APPRAISAL
A COMPLETE SUMMARY
APPRAISAL OF
VACANT 1.62 ACRE SITE
LOCATED ON THE WEST SIDE OF SW 8TH STREET
1/8 MILE NORTH OF WOOLBRIGHT ROAD
ON PART OF THE 14.18 ACRE PROPOSED
AL TA VISTA APARTMENT PROJECT SITE
BOYNTON BEACH, FLORIDA
PREPARED FOR
WOOD PARTNERS
AS OF
APRIL 4, 2001
BY
M. R. FORD AND ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
[FILE. 01127]
M.R. FORD AND ASSOCIATES, INC.
REAL ESTATE ApPRAISERS AND CONSULTANTS
8259 NORTH MILITARY TRAIL' SUITE 5 . PALM BEACH GARDENS, FLORIDA 33418
Email: MrFordAppraiser@Prodigy.net
(561) 627-6440 FAX (561) 627-9012
April 9, 2001
Mr. Jason MacArthur
Wood Partners
2700 North Military Trail, Suite 130
Boca Raton, Fl 33431
Re: Vacant 1.62 acre site located on the west side of SW 8th Street 1/8 mile north of
Woolbright Road on part of the 14.18 acre proposed Alta Vista apartment project
site in Boynton Beach, Florida
Dear Mr. MacArthur:
At your request, I have prepared a Complete Summary appraisal of the above-captioned
property, which I believe conforms with the Uniform Standards of Professional Appraisal
Practice guidelines. The purpose of my investigation and analysis was:
1. To estimate the current Market Value of the 1.62 acre parcel as part of the 14 18
acre apartment site, and alternatively:
2. To estimate the current Market Value of the site utilizing sales of properties
purchased for community serving uses such as church, school, parks, etc
Item 14 of the Conditions of Approval for the proposed Alta Chase apartment project
required the developer to "dedicate land, pay a fee in lieu thereof, or both, at the option of
the City, for park or recreational uses". The city agreed to a park land size of 1.62 acres
for the land to be dedicated, or paid a fee in lieu of. The subject site's land Use Plan
designation of HDR permits a maximum density of 10.8 units per acre, which is in exces~
of the typical density of properties purchased for public serving uses at 3 to 6 units per
acre. Other considerations being equal, higher density residential sites sell for higher_
prices per acre than lower density residential sites.
It follows that the 1.62 acre park site is more valuable as part of the 14 acre apartment site
than it would be with a lower residential development density typical of public serving use
site purchases. This situation was discussed with John Wildner, Director of the City of
Boynton Beach Parks and Recreation Dept., and with my client, Mr. MacArthur, and both
agreed that providing estimates of value under both premises would better serve the City's
determination of an appropriate fee in lieu of dedication for the 1.62 acre park site
condition.
Mr. Jason MacArthur
Wood Partners
Page Two
Based on conditions prevailing, as of April 4, 2001, it is my opinion that the current Market
Value of the fee simple interest for the 1.62 acre property as part of the 14.18 acre
apartment site was:
TWO HUNDRED THOUSAND DOLLARS
($200,000)
Alternately, based on conditions prevailing, as of April 4, 2001, it is my opinion that the
current Market Value of the fee simple interest for the 1.62 acre property utilizing typical
community serving site purchases of lower density residential properties was.
ONE HUNDRED SIX THOUSAND DOLLARS
($106,000)
The underlying assumptions and limiting conditions and my certification for this estimate
of value are attached on the following pages.
I appreciate the opportunity to provide appraisal services to you.
Respectfully submitted,
M. R. FORD AND ASSOCIATES, INC.
'nt~
Michael R. Ford, MAl, SRA, President
State-certified general appraiser #0000031
MRF/JW
Type of Property:
location:
Site Description:
Zoning:
Land Use Designation:
Highest and Best Use:
Date of Value:
Report Date:
Final Value Conclusions:
EXECUTIVE SUMMARY
Vacant 1.62 acre site
On the west side of SW 8th Street 1/8 mile north of
Woolbright Road on part of the 14.18 acre proposed Alta
Vista apartment project site in Boynton Beach, Florida
The total apartment site property contains 14.18 acres and
has an irregular shape with approximately 1,248 feet of
frontage along the west side of SW 8th Street, 1,012 feet
of frontage along the lWDD E-4 Canal on the site's west
side, and a south boundary of 453.5 feet.
PUD by Boynton Beach
HDR, High Density Residential, by Boynton Beach
Apartment Development
April 4, 2001
Apn19,2001
$200,000 current as part of a 10.8 unit per acre density
site
$106,000 current utilizing lower density residential
sites purchased for community serving uses.
