Presley-McKenney & Associates, Inc.
SEM
LAND APPRAISAL REPORT
File No. 17017Z2
The purpose of this appraisal report is to provide the lender/client with an accurate supported opinion of the market value of the subject property.
CLIENT AND PROPERTY IDENTIFICATION
Property Address: 715 Olive Road
City: Pensacola
State: Florida
Zip: 32514
Borrower: N/A
Owner of Public Record: Hermanos Barangan, LLC
County: Escambia County
Legal Description: Lengthy; attached as exhibit within report.
Assessor's Parcel #:
20-1S-30-2101-003-001
Tax Year: 2016
R.E. Taxes: 1,191.20
Neighborhood Name: North Pensacola
Map Reference: Z02
Census Tract: 37860-12-033-0035.008
Special Assessments: None
PUD
Yes X No HOA: $ N/A
Per Year
Per Month
Property Rights Appraised:
Leasehold
Other (describe)
X Fee Simple
Assignment Type:
Purchase Transaction
Refinance Transaction
X Other (describe) Client land-use planning
Lender/Client: Escambia County Real Estate Acquisition Dept
Address: 3363 West Park Place, Pensacola, Florida 32505
CONTRACT ANALYSIS
I
did X did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed.
Contract Price $:
Date of Contract:
Is the property seller the owner of public record?
Yes
No
Data Source(s)
Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to be paid by any party on behalf of the borrower?
Yes
If Yes, report the total dollar amount and describe the items to be paid. $
NEIGHBORHOOD DESCRIPTION
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics
One-Unit Housing Trends
Location
Built-Up
Urban
X Suburban
Over 75% X 25-75%
Rural
Under 25%
Property Values
Demand/Supply
Increasing
Shortage
X Stable
X In Balance
One-Unit Housing
Declining
Over Supply
PRICE
$(000)
Growth
Rapid
X Stable
Slow
Marketing Time
Under 3 mths
3-6 mths X Over 6 mths
Neighborhood Boundaries: North Davis Highway to the east, Nine Mile Road to the north, US
Aver.
Fair
Present Land Use %
AGE
(yrs)
One-Unit
2-4 Unit
65
10
5
10
10
30 Low New Multi-Family
300 High
60 Commercial
130 Pred. 10-15 Other Vacant
Highway 29 to the west, Airport Boulevard to the south
Good
No
Poor
Good
Aver.
%
%
%
%
%
Poor
Fair
Convenience to Employment
X
Property Compatability
X
Convenience to Shopping
X
General Appearance of Properties
X
Convenience to Primary Education
X
Adequacy of Police/Fire Protection
X
Convenience to Recreational Facilities
X
Protection from Detrimental Conditions
X
Employment Stability
X
Overall Appeal to Market
X
Neighborhood Description: The subject neighborhood is generally residential in character, as evidenced by single-family homes & scattered multifamily dwellings on sites of varying size. Homes vary in age with most appearing to be well-maintained. The area is within a reasonable
distance to shopping, schools, and employment. Commercial development is generally located along the neighborhood boundary roads,
such as North Davis Highway, Nine Mile Road, US Highway 29/Pensacola Boulevard, and Airport Boulevard, as well as along Palafox
Highway and more limited portions of Olive Road. Market appeal is considered to be average.
Market Conditions (including support for the above conclusions): See Attached Addendum
SITE DESCRIPTION
Dimensions: (see legal description & survey)
Area: 8.03
X Acres
Sq.Ft.
Shape: Irregular
Zoning Classification: MDR
Zoning Description: Medium density residential
Zoning Compliance: X Legal
Legal Nonconforming (Grandfathered Use)
No Zoning
Illegal (describe)
Uses permitted under current zoning regulations:
See Attached Addendum
Highest & Best Use: Possible subdivision into single-family residential lots.
Describe any improvements:
None
Do present improvements conform to zoning?
Yes
No
X No improvements
View: Interior
If No, explain:
Present use of subject site:
Vacant
Current or proposed ground rent?
