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Home My WebLink About1.07 AppraisalMahan Subdivision September, 2008 Tab 8 Appraisal MOUNTAIN CROSS ENGINEERING. INC. Civil and Environmental Consulting and Design 826'' V2 Grand Avenue, Glenwood Springs, CO 81601 P: 970, 945.5544 F: 970.945.5558 www.mountaincross-eng.com [File No. 4104-081 Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT: TBD County Road 126 Glenwood Springs, Co 81601 Lot #2 (Twn 7, Rng 89, Sec 9) FOR: Mahan AS OF: 7-14-08 BY: G.W. Fairbanks Form GA1_LT "WinTOTAL" appraisal software by a la mode, inc. --1-800-ALAMOt]E IFile N. 4104-08( Paue #21 SUMMARY OF SALIENT FEATURES o R. 0 m <n Subject Address Legal Description City County State Tp Code Census Tract Map Reference TBD County Road 126 Lot #2 (Twn 7, Rng 89, Sec 9) Glenwood Springs Garfield Co 81601 9518.02 Rt.: a Sale Prce Dale o1 Sale $ Borrower Lender/Cliunl None Client. Mahan N L 6 K %- 0 E, W C E h w 0 Size (Square Feet) Price per Square Blot Location Age Condition Total Rooms Bedrooms Baths $ Above Average ,L,,`,,, en St: a Appraiser Date of Appraised Value G.W. Fairbanks 7-14-08 n a Opinion of Value $ 320,000 Form S$02—'WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAM00F LAND APPRAISAL REPORT 10 No, 4104-0j Page 7131 4104-08 File No- 4104-08 Borrower None Census Tract 9518-02 Map Reference Properly Address TBD County Road 126 o City Glenwood Springs County Garfield Slate Co Zip Code 81601 c Legal Description Lot 82 (Twn 7, Rnq 89, Sec 9) Sale Price $ Date el Sale Loan Term yrs. Properly sales Rights Appraised concessions Road 126, i Fee H Leasehold [_..] De Minimis PUC 17 r Actual Real Estate Taxes Lender/Client Client: $ TBD (yr) Loan charges to he paid by seller $ Address Mahan Instructions _Other 648 County Glenwood Springs, Co- 81601 Occupant NIA Appraiser G.W. Fairbanks to Appraiser Fair Market Value Location Built Up Growth Rate (, ] Property Values Demand/Supply Marketing Time o Present Land Use 0 mChange in Present Land Predominant Occupancy Single Family Price Range Single Family Age Comments including those single family homes Li Urban ❑ Over Fully Des, 1._] Rapid ❑ Increasing [ 1 Shortage ❑ Under3 75% 1 Family _% % Industrial % Use 1 Not (.) From N]Owner $ 400 75% Mos. 2-4 Family Vacant Likely A Suburban ❑ Rural N 25% to 75% ❑ Under 25% >I Steady L7 Slow X Stable [__1 Declining ] 8 Balance ❑ Oversupply xi 4-6 Mos ❑ Over 6 Mos. % Apts. % Condo % Commercial 25% Ag Good Avg. Fair Poor Employment Stability ❑ M ❑ ❑ Convenience to Employment [_] I% [-1 ❑ Convenience to Skipping ❑ X El ❑ Convenience to Schools ❑ X1 ❑ [1 Adequacy of Public Transportation ❑ M ❑ ❑ Recreational Facilities Li L) Li Li Adequacy of Utilities ❑ L ❑ ❑ Property Compatibility [l]M Li Lis Protection from Detrimental Conditions ❑ N El ❑ Police and Fire Protection [] E ❑ ❑ General Appearance o1 Properties ❑ X ❑ ❑ Appeal to Market ❑ N Cl ❑ (] Likely (*) 1_7Taking Place (`) To ]_]Tenant to $ 1 M+ Predominant % Vacant 6 550 Value Age ._ 1 yrs. to tactors, favorable or unfavorable, in the middle to upper 100 yrs. Predominant 25 yrs. affecting marketability (e.g. public parks, schools, income range, sloping terrain with privacy and ew, noise): elevated The immediate neighborhood is largely views. The 4 -Mile Road market is composed of medium sized subdivisions