Est. Market Exposure Time: 6-12 months
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TABLE OF CONTENTS
Page No.
Title Page
Transmittal letter
Executive Summary
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Certification . . .. ..................... . .
General Assumptions and Limiting Conditions . . . . .. ..
Subject Photographs ..........................................
. . . . . . . .. ....... 1
3
5
7
GENERAL INFORMATION
Purpose of the Appraisal . . . . . . . . . . . . . . . . . . . . . . .. .................... 10
Appraisal Development and Reporting Process (Scope) ........ .. . . . . . . .. 10
Important Definitions .......... .................. . . .. ........... 10
Identification of the Subiect Property
location and Brief Description. . . . . . . . . . . . . . .. ........ .
legal Description . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. . .. ..
Owner of Record .....................................
Brief Sales History ............... .. ......
12
. . . ... 12
12
12
CITY DATA (Area Overview) ..................................
13
PROPERTY RECORD DATA
location Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ...... 15
Site Size, Dimensions, and Shape ..................................... 16
Access and Exposure ............................................... 16
Easements and Encroachments ....................................... 16
Topography and Drainage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 17
Assessed Value and Taxes. . . . . . . . . . . . . . . . . . . . . . . . . .. ............... 17
Zoning and land Use .......................... .................... 17
Site Plan ............................................. .......... 19
HIGHEST AND BEST USE
PREFACE TO VALUATION
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 21
SALES COMPARISON APPROACH
Apartment land Sales Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 22
Valuation as Part of Apartment Site .................................... 23
Community Serving land Sales Chart. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 25
Valuation Utilizing Community Serving Site Purchases. . . . . . . . . . . . . . . . . . . . .. 26
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M. R. FORD AND ASSOCIATES. INC.
TABLE OF CONTENTS
ADDENDA
Appraiser's Qualifications
tl!It
Michael R. Ford, MAl, SRA, President
State-certified General Appraiser #0000031
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M. R. FORD AND ASSOCIATES. INC.
CERTIFICATION
3
The undersigned hereby certifies that, except as otherwise noted in this appraisal report,
1. I have personally inspected the property that is the subject of this appraisal report.
2. I have no present or contemplated future interest in the real estate that is the subject
of this appraisal report.
3 I have no personal interest or bias with respect to the subject matter of this 3ppraisal
report or the parties involved.
4. To the best of my knowledge and belief, the statements of fact contained in the
appraisal report, upon which the analyses, opinions and conclusions expressed herein
are based, are true and correct, and no pertinent facts affecting value have been
knowingly withheld.
5 This appraisal report sets forth all the limiting conditions (imposed by the terms of this
assignment or by the undersigned) affecting the analyses, conclusions, and opinions
in this report.
6 My compensation is not contingent upon the reporting of a predetermined value or
direction in value that favors the cause of the client, the amount of the value estimate,
the attainment of a stipulated result, or the occurrence of a subsequent event.
7 My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the STATE OF FLORIDA for the
state-certified appraiser, and the CODE OF PROFESSIONAL ETHICS and the
UNIFORM STANDARDS OF PROFESSIONAL PRACTICE of the APPRAISAL
INSTITUTE.
8. No one other than the undersigned rendered significant professional assistance in
arriving at the analyses, opinions and conclusions concerning the property, which is
the subject of this appraisal.
9. As of the date of this appraisal, Michael R. Ford, MAl, SRA, has completed the
requirements under the continuing education programs of the STATE OF FLORIDA
and the APPRAISAL INSTITUTE.
10. I certify that the use of.this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives.
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M. R. FORD AND ASSOCIATES, INC.
CERTIFICATION
4
11. This report is not to be used in connection with a real estate "securities offering" and
is invalid if so used without the previous knowledge or written consent of the appraiser,
as explicitly demonstrated by a "summary of independent real estate appraiser's
report", which shall be attached and made a part of my report.
In those instances where explicit written consent has been given to refer within a
prospectus to certain specified conclusions or facts, it shall be done so only within the
format of the "summary of independent real estate appraiser's report" which is to be
reproduced in its entirety, without any deletions, material or immaterial, for such
consent to be valid. In addition, I reserve the right to review all of the material with
references to the property, evaluation and the context thereof. From time to time this
may involve additional compensation which has not been included in this quotation for
the appraisal or evaluation analysis.
12. This appraisal assignment was not based on a requested minimum valuation, a
specific valuation, or approval of a loan.
