgage Financing $ 9,032,682.00 FHFC - CDBG-DR
2. Second Mortgage Financing $
3. Third Mortgage Financing $
4. Fourth Mortgage Financing $
5. Fifth Mortgage Financing $
6. Sixth Mortgage Financing $
7. Seventh Mortgage Financing $
8. Eighth Mortgage Financing $
9. Ninth Mortgage Financing $
10. Tenth Mortgage Financing $
11. Other: $
12. Other: $
13. Deferred Developer Fee $
14. Total Construction Sources $ 9,032,682.00
C. Construction Funding Surplus (B.14. Total Construction Sources, less A. Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.)
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 6 of 7)
PERMANENT ANALYSIS AMOUNT LENDER/TYPE OF FUNDS
A. Total Development Costs $ 9,032,682.00
B. Permanent Funding Sources:
1. First Mortgage Financing $ 9,032,682.00 FHFC - CDBG-DR
2. Second Mortgage Financing $
3. Third Mortgage Financing $
4. Fourth Mortgage Financing $
5. Fifth Mortgage Financing $
6. Sixth Mortgage Financing $
7. Seventh Mortgage Financing $
8. Eighth Mortgage Financing $
9. Ninth Mortgage Financing $
10. Tenth Mortgage Financing $
11. Other: $
12. Other: $
13. Deferred Developer Fee $
14. Total Permanent Funding Sources $ 9,032,682.00
C. Permanent Funding Surplus (B.14. Total Permanent Funding Sources, less A. Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.)
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 7 of 7)
The intent of this page is to assist the Applicant in determining a TDC PU Limitation for the proposed Development and comparing it to the appropriate RFA's TDC PU Limitation. The accuracy of the comparison is dependent upon the accuracy of the inputs and Florida Housing takes no responsibility in any programing errors. FHFC will not use this page to score TDC PU Limitation criteria. If FHFC makes any adjustments to the Applicant's data or assumptions, FHFC's TDC PU for Limitation purposes of the proposed Development or the TDC PU Limitation determined by FHFC may be different than the amounts provided below. Please read the RFA for qualifying responses and definition of terms. This table is optional and its use is at the sole discretion of the Applicant. Applicant is responsible to verify and be in compliance with all aspects of the Application to meet RFA criteria.
TDC PU LIMITATION ANALYSIS Not in South Florida, New Construction, Garden, ESSC.
In which county is the proposed Development to be located? Monroe (Small County)
You have indicated above on row 32 that the Development Category of the Proposed Development is………………………………………….New Construction (w/ or w/o Acquisition)
What is the proposed Development's Development Type? Garden
Does the proposed Development qualify as Enhanced Structural Systems Construction (ESSC)? Yes
The TDC PU Base Limitation for the above defined Development is……………………………………$248,000
Does the proposed Development qualify for any of the following TDC PU Add-Ons or Multipliers? Choose all that apply.
1. (a) PHA is a Principal/Affiliate Add-On……………………………………………………………………..Yes (Select one or no (b) Requesting HOME funds from FHFC Add-On…………………………………………………. option, as applicable) (c) Requesting CDBG-DR funds from FHFC Add-On…………………………………………….Yes
2. Tax-Exempt Bond Add-On…………………………………………………………………………………………….(Select if applicable)
3. (a) North Florida Keys Area Multiplier……………………………………………………………..Yes (Select one option if (b) South Florida Keys Area Multiplier…………………………………………………………….No applicable)
4. (a) Persons with Developmental Disabilities Multiplier………………………………………………………… (b) Persons with a Disabling Condition Multiplier………………………………………………… (Select one or no (c) Persons with Special Needs Multiplier………………………………………………………… option, as applicable) (d) Homelss Demographic Multiplier……………………………………………………………….
5. Elderly ALF Multiplier……………………………………………………………………………. (Select if applicable)
6. (a) Less than 51 units Multiplier*……………………………………………………………………. (Select one option if (b) More than 50 units, but less than 81 units Multiplier*………………………………………… applicable) *For 9% HC Permanent Supportive Housing RFAs only. The proposed Development must be new construction to qualify as well as not being located in Monroe County.
The final overall TDC PU Limitation for the above defined Development is……………………$389,230.77
Derivation of the TDC PU of the proposed Development for Limitation purposes:
Total Development Costs (Line G., column 3) $9,032,682.00
Less Land Costs (Line F., column 3) $2,000,000.00
Less Operating Deficit Reserves (Line E., column 3) $0.00
Less Demolition and Relocation Costs, if applicable $300,000.00
TDC of the proposed Development for Limitation Purposes: $6,732,682.00
TDC PU of the proposed Development for Limitation Purposes: $269,307.28
Is the proposed Development's TDC PU for Limitation purposes equal to or less than the TDC PU Limitation provided in the RFA?...... Yes Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
CDBG-DR Principal Disclosures for the Applicant APPROVED for NON-HOUSING CREDITS FHFC Advance Review 7.11.19 Select the organizational structure for the Applicant entity: The Applicant is a: Public Housing Authority
Provide the name of the Applicant Public Housing Authority:
Monroe County Housing Authority First Principal Disclosure Level: Click here for Assistance with Completing the Entries for the First Level Principal Disclosure for the Applicant First Level Select Type of Principal of Select organizational structure Entity # Applicant Enter Name of First Level Principal of First Level Principal identified
1. Executive Director J. Manuel Castillo, Sr. (Secretary) Natural Person 2. Commissioner Richard Toppino Natural Person 3. Commissioner Ailton Lopez Natural Person 4. Commissioner Pat Labrada Natural Person 5. Commissioner Carey Goodman (Vice Chairman) Natural Person 6. Commissioner Aaron Castillo (Chairman) Natural Person
Page 1 of 2 CDBG-DR Principals of the Applicant and Developer(s) Disclosure Form (Form Rev. 06-2019) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Principal Disclosures for the Developer APPROVED for NON-HOUSING CREDITS FHFC Advance Review 7.11.19 How many Developers are part of this Application structure? 1 Select the organizational structure for the Developer entity: The Developer is a: Public Housing Authority
Provide the name of the Developer Public Housing Authority:
Monroe County Housing Authority
First Principal Disclosure Level: Monroe County Housing Authority Click here for Assistance with Completing the Entries for the First Level Principal Disclosure for a Developer First Level Select Type of Principal of Select organizational structure Entity # Developer Enter Name of First Level Principal of First Level Principal identified
1. Executive Director J. Manuel Castillo, Sr. (Secretary) Natural Person 2. Commissioner Richard Toppino Natural Person 3. Commissioner Ailton Lopez Natural Person 4. Commissioner Pat Labrada Natural Person 5. Commissioner Carey Goodman (Vice Chairman) Natural Person 6. Commissioner Aaron Castillo (Chairman) Natural Person
Page 2 of 2 CDBG-DR Principals of the Applicant and Developer(s) Disclosure Form (Form Rev. 06-2019) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 1 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment A Monroe County Scattered Sites LEGAL DESCRIPTION
31 S. Conch Avenue, Conch Key (bearing PropertyIdentification Number 00385780- 000400): The Wed 70 reet of Lot 14, CONCH KEY SUBDIVISION, a.:cordingto the Ph,t thereof, recorded In Plat Book 2, Page 130, of the Public Records of Monroe County, Florida. Said parcel ofland being 111flre particularly described as follo"'s, tn wU: At lhe Point of Beginning commence Ml II point on th, J'linrtb Right-of-Way line of South Conch Avenue and the Sou,h11-·est comer of Lot 14, Conch Key SubdMslon, according to the Plat thereof as recorded in Plat Book 1, PaRe 130, of the Public Rcc:ordi; or Monroe County, Florldn� thence run in a Northerly direction along the West boundary line of I.ol 14 fol'a dlscance of70 feet co the :-.lorthwest corner ofs11ld Lot 14; thence proceed at a right anJ:Je along the Northern lot llne of Lot 14 for a distance of 70 feet to a pt1in1; thencl.\ 11t a right angle and running parallel with the East lol llne of Lot 14, run a distance of 70 feet to 11 point on the
South lol line of Lot 141 and on the North Right-of-way line of South Conch Avenue said point being 70 feet from the Pojnt of Beginning; thence Ill a right angle proceed in .a Westerly direction along the South lot Une of Lot 14 a dbt11nceof 70 feet back lo the Point of Beginning. The propertylocated on Atlantic Boulevard, Key Largo (bearing PropertyIdentification Number 00453440-001100):
"!" of fOltI LAI.GO. • S\lbd1v111011 in sect1oo 33, A arcel of la'Ood lyiug ui Traat ley L1r10, according to th• ?lat t:hereof, •• r•corded To!rtahip 61 J.cse 39 EUt on Public a.cord• ot HOm:oe County, norlda. beltiS in Plat- •i 1qe 31 of. th• more parttcul&xlyBooks. descri.bed •• followat tbe point of inter1ecttoo the llorthuoterly pro1011aat1on oft� ence at of Avenue vith tbe Ncrrtheasterl:, light Nortbw•�coac rl:, liabt of Va7 liu of Rome1tea4 of way lbae of Atlantic Joultv•t"cll then� run Northuaterl.J &1001 a..U prolanaation 211 ..27 feet f.o� 218 ..27 feet to th• pa;bt of htt6'tSect1on vi.th • lim �all11l i:o and cngl�• to the ad.d Rortbeut■rly 1.1.pt of wa, Rortb•&•terly Of t at ..-uied at 1:t&nt U.ii• of A.tl■ntie Jcult.Var4; t�e cl,t'J.ect 90 deFHI ricbt ISU1 tU1I Southeasterly liM of Cuto Col'p. aloaa 1aic1 puallel line aii4 tbe &outbvdterl:r Dcvelopnnt far to tba ducribed pucat= from Piel Point feet the Poiuc of Becinnua of hereinafoYamm'tia..Ad coun• £0� 200.00 .f••t so.ooof Bednnins, continue Soatheast«l:, al.Olla the to a point mtereectiug the Koi-tbwutarly light of Wa1 l.me of St. Croix :Placa. Uaht thence deflect 90 dap-ua risbt and nsu Sou�hvNt.•Tl7 alona •AU Norcbwe•te�1y of Way lta. for 218. 27 fut; tb� d•tlact 90 dep-eoa ript ad l'UI\ Northweat.er1y to • -,obt OD �he alons Cha ROrtbta&ttrlY liDa of .Atlantic lloulsva-r4 for 200.0Q l"t Soutbe.. c.rl1 l:l&ht of Vat 11.n• of IIOIM1tw Avenue; thnce de.fl.act 90 d._tee• right and rua Rorthaubn:·ly •lona ,udd t>T"Ol61'pt'°'1 fOT 211.27 feat to the !oint of 1e81nn1n,. 31535 Avenue C, Big Pine Key (bearing Property Identification Number 00302670- 000000 and 00302680-000000): Block 22, Lots 1,-2, 3, and 4, Sands Subdivision, according to the Plat thereof as recorded in Plat Book 1, Page 65, of the Official Records of Monroe County, Florida.
Page 1 of 2 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
2 N. Conch Avenue, Conch Key (bearing PropertyIdentification Number 00385780- 000000): All of Lot 13, the Easterly 30 feet of Lot 1', the Easterly39 (ect or Lot 30 and All of Lot 31 of CONCH KEY, beln,: • combination or the following two Parcels of Land: A Part or Lots 13 and 30 and AU of Lot 31 of CONCH KEY, as recorded In Plat Book 2, Pa2e 130, or the Puhli� Records or Monroe County, Florida, and beln1 more particularly described by metes and bounds as followt:Commenclng at the Northeastcorner of Lot31, said corner to be known as tbe Point of B�lnnlng of the Tract of Land hereinafter described, bear North 66• 45' West, along the Southerly RJght-of-Way line of North Cooch Avenue, 131.95 feeti thencebear South 23• 15• West,70 feet; thence bearNorth 66• ◄51 West, 39 feet; thence bear S011tla 23• 15' West, 70 feet to the Northeasterly Rfgbt-of-Way line of South Conch Avenue; thence bear South 66• 45' East. 36.82 feet to the Northerly Rigbt-ofWay line of U.S. Highway No. 1; thence bear North 69' 05' East, along the Northerly Right-of-Way line of U.S. Highway No. 1, 190.93 feet; 1hence in a Northerly direction, 7.48 feet. back to the Point of Beginoln1ANDA Parcel of Land in a Part of Lots 13 and 14 of CONCH KEY, as recorded In Plat Book l, Paee 130, of the Public records of Monroe County, Florida, and beinc more particularly de.scribed by metes and bounds as follows: CommeQdng at the Southwest corner of Lot 14, bear Soutb 66• ◄S' Eut, along the Northerly Rlght-ofWay llne of South Conch Avenue, 70 feetto the Point ofBeglonln1: of theParcel ot Land hereinafter described; fr-om said Point of BeeioDln&, bear North 23• 1S' East, 70 feet; thence bear South 66• ◄S' Eut, 52 feet; thence bearSouth 23' 151 West, 70 feet to the Northerly Right-of-Way line of South Conch Avenue; thence bear North 6'' 45' West,along the NortherlyRighf�of-Way line of South Conch Avenue, 52 feet, back to tbe Point ofBcgloolog.
Page2 of 2 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 2 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Not Applicable Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 3 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Not Applicable Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 4 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 4
PRIOR GENERAL DEVELOPMENT EXPERIENCE CHART Name of natural person Principal with the Required Experience: J. Manuel Castillo, Sr. (RG0051996) Name of Developer Entity (for the proposed Deveopment) for which the above individual is a Principal: Monroe County Housing Authority Federal Program that Provided Total Federal Programs such as Davis Bacon Location (City Financing (HOME Number of Year requirements and Enviromental Review Name of Development & State) for example) Units Completed requirements applied? (Y/N) Key Plaza A Senior Complex Key West, FL HOME 28 1999 Y R. C. Sands Jr, Housing Complex Key West, FL Tax Exempt Bonds 44 2011 Y Roosevelt Gardens Apartments Key West, FL Tax Exempt Bonds 96 2004 Y Eastwind Apartments (Rehab) Marathon, FL HOME 130 1996 Y Tropical Isle Apartments (Rehab) Marathon, FL HOME 23 1996 Y Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 5 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 5 Monroe County Scattered Sites
PRIOR GENERAL MANAGEMENT EXPERIENCE CHART Name of Management Company or a Principal of the mangement Company with the required experience: Monroe County Housing Authority Length of Currently Managed Time Total or Formerly (Number of Number Name of Development Location (City & State) Managed Years) of Units Eastwind Apartments Marathon, FL Currently Managed 35 130 Tropical Isle Apartments Marathon, FL Currently Managed 22 23 Newport Village Key Largo, FL Currently Managed 26 50 Stock Island Housing Complex Key Largo, FL Currently Managed 15 18 Big Coppitt Scatterred Sites Big Coppitt Key, FL Currently Managed 17 4 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Attachment 6 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Appraisal for the Following Site(s):
2 N. Conch Ave, Conch Key
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AN APPRAISAL OF
12 AFFORDABLE HOUSING UNITS
LOCATED ON
CONCH KEY MONROE COUNTY, FLORIDA
PREPARED FOR
CHARLES G. PATTISON, EXECUTIVE DIRECTOR MONROE COUNTY LAND AUTHORITY 1200 TRUMAN AVENUE, SUITE 207 KEY WEST, FLORIDA 33040
EFFECTIVE DATE OF VALUATION
MARCH 30, 2019
PREPARED BY
TRENT MARR, MAI, SRPA STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC.
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Marr & Associates Appraisal Company, Inc. Trent Marr, MAI, SRPA Phone 850-342-1114 State-Certified General Real Estate Appraiser # RZ 514 2665 Aucilla Road, Monticello, Florida 32344 [email protected] 81800 Overseas Highway, Islamorada, Florida 33060
April 30, 2019
Charles G. Pattison, Executive Director Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040
Re: An appraisal of 12 ROGO exempt housing units and a site consisting of 16,120 square feet. The property is located at mile marker 63 on the west side of Overseas Highway on Conch Key, Monroe County, Florida.
Dear Mr. Pattison:
At your request, the investigations and analyses necessary to form an opinion of the market value of the fee simple estate in the above referenced properties has been conducted. The site totals 16,210 square feet and is ROGO exempt with 12 dilapidated residential units and 5 RV/transient units. Not all of the units could be re-developed on the site. The 5 RV units/rights are being retained by seller and the property being appraised consists of the site and 12 ROGO exempt units.
To the best of my ability, the analysis, opinions, and conclusions were developed and this report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute and Uniform Standards of Professional Appraisal Practice (USPAP).
Based upon a personal inspection of the subject property, the subject neighborhood and all comparable data, as well as upon the investigations and analyses undertaken, I have formed the opinion that, as of March 30, 2019, subject to the assumptions and limiting conditions set forth in this report, the market value of the subject site is:
NINE HUNDRED EIGHTY EIGHT THOUSAND DOLLARS
($988,000)
Respectfully Submitted, Marr & Associates Appraisal Company, Inc.
Trent Marr, MAI, SRPA State-Certified General Real Estate Appraiser # RZ 514 C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 1 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: RV/Mobile home park (current use)
PROPOSED USE: Affordable housing
LOCATION: 2 N. Conch Avenue, Conch Key, Florida.
OWNER OF RECORD: JDLC Inc. 1241 Route 9P Saratoga Springs, NY 12866
PARCEL IDENTIFICATION: 00385780-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $672,657 / $6,417.15 Taxes do not include waste water of $394
DATE OF VALUE/REPORT: March 30, 2019 / April 30, 2019
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 16,210 square feet
OWNERSHIP HISTORY: The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida. There is a pending contract for $1,000,000. Based on the sales, the contract price is slightly above market.
PARCEL ACCESS: N. and S. Conch Avenue
IMPROVEMENTS: The site is improved with 12 dilapidated mobile homes and 5 transient units (RV sites). The transient units are not a part of this appraisal.
ZONING/LAND USE: CFSD 16 (Commercial Fishing District)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $988,000
EXTRAORDINARY ASSUMPTION: This appraisal is based on the extraordinary assumption that the excess building units can be transferred to either a water front or non-water front site at a nominal cost. The use of this Extraordinary Assumptions might affect the assignment results.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 2 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SUBJECT PHOTOGRAPHS
Intersection of Overseas Highway and North Conch Avenue, front view of subject
Overseas Highway southbound
Overseas Highway northbound
N Conch Avenue looking west, subject on left
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 3 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
N. Conch Avenue looking east, subject on right
North side view of subject
North side view of subject
South side view of subject
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 4 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Neighboring homes to the west
Front view looking westerly from S. Conch Avenue
View of fire station across the street from subject
View of motel across the street from the subject on right C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 5 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 6 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 7 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CERTIFICATE OF VALUE
The undersigned does hereby certify that, to the best of my knowledge and belief that:
The statements of fact contained in this appraisal report, upon which the analysis, opinions and conclusions expressed herein are based, are true and correct.
The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report. I have no personal interest or bias with respect to the parties involved.
My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based upon a requested minimum value, a specific value, or the approval of a loan.
The reports and analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of:
- the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute - the State of Florida requirements for state-certified appraisers - Uniform Standards of Professional Appraisal Practice (USPAP, (January 2016-2017)
I have complied with the USPAP competency provision.
This appraisal report sets forth all of the limiting conditions imposed by the terms of this assignment or by the undersigned affecting the analyses, opinions and conclusions contained in this report.
No one provided significant professional assistance to the persons signing this report, unless specifically noted herein.
Mary Marr provided professional assistance in reviewing the report for grammatical and typographical errors as well as consistency throughout the report.
I previously appraised the property on December 8, 2017 for Monroe County Land Authority. 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.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Additionally, it is subject to review by the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission.
As of the date of this report, Trent Marr has completed the requirements of the continuing education program of the Appraisal Institute.
4/30/19 ------Trent Marr, MAI, SRPA Date State-Certified General Real Estate Appraiser # RZ 514
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 8 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
ASSUMPTIONS AND LIMITING CONDITIONS
The legal description used in this report is assumed to be correct.
No survey of the properties has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the properties.
No responsibility is assumed for matters of legal nature affecting title to the properties nor is an opinion of title rendered. The title is assumed to be good and marketable.
Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the appraisal, a reasonable effort has been made to verify all such information. No responsibility for the accuracy of any information furnished by others to the appraiser is assumed by the appraiser.
All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management.
It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. Unless noted, all mechanical components are assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical, and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated.
It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report.
It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the boundaries or properties lines of the properties described and that there is not encroachment or trespass unless noted within the report.
The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the properties in question, unless arrangements have been previously made thereto.
EXTRAORDINARY ASSUMPTION
This appraisal is based on the extraordinary assumption that the excess building units can be transferred to either a water front or non-water front site at a nominal cost. The use of this Extraordinary Assumptions might affect the assignment results.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 9 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SCOPE OF WORK
The scope of the appraisal included the inspection of the subject property, comparable sales and the subject neighborhood. The site was inspected on March 30, 2019. The market was researched from January 2016 through April 30, 2019.
The subject consists of a non-water front site totaling 16,210 square feet. The site had previously been improved with 12 mobile homes and 5 RV/Transient units. The improvements suffered significant damage from Hurricane Irma in September 2017. None of the improvements have any contributory value. The 5 transient units are being retained by the current property owners/seller, leaving the site with 12 housing units. Although possible, it would be difficult to develop the site with the 12 units. The proposed site plan allows for 8 units. The remaining for units could be transferred to an alternative water front or non-water front site.
Numerous sales were researched and those most comparable were used in this report. In developing the sales comparison approach, market data was collected from the local MLS and online public records. Although market rate units could be developed on the site, the density would be significantly less than the 8 proposed affordable housing units. Thus, the highest and best use of the site was to develop as proposed and sell off the remaining 4 ROGO exempt units. Affordable housing sales are typically purchased and sold on a price per unit basis. The sales had a relatively narrow range in per unit prices and this was considered the best indicator of value for the subject.
PROPERTY RIGHTS APPRAISED
The property rights being appraised are the fee simple estate defined as:
"Absolute ownership unencumbered by any other interest or estate, subject only to the limitation imposed by the governmental powers of taxation, eminent domain, police power, and escheat.1"
DATE OF VALUE ESTIMATE
The date of inspection and value estimate was March 30, 2019. The date of this report is April 30, 2019.
PURPOSE OF THE REPORT
The purpose of the report is to estimate the market value of the fee simple interest of the subject property.
INTENDED USER (S) AND USE OF THE REPORT
The intended user of this report is the Monroe County Land Authority. There is a pending contract and the intended use is to establish a sales price.
OWNER OF RECORD
JDLC Inc. 1241 Route 9P Saratoga Springs, NY 12866
1 The Dictionary of Real Estate Appraisal, 6th Edition, 2015, Page 90 C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 10 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HISTORY OF SUBJECT
The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida. There is a current contract with the county for $1,000,000. Based on the sales, the contract price is slightly above market.
DEFINITION OF 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 and 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 the following conditions:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and
5. 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 sale2.
STATEMENT OF CONFORMATION
To the best of my knowledge, this appraisal conforms to: The Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Foundation; Federal regulations as stipulated by The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and other regulatory requirements that may apply, specifically 12 CFR Part 34 (Title XI of FIRREA); the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute; and the competency provision of USPAP.
LEGAL DESCRIPTION
Based on the property record card the legal is lot 13 and the easterly 30 feet of lot 14 and the easterly 39 feet of lot 30 and all of lot 31 Conch Key, Plat Book 2, Page 130, of the public records of Monroe County, Florida.
2 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2010), Page 7 C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 11 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2018 taxes and assessed values are summarized as follows.
RE Number Assessed Value Taxes 00385780-000000 $672,657 $6,417.15
The taxes do not include solid waste in the amount of $394.
EXPOSURE TIME
Exposure time is defined as.
- The time a property remains on the market. - The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market3.
This analysis considers Exposure Time at a market related price such as the estimated market value in this report. The subject consists of a 16,210 square foot site with 12 ROGO exempt housing units. Some of the sites can be re-developed on the site, with the remaining units development rights transferred to an alternative water front or non-water front site. There are very few sites available with ROGO exempt units and units that could be sold off as transfer of building rights. Based on the sales, a reasonable exposure time would have been 9-12 months.
3 The Dictionary of Real Estate Appraisal, published by the Appraisal Institute 2010, 5th edition, page73 C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 12 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 MONROE COUNTY SUMMARY
INTRODUCTION
Monroe County is the southernmost county in the State of Florida. It is bounded by Dade County to the north, the Atlantic Ocean to the east and the Gulf of Mexico (Florida Bay) to the west. Monroe County contains a total of 1,144,791 acres of which 60,656 acres are included in planning areas with the remaining dedicated to conservation, parks and recreational areas. The primary attraction of Monroe County is the tropical climate allowing year round diving, fishing and numerous outdoor recreational activities. The maximum average temperature rarely exceeds 89 degrees while the minimum average temperature rarely drops below 65 degrees. Permanent residents are primarily retired or locally employed in tourist related activities. The Florida Keys are comprised of four distinct areas. These areas consist of the Upper Keys, Middle Keys, Lower Keys and Key West. Until recently most of the areas, except Key West were operating under the county. Marathon and Islamorada incorporated in the 90’s and are no longer under county regulations.
POPULATION
Monroe County is the 38th largest of the 67 counties located in the State of Florida. From 2005 to 2012 there was an exodus of population. In 2005 and 2006 this was due to the significant rise in the real estate market, allowing property owners to experience significant profits, and seek residence is significantly less costly metropolitan areas. In the following years the recession and lack of tourism had caused increased unemployment rates and a continued decrease in population. However, the market has been improving the past several years and based on the US Census Bureau the population of Monroe County in 2017 was 77,013 which is an increase from 2010 at 73,090.
EMPLOYMENT
The unemployment rate for Monroe County was 2.4% in February 2019 while at the same time the unemployment rate for the State of Florida and the USA in March 2019 was 3.8%. The unemployment rate for Monroe County has remained lower than the State of Florida every year since 1998. According to the US Census Bureau online, the total work force for Monroe County as of 2017 was 45,000. No geographical figures were available for the different areas of the Keys; however, local statistics indicate that the lowest unemployment figures in Monroe County are in Key West and Key Largo, where the tourism industry is the strongest. According to the US Census Bureau online, Monroe County had a 2012-2017 median family income of $60,303 which is higher than the State’s average of $48,900.
According to the county on line web site, the 2018 Florida price index in Monroe County is 162.5 versus the Florida index of 110.9 and the US index of 100. The high price index for Monroe County is due to its southernmost location in the state and the majority of products are shipped or hauled in over the dozens of bridges throughout the Florida Keys. These trucks and ships make the return trip empty, which further increases the costs of goods. C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 13 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONSTRUCTION INDUSTRY
Monroe County and the Florida Keys are located within an Area of Critical State Concern and the Florida Keys have one of the only living coral reefs in the United States. Therefore, state as well as national building restrictions have been placed on the county, limiting and restricting development. These restrictions are expected to increase in anticipation of decreased permit availability in the future; development is taking place while it is still possible. Since the implementation of the Rate of Growth Ordinance (ROGO) in 1992, there has been an increase in renovations because of the difficulty in obtaining building permits for new buildings.
RECREATIONAL FACILITIES
The Florida Keys have excellent water recreational activities. Thousands of visitors come each year to dive and fish the coral reefs throughout the Florida Keys. Although primarily limited to water recreation, the county also has two golf courses, and movie theaters. Monroe County also has a free public library system with three branches located throughout the county.
TRANSPORTATION
Overseas Highway is the main thoroughfare entering and exiting the Florida Keys. In Monroe County U.S. 1 begins at Mile Marker 112 and runs approximately 112 miles to Key West. Access is also provided by SR 905 and SR 905 A, commonly called Card Sound Road. SR 905A begins along the south side of Florida City and extends 16 + miles in a northeasterly direction towards a private development referred to as Ocean Reef. From the intersection of SR 905 and 905A, SR 905 extends in a southerly direction approximately 9 miles were it terminates at Overseas Highway. There are two public airports located in Monroe County. Key West and Marathon airports are located at miles markers 1 and 50 respectively. The Miami International Airport is located 60 miles north of Key Largo and is the major airport used by residents in the Upper Keys. Transportation services are limited to taxi services and the Greyhound Bus.
