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exhibits 1
Joseph & 1361 NW 6Ist 36 Barbara Wiggins Street (954) 438-9942 Model City Trust Acquistion Approval November 10, 2003 115,793 105,000 115,000 110,000 New Model City, 1250 NW 62 40 LLC Street New Model City, 1231 NW 61 45 LLC Street 5859 NW 13 214 James S. Nivens Av Vacant lot 1544NW58 Terrace - Vacant 291 Marielo Nieto Building 1575 NW 58th 300 Eric Goldberg Street Lewis and Naomi 1556-58 NW 854 Green 62nd Terrace TOTAL (718) 853-1082 (718) 853-1082 (803) 329-1003 (305) 372-8018 (305) 620-7923 200,400 188,217 5,867 41,765 64,855 87,351 704,248 515,000 400,000 7,200 70,000 83,000 110,000 263,000 550,000 490,000 10,000 72,500 83,000 115,000 1,435,500 532,500 445,000 8,600 71,250 83,000 112,500 1,362,850 126,500 612,375 511,750 10,835 76,000 93,000 129,375 1,559,835 126,500 0 612,375 0 511,750 0 9,890 945 81,938 (5,938) 95,450 (2,450) 129,375 0 1,567,278 (7,442) 1 of 1 11 /14/2003 5:55 PM Model City Homeownership Zone Project Ili Y 11115 / 3 Charles R. I Drew MiddI School �7 I E j I' sn Pro FDSLd UI S I`r) P RS it Dwrked l - L—_ `fUYLC.J atipus I.7 .. D 44ac‘kjjf tD Cfruvio afprp4Y1 u ds ont H MW ss Te s - 11 11� �k .. -1r�.. L_ NW•SSST lI 1 >1 Liberty Square ` Public housing . _ {�..,� Tf • '�":�id _ 1 lx Pi i J 1 r ORG«a R0 PdY7a'M51 e li VILLA -ELEMENTARY 1 SCHOOL .W as ST .ws. uTE■ Wm im m I� saiT � xl�l��1 Il�i�l a kW SS 8T I'1 1` f MW 6< ST Winn Dixie Integra Realty Resources - South Florida .Mz 3c UNIFORM RESIDENTIAL. APPRAISAL. REPORT Pile No. 0003797 Property Address 1575 NW 58 Street #40493 Cjpr Miami State FL Zia Cade 33142 Legal Desgrlpgoa Grange Height PB 14.82 Lot 24 Blk 15 County Miami -Dade Assessor's Parcel Ng. 01-3114.035-2931 Tax Year 2002 RE Taxesi 1973.88 Spec1!I_Asaessments S N/A Borrower City of Miami (Clienn� Curren) Owner Goldberg, Eric Occuoat1: !^) Owner I . Tenant X Vacant _ Properly fahts annraised IX Fee Simale l 1 Leasehold Protect Type ; PUD ' I Condominium IHUDNA only) HOA S 0.00 IMa. Neighborhood or Project Name Liberty City_ Mao Relerence 53-41-14 Census Tract 19.030 .6 Sale Pikj L N/A Date at Sale N/A Oeaatouon ands aIDouatofaan charses/cancessions to be paid by seller N/A Lender/Cllent City of Miami Address P. 0. Box 330708 Department of Finance, Miami FL 33233 Appraiser Ole G. Christiansen, ASA Address 9400 S. Dedeland Blvd. PH-1, Miami, FL 33156 Location Xi Urban LJ Suburban 0 Rural Built up M Over 75% ❑ 25.75% Lj Under 25% Predominant crrwpsnpy PSR9Ie I,famllyl1oLAIOlny $(000) (yrs) Present lend use% One famgy 80 Lend ueachenge X Nat likely Likely Growth rate ❑ Rapld X Stable ❑ Slow Xj Owner 20 Law New 2.4 family 20 __' 1- In process Property values ❑ Increasing X Stable 17]Declining ;i Tenant 118 Hlah 75 Multi -family 10 To: Demand/supply El Shortage X In balance Li supply X Vacant (0.5%) y Pretlaminant ` : z; Cammerclaf 10 Marketing time f 1 Under 3 jogs. X 3.8 mos. �..1 Over 6 mos. ❑ Vac.(oear 5%1 50'8-80's 50 Nate: Rae. end the racist composition of the neighborhood roe not appraisal factors. Neighborhood boundaries and characteristics: Approximate boundaries are NW 71 Street to the north, NW 54 Street to the south, NW 7 Avenue to the east and NW 17 Avenue to the west. Factors that affect the marketability of the properties In the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): The eubiect is located in a well established area of NW Miami with a mix of modest size single family homes, Duplexes and multi family homes in a wide range of elzes,zges, design and appeal. Multi family uses ere primarily Public Housing Protect located one bloch east of the subject property, There ere neighborhood schools end shopping NW 17 Avenue Is a major north south traffic artery with public transportation, shopping and other service facilities, Commercial uses does not adversely affect marketability. The market has a history of foreclosure activities, which keeps market prices low as marketing time varies from 3 months to 1 year. Markel conditions in the subject neighborhood (Including support for the above conclusions related to the trend of property values, demand/supply, and marketing time -- such as data on competitive properties for sale In the neighborhood, description of the prevalence a1 sales and financing concessions, etc.): General market conditions are stable, with availability of financing conaidered to be good. Interest rates have declined and remain fairly law. Lower interest rates may have a positive affect on the market by introducing ftrat time or move up buyers to homes which were no affordable In the most, Conventional and FHA financing are typical for the subject's market. It is not unusual for sellers to asalet with buyers closing coat. The area has a two tear market as inflated fraudulent sales are reported which later sell as foreclosure. These foreclosure sales ere keeping the market depressed with few true transactions In the market area. Project Information far Puts (If applicable) • - is the developer/budder in control of the Home Owners' Association (HOA)? LJ Yes L_:: No Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project NA Describe common elejpent;! and recreational facilities: The subject is not located Inc P.U.D. Dimensions 50 X 106 _ Topography Level at street grade _ Site area 5.300 Sq. Feet Corner Lai LJ Yet X No Size Average/Typical Specific coning classification and description R-3 (Residential 2-4 family) Shape Rectangular Zoning compliance ►l Legal ❑ Legal nonconforming (Grandfathered use) ❑ lilegat ❑ No toning Drainage Appears adequate Highest & best use al inroad: M Present use 6i Other use (extialn} View Average/Typical Utilities Public Other ON-sitelmprovenent§ Type Public Private Landscaping Average Electricity Z Street Asphalt 0 MGae Driveway 5urlace Concrete Ribbon ❑ Curblgutter Concrete 7 Apparent easements Typical Utility Water X Sidewalk Concrete M L; FEMA Special Flood Hazard Area 0 Yes X No Sanitary sewer ® Street lights Incandescent Z '71 FEMA Zone "X" Map Date 03-02-94 Storm sewer M Alley None [ FEMA Mao No 120850 0180 d Comments (apparent adverse easements, encroachments, special assessments, slide areas, Illegal or legal nonconforming zoning use, etc.): The appraiser was not provided a survey, inforrna Ion pertaining to the parcel size was obtained from public records. A current surveyf_is suggested to determine if any easements or encroachments exist. Upon receipt of the survey the surveyor should render an opinion as to his/her findings. GENERAL DESCRIPTION No. 01 Units One EXTERIOR DESCRIPTION Foundation Pier FOUNDATION Slab Partial BASEMENT Area Sq. Ft, None INSULATION Roof No. of Stories One Extedar Walls Frame/Stucco Crawl Space Partial % Finished N/A Ceiling Type (DeWAtt.) Detached Roof Surface Shingle Basement None Ceiling N/A _ Wafts Design (Style) Ranch Gutters & Dwnepta, None Sump Pump Nona Walls N/A Floor Edatlng/Proposed Existing Window Type Awnings/SH Dampness None observed Floor N/A None Age (Yrs.) 1940 (83) Storm/Screens No/ Yes Settlement None observed Outside Entry N/A Unknovm X Effective Aae (Yrs,1 15-20 Aanufacture4 House N/A Infestation 'See comments ROOMS Foyer Living Dk11na Kitchen Den Family Rm. Rec. Rio. Bedrooms # Baths Laundry Other _ Area Sg, Ft. Basement None Level 1 1 1 Area 1 3 2 1 1,287 Level 2 Finished area lrove arade contains: Rooms: 3 Bedroomfsl: 2 Bat1(sl 1,287 So are FeeLof Gross Living Area INTERIOR Maler(als/Candition Floors TIleICpts/Good HEATING Type None KITCHEN EQUIP, Refrigerator X flange/Oven r_.-1 Disposal ❑ Dishwasher • Fan/Hood Microwave ,_J WaaheUDrver i �, ATTIC None X! AMENITIES Fireplace(s) # None ij CAA STORAGE: Nana __ Walls Plaster Drgwell/Avg. Fuel N/A Stairs ❑ Patio None 'II Garage # o1 cars Trim/Finish Wood/Good Condition NIA Drop Stair ❑ Deck None P, Attached Bath Floor Tlle/Good COOLING Central None Scuttle , _1 Porch None ❑ Detached Bath Wainscot Tile/Good Floor [ j Fence Chain link X Built•In Doors Wood, solid & _ Other N/A Heated P1 Pool None - - Carport 1 Car hollow core/Average Condition N/A FLOW 7 Driveway Concrete Additional features (special energy efficient items, etc.): Nona Noted Condition of the improvements, depreciation (physical, functional, and enamel), repairs needed, quality of construction, remodeling/additions, etc.: The subject Property appears to have has some renovationa and la now vacant, As of the effective date of valuation the front door was kicked in, the kitchen cabinets, water heater, a toilet and 2 bathroom vanities have been removed. Estimated cost of damage is $ ,000 to $3,500•'. There are signs of dry wood termite residue In one of the bedrooms, Physical depreciation was based on the effective age and condition of the subject. Adverse environmental conditions (such as, but not 1lmited to, hazardous wastes, toxic substances, eta.) present In the improvements, on the site, or in the Immediate vicinity of the subject properly.: It Is beyond the scope of our expertise to assess the presence of adverse environmental conditions. Any adverse factors including mold, asbestos, lead paint, etc. may require an update to this analysis.See Limiting Conditions PAGE 1 OF 2 Form UA2 —'TOTAL for Windows"' appraisal software by a la mode, Inc.—1.800•ALAMODE Fannie Mae Form 1004 8/93 - ESTIMATED SITE VALUE .... ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS: Dwelling 1,287 Sq. Ft. @$ 58.00 ______ ____---......... . .. ... .. = 5 ... 20,000 .----- �.-. . ..m.. Comments on Cost Approach square foot calculation and economic life of the property): dimensions, area calculations r.a. menu, uuuar of (Such as, source of cast estimate, site value, far HUD, VA and FmHA, the estimated remaining See the attached sketch for = $ 74,846 21,169 Sq. Ft. @$ = and room layouts. Cost data is Ref. = 600 from the Marshall and Swift Residential Cost Handbook. The Garage/Carport 238 Sq. Ft. @$ 10.00 = 2,380 subiect's land to value ratio Is typical (or similar properties in the Total Estimated Cast New ............ _ ..... Less Physical Functional Depreciation 21,1691 = $ 77,826 neighborhood. Land value used in the Cost Approach was External 1 _$ derived from comparable sales when available and/or extraction from market data as well as assessed valuation Depreciated Value of Improvements ''As -is" Value of Site Improvements .... INDICATED VALUE BYCOST APPROACH =$ 56,457 ....... ....... =$ 5,000 =$ 81,457 ITEM 1 SUBJECT COMPARABLE N0.1 COMPARABLE NO. 2 COMPARABLE NO. 3 1575 NW 58 Street #40493 Addresg Miami 6912 NW 14 Avenue Miami 1338 NW 68 Street Miami 1560 NW 71 Street Proximityto Sublet 1 ,. fit ' -"iMiami 0.67 miles 0 81 miles 0.76 miles Sales Pdca $ N/A ' , !,0,,li 89 900 ; v?.I5 89;900 . ' $ 93 000 Price/Gross Living Area 5 ' ' 3 84.57 OF' $ 60A5 01".p. 5 79.69 1 /. Data and/or Verification Source Interior inspection Public Records Exterior Inspection FARE/MLSIBroker Exterior inspection FARS/MLS/Broker Exterior inspection FARS Sales or Financing Cong felons Date of Sale/Time Location Leasehold/Fee Simple Site View Dealan and Aa eaI Duality qt Construction Ace Condition Above Grade Room Count Gross Living Area Basement & Finished Rooms Below Grade Funatlgggl Utility HsafnWCa4IIDg Energy Efficient Items e araoelCamort Porch, Patio, Deck, Flreolage(s), etc. Fence. Pool, etc. Net Adi. (total) Adjusted Sales Price at Camoarable Urban Fee Simple 5,300 Sq. Feat Average/Typical Ranch Frame/Stucco 1940 Average/Repairs Total ' Bdrms' Baths 6 i 3 2 1.287 Sq, Ft, None Noted Adequate None Adequate Carport Entry No fireplace Fence DESCRIPTION +(-)$Adlust. Conventional S89,167 07-03 Urban Fee Simple 4,050 Sq. Feet Average/Typical Ranch/Average Frame/Stucco 1940 Average Total ! Bdrms : Baths -2,700 -4,000 6 3 1 +2,500 1,063 Sa, Ft. Adi Above None Noted Adequate None Adequate None Entry No fireplace Fence f,# No adj. 4,200 DESCRIPTION : +f-IS Adinsl. Conventional $86, 750 06-03 Urban Fee Simple 5,400 Sq Feet 0 Average/Typical Ranch/Average CBS/Average No adj. 1948 Average Total Bdmis Baths 8 3 : 2 -4,000 1,482 Sq, Ft, No Adi None Noted Adequate Units -2,500 Adequate Carport Entry No Fireplace Fence 1+..._- 8,500 DESCRIPTION +j-j$ Adjust. Conventional $88,350 07-03 Urban Fee Simple 2,730 Sq Feet No adj. Average/Typical Ranch/Average Frame/Stucco 1944 Average -4 000 Total Bdrms Baths 5 3 : 1 +2,500 1,167 Sg, Ft. Adi Above None Noted Adequate None Adequate None Entry No Fireplace Fence n+ - No adj.. 1,500 91,500 Comments an Sales Comparison (Including the subJect property's compatibility to the neighborhood, etc.): The comparable sales included in the anatysis were considered to be the moat current ranaactions available as of the effective date of valuation. All of the comparable sales were adjusted for condition as the subject property was noted to be In need of approximately $4,000 In repairs due to vandalism. The data regarding the sales _ were limited and the broker had Indicated sale no.1 received concessions. The broker was unaware of any concessions for sale no.2 but they may have existed, The Ointments made were all market derived using extraction and/or paired sales analysis. Equal consideration was given to the comparable sales supporting the final value opinion at $85,000. ITEM Date, Price and Data Source, for prior sales vrltbin year of aporalsgl Analysts of any current a regiment a1 sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: See attached. SUBJECT 02-03 $93,000 Public Records COMPARABLE NO, 1 05-03 $44,300 Public Records COMPARABLE NO. 2 NIA Public Records COMPARABLE NO. 3 10.01 $15,000 Public Records INDICATED VALUE BY SALES COMPARISON APPROACH ...._......... $ 85,000 I J p MaketRAt-...--.. as e.,M. _ -...., .... INDICATED VALUE BY IHCOIaEAPFROACH (tl Aapllcabial Es�rnated Market Rent $ - /Mo, x Gross lent fululijpl�r = $ This appraisal is made Z 'as is. L( subject to the repairs, alterations, inspections or conditions fisted below _; subject to comple1 cn per plans & specifications. Condklons of Appraisal: This is a summary appraisal report set forth under rule 2-2 (b) of U.S.P.A.P. (see attached certification.) and also subject to no hidden defects and attached statement of Smiling conditions, final Reconclliatlon: The Cost Approach is supportive indication of value, The final value estimate is primarily based on conclusions reached in the Sales Comparison Analysis which retlecte the actions of buyers and sellers in the marketplace. The purpose of this appraisal is to estimate the market value of the real property that is the subject at this report, based an the above conditions and the certification, contingent and limiting conditions, and market value definition that are stated In the attached Freddie Mac Form 439/FNMA farm 10048 (Revised 06-93 ). 18VE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF October 30 2003 (WHICH IS THE DATE OF INSPECTION AND THE EFFECTIVE DATE OF THIS REPORT)TO BE $ APPRAISER: 5ignapg..__:.r''=. -- �y "'..r._„r-�-,� Name Ole O. Christiansen, ASA Date ReportSlgned November 4, 2003 Data Renort Stoned Noveart174698 State Certification # RD279 St, Cert. Res. REA State FL ,State Cehlticatlon # R01799 St, Cert. Res. REA 0r State License # State 0r State License # StatStatee Freddie Mac Form 70 6J93 PAGE 2 OF 2 Fannie Mae Form 1004FL 6-93 Form UA2 -'TOTAL for Windows' appraisal software by a la mode, inc.- 1-800-ALAMODE d < Ohl Not pact Property Supplemental Addendum Banower&Ilia City of Miami (Client) Property Address 1575 NW 513 Street #40493 Qv Miami County Miami -Dade State FL Zip Code 33142 Lender City of Miami • URAR: Analysis of Current Agreement The subject has been on and off the market since 1999. the property was originally list at $39,900 on 1-16-99, relisted on 7-19-99 for $49,900, lowered on 11-2-99 to $33,990 increased on 10-30-02 to $63,000 sold on 11-25-02 for $57,000 and relisted on 8-27-03 at $100,000 before being canceled on 10-25-03. Public records reflects transfers/sales in August 1998 for a reported price of $18,000, then in August 2002 for a reported price of $22,500, then in October 2002 for $49,000, again in November 2002 for $57,000 and finally in February 2003 for $93,000. Only the sale in November 2002 was noted in MLS. Farm TOO —"TOTAL for Windows" appraisal software by a la mode, Inc.--1.800-ALAMOOE 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 lair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit In this definition is the consummation of a sale as al a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment 1s made in terms of cash In U.S. dollars ar in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideraltan for the properly sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sate. * Adjustments to the comparables must be made for special or creative financing or sales concessions. Na adjustments are necessary for those casts which are normally paid by seem as a result of tradition or law in a market area; these casts are readily identifiable since the seller pays these casts In virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third parry inslituiionat lender that is not already involved in the property ar transaction, Any adjustment should not be calculated on a mechanical doilar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's Judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the lallowing condition: 1. The appraiser will not be responsible for matters a1 a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is goad and marketable and, therefore, will not render any opinions about the bile. The property is appraised on the basis 01 it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approxmate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available Hood maps that are provided by the Federal Emergency Management Agency {or other data sources) and has noted in the appraisal report whether the subject site is located in an Identified Special Flood Hazard Area. Because the appraiser is nat a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specilic arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and Improvements must not be used in conjunction with any other appraisal and are Invalid if they are so used, 6. The appraiser has nated In the appralsal report any adverse conditions (such as, needed repairs, depreciation, the presence al hazardous wastes, toxic substances, etc.) observed during the inspection o1 the subject property or that he Of she became aware of during the normal research involved in performing the appraisal.. Unless otherwise stated in the appraise/ report, the appraiser has no knowledge of any hidden or unapparent conditions of the property ar adverse environmental conditions (Including the presence a1 hazardous wastes, toxic substances, etc.) that would make the properly more or less valuable, and has assumed that there are no such conditions and makes na guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible tot any such condition that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the held of environmental hazards, the appraisal report must not be considered as an environmental assessment 01 the property, 7. The appraiser obtained the information, estimates, and opinions That were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does net assume responsibility for the accuracy al such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided fat in the Uniform Standards of Professional Appraisal Practice. 9, The appraiser has based hle or her appralsal report and valuation conclusion for an appraisal That is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed In a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references 10 any professional appraisal organizations or the firm with which the appraiser la associated) to anyone other than the harrower; the mortgagee or its successars and assigns; the mortgage Insurer; consultants; professional appraisal organizations; any state or lederally approved financial institution; or any department, agency, ar instrumentality ni the United Stales or any state ar the District of Coiumbla; except that the lender/cllent may distribute the property description section al the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before Ume appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6.93 Page 1 of 2 Fannie Mae Form 1004E 6.93 Integra Realty Resources • South Florida Form ACR — "TOTAL for Windows' appraisal software by a la mode, inc. — 1.800•ALAMOOE APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property tar consideration In the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those Items of significant variation. 11 a significant item in a comparable property is superior to, or more favorabie than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item In a comparable praperty is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an Impact on value In my development al the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and Information in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest In the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants In the transaction. I did not base, either partially or completely, my analysis and/or the estimate al market value In the appraiser report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners ar occupants of the subject property or of the present owners ar occupants of the properties In the vicinity of the subject property. 5. I have no present or contemplated future Interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 8. I was not required to report a predetermined value or direction In value that favors the cause of the client ar any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event In order to receive my compensation and/or emplayment for performing the appraisal. 1 did not base the appraisal report an a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7, I performed this appraisal in conlormity with the Uniform Standards of Professional Appraisal Practice that were adapted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of these Standards, which does not apply, I acknowledge that an estimate of a reasonable lime far exposure In the open market Is a condition in the definition of market value and Inc estimate I developed is consistent with the marketing erne noted In the neighborhood section of this report, unless I have otherwise stated In the reconciliation section. 8. I have personally inspected the Interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. 1 further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the Immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse eanditfons on the marketability of the subject property, 9, I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. 