~
Michael R. Ford, MAl, SRA
State-certified general appraiser #0000031
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GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
5
This appraisal has been made with the following general assumptions and limiting
conditions:
1 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. All sales, cost, rental, financing offered and development data pertinent to this
evaluation have been verified by the appraiser(s).
7 It is assumed there are no hidden or unapparent conditions of the property, subsoil
or structures, which would render it more or less valuable. No responsibility is
assumed for such conditions or for engineering that might be required to discover
such factors. Further, unless otherwise stated in this report, the existence of
hazardous material, which mayor may not be present on the property, was not
observed by the appraiser. The appraiser has no knowledge of the existence of
such materials on or in the property. The appraiser, however, is not qualified to
detect such substances. The presence of substances such as asbestos, urea-
formaldehyde foam insulation, or other potentially hazardous materials may affect
the value of the property. The value estimate is predicated on the assumption that
there is no such material on or in the property that would cause a loss in value. No
responsibility is assumed for any such conditions, or for any expertise or
engineering knowledge required to discover them. The client is urged to retain an
expert in this field, if desired.
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.
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GENERAL ASSUMPTIONS AND LIMITING CONDITIONS
6
9. It is assumed that all applicable zoning and land use regulations and restrictions
have been complied with, unless a nonconformity has been stated, defined and
considered in the appraisal report.
10. 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.
11 It is assumed that the utilization of the land and improvements is within the
boundaries or property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
12. The distribution, if any, of the total valuation in 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.
13. Possession of this report, or a copy thereof, does not carry with it the nght of
publication.
14 The appraiser(s), by reason of this appraisal, are 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.
15 Neither all nor any part of the contents of this report, especially any conclusions as
to value, the identity of the appraiser(s), or the firm with which the appraiser(s) are
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(s).
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GENERAL INFORMATION
10
Purpose, Date and Function of the Appraisal
The purpose of this appraisal report is:
1, To estimate the current Market Value of the 1 62 acre parcel as part of the 14 18
acre apartment site, and alternatively:
2. To estimate the current Market Value of the site utilizing sales of properties
purchased for community serving uses such as church, school, parks, etc
The function of this appraisal is to determine the amount of payment to the City of Boynton
Beach in lieu of the park land dedication.
Appraisal Development and Reporting Process - Scope
Research on the subject, neighborhood and comparables has been undertaken to provide
the client with a complete analysis. Data sources include the International Council of
Shopping Centers; Palm Beach, Martin, and Broward County Public Records; County and
Local Planning and Zoning Departments; real estate data services; local real estate
agents; other appraisal offices; and property owners, Additionally, research performed for
other appraisals completed by this office considered appropriate was also utilized.
This report is intended to represent a complete summary appraisal, and includes a
summary of all of the pertinent data and its subsequent analysis. The scope and content
of the report follows generally accepted appraisal practices for a complete appraisal as set
forth in USPAP. The Scope of this report is limited by the Statement of Assumptions and
Limiting Conditions contained herein; no departures from Standard 1 of the USPAP were
invoked.
The property being appraised was inspected on April 4, 2001 by Michael R. Ford, at which
time ground level photographs were taken as seen in this report.
IMPORTANT DEFINITIONS
Market Value
The term "Market Value" is defined for this appraisal as follows:
The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently 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:
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M. R. FORD AND ASSOCIATES, INC.
GENERAL INFORMATION
11
(1) Buyer and seller are typically motivated
(2) Both parties are well informed or well advised, and acting in what they
consider their own best interests
(3) A reasonable time is allowed for exposure in the open market
(4) Payment is made in terms of cash in U.S. 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 Uniform Standards of Professional Appraisal Practice, 1997 Edition, Page 155.
Interest Appraised
The interest appraised is the "Fee Simple Estate" is defined as:
Absolute ownership unencumbered by any other interest or estate, subject
only to the limitations imposed by the governmental powers of taxation, next
domain, police power, and escheat.
Source The Dictionary of Real Estate Appraisal, Third Edition, Appraisal Institute.
Normal Marketing Period
The most probable amount of time necessary to expose a property in its
entirety, to the open market in order to achieve a sale. Implicit in this
definition are the following characteristics:
The property will be actively exposed and aggressively marketed to
potential purchasers through marketing channels commonly used by
sellers of similar-type properties
The property will be offered at a price reflecting the most probable
mark-up over market value used by sellers of similar-type properties
A sale will be consummated under the terms and conditions of the
definition of market value set forth [herein}.
Considering the above information as an indicator of future expectations, I have concluded
that the subject's normal marketing period estimate is best reflected at six-to-twelve
months, as of the effective appraisal dates, Similarly, my Market Value estimates coincide
with an individual exposure time of 6-12 months, which is assumed to have already
occurred as of the effective appraisal dates.