SUMMARY
Overall, the Keys’ mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in 2005 and early 2006 and declined for several years. Despite Hurricane Irma, the market has rebounded within the past few years with demand and prices increasing. Because of the mild climate, pristine waters and limited land available for development, the Florida Keys has continuously had strong demand for improved developable properties. This demand is expected to continue and increase for the next several years.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 14 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD
The subject is located on Conch Key at mile marker 63. Conch Key is located in unincorporated Monroe County and is centrally located between Incorporated Islamorada to the north and Incorporated Marathon to the south. Conch Key is approximately 63 miles north of Key West and 125 + miles south of Downtown Miami. Conch Key is located on the Gulf side of Overseas Highway.
DEVELOMENT
Development on Conch Key consists of mainly single family homes and mobile homes. Most of the homes are less than $500,000 with open water front homes more. There is a motel, commercial fishing businesses and the Monroe County Fire Station. Exclusive Duck Key is located a few miles south bound on Overseas Highway. The majority of development, shopping and employment is located south in Marathon and north in Islamorada. Development within both these incorporated areas ranges from condominiums to single family dwellings, marinas, apartments, warehouses, shopping centers and retail buildings. Marathon has a an airport with daily commercial flights. Most of the commercial activities are developed along Overseas Highway, with residential along the secondary streets in the interior of the subdivisions.
Commercial development throughout Marathon consists of retail strip centers, banks, restaurants, resorts, marinas and professional offices. Marathon has several neighborhood shopping centers. One center is anchored by Winn Dixie and K-Mart and Publix along with a Home Depot. Islamorada has similar offices and retail buildings, along with a Bass Pro Shop and a Publix Super Market under construction. The office and retail space in the neighborhood is typically located in single tenant freestanding buildings or retail strip centers.
RECREATION
Marathon is the center of the Florida Keys National Marine Sanctuary, which encompasses the third largest coral reef in the world. Marathon is also home to the only county marine sanctuary in the United States, the Marathon Marine Sanctuary. These sanctuaries offer excellent fishing and diving and are two of the primary attractions to the area.
One of the major attractions of the Upper Keys and Islamorada is John Pennekamp State Park. Each year John Pennekamp State Park attracts in excess of one million visitors. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Islamorada offers excellent fishing and diving activities and is one of the primary attractions to the area.
EDUCATION
There are no public or private schools on Conch Key. Public Schools are available in both the Upper and Middle Keys. Marathon has two public elementary schools and one public High School, three parochial schools covering nursery through grade 12. The Florida Keys Community College holds classes in the Marathon High School. Most of the major religions are represented, either within the neighborhood or in close proximity.
There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High School is the only public high school for the Upper Keys and is located at mile marker 90. Plantation Key Middle and Elementary Schools are also located at mile marker 90.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 15 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SUMMARY
Overall, Conch Key's mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. The market appears to be on the rise with an increase in demand for prices for most types of properties. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
SITE SPECIFIC DATA
LOCATION
The subject is located at mile marker 63 on Conch Key. The street address is 2 N. Conch Avenue, Conch Key, Florida. The site is improved with 5 transient units and 12 mobile home units. The improvements are in poor condition and the 5 transient units are not being conveyed with the property.
DIMENSIONS, SIZE AND SHAPE
The site is irregular. Based on the tax map the site has 190.93 and 88.82 feet of frontage along the easterly side adjacent to S. Conch Avenue and 131.95 feet along N. Conch Avenue. Based on the property record card the site totals 16,210 square feet. Refer to the previous tax parcel map for a depiction of the site.
TOPOGRAPHY AND VEGETATION
The site is generally level and is at street grade along the northerly and southerly sides of Conch Avenue. The easterly side of Conch Avenue toward Overseas Highway is slightly below street grade. The site is basically cleared with a few palm trees.
TIER DESIGNATION
The site is located within a Tier 3 designation. The Tier 3 designation typically consists of developed or scarified sites.
ACCESS
The site has frontage along N. and S. Conch Avenue. Conch Avenue is a poorly paved street that circles the small island of Conch Key. Main access to the site is via Overseas Highway.
EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
Other than zoning, no restrictions were noted. I was not provided with a survey, however, based on a visual inspection there were no adverse easements or encroachments noted.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 16 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 DRAINAGE/FLOOD ZONE
The site appears to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel number 12087C1167K, the site is located in flood zone AE. AE is a 100 year flood hazard area. No adverse conditions were noted which would negatively affect the future marketability of the property.
ZONING
The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems.
SITE CONCLUSION
The site is located on Conch Key at mile marker 63. The island is a mixture of mobile homes, site built homes and commercial business. The subject’s size, topography and zoning conform to the surrounding land uses.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 17 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
The site plan includes 3 units on the adjacent property that are not part of this assignment
PROPOSED SITE PLAN C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 18 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HIGHEST AND BEST USE
Highest and best use is defined as:
Highest and best use is defined as follows:
“The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity”4
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include residential apartments, affordable housing or light commercial.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. Based on the zoning and a density of 12 units per acre the site has an allocated density of 1 (1.11) residential unit and a maximum density of 3 (3.45) residential units. In general, sales of vacant non-water front commercial sites are selling similar to sales of vacant non- water front multi-family residential sites. Thus, if vacant the highest and best use would be for commercial development or multi-family development.
4 The Dictionary of Real Estate Appraisal, 6th Edition, Page 109
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 19 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 AS IMPROVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet and is being sold with 12 ROGO exempt residential units. The site is non- conforming in density and most likely could not be developed with its current density. The proposed site plans allows for 8 units, with the remaining 4 units transferred off site.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. Legally the mobile homes could be removed and the site re- developed with a commercial building, 1 residential unit or 3 multi-family units. It may also be possible to re-develop the site with the current proposed development.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include the continued use or any of the legally permissible uses.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site is being sold with 12 ROGO exempt units, and as being sold exceeds the allowable density. The site is improved with dated and dilapidated mobile homes. Any existing mobile homes are at the end of their economic life. Thus, the highest and best use is to re- develop as proposed and sell or transfer the 4 ROGO exempt building rights to an alternative site.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 20 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 THE SALES COMPARISON APPROACH
There are three common approaches to value, consisting of the cost approach, income approach and sales comparison approach. The sales comparison approach is considered the most reliable for vacant properties. Thus, this was the approach used in this report.
The sales comparison approach is based on the principle of substitution. The principle of substitution holds that the value of property tends to be set by the cost of acquiring a substitute or alternative property of similar utility and desirability within a reasonable amount of time.5
The principle of balance relates to the tendency of the market to constantly strive for an equilibrium between supply and demand.
"To apply the sales comparison approach, an appraiser follows a systematic procedure:
1. Research the market to obtain information on sales transactions, listings, and offers to purchase or sell properties that are similar to the subject property in terms of characteristics such as property type, date of sale, size, location, and zoning.
2. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's-length market considerations.
3. Select relevant units of comparison (e.g., income multipliers or dollars per acre or per square foot) and develop a comparative analysis for each unit.
4. Compare comparable sale properties with the subject property using the elements of comparison and adjust the sale price of each comparable appropriately to the subject property or eliminate the property as a comparable.
5. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. In an imprecise market subject to varying occupancies and economies, a range of values may be a better conclusion than a single value estimate. "
The site consists of 16,120 square feet and is grandfathered for 12 housing units (plus 5 RV). The proposed site plan allows for 8 affordable residential units, leaving 4 ROGO exempt building rights. There were a few affordable housing sales in the county along with a pending contract and these comparables were used to value the proposed project. Several sales of building rights were available and were used to value the 4 ROGO exempt building rights. The sales used in this report were the most similar available and were considered good indicators of value. The following pages supply the sales that were considered most comparable to the subject, followed by a sales map, summary page of the sales, adjustment chart, and explanation of adjustments and conclusion of value.
5 The Appraisal of Real Estate 14th Edition, 2013, page 379 C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 21 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
SALE ONE
PROPERTY TYPE: Affordable housing development SALE PRICE: $270,000 DATE OF SALE December 2018 LOCATION: MM 49.50, Marathon GRANTOR: Habitat of Humanity of the Middle Keys, Inc. GRANTEE: Monroe County Comprehensive Plan Land Authority RECORDED: OR Book 2939, Page 1829, Monroe County, Florida RE NUMBER: 00325410-000000 WATER FRONT: No SIZE: 17,732 square feet ZONING: RM (Residential Medium) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 4 DENSITY: 10 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $15.23 per square foot $67,500 per unit COMMENTS:
This site was improved with 4 dilapidated mobile homes. There were two prior sales. The agent purchased the site in September 2016 for $225,000 or $56,250 per unit. The property re-sold to the Habitat of Humanity in August 2018 for $299,000 or $74,750 per unit. Monroe County purchased the site from Habitat based on an appraisal of $270,000 or $67,500 per unit. The mobile homes have been razed and the site is going to be re-developed with 4 affordable housing units.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 22 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE TWO
PROPERTY TYPE: Affordable housing development SALE PRICE: $1,500,000 DATE OF SALE April 2018 LOCATION: MM 84.7 Windley Key GRANTOR: Joseph J. Janas GRANTEE: Islamorada Village of Islands RECORDED: OR Book 2901, Page 492, Monroe County, Florida RE NUMBER: 00093980-000000 WATER FRONT: No SIZE: 47,875 square feet ZONING: TC (Tourist Commercial) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 16 + 1,848 sf of retail space for a total of 18 units DENSITY: 15.5 units per acre (based on 18 units) TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $31.33 per square foot $83,500 per unit (rounded) COMMENTS:
This project had permits and all plans approved and included prior to the closing. The site is located on Windley Key and was formerly used as a boat dealer. The affordable housing project was under construction at the time of the inspection. The project was approved for 16 affordable housing units and 1,848 square feet of retail space. The retail space was considered 2 units (for a total of 18) for price per unit and density.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 23 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE THREE
PROPERTY TYPE: Affordable housing development SALE PRICE: $1,000,000 (plus $400,000 for permits) DATE OF SALE June 2016 LOCATION: MM 30, Big Pine Key GRANTOR: Richard C. Beal GRANTEE: Tri-Star Affordable Development, LLC RECORDED: OR Book 2802, Page 1121, Monroe County, Florida RE NUMBER: 00111078-000000 WATER FRONT: No SIZE: 52,990 square feet ZONING: SC (Suburban Commercial) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 16 DENSITY: 13 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $26.42 per sf (based on $1,400,000 adjusted price) $87,500 per unit (based on $1,400,000 adjusted price) COMMENTS:
This site was formerly used as a boat sales yard and has been developed with an affordable housing development. The site did not have building permits at the time of sale. The buyer indicated they purchased the building rights for $400,000 or $25,000 per unit subsequent to the sale. This sale is located in central Big Pine Key along the Ocean side (north) of Overseas Highway.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 24 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE FOUR
PROPERTY TYPE: Affordable housing development SALE PRICE: $850,000 (Contract) DATE OF SALE Pending Contract LOCATION: MM 32, Big Pine Key GRANTOR: Howard Haven, LLC GRANTEE: Monroe County RECORDED: Sale pending RE NUMBER: 00302670-000000, 00302680-000000 WATER FRONT: No SIZE: 20,000 square feet ZONING: IS (Improved Subdivision) VEGETATION: Tropical landscaping INTENDED USE: Affordable housing NUMBER OF UNITS: 13 DENSITY: 28 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $42.50 per sf (based on $1,400,000 adjusted price) $65,500 per unit COMMENTS:
The site has frontage and access from both Avenue C and 5th Street. Lots 1, 2 and 3 were developed with a 12 unit mobile home park and lot 4 was developed with 1 mobile home. The homes were destroyed by Hurricane Irma and the sites had been temporarily approved for 16 RV sites. These sites were being rented by FEMA for displaced families. The site is located in a Tier 1 designation and the Tier 1 designation does not permit re-development of the site with affordable housing. However the units are grand-fathered in and the site could be re-developed with the 13 mobile homes that were previously on the site. C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 25 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
COMPARABLE SALES MAP
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 26 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Mobile / Mobile / Retail / Affordable Affordable Affordable Affordable Affordable Property Type housing housing Housing Housing Housing
Marathon Windley Key Big Pine Big Pine Location Conch Key Sales Price $270,000 $1,500,000 $1,400,000* $850,000 Sales Date 12-18 4-18 6-16 Pending Affordable Affordable Affordable Affordable 13 units Intended Use Housing Housing Housing Housing # of Units/Site 8 4 18 16 13
Permits/ Rogo Yes Yes Yes Yes Yes Exempt Size 16,120 sf 17,732 sf 47,875 sf 52,990 sf 20,000 sf Zoning CFSD 16 RM TC SC IS Density / 22 10 16 13 28 Units per acre $/Unit $67,500 $83,500 $87,500 $65,500 $/SF $15.23 $31.33 $26.42 $42.50 * adjusted for permits
The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 27 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Market Conditions = = = = Conditions of Sale = = = = Property Type = = = - Location - - = = Zoning = = = = ROGO = = = = Exempt/Permits Density - - - + Net Adjustments - - - - - =
UNIT OF COMPARISON
The sales ranged from $270,000 to $1,500,000 with a sales price per unit ranging from $65,500 to $87,500. Typically affordable housing sites are purchased on a price per unit basis. The price per unit had the narrower range and was used to value the subject.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to December 2018 and a pending sale. Sale 3 occurred in 2016 and is somewhat dated. However, the price per square foot is within the range of the comparables and no adjustment was indicated.
CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms- length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
The subject is located on Conch Key. Sale 1 is located in Marathon and sale 2 is located within incorporated Islamorada. All of these locations bring higher prices than Conch Key and were considered superior requiring downward adjustments. Sales 3 and 4 are located on Big Pine Key and Big Pine Key was considered similar to Conch Key, thus sales 3 and 4 required no adjustments.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 28 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 ZONING
The subject is zoned CFSD 16. All of the sales were analyzed on a price per unit basis, thus, the zoning is irrelevant and no adjustments were made.
PERMIT / ROGO EXEMPT
The subject is improved with 12 mobile homes and could be re-developed. All of the sales were ROGO exempt and required no adjustments.
DENSITY
The subject has a density of 22 units per acre. Sales 1 – 3’s density ranged from 10 to 16 and were superior to the subject, thus, requiring downward adjustments. Sale 4 had a density of 28 units per acre and was inferior, thus, requiring an upward adjustment.
CONCLUSION OF VALUE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Net Adjustment - - - - - = Price / Unit $67,500 $83,500 $87,500 $65,500
The sales ranged from $270,000 to $1,500,000 with price per units ranging from $65,500 to $87,500. The contract price for the subject for all 12 units is $83,333 per unit and although it is at the upper range it is within the range of the sales. Thus, after analysis of the sales and with emphasis also placed on the subject’s current contract the market value of the land and 8 units proposed for the site was estimated at $83,500 per unit.
The market value of the site and 8 proposed units is summarized as follows.
8 units X $83,500 / Unit = $ 668,000
TRANSFER OF BUILDING RIGHTS
As discussed previously, the subject has a total of 12 units, however, it would be difficult to conform to current codes and re-develop the site with 12 units. The site is planned for 8 units. The remaining 4 units could be transferred to an alternate site or sites. Therefore, the value of the remaining building rights was derived by similar building right sales. There were very few sales in the unincorporated county; therefore, sales search was expanded to incorporated Marathon and Islamorada. I also analyzed sales on Duck Key with permits and without permits. The building right sales are summarized on the following page.
C2321-Conch Key Affordable Housing Units Marr & Associates Appraisal Company, Inc. 29 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 BUILDING RIGHTS VALUATION
Date of sale # of Rights Sales Price $/Right Location 11-15 9 $765,000 $85,000 Islamorada Pending 1 $ 80,000 $80,000 Monroe County 1-19 3 $201,000 $67,000 Marathon 2-19 1 $ 65,000 $65,000 Marathon 3-19 1 $ 71,000 $71,000 Marathon
The Marathon sales actual price ranged from $38,000 to $44,000. However, this does not include a transfer fee of $20,000 and closing cost of $7,000 which was applied to each sale for an adjusted price for the Marathon sales ranging from $65,000 to $71,000. A local private land use planner indicated that they have sold two recent building rights within the Islamorada for $100,000 and $125,000. More detailed information was not available on these building rights as of this report date. There are more building rights sold and transferred within the City of Marathon, therefore, they are considered to reflect the lower range.
Duck Key Sales
Parcel # Street Date Price Permits 00383340-000000 Seaview 10-18 $120,000 Yes 00383150-000200 Seaview 6-18 $120,000 Yes 00383190-000000 Seaview 6-17 $71,500 No 00385580-000000 Seaview 5-17 $73,500 No 00383400-000000 Seaview 12-17 $82,500 No
The permitted sales sold for $120,000 per lot and the non-permitted sales ranged from $71,500 to $82,500, indicating a premium for the permit ranging from $37,500 to $48,500. Note that this would be considered the low range of building rights, because additional costs and time would be involved if it was even possible to transfer one of theses.
Conclusion of Building Rights
The building right sales in Marathon ranged from $65,000 to $71,000, the Islamorada right was $85,000 and the Monroe County right was pending at $80,000. The premium for the permits ranged from $37,500 to $48,500. Based on the data, the subject’s excess building rights assuming they could be transferred to any type property was estimated at $80,000 or $320,000 ($80,000 X 4 building rights).
CONCLUSION OF VALUE
The subject property consists of 16,120 square feet of land and is currently improved with dilapidated trailers and RVs. The site is being appraised with 12 building rights. The site is large enough to accommodate 8 building rights. The additional rights could be transferred to an alternative site, either water front or non-waterfront. The market value is summarized as follows.
8 developable units on site X $83,500 / Unit = $ 668,000 4 transferable building rights X $80,000 / Right = $ 320,000 Market Value Estimate $ 988,000
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
ADDENDA
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 QUALIFICATIONS OF THE APPRAISER - TRENT MARR, MAI, SRPA
LICENSE Licensed Real Estate Broker, State of Florida State-Certified General Appraiser RZ #000514 (Florida) Certified General Real Property Appraiser 341275 (Georgia)
OFFICE LOCATIONS 81800 Overseas Highway, Islamorada, Florida 33036 2669 Aucilla Road, Monticello, Florida 32344
AFFILIATIONS Member Appraisal Institute, MAI Designation #9353 Member Society of Real Estate Appraiser, SRPA Designation Board of Directors, Appraisal Institute 1991 - 1994 Member of the Board of Realtors for Florida Keys, Marathon, Key West, Tallahassee
APPRAISAL EXPERIENCE 1991-Present Marr & Associates Appraisal Company, Inc., President 1988-Present Marr Properties, Key Largo, FL - Vice President, Broker 1991-President American Caribbean Real Estate, Islamorada, Florida, Broker 1988- Matonis, DeAngelis, MacDermott, Inc. 1986-1987 - AmeriFirst Appraisal Company, Maitland, FL - Commercial Appraiser 1985-1986- Thomas H. Overstreet, Winter Park, FL - Residential Appraiser
GENERAL EDUCATION Bachelor of Science in Business & Administration, Major in Real Estate, Florida State University, Tallahassee, Florida (1985)
PROFESSIONAL EDUCATION All Courses and classes for both SRPA and MAI designations.
Partial List of Seminars and Continuing Education for the Appraisal Institute.
Supporting Adjustments - 2018 USFLA (Uniform Standards for Federal Land Acquisitions) - 2017 USPAP – 2018, 2016, 2014, 2012, 2010, 2008, 2006, 2004, 2002, 2000 Florida Law – 2018, 2016, 2014, 2012, 2010 Forest Valuation-2015 Business Ethics - 2015 Appraisal of Self Storage Facilities 2014 The Cost Approach 2014 Mortgage Fraud-2014 Fundamentals of Business Valuation 2012 Business Practices and Ethics - 2011 Curriculum Overview -2010 Analyzing Distressed Properties – 2010 Supervisory Appraisal - 2010 Core Law – 2008, 2006, 2004, 2002, 2000, 1997, 1994 Valuation of Conservation Easements - 2008 Valuation of Wetlands, etc. /SFWMD – 2007, 2006, 2003, 2002, 2001 Residential Design and Functional Utility - 2006 Analyzing Distressed Real Estate - 2006
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 QUALIFICATIONS OF APPRAISER – CONTINUED
“PLAM” Public Land Acquisition & Management Partnership Conference - 2006 Litigation Skills - 1997 Appraising Rural Properties in SE FL - 1997 Internet & The Appraiser - 1996 Standards of Professional Practice / Part A - 1996 Professional Standards USPAP/Law - 1996 The Appraiser as Expert Witness - 1995 Standards of Professional Practice / Part B - 1995 Wetland, Mitigation & Severable Rights - 1995 Understanding Limited Appraisals - 1994 Blue Print Reading for Appraisers - 1994 Appraising Complex Residential Properties - 1993 Standards of Professional Practice / Part A - 1992 Appraisal Review - 1992 Rates, Ratios & Reasonableness - 1992 Appraising Troubled Properties - 1992 Legal Liabilities - 1992 Non-Residential Demonstration Report Writing - 1990
CLIENTS SERVED Attorneys, Bank, Savings & Loans, Mortgage Companies, Florida Department of Transportation, Department of Natural Resources, Department of Environmental Protection, Nature Conservancy, Trust for Public Lands, Monroe County Land Authority, National Park Service, Fish and Game Commission, RTC, FDIC, Federal Home Loan Bank Board, Federal Savings & Loans, Insurance Companies, various national corporations, estates and individuals.
TYPES OF PROPERTIES Single Family Homes, Condominiums, Two to Four Family Dwellings, Office Buildings, Nursing Homes, Industrial Warehouses, Shopping Centers, Apartment Complexes, Subdivision Developments, Marinas, Planned Unit Developments, Environmentally Sensitive Land, Hotels, Office Condominiums, Undeveloped Land, Mobile Home Parks, RV Parks, Fishhouses, Restaurants and Mixed Use Properties.
GENERAL EXPERIENCE Mr. Marr has been appraising real estate property since 1985. He has been qualified as an expert witness in both Dade and Monroe County. His extensive appraisal experience includes wetlands and environmental land for both the Department of Environmental Protection, Nature Conservancy, The Conservation Fund, Freshwater Fish and Game, Big Cypress National Park Service and Monroe County Land Authority.
Mr. Marr received his SRPA designation in 1990 and his MAI designation in 1992. He served on the board of directors of the Appraisal Institute 1991-1994. The Appraisal Institute conducts a program of continuing education for designated members. Designated members who meet the minimum standards of this program are awarded periodic educational certification. Mr. Marr is currently certified under this program.
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Appraisal for the Following Site(s):
31535 Avenue C, Big Pine Key
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 AN APPRAISAL OF
SEVEN OWNERSHIP PARCELS
LOCATED ON
KEY LARGO, WINDLEY KEY, CONCH KEY, SCOUT KEY, BIG PINE KEY AND STOCK ISLAND MONROE COUNTY, FLORIDA
PREPARED FOR
CHARLES G. PATTISON MONROE COUNTY LAND AUTHORITY 1200 TRUMAN AVENUE, SUITE 207 KEY WEST, FLORIDA 33040
EFFECTIVE DATE OF VALUATION
DECEMBER 8 & 9, 2017
PREPARED BY
TRENT MARR, MAI, SRPA STATE-CERTIFIEED GENERAL REAL ESATE APPRAISER # RZ 514 MARR & ASSOCIATES APPRAISAL COMPANY, INC Date Submitted:Marr 2019-07-31 & Associates 12:29:13.490 | Appraisal Form Key: 5343 Company, Inc. Trent Marr, MAI, SRPA Phone 850-342-1114 State-Certified General Real Estate Appraiser # RZ 514 2665 Aucilla Road, Monticello, Florida 32344 [email protected] 81800 Overseas Highway, Islamorada, Florida 33036
January 30, 2018
Charles G. Pattison Monroe County Land Authority 1200 Truman Avenue, Suite 207 Key West, Florida 33040
Re: An appraisal of seven ownership parcels on Key Largo, Windley Key, Conch Key, Scout Key, Big Pine Key and Stock Island, Monroe County, Florida.
Dear Mr. Pattison:
At your request, the investigations and analyses necessary to form an opinion of the market value of the fee simple estate in the above referenced properties has been conducted. The subject consists of seven ownership parcels. The Pisces 62, LLC parcel consists of an RV park and is located in Key Largo near mile marker 101.6. The Joseph J. Janas parcel is developed with a dilapidated retail building and is located on Windley Key near mile marker 84. The JDLC, Inc. parcel consists of a mobile/RV park and is located near mile marker 63 on Conch Key. The Howards Haven, LLC, parcel consists of a former mobile home park and is located on Big Pine Key. The Castaways RV Park Inc., parcel consists of a mixed use residential/RV Park and is located on Big Pine Key. The South Florida Boy Scouts of America parcel consists of a 10.14 acre site and is improved with a single family home and bath facilities and is used as a retreat. The Stock Island Holdings, LLC, parcel consists of a mobile home park and is located on Stock Island
To the best of my ability, the analysis, opinions, and conclusions were developed and this report was prepared in accordance with the standards and reporting requirements of the Appraisal Institute and Uniform Standards of Professional Appraisal Practice (USPAP).
Based upon a personal inspection of the subject property, the subject neighborhood and all comparable data, as well as upon the investigations and analyses undertaken, I have formed the opinion that, as of December 8 and 9, 2017, subject to the assumptions and limiting conditions set forth in this report, the market value of the subject sites are:
Ownership Market Value Estimate Pisces 62, LLC $3,000,000 Joseph J. Janas $1,500,000 JDLC, Inc $1,015,000 Howards Haven, LLC $ 847,000 Castaways, RV Park, Inc. $2,250,000 South Florida Boy Scouts of America $1,500,000 Stock Island Holdings, LLC Stock Island $1,875,000
Respectfully Submitted, Marr & Associates Appraisal Company, Inc.
Trent Marr, MAI, SRPA State-Certified General Real Estate Appraiser # RZ 514
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343TABLE OF CONTENTS
Title Page Letter of Transmittal Table of Contents
INTRODUCTION
Location Map...... 1 Certification ...... 2 Assumptions and Limiting Conditions ...... 3 Scope of Work ...... 4-5 Property Identification ...... 5 Intended User and Use of the Report ...... 6 Hypothetical Condition ...... 6 Definition of Market Value ...... 6 Property Rights Appraised ...... 6 Date of Value ...... 6 Purpose of the Report ...... 7 Statement of Conformation ...... 7 Reasonable Exposure Time ...... 7 Tier System ...... 7 Monroe County Data ...... 8-9
SALES COMPARISON APPROACH
Definition of sales comparison approach ...... 10 Comparable sales ...... 11-21 Comparable sales location map ...... 22
PROPERTY SPECIFIC DATA AND VALUATION Campers Cove Pisces 61, LLC ...... 23-38 Joseph J. Janas ...... 39-57 JDLC, Inc...... 58-72 Howards Haven ...... 73-88 Castaways RV Park, Inc...... 89-104 South Florida Council Boy Scouts of America ...... 105-126 Stock Island Holdings ...... 127-142
ADDENDA
Qualifications of the Appraiser C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 1 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SUBJECT SITES – LOCATION MAP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 2 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CERTIFICATE OF VALUE
The undersigned does hereby certify that, to the best of my knowledge and belief that:
The statements of fact contained in this appraisal report, upon which the analysis, opinions and conclusions expressed herein are based, are true and correct.
The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report. I have no personal interest or bias with respect to the parties involved.
My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. This appraisal assignment was not based upon a requested minimum value, a specific value, or the approval of a loan.
The reports and analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of:
- the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute - the State of Florida requirements for state-certified appraisers - Uniform Standards of Professional Appraisal Practice (USPAP, (January 2016-2017)
I have complied with the USPAP competency provision.
This appraisal report sets forth all of the limiting conditions imposed by the terms of this assignment or by the undersigned affecting the analyses, opinions and conclusions contained in this report.
No one provided significant professional assistance to the persons signing this report, unless specifically noted herein.
Mary Marr provided professional assistance in reviewing the report for grammatical and typographical errors as well as consistency throughout the report.
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.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Additionally, it is subject to review by the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission.
As of the date of this report, Trent Marr has completed the requirements of the continuing education program of the Appraisal Institute.
January 30, 2018
------Trent Marr, MAI, SRPA Date State-Certified General Real Estate Appraiser # RZ 514 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 3 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 ASSUMPTIONS AND LIMITING CONDITIONS
The legal description used in this report is assumed to be correct.
No survey of the properties has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the properties.
No responsibility is assumed for matters of legal nature affecting title to the properties nor is an opinion of title rendered. The title is assumed to be good and marketable.
Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the appraisal, a reasonable effort has been made to verify all such information. No responsibility for the accuracy of any information furnished by others to the appraiser is assumed by the appraiser.
