HomeMy WebLinkAboutexhibits 2SUBJECT PROPERTY
SUBJECT PROPERTY
QUINLIVAN APPRAISAL
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
A one-story residence containing three bedrooms and one bathroom.
LOCATION
1544 N.W. 58th Terrace
Miami, Florida
PURPOS&AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value of the property as of October 13, 2001,
being one of the dates of personal inspection.
INTENDED USE AND USER OF THE APPRAISAL
The intended use of this appraisal is to assist the client in determining an acquisition price. The
intended user is the City of Miami.
LEGAL DESCRIPTION
Lot 13, Block 15, ORANGE HEIGHTS, according to the Plat thereof, as recorded in Plat Book 14,
Page 62, of the Public Records of Miami -Dade County, Florida.
SourcQ: Miami -Dade County tax records.
PROPERTY RIGrIITS APPRAISED
The property is appraised in fee simple: a fee without limitations to any particular class of heirs
or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation,
as well as utility easements of record.
QUINLIVAN APPRAISAL
4
ASSESSMENT AND TAXES - 2000/2001
The subject property is assessed under the jurisdiction of the City of Miami.
The assessment for the property is established each year as of January 1st by the Miami -Dade
County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market
Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just
Value, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Number: 01-3114-035-2830
Assessed Value (2001):
Land $ 9,779
Improvements $28.948
Total $38,727
Millage Rate (2000): $27.384 per $1,000
Tax Amount (2000): $1,758.43
OWNER QFRCORD AND ADDRE$,S
Kenneth Clay
1544 N.W. 58th Terrace
Miami, Florida 33142
FIVE-YEAR HISTORY OF TITLE
The subject property reportedly sold in November of 2000 for $75,000. The buyer was Kenneth
Clay and the seller was Floyd Lacayo. This transaction is recorded in Official Records Book 19384,
Page 1956. This is considered an arm's-length transaction.
The subject property sold in July of 1999 for $56,000. The buyer was Floyd Lacayo and the seller
was Clemen Neal Stephens. This transaction is recorded in Official Records Book 18703, Page
3907. This is considered an arm's-length transaction.
There have been no other sale transfers of title to the subject property over the past five years.
QUINLIVAN APPRAISAL
5
ESTIMATED EXPOSURE TIME
Exposure time is defined as the estimated length of time the property interest being appraised would
have been offered on the market prior to the hypothetical consummation of a sale at market value
on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events
assuming a competitive and open market.
The overall concept of reasonable exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort.
In estimating a reasonable exposure time for the subject property, the appraiser has taken the
following steps:
Discussion with buyers, sellers and brokers of residences in the area
related to historic marketing periods.
Based on the above sources, exposure time is estimated to have been six months for the subject
property.
)ESTIMATED MARKETING PERIOD
The estimated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose and
actively market a property on the open market to achieve a sale. Implicit in this definition are the
following assumptions:
(A) The property will be actively exposed and aggressively marketed to
potential purchasers through marketing channels commonly used by sellers
and buyers of similar type properties.
(B) The property will be offered at a price reflecting the most probable markup
over market value used by sellers of similar type properties.
(C) A sale will be consummated under the terms and conditions of the
definition of Market Value required by the regulation.
In order to estimate the marketability of this property, the sales activity in this market area is
reviewed over the past three years, multiple listings are reviewed and real estate brokers who operate
in this area are interviewed.
Based on the above sources, the subject property could be sold within a six month time period.
Q UINLI VAN APPRAISAL
6
SITE DATA
Dimensions and Shape:
The site is rectangular.
The site fronts 50 feet, more or less, along the south side of N.W. 58th Terrace with a depth of
southerly 106 feet, more or less.
Source: No survey of the site was furnished. The dimensions of the site are calculated from the legal description and
the Hopkins Plat Book.
Aro:
5,300 square feet or .122 acres
,source: No survey of the site was furnished. The size of the site based on the Transamerica Intellitect printout of the
Miami -Dade County tax roll.
Topography and Drainage:
The site is level and approximately at street grade.
FIood Zone:
Map N° 12025C0180J
Soil and Subsoil:
(Effective March 2, 1994)
Areas determined to be outside 500-year flood plain.
The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual
conditions would be brought out by test borings.