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GENERAL INFORMATION
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IDENTIFICATION OF THE SUBJECT PROPERTY
location and Brief Description
As-is, the subject parcel is part of a 14.18 acre vacant parcel of apartment land located on
the west side of SW 8th Street 1/8 mile north of Woolbright Road on part of the 14.18 acre
proposed Alta Vista apartment project site in Boynton Beach, Florida. The subject park
parcel would be located somewhere on that site with frontage along SW 8th Street.
legal Description
The legal description for the 14,18 acre apartment parcel was prepared by Avirom &
Associates, Inc and is described as Tract F, WOOLBRIGHT PLACE PLAT 1, according
to the Plat thereof recorded in Plat Book 67, Pages 47 through 49, Public Records of Palm
Beach County, Florida Since no part of the site will be dedicated to Public Park use, no
legal description of the 1.62 acre site is available.
Owner of Record
First Baptist Church of Boynton Beach, Florida
Brief Sales History
The subject site has been owned by First Baptist Church of Boynton Beach for an
extended period of time, and no sale data of any sort is shown in the Palm Beach County
public records. A listing sign was observed on the site advertising it as having been sold
by AI DeMarco or Arvida Commercial (561/702-7025).
My client's purchase of the site includes an additional 63 units which were transferred to
the site from the nearby Gables of Boynton Beach apartment site due to Mr. MacArthur's
friendship with principals of that development, resulting in an increased density of 4.44
units per acre beyond that permitted under its 10.8 units per acre Land Use Plan density.
Jason MacArthur stated that the purchase from the church was based on the increased
density, and would not be reflective of the value at the lower Land Use Plan permitted
density of 10.8 units per acre. He therefore refused to divulge his actual purchase price,
and requested that I not contact the handling broker for details. He also requested that
I appraise the site at the 10.8 unit per acre maximum density permitted by the land
Use Plan, as opposed to the higher approved density of 15.23 units per acre. I have
honored his directions and have not contacted the handling broker for details, and
have appraised the apartment site at the 10.8 units per acre density.
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CITY MAP
CITY DATA
14
Boynton Beach
Boynton Beach and its environs is a rapidly growing community located in the south end
of Palm Beach County approximately 55 miles north of Miami, 30 miles north of Fort
Lauderdale, and 15 square miles and has a census population in 1990 of 46,194 a 31 %
increase over the 1980 census population estimate of 35,624. The 1998 population was
51,365, an increase over 1990 of 11 %.
The greater Boynton Beach area had a population in 1998 of 93,038 which is expected to
increase to 103,080 in 2003.
The city is easily accessible by all means of transportation. Main highways through
Boynton Beach include U.S. Highway 1, U.S. Highway A-1-A, Interstate 95, florida's
Turnpike, and US Highway Coastline railroads serve the city. Long-distance bus
transportation is provided by Greyhound Bus lines, with a station in Boynton Beach. All
major airlines serve Boynton Beach through the Palm Beach International Airport, 15
minutes north in West Palm Beach; the Fort Lauderdale/Hollywood International Airport,
40 minutes south; and the Miami International Airport, a little over an hour south of Boynton
Beach. Lantana Park, 5 miles away, and Boca Raton Airport, 13 miles away, provide
facilities for smaller private airplanes.
Economically, the City of Boynton Beach is relatively stable having a good mix of tourism,
real estate development and construction, farming, and agriculture consisting of citrus
groves, flowers, vegetables, and cattle raising. There is a large retirement segment of the
population located within and west of the city limits. The construction industry has thrived
with the rapidly growing community.
Approximately 25 light industries are located in Boynton Beach, manufacturing products
from paper-processing machinery to electrical switches. The majority of these industries
are located in Quantum Corporate Park located at 1-95 and Gateway Boulevard and the
Boynton Commerce Center located on Woolbright Road. Motorola has 540,000 square
foot manufacturing facility at Congress Avenue and NW 22nd Avenue which currently
employs 1,750 people with room to at least double in size.
The City of Boynton Beach provides good public services, The Motorola plant and the
1,300,000 square foot Boynton Beach Mall in the west area of Boynton Beach plus new
shopping centers along Congress Avenue have created a solid growth. New projects
include a Wal-Mart of 220,000 square feet just south of the Boynton Beach mall and a
108,000 square feet BJ's Wholesale Club on the south side of Boynton Beach Boulevard.