All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management.
It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. Unless noted, all mechanical components are assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical, and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated.
It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report.
It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the boundaries or properties lines of the properties described and that there is not encroachment or trespass unless noted within the report.
The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the properties in question, unless arrangements have been previously made thereto.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 4 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SCOPE OF WORK
The scope of the appraisal included the inspection of the subject properties, comparable sales and subject neighborhoods. The subject consists of seven ownership parcels located from Key Largo to Stock Island. The sites were inspected on December 8 and 9, 2017.
The Campers Cove site is located in the Upper Keys near mile marker 101 and is owned by Pisces 62, LLC. This parcel has 1.53 acres of uplands and .24 acres of submerged lands and is improved with 30 RV sites and 2 residential units. My assistant and I inspected this site on December 9, 2017.
The Windley Key site is located in the Upper Keys near mile marker 84 and owned by Joseph J. Janas. The site is 47,875 square feet and is developed with a dated commercial building being leased to a boat sales and repair shop. The site is proposed with a 16 unit affordable housing project and retail space and is currently under contract with the Habitat for Humanity for $1,500,000. The tenants were present during my inspection on December 8, 2017.
Conch Key Trailer Village is located in the Middle Keys near mile marker 63 and is owned by JDLC, Inc. This site totals 16,210 square feet and is improved with 5 RV sites and 12 mobile home sites. My assistant and I inspected this site on December 9, 2017.
There are three ownerships located in the Lower Keys on Big Pine Key. Howard’s Haven is under the ownership of Howards Haven, LLC. This site is located on 5th Street and Avenue C and consists of 4 lots totaling 20,000 square feet. The lots are currently improved with 16 RV sites, however, prior to Hurricane Irma and permitted by the county, 3 of the lots were improved with 12 mobile homes and 1 lot was improved with one mobile home. The RV’s currently on the site are being leased by FEMA to house displaced families. The current density is only temporary and would have to return to its prior use. The owner accompanied us on the inspection on December 8, 2017.
Castaways is located at Avenue B, C and Father Tony Way. This site totals 20,000 square feet and is improved with 7 mobile homes and 39 RV Sites. Castaways is under the ownership of Castaways RV Park, Inc. The owner accompanied us on the inspection on December 8, 2017.
The Camp Sawyer (Boy Scouts) parcel is located immediately before the entrance to Big Pine Key and is referred to as Scout Key. This parcel is under the ownership of the South Florida Council Boy Scouts of America. This parcel totals 10.14 acres and is improved with a modular single family home, restroom building and covered recreational room. The site is used for weekend re-treats. The parcel is subject to a conservation easement protecting native vegetation and wetlands. Additionally, there is a reverter clause that if this property is not used by the Boy Scouts it reverts back to Monroe County. I have based my market value estimate on the Hypothetical Condition that the reversion clause does not exist and have appraised the site assuming fee simple ownership. A representative for the Boy Scouts accompanied us on the inspection on December 8, 2017.
The Sunny Isle parcel is owned by Stock Island Holdings, LLC. The site totals 37,500 square feet and is developed with 16 mobile homes. This site is located on Stock Island with frontage along 5th Street, 5th Avenue and 3rd Avenue. The property manager accompanied us on the inspection on December 8, 2017.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 5 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The parcels varied significantly with density, use, size, location, condition, etc. The sales used in this report for the multi-family properties ranged from mobile homes sites, to RV sites, motel sites and residential sites. Sales for the Boy Scouts site consisted of improved and vacant acreage sites. Although the income approach may be applicable for some of the properties, typically this approach is significantly less than the sales comparison approach. Buyers in the market typically purchase based on sales, rather than income. Therefore, the income approach has been omitted. Most of the properties are all dated and are legal non-conforming uses, therefore, the cost approach has also been omitted. The sales comparison approach is considered the best approach to value for the subject parcels and was therefore, the only approach used in this report. Numerous sales were researched and those most comparable were used in this report. In developing the sales comparison approach, market data was collected from the local MLS, Loopnet and online public records.
All of the properties were legal non-conforming uses in regard to use, size, density, etc. with some of the properties having dated dilapidated structures. We were provided with information from the county in regards to the sites grand-fathered use, however, re-development of each site would vary on the type of development proposed. For instance, affordable housing is more desirable by the county than market rate housing; therefore, concessions may be made by the county for the type of development desired. There is also the possibility of zoning or Tier changes to the sites that may allow a higher density or alternative uses. Any type of re-development would require development plans and could take several years. Therefore, although each site could possibly be developed with an alternative use, without submitting development plans there is no way of knowing what could be approved with the site. Most of the comparable sales were legal non-conforming uses and varied significantly in price per unit and price per square foot. Based on the data and the lack of knowing exactly what could be re-developed on the site, most of the multi-family parcels were compared to the subject on a price per square foot basis.
The Boy Scout (Scout Key) parcel is improved with a residential home and bath house and based on the zoning could be developed with 2 homes. The value of Scout Key was based on improved acreage water front sites and vacant acreage tracts. Howards Haven Mobile Home Park was a mixture of 12 mobile homes on 3 lots and 1 mobile home on 1 lot. All of the mobiles were destroyed by Hurricane Irma and have temporarily been replaced with 16 RV sites. The Howards Haven 12 units were based on the multi-family sales and the 1 lot unit was based on single family permitted lot sales. After assembling and analyzing the data, the data was compared to the subject sites and an estimated value was indicated by the sales.
PROPERTY IDENTIFICATION
The seven ownerships being appraised, size, island and mile marker are summarized on the following chart.
Ownership Island– Key Mile Marker Waterfront Pisces 62, LLC Key Largo 101.7 Bay Front Joseph J. Janas Windley Key 84.7 No JDLC, Inc Conch Key 63 No Howards Haven, LLC Big Pine Key 33 No Castaways, RV Park, Inc. Big Pine Key 33 No South Florida Council Boy Scouts of America Big Pine Key 34 Ocean Front Stock Island Holdings, LLC Stock Island 0 No
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 6 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 INTENDED USER (S) AND USE OF THE REPORT
The intended user of this report is the Monroe County Land Authority. The intended use is to establish an offering price.
HYPOTHETICAL CONDITION
A Hypothetical Condition is a condition that is presumed to be true when it is known to be false or 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, but is used for the purpose of analysis. The Boy Scout Site is subject to a reverter clause. The reverter clause states that if this property is not used by the Boy Scouts it reverts back to Monroe County. I have based this market value on the Hypothetical Condition that the reversion clause does not exist and have appraised the site assuming fee simple ownership.
PROPERTY RIGHTS APPRAISED
The property rights being appraised are the fee simple estate defined as:
"Absolute ownership unencumbered by any other interest or estate, subject only to the limitation imposed by the governmental powers of taxation, eminent domain, police power, and escheat."
DEFINITION OF 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 and 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 the following conditions:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and
5. 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 sale1.
DATE OF VALUE ESTIMATE
The date of inspection and value estimate is December 8, and 9, 2017. The date of the report is January 30, 2018.
1 Supplemental Appraisal Standards for Board of Trustees Land, Division of State Lands, (2010), Page 7 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 7 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 PURPOSE OF THE REPORT
The purpose of the report is to estimate the market value of the fee simple interest of the subject property.
STATEMENT OF CONFORMATION
To the best of my knowledge, this appraisal conforms to: The Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Foundation; Federal regulations as stipulated by The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and other regulatory requirements that may apply, specifically 12 CFR Part 34 (Title XI of FIRREA); the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute; and the competency provision of USPAP.
REASONABLE EXPOSURE TIME
Reasonable Exposure Time is always presumed to precede the effective date of the appraisal. Reasonable Exposure Time is the estimated length of time the property being appraised would have been offered on the market prior to a hypothetical sale at Market Value on the effective date of the appraisal. The actual exposure time may differ from Reasonable Exposure Time. Reasonable Exposure Time varies by type of real estate. A property may be exposed to the market for an extended period of time if it is overpriced. This analysis considers Reasonable Exposure Time at a market related price such as the estimated Market Values in this report.
The subject sites are all developed tracts. The market has been on the rise the last 12 months. Even with the aftermath of Hurricane Irma the price and demand for most types of properties have been increasing. A reasonable exposure time for these parcels would be 12-24 months.
TIER SYSTEM/ROGO POINTS
The Tier system is currently used in awarding building permits. The Tier system categorizes properties based on their suitability for development and assigns ROGO points to each Tier category. Permits are issued on a quarterly basis.
For unincorporated areas except for Big Pine Key and No Name Key, the Tier System has 3 basic classifications: Tier 1 Natural Area, Tier 3A Special Protection Area, and Tier 3 Infill Area. The ROGO points awarded for each classification are Tier 1 = 10 points, Tier 3A = 20 points, and Tier 3 = 30 points. Generally speaking additional points may be available by combining multiple lots, donating land or land acquisition funding to the County, building affordable housing, building in an area to be served by a central wastewater treatment facility, and based on the number of years the application has been competing for a ROGO allocation. Negative points are assigned for building in a “V” flood zone.
On Big Pine Key and No Name Key the Tier System has 3 basic classifications: Tier 1 Natural Area, Tier 2 Transition and Sprawl Area, and Tier 3 Infill Area. The ROGO points awarded for each classification are Tier 1 = 0 points, Tier 2 = 10 points, Tier 3 = 20 points. Additional positive and negative points can be obtained as indicated above. There are also additional negative points for development on No Name Key, development in Marsh Rabbit habitat or buffer areas, and development in Key Deer movement corridors.
The sites are located in the Tier 1, 3A or 3 designations. The designation for each site is discussed in the site description sections for each parcel. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 8 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 MONROE COUNTY SUMMARY
INTRODUCTION
Monroe County is the southernmost county in the State of Florida. It is bounded by Dade County to the north, the Atlantic Ocean to the east and the Gulf of Mexico (Florida Bay) to the west. Monroe County contains a total of 1,144,791 acres of which 60,656 acres are included in planning areas with the remaining dedicated to conservation, parks and recreational areas. The primary attraction of Monroe County is the tropical climate allowing year round diving, fishing and numerous outdoor recreational activities. The maximum average temperature rarely exceeds 89 degrees while the minimum average temperature rarely drops below 65 degrees. Permanent residents are primarily retired or locally employed in tourist related activities. The Florida Keys are comprised of four distinct areas. These areas consist of the Upper Keys, Middle Keys, Lower Keys and Key West. Until recently most of the areas, except Key West were operating under the county. Marathon and Islamorada incorporated in the 90’s and are no longer under county regulations.
POPULATION
Monroe County is the 39th largest of the 67 counties located in the State of Florida. The last several years has seen an exodus of population until 2012. In 2005 and 2006 this was due to the significant rise in the real estate market, allowing property owners to experience significant profits, and seek residence is significantly less costly metropolitan areas. In the following years the recession and lack of tourism has caused increased unemployment rates and a continued decrease in population. Based on the US Census Bureau the population of Monroe County in 2009 was 73,165 and 2012 was 74,809, indicating the first increase in population since 2005. The estimated 2014 population was 77,136.
EMPLOYMENT
The unemployment rate for Monroe County was 3% in April 2016 while at the same time the unemployment rate for the State of Florida was 4.8% and 5.5% for the US. The unemployment rate for Monroe County has remained lower than the State of Florida every year since 1998. According to the BEBR (Bureau of Economic and Business Research) online, the total work force for Monroe County as of 2012 is 48,521. No geographical figures were available for the different areas of the Keys; however, local statistics indicate that the lowest unemployment figures in Monroe County are in Key West and Key Largo, where the tourism industry is the strongest. According to the City Data online, Monroe County had a 2014 median family income of $66,098 which is higher than the State’s average of $42,737.
According to the Sperling’s online web site, the 2016 Florida price index in Monroe County is 145 versus the state index of 100. The high price index for Monroe County is due to its southernmost location in the state and the majority of products are shipped or hauled in over the dozens of bridges throughout the Florida Keys. These trucks and ships make the return trip empty, which further increases the costs of goods.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 9 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONSTRUCTION INDUSTRY
Monroe County and the Florida Keys are located within an Area of Critical State Concern and the Florida Keys have one of the only living coral reefs in the United States. Therefore, state as well as national building restrictions have been placed on the county, limiting and restricting development. These restrictions are expected to increase in anticipation of decreased permit availability in the future; development is taking place while it is still possible. Since the implementation of the Rate of Growth Ordinance (ROGO) in 1992, there has been an increase in renovations because of the difficulty in obtaining building permits for new buildings.
RECREATIONAL FACILITIES
The Florida Keys have excellent water recreational activities. Thousands of visitors come each year to dive and fish the coral reefs throughout the Florida Keys. Although primarily limited to water recreation, the county also has two golf courses, and movie theaters. Monroe County also has a free public library system with three branches located throughout the county.
TRANSPORTATION
Overseas Highway is the main thoroughfare entering and exiting the Florida Keys. In Monroe County U.S. 1 begins at Mile Marker 112 and runs approximately 112 miles to Key West. Access is also provided by SR 905 and SR 905 A, commonly called Card Sound Road. SR 905A begins along the south side of Florida City and extends 16 + miles in a southeasterly direction towards a private development referred to as Ocean Reef. From the intersection of SR 905 and 905A, SR 905 extends in a southerly direction approximately 9 miles were it terminates at Overseas Highway. There are two public airports located in Monroe County. Key West and Marathon airports are located at miles markers 1 and 50 respectively. The Miami International Airport is located 60 miles north of Key Largo and is the major airport used by residents in the Upper Keys. Transportation services are limited to taxi services and the Greyhound Bus.
SUMMARY
Monroe County is the southernmost county in the United States. The major draw to this area is the mild climate, pristine waters and water related activities. The tourist industry is the dominating market for revenues generated in the county. Monroe County reached its real estate market height in 2005 and early 2006 and declined for several years thereafter. The market has been increasing within the last few years with demand and prices increasing for most types of properties. Despite the aftermath of Hurricane Irma and because of the lack of developable land, as well as stringent and lengthy permitting process, developed and developable sites are expected to continue to increase in demand and price.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 10 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 THE SALES COMPARISON APPROACH
There are three common approaches to value, consisting of the cost approach, income approach and sales comparison approach. The sales comparison approach is considered the most reliable for vacant properties. Thus, this was the approach used in this report.
The sales comparison approach is based on the principles of supply and demand, substitution, balance and externalities, all of which affect the sales price of a property. The relationship between the supply of a type of property to its level of demand is a determining factor in its selling price.
The principle of balance relates to the tendency of the market to constantly strive for an equilibrium between supply and demand.
"To apply the sales comparison approach, an appraiser follows a systematic procedure:
1. Research the market to obtain information on sales transactions, listings, and offers to purchase or sell properties that are similar to the subject property in terms of characteristics such as property type, date of sale, size, location, and zoning.
2. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's-length market considerations.
3. Select relevant units of comparison (e.g., income multipliers or dollars per acre or per square foot) and develop a comparative analysis for each unit.
4. Compare comparable sale properties with the subject property using the elements of comparison and adjust the sale price of each comparable appropriately to the subject property or eliminate the property as a comparable.
5. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. In an imprecise market subject to varying occupancies and economies, a range of values may be a better conclusion than a single value estimate.2"
The sites are located from Key Largo to Stock Island and range from a vacant residential lot to mobile home parks and RV parks and a Boy Scout Retreat. The following sales were located in the Upper, Middle and Lower Keys and ranged from mobile home and RV parks to vacant sites, improved sites and affordable housing sites. The following pages summarize the sales that were used to value the sites along with a location map.
2 Appraisal Institute, The Appraisal of Real Estate, 10th Edition (Chicago: Appraisal Institute, 1992) Page 371
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 11 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE ONE
PROPERTY TYPE: Mobile Home Park/ Residential re-development SALE PRICE: $2,945,000 DATE OF SALE July 2016 LOCATION: MM 84.7, Plantation Key, Florida GRANTOR: William E. Bosely GRANTEE: Allen Wood & Peaceful Palms of Islamorada, LLC RECORDED: OR Book 2805, Page 707 & 709, Monroe County RE NUMBER: 00093940-000000 WATER FRONT: Atlantic Ocean SIZE: 49,785 sf (1.1429 acre), .92 acre of bay bottom ZONING: MH (Mobile Home) to MF (Multi-Family) INTENDED USE: Re-development NUMBER OF UNITS: 15 (mobile homes) DENSITY: 13 units per acre AMENITIES: Beach, concrete dock/retaining wall, boat docks TERMS OF SALE: Cash UNIT VALUE INDICATORS: $59.05 per square foot (uplands) $196,500 per unit (rounded)
COMMENTS: The buyer indicated the property was purchased for re-development. The site was zoned MH at the time of sale and improved with 15 mobile homes. Subsequent to the sale the buyers obtain a planner to re-zone the site to MF and obtain permits for 15 residential market rate homes. The total cost associated with the re-zoning was $7,500 and it took approximately 1 year. Amenities/site improvements include beach area, concrete retaining wall, boat docks and basin. This parcel is currently listed for sale at $4,900,000. There were several multiple offers on this property at the same time and the buyers agreed to pay the seller a 3% of all profits from the sale proceeds for the re-development. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 12 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE TWO
PROPERTY TYPE: Mobile Home/ Residential re-development SALE PRICE: $1,400,000 DATE OF SALE August 2017 LOCATION: MM 82.5, Islamorada, Florida GRANTOR: Marteena Renee Rodriquez, Trustee/Dale Fisher Inc. GRANTEE: ST Coral Cove, LLC RECORDED: OR Book 2875, Page 2496, Monroe County RE NUMBER: 00399270-000000 WATER FRONT: Florida Bay SIZE: 31,363 sf (.72 acres), .05 acres bay bottom ZONING: VC (Village Center) INTENDED USE: Re-development NUMBER OF UNITS: 17 mobile homes, re-develop with 9 site built homes DENSITY: 24 units/acre at time of sale/12.5 units/acre proposed AMENITIES: Concrete dock/retaining wall, boat dockage TERMS OF SALE: Conventional UNIT VALUE INDICATORS: $44.63 per square foot (uplands) $82,500 per unit (based on 17 units, (rounded)) $155,500 per unit (based on 9 units (rounded)) COMMENTS:
The parcel was purchased by a local real estate agent in Key West. The site was improved and approved for 17 market rate units; however the buyer intends to re-develop the site with 9 market rate homes. The remaining units can be sold separately as TRE’s (Transfer of Residential Equivalency) and transferred to an alternative site. Amenities/site improvements include boat basin, concrete retaining wall and boat dockage.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 13 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE THREE
PROPERTY TYPE: Mobile Home Park SALE PRICE: $8,500,000 DATE OF SALE January 2018 LOCATION: 5700 Laurel Avenue, Stock Island, Florida GRANTOR: Water’s Edge Colony, Inc. GRANTEE: Wreckers Cay Apartments at Stock Island, LLC RECORDED: OR Book 2887, Page 1867 RE NUMBER: 00124540-000000 WATER FRONT: Boca Chica Channel SIZE: 141,105 sf (.3.23 acres), 3.34 acres of bay bottom ZONING: UR (Urban Residential) INTENDED USE: Mobile home park future development NUMBER OF UNITS: 53 mobile homes and 8 transient (RV) units DENSITY: 19 units per acre AMENITIES: None TERMS OF SALE: 3rd party financing UNIT VALUE INDICATORS: $60.24 per square foot (uplands) $139,500 per unit COMMENTS:
This comparable is located on Stock Island near Key West. Most of the sites are non-water front and lease for $910 per month. The higher priced spaces lease for up to $1,400 per month and are for water front sites and trailers owned by the park or RV spaces. This is an older complex with mobile homes up to 40 plus years in age. Many of the mobiles are in poor condition and have been razed or are in a dilapidated state. The buyer had no plans in the immediate future for re- development and plan on continuing operating the park as is. This sale took place after Hurricane Irma and closed after the date of the subject’s inspection. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 14 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE FOUR
PROPERTY TYPE: Dilapidated motel (Seaward Motel) SALE PRICE: $6,000,000 DATE OF SALE November 2016 LOCATION: 8700 Overseas Highway, Marathon, Florida GRANTOR: Seaward, LLC GRANTEE: Seaward Properties, LLC RECORDED: OR Book 2826, Page 2361 RE NUMBER: 00101050-000000 & 00101050-000100 WATER FRONT: Gulf of Mexico SIZE: 203,584 sf (4.67 acres), .35 acres of bay bottom ZONING: MU (Mixed Use) INTENDED USE: 45 affordable housing units/ 10 market rate units NUMBER OF UNITS: 39 transient motel units at time of sale DENSITY: 8.35 units/acre at time of sale, 12 as proposed AMENITIES: Boat basin and dockage TERMS OF SALE: Conventional financing UNIT VALUE INDICATORS: $29.47 per square foot (uplands) $154,000 per unit (based on 39 units) $109,000 per unit (based on 55 units)
COMMENTS:
This comparable is within incorporated Marathon and was developed with a dilapidated motel. According to the seller/broker the sale consisted of the site and 39 transient units. However, the buyer plans on developing the site with 45 affordable housing units and 10 market rate units. The transient units can be transferred off site or sold for future use.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 15 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE FIVE
PROPERTY TYPE: Affordable housing development SALE PRICE: $1,000,000 DATE OF SALE June 2016 LOCATION: MM 30, Big Pine Key GRANTOR: Richard C. Beal GRANTEE: Tri-Star Affordable Development, LLC RECORDED: OR Book 2802, Page 1121, Monroe County, Florida RE NUMBER: 00111078-000000 WATER FRONT: No SIZE: 52,990 square feet ZONING: SC (Suburban Commercial) VEGETATION: None INTENDED USE: Affordable housing NUMBER OF UNITS: 16 DENSITY: 13 units per acre TERMS OF SALE: Cash to seller UNIT VALUE INDICATION: $18.87 per square foot $62,500 per unit COMMENTS:
This site was formerly used as a boat sales yard and is currently under construction with an affordable housing development. The site did not have building permits at the time of sale. The buyer indicated they purchased the building rights for $400,000 or $25,000 per unit subsequent to the sale. This sale is located in central Big Pine along the Ocean side (north) of Overseas Highway.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 16 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE SIX
PROPERTY TYPE: Single family lot SALE PRICE: $82,000 DATE OF SALE February 2016 LOCATION: MM 31, Big Pine Key GRANTOR: Robert Charles Mongelli, Trustee GRANTEE: Pierre Boumerhi & Holly Boumerhi RECORDED: OR Book 2782, Page 505, Monroe County, Florida RE NUMBER: 00303440-000000 SIZE: 5,000 square feet WATER FRONT: No ZONING: URM (Urban Residential Mobile) INTENDED USE: Single family # OF UNITS: 1 TERMS OF SALE: PMM/ Seller in the amount of $62,000. UNIT VALUE INDICATION: $16.40 per square foot $82,000 per lot LEGAL DESCRIPTION: Lot 10, Block 27, Sands Subdivision, Plat Book 1, Page 65, Monroe County, Florida.
COMMENTS: This lot is located on a corner site and was ROGO exempt. Since the sale it has been developed with a single family home.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 17 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE SEVEN
PROPERTY TYPE: Single family lot SALE PRICE: $95,000 DATE OF SALE November 2017 LOCATION: MM 31.5, Big Pine Key GRANTOR: Richard T. and Deborah G. Hawkins GRANTEE: KWSOUTH, LLC RECORDED: OR Book 2881, Page 1440, Monroe County, Florida RE NUMBER: 00308500-000000 SIZE: 5,000 square feet WATER FRONT: No ZONING: IS (Improved Subdivision) INTENDED USE: Single family # OF UNITS: 1 TERMS OF SALE: Cash UNIT VALUE INDICATION: $19.00 per square foot $95,000 per lot LEGAL DESCRIPTION: Lot 12, Block 22, Big Pine Cove Plat Book 3, Page 131, Monroe County, Florida.
COMMENTS: This lot was improved with a mobile home that was subsequently removed. The lot is located one block from the water and a stilt home may have a partial water view.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 18 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE EIGHT
PROPERTY TYPE: Single family lot SALE PRICE: $98,000 DATE OF SALE November 2017 LOCATION: MM 31, Big Pine Key GRANTOR: Charles D. Lafferty GRANTEE: KWSOUTH, LLC RECORDED: OR Book 2880, Page 1586, Monroe County, Florida RE NUMBER: 00306660-000000 SIZE: 5,000 square feet WATER FRONT: No ZONING: IS (Improved Subdivision) INTENDED USE: Single family # OF UNITS: 1 TERMS OF SALE: Cash UNIT VALUE INDICATION: $19.60 per square foot $98,000 per lot LEGAL DESCRIPTION: Lot 18, Block 46, Sands Subdivision, Plat Book 1, Page 65, Monroe County, Florida.
COMMENTS: This is a corner lot and was ROGO exempt. The lot is across the street from a county owned park in Big Pine Key.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 19 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE NINE
PROPERTY TYPE: Single family home SALE PRICE: $1,200,000 DATE OF SALE June 2017 LOCATION: MM 29, Big Pine Key GRANTOR: Richard Lightner, as Personal Representative GRANTEE: Sundowners Fishing Camp, LLC RECORDED: OR Book 2860, Page 1687, Monroe County, Florida RE NUMBER: 20 parcel numbers, see legal below. FINISHED AREA: 1,740 square feet YEAR BUILT/CONDITION: 1968/Average SIZE: 3.25 acres (141,533 square feet) WATER FRONT: Pine Channel ZONING: IS (Improved Subdivision) INTENDED USE: Single family TERMS OF SALE: Cash UNIT VALUE INDICATION: $369,000/upland acre (rounded) $1,200,000 per dwelling unit LEGAL DESCRIPTION: Lots 1-10, Block 79, all Block 78 and lots 1,2,3,4,7,8,9,10, 11 and 12, Block 71 Second Addition to Port Pine Heights, Plat Book 4, Page 67, Monroe County, Florida.
COMMENTS: This sale consisted of twenty lots. Although there are 21 lots, the lots are designated Tier 1 and are difficult to develop. The buyer purchased the site assuming the remaining lots were not developable.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 20 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE TEN
PROPERTY TYPE: Single family home SALE PRICE: $850,000 DATE OF SALE March 2017 LOCATION: MM 30.5, Big Pine Key GRANTOR: The Estate of William H. McAlpine GRANTEE: Doug & Karen Hendricks RECORDED: OR Book 2847, Page 1242, Monroe County, Florida RE NUMBER: 00312330-000000 FINISHED AREA: 1,488 square feet YEAR BUILT/CONDITION: 1963/Average SIZE: 1.26 acres (55,000 square feet) WATER FRONT: Bogie Channel ZONING: IS (Improved Subdivision) INTENDED USE: Single family TERMS OF SALE: Cash UNIT VALUE INDICATION: $675,000 per acre (rounded) $850,000 per dwelling unit LEGAL DESCRIPTION: Lot 32, Block 7, Doctors Arm Subdivision, Plat Book 4, Page 149, Monroe County, Florida.
COMMENTS: This site is improved with a dated single family home. Since the sale, the electric was upgraded, new windows were installed and the roof was replaced. The home is two stories with the living area on the second floor, screen porch, garage and boat house on the ground floor.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 21 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALE ELEVEN
PROPERTY TYPE: Single family home SALE PRICE: $800,000 DATE OF SALE November 2017 LOCATION: MM 30.5, Big Pine Key GRANTOR: Jerry L. and Beverly Al. Trabue GRANTEE: Scott A. Marr & Keithy L. Gross RECORDED: OR Book 2880, Page 108, Monroe County, Florida RE NUMBER: 00285970-000000 FINISHED AREA: 2,774 square feet YEAR BUILT/CONDITION: 1962/Average-Good SIZE: 3.55 acres (154,633 square feet) WATER FRONT: Bogie Channel ZONING: IS (Improved Subdivision) INTENDED USE: Single family TERMS OF SALE: Cash UNIT VALUE INDICATION: $225,500 per acre (rounded) $800,000 per dwelling unit LEGAL DESCRIPTION: Lot 44 of Whispering Pines, PB 4, Page 37 and Parcel AJ, Plat of ‘Wickfield Estates, OR Book 584, Page 189, Monroe County, Florida.
COMMENTS:
This site is improved with a dated single family home. The home is ground level and consists of 3 bedrooms and 3 and ½ baths, concrete swimming pool, private canal and boat basin. The home has been updated since it was originally built and in average to good condition. The sale included the improved water front site and an adjacent non-waterfront site.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 22 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES LOCATION MAP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 23 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
CAMPERS COVE PISCES 62, LLC - OWNERSHIP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 24 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: RV Resort / Campers Cove
LOCATION: 101620 Overseas Highway, Key Largo, Florida.
