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55 SE 7th Avenue, *1939 - FMSF .0.. •t .. _,/"'N----„... ., . . • , _ *mgr.r. • • . 1 , ' a . , ,i r T.- ....... P • . .' , . -.. . .. • ' ? , . . ..;.% .° e ' -: 4 . I' -'„,,' ',9'440:•''' , '. - - • v 11-.7 Ity;'.- , '. +e .• a • NAL` • • . .. .. ..;,. v.,: . , it ? %,• n.AL--a 1.l• . • .,,... .') 71. ,r,:•,.:1.1' A.r. ' -" ,u f 7 ,..,.. . .. t 1.• 1.9.,, . '. .. /7 . ., , c,41 .e'.11, 4 (Ir. , , IP, • 1 •0. ....4.. ' \ '1,.... ',S .4i."116!.4..:,,' ' ,,' ' : _ .4011W1-„4. - 4... ;.4-:-.,\:. . ,.....11 ...• - -- \•'',...• I I I \ • ...• ' .. • . ',.. . . .. ii. ' 1 • . . •,, 1,:-.4 - .' '..' ' I . ..: ''',,a. If * I ! 1 ill ' \ 'i "\.7 .. , ,. ' 1 ' ' .,, : i P I . . ., • i,,, i il ' - • ' I ', .,- .., 1 , i'..II . .,. is,...., ., ,. SI . • ) 11.1 -<,.,.. ..,,,,i1,,.'ity77.;""i.,,-.7 I, 1.. ::...=•-•: :-- , . I . ,. . .. . • 111• =7:::. ... ,,, \s\ . 1 -'-:"7.-'''t***1"k ' '' i . . 7:1=711'm , ..__ -4 ___ i Allk_,,, , ...„ .-.... , . '1,1111 j _RILI11111.1. ._._.- ______ .'l I ii ' 1, ' .....-i,,';:144.•:, _ \ -- ........- - Mr. .....4i.............-__- .116. . .. -.. ,---____ '1 il ':----------------• 4. ?4,41 iii . .. , . . , . ....... • •,.., 1 V _______lir- 4 / : •• ', ‘ii . ..' 41 •••i,'; 7.; ,;ii Ili AO ,;• ' • . • , ..::::f .•''''' , _ . ..A; I:\. .. -.... • , ______ r ' .,/ ,,.... . , . - . • a "9 . . •:,•••••-alft„,,),:,„•• . 441101g1*- ' .. :•.. ':',..• ...... -• Ili. 11.1 ,, , MD oPP-• ../ , ...., -,....-,,,,'\9t - •... .., .... ......____ 0 Amy, Per our meeting a few weeks back, please accept this email letter and the attachments as the development and character description of the proposed project. I have attached the conceptual plans, along with a survey, appraisal and construction estimate (with pics) to repair the existing structure. Please note the last two items are forwarded to show that per our research an economic hardship exists. We submit the latter documents in part to show that salvaging the existing historic structure and renovating it to a marketable condition, which meets the standards for historic rehabilitation, will likely cost more than it's selling price. However, being that it is historical structure and offers an intangible value to the community, we believe it to be a worth while venture to rehabilitate the existing historic structure, as part of the overall new development. To assist us, we would greatly appreciate the city to consider providing us two relatively minor setback variances and a historic designation for the project itself, so as to provide a tax ad valorem. The setback variances being requests are: • 2'-6" reduction along the north property line, changing it from a 7'-6" setback to 5'-0". • 5'-0" reduction along an approximate 30'-0" portion of the east (north end only) property line, changing it from a 10'-0" setback to 5'-0". Please note the following from the conceptual drawings: • The proposed garage has been setback approximately 5' from the allowable front setback to assist in delineating the existing historic structure as well as reducing the affect of a front facing garage. • The garage portion will be landscaped to soften it's appearance, to allow the existing historic structure to appear more predominantly from the street. Please note that there is a front facing garage directly across the street (see pic). While not historic, we believe it adds some precedence to this situation. • The garage and second floor bedroom above the garage has been lowered in floor to floor height, in an attempt to reduce the structures massing along 7th avenue. • The overall massing of the project has been developed to step down to the historic neighborhood, both at the east and south sides of the project. • The exterior construction methods and cladding materials have been selected to replicate the existing historic