Yes X No
If Yes, $
Topography: Gently sloping
Size: 8.03 Acres
Drainage: Appears to be some wetlands
Corner Lot:
Yes X No
Underground Utilities:
Yes X No
Fenced: X Yes
No
If Yes, type: Partial (?), metal pole and wire
Special Flood Hazard Area
Yes
No
FEMA Flood Zone: Unknown
FEMA Map #: 12033C0315G
FEMA Map Date: 09/29/2006
UTILITIES
Public Other
Provider or Description
Off-Site Improvements
Type/Description
Public Other
Electricity
Gas
Water
Sanitary Sewer
Unknown
Unknown
Unknown
Unknown
Street Surface
Street Type/Influence
Curb/Gutter
Sidewalk
Asphalt
Secondary
None
None
None
None
Other
Street Lights
Other
Alley
Are the utilities and off-site improvements typical for the market?
X Yes
No
If No, describe:
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)?
X Yes
X
No
If Yes, describe:
See Attached Addendum
Site Comments:
See Attached Addendum
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LAND_15 09292015
Presley-McKenney & Associates, Inc.
SEM
LAND APPRAISAL REPORT
There are
There are
0
0
File No. 17017Z2
comparable sites currently offered for sale in the subject neighborhood ranging in price from $
comparable sites sold in the past 12 months in the subject neighborhood ranging in sale price from $
COMPARABLE SALES
FEATURE
Address 715 Olive Road
SUBJECT
COMPARABLE SALE NO. 1
8611 Untreiner Avenue
Pensacola, FL 32534
3.2 miles NNW
City/St/Zip Pensacola, FL 32514
Proximity to Subject
Data Source(s)
Inspection
Closed MLS #417859 & #417858
Verification Source(s)
Public Records
Public Records
Sale Price
$
TBD
$
152,600
Price/ Acre
Date of Sale (MO/DA/YR)
Days on Market
Financing Type
Concessions
$
0 $
15,461
Current
04/09/2015
6-12 months
1,218 days
Conventional
Cash
Typical
Typical
Location
Suburban
Suburban
Property Rights Appraised Fee Simple
Fee Simple
Site Size Acres
8.03
9.87
View
Interior
Interior
Topography
Sloping
Mostly level
Available Utilities
None
None
Street Frontage
+/-532' Olive Rd
+/-660' Untreiner
Street Type
Secondary
Secondary
Water Influence
Streambed w/ Ponding None
Fencing
Perimeter
None
Improvements
None
None
Parcel Shape
Slight Irregular
Rectangular
+ X $
Net Adj. -20.0%
Net Adjustment (Total, in $)
Adjusted sales price of the
to $
.
to $
COMPARABLE SALE NO. 2
COMPARABLE SALE NO. 3
3200 block Bauer Field Road
Pensacola, FL 32506
21 miles SW
Public Records
$
80,000
$
8,811
10/12/2016
Unknown
Cash/Conventional
Typical
Less Demand
Fee Simple
9.08
Interior
Level
None
+/-300' Bauer
Secondary
1,322
-1,546 +/-2/3rds wetlands
None
None
-1,546 Rectangular
3,092
.
X +
Net Adj.
-
1,057
-881
$
1,498
17.0%
12,369 Gross Adj. 37.0% $
2800 block Godwin Lane
Pensacola, FL 32526
6.3 miles SW
Closed PARMLS #469118
Public Records
$
63,500
$
10,818
07/06/2015
217 days
Conventional
Typical
Suburban
Fee Simple
5.87
Interior
Level
None
+/-106' Godwin
Secondary
None
-1,082
None
None
Irregular
1,082
-
X +
Net Adj.
$
0
0.0%
10,309 Gross Adj. 20.0% $
Comparable Sales (in $)
Gross Adj. 20.0% $
10,818
The Appraiser has researched the transfer history of the subject property for the past 3 years and the listing history of the subject for the past 12 months prior to the effective date of this appraisal.
The appraiser has also researched the transfer and listing history of the comparable sales for the past 12 months.
The appraiser's research
did
X did not
reveal any prior sales or transfers of the subject property for the three years prior to the effective date of the appraisal.
Data Sources: Pensacola Association of Realtors Multiple Listing Service (PARMLS), Metro Market Trends (MMT), Public Records
The appraiser's research
did
X did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Sources: PARMLS, MMT, Public Records
The appraiser's research
did not reveal any prior listings of the subject property or comparable sales for the year prior to the effective date of the appraisal.