OWNER OF RECORD: Pisces 62 LLC 2590 County Road 2690 Alvord, TX 76225
PARCEL IDENTIFICATION: 00492750-000100
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $1,479,520 / $13,753.09 Taxes assume early payment and do not include waste water of $1,983.83.
DATE OF VALUE/REPORT: December 9, 2017 / January 30, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 1.53 acres of uplands and .24 acres of submerged lands
OWNERSHIP HISTORY: There was a previous sale of the subject in October 2014 for $1,868,000. This indicates a price of $28.02 per square foot or $58,375 per unit. To my knowledge the subject is not listed for sale.
PARCEL ACCESS: Access is via an easement from the adjacent property.
IMPROVEMENTS: The site is improved with a 3 story single family home built in 1964 and totaling 1,992 square feet, camp building built in 1964 totaling 300 finished square feet and a warehouse marina building built in 1989 and totaling 1,200 finished square feet. In addition to the permanent structures there are 30 RV sites.
ZONING/LAND USE: URM (Urban Residential Mobile)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $3,000,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 25 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Entrance to subject from Overseas Highway
Main entrance from Overseas Highway
Northeasterly street looking towards Florida Bay
Typical Unit/Pad
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 26 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Multi-family units
Water front tiki hut
Water front boat ramp area
Westerly road looking towards Overseas Highway C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 27 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 28 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 29 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBOHROOD DESCRIPTION
The subject property is located in Key Largo near mile marker 101.6. Key Largo is located along the southern tip of south Florida, approximately 60 miles south of Downtown Miami and is the first major development south of Florida City (located 20 miles north). Key Largo is the largest (in square miles) Island in the Florida Keys. Key Largo begins at Jewfish Creek (mile marker 108) and ends in Tavernier, and is approximately 30 miles long. The widest portion of Key Largo is approximately 3 miles. Jewfish Creek is located at mile marker 108 and starts the beginning of Key Largo, therefore, this is considered the neighborhoods northern boundary. Mile marker 100 is the main commercial section of Key Largo and is considered the subject’s southern boundary line. The Atlantic Ocean and Florida Bay are located to the east and west of the subject neighborhood respectively and are considered the east and west neighborhood boundary lines.
DEVELOPMENT TRENDS
The subject is located in central Key Largo and is within walking distance to area shopping and employment. The main shopping area for Key Largo is located at mile marker 102 and 100 and are the most developed areas of Key Largo. The Port Largo area is located a few miles south of the subject at mile marker 100 and has several hotels and motels in the area. The larger hotels, consists of Holiday Inn, Marriot Courtyard Inn, Best Western, Marina Del Mar and Bayside Resort. There are numerous owner operated motels in the area with less than 15 units.
Waldorf Plaza is located in downtown Key Largo and consists of a 55,880 square foot shopping center. Anchor tenants consist of Divers Direct and Office Depot. Several other specialty shops are located within this center. Several other shopping centers within the neighborhood include Central Plaza, Pink Plaza, Plaza 106 and 106 Plaza. Tradewinds Shopping Center is the largest shopping center in Key Largo and is located a few miles north of the subject near mile marker 101. This center consists of approximately 160,000 square feet of gross lease-able area with K- Mart and Publix as anchor tenants.
RECREATIONAL ACTIVITIES
The major attraction of the Florida Keys as well as Key Largo, is the mild climate, fishing, diving and water activities. One of the major attractions of Key Largo is John Pennekamp State Park. John Pennekamp State Park attracts in excess of 1 million visitors by land and sea each year. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Key Largo offers excellent fishing and diving activities and is one of the primary attractions to the area.
EDUCATION
There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High is the only public high school for the Upper Keys and is located at mile marker 90. Key Largo Elementary and Middle School is located in Upper Key Largo at mile marker 105. Also located in Coral Shores High School are classes held for Florida Keys Community College. Churches of numerous denominations are located within the neighborhood, including Baptist, Methodist, Church of Christ, Catholic, etc.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 30 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 ACCESS
The subject is accessible via a private drive from Overseas Highway. Overseas Highway is the main thoroughfare for all of Monroe County, extending approximately 120 miles from Key West, mile marker 0 to South Dade County. Overseas Highway varies in 2 - 4 lanes; however, through all of Key Largo it is 4 lanes. The site has water frontage along the Florida Bay and is also accessible by water.
SUMMARY
Overall, the Keys’ mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000’s and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000’s. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 31 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SITE SPECIFIC DATA
LOCATION
The subject property is located along the bay side of Overseas Highway near mile marker 101.6, Key Largo, Florida. The site does not have direct frontage along Overseas Highway and is accessible via an easement from the adjacent property along Overseas Highway.
OWNER OF RECORD
Pisces 62 LLC 2590 County Road 2690 Alvord, TX 76225
LEGAL DESCRIPTION
Lengthy metes and bounds legal description. Based on the property record card the subject’s legal is Lot 10, less the southeasterly 100 feet and the northwesterly adjacent bay bottom, Tarpon Acres, Plat Book 2, Page 109, Monroe County, Florida.
HISTORY OF SUBJECT
There was a previous sale of the subject in October 2014 for $1,868,000. This indicates a price of $28.02 per square foot or $58,375 per unit. To my knowledge the subject is not listed for sale.
ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Taxes 00492750-000100 $1,479,520 $13,753.09
Taxes assume early payment and do not include waste water of $1,983.83.
DIMENSIONS, SIZE AND SHAPE
I was not provided with a survey. Based on the online tax map, the site is mostly rectangular with 660.15 feet along the northerly and southerly sides, 100 feet along Overseas Highway and Florida Bay. The submerged lands extend an additional 110 + feet in to the Florida Bay. Based on the property record card the site totals 1.53 acres of uplands and .24 acres of submerged lands.
TOPOGRAPHY AND VEGETATION
The site is basically cleared of all vegetation and is developed with an RV park. The site slopes down from the easterly side near Overseas Highway to the west as you near the Florida Bay.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 32 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 TIER DESIGNATION
The site is located within a Tier 3 designation. The Tier 3 designation typically consists of developed sites.
ACCESS
The site has access from an easement through the adjacent property which has frontage along Overseas Highway. The site is located on the Florida Bay and is also accessible by water.
WATER FRONT
The site has 100 feet of frontage along the Florida Bay.
EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
No adverse encroachments or easements noted at the time of inspection.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
DRAINAGE/FLOOD ZONE
The sites appear to have adequate drainage. No adverse site conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel number 12087C0931K, the site is located in flood zone AE. Based on the flood map, the easterly portion near Overseas Highway may be in an X zone. A survey would be required to verify the different flood zones.
ZONING
The site is zoned URM (Urban Residential Mobile). The URM was designed to accommodate existing mobile home and RV parks. In addition to mobile homes, the URM allows site built single family homes. More intense uses are also permitted through either a minor or major conditional use. Based on the land size of 1.53 acres, the URM zoning would allow the site to be developed with 8 mobile homes.
SITE CONCLUSION
The site is located in central Key Largo near mile marker 101.6. The site is rectangular with frontage along the Florida Bay and street access from Overseas Highway or water access from the Florida Bay. The site is zoned URM and the surrounding area is developed with mobile homes and RV’s, single family homes and commercial properties. The site and zoning conform to the surrounding area.
IMPROVEMENTS
The site improved with a 3 story duplex built in 1964 and totaling 1,992 square feet, camp building built in 1964 totaling 300 finished square feet and a warehouse marina building built in 1989 and totaling 1,200 finished square feet. In addition to the permanent structures there are 30 RV sites. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 33 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HIGHEST AND BEST USE
The forces that affect the market value of a property also influence the property's highest and best use. In all valuation assignments, value estimates are based upon use. The highest and best use of a property to be appraised provides the foundation for a thorough investigation of the competitive positions of market participants. Consequently, highest and best use can be described as the foundation upon which market value rests.
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value”.3
There are essentially four stages in analyzing the highest and best use of a property. These are legally permissible uses, physically possible uses, financially feasible uses and maximally productive use or the most profitable use.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 1.53 acres of uplands and .24 acres of submerged lands. Physically the site could be developed with a variety of property types including residential, retail, motels, office, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. The site is zoned URM (Urban Residential Mobile). The URM district was intended for existing mobile home parks. Permitted uses in the URM zoning are mobile homes, RV sites and single family homes. Additional uses are permitted as a minor or major conditional use. The density for URM is 1 dwelling unit per site or 5 units per acre. The sites size of 1.54 acres would permit 8 mobile or single family homes. RV’s or Transient units are permitted, however, they can not be converted to a residential unit.
FINANCIALLY FEASIBLE USES
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area consists of a mixture of residential, retail, restaurants, hotels and other tourist related business. The current URM zoning was intended for existing mobile home parks, thus, if vacant the current zoning would not apply. As with most of the Florida Keys the neighborhoods have a wide range of property types and are typically intermixed with residential and commercial. Based on the current zoning or assuming a similar residential zoning the highest and best use if vacant would be for 8 residential homes.
3 Dictionary of Real Estate Appraiser, published by the Appraisal Institute, 1993, page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 34 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 MAXIMALLY PRODUCTIVE USES
Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. Thus, based on the subject size and surrounding properties, the highest and best use if vacant would be for residential development with 8 residential homes.
AS IMROVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 1.53 acres of uplands and .24 acres of submerged lands. The site is basically developed to maximum density and can not be expanded. It would be physically possible to re- develop the site with an alternative use.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. The site is zoned URM (Urban Residential Mobile) and is improved with RV sites and a single family home. These uses are legally permitted uses on the site.
The surrounding area consists of a mixture of residential, retail, restaurants, hotels and other tourist related business. The current URM zoning was intended for existing mobile home and RV parks, thus, if vacant the current zoning would not apply. As with most of the Florida Keys the neighborhoods have a wide range of property types and are typically intermixed with residential and commercial. Based on the current zoning or assuming a similar residential zoning the highest and best use if vacant would be for residential development.
FINANCIALLY FEASIBLE USES
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The site is improved with 32 units. It would be financially feasible to continue the current use, re-develop the site with affordable housing or market rate housing with less density.
MAXIMALLY PRODUCTIVE USES
Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. Thus, based on the subject size and surrounding properties, the highest and best use if vacant would be for residential development. The site totals 1.53 acres of uplands and is developed with 32 units. The current zoning permits 5 units per acre, thus, the site does not conform to density requirements and therefore, could not be re-built as existing with residential or mobile homes. The sites could be re-developed with RV sites or park model RV’s on the site and rented nightly similar to motels/hotels. The subject’ current density maximizes the use of the site and is considered the site’s highest and best use.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 35 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Mobile Home Mobile Home Mobile Home Dilapidated Affordable Property Type RV Park at time of sale Park Park Park Motel housing Plantation Key Largo Islamorada Stock Island Marathon Big Pine Location Key
Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000
Sales Date 7-16 8-17 1-18 11-16 6-16 Affordable & Mobile Affordable SF Homes SF Homes Market Rate Intended Use Homes Park Housing Housing 39 transient at time of 32 Total 17 as purchase 30 RV 15 purchased 9 as 61 approval for 16 # of Units 2 residential proposed 45 affordable units and 10 sf homes
Permits/ Rogo Yes Yes Yes Yes Yes No Exempt
Size 66,647 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf
MH change to Zoning URM VC UR MU SC MF 24 as 8.35 as Density / purchased purchased 21 13 19 13 Units per acre 12.5 as 12 as proposed proposed
Water Front Florida Bay Ocean Florida Bay Boca Chica Ocean None
Boat dockage Beach, & ramp, Dock, Boat Basin & Amenities retaining wall, None None retaining wall, retaining wall Dockage dock tiki hut
$82,500 / 17 $154,000 / 39 $/Unit/Site $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
$/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 36 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = = = = = Conditions of Sale = = = = = Location = = - - = + Zoning = = = = = ROGO = = = = + + Exempt/Permits Density - - - - = - - - - Water Front = = = = + + Amenities = = + + = + + Net Adjustments - - - - = - - + + + + +
UNIT OF COMPARISON
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Typically RV / Mobile Home parks are purchased on a price per unit basis rather than a price per square foot. However, the comparables vary significantly in land size, number of units, location, amenities and other factors and the price per unit had a wider range than the price per square foot. Therefore, all sales were analyzed and compared to the subject on a price per square foot basis with secondary emphasis given to the price per unit.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 37 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
The subject is located in central Key Largo, near mile marker 101.6. Sales 1 and 2 are located within incorporated Islamorada and sale 4 is located within incorporated Marathon. Overall, Islamorada and Marathon have similar land values of Key Largo and these sales required no adjustments. Stock Island is adjacent to Key West and typically brings higher prices than Key Largo and the Upper Keys. Thus, sale 3 was considered superior and required downward adjustments. Sale 5 is located on Big Pine Key. Big Pine Key historically has brought lower prices than the Upper and Middle Keys. Therefore, sale 5 was considered inferior in location and required upward adjustments
ZONING
The subject is zoned URM. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. Although the zonings are not equivalent, because of the wide range of values and property types, there was no correlation between zoning and price. Therefore, no adjustments were made.
PERMIT / ROGO EXEMPT
The subject is improved with 30 RV sites and a duplex. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments.
DENSITY
The subject has a density of 21 units per acre and was similar to sale 3 at 19 units per acre, thus, sale 3 required no adjustments. The remaining sales had superior densities ranging from 8.3 to 13 units per acre, thus, requiring downward adjustments.
WATER FRONT
The subject and sale 2 are located on the Florida Bay and have similar bay front locations. Sales 1 and 4 are located on the Atlantic Ocean. Overall, the Florida Bay and Atlantic Ocean have similar desirability to typical buyers. Thus, sales 1, 2 and 4 required no adjustments. Sale 3 has water frontage along Boca Chica Channel. Typically Boca Chica Channel would be considered inferior to a view of the Florida Bay or Atlantic Ocean, however, sale 3 is located on Stock Island
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 38 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 and because Stock Island is a superior location to the other sales, the water front location is less significant. Thus, sales 1, 2, 3 and 4 were considered similar in water frontage and required no adjustments. Sale 5 is located on a non-water front site in Big Pine Key and is inferior, thus requiring upward adjustments.
AMENITIES
The subject site has water frontage with boat dockage and boat ramp, retaining wall and tiki hut. Sales 1, 2 and 4 were considered similar in amenities and required no adjustments. Sales 3 and 5 had no amenities and were inferior requiring upward adjustments.
CONCLUSION OF VALUE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment - - - - = - - + + + + +
Price / SF $59.05 $44.63 $60.24 $29.47 $18.87
Price / Unit $82,500 / 17 $154,000 / 39 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Most weight was given to the price per square foot with secondary weight placed on the price per unit basis.
Sales 1 and 2 were most similar in water front and were located in the Upper Keys, however, they had a lower density and overall were superior to the subject. Sale 3 was most similar in density; however, it was located in a superior island near Key West. Thus, sale 3 was also considered superior.
The majority of the subject units are RV sites. RV sites are considered transient units, thus, sale 4 is most similar in type of units at the time of sale. However, sale 4 is being developed with affordable and market rate housing, therefore, the type of unit is irrelevant. Sale 5 is located on a non-water front site on Big Pine Key and overall is inferior to the subject.
Excluding the high and low per square foot sales, the price range narrowed to $29.47 to $59.05 and from $82,500 to $155,500 per unit. With most weight placed on the price per square foot, a value in the middle of the range was considered reasonable, say $45.00. The market value of the subject is summarized as follows.
66,647 square feet X $45.00 per square foot = $2,999,115 Rounded to $3,000,000
This indicates a per unit price of $93,750 and is reasonable based on the sales.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 39 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
84771 OVERSEAS HIGHWAY JOSEPH J. JANAS - OWNERSHIP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 40 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: Commercial retail/proposed affordable housing
LOCATION: 84771 Overseas Highway, Windley Key, Florida.
OWNER OF RECORD: Joseph J. Janas 180 Iroquois Drive Islamorada, Florida 33036
PARCEL IDENTIFICATION: 00093980-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $896,969 / $8,634.49 Taxes do not include waste water of $1,507.20.
DATE OF VALUE/REPORT: December 9, 2017 / January 30, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 47,875 square feet
OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years. The Habitat for Humanity has a contract on the site for $1,500,000. This indicates a price of $31.33 per square foot or $93,750 per unit and based on the sales is reasonable.
PARCEL ACCESS: Access is via an easement from the adjacent property.
IMPROVEMENTS: The subject is improved with a dated commercial building containing 2,197 square feet. Proposed improvements include 16 affordable housing units and 1,848 square feet of retail space.
ZONING/LAND USE: TC (Tourist Commercial)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $1,500,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 41 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Front view of improvements
Overseas Highway looking northbound
Overseas Highway looking southbound
View of Subject from Old Highway (SR 4A)
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 42 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Subject Photographs
Old State Road 4A looking south, subject on right
Old State Road 4A looking north, subject on left
Interior view of site
Interior view of improvements C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 43 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 44 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 45 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD DESCRIPTION / ISLAMORADA
Islamorada is located in the Upper Keys and is approximately 77 miles south of Central Miami and 80 miles north of Key West. The entire incorporated Islamorada area extends from Plantation Key, mile marker 91 to Lower Matecumbe Key, mile marker 75.5. Overseas Highway is the main thoroughfare through Islamorada, as well as all of Monroe County.
LOCATION
The site is located within Incorporated Islamorada, “Village of Islands” on the southerly side of Windley Key, at mile marker 84.7, Monroe County, Florida. Islamorada is located in the Upper Keys and is approximately 77 miles south of Central Miami and 80 miles north of Key West. The Post Card Inn Resort is located within walking distance and is one of the Largest resorts in the Florida Keys, with several hotels, bars, restaurants, and a large marina. The resort is located on the Atlantic Ocean and Whale Harbor Channel. The resort suffered significant damage from Hurricane Irma and is currently closed while repairs and or renovations are being completed.
The neighborhood boundaries for the subject range from mile marker 80 to mile marker 87. Summer Seas Condominiums are located north of the subject and is considered to be the beginning of the subject neighborhood. Teatable Relief Channel is located at mile marker 80, approximately 4.7 miles south of the site and is the beginning of Lower Matecumbe Key.
DEVELOPMENT TRENDS
Development within Islamorada ranges from single family dwellings to numerous motels, hotels, restaurants, convenience stores and mixed use properties. The majority of commercial development is located along Overseas Highway and is centrally located near mile markers 82 - 84.5. World Wide Sportsman is centrally located in Islamorada and is one of the major shopping draws to the area. Plantation Key is also heavily developed, but less than Central Islamorada, with residential homes, motels, marinas and small commercial buildings. Lower Matecumbe Key is sparsely developed with the majority of development consisting of residential homes and a few scattered commercial properties.
The immediate neighborhood for the subject consists of Ocean View Motel and Vacant land to the northwest, Coconut Cove Motel and residential homes to the east and south and Theater of the Sea, a dolphin tourist attraction to the southwest. Additional properties located on Windley Key consist of Anglers Resort Condominiums, Drop Anchor Motel, a mobile home park, Smugglers Cove, Hog Heaven Sports Bar and the Pelican Cove Resort.
The residential homes range in price from $350,000 to over $5,000,000. The higher priced homes are the homes located on the Florida Bay or the Atlantic Ocean. There are also several condominium developments along the east side of the Old Highway, and the west side of Overseas Highway. The condominiums range in price from $350,000 to over $1,000,000.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 46 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 RECREATIONAL ACTIVITIES
The major attraction of the Florida Keys as well as Islamorada, is the mild climate, fishing, diving and water activities. One of the major attractions of the Upper Keys is John Pennekamp State Park. Each year John Pennekamp State Park attracts in excess of one million visitors. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Islamorada offers excellent fishing and diving activities and is one of the primary attractions to the area.
EDUCATION
There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High is the only public high school for the Upper Keys and is located at mile marker 90. Plantation Key Middle and Elementary Schools are also located at mile marker 90. Also located in Coral Shores High School are classes held for Florida Keys Community College. Churches of numerous denominations are located within the neighborhood, including Baptist, Methodist, Church of Christ, Catholic, etc.
ACCESS
The site has frontage on Overseas Highway and Old State Road 4A which run along the northerly and southerly sides of the site respectively. Access to the site is from either of these roads. Old State Road 4A extends from Snake Creek Bridge south to the Post Card Inn. Overseas Highway is the major thoroughfare for Islamorada and the Florida Keys. Overseas Highway begins in Key West at mile marker 0 and extends north over 120 miles to South Dade County. The subject has convenient access to the neighborhood and throughout the Upper Keys.
CONCLUSION
The subject is centrally located within the City of Islamorada and has excellent access throughout the Upper Keys. Islamorada incorporated in 1997 annexing out of the county. Thus, adopting their own land use plan and building regulations. Both commercial and residential construction is strictly regulated, thus, slowing the growth and increasing the demand for the area. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 47 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SITE SPECIFIC DATA
LOCATION
The subject property consists of an improved tract located at mile marker 84.8 within the median strip of Old State Road 4A and Overseas Highway, on Windley Key. Windley Key is within Incorporated Islamorada.
OWNER OF RECORD
Joseph J. Janas 180 Iroquois Drive Islamorada, Florida 33036
LEGAL DESCRIPTION
The subject has a lengthy metes and bounds legal description. According to the property record card, the site is located in Part Lot 7 and part of the adjacent R-O-W, Windley Island, Plat Book 1, Page 50. Section 23, Township 63 South, Range 37 East, Monroe County, Florida.
HISTORY OF SUBJECT
Based on the public records there have been no sales of the subject sites within the past 5 years. The Habitat for Humanity has a contract on the site for $1,500,000. This indicates a price of $31.33 per square foot or $93,750 per unit and based on the sales is reasonable.
ASSESSMENT AND TAXES
The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Taxes 00093980-000000 $896,969 $8,634.49
The taxes do not include waste water of $1,507.20.
DIMENSIONS, SIZE AND SHAPE
Based on the property appraisers’ web site, the southerly side borders Old State Road 4A and has 437.2 feet. From the northeasterly corner of Old State Road 4A and Overseas Highway the side extends in a southwesterly direction approximately 362.80 feet. The westerly property line extends in a northerly direction from Old State Road 4A, approximately 294.87 lineal feet to Overseas Highway. Based on the public records the site totals 47,875 square feet.
TOPOGRAPHY AND VEGETATION
The site is at street grade along Overseas Highway and Old State Road 4A and has a gradual slope down from the streets to the center of the site. The soil appears to be coral rock which is typical in the Keys. While a soil study was not supplied to the appraiser, it is reasonable to assume that Monroe County took soil conditions into account prior to granting a building permit. Neither the subject improvements nor the surrounding improvements display any of the characteristics which would indicate adverse soil conditions.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 48 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 TIER DESIGNATION
The site is located within incorporated Islamorada and is not subject to the county’s Tier Designation.
ACCESS
The site has frontage on Overseas Highway and Old State Road 4A which run along the northerly and southerly side of the site respectively. Access to the site is from either of these roads. Overseas Highway is the major thoroughfare throughout the Florida Keys and extends from South Dade County to Key West. On Windley Key, Old State Road 4 A extends from Snake Creek Bridge south to the Post Card Inn.
EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
No adverse encroachments or easements noted at the time of inspection.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
DRAINAGE/FLOOD ZONE
According to Community Panel Number 12087C1003K, dated 2-05, of the Federal Emergency Management Agency's Flood Insurance Rate Map, the subject site is located in Zone AE, which is a 100 year flood prone area. No outside influences such as loud noise, odor, fog, smog, or undesirable land uses are present in the neighborhood which would have a detrimental effect upon the property.
ZONING
The site is zoned Tourist commercial (TC). The purpose of the tourist commercial (TC) zoning district is to accommodate existing tourist lodging, tourist attractions and supportive facilities. The following uses are permitted uses provided that they do not contain a drive-in or drive- through component. - Single family dwelling units of 25 dwelling units or less, except the conversion of existing hotels or motels to single-family dwelling units is not permitted; - Deed restricted affordable housing dwelling units of 25 dwelling units or less, except the conversion of existing hotels or motels to dwelling units is not permitted; - Hotels and motels with 25 rooms or less; - Recreational equipment rental; - Restaurants less than 1,500 square feet; - Brewpubs less than 1,500 square feet; and - Accessory uses and structures, excluding guesthouses.
The following uses are reviewed as minor conditional uses provided that they do not contain a drive-in or drive-through component.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 49 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 - Any permitted residential use, greater than 25 dwelling units, except that motels and hotels shall not be considered a residential use; - Bars, taverns and drinking places less than 5,000 square feet; - Brewpubs of 1,500 to 3,000 square feet; - Commercial recreational facility less than 5,000 square feet; - Community pier or public dock; - Docking facility;Hotels or motels having more than 25 rooms and less than 50 rooms; - Infrastructure and municipal utility facilities; - Restaurants of 1,500 to 3,000 square feet; and - Attached wireless facility.
Uses reviewed as a major conditional use.
- Hotels or motels having 50 rooms or more; - Brewpubs of 3,001 to 5,000 square feet; - Commercial recreational uses of 5,000 square feet or greater; - Marina redevelopment; - Restaurants of 3,001 to 5,000 square feet; - Stealth wireless facility; - Outdoor storage and display areas pursuant to article VI, division 8 of this chapter; and
Any use listed above as a permitted or minor conditional use, or a major conditional use listed herein, provided that the use contains a drive-in or drive-through component.
Density: Up to six dwelling units per acre, or up to 12 dwelling units per acre with TDRs or affordable housing, or up to 15 affordable housing dwelling units per acre may be permitted if the proposed development provides for an increase of one Class in all required bufferyards; however, on commercially developed parcels of land, the density requirements for affordable housing provided herein shall not exceed 12 dwelling units per acre, notwithstanding any nonresidential floor area or FAR, or market rate residential dwelling units; except that on commercially developed parcels of land, the density requirements for affordable housing provided herein shall not exceed 15 dwelling units per acre, notwithstanding any nonresidential floor area or FAR, or market rate residential dwelling units, if the proposed development provides for an increase of one Class in all required bufferyards.
SITE CONCLUSION
The surrounding neighborhood ranges from single family homes, to motels, tourist attraction areas and other commercial properties. The site is being developed with 16 units and retail space. The proposed improvements conform to the zoning density and set back requirements. The site’s size and zoning conforms to the surrounding neighborhood.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 50 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 DESCRIPTION OF THE IMPROVEMENTS
AS IS
The subject is improved with a commercial building containing 2,197 square feet. The building was built in 1958 and was originally CBS construction. Since it was originally built it has been expanded with wood frame additions and covered work areas, totaling 870 and 560 square feet. The dimensions and sizes of the improvements are based on measurements taken by me on a previous appraisal. Because the highest and best use is for development, any changes made from the prior appraisal are insignificant and would not affect value.
The majority of the exterior of the building consists of CBS construction. The wood frame additions are located along the south and southeasterly side of the building. The roof consists of rolled type asphalt over the CBS portion and corrugated metal over the wood frame additions and the covered work areas. Windows along the front were fixed glass in aluminum frame and the side and rear were either awning or slide aluminum hung.
SUMMARY
The majority of the building is CBS with frame additions and covered awning/work areas. Overall, the structure appears sound, however, the improvements are dated, and overall contribute minimal to the overall property value.
PROPOSED DEVELOPMENT
The subject has permits for a 16 unit affordable housing project with 1,848 square feet of retail space. The retail space fronts Overseas Highway with the residential units along the rear and fronting Old State Road 4A. Based on the size, this indicates a density of 15 units per acre and is actually greater considering the commercial space; however, it is permitted by zoning. According to the representative for the Habitat for Humanity all permits and approvals are in place and the market value estimate is contingent on these approvals. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 51 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HIGHEST AND BEST USE
The forces that affect the market value of a property also influence the property's highest and best use. In all valuation assignments, value estimates are based upon use. The highest and best use of a property to be appraised provides the foundation for a thorough investigation of the competitive positions of market participants. Consequently, highest and best use can be described as the foundation upon which market value rests.
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value”.4
There are essentially four stages in analyzing the highest and best use of a property. These are legally permissible uses, physically possible uses, financially feasible uses and maximally productive use or the most profitable use.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site consists of 47,875 square feet. The site is located within a 100 year flood plain and any improvements would have to conform to current building and FEMA guidelines. The site is slightly below street grade and is irregular. Although the site is irregular it is of sufficient size to accommodate a wide range of property types, including retail, office, single family or muti-family properties.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The subject site is zoned TC (Tourist Commercial) and the TC zoning allows numerous uses. Some of the uses include single family, affordable housing, retail, office, restaurants, etc. Refer to the zoning section of this report for all the allowable uses.