structure. • The masonry front entry screen wall material has been selected to recreate some of the character of the existing non historic structure. • The metal roof has been selected to reflect the existing historic neighborhood's roof character. I hope this information helps. Please do not hesitate to contact me to get further information or clarification on this submittal. We look forward to seeing you and the board December 15th at the Concept Plan Review meeting and hearing every ones comments and recommendations. Thanks. Anthony A. Harrington, AIA Design Methods, Inc. T: 561-568-8861 F: 561-649-0210 Ashley S. Richmond 561.213.1445 f t I ..i.,,.'-,71'..: TM»RE i k +. ► u illo ,�� » • x.xr q g 'tE� �i��///////��/// t e C ' " ''"-.'y4h ._...,T', s-. ' •E';�• v'�'-' �.-«Ma•..:?.,.: .ya M1 AM W",iNY!lYlt�X::ay.,.a...yA..o 1e q�c ._ _r _ .. . a "s ' ..._._._... , h fi . ._ r . . - + 91; Z.."' BMW * t i �c 4 s f �' k . •� * m i ` le s ..4-. • • • . .D 0 rai IIWU _ 0S7 / a I 25 20 all BARR Mill' i �V ,8 v 11 19CF TERRACE Z 1 - FL' i' NI() N CONDO T Eill ATLANTIC 4 ..-- . 1 3 1 s 1 7 1T3 15 16 1 I A I 'n I WATERWAY EAST 36 -�— 15 4 17 ImmwA COMMERCIAL 7 14 I:71 " 7-N r CONDO mai 3 . .77 in ,.416 ri • f g • • 1F /a IM r.„2 ��r.!TWa �-� BAR 1 s Ea HARBOUR a a CONDO c • • 19 13 14 25 4 2 1 1ST _ _ S . 1 ► 1 I . wig J J M• I' IRAMAR 1 11 1 11 F]DEu c ' 1 FEDERAL I BANK 13 / A ► 1 Na.Nar 5 to 4 to 4 ' 20 5 7 J ')14;�ir A0U4- d V2 11 U 1 'w I L r.1� 2EWA �i v.i (15 . ✓ / / / /13I V 3 4 10 20 10 20 dL,_ 13 • 15 A Qriiiimmi=i INGRAHAM i s �� rWWWN Southampton Restoration,Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 Client: Ashley Richmond REPAIRS Her Cell: (561)213-1445 Property: 55 SE 7th Avenue Delray Beach,FL 33483 Operator Info: Operator: LFISHER Estimator: Luke Fisher Business: (561)687-0505 x 206 Company: Southampton Restoration Email: lfisher@southamptoninc.com Type of Estimate: Other Date Entered: 7/14/2010 Date Assigned: Price List: FLWB5B AUG10 New Construction Estimate: RICHMOND-SRI Upon inspection of the property it was noticed that there is considerable wood rot and termite damage on all of the elevations of the property. The roof system and soffits are deteriorated in several areas and framing roof members will require replacement. The exterior windows are not original and have been replaced with a jealousy windows. Most of the windows seem operation but some are currently not water tight as you can see from the photos. The landscaping has been trimmed back to allow work on the residence. This home will require major renovations and extensive restoration work to make it habitable for occupancy. The list of repairs in this estimate will fully be determined after exploratory demolition is completed.This estimate is an allowance at this time and does not include latent damages which is expected. The foundation and structural flooring support system may require additional inspection as there is evidence of water damage.The extent of the wood rot and termite damage will be determined after exploratory demo. The interior repair materials used will be current and will reflect current design and quality of today's materials. This is a more cost effective approach to complete the repairs while modernizing the interior to suit the clients needs.The exterior of the property has allowance to reflect a the actual materials used at the time of original construction.Accessing these materials may incur additional costs. Landscaping and exterior lighting have been added to maintain the original design of the home while adding security. All windows are being replaced with impact systems,the design can determined at a later date. Allowances have been made but design details may add some costs depending on the elements involved. Cli Southampton Restoration,Inc. 5555 Village Boulevard ei= West Palm Beach,Florida 33407-7910 