QUINLIVAN APPRAISAL
7
Utilities:
Water: Miami -Dade Water and Sewer Authority
Sewer: Miami -Dade Water and Sewer Authority
Electricity: Florida Power & Light Company
Telephone: BellSouth Telephone Company
Street Improvements:
N. W. 58th Terrace is an asphalt paved road with a dedicated width of 50 feet. N,W. 58th Terrace
contains one east bound and one west bound lane.
ZONING
Under Ordinance of the City of Miami.
Classification: R-3, MULTIFAMILY MEDIUM -DENSITY RESIDENTIAL
(See Data Book for complete description of zoning)
HIGHEST AND BEST USE
The subject property is improved with a single family residence. The existing single family
residence is considered the Highest and Best Use and of the site.
QUINLIVAN APPRAISAL
8
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QUINLIVAN APPRAISAL
Age_and Condition
According to the Public Records of Miami -Dade County, the building improvements were
constructed in 1935. From personal inspection of the property, the improvements appear to be in
average condition.
Description
The site is improved with a one-story residence containing a living room, family room, dining area,
kitchen, three bedrooms, one bath and carport.
Sizt
Residence
20.0' x 43.5'
10.5' x 18.0'
5.5' x 14.8'
Total
• 870 square feet
• 189 square feet
-- 81 square feet
1,140 square feet
CA11212rt
17.0' x 18.0' = 306 square feet
Details of Construction
Foundation:
Exterior Walls:
Windows:
Roof:
Interior Walls:
Ceilings:
Steel reinforced poured concrete spread
footings in excavation trench
Frame - stucco
Aluminum awning with security bars
Gable - asphalt shingle
Plaster and wood
Wood and plaster
QUINLIVAN APPRAISAL
9
Floors:
Lighting:
Equipment and Fixture$
Ceiling fan
Refrigerator
Oven/range
Security bars
Window A/C
Site or Yard Improvenpenta
Chain link fence
Landscaping
Vinyl and carpet over wood
Incandescent
QUINLIVAN APPRAISAL
10
1544 R.W. 58th Terrace
MHZ 291
14.8'
H.W. 58th Terrace
SCOPE OF THE APPRAISAL
The appraisal of real estate is generally valuated by means of one or more of the following
approaches:
(1) The Cost Approach
(2) The Income Approach
(3) The Sales Comparison Approach
The Cost Approach
In the Cost Approach, land and building are valued as though they were separate entities. The land
value is first estimated as if vacant. Then, by consulting various cost services, local building
contractors and by knowledge of construction costs, an estimate of the replacement cost new of the
building is determined. Accrued depreciation from all sources including physical deterioration,
functional and economic obsolescence must be deducted from this cost. The estimated land value
is then added to the depreciated cost of the building to give the "depreciated replacement cost" of
the property.
The Cost Approach is based on the premise that the value of a commodity tends to be set by the cost
of acquiring an equally desirable substitute. Applied to real estate, the assumption is that a person
would not Iikely pay more for a property than it would cost him to acquire a suitable site and place
an equally desirable building upon it. Costs would include direct cost of construction, indirect costs
such as financing costs, land and developer's profit.
The Cost Approach has most applicability when building improvements are new. With older
properties, the estimate of depreciation becomes difficult and is subject to error, affecting the
reliability of this approach. Accordingly, considering the age of this property, it is the appraiser's
opinion that the Cost Approach has little applicability in this situation and was not utilized.
Income Approach
The Income Approach is based on the premise that the value of a property may be determined by the
amount of net income it can reasonably produce over its remaining economic life. The rationale of
the approach is that the present worth of a future income stream is equivalent to the value of the
property which produces that income.
QUINLIVAN APPRAISAL
11
Four basic steps comprise the Income Approach:
(1) Estimate, the reasonable expectable annual gross income the property will
likely produce.
(2) Deduct an allowance for vacancy and collection loss to arrive at the effective
gross income.
(3) Deduct the annual expense of operation from the effective gross income to
arrive at the annual net income.
(4) Capitalize the annual net income into an indication of value.
Since residences in the area are generally owner -occupied and are not purchased by investors, the
Income Approach to Value is not applicable in this situation and, therefore, is not utilized.
The Sales Comparison Approach
The Sales Comparison Approach is an attempt to measure the reactions of typical buyers and sellers.
In this approach, a direct comparison is made between the property being appraised and comparable
properties which have sold recently. These sales are compared for degrees of comparability such
as location, size, age, zoning, time, the conditions of sale, financing and other pertinent data which
would affect value. Adjustments are made for these factors in order to arrive at a reliable estimate
of value.