4 Dictionary of Real Estate Appraiser, published by the Appraisal Institute, 1993, page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 52 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 FINANCIALLY FEASIBLE USES
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The subject is located within the City of Islamorada. The site is zoned for commercial and commercial residential uses. All of the properties in the immediate area are primarily tourist oriented and consists of hotels/motel, restaurant, convenient store, and marinas. Thus, any of these discussed uses would be considered financially feasible. The site could also be developed with affordable housing units, and considering the high demand for affordable housing would be a financially feasible use.
MAXIMALLY PRODUCTIVE USES
Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. Thus, based on the subject size and surrounding properties, the highest and best use would be commercial development, affordable housing or a combination of the two.
AS IMPROVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site consists of 47,875 square feet and is improved with a commercial building. The site is located on Overseas Highway and Old State Road 4A. The site has utilities available, is level and is cleared. The site is located within a 100 year flood plain. It is physically possible to continue using the structure as is or to renovate the structure into alternative uses. The improvements could be razed and re-built with another structure; however the new structure would have to conform to new building codes. The site has excess land, however because of the strict limitations on new commercial construction or expansion it is very unlikely that the building could be expanded without having to be updated to current standards or building codes.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The subject site is zoned TC (Tourist Commercial) and the TC zoning allows numerous uses. Some of the uses include single family, affordable housing, retail, office, restaurants, etc. Refer to the zoning section of this report for all the allowable uses.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 53 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 FINANCIALLY FEASIBLE USES
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The subject is located within the City of Islamorada. The site is zoned for commercial and commercial residential uses. All of the properties in the immediate area are primarily tourist oriented and consists of hotels/motel, restaurant, convenient store, and marinas. Thus, any of these discussed uses would be considered financially feasible. The site could also be developed with affordable housing units, and considering the high demand for affordable housing would be a financially feasible use.
MAXIMALLY PRODUCTIVE USES
Maximally productive use pertains to the feasible uses which produces the highest rate of return or value to the subject property, which is its highest and best use. As improved, the site is developed with a 2,197 square foot commercial building, with 1,430 square feet of covered awnings and additions. Excluding the awnings and additions, the indicated land to building ratio is 17.78:1. The site is too small for hotel/motel development. Thus, based on the subject size and surrounding properties, the highest and best use would be commercial development, affordable housing or a combination of the two.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 54 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5
Property Type Dilapidated Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale Retail Park Park Park Motel housing Plantation Islamorada Stock Island Marathon Big Pine Location Windley Key Key
Sales Price $1,500,000 $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000
Sales Date Pending 7-16 8-17 1-18 11-16 6-16 Affordable & Affordable Mobile Affordable SF Homes SF Homes Market Rate Intended Use housing Homes Park Housing Housing 39 transient at time of 16 Affordable 17 as purchase # of Units housing and 15 purchased 9 as 61 approval for 16 retail space proposed 45 affordable and 10 sf homes
Permits/ Rogo Yes Yes Yes Yes Yes No Exempt
Size 47,875 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf
MH change to Zoning TC VC UR MU SC MF 24 as 8.35 as Density / purchased purchased 15 13 19 13 Units per acre 12.5 as 12 as proposed proposed
Water Front None Ocean Florida Bay Boca Chica Ocean None
Beach, Dock, Boat Basin & Amenities None retaining wall, None None retaining wall Dockage dock
$82,500 / 17 $154,000 / 39 $/Unit/Site $93.750 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
$/SF $31.33 $59.05 $44.63 $60.24 $29.47 $18.87 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 55 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = = = = = Conditions of Sale = = = = = Location = = - - = + Zoning = = = = = ROGO = = = = + + Exempt/Permits Density = = = = = Water Front ------= Amenities - - - - = - - = Net Adjustments ------+ + +
UNIT OF COMPARISON
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Typically Affordable housing sites along with RV / Mobile Home parks are purchased on a price per unit basis rather than a price per square foot. However, the comparables vary significantly in land size, number of units, location, amenities and other factors and the price per unit had a wider range than the price per square foot. Therefore, all sales were analyzed and compared to the subject on a price per square foot basis with secondary emphasis given to the price per unit.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 56 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
The subject is located on Windley Key in Islamorada. Sales 1 and 2 are located within incorporated Islamorada and sale 4 is located within incorporated Marathon. Overall, Islamorada has similar values as Marathon and these sales required no adjustments. Stock Island is adjacent to Key West and typically brings higher prices than Islamorada and the Upper Keys. Thus, sale 3 was considered superior and required downward adjustments. Sale 5 is located on Big Pine Key. Big Pine Key historically has brought lower prices than the Upper and Middle Keys. Therefore, sale 5 was considered inferior in location and required upward adjustments
ZONING
The subject is zoned TC. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. Although the zonings are not equivalent, because of the wide range of values and property types, there was no correlation between zoning and price. Therefore, no adjustments were made.
PERMIT / ROGO EXEMPT
The subject is proposed with 16 affordable housing units with all permits in place. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments.
DENSITY
The subject has a density of 15 units per acre. The sales range from 8.35 to 19, with the subject being in the middle of the range. Overall the densities were considered similar and no adjustments were made.
WATER FRONT
The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 57 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 AMENITIES
The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and boat ramp, retaining wall and tiki hut and therefore considered superior, requiring downward adjustments.
CONCLUSION OF VALUE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment ------+ + +
Price / SF $59.05 $44.63 $60.24 $29.47 $18.87
Price / Unit $82,500 / 17 $154,000 / 39 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.23 and a price per unit of $62,500 to $196,500. Most weight was given to the price per square foot with secondary weight placed on the price per unit basis.
Sales 1 and 2 were most similar in their Upper Keys location; however, they had water frontage and were superior in amenities. Sale 3 was similar in density, however, it was superior in water frontage and location. Thus, sales 1, 2 and 3 were considered to reflect the upper range. Sale 4 is located within incorporated Marathon and although it is superior in water frontage it is being developed with a similar affordable housing project, thus, considered a good indicator of value.
Sale 5 was purchased for an affordable housing project and overall is most similar to the subject. However, sale 5 did not have permits and is located On an inferior island. The buyer of sale 5 paid an additional $25,000 per unit for the permits, indicating an adjusted price per square foot of $26.42 and an adjusted price per unit of $87,500. Even with the upward adjustment for permits the subject is superior in location, therefore, the subject would be greater than the $26.42 per square foot and $87,500 per unit price adjusted price of sale 5.
The subject has a pending contract for $1,500,000. Based on the size and price the unit indicators are $31.33 per square foot and $93,750 per unit. Using the adjusted price of sale 5, the range is $26.42 to $60.23 per square foot. The subject contract price is within the low to middle range of the sales, however, considering it is non-water front is reasonable. Thus, based on the sales and supported by the subject’s contract price the market value assuming permits was estimated at $1,500,000.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 58 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
CONCH KEY TRAILER PARK JDLC, INC. - OWNERSHIP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 59 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
EXECUTIVE SUMMARY
PROPERTY TYPE: RV/Mobile home park
LOCATION: 2 N. Conch Avenue, Conch Key, Florida.
OWNER OF RECORD: JDLC Inc. 1241 Route 9P Saratoga Springs, NY 12866
PARCEL IDENTIFICATION: 00385780-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $672,657 / $6,365.68 Taxes do not include waste water of $386
DATE OF VALUE/REPORT: December 9, 2017 / January 30, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 16,210 square feet
OWNERSHIP HISTORY: The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida.
PARCEL ACCESS: N. and S. Conch Avenue
IMPROVEMENTS: The site is improved with 5 transient RV sites and 12 mobile home sites.
ZONING/LAND USE: CFSD 16 (Commercial Fishing District)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $1,015,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 60 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
View of park on right
Overseas Highway looking northbound
Overseas Highway looking southbound
Typical unit and space in park
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 61 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Subject Photographs
North Conch Avenue looking east, subject on left
North Conch Avenue looking west, subject on right
South Conch Avenue looking east, subject right
Corner of North and South Conch Avenue access to Overseas Highway C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 62 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 63 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 64 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD
The subject is located on Conch Key at mile marker 63. Conch Key is located in unincorporated Monroe County and is centrally located between Incorporated Islamorada to the north and Incorporated Marathon to the south. Conch Key is approximately 63 miles north of Key West and 125 + miles south of Downtown Miami. Conch Key is located on the Gulf side of Overseas Highway.
DEVELOMENT
Development on Conch Key consists of mainly single family homes and mobile homes. Most of the homes are less than $500,000 with open water front homes more. There is a motel, commercial fishing businesses and the Monroe County Fire Station. Exclusive Duck Key is located a few miles south bound on Overseas Highway. The majority of development, shopping and employment is located south in Marathon and north in Islamorada. Development within both these incorporated areas ranges from condominiums to single family dwellings, marinas, apartments, warehouses, shopping centers and retail buildings. Marathon has a an airport with daily commercial flights. Most of the commercial activities are developed along Overseas Highway, with residential along the secondary streets in the interior of the subdivisions.
Commercial development throughout Marathon consists of retail strip centers, banks, restaurants, resorts, marinas and professional offices. Marathon has several neighborhood shopping centers. One center is anchored by Winn Dixie and K-Mart and Publix along with a Home Depot. Islamorada has similar offices and retail buildings, along with a Bass Pro Shop and a Publix Super Market under construction. The office and retail space in the neighborhood is typically located in single tenant freestanding buildings or retail strip centers.
RECREATION
Marathon is the center of the Florida Keys National Marine Sanctuary, which encompasses the third largest coral reef in the world. Marathon is also home to the only county marine sanctuary in the United States, the Marathon Marine Sanctuary. These sanctuaries offer excellent fishing and diving and are two of the primary attractions to the area.
One of the major attractions of the Upper Keys and Islamorada is John Pennekamp State Park. Each year John Pennekamp State Park attracts in excess of one million visitors. John Pennekamp Park is approximately 78 square miles and is one of the few living reefs along Americas shoreline. Islamorada offers excellent fishing and diving activities and is one of the primary attractions to the area.
EDUCATION
There are no public or private schools on Conch Key. Public Schools are available in both the Upper and Middle Keys. Marathon has two public elementary schools and one public High School, three parochial schools covering nursery through grade 12. The Florida Keys Community College holds classes in the Marathon High School. Most of the major religions are represented, either within the neighborhood or in close proximity.
There is one private and one public high school in the Upper Keys. Island Christian is a private school teaching grades kindergarten-12 and is located at mile marker 83. Coral Shores High School is the only public high school for the Upper Keys and is located at mile marker 90. Plantation Key Middle and Elementary Schools are also located at mile marker 90. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 65 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SUMMARY
Overall, Conch Key's mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. The market appears to be on the rise with an increase in demand for prices for most types of properties. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
SITE SPECIFIC DATA
LOCATION
The subject is located at mile marker 63 on Conch Key. Conch Key is located within Unincorporated Monroe County and is centrally located between Marathon and Islamorada. The street address is 2 N. Conch Avenue, Conch Key, Florida. The site is improved with 5 transient RV sites and 12 mobile home sites
OWNER OF RECORD
JDLC Inc. 1241 Route 9P Saratoga Springs, NY 12866
LEGAL DESCRIPTION
Based on the property record card the legal is lot 13 and the easterly 30 feet of lot 14 and the easterly 39 feet of lot 30 and all of lot 31 Conch Key, Plat Book 2, Page 130, of the public records of Monroe County, Florida.
HISTORY OF SUBJECT
The subject sold along with the adjacent motel in December 2016 for $4,200,000. This sale is recorded in OR Book 2833, Page 1027 of the public records of Monroe County, Florida.
ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Taxes 00385780-000000 $672,657 $6,365.68
The taxes do not include solid waste in the amount of $386.
DIMENSIONS, SIZE AND SHAPE
The site is irregular. Based on the tax map the site has 190.93 and 88.82 feet of frontage along the easterly side adjacent to S. Conch Avenue and 131.95 feet along N. Conch Avenue. Based on the property record card the site totals 16,210 square feet. Refer to the previous tax parcel map for a depiction of the site. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 66 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 TOPOGRAPHY AND VEGETATION
The site is generally level and is at street grade along the northerly and southerly sides of Conch Avenue. The easterly side of Conch Avenue toward Overseas Highway is slightly below street grade. The site is basically cleared with a few palm trees.
TIER DESIGNATION
The site is located within a Tier 3 designation. The Tier 3 designation typically consists of developed or scarified sites.
ACCESS
The site has frontage along N. and S. Conch Avenue. Conch Avenue is a poorly paved street that circles the small island of Conch Key. Main access to the site is via Overseas Highway.
EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
Other than zoning, no restrictions were noted. I was not provided with a survey, however, based on a visual inspection there were no adverse easements or encroachments noted.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
DRAINAGE/FLOOD ZONE
The site appears to have adequate drainage. At the time of inspection there was standing water in the street from heavy rains occurring at that time. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel number 12087C1167K, the site is located in flood zone AE. AE is a 100 year flood hazard area. No adverse conditions were noted which would negatively affect the future marketability of the property.
ZONING
The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems.
SITE CONCLUSION
The site is located on Conch Key at mile marker 63. The island is a mixture of mobile homes, site built home and commercial business. The subject’s size, topography and zoning conform to the surrounding land uses.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 67 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HIGHEST AND BEST USE
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity”5.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, vacation rental use with special exception permit, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include residential apartments, affordable housing or light commercial.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. Based on the zoning and a density of 12 units per acre the site has an allocated density of 1 (1.11) residential unit and a maximum density of 3 (3.45) residential units.
4 The Dictionary of Real Estate Appraisal, by the Appraisal Institute (3rd addition, 1993), page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 68 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 In general, sales of vacant non-water front commercial sites are selling similar to sales of vacant non-water front multi-family residential sites. Thus, if vacant the highest and best use would be for commercial development or multi-family development.
AS IMRPOVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 16,120 square feet and is improved with 5 transient RV sites and 12 mobile home sites. The site is non-conforming in density; however, because the development was built prior to 1996 it is a legal non-conforming use. The site could be re-developed the same 12 mobile homes, however, because the transient units are not permitted per the zoning, they would not be a permitted use. “As Is” without removing the RV sites, the sites are limited to the same foot print, however, they could be updated with new pads, landscaping, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned CFSD 16 (Commercial Fishing Special District 16). The CFSD 16 district is specific to Conch Key. The permitted uses include commercial fishing, accessory uses, mobile homes, detached dwellings, collocations on existing antenna supporting structures and waste water nutrients serving less than 10 units. Minor Conditional uses include attached dwellings, retail and restaurants related to commercial fishing, light industrial use, marine repair and satellite stations. Major conditional uses include Marinas, restaurants, dive shops, new antenna-supporting structures and waste water treatment systems. Legally the sites could be removed and the site re-developed with a commercial building, 1 residential unit or 3 multi- family units.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include the continued use or any of the legally permissible uses.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site is currently improved with 17 units and exceeds the maximum density. The site could be re-developed with 12 mobile homes/residential units and the RV sites or transient units could be transferred to an alternative site. The RV sites could also be- re-developed on the site; however, they would have to be on the same foot print. Without a development plan and cost estimates it is impossible to determine the maximally productive use between over re-development or as is. However, the mobile homes are near the end of their economic life and re-development would most likely be required in the near future. Thus, he highest and best use is for re-development. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 69 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5
Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Islamorada Stock Island Marathon Big Pine Location Conch Key Key
Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000
Sales Date 7-16 8-17 1-18 11-16 6-16 Affordable & Mobile home Mobile Affordable SF Homes SF Homes Market Rate Intended Use & RV park Homes Park Housing Housing 39 transient at time of 5 RV 17 as purchase # of Units 12 mobile 15 purchased 9 as 61 approval for 16 homes proposed 45 affordable and 10 sf homes
Permits/ Rogo Yes Yes Yes Yes Yes No Exempt
Size 16,120 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf
MH change to Zoning CFSD 16 VC UR MU SC MF 24 as 8.35 as Density / purchased purchased 46 13 19 13 Units per acre 12.5 as 12 as proposed proposed
Water Front None Ocean Florida Bay Boca Chica Ocean None
Beach, Dock, Boat Basin & Amenities None retaining wall, None None retaining wall Dockage dock
$82,500 / 17 $154,000 / 39 $/Unit/Site $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
$/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 70 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = = = = = Conditions of Sale = = = = = Location - - - - - = Zoning = = = = = ROGO = = = = + + Exempt/Permits Density ------Water Front ------= Amenities - - - - = - - = Net Adjustments ------=
UNIT OF COMPARISON
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.23 and a price per unit of $62,500 to $196,500. Typically Affordable housing sites along with RV / Mobile Home parks are purchased on a price per unit basis within secondary consideration given to the price per square foot. The subject has a very high density in comparison to the comparables, therefore, both unit of comparisons were in the analysis.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 71 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
The subject is located on Conch Key. Sales 1 and 2 are located within incorporated Islamorada, sale 3 is located on Stock Island and sale 4 is located within incorporated Marathon. All of these locations bring higher prices than Conch Key and were considered superior requiring downward adjustments. Sale 5 is located on Big Pine Key and Big Pine Key was considered similar to Conch Key, thus sale 5 required no adjustments.
ZONING
The subject is zoned CFSD 16. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. Although the zonings are not equivalent, because of the wide range of values and property types, there was no correlation between zoning and price. Therefore, no adjustments were made.
PERMIT / ROGO EXEMPT
The subject is improved with 12 mobile homes and 5 RV sites and could be re-developed. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments.
DENSITY
The subject has a density of 46 units per acre. The sales range from 8.35 to 19 and were superior to the subject. Therefore, all sales required downward adjustments.
WATER FRONT
The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments.
AMENITIES
The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and boat ramp, retaining wall and tiki hut and therefore considered superior, requiring downward adjustments.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 72 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONCLUSION OF VALUE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment ------=
Price / SF $59.05 $44.63 $60.24 $29.47 $18.87
Price / Unit $82,500 / 17 $154,000 / 39 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Most weight was given to the price per unit with secondary weight placed on the price per square foot.
Sales 1 and 2 are located in Islamorada, sale 3 is located on Stock Island and Sale 4 is located in Marathon; all of these locations are superior to the subject’s and these sales were considered to reflect the upper range. Sale 5 is located on Big Pine Key. Big Pine Key is considered similar to the subject’s island of Conch Key. Sale 5 did not have permits and is therefore inferior; however, the lack of permits is offset by sale 5’s superior density. Thus, because of the subject’s high density and most weight placed on sale 5 the subject’s market value was estimated at the lower per unit range of $62,500 or $1,062,500. On a square foot basis the price per square foot would be inversely related and would reflect the upper range, say $60.00 per square foot or $967,000. The market value based on the two scenarios are summarized as follows.
17 units X $62,500 per unit = $1,062,500 16,120 sf X $60 per square foot = $ 967,000
Based on the sales the subject market value on a per unit price was estimated at $1,062,500 and the price per square foot indicated a value of $967,000. Because of the lack of good similar data, both approaches were considered reasonable and the subject’s market value was estimated at $1,015,000.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 73 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
HOWARDS HAVEN HOWARDS HAVEN LLC - OWNERSHIP C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 74 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: Mobile home park (Howard’s Haven)
LOCATION: 31535 Avenue C, Big Pine Key, Florida.
OWNER OF RECORD: Howards Haven, LLC P.O. Box 430271 Big Pine Key, Florida 33043-0271
PARCEL IDENTIFICATION: 00302680-000000 and 000302670-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $482,397.00 / $4,463.35 & $561.142 / $5,157.85
DATE OF VALUE/REPORT: December 8, 2017 / January 30, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 20,000 square feet
OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years.
PARCEL ACCESS: The sites have frontage and access from both Avenue C and 5th Street.
IMPROVEMENTS: Lots 1, 2 and 3 was developed with a 12 unit mobile home park and lot 4 was developed with 1 mobile home. The homes were destroyed by Hurricane Irma and the sites have been temporarily approved for 16 RV sites. These sites are being rented by FEMA for displaced families.
ZONING/LAND USE: IS (Improved Subdivision)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: Lots 1, 2 and 3 $750,000 Lot 4 $ 97,000 Total $847,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 75 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Front view of park
Typical units in park
Avenue C looking easterly, subject left
5th Street looking north, subject on right
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 76 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 77 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 78 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD DESCRIPTION
LOCATION
The subject site is located in the Lower Keys on the Island of Big Pine Key. The neighborhoods are a mixture of residential homes, vacant lots, acreage tracts and commercial.
The "Lower Keys", is approximately 30 miles north of Key West. For the purpose of this report the Lower Keys comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood.
Overseas Highway is the main thoroughfare via the Lower Keys, as well as all of Monroe County. The Gulf of Mexico is located along the north side of Oversea Highway and the Atlantic Ocean is along the southerly side. Big Pine Key is home to the native Key Deer. The Key Deer are protected as well as the majority of vacant land in the area. The US Government along with state, county and private organizations are purchasing vacant land to protect the native Key Deer.
DEVELOPMENT TRENDS
Due to implementation of Monroe County's Rate of Growth Ordinance construction is currently limited. Additionally, the current economy has significantly decreased construction of new commercial and residential properties. The main commercial areas of the Lower Keys are Sugarloaf, Cudjoe, Summerland and Big Pine Keys. These areas have several strip centers and small commercial buildings.
Big Pine Key has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal front or non-waterfront sites and range from site built homes to manufactured homes and mobile home parks.
In general, the Lower Keys area is mixed with numerous types of development, consisting of motels, restaurants, marinas, light industrial, retail and office buildings, and tourist related industries. Residential developments consist of both site built housing and mobile homes. There is virtually no condominium development in the Lower Keys.
Big Pine Key is home to the native Key Deer. The Key Deer are a diminutive subspecies of the Virginia white-tailed deer. The Key Deer are the smallest white-tailed deer and are found nowhere else in the world. The deer are a protected species and all of Big Pine Key, No Name Key, the Torch Keys, Ramrod Key and Summerland Key are included in the National Key Deer Refuge. These islands are inhabited as well as located along US 1. Islands to the north of those above are also included in the deer refuge. Because of the endangered Key Deer, construction of single family homes on Big Pine is limited to 8 per year.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 79 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The Great White Heron National Wildlife Refuge is also located in this area. Boundaries extend westward to Key West and eastward to Key Vaca (Marathon). This refuge excludes most of the inhabited land along US 1 but includes the islands, sand flats and banks between the Gulf of Mexico and US 1. Approximately half of the Key Deer Refuge is within the boundaries of the Heron Refuge.
This refuge provides nesting area for wading birds. A sub-species of the Lower Keys Marsh Rabbit, Sylvilagus Palustris Hefneri, is found on Sugarloaf and other nearby Keys. Research funds to study this rabbit were provided by the Playboy Foundation and the sub-species is named after Playboy magazine founder Hugh Hefner.
EDUCATION
There are no public high schools located on Big Pine Key, No Name Key or the immediate area. High school students are bused north to Marathon. The middle school is located on Sugarloaf Key at mile marker 19. There is an elementary school on Big Pine Key.
ACCESS
The site has access from Avenue C and 5th Street. Main access throughout the Florida Keys is by Overseas Highway extending from South Dade County to Key West.
SUMMARY
Overall, the Keys’ mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000’s and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000’s. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 80 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SITE SPECIFIC DATA
LOCATION
The site is located on the southwest corner of 5th Street and Avenue C, near mile marker 32 Big Pine Key, Florida.
OWNER OF RECORD
Howards Haven, LLC P.O. Box 430271 Big Pine Key, Florida 33043-0271
LEGAL DESCRIPTION
Lots 1, 2, 3 and 4, Block 22, Sands Subdivision, Plat Book 1, Page 65, Monroe County, Florida.
HISTORY OF SUBJECT
Based on the public records there have been no sales of the subject site within the past 5 years. To my knowledge the property is not listed for sale.
ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Acreage Accessed Taxes 00302670-000000 $448,803 .34 $4,077.35 00302680-000000 *$112,339 .11478 $910.61 Total $561,142.00 0.45478 $4,987.96 * improved with mobile home prior to Hurricane Irma
Taxes assume early payment. Taxes due not include waste water in the amount of $386 for lot 4.
DIMENSIONS, SHAPE AND SIZE
The site is mostly rectangular. Based on the tax map the site has 200 feet along Avenue C and 100 feet along 5th Street. Based on the dimensions the site totals 20,000 square feet or .46 acres.
ACCESS
The site has frontage and access from both Avenue C and 5th Street. Both are 2 lane paved residential streets. Overseas Highway is located a few blocks to the east and is the main thoroughfare for Monroe County.
TOPOGRAPHY AND VEGETATION
The site is generally level with street grade and is landscaped with native palm trees. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 81 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 TIER DESIGNATION
The site is located in a Tier 1 designation. The Tier 1 designation is the most difficult to develop and does not permit re-development of the site with affordable housing. However it could be re- developed with the 13 mobile homes that were previously on the site.
EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
With the exception of zoning there were no other restrictions noted. I was not provided with a survey, based on a physical inspection there did not appear to be any adverse encroachments or easements noted.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
DRAINAGE/FLOOD ZONE
The site appeared to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel number 12087C1337K, the site is located in flood zone AE. AE is a 100 year flood hazard area. Flood zones are common in the Keys with no adverse effects on value.
ZONING
IS (Improved Subdivision)
The purpose of the IS district is to accommodate the legally vested residential development rights of the owners of lots in subdivisions that were lawfully established and improved prior to the adoption of this ordinance. The following uses are permitted as of right: detached dwellings of all types, home occupations, and accessory uses. The following uses are permitted as minor conditional uses: parks and community parks, public parks, and schools. Permitted as major conditional uses are commercial retail of low and medium intensity and office uses or any combination thereof of less than 2,500 square feet of floor area. This district is meant primarily for residential uses with limited conditional commercial use.
The maximum allocated density for single family residential detached dwellings is one unit per lot and lots may not be subdivided.
Minimum Yards Front Side Rear
All Construction 25 10/15 20
SITE CONCLUSION
The site is located on Big Pine Key at mile marker 31. The surrounding area consists of residential homes, vacant lots and vacant acreage tracts of land. The lot’s size, topography and zoning conform to the surrounding land uses. No adverse conditions noted that would negatively affect the future marketability of the property.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 82 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 IMPROVEMENTS
Prior to Hurricane Irma lots 1, 2 and 3 were improved with 12 mobile homes and lot 4 with 1 single mobile home. Post Irma, the site has temporary approval for 16 RV sites and are being used as temporary housing for displaced Irma victims.
HIGHEST AND BEST USE
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity”6.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site consists of 4 lots and totals 20,000 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS (Improved Subdivision). IS is primarily a residential zoning; however it does allow some commercial uses as a conditional use. However, because the immediate surrounding properties are residential it is highly unlikely that a commercial use would be permitted.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The immediate surrounding area is developed with residential homes. a balanced mixture of residential and commercial properties. Financially feasible would include residential apartments or affordable housing.
4 The Dictionary of Real Estate Appraisal, by the Appraisal Institute (3rd addition, 1993), page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 83 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. It is highly unlikely that a conditional use would be granted to commercial. Based on the zoning, the sites are limited to 1 residential unit per lot. Thus the highest and best use if vacant would be for 4 single family homes.