with middle to upper income ranged housing, some large ag. tracts, and small acreage to "ranchetle" properties both along the creek and various private locations with mature gambel Oak vegetation. Sunlight Resort is located in the u er 4 -Mile Road area. Dimensions Irreqular -- 15.06 Sq. Ft. or Acres Corner Lot DK do L] do not conform to zoning regulations Zoning chssification Highest and best use Public Elec. Gas ❑ Water ❑ San. Sewer ❑ [] Underground Comments (tauorable or mature stand of Gambel TBD preset Improvements Flat and Sloping ❑ Present use Other (Describe) I4 Other Lpecityy As Impropve Private Tope Size Shape View Drainage Is the ether direct Sheet Surface Maintenance ❑ _(_'Sidewalk apparel site, as OFF SITE IMPROVEMENTS ACCesS [ Pebiic ❑ Gravel Average for area Average Domestic Spq Ii< Public ❑ Private Storm Sewer [1 Curt'Gutter ❑ Street Lights Above Average Adequate Elect. & Td. unfavorable including any Oak. This property located adverse conditions): frontage to in a HUD Identified Special Flood Hazard Area? X No ❑ Yes Good she utility moderately sloping terrain with adverse easements, encroachments, or proposed, is 15.06 acres with county road 126 and has a small cabin, storage building, power line and water line with easements through the site, along with a spring (15 Gal -per min.( shared with the neighboring lot for domestic water, 2 storage tanks (total 3,400 Gal. capacity) and another currently under construction of (10,000 Gat. capacity).. The undersigned has recited three recent sales of properties most similar and pram* ie subject and ha5 considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction l0 those items of significant variation between the subject and comparable properties. 11 a signilicanl item to the comparable property is superior to or more favorable than the subject property, a minus (-) adjustment is made bus reducing he indicated value 01 subject: it a signilicant item in the comparable is interior to or less favorable Than the subject property, a plus (+} adjustment Is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE N0.3 Address TBD County Glenwood Road 126 S.rin.s A Lot 5 Gobbler Knob Glenwood Springs TBD Steer Gulch Road Glenwood Springs Lot 85 Springridge Reserve Glenwood rings Proximity to Subject 7.19 miles 5.23 miles 0.83 miles i; f,fi s -a- _ in Sales Price $ f $ 300 000 1 $ 450,000 fri ;,,, , $ 335,000 Price $ c g $ $ _-_ $ a Data Source Insp & Pub Recs MLS 8100776 MLS #96282 c Date of Sale and Er Time Adjustment OESCRIPTION DESCRIPTION +1 -)$Adjust. DESCRIPTION +(-(8 Adjust DESCRIPTION +1-1$ Adjust, 4-30-08 5-09-08 8-06-07 Locatton Above Average Good -30 000 Aver 9e Good -30,000 W q SileMew 15.06 Ac7Abv Avg 4.8 AcreslAbv Avg +30,000 73 AcreslAbv Avg -100,000 6.2 AcreslAbv Avg +30,000 Utilities Domestic Spring None +10,000 +10,000 None None +10,000 +10,000 None None +10 000 +10,000 Improvements Cabin None Sales or Financing Concessions None None None Net Adj. frotal) ►(+ 6 20,000 F 1,4 $ -80,000 hit+ : $ 20,000 Indicated Value of Subject - g {� _ $ 320,000 - k1 -•--e;,,_; $ 370,000 .