In this report, sales of single family residences in same neighborhood are gathered and analyzed.
Reconciliation
After applying the three approaches, three separate indications of value are available for analysis.
The indicated values obtained from each approach must be correlated into one final conclusion of
value. Usually one approach will be considered more significant than the rest, either because of the
reliability of the data, or because of the type of property involved. Reconciliation is the process by
which each approach is objectively weighted according to its importance.
QUINLIVAN APPRAISAL
12
SALES COMPARISON APPROACH TO VALUE
This approach to value is a technique in which the Market Value estimate is predicated upon prices
paid in actual market transactions of similar properties. These similar, or comparable, transactions
(sales) are adjusted to indicate a value to the subject.
The Sales Comparison Approach is a process of analyzing sales of similar recently sold properties
in order to derive an indication of the most probable sales price of the property being appraised. The
reliability of this approach is dependent upon the availability of comparable sales data, the
verification of the sales data, the degree of comparability and the absence of non -typical conditions
affecting the sale.
The following page contains a summary of sales of similar residences which have recently sold.
Several other sales were considered by the appraiser, butwerenot included because there was too
wide a difference in physical factors, location and time.
In comparing the sales to the subject, consideration was given to factors of time, location, physical
characteristics and terms and conditions of the sale.
The adjusted sale prices range from $68,200 to $74,000. Based on a careful analysis of the sales,
it is estimated that the subject residence has a value of $72,500.
QUINLIVAN APPRAISAL
13
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DATE OF SALE
04/26/01
05/31/01
06/28/01
SALE PRICE
$65,000
$67,000
$69,000
ADDRESS
REEMMEEM
1001 N.W. 55 St.
1075 N.W. 66 St.
1345 N.W. 70 St.
LAND SIZE (S.F.)
5,300
4,788
5,300
5,400
RESIDENCE SIZE (ADJ.)
1,202
890
1,156
777
ZONING
R-2
R-1
R 1
AGE
1935
1959
1939
1947
BR/BA
3/1
3/1
CONDITION
Average
Average
Average/Good
Good
PRICE PER S.F. OF LAND AREA
$73.03
$57.96
$8$ 80
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LOCATION
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AGE/CONDITION
— 2,500
--
— 5,000
LOT SIZE
+ 750
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BUILDING SIZE
+ 7,800
+ 1,200
+ 10,000
OTHER
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TOTAL ADJUSTMENTS
+ 6 050
+ 1 00
+ 5 000
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ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
I . No responsibility is assumed for the legal description or for matters including legal
or title considerations. Title to the property is assumed to be good and marketable
unless otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable. However, no
warranty is given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material in
this report are included only to assist the reader in visualizing the property.
6. If no survey has been furnished to the appraiser, all measurements have been
confirmed either in the field, in the plat book or by other reliable sources and are
presumed to be accurate.
7. It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures that render it more or less valuable. No responsibility is
assumed for such conditions or for arranging for engineering studies that may be
required to discover them.
8. It is assumed that there is full compliance with all applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and
considered in the Appraisal Report.
9. It is assumed, unless a study has been provided otherwise, that no hazardous material
such as asbestos, urea formaldehyde or other toxic waste exists in the property. The
existence of a potentially hazardous material could have a significant effect on the
value of the property.
QUINLIVAN APPRAISAL
14
10. In reference to proposed construction, the real estate taxes and other expenses are
estimated. These amounts are not guaranteed.
11. It is assumed in the valuation of the subject land site, unless a compliance letter has
been furnished to us, that the State of Florida Growth Management Act does not
prevent the issuance of a building permit.
12. It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state or national government
or private entity or organization have been or can be obtained or renewed for any use
on which the value estimate contained in this report is based.
13. It is assumed that the utilization of the land and improvements is within the
boundaries of property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
This Appraisal Report has been made with the following general limiting conditions:
1. The distribution, if any, of the total valuation of this report between land and
improvements applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used.
2. Possession of this report, or a copy thereof, does not carry with it the right of
publication. It may not be used for any purpose by any person other than the party
to whom it is addressed without the written consent of the appraiser, and in any
event, only with proper written qualification and only in its entirety.
3. The appraiser herein by reason of this appraisal is not required to give further
consultation, testimony, or be in attendance in court with reference to the property
in question unless arrangements have been previously made.