AS IMRPOVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The sites total 20,000 square feet. Prior to Hurricane Irma lots 1, 2 and 3 were improved with 12 mobile homes and lot 4 with 1 single mobile home. Post Irma, the site has temporary approval for 16 RV sites and are being used as temporary housing for displaced Irma victims. Physically possible uses include the continued use as an RV park, conversion back to mobile and single family homes or raze the current improvements and re-develop the site with a commercial use.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS. IS is primarily a residential zoning, however, it does allow commercial as a conditional use. The immediate area is residential and it is highly unlikely that a conditional use would be granted to commercial. As discussed previously the site is temporary approved for 16 RV sites, however, legally the site was permitted for 12 mobile homes and 1 single family home. All of the prior improvements were destroyed from Hurricane Irma and the site could be re-developed as it was prior to Irma or as permitted by zoning for 4 single family homes.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible would include the current legal non-conforming use of 13 mobile mobile homes or 4 single family homes.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site was originally developed with 12 mobile homes and 1 single family home. The site could be re-developed as it was originally permitted or it could be developed with 4 single family homes. Based on the sales, the highest and best use as improved is to re-develop the site with 13 mobile homes.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 84 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The subject consists of 3 lots permitted for 12 mobile homes and 1 lot permitted for a single mobile home. The following chart summarizes the sales found that were considered similar to the subject’s 12 mobile homes. The single family home lot was valued separately. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5
Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Islamorada Stock Island Marathon Big Pine Location Big Pine Key Key
Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000
Sales Date 7-16 8-17 1-18 11-16 6-16 Affordable & Mobile Home Mobile Affordable SF Homes SF Homes Market Rate Intended Use Park Homes Park Housing Housing 39 transient at time of 17 as purchase 12 Mobile 15 purchased 9 as 61 approval for 16 # of Units homes proposed 45 affordable and 10 sf homes
Permits/ Rogo Yes Yes Yes Yes Yes No Exempt
Size 15,000 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf
Zoning IS MH to MF VC UR MU SC 24 as 8.35 as Density / purchased purchased 35 13 19 13 Units per acre 12.5 as 12 as proposed proposed
Water Front None Ocean Florida Bay Boca Chica Ocean None
Beach, Dock, Boat Basin & Amenities None retaining wall, None None retaining wall Dockage dock
$82,500 / 17 $154,000 / 39 $/Unit/Site $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
$/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 85 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = = = = = Conditions of Sale = = = = = Location - - - - - = Zoning = = = = = ROGO = = = = + + Exempt/Permits Density ------Water Front ------= Amenities - - - - = - - = Net Adjustments ------=
UNIT OF COMPARISON
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Typically Affordable housing sites along with RV / Mobile Home parks are purchased on a price per unit basis within secondary consideration given to the price per square foot. The subject has a very high density in comparison to the comparables, therefore, both unit of comparisons were in the analysis.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 86 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
The subject is located on Big Pine Key. Sales 1 and 2 are located within incorporated Islamorada, sale 3 is located on Stock Island and sale 4 is located within incorporated Marathon. All of these locations bring higher prices than Big Pine Key and were considered superior requiring downward adjustments. Sale 5 is located on Big Pine Key and required no adjustments.
ZONING
The subject is zoned IS. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. All of these zoning are superior to IS, however, the subject’s is developed/approved for 12 mobile homes, therefore the IS zoning is irrelevant and no adjustments were made.
PERMIT / ROGO EXEMPT
The subject is approved (grandfathered) for 12 mobile homes sites and could be re-developed. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re- developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments.
DENSITY
The subject has a density of 35 units per acre. The sales range from 8.35 to 19 and were superior to the subject. Therefore, all sales required downward adjustments.
WATER FRONT
The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments.
AMENITIES
The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and ramp, retaining wall and tiki hut and therefore considered superior, requiring downward adjustments.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 87 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONCLUSION OF VALUE – MULTI FAMILY SITE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment ------=
Price / SF $59.05 $44.63 $60.24 $29.47 $18.87
Price / Unit $82,500 / 17 $154,000 / 39 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Most weight was given to the price per unit with secondary weight placed on the price per square foot.
Sales 1 and 2 are located in Islamorada, sale 3 is located on Stock Island and Sale 4 is located in Marathon; all of these locations are superior to the subject’s and these sales were considered to reflect the upper range. Sale 5 is located on the same island as the subject and was considered the best indicator of value. Sale 5 did not have permits and is therefore inferior; however, the lack of permits is offset by sale 5’s superior density. Thus, with most weight placed on sale 5 the subject’s market value was estimated at $62,500 per unit. This indicates a price of $50.00 per square foot and is within the middle range of the sales. The market value of lots 1, 2 and 3 with 12 mobile home site is summarized as follows
12 units X $62,500 = $750,000
Prior to Hurricane Irma lot 4 was improved with a single mobile home. The chart on the following page summarizes the sales that were used to value lot 4. Refer to the previous write-up for detailed information along with a location map of the subject and comparables.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 88 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
SUMMARY OF RESIDENTIAL LOT SALES
Subject Sale 6 Sale 7 Sale 8 Price $82,000 $95,000 $98,000 Date 2-16 11-17 11-17 Intended Use SF Home SF Home SF Home Avenue D and Sands Road and Avenue C Avenue C Street 1st Street Avenue H Island Big Pine Big Pine Big Pine Big Pine Size 5,000 sf 5,000 sf 5,000 sf 5,000 sf Corner Lot No Yes No Yes Zoning IS IS IS IS $/Site $82,000 $95,000 $98,000 $/SF $16.40 $19.00 $19.60
CONCLUSION OF VALUE – SINGLE FAMILY LOT
The sales ranged from $82,000 to $98,000 per site and from $16.40 to $19.60 per square foot. Most residential sites are purchased on a site basis with secondary consideration given to a price per square foot. Thus, the price per site was considered the best indicator of value.
All sales were arms length transactions, were permitted and were within a few blocks of the subject site. Sales 2 and 3 occurred in November 2017 and are the most recent sales; thus these sales were given most weight. The market value of the vacant site was estimated at $97,000.
CONCLUSION OF VALUE
The subject consist of three lots improved/approved for 12 mobile home sites and on site improved/approved for single family home. The market value of the subject is summarized as follows.
Lots 1, 2 and 3 $750,000 Lot 4 $ 97,000 Total $847,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 89 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
CASTAWAYS CASTAWAYS RV PARK, INC - OWNERSHIP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 90 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: Mobile home and RV park (Castaways)
LOCATION: 70 Father Tony Way, Big Pine Key, Florida.
OWNER OF RECORD: Castaways RV Park, Inc. 1276 Industrial Road, Suite E Big Pine Key, Florida 33043
PARCEL IDENTIFICATION: 00302090-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $896,855 / $8487.37
DATE OF VALUE/REPORT: December 8, 2017 / January 30, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 50,000 square feet
OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years.
PARCEL ACCESS: The site has frontage and access from Avenue B, C and Father Tony Way.
IMPROVEMENTS: The site is improved with 7 mobile home sites and 29 transient/RV sites.
ZONING/LAND USE: IS (Improved Subdivision)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $2,250,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 91 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Front view of park
Father Tony Way looking south, subject on right
Father Tony Way looking north, subject left
View of Park along south side of Avenue C
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 92 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Typical unit space in park
West boundary line of park looking southerly
Avenue B looking west, subject on right
Avenue B looking west, subject on right
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 93 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 94 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 95 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD DESCRIPTION
LOCATION
The subject site is located in the Lower Keys on the Island of Big Pine Key. The neighborhoods are a mixture of residential homes, vacant lots, acreage tracts and commercial.
The "Lower Keys", is approximately 30 miles north of Key West. For the purpose of this report the Lower Keys comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood.
Overseas Highway is the main thoroughfare via the Lower Keys, as well as all of Monroe County. The Gulf of Mexico is located along the north side of Oversea Highway and the Atlantic Ocean is along the southerly side. Big Pine Key is home to the native Key Deer. The Key Deer are protected as well as the majority of vacant land in the area. The US Government along with state, county and private organizations are purchasing vacant land to protect the native Key Deer.
DEVELOPMENT TRENDS
Due to implementation of Monroe County's Rate of Growth Ordinance construction is currently limited. Additionally, the current economy has significantly decreased construction of new commercial and residential properties. The main commercial areas of the Lower Keys are Sugarloaf, Cudjoe, Summerland and Big Pine Keys. These areas have several strip centers and small commercial buildings.
Big Pine Key has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal front or non-waterfront sites and range from site built homes to manufactured homes and mobile home parks.
In general, the Lower Keys area is mixed with numerous types of development, consisting of motels, restaurants, marinas, light industrial, retail and office buildings, and tourist related industries. Residential developments consist of both site built housing and mobile homes. There is virtually no condominium development in the Lower Keys.
Big Pine Key is home to the native Key Deer. The Key Deer are a diminutive subspecies of the Virginia white-tailed deer. The Key Deer are the smallest white-tailed deer and are found nowhere else in the world. The deer are a protected species and all of Big Pine Key, No Name Key, the Torch Keys, Ramrod Key and Summerland Key are included in the National Key Deer Refuge. These islands are inhabited as well as located along US 1. Islands to the north of those above are also included in the deer refuge. Because of the endangered Key Deer, construction of single family homes on Big Pine is limited to 8 per year.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 96 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The Great White Heron National Wildlife Refuge is also located in this area. Boundaries extend westward to Key West and eastward to Key Vaca (Marathon). This refuge excludes most of the inhabited land along US 1 but includes the islands, sand flats and banks between the Gulf of Mexico and US 1. Approximately half of the Key Deer Refuge is within the boundaries of the Heron Refuge.
This refuge provides nesting area for wading birds. A sub-species of the Lower Keys Marsh Rabbit, Sylvilagus Palustris Hefneri, is found on Sugarloaf and other nearby Keys. Research funds to study this rabbit were provided by the Playboy Foundation and the sub-species is named after Playboy magazine founder Hugh Hefner.
EDUCATION
There are no public high schools located on Big Pine Key, No Name Key or the immediate area. High school students are bused north to Marathon. The middle school is located on Sugarloaf Key at mile marker 19. There is an elementary school on Big Pine Key.
ACCESS
The site has access from Avenue B and C and Father Tony Way. Main access throughout the Florida Keys is by Overseas Highway extending from South Dade County to Key West.
SUMMARY
Overall, the Keys’ mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000’s and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000’s. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 97 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SITE SPECIFIC DATA
LOCATION
The site is located on the west side of Father Tony Way, the south side of Avenue C and the north side of Avenue B, near marker 32 Big Pine Key, Florida. The street address is 70 Father Tony’s Way, Big Pine Key, Florida.
OWNER OF RECORD
Castaways RV Park, Inc. 1276 Industrial Road, Suite E Big Pine Key, Florida 33043
LEGAL DESCRIPTION
Lots 4 – 13, Block 18 Sands Subdivision, Plat Book 1, Page 65, Monroe County, Florida.
HISTORY OF SUBJECT
Based on the public records there have been no sales of the subject site within the past 5 years. To my knowledge the property is not listed for sale.
ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Acreage Accessed Taxes 00302090-000000 $896,855 1.15 $8,487.37
Taxes assume early payment and do not include was waste water of $3,351.13.
DIMENSIONS, SHAPE AND SIZE
The site is mostly rectangular. Based on the tax map the site has 250 feet along Avenue C and B and 200 feet along Father Tony Way. Based on the dimensions the site totals 50,000 square feet or 1.1478 acres.
ACCESS
The site has frontage and access from Avenue B, C and Father Tony Way. All three streets are 2 lane paved residential streets. Overseas Highway is located a few blocks to the east and is the main thoroughfare for Monroe County.
TOPOGRAPHY AND VEGETATION
The site is generally level with street grade and is landscaped with native trees. Most of the vegetation was damaged by Hurricane Irma; however, it was in a re-growth stage.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 98 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
With the exception of zoning there were no other restrictions noted. I was not provided with a survey, based on a physical inspection there did not appear to be any adverse encroachments or easements noted.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
DRAINAGE/FLOOD ZONE
The site appeared to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel number 12087C1336K, the site is located in flood zone AE. AE is a 100 year flood hazard area. Flood zones are common in the Keys with no adverse effects on value.
ZONING
IS (Improved Subdivision)
The purpose of the IS district is to accommodate the legally vested residential development rights of the owners of lots in subdivisions that were lawfully established and improved prior to the adoption of this ordinance. The following uses are permitted as of right: detached dwellings of all types, home occupations, and accessory uses. The following uses are permitted as minor conditional uses: parks and community parks, public parks, and schools. Permitted as major conditional uses are commercial retail of low and medium intensity and office uses or any combination thereof of less than 2,500 square feet of floor area. This district is meant primarily for residential uses with limited conditional commercial use.
The maximum allocated density for single family residential detached dwellings is one unit per lot and lots may not be subdivided.
Minimum Yards Front Side Rear
All Construction 25 10/15 20
SITE CONCLUSION
The site is located on Big Pine Key at mile marker 32. The surrounding area consists of residential homes, vacant lots and vacant acreage tracts of land. The lot’s size, topography and zoning conform to the surrounding land uses. Although the subject consists of 10 lots, the 10 lots have been combined and are being used as one parcel. The site is improved with 7 mobile homes (residential units) and 29 transient/RV units. The RV units are not permitted in the IS zoning and are allowed as a legal non-confirming use. If the site was re-developed the RVsites would have to have the same foot print. The site could also be re-developed with 7 residential site built or modular homes and the remaining 29 transient units could be transferred to an alternative site.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 99 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 IMPROVEMENTS
The site is permitted/improved with 7 residential units (mobile home sites) and 29 transient/RV sites. Many of the homes were destroyed by Hurricane Irma; however, the owner indicated the tenants are still paying rent on their space. The improvements are a legal non-conforming use and assuming they do not alter the locations of the units in the site, the non-conforming use can continue.
HIGHEST AND BEST USE
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity”7.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 50,000 square feet. Physically, the site could be developed with many types of possible uses, including residential, commercial, industrial, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS (Improved Subdivision). IS is primarily a residential zoning; however it does allow some commercial uses as a conditional use. The adjacent properties are all developed with residential properties, therefore, it is highly unlikely that a conditional use to commercial would be granted. The legally permissible uses are limited to residential.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The immediate surrounding area is developed with residential homes, and it is it is highly unlikely that a commercial would be allowed. Thus, the only financially feasible use would be for residential development.
4 The Dictionary of Real Estate Appraisal, by the Appraisal Institute (3rd addition, 1993), page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 100 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. The site consists of 10 lots and although commercial use is allowed as a conditional use, it is highly unlikely that the site could be developed with a commercial use. Because the lots have been combined, they are limited to one dwelling units. Thus, the highest and best use would be for 1 residential home.
AS IMRPOVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 50,000 square feet and is permitted/improved with 7 residential units (mobile home sites) and 29 transient/RV sites. The site could be re-developed with 7 residential units, however, the RV sites are non-conforming and could only be re-developed on the same foot print. The RV sites could be sold or transferred to an alternative site.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned IS. IS is primarily a residential zoning, however, it does allow commercial as a conditional use. The immediate area is residential and it is highly unlikely that a conditional use would be granted to commercial. The site is currently approved/or permitted for 7 mobile home sites and 39 RV sites. It is legally permissible to continue the current use or to re- develop the site with 7 single family homes and assuming the same foot print the RV’s could still be retained on the site.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible uses would include the continued use or re-develop the site.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The site exceeds maximum density requirement with 7 mobile homes and 39 RV sites presently on the site. It would not be feasible to raze the improvements and re-develop the site with an alternative use.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 101 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5
Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Islamorada Stock Island Marathon Big Pine Location Big Pine Key Key
Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000
Sales Date 7-16 8-17 1-18 11-16 6-16 Mobile Home Affordable & Mobile Affordable Park & RV SF Homes SF Homes Market Rate Intended Use Homes Park Housing Sites Housing 39 transient at time of 7 Mobile 17 as purchase # of Units homes & 29 15 purchased 9 as 61 approval for 16 RV Sites proposed 45 affordable and 10 sf homes
Permits/ Rogo Yes Yes Yes Yes Yes No Exempt
Size 50,000 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf
MH change to Zoning IS VC UR MU SC MF 24 as 8.35 as Density / purchased purchased 31 13 19 13 Units per acre 12.5 as 12 as proposed proposed
Water Front None Ocean Florida Bay Boca Chica Ocean None
Beach, Dock, Boat Basin & Amenities None retaining wall, None None retaining wall Dockage dock
$82,500 / 17 $154,000 / 39 $/Unit/Site $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
$/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 102 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = = = = = Conditions of Sale = = = = = Location - - - - - = Zoning = = = = = ROGO = = = = + + Exempt/Permits Density ------Water Front ------= Amenities - - - - = - - = Net Adjustments ------=
UNIT OF COMPARISON
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Typically Affordable housing sites along with RV / Mobile Home parks are purchased on a price per unit basis within secondary consideration given to the price per square foot. The subject has a very high density in comparison to the comparables, therefore, both unit of comparisons were in the analysis.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 103 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
The subject is located on Big Pine Key. Sales 1 and 2 are located within incorporated Islamorada, sale 3 is located on Stock Island and sale 4 is located within incorporated Marathon. All of these locations bring higher prices than Big Pine Key and were considered superior requiring downward adjustments. Sale 5 is located on Big Pine Key and required no adjustments.
PERMIT / ROGO EXEMPT
The subject is improved with 7 mobile homes and 29 RV sites and could be re-developed with 7 modular or site built homes. The remaining 29 RV sites could be sold or transferred to an alternative site. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments.
ZONING
The subject is zoned IS. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. All of these zoning are superior to IS, however, the subject’s is developed/approved for 7 mobile homes and 29 RV sites, therefore the IS zoning is irrelevant and no adjustments were made.
DENSITY
The subject has a density of 31 units per acre. The sales range from 8.35 to 19 and were superior to the subject. Therefore, all sales required downward adjustments.
WATER FRONT
The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments.
AMENITIES
The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and ramp, retaining wall and tiki hut and therefore considered superior, requiring downward adjustments.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 104 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONCLUSION OF VALUE – MULTI FAMILY SITE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment ------=
Price / SF $59.05 $44.63 $60.24 $29.47 $18.87
Price / Unit $82,500 / 17 $154,000 / 39 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Most weight was given to the price per unit with secondary weight placed on the price per square foot.
Sales 1 and 2 are located in Islamorada, sale 3 is located on Stock Island and Sale 4 is located in Marathon; all of these locations are superior to the subject’s and these sales were considered to reflect the upper range. Sale 5 is located on the same island as the subject and was considered the best indicator of value. Sale 5 did not have permits and is therefore inferior; however, the lack of permits is offset by sale 5’s superior density. Thus, with most weight placed on sale 5 the subject’s market value was estimated at $62,500 per unit. This indicates a price of $50.00 per square foot and is within the middle range of the sales. The market value is summarized as follows
36 units X $62,500 = $2,250,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 105 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
CAMP SAWYER SOUTH FLORIDA COUNCIL BOY SCOUTS OF AMERICA - OWNERSHIP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 106 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: Boy Scout Retreat / Ocean Front Residence
LOCATION: Mile marker 34, Big Pine Key, Florida.
OWNER OF RECORD: South Florida Council Boy Scouts of America 15255 N W 82nd Avenue Hialeah, FL 33016
PARCEL IDENTIFICATION: 00106030-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $2,288,136 / $0 The owners are a not for profit and therefore, not taxed
DATE OF VALUE/REPORT: December 8, 2017 / January 30, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 10.14 gross acres, consisting of 4.18 acres of uplands and the remaining area either wetlands or transitional lands.
OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years.
PARCEL ACCESS: The site has frontage and access from Overseas Highway. The site has frontage along the ocean and is also accessible by boat.
IMPROVEMENTS: The site is improved with a single family modular home and restroom building.
ZONING/LAND USE: SS (Sparsely Settled)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $1,500,000
COMMENTS
The subject has a restriction that the property would revert back to Monroe County should the Boy Scouts no longer use the property. At the request of the client, I have assumed this reverter clause does not exist and appraised the site under fee simple ownership by the Boy Scouts. The site is also subject to a conservation easement between the South Florida Council, Boy Scouts of America and the South Florida Water Management District. The purpose of the conservation easement is to retain land or water in their natural, vegetative, hydrologic, scenic, open, agriculture or wooded condition and to retain such areas as suitable habitat for fish, plants or wildlife.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 107 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Front Entrance from Overseas Highway
View of Overseas Highway looking northbound subject on left
View looking towards ocean
Beach area C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 108 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Beach area
View of dilapidated dock
View of single family home on left and restrooms/shower building on right
Entertaining area for scouts C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 109 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
View of parking area outdoor activity area
Sewage system
Single family home
Typical bathroom in bath/shower building
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 110 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
Typical shower if restroom/shower building
Interior view of single family home
Interior view of single family home
View of deferred maintenance in floor of single family home C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 111 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 112 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
VEGETATION MAP C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 113 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
CONSERVATION EASMENT AREA C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 114 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 115 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD DESCRIPTION
LOCATION
The subject site is located in the Lower Keys on the Island of Big Pine Key near mile marker 34. The neighborhoods are a mixture of residential homes, vacant lots, acreage tracts and commercial.
The "Lower Keys", is approximately 30 miles north of Key West. For the purpose of this report the Lower Keys comprises Bahia Honda Key to Sugarloaf Key and is considered the subject's neighborhood.
Overseas Highway is the main thoroughfare via the Lower Keys, as well as all of Monroe County. The Gulf of Mexico is located along the north side of Oversea Highway and the Atlantic Ocean is along the southerly side. Big Pine Key is home to the native Key Deer. The Key Deer are protected as well as the majority of vacant land in the area. The US Government along with state, county and private organizations are purchasing vacant land to protect the native Key Deer.
DEVELOPMENT TRENDS
Due to implementation of Monroe County's Rate of Growth Ordinance construction is currently limited. Additionally, the current economy has significantly decreased construction of new commercial and residential properties. The main commercial areas of the Lower Keys are Sugarloaf, Cudjoe, Summerland and Big Pine Keys. These areas have several strip centers and small commercial buildings.
Big Pine Key has one shopping center with Winn Dixie as its anchor tenant. This is the only shopping center in the Lower Keys. Therefore, all the neighboring islands go there or Key West to shop. Marathon, located on Vaca Key between mile markers 48 to 54, and also provides local shopping. Development on Big Pine Key consists of primarily a few large single and multi-tenant buildings, including Overseas Lumber, Ace Hardware and smaller single tenant retail buildings and office buildings. The Big Pine Key Flea Market is located along the southerly side of Overseas Highway and causes traffic congestion throughout Big Pine Key on Saturdays and Sundays. Residential homes consist of open water, canal front or non-waterfront sites and range from site built homes to manufactured homes and mobile home parks.
In general, the Lower Keys area is mixed with numerous types of development, consisting of motels, restaurants, marinas, light industrial, retail and office buildings, and tourist related industries. Residential developments consist of both site built housing and mobile homes. There is virtually no condominium development in the Lower Keys.
Big Pine Key is home to the native Key Deer. The Key Deer are a diminutive subspecies of the Virginia white-tailed deer. The Key Deer are the smallest white-tailed deer and are found nowhere else in the world. The deer are a protected species and all of Big Pine Key, No Name Key, the Torch Keys, Ramrod Key and Summerland Key are included in the National Key Deer Refuge. These islands are inhabited as well as located along US 1. Islands to the north of those above are also included in the deer refuge. Because of the endangered Key Deer, construction of single family homes on Big Pine is limited to 8 per year.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 116 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The Great White Heron National Wildlife Refuge is also located in this area. Boundaries extend westward to Key West and eastward to Key Vaca (Marathon). This refuge excludes most of the inhabited land along US 1 but includes the islands, sand flats and banks between the Gulf of Mexico and US 1. Approximately half of the Key Deer Refuge is within the boundaries of the Heron Refuge.
This refuge provides nesting area for wading birds. A sub-species of the Lower Keys Marsh Rabbit, Sylvilagus Palustris Hefneri, is found on Sugarloaf and other nearby Keys. Research funds to study this rabbit were provided by the Playboy Foundation and the sub-species is named after Playboy magazine founder Hugh Hefner.
EDUCATION
There are no public high schools located on Big Pine Key, No Name Key or the immediate area. High school students are bused north to Marathon. The middle school is located on Sugarloaf Key at mile marker 19. There is an elementary school on Big Pine Key.
ACCESS
The site has frontage along Overseas Highway. Overseas Highway is the main thoroughfare for the Florida Keys extending from South Dade County to Key West.
SUMMARY
Overall, the Keys’ mild climate, living reefs and excellent fishing make it one of the major tourist attractions in America. As with most of the US economy, Monroe County reached its real estate market height in the mid 2000’s and declined for several years thereafter. The market slowly gained strength since 2010 and has rebounded significantly since 2016 with prices similar to the mid 2000’s. In spite of Hurricane Irma, the market has seen a significant increase in demand and prices the last few years. The lack of available buildable land and strict building guidelines should insure strong demand and prices in the foreseeable future.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 117 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SITE SPECIFIC DATA
LOCATION
The subject site is located on the Atlantic Ocean near mile marker 34, Big Pine Key Florida.
OWNER OF RECORD
South Florida Council Boy Scouts of America 15255 N W 82nd Avenue Hialeah, FL 33016
LEGAL DESCRIPTION
Lengthy metes and bonds legal. The subject is located in part of Government Lot 2, Section 32, Township 66 South, Range 30 East, West Summerland Key, Monroe County, Florida.
HISTORY OF SUBJECT
Based on the public records there have been no sales of the subject site within the past 5 years.
ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Acreage Accessed Taxes 00106030-000000 $2,288,136 15.3 $0
The owner is a not for profit and is not taxed.
DIMENSIONS AND SHAPE
The site is irregular. Based on the property appraisers web site the site has approximately 653 feet along the north side adjacent to Overseas Highway, 154 feet along the northwest side and 665 feet along the east side. The ocean frontage curves and has 696 feet along the west side and 485 feet along the south side.
ACCESS
The site has access from Overseas Highway. Overseas Highway is the main thoroughfare for Monroe County and extends 120 miles from Florida City to Key West. The site has frontage along the Atlantic Ocean and is also accessible by boat.
TIER DESIGNATION
The site is located within a tier 3A designation.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 118 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
No adverse encroachments were noted at the time of inspection. The subject has a restriction that the property would revert back to Monroe County should the Boy Scouts no longer use the property. As the request of the client, I have assumed this reverter clause does not exist and appraised the site under fee simple ownership by the Boy Scouts. The site is also subject to a conservation easement between the South Florida Council Boy Scouts of America and the South Florida Water Management District. The purpose of the conservation easement is to retain land or water in their natural, vegetative, hydrologic, scenic, open, agriculture or wooded condition and to retain such areas as suitable habitat for fish, plants or wildlife.
TOPOGRAPHY VEGETATION & SIZE
The site slopes down from Overseas Highway towards the Atlantic Ocean.
Habitat Acres Square Feet Disturbed Uplands 4.14 180,253 Disturbed with Saltmarsh and Buttonwood 2.42 123,143 Salt Marsh Wetlands 2.83 123,143 Mangroves .51 22,259 Wetland Restoration .20 8,727 Upland Preservation .04 1,807 Total 10.14 441,750
The property record card as well as other documents provided by the county differs slightly in sizes. However, basically based on all the size, the site can only be developed with 2 residential units and therefore, any slight size differences would not affect value.
SITE IMPROVEMENTS
The site is improved with a dilapidated dock, covered outdoor recreational area, parking area, landscaping and sewer treatment plant. The dock was destroyed from Hurricane Irma and I am assuming can be re-built. The water does not appear to have sufficient depth for outboard motors or larger boats, however, is capable of canoes, kayaks, sail boats, and possibly small outboard motors. The representative for the boy scouts indicated the bay bottom at the end of the dock was dredged and has a depth of 12 feet. However, the depth beyond this area appears shallow and boating access would be limited.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. The site has its own sewer system.
TIER DESIGNATION
The site is located in a Tier 3A designation.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 119 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 DRAINAGE/FLOOD ZONE
The site appeared to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel numbers 12087C1339K and C12087C1345K. The site is located in flood zones AE and VE. AE is a 100 year flood hazard area. The V zone is a flood zone with velocity. No adverse conditions were noted which would negatively affect the future marketability of the property.
ZONING
The site is zoned sparsely settled residential district (SS). The purpose of the SS district is to establish areas of low-density residential development where the predominant character is native or open space lands. (a) The following uses are permitted as of right in the sparsely settled residential district: (1) Detached residential dwellings; (2) Beekeeping; (3) Home occupations—Special use permit required; (4) Accessory uses; (5) Tourist housing uses, including vacation rental uses are prohibited; (6) Collocations on existing antenna-supporting structures, pursuant to section 146-5(3); (7) Satellite earth stations less than two meters in diameter, as accessory uses, pursuant to section 146-5(6); and (8) Wastewater nutrient reduction cluster systems that serve less than ten residences. (b) The following uses are permitted as minor conditional uses; (1) Attached residential dwelling units, provided that (number of units does not exceed 4) (2) Public or private community tennis courts and swimming pools (3) Public buildings and uses (4) Parks and community parks (5) Stealth wireless communications facilities, as accessory uses (6) Satellite earth stations greater than or equal to two meters in diameter. (c) The following uses are permitted as major conditional uses: (1) Attached residential dwelling units (2) Marinas (3) Agricultural uses (4) Solid waste facility (5) Communications towers
The above is a partial list of zoning requirements. Refer to the zoning code for a list of all the allowable uses and restrictions.