A Lowe's Home Improvement warehouse of 150,000 square feet was recently constructed
on Woolbright Road just west of 1-95, and a Home Depot and Expo Design Center have
been built in the northwest quadrant of Woolbright and 1-95. These facts, plus an ample
selection of housing make Boynton Beach a desirable place to live.
[01127 wpd]
M. R. FORD AND ASSOCIATES. INC.
15
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32' 33
LOCATION MAP
PROPERTY DATA
16
Location
The subject parcel is part of a 14.18 acre vacant parcel of apartment land located on the
west side of SW 8th Street 1/8 mile north of Woolbright Road on part of the 14.18 acre
proposed Alta Vista apartment project site in Boynton Beach, Florida. The subject park
parcel would presumably have been located somewhere on that site with frontage along
SW 8th Street.
Site Size, Dimensions, and Shape
The apartment site contains 14.18 acres and has an irregular shape with approximately
1,248 feet of frontage along the west side of SW 8th Street, 1,012 feet of frontage along
the LWDD E-4 Canal on the site's west side, and a south boundary of 453.5 feet.
Access and Exposure
The apartment site has 1,248 feet of paved access along 4-lane asphalt paved SW 8th
Street on its east boundary. SW 8th Street is a 2 to 4 laned asphalt paved road connecting
with Woolbright Road 1/8 mile south of the subject site, and Boynton Beach Boulevard Yz
mile north of the subject site, Both Woolbright and Boynton Beach Boulevard have 1-95
interchanges 1/8 to 1/4 mile east of their intersections with SW 8th Street. Interstate-95 is
the major north/south roadway for all of south Florida, The subject property's accessibility
is very good.
The subject apartment site's exposure to the west is toward the moderately price
Leisureville single-family retirement community developed in the 1970s, with separation
provided by the wide, attractive expanse ofthe LWDD E-4 Canal. To the north, the subject
apartment site's exposure is toward an attractive 8 acre water retention pond. To the east,
the subject apartment site's exposure is toward the newly built, attractive 480 unit Gables
of Boynton Beach apartment project near the subject's north end, and toward the Expo
Design Center and Home Depot stores behind a vacant commercial site opposite the
subject's south end. A Cracker Barrel Restaurant is located immediately south of the
subject apartment site. The subject apartment site's exposures are conducive for rental
apartment development.
Easements and Encroachments
There are no encroachments noted on an April 26, 2000 boundary survey by Avirom &
Associates, Inc. provided for this appraisal. The west, northwest, and south property
boundaries have a 25' wide buffer easement. The west boundary also has a 30' FP&L
easement along it, parallel and east of the buffer easement. These perimeter easements
are common on properties locally, and have no adverse effect on the functional use of the
subject apartment site.
[01127 wpd]
M. R. FORD AND ASSOCIATES,INC.
PROPERTY DATA
17
Topography and Drainage
The previously mentioned boundary survey identifies trees and some of the topographic
features of the apartment site, The south % of the site has very few trees on it, while there
are a number of cabbage palms and pine trees clustered in the central portion on the north
% of the site. The soil is of a sandy texture prevalent throughout the coastal sections of
southeast Florida, and drainage appears to be good. The survey identifies two catch
basins on the west central portion of the site which presumably feed into the retention pond
north of the subject apartment site.
Utilities
Municipal water and sewer service will be provided to the property by City of Boynton
Beach. Electricity is provided by Florida Power and Light, and telephone service is
provided by Bell South to the subject.
Assessed Value and Taxes
The subject property is assessed by the Palm Beach County Tax Assessor's Office and
its tax folio number and assessment are as follows:
Folio Number"
08-43-45-29-05-006-0000
Assessments and taxes for 2000 were:
Land:
Improvements:
Total Assessment:
$1,837,000
-0-
$1,837,000
$45,186.61
Taxes:
Zoning and land Use
The subject apartment site carries a Land Use Plan designation of HDR, High Density
Residential, which permits a maximum residential development density of 10.8 units per
acre. At 10.8 units per acre, the site could be developed with a maximum of 153 units
(14.18 acres x 10.8 units per acre = 153.14, say 153 units). However, the adjacent Gables
of Boynton Beach apartment developers to the east agreed to a transfer of an additional
63 units to the subject site, which the City approved, resulting in a proposed development
density of 15.23 units per acre (153 + 63 = 216/14.18 ac. = 15.23 units per acre).
[01127 wpd]
M. R. FORD AND ASSOCIATES, INC.
PROPERTY DATA
18
The apartment site's zoning is PUD, Planned Unit Development. The Boynton Beach City
Commission approved the Alta Chase Apartment project PUD on January 16, 2001 for
development with the proposed 216 unit apartment project.