4. Neither all nor any part of the contents of this report (especially any conclusions as
to value, the identity of the appraiser, or the firm with which the appraiser is
connected) shall be disseminated to the public through advertising, public relations,
news, sales, or other media without the prior written consent and approval of the
appraiser.
QUINLIVAN APPRAISAL
15
QUALIFICATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Experience:
Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAI,
from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and
Consulting Firm, established in 1964.
Graduate:
University of Notre Dame
BBA - Bachelor of Business Administration (Major in Finance and Business Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD - Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM - Master of Science in Management (Major in Real Estate)
University of Miami
MALS - Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAI N° 5791)
Member of the Florida Bar (Ng 239992)
Real Estate Broker, State of Florida (N° 0125264)
Certified General Appraiser, State of Florida, License N4 RZ0000I 12
QUINLIVAN APPRAISAL
16
Qualifle as an Expert Witness + llowina, _ Courts:
Miami -Dade, Broward, Palm Beach and Monroe County Circuit Courts
United States Bankruptcy Court
United States District Court
Other Activities:
Appraiser Special Master (1978 - 1980),
Miami -Dade County Property Appraisal Adjustment Board
Past President - Miami Chapter N° 71,
Society of Real Estate Appraisers (1983 - 1984)
Past President - South Florida Chapter N° 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial. Review Board (1981 - 1991)
THE REAL ESTATE APPRAISER AND ANALYST published quarterly by the Society of Real
Estate Appraisers
Recent Publications:
"Non -Conforming Use Properties: The Concept ofPositive Economic Obsolescence", The Appraisal
,kurnal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982).
QUINLIVAN APPRAISAL _
17
Quinlivan Appraisal has prepared Appraisal Reports for the following:
institutions and Corporations:
American Savings of Florida
Archdiocese of Miami
Atlantic Security Bank
The Bank of Coral Gables
Banco Atlantico
Banco Industrial de Venezuela
Banco Santander International
Barnett Bank
Barry University
Ben Franklin Savings
Bessemer Trust Company
Capital Bank
Central Bank
Chevron Oil Company
Chase Manhattan Bank
Chase Federal Bank
Chemical Bank
Citibank
Citicorp Savings
City National Bank of Miami
Consolidated Bank
Coral Gables Federal Savings and Loan Association
County National Bank
Crown Life Insurance Company
Eagle National Bank
East Little Havana Development Corporation
Eastern National Bank
Equibank of Pittsburgh
Espirito Santo Bank
First Nationwide Bank
First Union Bank
Florida Power and Light Company
Hemisphere National Bank
Intercontinental Bank
International Bank of Miami, N.A.
Jefferson Bank
Jewish Home for the Aged, Inc.
QUINLIVAN APPRAISAL
18
Marine Midland Bank
McCaughan Mortgage Company, Inc.
McDonalds Corp.
Mega Bank
Miami -Dade Water and Sewer Authority
NationsBank
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Ready State Bank
Resolution Trust Corporation
Savings of America
Shell Oil Company
Skylake State Bank
SunTrust Bank
Swire Properties
Texaco
Terremark
Totalbank
Trade National Bank
Trust for Public Lands
UniBank
Universal National Bank
University of Miami
Governmental Agencies:
City, of Coral Gables
City of Hialeah
City of Miami
City of Miami Beach
City of Miramar
City of North Miami Beach
Miami -Dade County Aviation Department
Miami -Dade County Department of Development & Facilities Management
Miami -Dade County HUD
Miami -Dade County Property Appraisal Adjustment Board
Miami -Dade County Public Schools
Miami -Dade County Public Works Department
Miami -Dade County Transportation Administration
Federal Deposit Insurance Corporation (FDIC)
QUINLIVAN APPRAISAL
19
Miami -Dade Water & Sewer Department
South Florida Water Management District
State of Florida, Department of Community Affairs
State of Florida, Department of Corrections
State of Florida, Department of Environmental Protection
State of Florida, Department of insurance
State of Florida, Department of Rehabilitation and Liquidation
State of Florida, Department of Transportation
Town of Golden Beach
United States Army Corps of Engineers
United States Department of Commerce
United States Department of the Interior
United States General Services Administration
Village of Key Biscayne
Law Firms:
Cole, Davidson, Carter, Smith, Salter & Barkett, P.A.
Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A.