X did
Data Sources: PARMLS, MMT, Public Records
Transfer/Sale (ONLY) of the
Listing and Transfer history of
Listing and Transfer history of
Listing/Transfer History
Subject in past 36 months:
Comp 1 in past 12 months:
Comp 2 in past 12 months:
(if more than two, use comments
$
N/A N/A
$
165,900 Listed w/ MLS $
N/A N/A
section or an addendum.)
$
$
prior to sale $
Subject Property Is Currently Listed For Sale? X Yes
No
Data Source: Sign on property; PARMLS #510316
List Date
List Price
Days on Market
Current Listing History
$
12/18/2016
Subject Property has been listed within the last 12 Months? X Yes
List Date
12 Month Listing History
No
$
$
125,000 54 days
Data Source: PARMLS
List Price
$
$
03/14/2016
Listing and Transfer history of
Comp 3 in past 12 months:
75,000 Listed w/ MLS
prior to sale
Data Source
PARMLS #510316
Days on Market
125,000 277 days
Data Source
PARMLS #496405
Comments on Prior Sales/Transfers and Current and Prior Listings: The subject has a "for sale" sign on the property and is currently listed on the PARMLS,
asking $125,000, or about $15,567 per acre. The property has been listed at this price since March 14, 2016.
Summary of the Sales Comparison Approach:
See Attached Addendum
Reconciliation Comments:
With the direct sales comparison approach being the only applicable approach to market value for real estate
similar to the subject in this market, our opinion of market value is reconciled wholely utilizing the indication from development of this
approach.
This appraisal is made
X "as is", or
subject to the following conditions or inspections:
Based on a complete visual inspection of the subject site and those improvements upon said site, defined scope of work, statement of assumptions and
limiting conditions, and appraiser's certification, my (our) opinion of market value, as defined, of the real property that is the subject of this report is:
Opinion of Market Value: $
92,300
, as of:
February 10, 2017
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Page 2 of 4
Presley-McKenney
, which is the date of inspection and the effective date of this appraisal.
LAND_15 09292015
Presley-McKenney & Associates, Inc.
LAND APPRAISAL REPORT
SEM
File No. 17017Z2
PRODUCT INFORMATION FOR PUDs (if applicable)
Is the developer/builder in control of the Homeowners' Association (HOA)?
Yes
No
Unit type(s):
Detached
Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project:
Total number of phases:
Total number of units:
Total number of units sold:
Total number of units rented:
Total number of units for sale:
Was the project created by the conversion of existing building(s) into a PUD?
Yes
Does the project contain any multi-dwelling units?
Yes
No
Data Source:
Are the units, common elements, and recreation facilities complete?
Yes
No
No
Attached
Data source(s):
If Yes, date of conversion:
If No, describe the status of completion:
Describe common elements and recreational facilities:
CERTIFICATIONS AND LIMITING CONDITIONS
This report form is designed to report an appraisal of a parcel of land which may have some minor improvements but is not considered to be an "improved site". All improvements are considered
to be of relatively minor value impact on the overall value of the site. This report form is not designed to report on an "improved site" where significant value is derived from the improvements.
This appraisal report form may be used for single family, multi-family sites and may be included within a PUD development.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions and certifications.
Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the
scope of work to include any additional research or analysis necessary based on the commplexity of this appraisal assignment. Modifications or deletions to the certifications are also not
permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing
education or membership in an appraisal organization, are permitted.
The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the
following definition of market value, statement of assumptions and limiting conditions and certifications. The appraiser must, at a minimum; (1) perform a complete visual inspection of the subject
site and any limited improvements, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify and analyze data from reliable public
SCOPE OF WORK:
and/or private sources, and (5) report his or her analysis, opinions and conclusions in this appraisal report.
INTENDED USE:
INTENDED USER:
The intended use of the appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction.
The intended user of this report is the lender/client identified within the appraisal report.