Environmental Hazards
I have not been furnished any environmental assessment of the subject site. No
environmental concerns were observed on the subject property or on any of the
surrounding properties. However, I am not an expert in such matters, A Special Limiting
Condition of this report states that I reserve the right to change my value estimate, at a
later date, should contamination be found.
Flood Zone
The subject apartment site appears to be located in Flood Zones "A-9" and "B" according
to the Community Panel # 1201960003C of the Federal Flood Insurance Rate Map, dated
September 30, 1982. Zone "A-9" covers areas of the 1 00 year flood Lenders typically
require properties located within zone "A-9" to carry flood insurance. Zone "B" covers
areas between the limits of the 1 00 and 500 year flood, and lenders typically do not require
properties located within zone "B" to carry flood insurance.
Concurrency
Effective February 1, 1990 the Concurrency provision of the Growth Management Law
enacted by the Florida Legislature requires adequate infrastructure to be available to serve
new development. The eight types of infrastructure affected are traffic, fire rescue, potable
water, sewer, solid waste, drainage, mass transit and open space. This limits growth to
the current availability of public services. If services are determined to be insufficient
based upon these standards building permits are not issued until compliance is met.
The subject is approved for concurrency via the City's development approval process.
[01127 wpd]
M. R. FORD AND ASSOCIATES. INC.
~
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HIGHEST AND BEST USE ANALYSIS
20
Introduction
The Dictionary of Real Estate Appraisal, by the American Institute of Real Estate
Appraisers (Third Edition 1993), defines Highest and Best Use on page 171 as follows:
"The reasonably probable and legal use of vacant land or an improved
property which is physically possible, appropriately supported, financially
feasible, and that results in the highest value. The four criteria the highest
and best use must meet are legal permissibility, physical possibility, financial
feasibility and maximum profitability. "
Physical Adaptability
The subject site is level and irregular in shape Soil characteristics are such that they
should provide adequate structural support for a wide range of structures. The
neighborhood and the subject site have good ingress and egress, Sufficient utilities, roads
and storm drainage are nearby and topography does not present any unusual impediment
to development. Nearby property uses in the subject's immediate location attest to the
physically possible uses of the subject site.
Legal Uses
"..
The land use for the subject apartment site permits a maximum development density of
10.8 units per acre, while the City's approval was for a higher density of 15,23 units per
acre due to a development rights transfer from an adjacent property,
Economically Feasible and Maximally Productive Use
The subject apartment site's proposed use for rental apartment development at 15.23 units
per acre is the maximally productive use for the apartment site.
Conclusion of Highest and Best Use as Vacant
The proposed use for a 216 unit apartment project would be a good form of development
for this property and would provide an enhancement to the surrounding residential and
commercial properties and the community as a whole. The proposed use is the highest
and best use of the subject apartment site. However, for the purposes of this appraisal,
the apartment site was appraised at the lower maximum density of 10.8 units per acre
permitted under its HDR Land Use Plan, and the 1.62 acre park site was appraised first as
part of the 10.8 unit per acre density apartment site, and second, it was valued utilizing
lower density residential property sales purchased for community serving uses.
[01127 wpd]
M. R. FORD AND ASSOCIATES. INC.
PREFACE TO VALUATION
21
The three standard valuation approaches are the Sales Comparison, Cost Approach and
Income Approaches. Since the property is vacant and has no building improvements on
it, the most applicable valuation method is the Sales Comparison Approach.
The Cost and Income Approaches were not applicable to this assignment because the
property is vacant and has no building improvements on it. Vacant parcels are seldom
purchased for their income producing capabilities.
The following Sales Comparison Approach will estimate the subject 1.62 acre park site's
value under two premises:
a) As part of the overall 14 18 site at the maximum density of 10.8 units per acre
permitted by the Land Use Plan designation, and alternately;
b) Utilizing sales of low to medium density residential properties purchased for
community seNing uses like churches, schools and parks.
The first valuation as a 10.8 unit per acre apartment site follows immediately. A vacant
land sales chart and adjustment grid, location map and value conclusion for the property
on that basis follows.