Dubbin, Berkman, Bloom & Karan
Floyd, Pearson, Richman, Greer, Weil, Brumbaugh & Russomanno, P.A.
Shutts & Bowen
Kelley, Drye & Warren
Blackwell & Walker
Steel, Hector & Davis
Mershon, Sawyer, Johnston, Dunwody & Cole
Sullivan, Admire & Sullivan, P.A.
Types of Propertjps Appraised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apartment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
20
QvINLYVAN APPRAISAL
A Paoasasxorrwx. As4ocza:now
Rawl. ESTATE ArraAZBsaS & CONHALTANTS
5730 S.W. 74TH STREET. SUITE noo
SozrrR MzAxI, FLoaIAA 00140
J. MAax Ovzzrz WAN, MAi
STAT-C•MTsnan Oanaau Al TRAIaiRa
az ooaone
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 (0o5) 600.6011
FAx (3o8) 096-4921
TxoJAua F. MwaExHEzzsRE. MA!
S 4?a-Curnstan Ciasa.Ir. Ads=
RE 0000500
In accordance with Purchase Order No. 215694, I have prepared Complete, Summary Appraisal
Reports related to Job Number A2141-7.
The purpose of the Appraisals is to estimate the Market Value in Fee Simple Title, in order to
determine the compensation for the Total Taking of the properties.
The Summary Appraisal Reports that follows set forth the identification of the property, the
assumptions and limiting conditions, pertinent facts about the area and the subject properties, and
comparable data, the results of the investigations and analyses, and the reasoning leading to the
conclusions set forth.
Laura BlMerry, Director
Office of Asset Management
October 14, 2001
Page 2
Based on the inspection of the properties and the investigation and analyses undertaken, I have
formed the opinion that, as of October 13, 2001, the total compensation due was:
Type Page
Designation Address Properly Value of Value
MHZ 291 1544 N.W. 58 Terr. Single Family S 72,500 Volume [, Pg 3
MHZ 306 1490 N.W. 58 Terr. Single Family $ 22,500 Volume I, Pg 3
MHZ 330 1390 N.W. 58 Terr. Single Family $ 80,000 Volume I, Pg 3
MHZ 331 1380 N.W. 58 Terr. Single Family $ 75,000 Volume I, Pg 3
MHZ 340 5820 N.W. 13 Ave. Single Family $ 30,000 Volume I, Pg 3
MHZ 344 1335 N.W. 58 St. Single Family $ 62,500 Volume I, Pg 3
MHZ 142 1418 N.W. 60 St. Single Family & Adj. Residence $ 36,500 Volume I, Pg 3
MHZ 342 1307 N.W. 58 St. Single Family & Adj. Residence $ 42,500 Volume I, Pg 3
MHZ 234 1361-63 N.W. 58 Terr. Duplex $ 91,500 Volume II, Pg 3
MHZ 3I5 1402 N.W. 58 Terr. Duplex S 80,000 Volume [I, Pg 3
MHZ 316 1401 N.W. 58 St. Duplex $ 88,500 Volume II, Pg 3
MHZ 346 1355 N.W. 58 St. Duplex $ 37,500 Volume II, Pg 3
MHZ 347 1361 N.W. 58 St. Duplex $ 37,500 Volume II, Pg 3
MHZ 74 1335 N.W. 60 St. Multifamily S 80,000 Volume II, Pg 3
MHZ 75 1341 N.W. 60 St. Multifamily $ 80,000 Volume II, Pg 3
MHZ 98 1461 N.W. 60 St. Multifamily $290,000 Volume II, Pg 3
MHZ 208 1231 N.W. 58 Terr. Multifamily S215,000 Volume II, Pg 3
ctfully submitted,
L
ark Qui Hvan, MAI
to Certified General Appraiser
erti6cation Number: RZ0000112
.JMQ/lh
(01-167)
ltr167
SINGLE FAMILY RESIDENCE SALE 23
DESCRIPTION: One-story single family residence
DATE: September 7, 2000
PRICE: $27,400
TYPE INSTRUMENT: Special Warranty Deed
RECORDATION: O. R. Book 19250, Page 4286
FOLIO NUMBER: 01-3114-043-1680
GRANTOR: Latin American Investors Corp
GRANTEE: Kenneth P. Hanks
LEGAL: Lot 16, Block 9, Ockard Villa Ext, as recorded
in Plat Book 17, Page 55, of the Public Records
of Miami -Dade County, Florida.