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and
seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what they consider
their own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in United States dollars or in terms of financial arrangements
comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with
the sale. (Source: OCC, OTS, FRS, & FDIC joint regulations published June 7, 1994)
DEFINITION OF MARKET VALUE:
* Adjustments to the comparables must be made for special or creative concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law
in a market area; these costs are readily identifiable since the seller pays these costs 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 party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a
mechanical dollar 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 judgment.
The appraiser's certification in this report is subject to the following assumptions and limiting conditions:
The appraiser will not be responsible for matters of a legal nature that affect the subject property being appraised or the title to it, except for information that he or she
became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions
about the title
The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this
appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no
guarantees, express or implied, regarding this determination.
The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question unless specific arrangements to do so have been
made beforehand, or as otherwise required by law.
The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic substances, etc.) observed during the
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS:
1.
2.
3.
4.
inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal
report the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the subject property (such as, but not limited to,
needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable,
and has assumed that there are no such conditions and makes no guarantees or warranties express or implied. The appraiser will not be responsible for any such
conditions that do exist or for the engineering or testing that might be required to discover whether such condition exist. Because the appraiser is not an expert in the
field of environmental hazards, this appraisal must not be considered as an environmental assessment of the property.
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1.
I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
I performed a complete visual inspection of the subject site and any limited improvements. I have reported the information in factual and specific terms. I identified and
reported the deficiencies of the subject site that could affect the utility of the site and its usefulness as a building lot(s).
I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the
Appraisal Standards Board of the Appraisal Foundation and that were in place at the time this appraisal report was prepared.
I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate
comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches
to value but did not develop them unless indicated elsewhere wihtin this report as there are no or very limited improvements and these approaches to value are not
deemed necessary for credible result and/or reliable indicators of value for this appraisal assignment.
I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months
prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless
otherwise indicated in this report.
I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the dae of the sale of the comparable sale,
unless otherwise indicated in this report.
I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
I have not used comparable sales that were the result of combining multiple transactions into reported sales
I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales.
I have verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property.
I have knowledge and experience in appraising this type of property in this market area.
I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land
records and other such data sources for the area in which the property is located.
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LAND APPRAISAL REPORT
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File No. 17017Z2
CERTIFICATIONS AND LIMITING CONDITIONS (continued)
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
I obtained the information, estimeates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believed to be true and
correct.
I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject
property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited
to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the
property value, and have reported on the effect of the conditions on the value and marketability of the subject property.
I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal
report are true and correct.
I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting
conditions in this appraisal report.
I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion,
sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or
occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding,
written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value,
a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage
loan application.
I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal
assistance from any individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and
disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone
to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it.
I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will received this appraisal report.
The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and
assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal
organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the
appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other
party (including, but not limited to, the public through advertising, public relations, news, sales, or other media).
I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject
to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me.
The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and
other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties.
24.
If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws
(excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report
shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or
imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1.
I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements,
conclusions, and the appraiser's certification.
2.
3.
4.
5.
I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the
appaiser's certification.
The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this
appraisal, and is acceptable to perform this appraisal under the applicable state law.
This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of
The Appraisal Foundation and that were in place at the time this appraisal report was prepared.
If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defined in applicable federal and/or state laws
(excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall
be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
SIGNATURES
APPRAISER
SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature
Name Stephen E. McKenney
Company Name Presley-McKenney & Associates, Inc.
Company Address 913 Gulf Breeze Parkway, Suite 30
Signature
Name M. Eugene Presley
Company Name Presley-McKenney & Associates, Inc.