� 355,000 ter, s' ' u { $ Comments on Markel the purposes of this Data: Sale and listing data is limited for acreage properties in the 4 -Mite creek area, though considered to be adequate for analysis. The cabin on site was considered to have minor contribution to value and adjusted at approximately 10% of the subject's estimated value. Value for the spring and holdlnc,Ianks was adjusted at the approximate cost of drilling a well. Comments and Conditions legal building site. of Appraisal: This appraisal assumes the a county acceptablei split of this site from the parent parcel to create a separate z r - Q zFinal Reconciliation: e, services. Comp 82 Comp 81 was selected as the subject's most similar property for its recent sale's data and similar access from community is a site which could be split into 2 separate parcels. It has inferior access to that of the subject. Comp 83 is the dated sale ' of a property in close physical proximity to the subject inferior in site area. All sites have etevated views. None had a well or inplace.or cabin. 1 ESTIMATE THE MARKET VALUE, A5 DEFINED, OF SUBJECT PROPERTY AS OF 7-14-08 1 I Did 1 to be $ 320,000 1 Did Not Physically Inspect Property Appraiser(s) Review Appraiser lit applicable) r(2Kj Fairbanks Appraisal Form LNO — "1yinTOTAL" appraisal software by a h mode, inc. — 1-800-ALAMODE LAND APPRAISAL REPORT MARKET DATA ANALYSIS File No. 4104 -OS Page #4 4104-08 tile No. 4104-08 ITEM T. SUBJECT PROPERTY COMPARABLE Na 4 COMPARABLE Na 5 COMPARABLE ND. 6 Address TBD County Road 126 Glenwood S uin. s Proximity to Sublecl -aE TBD County Road 117 Glenwood Sain s 1.76 miles Sales Price $ 338,000 Price Data Source Dale o1 sale and Time Adjustment $ MLS #104305 DESCRIPTION DESCRIPTION +1-4Adlust. For Salo DESCRIPTION [+{-}$ Adjust. DESCRIPTION r 1-1$ Adjust Location Above Average Above Average Site View 15.06 Ac/Abv Avg 10.79 Acres Utilities Domestic Spring None +10,000 Improvements Cabin None +10,000 Sales or Financing Concessions Net Adj. (Total) x. 14 + 20,000 Indicated Value of Subject =' -`! $ 358,000 T1+ �– Comments: Comp #4 is a current listing of a property alonq 4 -Mile Road, though with Inferior site utility to that of the subject. 11 does have direct access to 4 -Mile Road. Fairbanks Appraisal Form LND.(AC) — "WinTOTAL° appraisal software by a la mods, inc 1.800-ALAMODf lEilo No. 4104-05. Phi Subject Photo Page Borrower/Client None Property Address TBD County Road 126 City Glenwood Springs County Garfield State Co Zip Code 81601 Lender Client Mahan Subject Front TBD County Road 126 Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Above Average V[ew 15.06 Ac1Abv Avg Ste 4arity Age form PlC3xS SR "WinTOTAL' appraisal software by a la mode. inc. — 1.800 -At AMCCE Subject Rear Subject Street File No. 4104 -OS Pace #6 Comparable Photo Page Borrovrer/Client None Property Address TBD County Road 126 City Glenwood Springs County Garfield Slate Co lip Code 81601 Lender Client: Mahan Comparable 1 Lot 5 Gobbler Knob Prox. to Subject 7.19 miles Sales Price 300,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Good Yew 4,6 AcreslAbv Avg Site Duality Age Comparable 2 TBD Steer Gulch Road Prox. to Subject 5.23 miles Sales Price 450.000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Average View 73 AcreslAbv Avg Site Quality Age Comparable 3 Lot 45 Springridge Reserve Prox. to Subject 0.83 miles Sales Price 335,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Farm PIC3x5 CR—'WInTOTAL" appraisal software by ala mode. inc. — 1-800-AtAMODE Good 6.2 AcreslAbv Avg Filo No. 