LOCATION: 1335 N.W. 58th Street
Miami, Florida
BEDROOMS/BATHS: 3 BR/1BA
RESIDENCE SIZE: 861 Square Feet
LOT SIZE: 5,300 Square Feet
ZONING: R-2
AGE: 1939
UNIT PRICE: $31.82 Per Square Feet
FINANCING: New First Mortgage with private individual of
$15,000 at 15%
REMARKS: The residence was in poor to fair condition at
time of sale.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIrDE CF SALE 25
DESCRIPTION: One-story single family residence
DATE: December 21, 2000
PRICE: $95,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19425, Page 1781
FOLIO NUMBER: 01-3114-035-0240
GRANTOR: The New Millennium Enterprises Group
GRANTEE: Marta Perez
LEGAL: Lot 1, Block 3, Orange Heights, as recorded in
Plat Book 14, Page 62, of the Public Records of
Miami -Dade County, Florida.
LOCATION: 5550 N.W. 14th Avenue
Miami, Florida
BEDROOMS/BATHS: 3 BR/2 BA
RESIDENCE SIZE: 1,259 Square Feet
LOT SIZE: 7,091 Square Feet
ZONING: R-2
AGE: 1992
UNIT PRICE: $75.46 Per Square Feet
FINANCING: New First Mortgage of $94,200 with
Washtenaw Mortgage Company
REMARKS: This residence is in good condition.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIDENCE SAE 28
DESCRIPTION: One-story single family residence
DATE: February 22, 2001
PRICE: $82,400
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19523, Page 2786
FOLIO NUMBER: 01-3114-020-1030
GRANTOR: Adriane Angel
GRANTEE: Debra Johnson
LEGAL: Lot 20, Block 16, East Liberty City Homesites,
as recorded in Plat Book 40, Page 38, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 1265 N.W. 70th Street
Miami, Florida
BEDROOMS/BATHS: 3 BR/2 BA
RESIDENCE SIZE: 1,437 Square Feet
LOT SIZE: 5,400 Square Feet
ZONING: R-1
AGE: 1954
UNIT PRICE: $57.34 Per Square Feet
FINANCING: New First Mortgage of $81,189 with BancPlus
Mortgage
REMARKS: This residence was renovated prior to sale.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIDENCE SALE 29
DESCRIPTION: One-story family residence
DATE: April 3, 2001
PRICE: $23,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19586, Page 27
FOLIO NUMBER: 01-3114-020-0440
GRANTOR: Richard C. Welt
GRANTEE: Amira Homes
LEGAL: Lot 3, Block 14, East Liberty City Homesites,
as recorded in Plat Book 40, Page 38, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 1268 N.W. 69th Street
Miami, Florida
BEDROOMS/BATHS: 3 BR/1 BA
RESIDENCE SIZE: 953 Square Feet
LOT SIZE: 5,400 Square Feet
ZONING: R-1
AGE: 1948
UNIT PRICE: $24.13 Per Square Feet
FINANCING: New First Mortgage of $24,000 with EquityMax
REMARKS: The residence was in poor condition at time of
sale.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIDENCE SALE 30
DESCRIPTION: One-story single family residence
DATE: April 5, 2001
PRICE: $27,500
TYPE INSTRUMENT: Special Warranty Deed
RECORDATION: O. R. Book 19627, Page 2336
FOLIO NUMBER: 01-3114-035-2470
GRANTOR: Latin America Investors Corp
GRANTEE: GSC Global Sales Corp
LEGAL: Lot 23, Block 13, Orange Heights, as recorded
in Plat Book 14, Page 62, of the Public Records
of Miami -Dade County, Florida.