11 I relied on significant professional assistance from any Individual ar Individuals in the performance of Inc appraisal or Inc preparation of the appraisal report, I have named such indivlduai(s) and disclosed Inc specific tasks performed by them in the reconciliation section of this appraisal report, I witty that any Indlylduai so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report: therefore, 11 an unauthorized change is made to the appraisal report, I will take no responsibility for it SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by Inc appraiser's certifications numbered 4 through 7 above, and am taking full responsibility far the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: APPRAISER: Signature: — =?r __. _- Name: `Ole G. Christiansen, ASA Date Signed: November 4, 2003 Stale Certification #: RD279 St. Cart. Res. REA or State License #: State: FL 1575 NW 58 Street #40493 Miami, FL 33142 Expiration Dale of Certification or License: 11/30/2004 Freddie Mac Form 439 8.93 S nalure: Name: ark R t; Date Signed: November 4, 2003 State Certification #: RD1799 St. Cart. Res. REA or Stale License #: State: FL Expiration Date of Certification or License: 11/30/2004 L...l Did k Did Not Inspect Property Page 2 of 2 Farm ACR — "TOTAL far Windows' appraisal software by a la mode, inc.—1.800•ALAM0DE Fannie Mae Form 10048 8.93 MULTI -PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Integra Realty Resources - South Florida Borrower/Client City of Miami (Client} Property Address 1575 NW 58 Street #40493 QV Miami Cult Miami -Dade Lender City of Miami State FL hip Cade 33142 This Multl-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal aeposlt Insurance Corparation (FDIC), the Office of the Comptroller of Currency {OCC), The Office of Thrift Supervision {OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve. This Multi -Purpose Supplemental Addendum Is for use with any appraisal. Only those statements whleh have been checked by the appraiser apply to the properly being appraised. PURPOSE & FUNCTION OF APPRAISAL The purpose at the appraisal Is 10 estimate the market value of the subject property as defined herein. The function of the appraisal Is to assist the above -named Lender in evaluating the subject property foe lending purposes. This Is a iederally related transaction. X EXTENT OF APPRAISAL PROCESS X The appraisal is based on the Information gathered by the appraiser from public records, other Identified sources, Inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid atong with the source of contirmatlon,11 available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used, Data believed to be unrellabie was nut included in the report nor used as a basis for the value conclusion. X The Reproduction Cast is based on Marshall & Swift Residential Cost Handbook supplemented by the appraiser's knowledge at the local market. X Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, it present, is specifically addressed In the appraisal report or other addenda. In estimating the site value, the appraiser has relied an personal knowledge of the local market. This knowledge Is based on pier and/or current analysis of site sales and/or abstraction of site values from sales of Improved properties. X The subject property is located In an area of primarily owner -occupied single family residences and the Income Approach is not considered to be meaningful. For this reason, the Income Approach was not used. • ❑ The Estimated Market Rent and Gross Rent Multiplier utilized In the income Approach are based on the appraiser's knowledge of the subject market area, The rental knowledge Is based on pdortandlar current rental rate surveys al residential properties. The Gross Rent Multiplier is based on pnor and/or current analysis of prices and market rates tar residential properties. Li For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. X SUBJECT PROPERTY OFFERING INFORMATION According to According to the local Multiple Listing Service. j has not been altered for sale In the past: _.' 30 days _ 1 year 3 years. Is current y offered tar sale for $ Xi was altered tar sale within the past, Xl 30 days L 1 year _ 3 years for $ $100,000 Offering information was considered In the final reconciliation of value. L] Offering infarmaton sum considered in the final reconciliation of value. 11 Offering Information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum, the subject property: X SALES HISTORY OF SUBJECT PROPERTY According to Public Records L Has not transferred ❑ in the past twelve months. '. in the past thirty-six months. i in the past 5 years. X. Has transferred X in the past twelve months. El In the past thirty-six months. _' In the past 5 years. X All prior sales which have occurred in the past38 moat are listed below and recancllod to the appraised value either the subject property: gale Bohm Pride Document N Seller Buyer 02-03 $93,000 21133-3147 Jonathan Smith Eric Goldberg 11-02 $57,000 20853-1894 Rog/Associates Inc. Jonathan Smith 10-02 $49,000 20761.4415 Long Term Investment Inc. Rog/Associates Inc. FEMA FLOOD HAZARD DATA i Al Subject property Is not located In a FEMA Special Flood Hazard Area, Subject property Is Located in a FEMA Special Flood Hazard Area, Iane FEMA Map/Panel N 120850 0180 J Map Date Name of Community 03-02-94 City of Miami Li The cammunity does.not participate in the National Flood Insurance Program. X The community does participate In the National Flood Insurance Program. X It is covered by a regular program. E] It is covered by an emergency program. Page 1of2 Form MPA3 —'TOTAL far Windows" appraisal software by a la mode, Inc.—1-600•ALAMODE X CURRENT SALES CONTRACT appraI X. _a !.+ L j iI iZ L) j_] X If that The subject property is comity not under contract The contract and/or escrow Instructions were not available for review The unavailability of the contract is explained Eater in the addenda section, The contract and/or escrow instructions were reviewed The fallowing summarizes the contract: Contract Dale Amendment date Conlraot Price teller w The contract Indicated that personal property was not included in the sale. The contract Indicated that personal property was included. It consisted al Estimated contributory value is $ Personal property was not innbl in the final value estimate. Personal properly was.lgcluded in the final value estimate. The contract Indicated no financing concessions ar other incentives. The contract Indicated the followinggoncessions ar incentives: concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, so the final value conclusion is In compliance with the Markel Value defined herein. MARKET OVERVIEW Include an explanation otcurrantmarket oondltloneandtrends, 2-6 months is considered a reasonable marketing for the noted period subject property based on Based on sales, listings and market trends within the local MLS ADDITIONAL CERTIFICATION • X The Appraiser certifies and agrees that: (1) The analyses, opinions and conclusions were developed, and this report was prepared, In conformity with the Uniform Standards of Professional Appraisal Practice ('USPAP'), except that the Departure Provision of the USPAP does nat apply, (2) Their compensation is not contingent upon the reporting of 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, ar the occurrence of a subsequent event. (3) This appraisal assignment was not based on a requested minimum valuation, a speclllc valuation, ar the approval of a loan. X ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated Is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated In this report. The appraiser Is not an expert in the identification of hazardous substances or detrimental environmental conditions The ' aer s routine h rpn uuF1 ur and inqufrlea about the subject property did not develop any Information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise staled in this report. It Is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence al hazardous substances or detrimental environmental conditions on or around the property that would negatively affect Its value ADDITIONAL COMMENTS Please refer to the addendum. 9 APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Appraiser's Signature � -ram -- —Effective Date October 30 2003 Date Prepared November 4, 2003 Appraiser's Nartie-(print) Ole G. Christiansen, ASA Phone # 305-670-0001 x 225 State FL I j License ' Certification # RD279 St. Cert. Res. REA Tax ID # 59-1729352 X. CO-SIGNING APPRAISER'S CERTIFICATION The cosigning appraiser has.personally inspected the subject property, bath inside and out, and has made an exterior Inspection of all comparable sales listed In the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report Including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser. X The co-signing appraiser has not personally /ripe tad the interior of the subject property and: X has not Inspected the exterior of the subject property and air comparable sales listed in the report. �..] has Inspected the exterior of the subject property and all comparable sales listed In the report. !] The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections, The above describes the level at inspection pertormed by the co-signing appraiser. The ao•slgning appraiser's Level of Inspection, involvement in the appraisal process and certification are covered elsewhere in tha addenda section of this appraisal. Xi CO-SIGNING APP r , ATURE & LICENSE/CERTIFICATION f Co- Appra Co•SigningAppraiser's *ame p State FL ❑ License Mark A. annon, ,e er 30, 2003 Data Prepared November 4, 2003 Phone # 305-670-0001 ext 228 Xl Certification # RD1799 St. Cert. Res. REA Tax ID # 59-1729352 Page 2of2 Form MPA3 —'TOTAL for Windows' appralsal software by a la made, Inc.—1.800•ALAMODE @arrower/Client City of Miami (Client) Property Address 1575 NW 58 Street #40493 Building Sketch (Page - 1) City Miami Lender City of Miami County Miami -Dade State FL Zlo Code 33142 swim a 14411 w W ICC4.. Comments: AREA CALCULATIONS SUMMARY Cods Domcrrptlan 81=a Totals O1d11 rirat Floor OAR Carport 1207,00 TOTAL LIVABLE (rounded) 230.00 1287,00 230.00 1287 LIVING AREA BREAKDOWN Braskdown Subtotals Pirst Floor 22.0 58.3 1 Area Total (rounded) 1287.00 1287 Form SKT.BIdSkI — "TOTAL for Windows' appraisal software by a la njode, Inc,—1.8O0•ALAMODE Borrower/Client City of Miami (Client) Prnoetty Address 1575 NW 56 Street #4O493 Location Map CO Miami Lender City of Miami County_ Miami -Dade State FL. Ilo Code 33142 7117771711 , kw W"Al f 8 • Cl. Nw6111.1r • NY/ 11a Tee MY171w T.1- 1 I .1 yj WYT.li 11 .a1 S. n,viy !WI.i4 1 Assn iy µyplyi IW 1.11 Tr 74 W marl S .1AY1i11a 1 14rW /1451 .._ . ...4WYN%St V 1 a niS %Wray De .eof NW lrn Tr iiV 74a Tar NW11a1.1 M 1 Nwa1a a 1ry(Na TN mislaid a ' M.IST.I Ca.i5Nyq I IN IMf it ar..t r1n.r«4 he w..6 ISIS NW Awls. c.naa.r. a • IM! sift.' NIY7014111 1 .Y6111 TM taw Ma1w rkloySfah Tar An SWOTI. T.r 1 .....t114p1Mw. w 4or aam. quit* 11w134ai Nw61ie1 kw vet 61 xv. Matt it 4JM. YvRfa„vl ' SWIM 1i 1NYi4n m4.ima IAY a1411 61 Nw.14116 1sY 7ba a f1 Farm MAP.LOC — "TOTAL for Windows" appraisal software by a is mode, Inc.—1-000•ALAMOOE Borrower/Cllent City of Miami (Client) Plooertr Address 1575 NW 58 Street 040493 Plat Map GIN Miami Lender City of Miami County Miami -Dade State FL Zio Code 33142 2 I tlI'!' ,11IIi , Vlltlih - t fiI{R rtIn!, Jail :,-� "{nu _ 'L'41iY'rlr�_ EUrtliiAAI I wer© 77'}d 4IXY1yiLi f15;y lrrrr LRllill�e11llh -r' s�w,AA�AG1= r1MT� =ro14ei Aap,- _4]IiiloMrl•I -q.. l'Lcrr I�"1iiI gilx ALP AMA�i1lan .'411rk1lllr M:i+iiI1r yIIIarnk r 416111llfdA A11114 WIgNisil aiII1Iii4AItiiii.iPA1AM IAA `4lI W lrfl�lrlr:+ : r IM1 II i? 