General Contractors CGC047237 RICHMOND-SRI Ground Level TEMP SVRS DESCRIPTION QNTY Demolition Labor-per crew hour-4 man crew 32.00 HR 4 man crew for 4 days to demolish drop soffits,paneling,interior walls,bathrooms and ceilings. All walls to be exposed. Dumpster load-Approx.20 yards,4 tons of debris 3.00 EA Landscaping-Cut back shrubs to work on home 1.00 EA Completed already Temp cap off&new riser 1.00 EA Evaluate existing plumbing. Completed already Temporary power-hookup 1.00 EA Temporary power usage(per month) 3.00 MO Temporary toilet-Month 3.00 EA Temporary weatherproofmg-Throughout project 1.00 EA Mitigate damages from the elements.Requires board up and tarping Demolish/remove concrete slab material&septic-Discard all materials 4,000.00 SF Controlled demolition of concrete and patio stamping from around home,includes tandem truck removal Backfill foundations 260.00 LF Topsoil(per CY) 30.00 CY Carport Ceiling Height: 10' DESCRIPTION QNTY Fluorescent-two tube-8'-fixture w/lens 2.00 EA R&R Labor to frame 2"x 6"x 9'load bearing wall- 16"oc 12.00 LF R&R Sheathing-plywood-3/4"CDX 491.63 SF R&R Framing hurricane tie 32.00 EA R&R Framing/truss hurricane strap 16.00 EA Concrete repair-stem wall repair 1.00 EA Porch Ceiling Height: 8' DESCRIPTION QNTY Recessed light fixture-High grade 5.00 EA R&R Sheathing-plywood-3/4"CDX 96.49 SF Paint the ceiling-two coats 385.94 SF Entry Ceiling Height: 7' DESCRIPTION QNTY RICHMOND-SRI 11/22/2010 Page:2 Southampton Restoration, Inc. 5555 Village Boulevard Cli West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-Entry DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 38.04 SF Batt insulation-6"-R21 38.04 SF 5/8"drywall-hung,taped,with smooth wall fmish 38.04 SF Paint the ceiling-two coats 38.04 SF WALLS R&R Aluminum window,single hung 13-19 sf(Impact resistant) 2.00 EA R&R Exterior door-fiberglass/wood w/detail-Premium grade 1.00 EA R&R Door lockset&deadbolt-exterior-High grade 1.00 EA Batt insulation-6"-R19 56.69 SF 1/2"drywall-hung,taped,with smooth wall finish 56.69 SF Interior window shutters-Large 2.00 EA Paint the walls-two coats 56.69 SF Paint window trim&jamb-2 coats(per side) 2.00 EA Paint door trim&jamb-2 coats(per side) 1.00 EA Paint door slab only-2 coats(per side) 1.00 EA FLOORS Baseboard-3 1/4"hardwood 12.42 LF Paint baseboard-two coats 12.42 LF Add for dustless floor sanding 38.04 SF Sand&finish wood floor(natural finish) 38.04 SF Sitting Ceiling Height: 7' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 123.56 SF Batt insulation-6"-R21 123.56 SF 5/8"drywall-hung,taped,with smooth wall finish 123.56 SF Paint the ceiling-two coats 123.56 SF WALLS R&R Aluminum window,single hung 13-19 sf(Impact resistant) 2.00 EA Batt insulation-6"-R19 56.00 SF 1/2"drywall-hung,taped,with smooth wall finish 146.96 SF Interior window shutters-Large 2.00 EA Paint the walls-two coats 146.96 SF Paint window trim&jamb-2 coats(per side) 2.00 EA FLOORS Baseboard-3 1/4"hardwood 25.31 LF Paint baseboard-two coats 25.31 LF Add for dustless floor sanding 123.56 SF Sand&finish wood floor(natural finish) 123.56 SF RICHMOND-SRI 11/22/2010 Page: 3 Southampton Restoration,Inc. 5555 Village Boulevard Cil West Palm Beach,Florida 33407-7910 General Contractors CGC047237 Living Ceiling Height:8' Subroom 1: stor Ceiling Height:Sloped DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 332.41 SF Batt insulation-6"-R21 445.36 SF 5/8" drywall-hung,taped,with smooth wall finish 332.41 SF Paint the ceiling-two coats 332.41 SF WALLS Batt insulation-6"-R19 96.00 SF 1/2"drywall-hung,taped,with smooth wall finish 445.36 SF Television cable outlet 1.00 EA Paint the walls-two coats 445.36 SF Paint door trim&jamb-2 coats(per side) 4.00 EA Paint door slab only-2 coats(per side) 2.00 EA FLOORS Baseboard-3 1/4"hardwood 60.50 LF Paint baseboard-two coats 60.50 LF Sand&finish wood floor(natural finish) 330.26 