LOCATION: 1531 N.W. 59th Street
Miami, Florida
BEDROOMS/BATHS: 2 BR/I BA
RESIDENCE SIZE: 704 Square Feet
LOT SIZE: 5,300 Square Feet
ZONING: R-3
AGE: 1942
UNIT PRICE: $39.06 Per Square Feet
FINANCING: New First Mortgage of $27,000 with Meshnick
Mortgage Corp
REMARKS: The residence was in poor condition at the time
of sale.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIDENCE SALE 32
DESCRIPTION: One-story single family residence
DATE: April 26, 2001
PRICE: $65,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19684, Page 1351
FOLIO NUMBER: 01-3114-056-0050
GRANTOR: Mollie C. Reckley
GRANTEE: Leamond Moorer
LEGAL: South 63 feet of Lot 5, Brenner-Brams Sub, as
recorded in Plat Book 67, Page 66, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 1001 N.W. 55th Terrace
Miami, Florida
BEDROOMS/BATHS: 3 BR/1 BA
RESIDENCE SIZE: 890 Square Feet
LOT SIZE: 4,788 Square Feet
ZONING: R-2
AGE: 1959
UNIT PRICE: $73.03 Per Square Feet
FINANCING: New First Mortgage of $64,452
REMARKS: This residence was in average condition at time
of sale.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIDENCE SALE 33
DESCRIPTION: One-story single family residence
DATE: May 1, 2001
PRICE: $29,500
TYPE INSTRUMENT: Special Warranty Deed
RECORDATION: O. R. Book 19677, Page 4827
FOLIO NUMBER: 01-3114-032-0230
GRANTOR: Latin American Investors Corp
GRANTEE: Leon Shiff
LEGAL: East % of Lot 8, Block 2 , Bowling Green Ext,
as recorded in Plat Book 10, Page 62, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 1077 N.W. 55th Street
Miami, Florida
BEDROOMS/BATHS: 2 BR/1 BA
RESIDENCE SIZE: 688 Square Feet
LOT SIZE: 2,550 Square Feet
ZONING: R-2
AGE: 1930
UNIT PRICE: $42.88 Per Square Feet
FINANCING: New First Mortgage of $27,000 with Meshnick
Mortgage Corp
REMARKS: The residence is in the process of being
renovated.
QUINLIVAN APPRAISAL
1•1111111111
QUINLIVAN APPRAISAL
SINGLE FAMIJ Y RESIDENCE SALE 34
DESCRIPTION: One-story single family residence
DATE: May 31, 2001
PRICE: $67,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19699 Page 2791
FOLIO NUMBER: 01-3114-036-3160
GRANTOR: Garnett G. Ferguson
GRANTEE: Mary Lee
LEGAL: Lot 15, Block 15, Seventh Avenue Park, as
recorded in Plat Book 17, Page 17, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 1075 N.W. 66th Street
Miami, Florida
BEDROOMS/BATHS: 3 BR/1 BA
RESIDENCE SIZE: 1,156 Square Feet
LOT SIZE: 5,300 Square Feet
ZONING: R-1
AGE: 1939
UNIT PRICE: $57.96 Per Square Feet
FINANCING: New First Mortgage of $56,950 with Long
Beach Mortgage Corp.
REMARKS:
The residence sold previously in August of
2000 for $42,800. At that time, the residence
needed repairs.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FAMILY RESIDENCE SALE 36
DESCRIPTION: One-story single family residence
DATE: June 13, 2001
PRICE: $86,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19733, Page 4068
FOLIO NUMBER: 01-3114-036-2850
GRANTOR: Clifford Brown
GRANTEE: Ricardo B. Tillman
LEGAL: Lot 6, Block 14, Seventh Avenue Park, as
recorded in Plat Book 17, Page 17, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 860 N.W. 67th Street
Miami, Florida
BEDROOMS/BATHS: 3 BR/2 BA
RESIDENCE SIZE: 1,336 Square Feet
LOT SIZE: 5,350 Square Feet
ZONING: R-1
AGE: 1955
UNIT PRICE: $64.37 Per Square Feet
FINANCING: New First Mortgage of $68,800 with First
Federated Funding Corp
REMARKS: The residence is in good condition.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
tSINGLE FAZVILYRESIDENCE SALE 37
DESCRIPTION: One-story single family residence
DATE: June 28, 2001
PRICE: $69,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19815, Page 1263
FOLIO NUMBER: 01-3114-016-0170
GRANTOR: Kelvin Foster
GRANTEE: James and Penelope Samuel
LEGAL: Lot 18, Block 7, Liberty City Homesites, as
recorded in Plat Book 40, Page 32, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 1345 N.W. 70th Street
Miami, Florida
BEDROOMS/BATHS: 3 BR/1 BA
RESIDENCE SIZE: 777 Square Feet
LOT SIZE: 5,400 Square Feet
ZONING: R-1
AGE: 1947
UNIT PRICE: $88.80 Per Square Feet
FINANCING: New First Mortgage of $65,550 with Service
First Mortgage Co.