Company Address 913 Gulf Breeze Parkway, Suite 30
Gulf Breeze, FL 32561
Telephone Number 850-916-7066
Email Address presleymckenney@gmail.com
Date of Signature and Report 02/17/2017
Effective Date of Appraisal February 10, 2017
Gulf Breeze, FL 32561
Telephone Number 850-916-7066
Email Address presleymckenney@gmail.com
Date of Signature 02/17/2017
State Certification # St.Cert.Gen.REA #0000103
State Certification #
or State License # St. Reg. Trn. REA #RI8246
or State License #
State Florida
or Other (describe)
State Florida
Expiration Date of Certification or License
Expiration Date of Certification or License 11/30/2018
State #
SUBJECT PROPERTY
Did not inspect subject property
X Did inspect exterior of subject property from street
Date of Inspection February 10, 2017
11/30/2018
ADDRESS OF PROPERTY APPRAISED
715 Olive Road
Pensacola, Florida 32514
APPRAISED VALUE OF SUBJECT PROPERTY $
LENDER/CLIENT
Name
Company Name Escambia County Real Estate Acquisition Dept
Company Address 3363 West Park Place
92,300
COMPARABLE SALES
Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Date of Inspection
Pensacola, Florida 32505
Email Address
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LAND APPRAISAL REPORT
File No. 17017Z2
COMPARABLE SALES
FEATURE
SUBJECT
Address 715 Olive Road
City/St/Zip Pensacola, FL 32514
Proximity to Subject
COMPARABLE SALE NO. 4
9100 North Eight Mile Creek Road
COMPARABLE SALE NO. 5
8140 Ackerman Street
Pensacola, FL 32534
Pensacola, FL 32514
6.3 miles NW
0.2 miles NNW
Data Source(s)
Inspection
MLS #380264 & #355628
Closed PARMLS #479877
Verification Source(s)
Public Records
Public Records
Public Records
Sale Price
$
TBD
$
190,800
$
21,000
Price/ Acre
$
0 $
17,473
$
10,048
$
Date of Sale (MO/DA/YR) Current
10/16/2014
06/24/2016
Days on Market
6-12 months
Unknown
427 days
Financing Type
Conventional
Conventional
Cash
Concessions
Typical
Typical
Typical
Location
Suburban
Slight superior
-874 Suburban
Property Rights Appraised Fee Simple
Fee Simple
Fee Simple
Site Size Acres
8.03
10.92
2.09
1,005
View
Interior
Interior
Interior
Topography
Sloping
Mostly level
Sloping
Available Utilities
None
None
None
Street Frontage
+/-532' Olive Rd
+/-476' EMC Rd
+/-320' Ackerman
Street Type
Secondary
Secondary
Secondary
Water Influence
Streambed w/ Ponding None
-1,747 Some streambed
Fencing
Perimeter
None
None
Improvements
None
None
None
Parcel Shape
Slight Irregular
Rectangular
-1,747 Rectangular
Net Adjustment (Total, in $)
Adjusted sales price of the
Comparable Sales (in $)
Listing/Transfer History
(if more than two, use comments
section or an addendum.)
COMPARABLE SALE NO. 6
$
0.00
+ X $
4,368 X +
$
1,005
+
$
Net Adj. -25.0%
Net Adj. 10.0%
Net Adj.
%
Gross Adj. 25.0% $
13,105 Gross Adj. 10.0% $
11,053 Gross Adj.
% $
Transfer/Sale (ONLY) of the
Listing and Transfer history of
Listing and Transfer history of
Listing and Transfer history of
Subject in past 36 months:
Comp 4 in past 12 months:
Comp 5 in past 12 months:
Comp 6 in past 12 months:
$
$
Summary of the Sales Comparison Approach:
N/A N/A
$
$
N/A
N/A
$
$
Produced using ACI software, 800.234.8727 www.aciweb.com
37,000 Listed w/ MLS $
prior to sale $
LAND_15 09292015
ADDENDUM
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
Neighborhood Market Conditions
Because of physical barriers--bays to the south and east, rivers with lowlands/wetlands to the
west and east--the growth pattern for the Pensacola metropolitan area has primarily seen
areas of new real estate development expand northward. The subject property is located
close to the current leading edge of this development arc, but still largely within a former ring
of growth. This is illustrated by the range of home ages and the predominant home age
range. This places the property within and between established neighborhoods within the
historical metropolitan area, but also within a reasonable drive time to the leading edge of
growth.
Although vacant land is becoming more scarce in the subject market area, there are still
several large and small parcels available. The estimated length of marketing time for the
subject market is derived from recent sales of similar land, which are described within the
sales comparison analysis. These transactions involving land between about two and eleven
acres in size, with MDR--medium density residential--zoning, changing hands through arm's
length sales since late-2014, show marketing times of between seven months and 40 months
with a mean of about 20 months. This length of time is worth noting because the comparable
properties eventually sold for 8%, 15%, 38%, and 43% LESS than the original asking price.