SF Add for dustless floor sanding 330.26 SF Family Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 446.12 SF Batt insulation-6"-R21 446.12 SF 5/8"drywall-hung,taped,with smooth wall finish 446.12 SF Paint the ceiling-two coats 446.12 SF Recessed light fixture 8.00 EA WALLS R&R Aluminum window,single hung 13-19 sf(Impact resistant) 12.00 EA Batt insulation-6"-R19 264.22 SF 1/2"drywall-hung,taped,with smooth wall finish 408.22 SF Window blind-PVC-2"-20.1 to 32 SF 6.00 EA Television cable outlet 2.00 EA Paint the walls-two coats 408.22 SF Paint window trim&jamb-2 coats(per side) 14.00 EA FLOORS Baseboard-3 1/4"hardwood 72.33 LF Paint baseboard-two coats 72.33 LF Terrazzo resurfacing-grind and re-seal 446.12 SF RICHMOND-SRI 11/22/2010 Page:4 Li.O Southampton Restoration, Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 Kitchen Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 164.31 SF Batt insulation-6"-R21 278.11 SF 5/8"drywall-hung,taped,with smooth wall finish 164.31 SF Paint the ceiling-two coats 164.31 SF Recessed light fixture 6.00 EA WALLS 1/2"drywall-hung,taped,with smooth wall finish 278.11 SF Television cable outlet 1.00 EA Custom cabinets-wall units-Signature Series by SRI 21.30 LF Custom cabinets-base units-Signature Series by SRI 24.25 LF Countertop-Allowance for solid surface 54.00 SF Ceramic tile backsplash 35.00 SF Sink-double 1.00 EA Sink faucet-Kitchen 1.00 EA Garbage disposer-High grade 1.00 EA Paint part of the walls-two coats 139.05 SF FLOORS Rough in plumbing-per fixture-w/PEX-Branch system 1.00 EA 1/2"Cement board 164.31 SF Tile floor covering-High grade 164.31 SF Laund Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 50.92 SF Batt insulation-6"-R21 179.67 SF 5/8"drywall-hung,taped,with smooth wall finish 50.92 SF Paint the ceiling-two coats 50.92 SF Recessed light fixture 8.00 EA WALLS R&R Aluminum window,single hung 2-8 sf(Impact resistant) 2.00 EA R&R Exterior door-metal-insulated/wood-High grade 1.00 EA R&R Door lockset&deadbolt-exterior-High grade 1.00 EA Batt insulation-6"-R19 107.80 SF 1/2" drywall-hung,taped,with smooth wall finish 179.67 SF Cabinetry-full height unit-Signature series by SRI 6.50 LF Window blind-PVC-2"- 14.1 to 20 SF 6.00 EA Paint the walls-two coats 179.67 SF Paint window trim&jamb-2 coats(per side) 14.00 EA Paint door slab only-2 coats(per side) 1.00 EA FLOORS Rough in plumbing-per fixture-w/PEX-Branch system 1.00 EA RICHMOND-SRI 11/22/2010 Page: 5 Southampton Restoration,Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-Laund DESCRIPTION QNTY 1/2" Cement board 50.92 SF Tile floor covering-High grade 50.92 SF Baseboard-3 1/4"hardwood 23.17 LF W Bedroom Ceiling Height:8' Subroom 1: clos Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 218.57 SF Batt insulation-6"-R21 434.94 SF 5/8" drywall-hung,taped,with smooth wall finish 218.57 SF Smoke detector-High grade 1.00 EA Ceiling fan&light 1.00 EA Paint the ceiling-two coats 218.57 SF WALLS R&R Aluminum window,single hung 13-19 sf(Impact resistant) 4.00 EA Batt insulation-6"-R19 217.47 SF 1/2"drywall-hung,taped,with smooth wall finish 434.94 SF Interior window shutters-Large 4.00 EA Television cable outlet 1.00 EA Paint the walls-two coats 434.94 SF Paint window trim&jamb-2 coats(per side) 4.00 EA Paint door trim&jamb-2 coats(per side) 3.00 EA Paint door slab only-2 coats(per side) 9.00 EA FLOORS Baseboard-3 1/4"hardwood 57.81 LF Sand&finish wood floor(natural finish) 218.57 SF Add for dustless floor sanding 218.57 SF Paint baseboard-two coats 57.81 LF W bath Ceiling Height: 8' Subroom 2: lin Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 50.56 SF Batt insulation-6"-R21 172.71 SF 5/8"drywall-hung,taped,with smooth wall finish 50.56 SF Exhaust fan 1.00 EA RICHMOND-SRI 11/22/2010 Page: 6 gumSouthampton Restoration,Inc. 5555 Village Boulevard miiii West Palm Beach,Florida 33407-7910 ICIN General