REMARKS: The residence sold previously in January of
2000 for $65,000.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
SINGLE FA,NII[ Y RESIDENCE SALE 38
DESCRIPTION: One-story single family residence
DATE: June 29, 2001
PRICE: $73,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 19759, Page 3796
FOLIO NUMBER: 01-3114-036-0880
GRANTOR: Financial Center
GRANTEE: Roy S. David
LEGAL: Lot 12, Block 5, Seventh Avenue Park, as
recorded in Plat Book 17, Page 17, of the
Public Records of Miami -Dade County,
Florida.
LOCATION: 944 N.W. 64th Street
Miami, Florida
BEDROOMS/BATHS: 2 BR/1 BA
RESIDENCE SIZE: 1,239 Square Feet
LOT SIZE: 6,148 Square Feet
ZONING: R-1
AGE: 1939
UNIT PRICE: $58.92 Per Square Feet
FINANCING: New First Mortgage of $14,600
REMARKS: The residence sold previously in July of 1999
for $70,000.
QUINLIVAN APPRAISAL
QUINLIVAN APPRAISAL
RESIDENCE WITH REAR APARTMENT SALE 1
DESCRIPTION:
DATE:
PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
BEDROOMS/BATHS:
RESIDENCE SIZE:
LOT SIZE:
ZONING:
AGE:
UNIT PRICE:
FINANCING:
REMARKS:
Residence with rear apartment
January 6, 2000
$50,000
Quit -Claim Deed
O. R. Book 19075, Page 3634
01-3123-014-1030
Eio Trades, Inc.
South Florida Royal Properties, Inc.
Lot 23, Block 6, FAIRHAVEN GARDENS,
according to the plat thereof, as recorded in Plat
Book 6, Page 76, of the Public Records of
Miami -Dade County, Florida.
1529 N.W. 51st Terrace
Miami, Florida
3 BR/2 BA
1,549 Square Feet (Adjusted)
5,000 Square Feet
R-2, Two family residential
1920
$32.28 per square foot of residence area
Cash to seller.
This is a one-story residence containing two
bedrooms and one bathroom with rear
apartment containing one bedroom and one
bath.
QUINLIVAN APPRAISAL
RESIDENCE WITH REAR APARTMENT SALE 1
1529 N.W. 51 ST Terrace
RESIDENCE WITH REAR APARTMENT SALE 2
1341 N.W. 55th Street
RE I
DESCRIPTION:
DATE:
PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
BEDROOMS/BATHS:
RESIDENCE SIZE:
LOT SIZE:
ZONING:
AGE:
UNIT PRICE:
FINANCING:
REMARKS:
ARA_'_•RT
Residence with rear apartment
May 25, 2001
$38,000
Special Warranty Deed
O. R. Book 19738, Page 647
01-3114-018-0720
Brothers M. Salomon
1579 NW Trust
Lot 5 Less south 5 feet, Block 4, NEW
LIBERTY CITY, according to the plat thereof, as
recorded in Plat Book 39, Page 28, of the
Public Records of Miami -Dade County,
Florida.
1579 N.W. 68th Street
Miami, Florida
5 BR/3 BA
1,534 Square Feet (Adjusted)
3,400 Square Feet
R-3, Multifamily medium -density residential
1938
$24.77 per square foot of residence area
First Mortgage of $38,000 with Lewis
Information Technologies.
This is a one-story residence containing two
bedrooms and one bathroom with two-story
rear apartment containing three bedrooms and
one and one-half bath.
QUINLIVAN APPRAISAL
RESIDENCE WITH REAR APARTMENT SALE 3
1579 N.W. 68th Street
SELF-CONTAINED APPRAISAL REPORT
OF REAL PROPERTY
LOCATED AT
PROPERTY 1 - 1250 N.W. 62ND STREET
PROPERTY 2 - 1251 N.W. 59TH STREET
PROPERTY 3 - 1275 N.W. 59TH STREET
PROPERTY 4 - 126) N.W. 59TH STREET
PROPERTY 5 - 1254 N.W. 59TH STREET
PROPERTY 7 - 1202 N.W. 61ST STREET
PROPERTY 8 - 1613 N.W. 54TH STREET
PROPERTY 9 - 1241 N.W. 58TH TERRACE
PROPERTY 10 - 1492 N.W. 62ND STREET
PROPERTY 11 - 1625 N.W. 54TH STREET
MIAMI, FLORIDA
DATE OF VALUATION:
JUNE 22, 2001
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133