We can surmise from this data that were the original asking prices more in line with market
pricing expectations, the times on market would be much less, probably between six and
twelve months.
Uses Allowed Under Current Zoning Regulations
Single-family residential, only. According to the Escambia County Land Development Code,
the MDR zoning district appears to allow for single-family residential development in all
instances. Mobile home use is only allowed within existing manufactured home parks or
subdivisions, or on land that was zoned V-4 under the previous land development
code/zoning. From research involving old zoning maps that we have in our office, it appears
that the subject property was previously zoned R-2 under the old zoning. Two-family dwellings
are only allowed on current MDR land that was previously zoned either R-3 or V-4. Therefore,
based on the criteria stated within the current land development code, it appears that the
subject property could only legally be used for single-family residential, public utility structure,
marina, park, or plant-based agriculture, barring appeal for a conditional use.
Adverse Site Conditions
We were not provided a wetlands survey and we are not experts in the field of wetlands
determination. The subject property contains a pond, indicated by the survey to almost bisect
the parcel. Other maps show markings that indicate that Carpenter Creek runs through the
property with the pond appearing to be a part of this basin. These maps appear to indicate
that Carpenter Creek originates from two source areas a few hundred feet north and east of
the subject. There is a pond located across Olive Road from the subject to the north and at
the time of our visit to the subject property, a portion of land at the northwest corner/edge of
the subject property adjoining Olive Road had standing water on it.
As noted, the Federal Emergency Management Agency (FEMA) flood hazard maps do not
show the subject property as having any areas of flooding. However, this should be tempered
by a notation on the map which states "limit of detailed study" delineated south-southeast of
the subject property.
It should be noted that we were not provided a wetlands survey and we are not experts in the
field of wetlands determination. However, within the open market, all of the above-stated
information would be important for consideration by a prudent buyer, knowledgeable of the
market, so it is important to consider in reaching an opinion of current market value for the
property.
Site Comments
The subject property includes about 8.03 acres of total area, per information provided to the
owners agent, Melissa McKnight, by Merrill Parker Shaw, Inc., who recently completed a
survey of the property. This is contrary to an area of 7.34 acres indicated by the Escambia
Addendum Page 1 of 3
ADDENDUM
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
County geographic information system (GIS) mapping service. This appraisal is being made
assuming a total area of 8.03 acres. As noted above, the subject property appears to contain
a portion of the creek bed of Carpenter Creek. The subject has a pond that almost bisects the
property. From aerial photographs, there appears to be a dirt road that loops around the
western edge of the pond, connecting the rear (southern) areas of the property with the
northern portion that fronts along the south side of Olive Road. The parcel has about 532 feet
fronting along Olive Road. Ms. McKnight says that the surveyors indicate the pond to be
about 1.4 acres in size.
According to Ms. McKnight, the property has been in the owners family for many years,
passing to the children from their father upon the passing of their father. At one time, the
property included a home near Olive Road with "apartments" on the southern half. Ms.
McKnight states that the property is now vacant, the improvements being removed years ago.
The property has been listed for sale on the Pensacola Association of Realtors Multiple
Listing Service (PARMLS) for almost a year. The current asking price is $125,000. With 8.03
acres, this equates to about $15,567 per acre.
Comments on Sales Comparison
When utilizing the direct sales comparison approach to determine an estimate of the current
market value of the fee simple interest in the subject property, it was very important to choose
sales of similar-sized parcels having identical zoning as the subject. As mentioned earlier in
the narrative discussion of the subject's current zoning, it was not only important to research
the existing zoning for the subject and the sales, but also to research the zoning of each prior
to the most recent updating of Escambia County's land development code, because the prior
zoning has an effect on the allowable uses now available for these parcels. It appears from
our reading of the land development code that the subject property can only support
development of single-family homes. Based on this, we selected recent sales of other
MDR-zoned parcels that have similar development potential. A couple of sales that now have
MDR zoning, but because of previous R-3 zoning now allow for multi-family duplex
development, as well as single-family home development, were excluded because of the less
restrictive development potential. This potential for a greater range of possible development
can make a substantial difference in the price per unit that a buyer is willing to pay.