Contractors CGC047237 CONTINUED-W bath DESCRIPTION QNTY Paint the ceiling-two coats 50.56 SF WALLS Batt insulation-6"-R19 12.00 SF 1/2"Cement board 86.35 SF 1/2"drywall-hung,taped,floated,ready for paint 86.35 SF Ceramic tile wainscoting 113.33 SF Vanity-Kitchen Maid-Base grade 4.00 LF Vanity top-one sink 8.00 SF Sink faucet-Bathroom 1.00 EA Sink faucet-Bathroom 1.00 EA Light bar-6 lights-High grade 1.00 EA Towel bar-High grade 2.00 EA Toilet paper holder-High grade 1.00 EA Mirror- 1/4"plate glass 16.92 SF Paint the walls-two coats 172.71 SF Paint door slab only-2 coats(per side) 3.00 EA Paint door/window trim&jamb-2 coats(per side) 2.00 EA FLOORS Toilet-High grade 1.00 EA 1/2" Cement board 50.56 SF Tile floor covering-High grade 50.56 SF Rough in plumbing-per fixture-w/PEX-Branch system 2.00 EA tub Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 12.06 SF Batt insulation-6"-R21 76.65 SF 5/8"drywall-hung,taped,with smooth wall finish 12.06 SF Shower light-waterproof fixture 1.00 EA Paint the ceiling-two coats 12.06 SF WALLS R&R Aluminum window, single hung 2-8 sf(Impact resistant) 2.00 EA Batt insulation-6"-R19 40.00 SF 1/2"Cement board 76.65 SF Tile shower-65 to 100 SF-High grade 1.00 EA Shower faucet 1.00 EA FLOORS Bathtub-High grade 1.00 EA Tub/shower faucet 1.00 EA Rough in plumbing-per fixture-w/PEX-Branch system 1.00 EA RICHMOND-SRI 11/22/2010 Page: 7 Southampton Restoration, Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 WIC Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 24.50 SF Batt insulation-6"-R21 134.67 SF 5/8"drywall-hung,taped,with smooth wall finish 24.50 SF Paint the ceiling-two coats 24.50 SF WALLS 1/2"drywall-hung,taped,with smooth wall finish 134.67 SF Closet Organizer-Melamine 21.00 LF Paint door trim&jamb-2 coats(per side) 1.00 EA Paint door slab only-2 coats(per side) 2.00 EA Paint the walls-two coats 134.67 SF FLOORS Baseboard-3 1/4"hardwood 16.00 LF Sand&finish wood floor(natural finish) 24.50 SF Add for dustless floor sanding 24.50 SF Paint baseboard-two coats 16.00 LF E Bedroom Ceiling Height: 8' Subroom 1: clos Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 349.36 SF Batt insulation-6"-R21 349.36 SF 5/8" drywall-hung,taped,with smooth wall finish 349.36 SF Ceiling fan&light 1.00 EA Smoke detector-High grade 1.00 EA Paint the ceiling-two coats 349.36 SF WALLS R&R Aluminum window,single hung 13-19 sf(Impact resistant) 8.00 EA Batt insulation-6"-R19 277.78 SF 1/2"drywall-hung,taped,with smooth wall finish 555.56 SF Closet Organizer-Melamine-Closet 13.00 LF Window blind-PVC-2"-20.1 to 32 SF 4.00 EA Television cable outlet 2.00 EA Paint the walls-two coats 555.56 SF Paint window trim&jamb-2 coats(per side) 4.00 EA Paint door trim&jamb-2 coats(per side) 4.00 EA Paint door slab only-2 coats(per side) 10.00 EA FLOORS Baseboard-3 1/4"hardwood 80.67 LF RICHMOND-SRI 11/22/2010 Page: 8 L. Southampton Restoration, Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-E Bedroom DESCRIPTION QNTY Sand&finish wood floor(natural finish) 349.36 SF Add for dustless floor sanding 349.36 SF Paint baseboard-two coats 80.67 LF Bath Ceiling Height: 8' Subroom 2: van Ceiling Height: 8' DESCRIPTION QNTY CEILINGS Seal attic framing-up to 5/12 50.10 SF Batt insulation-6"-R21 50.10 SF 5/8"drywall-hung,taped,with smooth wall finish 50.10 SF Exhaust fan 1.00 EA Paint the ceiling-two coats 50.10 SF WALLS R&R Aluminum window,single hung 2-8 sf(Impact resistant) 2.00 EA Batt insulation-6"-R19 81.00 SF 1/2"Cement board 111.11 SF 1/2"drywall-hung,taped,floated,ready for paint 111.11 SF Ceramic tile wainscoting 132.33 SF Vanity top-one sink 9.67 LF Vanity-Kitchen Maid-Base grade 4.83 LF Sink faucet-Bathroom 1.00 EA Light bar-6 lights-High grade 1.00 EA Mirror- 1/4"plate glass 16.92 SF Toilet paper holder-High grade 1.00 EA Towel bar-High grade 2.00 EA Paint the walls-two coats 222.22 SF Paint door/window