SITE CONCLUSION
The site is located on Big Pine Key Near mile marker 34. The surrounding area consists of residential homes, commercial properties, RV parks, vacant lots and vacant acreage tracts of land. The lot’s size, topography and zoning conform to the surrounding land uses. There were no adverse conditions noted that would negatively affect the future marketability of the property.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 120 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
IMPROVEMENTS
The site is improved with a single family home and bathroom facilities. The single family home is occupied by the caretaker of the Boy Scouts and the restrooms facilities are used by the boy scouts during troop outings and events. The single family home is wood frame and built on stilts. The home totals 1,188 square feet, is modular in design and was erected on the site in 2014. There are 3 bedrooms and 2 bathrooms, kitchen, living room and dining area. The building suffered damage from Hurricane Irma and needs repair.
The restroom facilities were built in 2012 and are concrete block construction with a metal roof. The building is two stories, with maintenance and storage rooms at grade and the restrooms on the second level. Access to the second level is via two sets of stairs or elevator. There are 11 restrooms and 11 showers. Refer to the photographs at the beginning of this section of the report for a visual depiction of the improvements. The ground level storage area suffered damage from Hurricane Irma along with the elevator and sewer system.
SUMMARY OF IMPROVEMENTS
The site is being used as a special use property and is improved with single family home and restroom facility. The residential home is an under improvement for the site. Overall the improvements are adequate for their current use; however, the highest and best use is to develop the site with one or two single family estate style homes. The improvements did suffer damage from Hurricane Irma and need repair.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 121 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HIGHEST AND BEST USE
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity”8.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 4.18 acres of uplands and with the remaining 5.96 acres consisting of transitional or wetlands. Physically the site could be developed with many types of possible uses, including residential, commercial, industrial, etc and larger scaled development if the wetlands could be filled.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned SS. The SS zoning allows primarily residential at one unit per two acres. The SS zoning also permits major and minor conditional uses, consisting of public buildings to attached residential dwellings and marinas provided certain conditions are met.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is mixed use with both commercial and residential properties along with undeveloped acreage tracts. Because of the conservation easement, it is highly unlikely that the site could obtain a minor or major conditional use. The only financially feasible use would be for residential development.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial, however, a conditional use to commercial is highly unlikely. The highest and best use would be for residential development.
4 The Dictionary of Real Estate Appraisal, by the Appraisal Institute (3rd addition, 1993), page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 122 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 AS IMPROVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 4.18 acres of uplands and is improved with a modular single family home and bath house. Currently the site is being used by the Boy Scouts for retreats. The improvements suffered damage from Hurricane Irma and needs repair. The home appears livable, however it has damaged to the floors. Physically the improvements could be repaired or they could be razed and the site could be re-developed with 2 residential homes.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned SS. The SS zoning allows primarily residential at one unit per two acres. It would be legally permissible to repair the structures and continue their current use. It is also legally permissible to re-develop the site with 2 single family homes.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The Boy Scouts are a not for profit organization, and although not for profit they receive funding through donations, membership fees, fees for retreats, etc. Thus, the continued use as a Boy Scout retreat is a financially feasible use. It would also be financially feasible to re-develop the site with 2 residential homes.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. Based on the two financially feasible uses, the highest and best use would be to develop the site with 2 residential homes.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 123 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 9 Sale 10 Sale 11 Residential Residential Residential Residential Property Type Home Home Home Home Location Big Pine Key Big Pine Key Big Pine Key Big Pine Key Sales Price $1,200,000 $850,000 $800,000 Sales Date 6-17 3-17 11-17 Intended Use SF Home SF Home SF Home # of Units 1 1 1 1 Units Permitted by Zoning 2 1 1 1 10.14 acres 3.25 acres 1.26 acres 4.16 acres Size Uplands 4.18 acres 3.25 acres 1.26 acres 3.55 acres
Wetlands & Transitional 5.96 acres .61 acres Water Front Ocean Pine Chanel Bogie Channel Bogie Channel Zoning SS IS IS IS Size SF Home 1,188 sf 1,740 sf 1,488 2,775 Year Built 2012 1968 1963 1962 Condition < Average < Average < Average Avg-Good Retaining Pool, private Entertainment Retaining wall, boat Amenities canal, boat Building wall, dockage house, garage, basin basin $/Dwelling $1,200,000 $850,000 $800,000 $/Upland Acre (rd) $369,000 $675,000 $225,500
The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 124 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Adjustment Chart
Sale 1 Sale 2 Sale 3
Market Conditions = = =
Conditions of Sale = = =
Location = = =
Land Size + + + + + +
# of Units + + + + + +
Water Front = = =
Zoning = = = Dwelling Size & = = Condition - Amenities - - -
Net Adjustments + + + + + + + +
UNIT OF COMPARISON
The sales ranged from $800,000 to $1,200,000 with a sales price per acre ranging from from $225,000 to $675,000. Typically residential homes are purchased on a per dwelling or per site basis. Thus, all sales were compared to the subject on a per site basis and supported by the per acre price.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred in 2017 and were considered recent. Thus no adjustments were made.
CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required. C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 125 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 LOCATION
All of the sales are located on Big Pine Key within a mile of the subject property. Therefore, no adjustments were required.
LAND SIZE
The subject consists of 4.18 upland acres and 10.14 gross acres. The sales range from 1.26 to 4.16 acres and were inferior to the subject, thus, all sales were adjusted up.
NUMBER OF UNITS
The subject site is improved with one dwelling unit; however, based on the zoning an additional unit could be developed on the site. All of the sales are limited to 1 dwelling unit and are inferior, thus, requiring upward adjustments.
WATER FRONT
The subject has frontage along the Atlantic Ocean with an unobstructed view. The sales are located on large bodies of water and are somewhat protected from storm winds, surges, etc. Overall, the water frontage was considered similar and no adjustments were made.
ZONING
The subject is zoned SS and allows 2 dwelling units. The sales are zoned IS and allow 1 dwelling unit per site. Based on the sales, the IS zoning is inferior, however, this adjustment was addressed previously in the number of units permitted. Thus, no adjustments were made.
DWELLING SIZE & CONDITION
The subject site is improved with a 1,188 square foot modular single family home. The home was built or erected in 2014 and although relatively new, because of Hurricane Irma is in below average condition. Sales 1 and 2 are developed with dated single family homes that are similar in size and condition to the subject, thus, these sales required no adjustments. Sale 3 is improved with a dated home, however, the home has been updated, is larger and is overall superior to the subject, thus; sale 3 required a downward adjustment.
AMENITIES
The subject has a dilapidated dock and covered entertainment building. The sales had concrete dock, retaining walls, boat basin, pools, etc. and were considered superior to the subject. Thus, all sales required downward adjustments.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 126 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONCLUSION OF VALUE
Summary of Adjustments
Sale 9 Sale 10 Sale 11 Net Adjustment + + + + + + + +
Price / Dwelling Unit $1,200,000 $850,000 $800,000
Price / Upland Acre $369,000 $675,000 $225,500
CONCLUSION OF VALUE - CONTINUED
The sales ranged from $800,000 to $1,200,000 per dwelling and from $225,500 to $675,000 per upland acre. The subject was superior to all of the sales in upland acre and far superior in gross acres. Therefore, based on the sales, the subject’s market value was estimated at the upper range at $1,200,000. Although there was an adjustment made of the additional unit allowed on the site, this previous value estimate did not include the contributory value of the additional unit.
Three sales were obtained from the Lower Keys that were used to estimate the value of the additional unit. All of the sales are located on the open water and were the most similar vacant land sales found. The following chart summarizes the information on each sale.
Summary of Open Water Front Vacant Land Sales Parcel # Street Island Price Date Size 00313060-000000 Sunrise Drive Big Pine $300,000 2-16 .65 acres 00112920-000100 Catherine Street Big Torch $300,000 12-15 1.65 acres 00173640-000000 Sawyer Drive Cudjoe $315,000 6-15 .22 acres
The previously summarized vacant lot sales were $300,000 and $315,000 per site. The three sites have a narrow range and a value of $300,000 for the additional unit was estimated for the subject. The market value is summarized as follows.
Market Value of 10.14 acre area as improved $1,200,000 Value of Additional Unit $ 300,000 Market Value of site $1,500,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 127 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
SUNNY ISLE STOCK ISLAND HOLDINGS, LLC - OWNERSHIP
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 128 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 EXECUTIVE SUMMARY
PROPERTY TYPE: Mobile home park (Sunny Isle)
LOCATION: 5350 3rd Avenue, Stock Island, Florida
OWNER OF RECORD: Stock Island Holdings 138 Simonton Street Key West, Florida 33040
PARCEL IDENTIFICATION: 00126770-000000
APPRAISER: Trent Marr, MAI, SRPA
ASSESSED VALUE/TAXES: $1,160,596 / $10,983.30
DATE OF VALUE/REPORT: December 8, 2017 / January 29, 2018
INTEREST APPRAISED: Fee Simple
PARCEL SIZE: 37,500 square feet
OWNERSHIP HISTORY: Based on the public records there have been no sales of the subject sites within the past 5 years.
PARCEL ACCESS: The site has frontage and access from 5th Street, 5th Avenue and 3rd Avenue.
IMPROVEMENTS: The site is improved with 16 mobile homes.
ZONING/LAND USE: MU (Mixed Use)
FLOOD INFORMATION: The site is located within a 100 year flood zone.
MARKET VALUE ESTIMATE: $1,875,000
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 129 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
3rd Avenue & 5 Street, looking north on 5th Street
3rd Avenue looking west
View of park along 3rd Avenue and 5th Street
Interior view of park
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 130 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Subject Photographs
5th Street looking south
5th Street looking north, subject on left
SE corner of 5th Avenue and 5th Street
View of typical unit
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 131 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
AERIAL PHOTOGRAPH
TAX PARCEL MAP C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 132 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 133 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 NEIGHBORHOOD DESCRIPTION
The subject property is in an area known as "Stock Island”. Stock Island is unincorporated and is located less than a mile from the City of Key West. The island varies significantly in property types. The south side ranges from single family to multi-family, industrial properties, marinas and commercial properties. The north side is incorporated and is part of the City of Key West. The north side is developed with the county hospital, community college, elementary school and the Key West Golf Course.
DEVELOPMENT TRENDS
Stock Island is a mixed use neighborhood. Development consists of affordable/apartment complexes, retail stores, commercial and industrial buildings, fishing and boat storage marinas, restaurants, governmental offices, golf course, school, etc. residential, commercial and industrial begin at Overseas Highway and extend south to 5th Avenue. From 5th Avenue south the majority of the sites are improved with marinas or mariculture use properties. The area has numerous dilapidated buildings of which many are being renovated. The US Navy Base’s airport is located few miles northeast of the subject’s neighborhood on Boca Chica. The neighborhood is in its gentrification phase of its life cycle. The immediate neighborhood of the subject consists of vacant land to the west, the harbor and marina to the east, marina to the north and the Atlantic Ocean to the south.
Stock Island is unincorporated and is located less than a mile from the City of Key West. The island varies significantly in property types. The south side ranges from single family to multi- family, Industrial Properties, marinas and commercial properties. The north side is incorporated and is part of the City of Key West. The north side is developed with the county hospital, community college, elementary school and the Key West Golf Course.
Housing within the entire city of Key West is in high demand with short supply. Most of the homes located in the “Old Town Section” of Key West were built in the early 1900's and even late 1800's. Many of the homes are wood frame construction on small, almost zero lot line sites. The condition of the homes vary significantly from totally renovated to a few non-livable. Because of the short supply even the homes that are in poor condition bring prices in excess of $500,000. The median single family home value in 2014 was $509,000 and the median value for condominiums was $390,000.
RECREATIONAL ACTIVITIES
The main draw to the Florida Keys is the mild climate and water related activities. Key West is known for its street shopping and sunset celebration at Mallory Square. The Florida Keys has the only living reef along America’s Shoreline. Stock Island is predominately business oriented and caters to Key West. Because of the high demand for tourism in Key West most of the non tourism businesses have relocated to Stock Island.
EDUCATION
Public and private schools for all ages are available in Key West or Stock Island. Most of the major religions are represented, either within the neighborhood or within the City of Key West. Key West has 2 elementary, 1 middle school and 1 public high school, Florida Keys Community College and May Sands Exceptional School. The city's hospital, Lower Florida Keys Health C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 134 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 System, provides comprehensive medical and surgical care. Key West also provides ambulance service, fire, and police service. There are more than 40 churches, synagogues, reading rooms, or meeting houses, representing almost every religion found in the United States.
ACCESS
The site has frontage along 5th Street, 5th Avenue and 3rd Avenue. All three streets are two lane paved streets that serve both residential and commercial properties. 5th Street is the main access from Overseas Highway. Overseas Highway divides the north and south side of Stock Island and is the major thoroughfare for Monroe County.
SUMMARY
Key West's principal industry is tourism due primarily to it's good weather and tropical atmosphere. This tourist industry has been growing steadily since 1912 and has seen substantial growth over the past ten years. The peak of the real estate market occurred in 2004, 2005 and early 2006. The market declined for several years. However, according to local realtors as well as the sales in the area demand is strong and prices have been on the rise and are near the mid 2000 prices. Key West has been built out for years and despite the damage caused by Hurricane Irma and the lack of available developable vacant land the market appears to always rebound and this rebound is forecasted for the next several years.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 135 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SITE SPECIFIC DATA
LOCATION
The site is improved with 16 mobile home sites and is located along 5th Street, 5th Avenue and 3rd Avenue, Stock Island, Florida.
OWNER OF RECORD
Stock Island Holdings 138 Simonton Street Key West, Florida 33040
LEGAL DESCRIPTION
Lots, 19-23, Block 53, Plat Book 1, Page 55, Maloney Subdivision, Monroe County, Florida.
HISTORY OF SUBJECT
Based on the public records there have been no sales of the subject site within the past 5 years.
ASSESSMENT AND TAXES
The subject is located in unincorporated Monroe County. The 2017 taxes and assessed values are summarized as follows.
RE Number Assessed Value Acreage Accessed Taxes 00126770-000000 $1,160,596 .86 acres $10,983.30
Assessed value does not include solid waste in the amount of $4,632.
DIMENSIONS AND SHAPE
The site is flag shape. Based on the county web site, the site has 300 feet of frontage along 5th Street, 150 feet of frontage along 5th Avenue and 100 feet of frontage along 3rd Avenue.
ACCESS
The site has frontage and access from 5th Street, 5th Avenue and 3rd Avenue. Main access to the site is via 5th Street which accesses Overseas Highway. Overseas Highway is the main thoroughfare for Monroe County and extends 120 miles from Florida City to Key West.
EASEMENTS, RESTRICTIONS AND ENCROACHMENTS
No adverse encroachments or easements were noted at the time of inspection.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 136 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 TOPOGRAPHY VEGETATION & SIZE
The site is generally level with street grade and totals 37,500 square feet. Landscaping consists of various native trees and shrubs.
UTILITIES
Utilities are available to the site and include telephone service, trash services, sewage, water, and electricity. A central sewer system has recently been installed throughout the county.
DRAINAGE/FLOOD ZONE
The site appears to have adequate drainage. No adverse conditions were noted at the time of inspection. According to the FEMA on line Flood Map, panel number 12087C1528K, the site is located in flood zone AE. AE is a 100 year flood hazard area. No adverse conditions were noted which would negatively affect the future marketability of the property.
ZONING
The site is zoned MU (Mixed Use). The purpose of the MU district is to establish or conserve areas of mixed uses, including commercial fishing, resorts, residential, institutional and commercial uses, and preserve these as areas representative of the character, economy and cultural history of the Florida Keys.
The MU zoning allows numerous uses. Some of the uses include.
- Detached residential dwellings; - Commercial retail, low- and medium-intensity and office uses, less than 2,500 square feet - Institutional residential uses, involving less than ten dwelling units or rooms - Commercial apartments involving less than six dwelling units - Commercial recreational uses - Commercial fishing - Institutional uses & accessory residential uses involving less than ten units or rooms; - Public buildings and uses
There are numerous other used permitted as well as minor and major conditional uses that are also allowed. Refer to the zoning code for all the allowable uses.
SITE CONCLUSION
The site is located on Stock Island within a few miles of downtown Key West. The surrounding area consists of residential homes, retail and office building, industrial, marinas and a wide range of other commercial and residential uses. The site’s size, topography and zoning conform to the surrounding land uses. There was no adverse conditions noted that would negatively affect the future marketability of the property.
IMPROVEMENTS
The site is improved with 16 mobile homes.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 137 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 HIGHEST AND BEST USE
Highest and best use is defined as:
"The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity”9.
AS VACANT
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 37,500 square feet. Physically the site could be developed with many types of possible uses, including residential, commercial, industrial, etc.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned MU (Mixed Use). Allowable uses in this district include a wide variety of residential and commercial uses. Allocated residential units are limited to 1 unit per acre with a maximum net density of 12 units per acre. Refer to the zoning section of this report for all the allowable uses permitted in the MU zoning.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The immediate surrounding area is mixed use with both commercial and residential properties. There is strong demand for all types of properties on Stock Island and both residential and commercial would be financially feasible.
4 The Dictionary of Real Estate Appraisal, by the Appraisal Institute (3rd addition, 1993), page 171 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 138 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. As discussed previously the surrounding area is a mixture of residential and commercial. There is high demand for virtually all types of properties on Stock Island. The subject’s immediate areas consists of residential, thus if vacant the highest and best use would be for residential development.
AS IMRPOVED
PHYSICALLY POSSIBLE USES
Physically possible uses are those uses which are physically possible on the site. These uses change with the size, shape and terrain of the property in which development is to take place. The site totals 37,500 square feet (.86 acres) and is improved with 16 mobile homes, thus exceeding the maximum density requirements. The mobile homes are in average condition however, it would be physically possible to renovate or update each unit or to reduce the density of the park.
LEGALLY PERMISSIBLE USES
Legally permissible uses are those uses which are legally permissible on the site. These uses vary with the type of zoning, building codes and deed restrictions pertaining to the property being appraised. The site is zoned MU. MU is a mixed use zoning allowing both residential and commercial properties. The immediate area is residential. It is legally permissible to continue the current use or to re-develop the site with 12 units.
FINANCIALLY FEASIBLE
For any use to be the highest and best use of a site, it must be financially feasible. That is, it must produce a return (profit) after construction which exceeds the total cost of construction and total development by such an amount that it would induce a developer/investor into undertaking the project. The surrounding area is developed with a balanced mixture of residential and commercial properties. Financially feasible uses would include the continued use or re-develop the site with 12 units.
MAXIMALLY PRODUCTIVE USE
Of the financially feasible uses, that use that produces the highest value, assuming similar risk factors and similar rate of return. The subject’s density exceeds that allowed by zoning. It would not be feasible to re-develop the site with an alternative use, thus the highest and best use is as improved.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 139 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 SALES COMPARISON APPROACH
The following chart summarizes the sales found that were considered similar to the subject. Refer to the previous write up for detailed information on the sales along with an aerial photograph.
SUMMARY OF SALES
Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5
Property Type Mobile home/ Mobile Home Mobile Home Mobile Home Dilapidated Affordable at time of sale RV Park Park Park Park Motel housing Plantation Islamorada Stock Island Marathon Big Pine Location Stock Island Key
Sales Price $2,945,000 $1,400,000 $8,500,000 $6,000,000 $1,000,000
Sales Date 7-16 8-17 1-18 11-16 6-16 Affordable & Mobile Home Mobile Affordable SF Homes SF Homes Market Rate Intended Use Park Homes Park Housing Housing 39 transient at time of 17 as purchase 16 Mobile 15 purchased 9 as 61 approval for 16 # of Units homes proposed 45 affordable and 10 sf homes
Permits/ Rogo Yes Yes Yes Yes Yes No Exempt
Size 37,500 sf 49,785 sf 31,363 sf 141,105 sf 203,584 sf 52,990 sf
MH change to Zoning MU VC UR MU SC MF 24 as 8.35 as Density / purchased purchased 18.5 13 19 13 Units per acre 12.5 as 12 as proposed proposed
Water Front None Ocean Florida Bay Boca Chica Ocean None
Beach, Dock, Boat Basin & Amenities None retaining wall, None None retaining wall Dockage dock
$82,500 / 17 $154,000 / 39 $/Unit/Site $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
$/SF $59.05 $44.63 $60.24 $29.47 $18.87 C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 140 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 The following chart summarizes the major differences between the subject and the comparables. Due to the lack of sufficient sales, an exact dollar amount of an adjustment could not be supported and would be unreliable. Therefore, each comparable was given either a negative, positive or equal sign in order to compare it to the subject. If the comparable was inferior to the subject it required an upward adjustment, thus, a plus sign was used. If the comparable was superior to the subject it required a downward adjustment, thus a negative sign was used. An equal sign required no adjustment.
Adjustment Chart Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Market Conditions = = = = = Conditions of Sale = = = = = Location + + = + + + Zoning = = = = = ROGO = = = = + + Exempt/Permits Density = = = = = Water Front ------= Amenities - - - - = - - = Net Adjustments ------+ + + +
UNIT OF COMPARISON
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.23 and a price per unit of $62,500 to $196,500. Typically Affordable housing sites along with RV / Mobile Home parks are purchased on a price per unit basis rather than a price per square foot. However, the comparables vary significantly in land size, number of units, location, amenities and other factors and the price per unit had a wider range than the price per square foot. Therefore, all sales were analyzed and compared to the subject on a price per square foot basis with secondary emphasis given to the price per unit.
FINANCING
All of the sales sold for cash. Therefore, no adjustments were required for financing.
MARKET CONDITIONS
Market condition refers to the appreciation or depreciation in a property over a period of time. The sales occurred from June 2016 to January 2018. All sales were considered recent and considered to reflect current market prices, thus no adjustments were made.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 141 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONDITIONS OF SALE
Adjustments for conditions of sale usually reflect the motivation of the buyer and seller. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial business or family relationship between the parties may also affect the price of a property. Although conditions of sale are often perceived as applying only to sales that are not arm's-length transactions, some arms-length sales may reflect atypical motivation or sales conditions due to unusual tax considerations, sale at legal auction, lack of exposure to the open market or eminent domain proceedings. All of the sales were arms length transactions and no adjustments were required.
LOCATION
Sales 1 and 2 are located in Islamorada, sale 4 is located in Marathon and sale 5 is located on Big Pine Key. The subject is located on Stock Island, within a few miles of Old Town Key West. Stock Island is a bedroom community to Key West and brings higher prices than the Lower, Upper and Middle Keys. Thus, sales 1, 2 , 4 and 5 were adjusted up for inferior location. Sale 3 is located on Stock Island, within few blocks of the subject and required no adjustments.
ZONING
The subject is zoned MU. The sales range from MH to VC, UR, MU and SC and are developed with multi-unit properties. All of the zonings are similar and no adjustments were required.
PERMIT / ROGO EXEMPT
The subject is improved with 16 mobile homes and could be re-developed. Sales 1, 2, 3 and 4 are improved with dated structures and are ROGO exempt and could be re-developed without having to go through the building allocation process (ROGO). Therefore, sales 1, 2, 3 and 4 required no adjustments. Sale 5 was a vacant site and was not ROGO exempt nor did it have permits for the 16 units. Thus, sale 5 required upward adjustments.
DENSITY
The subject has a density of 18.5 units per acre. The sales range from 8.35 to 19, the subject was in the range of the sales and no adjustments were indicated.
WATER FRONT
The subject is located on a non-water front site and is similar to sale 5, thus, sale 5 required no adjustments. The remaining sales are located on the water and were considered superior, thus requiring downward adjustments.
AMENITIES
The subject has no amenities and was similar to sales 3 and 5, thus, these sales required no adjustments. The remaining sales had water frontage with boat dockage and ramp, retaining wall and tiki hut and therefore considered superior, requiring downward adjustments.
C2278 – 7 Ownership Parcels, Key Largo to Stock Island, Monroe County, Florida Marr & Associates Appraisal Company, Inc. 142 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 CONCLUSION OF VALUE
Summary of Adjustments
Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Net Adjustment ------+ + + +
Price / SF $59.05 $44.63 $60.24 $29.47 $18.87
Price / Unit $82,500 / 17 $154,000 / 39 $196,500 $139,500 $62,500 $155,500 / 9 $109,000 / 55
The sales ranged from $1,000,000 to $8,500,000 with a sales price per square foot of $18.87 to $60.24 and a price per unit of $62,500 to $196,500. Most weight was given to the price per square foot with secondary weight placed on the price per unit.
Sales 1 and 2 were located in the Upper Keys and were inferior in location; however, this was somewhat offset by the superior water frontage and superior amenities. Sale 3 is located on Stock Island and is most similar in location, however, because it has water frontage it was considered superior and reflected the upper range. Sale 4 is located in Marathon and is significantly larger in land size and had significantly more units than the subject, thus, based on the law of diminishing returns would reflect the lower range.
Sale 5 was purchased for an affordable housing project and overall is most similar to the subject. However, sale 5 did not have permits and is located in an inferior island. The buyer of sale 5 paid an additional $25,000 per unit for the permits, indicating an adjusted price per square foot of $26.42 and an adjusted price per unit of $87,500. Even with the upward adjustment for permits the subject is superior in location, therefore, the subject would be greater than the $26.42 per square foot and $87,500 per unit price adjusted prices of sale 5.
Excluding the high and low per square foot sales, the price range narrowed to $29.47 to $59.00. There is a pending contract on a 47,875 square foot site on Windley Key that is being purchased by Habitat for Humanity for $1,500,000. This site has been approved for 16 affordable housing units and a small amount of retail space. Based on the size and price the unit indicators are $31.33 per square foot and $93,750 per unit. This sale is a similar non-water front property; however, the Windley Key location is inferior to Stock Island. Thus, the subject would be greater than $31.33 per square foot or $93,750 per unit. Overall, although sale 3 has water frontage it is most similar to the subject, therefore, with most weigh placed on sale 3 the subject’s market value was estimated at $50 per square foot. This indicates a per unit value of $117,000 and is within the range of the sales. The market value is summarized as follows.
37,500 square feet X $50 / square foot = $1,875,000
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
ADDENDA Date Submitted: 2019-07-31QUALIFICATIONS 12:29:13.490 | OF Form THE Key: APPRAISER 5343 - TRENT MARR, MAI, SRPA
LICENSE Licensed Real Estate Broker, State of Florida State-Certified General Appraiser RZ #000514 (Florida) Certified General Real Property Appraiser 341275 (Georgia)
OFFICE LOCATIONS 81800 Overseas Highway, Islamorada, Florida 33036 2665 Aucilla Road, Monticello, Florida 32344
AFFILIATIONS Member Appraisal Institute, MAI Designation #9353 Member Society of Real Estate Appraiser, SRPA Designation Board of Directors, Appraisal Institute 1991 - 1994 Member of the Board of Realtors for Florida Keys, Marathon, Key West, Tallahassee
APPRAISAL EXPERIENCE 1991-Present Marr & Associates Appraisal Company, Inc., President 1988-Present Marr Properties, Key Largo, FL - Vice President, Broker 1991-Present American Caribbean Real Estate, Islamorada, Florida, Broker 1988- Matonis, DeAngelis, MacDermott, Inc. 1986-1987 - AmeriFirst Appraisal Company, Maitland, FL - Commercial Appraiser 1985-1986- Thomas H. Overstreet, Winter Park, FL - Residential Appraiser
GENERAL EDUCATION Bachelor of Science in Business & Administration, Major in Real Estate, Florida State University, Tallahassee, Florida (1985)
PROFESSIONAL EDUCATION All Courses and classes for both SRPA and MAI designations.
Partial List of Seminars and Continuing Education for the Appraisal Institute.