Additionally, we would have liked to have been able to include several sales of similar size
and zoning as the subject, which also have implied wetlands/water similar to the subject, as
well, but recent market activity limited any such "perfect" comparable sale properties. This is
important to consider, as the pond may or may not restrict access to the southern half of the
subject. What we have is a comparison of the subject property to sales of five parcels of land
that bracket the subject for size and have similar allowable development per acre. All of these
parcels sold within the last 29 months. Four of these properties are located within 6.3 miles of
the subject. Two of the properties include at least some wetlands/water influence.
Sale One sold at 8% below the asking price after being on the market for around 40 months.
The per acre sales price was $15,461. The subject and this property are similar for size,
location, and frontage. The subject has a more irregular shape and includes the stream bed
for Carpenter Creek cutting through its middle, while this sold property is mostly level. Overall,
the subject is considered to be inferior to this sold property.
Of the five sales, Comparable Sale Two sold for the least per acre at $8,811 per acre. Our
research indicates that this property had been listed a couple of years ago, asking $128,900.
The sales price of $80,000 is 38% below this previous listing price. This property is located
furthest from the subject, being near to Tarkiln Bayou and Tarkiln Bay. With proximity to these
bodies of water, this sold property has about two-thirds of its total land area as natural
wetlands. Even though the stream bed of Carpenter Creek runs through it, the subject is
superior to the sold parcel when giving considering to these characteristics. The subject is
inferior for shape, but is in an area of more demand. Overall, the subject is considered to be
superior to this sold parcel.
Addendum Page 2 of 3
ADDENDUM
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
Sale Three is located about 6.3 miles southwest of the subject, but still within the market
area. This parcel sold for 15% below the asking price after being on the market for at least
seven months. The selling price per acre was $10,818. The subject has a more regular shape
than this parcel, but with this effectively offset by the sale property having no noticable
wetlands and level topography. With no net adjustment, this sale is considered to offer a good
indication of current market value for the subject.
Sale Four, with a price paid equating to $17,473 per acre, sets the upper limit of value for the
market in similar-sized MDR land. This parcel has a rectangular shape, no apparent
wetlands, is mostly level, and is located in an area of high demand just south of Nine Mile
Road and west of Pine Forest Road. Overall, the subject is considered to be inferior to this
property.
Of the five sales, Sale Five is located in closest proximity to the subject. Because of its size in
comparsion to the subject, this parcel is not considered to be a very good comparison to the
subject. However, because of its relative location to the subject, identical zoning, and its
apparent proximity at the edge of the stream bed of Carpenter Creek, we have chosen to
mention this recent sale. This property sold for 43% below the asking price after being on the
market for about 14 months.
It is also worth noting the property located adjacent to the subject to the east. This property is
currently listed for sale and was mentioned as competition to the subject by at least one other
real estate professional. However, upon further investigation, this property is not really a
competitive or comparable property to the subject. This adjoining property is currently asking
$325,000 and has been on the market since April 11, 2013, or about 46 months. It is
described as including about 6.5 acres of land with a +/-1,550-square foot home built in 1939.
The home appears to be in poor condition, probably with no contributing value. This property
is then effectively asking about $50,000 per acre. The reason that this property is not
considered to be comparable to the subject is because of its zoning, which is HDMU, high
density, mixed use, per Escambia County. Unlike the subject zoning which only allows
single-family home development, HDMU zoning allows for a wide variety of allowable uses of
this adjoining parcel of land to include not only single-family homes, but also multi-family,
professional office, commercial service, and retail uses.
After comparison of the subject to the comparable properties, the following qualitative ranking
is established:
Property
Comp Sale 4
Comp Sale 1
Subject
Comp Sale 3
Comp Sale 5
Comp Sale 2
Subject Comparison
Inferior
Inferior
Base
Similar
Superior
Superior
$/Acre
$17,473
$15,461
TBD
$10,818
$10,048
$ 8,811
We also have a range of market value from $10,309 to $13,105 per acre, based on the
quantitative analysis. This sample has a mean of $11,531 per acre and a median of $11,053
per acre.