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IIIi�L�I. I�iii�iil•�,lili�liljlllll'!I(�, tHI111IIIIlo;IIf;III'Illr �Ill;iilc~i ll! III' `:i±iain,;,lll!lIIIIIII. IIIIIIIIIilll l�l; i� KNIGHT MANOR UNITS NO. 1 N 2 iWATER ST OPAGL N0.1 122-141 G/I ,. MIrAr�IYN p 3f A161111I Ill li'1'� AAfw !lira Zignik.a�rfrl«Ix. ohm A, ANTI cMR;a"I.,.l I.y rhtt 110.0 MiLon "r . (40.131 R-3 yhbe aIG gal 20,-i ;y1r/101dg 40 �" �A, Ifr ROPIPE�l�redla /rrIZIE:2 �i' P�y y .r1Eir ; TUN _"_3_ 1111AAIt �!K'ri a1AA�al ��IA��alf~a: 71110441111642 vilmilklwr ���►`y �Ialllll1+II'111' ally;:°'':a outx �wrrr� I a 40 Form MAP.PLAT —'TOTAL for Windows" appraleal software by a la mode, Inc.—1-800•ALAM00E Flood Map 13orrower/Client City of Miami (Client) Property Add= 1575 NW 58 Street 440493 City Miami County Miami -pule State FL Zia Cade 33142 Lender City of Miami 4e:0 InterFlood joir Prepared for: Integra Realty Resources - South Florida ilr..01.7er- by a la rnod• www.in terflood.Com • 1-800-252-6633 1575 NW 58 Street Miami, FL 33142 . 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'' 4 :-...) _.6......____.2 4-.3 - For more Information *out nod onot and flood . ... —.- —. insurance, contact: — -0' 7.0' _ 400' 71gcri.._ 2800' Powered by FloodSoome ----- .. - . -1 077.71.F LOOD mu Aloodsourocoom i _ i t . , 7.0...4 57 J 0 1999-2002 FloodSource Corp. U.S. Patients Pending. All rights reserved. For more Information, please e-mail Infogtfloodsource.com) w Form MAP.FL000 - 'TOTAL tar Windows' appraisal software by a la mode, inc. - 1-800•ALAMOOE Subject Photo Page Borravfer/Client City of Miami (Client) Prooerty Address 1575 NW 58 Street #40493 Cltv Miami County_ Miami -Dade State FL lib Cage 33142 Lender Clty of Miami Subject Front 1575 NW 58 Street #40493 Sales Price N/A Gross Living Area 1,287 Total Rooms B Tolat Bedrooms 3 Total Bathrooms 2 Location Urban View Average/Typical Site 5,300 Sq. Feet Quality Freme/Stucco Ape 1940 Subject Rear Subject Street Fenn PIC3x5.SA --'TOTAL far Windows' appraisal software by a to made, Inc.—1-800-ALAMOOE Subject Interior Photo Page Borrower/Client City of Miami (Client} PJanerty Address 1575 NW 58 Street 440483 Ci(v Miami County Miami -Dade Stet FL lin Code 33142 Lender Clty of Miami Foyer 1575 NW 58 Street 440493 Sales Price N/A Gross Living Area 1,287 Total Rooms 8 Total Bedrooms 3 Total8amrooms 2 Location urban View Average/Typical Site 5,300 Sq. Feet Quality Frame/Stucco Age 1940 Family Room/Dining Area Bedroom Fom i PIC3x5.S1—'TOTAL for Windows' appraisal software by a la mode, Inc. — t-8O0•ALAMOOE Subject Interior Photo Page BarrowerlCtiem City of Miami (Client) Properly Address 1575 NW 58 Street 440493 City Miami County Miami -Dade State FL Zlo Cade 33142 Lynda( City of Miami Bath 1575 NW 58 Street 440493 Sates Price N/A Grass Lfving Area 1,287 Total Roams 6 Total Bedrooms 3 Total Bathroom 2 Location Urban View Average/Typical Site 5,300 Sq. Feet Quality Frame/Stucco Ape 1940 Bedroom Master Bedroom Form PIC3x5,Sl —"TOTAL far Windows' appraisal software by a la mode, tnc.—1.800-ALAMOOE Subject Interior Photo Page Borrower/Client City of Miami (Client) Property Address 1575 NW 56 Street #40493 CiN Miami County Mlarni-Dade State FL do Code 33142 Lender City of Miami Master Bath 1575 NW 58 Street #40493 Sales Price N/A Goias Living Area 1,287 Total Rooms 8 Total Bedrooms 3 Total Bathrooms 2 Location Urban View Average/Typical Site 5,300 Sq. Feet Quality Frame/Stucco Aga 1940 Kitchen Utility Room Form PIC3x5,SI —'TOTAL to Windows' appraisal software by a 1a mode, Inc. — 1-800-ALAMODE Comparable Photo Page BOnowerIGllent City of Miami (Ctfentl Progetty Address 1575 NW 58 Street 040493 _City Miami County Miami -Dade Lender City of Miami State FL Zit) Code 33142 Comparable 1 6912 NW 14 Avenue Prox. to Subject 0.87 miles Sale Price 89,900 Gross Living Area 1,083 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1 Locaton Urban View Average/Typical Site 4,050 Sq. Feet Ouatity Frame/Stucco Age 1940 Comparable 2 1338 NW 68 Street Prox. lo Subject 0.81 miles Sale Price 89.000 Grass Living Area 1,482 Total Rooms 8 Total Bedrooms 3 Total Bathrooms 2 Location Urban View Average/Typical Site 5,400 Sq Fear Quality CBS/Average Age 1948 Comparable 3 1580 NW 71 Street Prax, to Subject 0.78 miles Sale Price 93,000 Grass Living Area 1,187 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1 Location Urban View Average/Typical Site 2,730 Sq Feet Duality Frame/Stucco Age 1944 Form PIC3x5.CR —"TOTAL for Windows' appraisal software by a la mode, inc.--1.800•ALAMODE SINGLE-FAMILY DWELLING LOCATED AT 1544 N.W. 58TH TERRACE, MIAMI (MHZ-291) J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 65 - SUMMARY Location: Address: Folio No: Owner of Record: Legal Description: Site Area: Description: Flood Zone: Zoning: OF SALIENT FACTS AND CONCLUSIONS 250 feet west of the southwest corner of N. W. 15th Avenue and N.W. 58th Terrace, Miami, Florida 1544 N.W. 58th Terrace Miami, Florida 01-3114-035-2830 Kenneth Clay 1544 N.W. 58th Terrace Miami, Florida 33142 Lot 13, Block 15, Orange Heights, as recorded in Plat Book 14, Page 62 of the Public Records of Miami -Dade County, Florida 5,300 SF The subject property consists of a one-story single-family dwelling which was built in 1935, and contains a total adjusted building area of 1,202 SF and enclosed living area of 1,059 SF, as per the Public Records of Miami -Dade County, Florida. The three bedroom -one bathroom building contains a Gross Building Area of 1,140 SF, as well as a 306 SF carport area. The dwelling has wood floors with vinyl and carpet, wood panel ceilings, drywall walls; window -mounted A/C units; and jaluzzi windows. The property is in below average condition. Flood Zone "X" - Areas determined to be outside 500-year flood plain; National Flood insurance Program, Community Panel Number 12025C-0180J, as revised March 2, 1994. R-3 Multi -Family Medium Density Residential District J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 66 - SUMMARY OF SALIENT FACTS AND CONCLUSIONS Highest and Best Use: The Highest and Best Use of the subject site, as vacant, would be for its assemblage with adjacent sites, for the development of a multi- family apartment building, under an affordable housing program, within the constraints of the applicable zoning criteria. The Highest and Best Use of the subject property, as improved, would be for its continued use as a single-family dwelling, since the market value as improved is higher than the market value of the site, as if vacant. Property Rights Appraised: Fee Simple Interest Date of Appraisal, Inspection and Valuation: October 13, 2001 MARKET VALUE ESTIMATES IN "AS IS" CONDITION: Income Sales Comparison Reconciled Approach Approach Value MHZ-291 N/A $70,000 $70,000 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 67 - View of the subject property (MHZ-291) 1544 N.W. 58th Terrace - October 13, 2001 View of the subject property (MHZ-291 1544 N.W. 58th Terrace - October 13, 2001 J.B. At.H,ALE & . SSOCI1TFS. INC. Real Estate Appraiser; and Consultants 3121 Commodore Plata. Suite '_Ill) a Coconut Grove, Florida 33133 STATEMENT OF OWNERSHIP AND HISTORY The last transfer of title was for $75,000 on November 17, 2000 from FIoyd Lacayo to Kenneth Clay, as recorded in Book 19384, Page 1956 of the Official Public Records of Miami -Dade County, Florida. The previous transfer of title was for $56,000 on July 19, 1999 from Clemen Neal Stephens to Floyd Lacayo, as recorded in Book 18703, Page 3907 of the Official Public Records of Miami -Dade County, Florida. There was no other arm's-length transfer of ownership at the subject property within the last five years, as per the Public Records of Miami -Dade County, Florida. ESTIMATED MARKETING PERIOD Based on my analysis of the market, it is my opinion that if the subject property was listed for sale with an experienced Realtor, the marketing period would be approximately six months to nine months. This marketing period is considered to represent the most probable amount of time necessary to expose and actively market the subject property to achieve a sale consistent with the Market Value. NEIGHBORHOOD ANALYSIS The subject property is located along the south side of N.W. 58th Terrace, between N.W. 15th Avenue and N.W. 17th Avenue, in the City of Miami. The major roadways serving the area include Interstate 95, N.W. 17th Avenue, N.W. 12th Avenue, N.W. 54th Street and N.W. 62nd Street. The subject neighborhood is a compatible mixture of single-family dwellings, duplexes, fourplexes, rental apartments and vacant lots, as well as service establishments situated along, N.W. 54th Street, N.W. 17th Avenue and N.W. 62nd Street. The condition of properties in the subject neighborhood are very poor (vacant and vandalized buildings) to average. DESCRIPTION OF THE SITE The 5,300 SF subject site has 50 feet of frontage along the south side of N.W. 58th Terrace, with a depth of 106 feet. The site is level at street grade, and does not have any apparent drainage or other problems which would restrict or limit the use of the site. No soil boring tests or engineering reports were submitted to the appraiser; however, the site is assumed to have stable subsoil conditions as do most properties in the immediate area. We have not been informed of an adverse subsoil condition revealed by an environmental assessment conducted by a firm with experience in identifying such substances, nor are we qualified to detect such substances that may exist. For valuation purposes, we have assumed that the subject site would be typical for properties located in the subject area with no apparent soil problems which would restrict or limit the usage of the site. J.B. ALEIALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 69 - DESCRIPTION OF THE SITE -- Continued -- If any adverse subsoil conditions are identified and do exist, these conditions would have a material affect on the Market Value of the subject property. Our analysis assumes the property to be free of any adverse subsoil conditions, and is subject to the satisfactory removal of any existing contaminating materials in accordance with technical, environmental and governmental guidelines. UTILITIES The public utilities available to the subject site include electricity, water, sewer, and telephone service. Police and fire protection services are provided by the City of Miami. FLOOD ZONE Flood Zone "X" - Areas determined to be outside 500-year flood plain; National Flood Insurance Program, Community Panel Number 12025C-0180J, as revised March 2, 1994. ZONING The subject property is zoned as R-3 Multi -Family Medium Density Residential District. The intent of the R-3 zoning classification is to allow for a variety of multi -family uses including low to mid -rise apartment structures with a maximum density of 65 units/acre and a maximum floor area ratio of .75. Uses permitted within the R-3 District include, but are not limited to, two-family buildings, multi -family buildings, hotels/motels (limited areas), adult -care facilities, churches, and child-care facilities. Minimum lot size: 5,000 SF Minimum Lot Width: 50 feet Maximum Density: 65 units/acre Floor Area Ratio: .75 times the gross Iot area Building Footprint: .40 times the gross lot area Green Space: .15 times the gross lot area Maximum Height Limitation: 50 feet from the flood level or average sidewalk elevation, whichever is higher J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 70 - ZONING Setback: Off-street Parking: The subject property neighborhood. -- Continued -- Front - 20 feet Side - 10 feet Rear - 10 feet, except when abutting R-1 and R-2 districts, in which case it will be 20 feet One parking space/300 SF of office area; one parking space per efficiency and 1-BR units and two spaces per 2-BR units. is a legal conforming use, which is compatible with the subject ASSESSMENT AND REAL ESTATE TAXES The subject property is located within the City of Miami and is subject to both the City of Miami and Miami -Dade County ad valorem taxes on real and personal property. The subject property is assessed at $38,727, with resultant real estate taxes of $1,758.43. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -71 - THE SALES COMPARISON APPROACH -- Continued -- ANALYSIS OF COMPARABLE SALES (MHZ-291 - 1544 N.W. 58TH TERRACE) SUMMARY OF COMPARABLE IMPROVED SALES Subject Comparable Comparable Comparable EAMON >is!al Address 1544 N.W. 1265 N.W. 1075 N.W. 789 N.W. 58th Terrace 70th Street 88th Street 84th Street Miami Miami Miami Miami Property Code MHZ-291 Type One -Story One -Story One -Story One -Story Single -Family Single -Family Single -Family Single -Family Dwelling Dwelling Dwelling Dwelling Living Area 1,140 1,280 1,103 1,094 Year Suitt 1935 1954 1939 1938 Bedroom l Bathroom 311 312 3 l 1 211 Parking 1-Car Carport 1-Car Garage Open Open Condition -Average Average Average Average Site Arse (SF) 5,300 5,400 5,300 5,300 Site Area (Acre) 0.12 0.12 0.12 0.12 Zoning R-3 R-1 R-1 R-1 Date of Sale 2/22/2001 5/31/2001 7/31/2001 Buyer Debra Mary Jorge & Maria Johnson, Etal Les Alvarez Seller Adrienne Gamed Sylvia Angel Ferguson Gonzalez O.R. Book/Page 19523/2786 19899/2791 198261398 Sale Price 582,400 $67,000 $89,500 Terms Cash to Cash to Cash to the Seller the Seller the Seller Financing 581,189 First $56,950 First $69,375 First Mortgage Mortgage Mortgage Cash Equivalent Sale Price $62,400 $67,000 569,500 Cash Equivalent Sate Price/SF $644,38 $80.74 $63.53 8izelArea (59,000) $2,200 $2,900 Condition /Appeal ($2,500) ($2,500) ($5,000) Location 50 50 50 Room Count ($2,500) $0 $5,000 Parking 50 $1,000 $1.000. Land 5.4 l4 rio Total Adjustment ($14,000) $700 $3,000 Adjusted Sale Price $68,400 $67,700 573,400 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 72 - THE SALES COMPARISON APPROACH -- Continued -- ANALYSIS OF COMPARABLE SALES (MHZ-291 - 1544 N.W. 58TH TERRACE) The Sales Comparison Approach to Value is based upon a comparison between recently sold single-family dwellings in the subject neighborhood and the subject property. Financing The comparable sales represent "arm's length" and "cash to the seller" transactions with typical terms of purchase, thereby requiring no adjustment for financing. Time of Sale The comparable sales have occurred between February 22, 2001 and July 31, 2001, and reflect current market conditions in the subject area. Accordingly, no quantitative time adjustment was required. Age/Appeal The comparable properties were built between 1936 and 1954, and are in average condition. The subject property was built in 1935, and is in below average condition. The comparable sales were considered superior in terms of condition and appeal, and required a negative adjustment. Room Count The subject property has three bedrooms and one bathroom. Comparable Sale Number One has three bedrooms and two bathrooms, and required a negative adjustment. Comparable Sale Number Three has two bedrooms and one bathroom, and required a positive adjustment. Location Investors in this type of income producing property, such as rental apartment buildings, typically pay a sales price based upon certain investment criteria. In the analysis of the comparable sales, location is not considered as critical as the net income flow. The comparable sales were considered similar to the subject property in terms of location. Size / Area The comparable sales have been analyzed relative to their size/scale. Comparable Sale Number One required a negative adjustment. Comparable Sale Numbers Two and Three required a positive adjustment. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 73 - THE SALES COMPARISON APPROACH -- Continued -- ANALYSIS OF COMPARABLE SALES (MHZ-291 - 1544 N.W. 58TH TERRACE) Land The comparable sales required no adjustment for site area. P_ arking Comparable Sale Numbers Two and Three required a positive adjustment for parking. Conclusion Prior to the adjustments discussed herein, the sale price for the comparable sales were $82,400, $67,000 and $69,500. Subsequent to the adjustments discussed herein, the sale price for the comparable sales were $68,400, $67,700 and $73,400. Based on the preceding analysis, the Market Value of the Fee Simple Interest in the subject property was estimated to be $70,000. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 74 - RECONCILIATION AND FINAL VALUE ESTIMATE MST y,LI, F ESTIMATES IN "AS IS" CONDITION: Sales Comparison Approach to Value: $70,000 Reconciled Market Value: $70,000 The scope of the appraisal involves the research and analysis of factual data relative to the subject property, as well as market data necessary for the development of the Sales Comparison Approach to Value. The Sales Comparison Approach to Value is based on a comparison between recently' sold single-family dwellings in the subject neighborhood and the subject property. The Sales Comparison Approach to Value is based on the principle of substitution; that is, when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property assuming no costly delay in making the substitution. It is my estimate that the Market Value of the Fee Simple Interest in the subject property in its current "as is" condition, as of October 13, 2001, was: 1544 N.W. 58TH TERRACE, MIAMI (MHZ-291) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION SEVENTY THOUSAND DOLLARS ($70,000) J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 75 - CONTINGENT AND LIMITING CONDITIONS We assume no responsibility for matters legal in nature, nor do we render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership and management. When applicable, the sketch in this report is included to assist the reader in visualizing the property, and we assume no responsibility for its accuracy. We have made no survey of the property. We are not required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made thereof. Additional professional valuation services rendered would require further compensation under a separate contractual agreement. Where applicable, the distribution of the total valuation in this report between land and improvements applies only under the existing program of utilizations. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. We assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. We assume no responsibility for such conditions or for engineering which might be required to discover such factors. Information, estimates and opinions furnished to us and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by us. Neither all nor any part of the contents of this report, or copy thereof, shall be used for any purpose by any but the client without the previous written consent of the appraiser, and/or the client; nor shall it be conveyed by any including the client to the public through advertising, publications, news, sales or other media, without the written consent and approval of the author, particularly the valuation conclusions, identity of the appraiser, or any reference to any professional society or institute or any initialed designation conferred upon the appraiser. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation and the requirements of the State of Florida for state certified real estate appraisers, as well as current Federal regulatory agency criteria. No one other than the undersigned prepared the analyses, conclusions and estimates concerning the real estate set forth in this appraisal. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 76 - CONTINGENT AND LIMITING CONDITIONS -- Continued — The existence of hazardous materials, which may or may not be present on the property, was not observed. We have no knowledge of the existence of such materials on or in the property, nor are we qualified to detect such substances. The presence of potentially hazardous materials and/or substances may affect the value of the property. The value estimate reflected in this appraisal report is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine' whether or not it is in conformity with the various detailed requirements of the "ADA". It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the "ADA" could reveal that the property is not in compliance with one or more of the requirements of the Act. Since we have no direct evidence relating to this issue, we did not consider possible non-compliance with the requirement of "ADA" in estimating the value of the property. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 77 - CERTIFICATION The undersigned do hereby certify that, to the best of our knowledge and belief, except as otherwise noted in the appraisal report: The statements of fact contained in this report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, unbiased professional analyses, opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report and we have no personal interest or bias with respect to the parties involved. The amount of our compensation is not contingent upon an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. - Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation and the requirements of the State of Florida for state certified real estate appraisers, as well as current Federal regulatory agency criteria. The appraisal assignment has not been based on a required minimum valuation, a specific valuation, or the approval of a loan. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives, as well as the Florida Real Estate Appraisal Board. As of the date of this report, Jozef Alhale has completed the requirements of the continuing education program of The Appraisal Institute. The appraiser has personally inspected the subject property which is described in this report. No one other than the undersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report, nor provided significant professional assistance to the persons signing this report. It is the opinion of the undersigned that the Market Value of the Fee Simple Interest in the subject property in its current "as is" condition, as of October 13, 2001, was as described herein. Jozef Alhale, MAI State Certified General Appraiser License No. RZ 0001557 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 78 - SELF-CONTAINED APPRAISAL REPORT OF REAL PROPERTY (JOB NO: A-2141) SINGLE FAMILY DWELLINGS LOCATED AT PROPERTY 1 - 5820 N.W. 13TH AVENUE (MHZ-340) PROPERTY 2 - 1380 N.W. 58TH TERRACE (MHZ-331) PROPERTY 3 - 1390 N.W. 5MTH TERRACE (MHZ-330) PROPERTY 4 - 1490 N.W. 58TH TERRACE (MHZ-306) PROPERTY 5 - 1544 N.W. 58TH TERRACE (MHZ-291) PROPERTY 6 - 1335 N.W. 58TH STREET (MHZ-344) MIAMI, FLORIDA DATE OF VALUATION: OCTOBER 13, 2001 icy J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 J.B. ALHALE 1SC ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS 3121 COMMODORE PLAZA, SUITE 200 COCONUT GROVE, FLORIDA 33133-5848 JOZEF ALHALE, MAI STATE CERTIFIED GENERAL APPRAISER NO. RZ0001557 October 24, 2001 Ms. Laura Billberry Director Office of Asset Management City of Miami 444 S.W. 2nd Avenue Miami, Florida 33130 Re: Job No: A2141 RFQ No: 99-00-271 Single -Family Dwellings Property 1 Property 2 Property 3 Property 4 Property 5 Property 6 - 5820 N.W. 13th Avenue (MHZ-340) - 1380 N.W. 58th Terrace (MHZ-331) - 1390 N.W. 58th Terrace (MHZ-330) - 1490 N.W. 58th Terrace (MHZ-306) - 1544 N.W. 58th Terrace (MHZ-291) - 1335 N.W. 58th Street (MHZ-344) Dear Ms. Billberry: TEL: (786) 552-0960 FAX: (786) 552-0970 E-Mail: fbalhale@aol.com Pursuant to your request for an appraisal of the above referenced properties, I submit this narrative appraisal report. I have made a physical inspection of the subject properties, and performed market research to provide estimates of the Highest and Best Use, and the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition, as of October 13, 2001. Ms. Laura Billberry October 24, 2001 Page Two It is my estimate that the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition, as of October 13, 2001, was: 5820 N.W. 13TH AVENUE, MIAMI (MHZ-340) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION THIRTY TWO THOUSAND DOLLARS ($32,000) 1380 N.W. 58TH TERRACE, MIAMI (MHZ-331) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION SEVENTY FIVE THOUSAND DOLLARS ($75,000) 1390 N.W. 58TH TERRACE, MIAMI (MHZr330) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION EIGHTY NINE THOUSAND,DOLLARS ($89,000) 1490 N.W. 58TH TERRACE, MIAMI (MHZ-306) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION TWENTY SIX THOUSAND DOLLARS ($26,000) 1544 N.W. 58TH TERRACE, MIAMI (MHZ-291) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION SEVENTY THOUSAND DOLLARS ($70,000) 1335 N.W. 58TH STREET, MIAMI (MH.Z-344) MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION SIXTY THOUSAND DOLLARS ($60,000) Sincereely," i Jozef Alhale, MAI State Certified General Appraiser License No. RZ 0001557 101.09-05.afem J.B. ALHALE & ASSOCIATES, INC. REAL ESTATE APPRAISERS AND CONSULTANTS TABLE OF CONTENTS PAGE NO. PURPOSE/FUNCTION OF THE APPRAISAL 1 SCOPE OF THE APPRAISAL 1 PROPERTY RIGHTS APPRAISED 1 DATE OF VALUATION 1 DEFINITION OF MARKET VALUE 2-3 MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW 4-11 THE VALUATION PROCESS 12 MHZ-340 5820 N.W. 13TH AVENUE, MIAMI 13-25 MHZ-331 1380 N.W. 58TH TERRACE, MIAMI 26-38 MHZ-330 1390 N.W. 58TH TERRACE, MIAMI 39-51 MHZ-306 1490 N.W. 58TH TERRACE, MIAMI 52-64 MHZ-291 1544 N.W. 58TH TERRACE, MIAMI 65-78 MHZ-344 1335 N.W. 58TH STREET, MIAMI 79-91 ADDENDA ... ......... 92 COMPARABLE SINGLE-FAMILY SALES 93-98 LETTER OF ENGAGEMENT 99 CONTINUING APPRAISAL EDUCATION (Jozef Alhale, MAI) 100 QUALIFICATIONS (Jozef Alhale, MAI) 101 J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 PURPOSE/FUNCTION OF THE APPRAISAL The purpose of this appraisal report is to provide estimates of the Highest and Best Use, and the Market Value of the Fee Simple Interest in the subject properties in their current "as is" condition, as of October 13, 2001. The function of this appraisal report is to assist the client (City of Miami) in executive decision making and potential purchase of the subject properties. SCOPE OF THE APPRAISAL I have made a physical inspection of the subject properties, and performed market research to provide estimates of the Highest and Best Use, and the Market Value of the Fee Simple Interest in the subject properties in their current "as is". condition, as of October 13, 2001. The scope of the appraisal involves the research and analysis of factual data relative to the subject properties, as well as market data necessary for the development of the Sales Comparison Approach to Value. The subject single-family dwellings were built between 1935 and 1972 and therefore, the Cost Approach to Value has not been utilized. The data and information used in developing our findings, projections and valuation estimates have been derived from published information, direct interviews, analysis of similar properties and other sources which were considered appropriate, as of the date of this report. PROPERTY RIGHTS APPRAISED This appraisal report assumes marketable and insurable fee simple title. The appraisal is made with the understanding that the present ownership of the property includes all the rights that may be lawfully held under a fee simple estate. Fee simple is defined in The Dictionary of Real Estate Appraisal. 1984 Edition, which was sponsored by the American Institute of Real Estate Appraisers as follows: Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. DATE OF VALUATION October 13, 2001. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -I- DEFINITION OF MARKET VALUE Market Value is defined in The Appraisal of Real Estate, Tenth Edition, by the Appraisal Institute as follows: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest and assuming that neither is under undue duress. Fundamental assumptions and conditions presumed in this definition are: 1. Buyer and seller are motivated by self-interest. 2. Buyer and seller are well informed and are acting prudently. 3. The property is exposed for a reasonable time on the open market. • 4. Payment is made in cash, its equivalent, or in specified financing terms. 5. Specified financing, if any, may be the financing actually in place or on terms generally available for the property type in its locale on the effective appraisal date. 6. The effect, if any, on the amount of Market Value of atypical financing, services, or fees shall be clearly and precisely revealed in the appraisal report. Market Value is defined as per current Federal regulatory agency criteria as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and acting in what they consider their own best interests; c. a reasonable time is allowed for exposure in the open market; J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -2- DEFINITION OF MARKET VALUE -- Continued -- d. payment is made in terms of cash in U.S. dollars or in •terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 * Coconut Grove, Florida 33133 -3- MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW Rental Apartment Market According to the Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., the vacancy rate in mature (18 months and older) rental apartment complexes in Dade County was 2.0 % in May 2001; 2.2 % in February 2001; 2.1 % in November 2000; 1.8% in August 2000; 2.49% in May 2000; 1.9% in February 2000; 2.8% in November 1999; 3.0% in August 1999; 4.1 % in May 1999; 4.3 % in February 1999; 4.7% in November 1998; 4.9% in August, 1998; 5.2% in May 1998; 5.5% in February 1998; 5.5 % in November 1997; and 2.8% in August 1997. The Northwest Miami sub -market had a vacancy rate of 1.8% in August 2000 for 1,304 ' units; 1.8% in November 2000 for 2,223 units; 2.7% in February 2001 for 2,223 units; and 1.5% in May 2001 for 1,304 units. At the end of March 2001, there were 126 new never before occupied rental units available throughout Dade County. This is more than twice the 57 units available in December 2000. This inventory represents only .8 month of supply at the rate of absorption of new units over the past six months. Based on the estimated annual demand for 4,380 new apartment units in Dade County, the inventory could total 2,190 units without being excessive. At the end of December 2000, there were 57 new never before occupied rental units available throughout Dade County. This is notably less than the 164 units available in September 2000. This inventory represents only .2 month of supply at the rate of absorption of new units over the past six months. Based on the estimated annual demand for 4,004 new apartment units in Dade County, the inventory could total 2,002 units without being excessive. At the end of September 2000, there were 164 new never before occupied rental units available throughout Dade County. This is notably less than the 310 units available in June 2000. This inventory represents only .7 month of supply at the rate of absorption of new units over the past six months. At the end of June 2000, there were 310 new never before occupied rental units available throughout Dade County. This is somewhat more than the 120 units available in March 2000. This inventory represents only 2.5 month of supply at the rate of absorption of new units over the past six months. Based on the estimated annual demand for 4,004 new apartment units in Dade County, the inventory represents less than one month of supply. 0!M J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -4- MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued -- Rental Apartment Market (Continued) V At the end of March 2000, there were 231 new never before occupied rental units available throughout Dade County. This is somewhat more than the 120 units available in December 1999. This inventory represents only 2.8 month of supply at the rate of absorption of new units over the past six months. Based on the estimated annual demand for 4,004 new apartment units in Dade County, the inventory represents less than one month of supply. According to the second quarter 2001 Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., during the first quarter of 2001, a total of 255 new rental apartment units were absorbed in Dade County. This is 63.3 % less than the 694 units absorbed in the preceding quarter. During 2000, a total of 2,404 new apartment units were absorbed, 2.1 times the 1,139 units absorbed during 1999. According to the first quarter 2001 Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., during the fourth quarter of 2000, a total of 694 new rental apartment units were absorbed in Dade County. This is 2.8 times the 246 units absorbed in the preceding quarter. According to the fourth quarter 2000 Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., during the third quarter of 2000, a total of 980 new rental apartment units were absorbed in Dade County. This is almost the twice as the 485 units absorbed in the preceding quarter, and is 3.5 times greater than the 281 units absorbed in the third quarter of 1999. Through September 2000, a total of 1,710 new apartment units were absorbed, 91.5 % more than the 893 units absorbed during the same period in 1999. According to the third quarter 2000 Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., during the second quarter of 2000, a total of 485 new rental apartment units were absorbed in Dade County. This is almost the twice as the 245 units absorbed in the preceding quarter, and is 55.9 % greater than the 311 units absorbed in the second quarter of 1999. Through June 2000, a total of 730 new apartment units were absorbed, 19.3% more than the 612 units absorbed during the same period in 1999. According to the second quarter 2000 Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., during the first quarter of 2000, a total of 245 new rental apartment units were absorbed in Dade County. This is almost the same as the 246 units absorbed in the preceding quarter, and is 18.6% less than the 301 units absorbed in the first quarter of 1999. During 1999, a total of 1,139 new apartment units were absorbed, 19.6% less than the 1,416 units absorbed in 1998. According to the first quarter 2000 Housing Report prepared by Reinhold P. Wolff Economic Research, Inc., during the fourth quarter of 1999, a total of 246 new rental - apartment units were absorbed in Dade County. This is 12.5 % less than the 281 units absorbed in the preceding quarter, and is 43.1 % less than the 432 units absorbed in the fourth quarter of 1998. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 + Coconut Grove, Florida 33133 - 5 - MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued — Rental Apartment Market (Continued) A total of 324 new apartment units were completed in Dade County during the first quarter of 2001, while 1,055 new units were under construction. New apartment starts in 2000 were 3,878 units, 3.3 times the 1,183 units started during 1999. New unit completions totaled 2,341 units in 2000, 2.8 times the number of units completed in 1999. A total of 587 new apartment units were completed in Dade County during the fourth quarter of 2000, while 1,053 new units were under construction. A total of 834 new apartment units were completed in Dade County during the third quarter of 2000, while 1,242 new units were under construction. New apartment starts through September 2000 were 2,825 units, 4.7 times the 595 units started during the same period in 1999. New unit completions totaled 1,754 units through September 2000, 3.3 times the number of units completed in the same' period in 1999. A total of 564 new apartment units were completed in Dade County during the second quarter of 2000, while 525 new units were under construction. New apartment starts through June 2000 were 1,583 units, 9.5 times the 166 units started in the first half of 1999. New unit completions totaled 920 units through June 2000, 2.8 times the number of units completed in the same period in 1999. A total of 356 new apartment units were completed in Dade County during the first quarter of 2000, while 1,058 new units were under construction. New apartment starts during 1999 were 1,183 units, 52.9% less than started in 1998. New unit completions totaled 834 units in 1999, down 43.7% from the 1,481 units completed in 1998. For the six month period ending with March 2001, an average of 158 new rental units were absorbed each month. A total of 126 new units were available at the end of March 2001, and this represented .8 month of supply at the pace of absorption over the past six months. During the six month period, an average of 152 units were being completed each month, while 351 units were started each month. For the six month period ending with December 2000, an average of 279 new rental units were absorbed each month. A total of 57 new units were available at the end of December 2000, and this represented .2 month of supply at the pace of absorption over the past six months. During the six month period, an average of 237 units were being completed each month, while 383 units were started each month. For the six month period ending with September 2000, an average of 244 new rental units were absorbed each month. A total of 164 new units were available at the end of September 2000, and this represented .7 month of supply at the pace of absorption over the past six months. During the six month period, an average of 233 units were being - completed each month, while 295 units were started each month. ' L.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 6 - MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued -- Rental Apartment Market (Continued) For the six month period ending with June 2000, an average of 122 new rental units were absorbed each month. A total of 310 new units were available at the end of June 2000, and this represented 2.5 months of supply at the pace of absorption over the past six months. At the estimated annual demand level for apartments in Dade County, the inventory represents less than one month of supply. During the six month period, an average of 153 units were being completed each month, while 264 units were started each month. For the six month period ending with March 2000, an average of 82 new rental units were absorbed each month. A total of 231 new units were available at the end of March 2000, and this represented 2.8 months of supply at the pace of absorption over the past six months. At the estimated annual demand level for apartments in Dade County, the inventory represents less than one month of supply. During the six month period, an average of 110 units were being completed each month, while 274 units were started each month. For the six month period ending with December 1999, an average of 88 new rental units were absorbed each month. A total of 120 new units were available at the end of December 1999, and this represented 1.4 months of supply at the pace of absorption over the past six months. At the estimated annual demand level for apartments in Dade County, the inventory represents .4 month of supply. During the six month period, an average of 84 units were being completed each month, while 170 units were started each month. The overall average monthly rent for apartments in mature rental developments in Dade County increased by $12.00 to $907 from February 2001 to May 2001. The May 2001 overall average rent is 7.7 % higher than the $842 average rent found a year earlier. The annualized rate of increase in rents over the past three months is 5.2 %. During the most recent three month period, one -bedroom rents increased by $7 to $790, two -bedroom rents increased by $16 to $1,007 and three -bedroom rents increased by $19 to $1,239. Efficiency unit rents increased by $14 to $671. Changes in projects participating in the surveys from one period to another can result in considerable fluctuations for efficiency and three -bedroom units where the supply is more limited. The overall average monthly rent for apartments in mature rental developments in Dade County increased by $19.00 to $895 from November 2000 to February 2001. The February 2001 overall average rent is 8.7% higher than the $823 average rent found a year earlier. The annualized rate of increase in rents over the past three months is 8.8%. During the most recent three month period, one -bedroom rents increased by $22 to $783, two -bedroom rents increased by $19 to $991 and threr.—bedroom rents increased by $16 to $1,220. Efficiency unit rents increased by $10 to $657. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -7- MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued -- Rental Apartment Market SContinued) The overall average monthly rent for apartments in mature rental developments in Dade County increased by $12.00 to $876 from August 2000 to November 2000. The November 2000 overall average rent is 8.8% higher than the $805 average rent found a year earlier. The annualized rate of increase in rents over the past three months is 5.6%. During the most recent three month period, one -bedroom rents increased by $2 to $761, two -bedroom rents increased by $24 to $972 and three -bedroom rents increased by $3 to $1,208. Efficiency unit rents increased by $16 to $647. The overall average monthly rent for apartments in mature rental developments in Dade County increased by $22.00 to $864 from May 2000 to August 2000. The August 2000 overall average rent is 8.7% higher than the $795 average rent found a year earlier. The annualized rate of increase in rents over the past three months is 10.4%. During the most recent three month period, one -bedroom .rents increased by $23 to $759, two - bedroom rents increased by $21 to $948 and three -bedroom rents increased by $27 to $1,205. Efficiency unit rents increased by $25 to $631. The overall average monthly rent for apartments in mature rental developments in Dade County increased by $19.00 to $842 from February 2000 to May 2000. The May 2000 overall average rent is 7.4% higher than the $787 average rent found a year earlier. The annualized rate of increase in rents over the past three months is 9.2%. During the most recent three month period, one -bedroom rents increased by $17 to $736, two -bedroom rents increased by $20 to $927 and three -bedroom rents increased by $32 to $1,174. Efficiency unit rents increased by $19 to $606. The overall average monthly rent for apartments in mature rental developments in Dade County increased by $18.00 to $823 from November 1999 to February 2000. The February 2000 overall average rent is 7.4% higher than the $766 average rent found a year earlier. The annualized rate of increase in rents over the past three months is 8.8%. During the most recent three month period, one -bedroom rents increased by $18 to $719, two -bedroom rents increased by $17 to $907 and three -bedroom rents increased by $18 to $1,142. Efficiency unit rents increased by $28 to $587. For the Northwest Miami sub -market, the overall average monthly rent was $676 or $1.009/SF for 476 one -bedroom apartments with an average size of 670 SF; $802 or $.895/SF for 784 two -bedroom apartments with an average size of 896 SF; and $918 or $.829/SF for 42 three -bedroom apartments with an average size of 1,108 SF in May 2001. For the Northwest Miami sub -market, the overall average monthly rent was $664 or $.991/SF fc 6.476 one -bedroom apartments with an average size of 670 SF; $770 or $.859/SF for 784 two -bedroom apartments with an average size of 896 SF; and $904 or $.815/SF for 42 three -bedroom apartments with an average size of 1,108 SF in February 2001. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -8- MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued -- Rental Apartment Market (Continued) For the Northwest Miami sub -market, the overall average monthly rent was $651 or $.972/SF for 476 one -bedroom apartments with an average size of 670 SF; $756 or $.843/SF for 784 two -bedroom apartments with an average size of 896 SF; and $889 or $.802/SF for 42 three -bedroom apartments with an average size of 1,108 SF in November 2000. For the Northwest Miami sub -market, the overall average monthly rent was $647 or $.965/SF for 476 one -bedroom apartments with an average size of 670 SF; $743 or $.829/SF for 784 two -bedroom apartments with an average size of 896 SF; and $859 or $.775/SF for 42 three -bedroom apartments with an average size of 1,108 SF in August 2000. Based on this analysis, the rental rates within the subject sub -market appear to be lower than the Miami -Dade County average figures. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 9 - MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued -- Condominium Apartment Market According to the 2nd Quarter 2001 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 612 new condominium units were sold in Dade County during the 1st Quarter of 2001. The 1st quarter sales were 30.7% less than the 883 units sold in the lst Quarter of 2000. New condominium sales during 2000 have totalled 3,079 units, up 8.1 % from the 2,848 units sold during 1999. According to the 1st Quarter 2001 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 883 new condominium units were sold in Dade County during the 4th Quarter of 2000. The 4th quarter sales were 8.9% greater than the 811 units sold in the 3rd Quarter of 2000. According to the 4th Quarter 2000 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 811 new condominium units were sold in Dade County during the 3rd Quarter of 2000. The 3rd quarter sales were 28.3% greater than the 632 units sold in the 2nd Quarter of 2000. New condominium sales through September 2000 have totalled 2,196 units, down 3.5% from the 2,276 units sold during the same period in 1999. According to the 3rd Quarter 2000 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 632 new condominium units were sold in Dade County during the 2nd Quarter of 2000. The 2nd quarter sales were 16.1 % less than the 753 units sold in the 1st Quarter of 2000. New condominium sales through June 2000 have totalled 1,385 units, down 5.7% from the 1,468 units sold during the first half 1999. According to the 2nd Quarter 2000 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 753 new condominium units were sold in Dade County during the 1st Quarter of 2000. The 1st quarter sales were 31.6 % greater than the 572 units sold in the 4th Quarter of 1999. New condominium sales during 1999 have totalled 2,848 units, down 17.7% from the 3,459 units sold during 1998. According to the 1st Quarter 2000 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 572 new condominium units were sold in Dade County during the 4th Quarter of 1999. The 4th quarter sales were 29.2% less than the 808 units sold in the 3rd Quarter of 1999. According to the 4th Quarter 1999 Dade County Housing Market Report prepared by Reinhold P. Wolff EconomResearch, Inc., a total of 808 new condominium units were sold in Dade County during the 3rd Quarter of 1999. The 3rd quarter sales were 3.3% less than the 836 units sold in the 2nd Quarter of 1999. New condominium sales during - the first nine months of 1999 have totalled 2,276 units, down 17.5 % from the 2,578 units sold during the same period in 1998. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 10- MULTI -FAMILY RESIDENTIAL MARKET OVERVIEW -- Continued -- Condominium Apartment Market - Continued According to the 3rd Quarter 1999 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 808 new condominium units were sold in Dade County during the 3rd Quarter of 1999. The 3rd quarter sales were 3.3% less than the 836 units sold in the 2nd Quarter of 1999. New condominium sales through September 1999 have totalled 2,276 units, down 17.5% from the 2,758 units sold during the same period in 1998. According to the 2nd Quarter 1999 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 632 new condominium units were. sold in Dade County during the lst Quarter of 1999. The lst quarter sales were 9.8% less than the 701 units sold in the 4th Quarter of 1998. New condominium sales during 1998 have totalled 3,459 units, down 11.4% from the 3,906 units sold during 1997. According to the 1st Quarter 1999 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 701 new condominium units were sold in Dade County during the 4th Quarter of 1998. The 4th Quarter sales were 35.8% less than the 1,092 units sold in the 3rd Quarter of 1998. According to the 4th Quarter 1998 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 1,092 new condominium units were sold in Dade County during the 3rd Quarter of 1998. The 3rd Quarter sales were 27.1 % more than the 859 units sold in the 2nd Quarter of 1998. New condominium sales through September 1998 have totalled 2,758 units, down 3.2% from the 2,850 units sold during the same period in 1997. According to the 3rd Quarter 1998 Dade County Housing Market Report prepared by Reinhold P. Wolff Economic Research, Inc., a total of 859 new condominium units were sold in Dade County during the 2nd Quarter of 1998. The 2nd Quarter sales were 6.4% more than the 807 units sold in the ist Quarter of 1998. New condominium sales through June 1998 have totalled 1,666 units, down 19.9% from the 2,080 units sold during the same period in 1997. In the Miami Shores/Northwest Miami sub -markets, 12 units were sold in the 1st quarter of 2001, 0 units were sold in the 4th quarter of 2000, 4 units were sold in the 3rd quarter of 2000, 9 units were sold in the 2nd quarter of 2000, 14 units were sold in the 1st quarter of 2000, 0 units were sold in the 4th quarter of 1999, 3 units were sold in the 3rd quarter of 1999, 0 units were sold in the 2nd quarter of 1999 and 2 units were sold in the 1st quarter of 1999. J.B. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 -11- THE VALUATION PROCESS The valuation process is defined in the 1993 Edition of the Dictionary of Real Estate Apprgj:lal which was sponsored by the Appraisal Institute as follows: A systematic procedure employed to provide the answer to a client's question about the value of real property. The scope of the appraisal involves the research and analysis of factual data relative to the subject properties, as well as market data necessary for the development of the Sales Comparison Approach to Value. , The subject properties were built between 1935 and 1972 and therefore, the Cost Approach to Value has not been utilized. The Sales Comparison Approach to Value is based on a comparison between recently sold similar single-family dwellings in the subject neighborhood and the subject properties. These comparable sales are then adjusted for the differences between them and the subject properties. The Cost Approach to Value does not take into consideration the income generation potential of a property, whereas the Sales Comparison Approach does. Informed and rational investors of income producing properties typically pay a sales price based on net income flow. The total cost of land and improvements to create a new building and/or renovate or rehabilitate an existing building does not necessarily equal value, as the amount of contribution of the existing improvements is measured in terms of their utility in the market, as well as its benefit/return to a user. The subject properties were built between 1935 and 1972 and therefore, the Cost Approach to Value has not been utilized. J.S. ALHALE & ASSOCIATES, INC. Real Estate Appraisers and Consultants 3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133 - 12 - LOCATED AT: 1544 N.W. 58TH TERRACE MIAMI, FLORIDA PREPARED FOR: CITY OF MIAMI 444 S.W. 2ND AVENUE, 3RD FLOOR MIAMI, FLORIDA 33130 AS OF: OCTOBER 13, 2001 PREPARED BY: QUINLIVAN APPRAISAL, P.A. 5730 S.W. 74TH STREET - SUITE 300 SOUTH MIAMI, FLORIDA 33143 QuIwLiv N .APPRAISAL A PBoFEssIoNAL ASSOCIATION REAI. ESTATE APPRAISERS & CONSULTANTS 5730 S.W. 74TR STREET, Sur= 000 SOUTH MIAMI, FLORIDA 133143 J. MARE QuINLIVAN, MAI STATIPCRRTTPIAD GENERAL APPRAIAARA RZ 0000112 October 14, 2001 Laura Billberry, Director Office of Asset Management City of Miami 444 S.W. 2nd Avenue, 3rd Floor Miami, Florida 33130 Dear Ms. Billberry: TELEPHONE (305) 663-0011 FAx (305) 665-4021 Tuosus F. MA0ENERTRER, MAI STATR-ClUMVIRD OA1f>*AAL AI'PAAfAAAA RZ 0000450 In accordance with your request and authorization, I have prepared this Appraisal Report covering the following described property: A one-story single family residence located at 1544 N.W. 58th Terrace, Miami, Florida. The purpose of this Appraisal is to estimate the Market Value of the described property as of October 13, 2001, being one of the dates of personal inspection. The narrative Appraisal Report that follows sets forth the identification of the property, the assumptions and limiting conditions, pertinent facts about the area and the subject property, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. Laura Billberry, Director City of Miami October 14, 2001 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have formed the opinion that, as of October 13, 2001, the subject property had a Market Value of: SEVENTY-TWO THOUSAND FIVE HUNDRED DOLLARS ($72,500) Resppstfully submitted, J. If[rk Quinlivan, MAI St t Certified General Appraiser ification Number: RZ0000112 JMQ/lh (O 1- I67MHZ291) TRANSMITTAL LETTER CERTIFICATION OF VALUE 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3 INTRODUCTION Identification of the Property 4 Location 4 4 4 Legal Description 4 4 5 5 History of Title 5 Estimated Exposure Time 6 Estimated Marketing Period 5 SITE DATA Dimensions and Shape 7 Area 7 Topography and Drainage 7 Flood Zone 7 Soil and Subsoil 7 Utilities 8 Street Improvements 8 ZONING 8 HIGHEST AND BEST USE 8 DESCRIPTION OF IMPROVEMENTS 9 SCOPE OF THE APPRAISAL 11 SALES COMPARISON APPROACH TO VALUE 13 Property Rights Appraised Assessment and Taxes Owner of Record and Address Purpose and Date of Appraisal Intended Use and User of Appraisal APpUM Assumptions and Limiting Conditions 14 Qualifications 16 QUINLIVAN APPRAISAL CERTIFICATION OF VALUE W'n •tr '�'r p:::r:SYi`%:4f.�.�4:.1:+�. ., ,:,...�v:4 Y"f:.y+ii��4v:j'�,. iv' ". The undersigned hereby certifies that, to the best of my knowledge and belief: (A) The statements of fact contained in the report are true and correct. (B) The reported analyses, opinions and conclusions are limited only by the assumptions and limiting conditions set forth, and are my personal, unbiased professional analyses, opinions and conclusions. (c) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. (D) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. (F) My engagement in this assignment was not contingent upon developing or reporting predetermined results. (F) The appraiser's compensation for completing this assignment 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 directly related to the intended use of this appraisal. Furthermore, the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. (G) The appraiser's analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the requirements of the State of Florida for state -certified appraisers. (H) Use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. (I) J. Mark Quinlivan has made a personal inspection of the property that is the subject of this report. (J) Laneen Harrison has provided professional assistance to the person signing this report. QUINLIVAN APPRAISAL 1 (K) The reported 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 Appraisal Practice of the Appraisal Institute. (L) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, J. Mark Quinlivan has completed the requirements under the continuing education program for The Appraisal Institute. Based on the inspection of the property and the investigation and analyses undertaken, subject to the assumptions and limiting conditions set forth in the Addendum of this report, I have formed the opinion, as of October 13, 2001, the subject property had a Market Value of SEVENTY-TWO THOUSAND FIVE HUNDRED DOLLARS ($72,500) J. UINL AN, MAI CERTIFIED GENERAL APPRAISER IFICATIONNUMBER: RZ0000112 QUINLIVAN APPRAISAL 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Type Appraisal Complete Type Report Summary Purpose of Appraisal Market Value Property Rights Appraised Fee Simple Location 1544 N.W. 58th Terrace Miami, Florida Land Size 5,300 square feet Improvements One-story residence containing three bedrooms and one bathroom Age 1935 Zoning R-3, Multifamily Medium -Density Residential Highest and Best Use Existing single family residence Indications of Value: Cost Approach Not Applicable Income Approach Not Applicable Sales Comparison Approach $72,500 Final Estimate of Value $72,500 Date of Value Estimate October 13, 2001 Date of Report October 14, 2001 QUINLIVAN APPRAISAL 3