4104-06 Noe #1 Comparable Photo Page Borrower/Client None Property Address TBD County Road 126 City Glenwood Springs County Garfield State Co lip Code 81601 Lender Client: Mahan Comparable 4 TBD County Road 117 Prot to Subject 1.76 miles Sales Price 338,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Above Average Mew 10.79 Acres Site Quality Age Comparable 5 Prox, to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Yew Site Quality Age Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location Mew Site Ouality Age Form PIC3x5,CR "WinTOTAI.' appraisal sollware by a la mode, irtc. —1-600-ALAMODE File No. 4104-08 Paae #8} Location Map Bcrrawer/Client None Properly Address TBD County Road 126 Cly Glenwood Springs County Garfield Slate Co hip Cade 81601 Lender Client: Mahan a la mode, inc. Cha vs ri Comparable # 1 Lot 5 Gobbler Knob 7.19 miles 11.4 132: .. �'� -F30j ari USfi' 24 3� n C 0 1 0 R A 0 0 G A P. F E c 4 U Vhi3e River 14.dian:nt Forest tel' rosefe Virtual Earth" Comparable # 2 TBD Steer Burch Road 5.23 miles Ij 420' Comparable # 3 Lnt #5 Springridge Reserve 0J13 miles Comparable # 4 TBD County Road 117 1.76 miles QK90 n :82I C� Sank -. Sutank 100: L.at! Catd,n '133j 2.5 miles Form MARLOC --'WinTOTAL" appraisal software by ala mode, inc- 1.800-ALAMODF File No. 41.0;170-e #91 Flood Map Borrower/Client None Prepared for: Fairbanks Appraisal TBD County Road 126 Glenwood Springs, Co 81601 by 3'� ^ -1, www,interfood.com • 1-800-252-6633 Properly Address TBD County Road 126 6396 �f 6410 r ,I - � �^'(1 City Glenwood Springs County Garfield Stale Co Zip Code 81601 Lender Client: Mahan - I n terFl ood Prepared for: Fairbanks Appraisal TBD County Road 126 Glenwood Springs, Co 81601 by 3'� ^ -1, www,interfood.com • 1-800-252-6633 6396 �f 6410 r ,I - � �^'(1 ��* 6424 6434 6444 6458` o 7 ZONE B i' :%' �, _ 6444 i � r ZONE C Z E A2 l� •.;.;,_,. ...,";--k. l,; _-1% 6484 f,:.,:',. 6516N.\ \\\� �I + , �fr�, �! �. -! TF \ ! / f IIIIIE 9 % +I�IIIIII / 6526 6536 ` 8546 . 655x6 l \..- y \`� 10 -w I1FLOODSCAPE ' ' x00' 1400. ZONE B-- / 21;70` 2803' .-~' --' 694 6604 65• 6 ' f l I' jl ;I iliE Flood Hazards Map Map Humber 08020614456 Effective Date January 3,1986 Pouiered 6y FlandSource - 877 Y E . OAK ME SU6OIVISION �;.1 i;;! ROPO—_-4 -77 -FLOOD www.. floodsource.cam. fna 01059-2008 SourceProse and/or FloodSource Corporations_ HI rights reserved. Patents 8.031.318 and 8,876.613. Other patents pending. For Info: info Voodsource,com- foml MAP.FLODQ — "WinTOTAL' appraisal software by a la mode, inc. —1.800-ALAMCDE ;FileNo.4104-O F e#IQ1 Gerald W. Fairbanks 1-24-06 Full time licensed appraiser covering Garfield County 1990- 2006 Completed over 3,500 reports General Contractor (residential) 1975-1990 Garfield County Graduate School (Composition & Literature) 1972-1973 17.5, Anny, honorable discharge Sgt, E-5 1972 Central Michigan University 1966-1970 13.S. Degree in Secondary Education (English & Psychology) 11.S. graduation (Gaylord Michigan)1966 Respectfully Submitted, G.W. Fairbanks STATE OF COLORADO Department a1 Regulatory Agencies Divisloh of Real Estate Anhe L$Cun,ed Apo,al99f P11MFo w SF:QII§: I'ai GN 1/10 am t 2000 1 Dec a12000 Nun,bO+ Issue Oala Ellpins GOAL -0 WAYN¢ FAMINES GI SNWOM SPRINGS. CO 151602 Form SCNLGL ---'W nTOTAL" appraisal software by ala mode, inc,— 1-800-ALAMODE