Based on all available information, it is our opinion that the current market value of the fee
simple interest in the subject property is $11,500 per acre. With the subject having +/-8.03
acres, this indicates a market value of $92,345, rounded to $92,300. It is worth noting that
this indication of market value is 26% below the current listing price. This is bracketed by the
data from the sales which sold between 8% and 43% below asking price with a mean of 26%.
Addendum Page 3 of 3
SUBJECT PHOTOGRAPHS
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
View of Subject along Olive Road
View of Subject from Olive Road
View of Subject Near Its Northwest Corner
from Olive Road
Produced using ACI software, 800.234.8727 www.aciweb.com
PHT3 05212013
SUBJECT PHOTOGRAPHS
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
View of Subject from Olive Road
View of Olive Road, Looking East
View of Olive Road, Looking West
Produced using ACI software, 800.234.8727 www.aciweb.com
PHT3 05212013
PLAT MAP
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
COPY OF SURVEY
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
AERIAL PHOTOGRAPH
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
FLOOD HAZARD MAP
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
SUBJECT LEGAL DESCRIPTION
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
COMPARABLE PROPERTY PHOTO ADDENDUM
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
COMPARABLE SALE #1
8611 Untreiner Avenue
Pensacola, FL 32534
Sale Date: 04/09/2015
Sale Price: $ 152,600
COMPARABLE SALE #2
3200 block Bauer Field Road
Pensacola, FL 32506
Sale Date: 10/12/2016
Sale Price: $ 80,000
COMPARABLE SALE #3
2800 block Godwin Lane
Pensacola, FL 32526
Sale Date: 07/06/2015
Sale Price: $ 63,500
COMPARABLE PROPERTY PHOTO ADDENDUM
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
COMPARABLE SALE #4
9100 North Eight Mile Creek Road
Pensacola, FL 32534
Sale Date: 10/16/2014
Sale Price: $ 190,800
COMPARABLE SALE #5
8140 Ackerman Street
Pensacola, FL 32514
Sale Date: 06/24/2016
Sale Price: $ 21,000
COMPARABLE SALE #6
Sale Date:
Sale Price: $
LOCATION MAP
Borrower: N/A
Property Address: 715 Olive Road
City: Pensacola
Lender: Escambia County Real Estate Acquisition Dept
File No.: 17017Z2
Case No.: SEM
State: Florida
Zip: 32514
Presley - McKenney & Associates, Inc.
SEM
USPAP ADDENDUM
Borrower: N/A
Property Address: 715 Olive Road
City:
Pensacola
County: Escambia County
Lender: Escambia County Real Estate Acquisition Dept
State: Florida
File No. 17017Z2
Zip Code: 32514
Reasonable Exposure Time
My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: six to twelve months.
Exposure time is the estimated length of time that 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. This is a retrospective opinion based on
an analysis of past events that assumes a competitive and open market. The appraiser has determined that the subject property would
have to be exposed for six to twelve months on the open market of the effective date of this appraisal, at the appraised market value.
Additional Certifications
X I have performed NO services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment.
I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment. Those services are described in the comments below.
Additional Comments
Stephen McKenney, Florida State Registered Real Estate Trainee Appraiser #RI8246, provided significant real property appraisal
assistance to the person signing this certification. This assistance included visiting the subject property with the appraiser; researching
the market area, subject property, and market trends; analyzing the market and comparable properties; and reporting of descriptions,
research, and analysis.
APPRAISER:
SUPERVISORY APPRAISER (only if required):
Signature:
Name: Stephen E. McKenney
Date Signed: 02/17/2017
State Certification #:
or State License #: St. Reg. Trn. REA #RI8246
or Other (describe):
State #:
State: Florida
Expiration Date of Certification or License: 11/30/2018
Effective Date of Appraisal: February 10, 2017
Signature:
Name: M. Eugene Presley
Date Signed: 02/17/2017
State Certification #: St.Cert.Gen.REA #0000103
or State License #:
State: Florida
Expiration Date of Certification or License: 11/30/2018
Supervisory Appraiser inspection of Subject Property:
Did Not
X Exterior-only from street
Interior and Exterior
Produced using ACI software, 800.234.8727 www.aciweb.com
USPAP_14NT 01062014