UASFLA (Uniform Appraisal Standards for Federal Land Acquisitions) - 2017 USPAP –2016, 2014, 2012, 2010, 2008, 2006, 2004, 2002, 2000 Florida Law – 2016, 2014, 2012, 2010 Forest Valuation-2015 Business Ethics - 2015 Appraisal of Self Storage Facilities 2014 The Cost Approach 2014 Mortgage Fraud-2014 Fundamentals of Business Valuation 2012 Business Practices and Ethics - 2011 Curriculum Overview -2010 Analyzing Distressed Properties – 2010 Supervisory Appraisal - 2010 Core Law – 2008, 2006, 2004, 2002, 2000, 1997, 1994 Valuation of Conservation Easements - 2008 Valuation of Wetlands, etc. /SFWMD – 2007, 2006, 2003, 2002, 2001 Residential Design and Functional Utility - 2006 Analyzing Distressed Real Estate - 2006 Business Practices and Ethics - 2006
Date Submitted: 2019-07-31QUALIFICATIONS 12:29:13.490 | OF Form APPRAISER Key: 5343 – CONTINUED
“PLAM” Public Land Acquisition & Management Partnership Conference - 2006 Timberland Valuation - 2004 Standards of Professional Appraisal Practice, Part C - 2001 Sovereign Lands - 2000 Lease Abstraction and Analysis - 1999 Appraisal Office Management - 1998 Litigation Skills - 1997 Appraising Rural Properties in SE FL - 1997 Internet & The Appraiser - 1996 Standards of Professional Practice / Part A - 1996 Professional Standards USPAP/Law - 1996 The Appraiser as Expert Witness - 1995 Standards of Professional Practice / Part B - 1995 Wetland, Mitigation & Severable Rights - 1995 Understanding Limited Appraisals - 1994 Blue Print Reading for Appraisers - 1994 Appraising Complex Residential Properties - 1993 Standards of Professional Practice / Part A - 1992 Appraisal Review - 1992 Rates, Ratios & Reasonableness - 1992 Appraising Troubled Properties - 1992 Legal Liabilities - 1992 Non-Residential Demonstration Report Writing - 1990
CLIENTS SERVED Attorneys, Bank, Savings & Loans, Mortgage Companies, Florida Department of Transportation, Department of Natural Resources, Department of Environmental Protection, Nature Conservancy, Trust for Public Lands, Monroe County Land Authority, National Park Service, Fish and Game Commission, RTC, FDIC, Federal Home Loan Bank Board, Federal Savings & Loans, Insurance Companies, various national corporations, estates and individuals.
TYPES OF PROPERTIES Single Family Homes, Condominiums, Two to Four Family Dwellings, Office Buildings, Nursing Homes, Industrial Warehouses, Shopping Centers, Apartment Complexes, Subdivision Developments, Marinas, Planned Unit Developments, Environmentally Sensitive Land, Hotels, Office Condominiums, Undeveloped Land, Mobile Home Parks, RV Parks, Fishhouses, Restaurants and Mixed Use Properties.
GENERAL EXPERIENCE Mr. Marr has been appraising real estate property since 1985. He has been qualified as an expert witness in both Dade and Monroe County. His extensive appraisal experience includes wetlands and environmental land for both the Department of Environmental Protection, Nature Conservancy, The Conservation Fund, Freshwater Fish and Game, Big Cypress National Park Service and Monroe County Land Authority.
Mr. Marr received his SRPA designation in 1990 and his MAI designation in 1992. He served on the board of directors of the Appraisal Institute 1991-1994. The Appraisal Institute conducts a program of continuing education for designated members. Designated members who meet the minimum standards of this program are awarded periodic educational certification. Mr. Marr is currently certified under this program. Page 1 of 3
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Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Appraisal for the Following Site(s):
31 S. Conch Ave, Conch Key
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
P.O. BOX 501524 ~~ MARATHON, FL 33050-1524 Telephone: 305-289-7220 E-mail Address: [email protected]
March 18, 2018
Mr. Mark Rosch - Monroe County Land Authority
RE: Valuation of: 31 S Conch Avenue, Conch Key, FL AND 77 S Conch Avenue, Conch Key, FL
This valuation was completed to determine market value as of the date of inspection on March 12, 2018 of the two vacant lots above. The use of this valuation is for an inter-office decision making transaction within Monroe County Land Authority.
The subject properties were personally inspected by me. There are two separate parcels on the island of Conch Key, both are designated Tier 3 by Monroe County. This island is located at mile marker 62.9 off the Overseas Highway, bayside of the highway. The entire island is zoned Commercial Fishing Special District #16.
There are about 125 non-waterfront, canal front and open water front properties on the island. The entire island is mostly built up with single family homes, multi-family and commercial establishments. At least 50% of the island’s actual use is associated with the commercial fishing zoning designation. See site maps, aerial maps and photos in the addendum to the report for each subject.
31 S Conch Avenue This property is now a vacant, non-waterfront lot with 4,900 sf. The lot is cleared, has 70’ of frontage along South Conch Avenue and 70’ depth. Monroe County states it includes three building rights. A stilted single-family home was demo’d in January 2018, after Hurricane Irma and two other mobile homes were demo’d in 2011-2012. The prior sale was at the top of the market in 05/2005 for $396,000. This property is not currently listed for sale but was listed for sale from 05/2017 to 11/30/2017; mls#575777, the list price was $325,000 and spent 183 days on the market with no activity.
77 S Conch Avenue This property is a vacant, non-waterfront lot with 3,500 sf. The lot is cleared, has 50’ of frontage along South Conch Avenue and 70’ depth. According to Monroe County there are two building rights inherent with this lot. The prior sale was in 2010 for $95,000. It is currently listed for sale in the local MLS, #578654. List date was 02/07/2018 with a list price of $179,000 or $51.14/sf with 39 days on the market.
Census Tract 9710.02 Flood Map 12087 C 1167K - AE Zone - Dated 02/18/2005 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Page 2, Conch Key vacant lots, Mark Rosch, 03/18/2018
Valuation Brandvold Appraisal was asked to determine an estimated market value for each of the two properties listed on the prior page. Conch Key contains about 15 acres and is surrounded by FL Bay on three sides with the Overseas Highway bordering the island on the east.
As stated before there are only about 125 properties on the island and many of them are less than 5,000 sf. Sales take place, but they are few and far between. The island is all Commercial Fishing zoning. There are very few areas in the FL Keys with this commercial designation where commercial businesses are adjacent to residential properties. In addition, the boat access is ideal since there is immediate access to FL Bay and the Atlantic Ocean.
There are areas on Stock Island with similar characteristics, but the proximity to Key West makes that area not comparable. There are a few streets on Summerland Key with both commercial fishing zoning and residential influences, but no sales found of non-waterfront lots. In Marathon, there are two areas that contain commercial fishing areas. Fishermen’s Pointe in Old Town Marathon contain non- waterfront lots, all with deeded docks and very few, if any residential influence. The other area in Marathon with fishing related zoning is the main artery off Coco Plum Drive; however, all lots are waterfront and not comparable.
The most reliable way to estimate land value is by sales comparison. This appraisal technique is dependent upon utilizing truly comparable market or sales data which have occurred near enough in time to reflect market conditions relative to the time-period of the appraisal. When few sales are available other procedures may be used to value land. There are seven procedures that can be used to obtain land value indications:
1. Sales comparison - Sales of similar, vacant parcels are analyzed, compared, and adjusted to provide a value indication for the land being appraised. 2. Proportional Relationship - Relating a site to a known standard site. The difference can be expressed as a percentage. This procedure can be used when there is little value evidence in existence. 3. Land Residual Technique - It is assumed that the land is improved to its highest and best use. All operating expenses and the return attributable to other agents of production are deducted, and the net income imputed to the land is capitalized to derive an estimate of land value. 4. Allocation - Sales of improved properties are analyzed, and the prices paid are allocated between the land and the improvement portions. 5. Extraction - Land value is estimated by subtracting the estimated value of the depreciated improvements from the known sale price of the property. 6. Ground Rent Capitalization - This procedure is used when land rental and capitalization rates are readily available, as in well-developed areas. Net ground rent, the net amount paid for the right to use and occupy the land, is estimated and divided by a land capitalization rate. 7. Subdivision Development – With this approach land value is estimated as if the land were serviced with infrastructure and available for sale in smaller parcels. All costs including infrastructure and carrying charges are subtracted from the estimated proceeds of sale, and the net income projection is discounted over the estimated period required for market absorption of the sites.
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With the appraisal process and these several possible approaches to value understood, it is appropriate to consider which methods and procedures should be used to analyze and interpret the land data. The choice is based upon what data is available, its reliability and usefulness in making a value estimate.
At this time, the only other available method to determine a market value for these vacant lots would be through EXTRACTION. Even though this method is not the most reliable because the depreciated value is estimated, at least a reasonable amount can be deduced.
I must stay in Conch Key and use the two vacant lot sales and take the other improved, non-waterfront sales and extract the value of the improvements.
Sales Activity in Conch Key 2015 - 2018 There has been one sale in 2018 and that was a canal front home with open water views, which is not comparable in any way to the two subject lots. There is a pending sale at 71 S Conch Avenue on a dry lot that will be analyzed later in this discussion. The only other active listing is 77 S Conch Ave, one of the two subject lots, listed at $179,000 with 39 days on the market.
In 2017, only one sale was found in the county records and none in MLS. 92 N Conch Avenue, a vacant dry lot, sold in May and will also be discussed in the sales analysis of this report.
Two sales were found in 2016, one improved, non-waterfront and another on open water.
In 2015, seven sales were found on the island, both non-waterfront and waterfront. The non-waterfront sales will be used to help determine a value in this report.
In recap, five closed sales were found and one pending sale over the past three years. One non- waterfront lot in 2015, plus two non-waterfront improved sales. In 2016, one non-waterfront improved sale. In 2017, one non-waterfront lot and there is one pending sale in 2018 of an improved, non- waterfront property. The 4 improved, non-waterfront properties will have the improvements “extracted” to arrive at the value of the land, including building rights.
There are four comparable sales with improvements, the Extraction Method will be applied below. The two vacant land sales will also be included in date order.
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Description of Sales
Sale #1 – vacant
51 S Conch Ave, Conch Key Sold: 05/05/2015 Sales Price: $113,500 or $32.43/sf Land Size: 3,500 sf Building Rights: one
This property sold in May 2015 with a building that was later demo’d, it now has a new custom home on the site built in 2017.
Sale #2
61 S Conch Avenue, Conch Key Sold: 05/17/2015 Sales Price: $200,000 Land Size: 3,500 SF Building Size: 660 SF Building Rights: one
660 SF x $200/SF = $132,000 25% depreciation -$33,000 Depreciated value of building: $99,000
Total sales price $200,000 Minus Depreciated value of Building -$99,000 Value to Land $101,000 ÷ 3,500 SF = $28.86/sf
This sale was of a little, conch house in relatively good condition for it’s age. I estimated the building to be 25% depreciated. This sale took place without a realtor but was an arm’s length transaction. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Page 5, Conch Key vacant lots, Mark Rosch, 03/18/2018
Description of Sales- continued
Sale #3
111 W. Conch Avenue, Conch Key Sold: 08/24/2015 Sales Price: $100,000 Land Size: 4,113 SF Building Size: 554 SF Building Rights: one
554 SF x $200/SF = $110,800 75% depreciation -$83,100 Depreciated value of building: $27,700
Total sales price $100,000 Minus Depreciated value of Building -$27,700 Value to Land $72,300 ÷ 4,113 SF = $17.58/SF
This sale also included a tiny, conch home built in 1948. The home needed extensive work, several of the parties were friends, no realtor was involved, and the buyer owns the motel across the street. After extracting out the building, the value to the land is low.
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Description of Sales - continued
Sale #4
81 S. Conch Avenue, Conch Key Sold: 08/23/2016 Sales Price: $290,000 Land Size: 3,500 SF Building Size: 652 SF Building Right: one
652 SF x $200/SF = $130,400 20% depreciation -$26,080 Depreciated value of building: $104,320
Total sales price $290,000 Minus Depreciated value of Building -$104,320 Value to Land $185,680 ÷ 3,500 SF = $53.05/SF
This sale included an older home that had been very nicely updated. I spoke to Wanda Brock the listing and selling realtor and she confirmed there was only one building right associated with this lot. This is by far the highest price per square foot for the home and for the land with the home extracted. The realtor did mention the sale included seller financing at a favorable rate. Conch Key is typically difficult to obtain financing for single family homes because of the commercial zoning and lack of sales. So, the higher price has been influenced by the owner financing.
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Description of Sales
Sale #5 - vacant
92 N Conch Ave, Conch Key Sold: 05/24/2017 Sales Price: $50,000 or $12.16/sf Land Size: 4,113 sf Building Right: one
This sale was of the vacant lot with one building right from a structure that was demo’d in 2008. There was no realtor involved in the sale and the seller Montelongo has owned many parcels on Conch Key over the years; in fact, he was one of the sellers in the LLC that sold Sale #3 to Wiatt.
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Description of Sales - continued
Pending Sale #6
71 S. Conch Avenue, Conch Key Sold: Pending 03/11/2018 Sales Price: $260,000 (contract price) Land Size: 3,500 SF Building Size: 649 SF Building Right: one
649 SF x $200/SF = $129,800 25% depreciation -$32,450 Depreciated value of building: $97,350
Total sales price $260,000 Needs $10,000 to finish -$10,000 Minus Depreciated value of Building -$97,350 Value to Land $152,650 ÷ 3,500 SF = $43.61/SF
This comp is a current pending sale. The list price is $279,000 but according to the listing realtor, Amy Puto, the contract price is $260,000. The house is not finished, still needing counter tops, back splash and the floors need replacing or refinishing. Puto estimates that $10,000 will be needed to finish. The house was built in 1953 and has been updated, but it is still a 65-year-old house, so I deducted 25% for depreciation to extract the building value.
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Conclusion I found five closed sales and one pending sale, all on Conch Key, all non-waterfront properties. I extracted the building values out of the improved properties to get down to a land value. The price range of the land only ranged from $12.16/sf to $53.05/sf. Likely the most similar sale is Sale #1 at 51 S Conch Avenue with a price per square foot of vacant land with one building right at $32.43/sf. Surprisingly, the average of the six comps, after Extraction calculates to $31.29/sf. If I take out the low and the high, the average calculates to $30.62/sf. In my opinion, this market is stable and has shown no signs of appreciation or decline in the past three, so no adjustment will be made to the older sales.
I found three sales from Key Largo to Big Coppitt in 2017-2018, of small, non-waterfront commercial vacant lots with a range in sales price of $24 to $27/sf, with no inherent building rights. These fall essentially in line with the six sales above but somewhat lower since no building rights were included.
I will estimate the market value of the vacant lots at $30/sf.
31 S Conch Ave 4,900 sf 4,900 sf x $30/sf = $147,000
77 S Conch Ave 3,500 sf 3,500 sf x $30/sf = $105,000
None of the comparables included additional building rights, like both subjects. No sales of “only” building rights have taken place on Conch Key, that I could find in MLS or county records.
Building rights can be purchased on the open market in Monroe County and in the City of Marathon. Current sales of building rights are in the $30,000 to $40,000 range in the past six months. When that building right is purchased, and it is moved to a different location, a transport fee of $20,000 is usually charged by the municipality where the property is located, and the building right can not be transported to other municipalities.
The additional building rights associated with the two subject lots will likely stay with these lots and a small duplex or even smaller tri-plex would be built on these lots. All the lots on Conch Key have at least one inherent right since there are few if any lots with no building rights in place.
In my opinion, the additional building rights have a value of $10,000 each. The price per square foot of the vacant land with one building right has been determined to be $30/sf, now the additional $10,000 per right will be added.
Valuation Calculation
31 S Conch Ave $147,000 + $20,000 = $167,000
77 S Conch Ave $105,000 + $10,000 = $115,000
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Page 10, Conch Key vacant lots, Mark Rosch, 03/18/2018
Conditions I hereby certify that I have no present or contemplated interest in the captioned property and that neither my employment nor compensation for this Limited Evaluation Analysis is contingent upon the amount of valuation reported. I hereby certify that this evaluation was not based on a requested minimum valuation, a specific valuation or approval of loan.
The Intended User of this appraisal report is the Monroe County Land Authority for inter-office decision making transaction. No additional Intended Users are identified by the appraiser.
Please feel free to call me if you desire additional supporting information that may not have been incorporated in the report. All research materials, maps, notes, comparable sales information are retained in the office of the appraiser and have not been incorporated into this report.
It has been a pleasure to be of professional service. Respectfully submitted,
Maria Brandvold Real Estate Appraiser, Florida Certified General #RZ2054
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
ADDENDUM
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31 S Conch Avenue, Conch Key Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
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77 S Conch Avenue, Conch Key Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
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Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Real Estate Appraisal License Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Certification and Limiting Conditions
Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Certification and Limiting Conditions
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https://or.monroe-clerk.com/LandmarkWeb//Document/GetDocumentForPrintPNG/?request... 7/9/2019 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343
OCCUPANCY AGREEMENT AND GROUND LEASE
THIS Agreement and Lease made and entered into on this __ day of'"'-'~'" :2019 by and between the BOARD OF COUNTY COMMISSIONERS OF MONROE COUNfY, FWRIDA (referred to as the "Lessor" or "Owner", or "County" or "Monroe County"), a political subdivision of the State of Florida organi2ed and existing under the la'II'S of the State of Florida, and THE MONROE COUNTY HOUSING AUTHORITY (referred to as the "Lessee" or "Initial Lessee", or "Contractor" or "Ottlli•a•-•t''}, H. puUic body, WI pumlean.l poiitic, created and organized pur~uantto and in accordance with the provisions of Housing Authorities Law, codified pursuant to Chapter 4:21, Florida Statutes.
RH~ITALS
WHEREAS, Lessor is the owner in foce simple of that certain property located at what is now known as 31 S. Conch Avenue, Conch Key (bearing Property Identification Number 00385780-000400) and located on Atlantic Houlevard, Key Largo (bearing Property Identification Number 00453440-001100), and is the owner of an option to hold land in fcc simple located at what is now known"-' 31535 Avenue C, Big Pine Key (bearing Property Identification Number 00302670-oooooo and ooso26Bo-oooooo), and located at 2 N. Coneh Avenue, Conch Key (bearing Property Identification Number OOJ8S780- 000000), Monroe County, Florida, said four properties (hct·dnafter cumulatively referred to as the "Prop~rty"] being more particularly lel':allv described the attach~d incoroorated --- as per- - Exhibit "A."; and
WI-IERF.AS, Lessee desires to develop the Property for rental use of 25 affordable workforce housing units pmsuant to the FHFC RFA 2019-101 CDBG- DR in Monroe County for qualified tenant occupants; and
'\VHEREAS, Lcssc~ desir WHEREAS, in order to preserve the affordability of the dwelling unit(s) to be developed, used, ami occupied on the Property, Lessor desires to lease the Property to Lessee for ninety-nine (99] years, subject to the FHFCCDBG-DR program Restrictions as set forth and further defined herein; and '\VHEREAS, the Lessor and Lessee agreethatthe Lessee shall develop the Property in accordance with all requirements of the Community Development Block Grant - Disaster RPcoveJy ("CDBG- DR") Program; and WHEREAS, Lessor and Lessee desire and h~reby enter into this 99-ye~r lease to e11sure and preserve affordability in perpPtuity of the Property and all dwelling units thereon; and WHEREAS, Lessor and Lessee mutually agree to the Property Management pro~ss Page 3 of 49 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 7 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment A Address of Development Site Monroe County Scattered Sites 4 scattered sites all located in Unincorporated Monroe County: 31535 Avenue C, Big Pine Key (RE 00302670-000000) 31 S. Conch Ave, Conch Key (RE 00385780-000400) 2 N. Conch Ave, Conch Key (RE 00385780-000000) Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440- 001100) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 8 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 9 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 10 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 FLORIDA HOUSING FINANCE CORPORATION VERIFICATION OF AVAILABILITY OF INFRASTRUCTURE - SEWER CAPACITY, PACKAGE TREATMENT, OR SEPTIC TANK „ ^ , Monroe Countv Scattered Sites Name oi Development: ^ Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE Development Location: 00453440-001100). Unincon^orated MonroeCountv Ata minimum, provide the address number, streetnameandcityand/orprovide thestreetname, closest designated intersection andeitherthQity (if located within a city) or county (iflocated in the unincorporated area of the county). The location ofall Scattered Sites, if applicable, must also be included. Number ofUnits in the Development: _5 This number must be equal to or greater than the number ofunits stated by the Applicant in Exhibit A ofthe RFA. The undersigned service provider confirms that, as ofthe date that this form was signed, the above referenced Development Location met the followang: 1. ^fiewer Capacityor Package Treatmentis available to the proposedDevelopment; 2. Tlieie aie iiu ktmwirprohibitions to installing aSeptie Ttmk i^'Stemwith adequate capacity foptho propoood Dovolopmont' lui'dtltmoirifncucssaty, upgrading an existing Scptic Tanfc system with adequate capacity for the proposed Development tecatiori. To access such waste treatment service, the Applicant may be required to pay hook-up, installation and other customary fees, comply with other routine administrative procedures, provide easements, and/or remove, relocate, install or construct line extensions and other equipment, including but not limited to pumping stations, in connection with the construction of the Development. Execution ofthis document does not guarantee that waste treatment service will be available to the Applicant in the future and docs not provide the Applicant with any vested rights to receive waste treatment service. Ihe availability of waste treatment sen ices is subject to the approval ofall applicable governmental agencies having jurisdiction over these matters. For projects located within Miami-Dade County, the Applicant is advised that the right to connect the referenced property to the Department's sewer system is subject to the terms, covenants and conditions set forth in court orders, judgments, consent orders, consent decrees and the like entered into between the County and the United States, the State of Florida, and/or any other governmental entity, including the Consent Decree entered on April 9,2014, in the United States ofAmerica. State ofFlorida and State of Florida Department of Environmental Protection v. Miami-Dade Countv. Case No. l:12-cv-24400-FAM, as well as all other current, subsequent or future enforcement and regulatory actions and proceedings. CERTIFICATION I certify that the foregoing inf^nalion is true and correct. Key Largo Wastevvater Treatment District Signature Name ofEntity Providing Service Peter Rosasco 103355 OverseasHighway, Key Largo, FL Print or Type Name Address (street address, city, slate) KLWTD General Manager Print or Type Title 07/18/2019 (305)451-4019 Date Signed Telephone Number (including area code) This certification may not be signed by the Applicant, by any related parties ofthe Applicant, or by any Principals or Financial Beneficiaries of the Applicant. In addition, signatures from local elected officials are not acceptable. If there are alterations made to this form that change the meaning ofthe form, the form will not be accepted. (Form Rev. 8-18) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 11 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment A Address of Development Site Monroe County Scattered Sites 4 scattered sites all located in Unincorporated Monroe County: 31535 Avenue C, Big Pine Key (RE 00302670-000000) 31 S. Conch Ave, Conch Key (RE 00385780-000400) 2 N. Conch Ave, Conch Key (RE 00385780-000000) Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440- 001100) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 12 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Not Applicable Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 13 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 13 Monroe County Scattered Sites Attached please find a list of all occupied mobile home and recreational vehicle (RV) households along with their self-executed income certifications. Please note that several households declined to fill out the income certifications. Also note that it is currently unclear if all households are eligible under the Uniform Relocation Act (URA). The application requests that “(t)he income of persons and households who are currently occupying a unit that will receive CDBG-DR assistance must be provided to determine whether they are income eligible.” The “units” on the two occupied sites are mobile homes and RV’s so the “units” will not directly receive CDBG-DR assistance; however, the residents of these “units” will be impacted by the re-development of the two sites so their information is included in this application. In addition, the application also states “(f)or all occupied units, provide a summary list of all residents and income certifications for those residents in occupied units that will be CDBG-DR- Assisted Units.” Since the RV’s and mobile homes will not be considered “CDBG-DR Assisted Units,” this list is not-applicable. Because of the complexity of the situation, Monroe County has engaged outside legal counsel experienced with the URA. Outside counsel will assist Monroe County to ensure that existing residents of the two sites are treated fairly and as required by the Uniform Relocation Act. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 13 Monroe County Scattered Sites 2 N. Conch Ave, Conch Key (RE 00385780-000000) Household Household Type of Lot Status of Form Composition Income Residence 1 Did not respond Wilbur Kilbourne N/A Mobile home (Park owned) 1A N/A Unoccupied N/A Mobile home (Park owned) 1B Did not respond Derrick Spence N/A RV (Park owned) 2 N/A Vacant N/A RV (Park owned) 2A Completed form Jack Emerick $14,000 RV Rachael Duryea (Park owned) William Decker (child) Dakota Emerick (child) 2B N/A Unoccupied N/A Vacant 2C Completed form Lucio Morales $42,000 RV (Resident owned) 2D Completed form Oliva Ramirez $33,600 RV Odalys Gonzalez $10,100 (Park owned) 3 N/A Unoccupied N/A Vacant 4 Completed form Eric Wink $50,000 Mobile home Kaylee Turner $30,000 (Resident owned) 5 Completed form Nora Cifuentes $15,000 5th Wheel Darinel Ramirez $42,000 (Park owned) 6 Completed form Julian Lami $34,000 RV Samatha Bragan (Park owned) Robert Bragan (child) 7 N/A Unoccupied N/A Vacant 8 N/A Unoccupied N/A Vacant 9 N/A Unoccupied N/A Vacant 10 N/A Unoccupied N/A Vacant 11 N/A Unoccupied N/A Vacant 12 Completed form Gary Lee Atkin $49,400 RV Carolyn Hamm $9,600 (Park owned) James Dunavant (uncle) $13,200 Devin L. Atkins (child) Teaira Atkins (child) Talia Atkins (child) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 13 Monroe County Scattered Sites 31535 Avenue C, Big Pine Key (RE 00302670‐000000) Household Household Type of Unit Status of Form Composition Income Residence 1 Completed Jason D. Voris $1800/wk net RV (Resident owned) 2 Completed John Wilcher $48000/yr RV Kimberly Hensley (Resident owned) 3 Completed James A. DiPrimio $50,000/yr RV Bridgette J. DiPrimio $30,000/yr (Resident owned) 4 Vacant 5 Declined RV (Resident owned) 6 Declined RV (Resident owned) 7 Declined RV (Resident owned) 8 Completed Pshantel Vernigue Scott $25,000 /yr RV (Resident owned) 9 Completed Ruby Burttram $25,925/yr RV (Resident owned) 10 Vacant 11 Completed Shannon Visser $24960/yr RV (Resident owned) 12 Vacant 13 Completed Brandin White $31,200 RV Angelica Becerra (Resident owned) Anthony Becerra (child) 14 Completed James Sapp $37,200 RV Marcia Hake (Resident owned) James Sapp, Jr. (child) 15 Declined RV (Resident owned) 16 Declined RV (Resident owned) Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 14 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 14 Monroe County Scattered Sites The Monroe County Scattered Sites development will meet all CDBG-DR set-aside requirements as outlined in this application. Because of the complexity of the situation with existing households, it is unclear as this time if all households are eligible under the Uniform Relocation Act. Existing, eligible residents at the sites will be offered a newly constructed unit when they are built. If it is determined that existing residents are eligible for permanent relocation under the Uniform Relocation Act, and it is needed to meet the set-aside commitments, adequate funding has been allocated in the development budget to assist those households. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 15 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 15 Monroe County Scattered Sites The development/capital budget has allocated funding to a line item to assist with any permanent or temporary relocation of existing, eligible residents as mandated under the Uniform Relocation Act (URA). All eligible costs of any required relocation under the URA will be borne by the Land Owner or the Applicant. For the two parcels that are currently occupied by recreational vehicles (RV’s) and mobile homes, the developer is planning to do a phased unit development to allow existing, eligible residents to move into the newly constructed units as they are built. All eligible moving costs will be covered. The newly constructed units will consist of single-family rentals and the parcels currently have vacant areas where several units can be built without disturbing existing residents. When complete, eligible residents can then move into the permanent housing and new units can be constructed on the areas of the parcels that have been vacated. It is estimated that construction of all new units can be completed in two or three phases. Currently it is unclear if all residents are considered eligible for relocation benefits under the URA. If it is determined that these households are eligible under the URA for relocation assistance, funding is available in the development budget to assist these households with eligible expenses. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 16 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 16 Monroe County Scattered Sites Monroe County, the Land Owner, currently owns two out of the four scattered site properties submitted for funding in this application: Atlantic Boulevard, Atlantic Boulevard and Homestead Avenue, Key Largo (RE 00453440- 001100) - This property was purchased by Monroe County in 2004. It was acquired from Coconut Grove Bank as a vacant parcel with no improvements and has remained vacant since that time. 31 S. Conch Ave, Conch Key (RE 00385780-000400) – This property was acquired by Monroe County in June 2018. It was a voluntary transaction with willing sellers consisting of three individuals. The property was a vacant parcel with no improvements at the time of purchase and has remained vacant. Monroe County Housing Authority, the Applicant, has entered into a 99-year lease with Monroe County, to develop, own and manage the improvements for the Land Owner as required by this application. The lease has been approved by both the Monroe County Housing Authority Board of Commissioners and the Monroe County Board of County Commissioners. Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 17 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Not Applicable Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Attachment 18 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343 Date Submitted: 2019-07-31 12:29:13.490 | Form Key: 5343