[01127 wpd]
M. R. FORD AND ASSOCIATES. INC.
21A
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APARTMENT LAND SALES MAP
SALES COMPARISON APPROACH
23
VALUATION AS PART OF APARTMENT SITE
I have identified four of the most similar sales of parcels in the area which can be utilized
to value the subject. The transactions occurred in the time period from September 1997
to March 2000. The key characteristics of the sale properties are summarized on the
facing page table; complete detail on each of the transactions is included in my file for this
assignment. The sales were compared to the subject on a price per planned unit basis
The elements of comparison considered in analyzing the sale properties include property
interest conveyed, financing, conditions of sale, date of sale, location, access and
exposure, density, and size. The property interest acquired in all cases was the fee simple
estate; conditions of sale were reasonably typical and arm's length; and financing terms,
if any did not affect the sale prices. Comparison of the oldest sales to the newest ones
indicates there has been no dramatic change in market conditions during the time period
between September, 1997 and March, 2000, and I have no evidence of an increase since
March, 2000 due to the absence of more recent sales. However, Sales 1 through 4 are
considered slightly inferior in time of sale due to their 1997 and 1998 sale dates.
Sale 1 is similar to the subject in location, access, exposure, and size. Sale 1 has a lower
density than the subject. Properties with lower densities usually sell for higher prices per
unit. Thus, Sale 1 is superior to the subject in density on a price per unit basis of
comparison. Overall, this sale is considered similar to the subject.
Sale 2 is similar to the subject in location, access, exposure, and size, Sale 2 has a higher
density than the subject. Thus, Sale 2 is inferior to the subject in density. Overall, this sale
is considered similar to the subject.
Sale 3 is similarto the subject in location, size, access, exposure and density. Overall, this
sale is considered similar to the subject.
Sale 4 is similar to the subject in size, access and exposure. Sale 4 has a lower density
than the subject. Thus, this sale is superior to the subject in density. Overall, this sale is
considered similar to the subject.
All four sales were rated similar overall to the subject, and they ranged from $11,000 to
$12,474 per unit and averaged $11,482 per unit. The most similar sale overall was Sale
3, and its price per unit indication at $11,419 was very near the average of the four sales.
I have concluded at a value of $11 ,500 per unit. The total value of the subject apartment
parcel is calculated as follows:
$11,500 per unit x 153 units = $1,759,500.
$1,759,500/14.18 acres = $124,083 per acre.
[01127 wpd]
M. R. FORD AND ASSOCIATES. INC.
SALES COMPARISON APPROACH
24
Applying that price per acre to the 1.62 acre park site land requirement indicates a value
for the park site as part of the entire apartment site at $201,014, say $200,000.
The park site will next be valued by comparison to sales of low to medium density
residential sites which have been purchased for public serving uses such as churches,
schools and parks.
[01127 wpd]
M. R. FORD AND ASSOCIATES,INC.
24A
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COMMUNITY SERVING LAND SALES MAP
SALES COMPARISON APPROACH
26
VALUATION UTILIZING COMMUNITY SERVING SITE PURCHASES
I have identified five of the most similar sales of parcels in the area which can be utilized
to value the subject. The transactions occurred in the time period from May, 1999 to
August, 2000, The key characteristics ofthe sale properties are summarized on the facing
page table. Complete details on each of the transactions are included in my file for this
assignment.
The elements of comparison considered in analyzing the sale properties include property
interest conveyed, financing, conditions of sale, date of sale, location, access and
exposure, density, and size. The property interest acquired in all cases was the fee simple
estate; conditions of sale were reasonably typical and arm's length; and financing terms,
if any, did not affect the sale prices. Comparison of the oldest sales to the newest ones
indicates there has been no dramatic change in market conditions during the time period
between May, 1999 and August, 2000. Therefore, all sales are considered similar in time
of sale
Sale 1 is similar to the subject in location, access, utilities, and size. Overall, this sale is
considered similar to the subject.
Sale 2 is also slmilarto the subject in location, access, utilities, and size. Overall, this sale
is considered similar to the subject.
Sale 3 is similar to the subject in location, utilities, zoning, and size. The property does not
have direct access on a major thoroughfare and is located on a dead end road. Thus, Sale
3 is inferior in access. Overall, Sale 3 is considered similar to the subject.
Sale 4 is similar to the subject in size and zoning. The site is located in a less intensely
developed area considered inferior to the subject's. The property is located a distance
from any major highway and thus, is inferior in access. Sale 4 does not have utilities
available and is considered inferior to the subject. Overall, Sale 4 is considered inferior to
the subject.
Sale 5 is similar to the subject in location, access, zoning, utilities, and size. Overall, Sale
5 is considered similar to the subject.