trim&jamb-2 coats(per side) 1.00 EA Paint door slab only-2 coats(per side) 1.00 EA FLOORS 1/2"Cement board 50.10 SF Toilet-High grade 1.00 EA Tile floor covering-High grade 50.10 SF Rough in plumbing-per fixture-w/PEX-Branch system 2.00 EA tubI Ceiling Height: 6' 8" DESCRIPTION QNTY CEILINGS RICHMOND-SRI 11/22/2010 Page: 9 Southampton Restoration,Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-tubl DESCRIPTION QNTY Seal attic framing-up to 5/12 12.89 SF Batt insulation-6"-R21 12.89 SF 5/8"drywall-hung,taped,with smooth wall finish 12.89 SF Shower light-waterproof fixture 1.00 EA Paint the ceiling-two coats 12.89 SF WALLS Add on for impact resistant laminated glass 5.00 SF 1/2" Cement board 73.63 SF Tile shower-65 to 100 SF-High grade 1.00 EA Shower faucet 1.00 EA FLOORS Bathtub-High grade 1.00 EA Tub/shower faucet 1.00 EA Shower door 1.00 EA Rough in plumbing-per fixture-w/PEX-Branch system 1.00 EA Lookout Stairl Ceiling Height: 17' DESCRIPTION QNTY 1/2"drywall-hung,taped,with smooth wall finish 218.92 SF lookout Ceiling Height:8'9" Subroom 1: N Ceiling Height: Sloped Subroom 2: S Ceiling Height: Sloped Subroom 3: offset Ceiling Height: Sloped DESCRIPTION QNTY WALLS R&R Aluminum window,single hung 2-8 sf(Impact resistant) 4.00 EA Television cable outlet 1.00 EA Stain&finish wood siding 434.42 SF Paint window trim&jamb-2 coats(per side) 4.00 EA Roof Roof RICHMOND-SRI 11/22/2010 Page: 10 Cli111 Southampton Restoration,Inc. 5555 Village Boulevard is= West Palm Beach,Florida 33407-7910 General Contractors CGC047237 DESCRIPTION QNTY Carpenter-General Framer-per hour 32.00 HR Framing repairs around soffit and rafter tails,2 men 2 days 2"x 4"x 14'#2&better Fir/Larch(material only) 20.00 EA Dumpster load-Approx. 30 yards,5-7 tons of debris 2.00 EA flat DESCRIPTION QNTY R&R Drip edge 65.00 LF R&R Built-up 4 ply roofing-in place 5.64 SQ R&R Soffit-wood 282.17 SF Rotted areas flat2 DESCRIPTION QNTY R&R Drip edge 56.00 LF R&R Built-up 4 ply roofing-in place 2.21 SQ R&R Soffit-wood 221.20 SF Rotted areas Roof2 DESCRIPTION QNTY R&R Drip edge 117.00 LF R&R Chimney flashing-large(32"x 60") 1.00 EA Remove Built-up 4 ply roofmg-in place 16.94 SQ Framing repair-Replace decking as needed 1.00 EA Roofing felt- 15 lb.-dry in material 16.94 SQ Metal roofing-Standing seam 1,863.05 SF Ridge end cap for metal roofmg 53.17 EA R&R Flashing-pipe jack 3.00 EA R&R Exhaust cap-through roof 2.00 EA R&R Soffit-wood 100.00 SF Rotted areas,see markings Roofl DESCRIPTION QNTY RICHMOND-SRI 11/22/2010 Page: 11 Cli111 Southampton Restoration, Inc. 5555 Village Boulevard iiiM West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-Roof1 DESCRIPTION QNTY R&R Drip edge 117.63 LF Remove Built-up 4 ply roofing-in place 12.55 SQ Roofing felt- 15 lb.-Additional layer required 12.55 SQ R&R Valley flashing,20"wide 40.00 LF Metal roofing-Standing seam 1,380.26 SF Ridge end cap for metal roofing 4.00 EA Cupola DESCRIPTION QNTY Remove Laminated-40 yr. -comp. shingle rfg.-incl.felt 2.79 SQ Roofing felt- 15 lb.-dry in materials 2.53 SQ Metal roofing-Standing seam 278.57 SF R&R Extended drip edge 63.68 LF FRONT ELEV DESCRIPTION QNTY R&R Soffit&fascia-wood- l'to 2'overhang 65.00 LF R&R Soffit&fascia-wood-4'to 5'overhang 22.00 LF R&R Labor to frame 2"x 6"x 9'load bearing wall- 16"oc 43.00 LF ALLOWANCE UNDER ALL WINDOWS R&R Framing hurricane tie at footer 50.00 EA R&R Framing/truss hurricane strap 50.00 EA R&R Sheathing-plywood-3/4"CDX 263.50 SF Vapor barrier- 15#felt 263.50 SF R&R Siding-tongue&groove-wood 263.50 SF Trim board- 1"x 4"-installed-cased openings 168.00 LF Exterior light fixture 3.00 EA Front door and eaither side of carport R&R Spot light fixture-double-w/motion sensor 2.00 EA North&south corners of building Prime&paint exterior soffit-wood 615.00 SF Exterior-seal or prime then paint with two finish coats 684.00 SF Seal&paint wood window(per