The price indication for the sale rated inferior was $1.01 per square foot. The price
indications for the sales rated overall as similar ranged from $0.98 to $1.92 per square
foot and averaged $1.46 per square foot. I have concluded at a value of $1.50 per square
foot. The total value of the subject parcel on this basis is calculated as follows:
$1.50/SF x 43,560 SF/acre = $65,340/acre x 1.62 acres = $105,851, say $106,000
[01127 wpd]
M. R. FORD AND ASSOCIATES,INC.
ApPRAISER QUALIFICATIONS
QUAL/FICA TIONS - Michael R. Ford, MAl, SRA
State-cerlified general appraiser #0000031
PROFESSIONAL DESIGNA TIONS
Member, American Institute of Real Estate Appraisers, MAl, Designation #6640, 1983
Senior Real Properly Appraiser, SRPA, awarded by Society of Real Estate Appraisers, 1983
Senior Residential Appraiser, SRA, awarded by Society of Real Estate Appraisers, 1983
COLLEGE
Bachelor of Science Degree from Florida State University with major course work in history, and psychology.
Elective courses in accounting, economics, and statistics.
APPRAISAL EDUCA TION
American Institute of Real Estate Appraisers Courses:
1-A, Tampa, Florida, 1972
1-B, Athens, Georgia, 1973
II, Tampa, Florida, 1975
VI, Chapel Hill, Norlh Carolina, 1978
VII, Memphis, Tennessee, 1979
Standards of Professional Practice, Parls A & B, 9/91
Standards of Professional Practice, Parls A & B, 1992 (Appraisal Institute)
Numerous seminars on topics such as Real Estate Finance, Real Estate Law, Office Management,
Professional Practice Standards, Capitalization Techniques, Investment Analysis, South Florida Economic
Trends, Regulations of Federal Banking Agencies, Appraising Troubled Properlies, Testing Reasonableness
of Discounted Cash Flow, ARGUS DCF Seminar, and Standards of Professional Practice, Parls A & B.
Society of Real Estate Appraisers Courses:
Various seminars on Appraisal Reporl Writing, Statistical Finance, Market Abstraction, Money Markets, etc.
Other Related Education:
State Deparlment of Transporlation Appraisal, Engineering and Real Properly Law Courses, Ft. Lauderdale,
Florida, 1971- 1972.
Real Estate Principles and Practices, Broward Junior College, 1972.
Real Estate Broker's License Course, Florida Real Estate Commission, Tallahassee, Florida, 1974.
EXPERIENCE
Florida State Deparlment of Transporlation:
Right of Way Agent Trainee, 1971
Staff Appraiser, 1972-1974
Fee Appraiser, Daytona Beach, Florida, 1974 to July, 1977.
Commercial Appraiser, First Federal Savings and Loan, Delray Bch., FL, July, 1977 to July, 1979
Fee Appraiser, Callaway and Price, Inc. from July, 1979 to June, 1983.
Fee Appraiser, M R. Ford and Associates, Inc., since June, 1983.
M. R. FORD AND ASSOCIA rES, ING.
QUALlFICA TIONS - Michael R. Ford, MAl, SRA - Continued
TYPES OF PROPERTY APPRAISED
Appraisals made on the following types of property throughout the State of Florida for individuals, attorneys,
insurance companies, banks, corporations, government agencies, major oil companies, and mortgage
companies:
Apartment Buildmgs
Automobile Agencies
Banks
Boat Yards
Churches
Commercial Buildings
Condemnation Projects
Condominium Projects
ConvakscentFacilftres
Convents
Duplexes
Easements
Fast Food Restaurants
Golf Courses
Hotels
Horse Farms
Industrial Buildings
Industrial Subdivisions
Landmark Properties
Marinas
Medical Buildings
Mini- Warehouses
Mixed Use Projects
Mobile Home Parks
Motels
Nursing Homes
Office Buildings
Packing Houses
Ranches
Recreation Leases
Recreational Vehicle Parks
Residences
Restaurants
Rights of Way
Service Stations
Shopping Centers
Special Purpose
Subdivisions
Store Buildings
Timeshare Resorts
Vacant Land
Warehouses
COURT QUALlFICA TION
Qualified as an expert witness in counties of Broward, Wakulla, Leon, Calhoun, and Palm Beach.
LICENSE
Registered Real Estate Broker, State of Florida, License Number 0242480.
PROFESSIONAL OFFICES SERVED
Society of Real Estate Appraisers Chapter #200 - Admissions Chairman, Professional Practice Committee
Chairman, Program Chairman, Director, Secretary, Treasurer, Vice-President, President.
American Institute of Real Estate Appraisers Chapter #24 - Admissions Chairman, Director, Secretary, First
Vice-President.
South Florida and Caribbean Chapter of the Appraisal Institute - President.
M. R. FORD AND ASSOCIA rES, INC.