side)-Extra large 6.00 EA LEFT ELEV RICHMOND-SRI 11/22/2010 Page: 12 Clin Southampton Restoration, Inc. 5555 Village Boulevard .2 West Palm Beach,Florida 33407-7910 General Contractors CGC047237 DESCRIPTION QNTY R&R Soffit&fascia-wood- 1'to 2'overhang 25.00 LF Prime&paint exterior soffit-wood 37.50 SF Exterior-seal or prime then paint with two finish coats 387.00 SF R&R Framing hurricane tie at footer 40.00 EA R&R Framing/truss hurricane strap 40.00 EA RIGHT ELEV DESCRIPTION QNTY R&R Soffit&fascia-wood- 1'to 2'overhang 53.00 LF R&R Labor to frame 2"x 6"x 9'load bearing wall- 16"oc 35.00 LF ALLOWANCE UNDER ALL WINDOWS R&R Framing/truss hurricane strap 40.00 EA R&R Framing hurricane tie at footer 40.00 EA Vapor barrier- 15#felt 468.00 SF Reflective foil board insulation 468.00 SF R&R Siding-tongue&groove-wood 468.00 SF Prime&paint exterior soffit-wood 106.00 SF Exterior-seal or prime then paint with two finish coats 468.00 SF BACK ELEV DESCRIPTION QNTY R&R Soffit&fascia-wood-4'to 5'overhang 48.00 LF R&R Labor to frame 2"x 6"x 9'load bearing wall- 16"oc 10.00 LF ALLOWANCE UNDER ALL WINDOWS R&R Framing/truss hurricane strap 50.00 EA R&R Framing hurricane tie at footer 50.00 EA Vapor barrier- 15#felt 297.00 SF Reflective foil board insulation 297.00 SF R&R Siding-tongue&groove-wood 297.00 SF R&R Spot light fixture-double 2.00 EA North&south corners of building Prime&paint exterior soffit-wood 272.00 SF Exterior-seal or prime then paint with two finish coats 702.00 SF North&south corners of building Seal&paint wood window(per side)-Extra large 4.00 EA LANDSCAPING DESCRIPTION QNTY RICHMOND-SRI 11/22/2010 Page: 13 404 Southampton Restoration,Inc. 5555 Village Boulevard immia West Palm Beach,Florida 33407-7910 CIME General Contractors CGC047237 CONTINUED-LANDSCAPING DESCRIPTION QNTY Landscape-Irrigation system(automatic) 400.00 LF Landscape bench-cast stone-custom 2.00 EA Landscaping-MODEST ALLOWANCE 1.00 EA Large Palms,shrubery around walkway and back yard,and sod. Paver brick walkway-Entrance 230.00 SF APPLIANCES DESCRIPTION QNTY Microwave oven-over range w/built-in hood-High grade 1.00 EA Range-slide in-electric 1.00 EA Dishwasher-Premium grade 1.00 EA Refrigerator-top freezer- 18 to 22 cf-Premium grade 1.00 EA Dryer-Electric 1.00 EA Washer/Washing Machine-Top-loading 1.00 EA Heat,Vent,&Cool DESCRIPTION QNTY R&R Air handler-with A-coil-2 ton 1.00 EA R&R Ductwork system-hot or cold air- 1200 to 1599 SF home 1.00 EA Central air-condenser unit-2 ton- 16-21 SEER 1.00 EA ELECTRICAL DESCRIPTION QNTY Rewire-average residence-rough in wiring for living space 2,100.00 SF Rewire-average residence-copper wiring-non living space 825.00 SF Meter mast for overhead power 1.00 EA Meter base and main disconnect-200 amp 1.00 EA Breaker panel-200 amp 1.00 EA Trunk cable-aluminum-4 wire 4/0 50.00 LF Plumbing DESCRIPTION QNTY RICHMOND-SRI 11/22/2010 Page: 14 CII Southampton Restoration,Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-Plumbing DESCRIPTION QNTY Replace under house plumbing-supply&waste lines 1,500.00 SF Plumbing-Run new main lines under house-does not include rough tie in 1.00 EA Work to be done under existing structure GENERAL DESCRIPTION QNTY Temporary shoring post-Screw jack(per day) 105.00 DA Additional framing support may be required to ensure temporary shoring around exterior as needed in order to the repairs. 15 jacks for 2 weeks. Wood floor repair 1.00 EA Floor protection-Masonite&drops 320.00 SF Demo protection Dumpster load-Approx.20 yards,4 tons of debris 3.00 EA Post construction cleaning-Maintain area during repairs 28.00 HR Concrete repairs-Foundation Footings 200.00 LF Additional footer poured next to existing and tied in Clean with pressure/chemical spray 3,369.00 SF Seal&paint wood window(per side)-Extra large 14.00 EA Seal&paint wood window(per side)-Large 9.00 EA Paint door/window trim&jamb-Large-2 coats(per side) 2.00 EA R&R PVC privacy fence-5'-6'high 300.00 LF PHOTOS DESCRIPTION QNTY 10/5/2010 Front Elevation i 7/14/2010 Front Elevation el 10/5/2010 Rear Elevation el 10/5/2010 Rear Elevation 115 9/17/2010 Side Elevation el 9/17/2010 Foundation el 9/17/2010 Foundation el 7/14/2010 Front Elevation el 7/14/2010 Elec Riser ini 9/17/2010 Rotted roofmg el 9/17/2010 Rotted roofmg 9/17/2010 Rotted roofing I 10/5/2010 Rotted soffit/fascia el 10/5/2010 Rotted soffit/fascia RICHMOND-SRI 11/22/2010 Page: 15 Southampton Restoration, Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 CONTINUED-PHOTOS DESCRIPTION QNTY el 10/5/2010 Rotted soffit 10/5/2010 Rotted siding 10/5/2010 Rotted framing 10/5/2010 Rotted framing ga 10/5/2010 Rotted framing eb 10/5/2010 Rotted framing 10/5/2010 Rotted framing eb 11/11/2010 improper header 11/11/2010 improper header in 11/11/2010 improper framing 11/11/2010 rotted framing 11/11/2010 rotted framing ei 10/5/2010 Foliage growing • 10/5/2010 Rotted siding ▪ 10/5/2010 Foundation mov't 10/5/2010 Failed windows 10/5/2010 Failed windows ei 10/5/2010 Laundry la 10/5/2010 kitchen ka 10/5/2010 Family la 10/5/2010 Living/sitting ra 10/5/2010 W Bed 10/5/2010 W Bath 10/5/2010 E bath 10/5/2010 E Bed 10/5/2010 Lookout ta 10/5/2010 Porch Sloping patio PERMITS DESCRIPTION QNTY Taxes,insurance,permits&fees(Bid item) 1.00 EA Architectural/Drafting fees(Per Quote) 1.00 EA DMI Quote at$3/sf plus$150 additional design time.Includes 20 hours of design. ADDTIONAL CHARGES WILL APPLY AT HOURLY RATE.HOURS WILL BE LOGGED EACH MEETING. Grand Total 378,870.23 RICHMOND-SRI 11/22/2010 Page: 16 C(r.. Southampton Restoration, Inc. 5555 Village Boulevard I. West Palm Beach,Florida 33407-7910 '. General Contractors CGC047237 Luke Fisher Grand Total Areas: 4,696.27 SF Walls 2,820.02 SF Ceiling 7,516.29 SF Walls and Ceiling 2,834.25 SF Floor 314.92 SY Flooring 663.79 LF Floor Perimeter 0.00 SF Long Wall 0.00 SF Short Wall 847.00 LF Ceil.Perimeter 2,834.25 Floor Area 3,075.72 Total Area 4,473.94 Interior Wall Area 2,174.25 Exterior Wall Area 299.02 Exterior Perimeter of Walls 3,987.25 Surface Area 39.87 Number of Squares 561.85 Total Perimeter Length 124.66 Total Ridge Length 0.00 Total Hip Length RICHMOND-SRI 11/22/2010 Page: 17 Southampton Restoration, Inc. Ca. I: 5555 Village Boulevard t West Palm Beach,Florida 33407-7910 !` General Contractors CGC047237 ra, 4... I- I .1'4[ Z x ° • ',,I._,,'T f !III1fll111'I • oti ","-a.� a r ++ '4{ 1 2 4.i.by i`°; Y t; • x 6 Y • j 1 >=� ..._ J �I illli �r ,... _ _� 4 — l'II 1,0 +�+ 1 ',r' yam: • wr tr. 5 2J 111 � , 7w "` 4•" `% ha 3 4 RICHMOND-SRI 11/22/2010 Page: 18 AO Southampton Restoration,Inc. 5555 Village Boulevard i. West Palm Beach,Florida 33407-7910 vir • General Contractors CGC047237 / . .- ..._ . 5 6 i «,N iti::1' . /, T .w 1. , e 5t r ^-*^ k RICHMOND-SRI I 1/22/2010 Page: 19 Southampton Restoration,Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 .71E hK' _____ _ _ //: • 4. .tH. !'I L.f:'1 9 10 s / , # ., , , , 34,111".", . . k . 1 ram. ,..444 . I -^,. t 2` a : p , AmAli .7 fI ° / 11 #. i• 11 12 RICHMOND-SRI 1 1/22/2010 Page: 20 ICSouthampton Restoration, Inc. 5555 Village Boulevard miM West Palm Beach,Florida 33407-7910 General Contractors CGC047237 R , . f ( . •, . + t , , '-- t r • I 13 14 ill. ' , -1,'. ' : . . .,.. ,_ , _ ,. ...._..... ,. / /"., 14. L ,e., 15 16 RICHMOND-SRI I 1/22/2010 Page: 21 Southampton Restoration, Inc. 4)(111111 5555 Village Boulevard L� West Palm Beach,Florida 33407-7910 General Contractors CGC047237 400.._ ., . t 1 f 1:,,,,,ii.,.',,....,..1",i,',,i,''',',0,..,,-;,,,,i::::1' � r ,:itt.1,1:', ',_.•'''') ' :1'' '::::' ' I l8 yp,.. JJ fot ,'y - - Ca 5 20 ,fr 19 20 RICHMOND-SRI 11/22/2010 Page:22 ;1b.,,,c--4111. Southampton Restoration, Inc. 5555 Village Boulevard x'4 West Palm Beach, Florida 33407-7910 NW" _> General Contractors CGC047237 ^mow. a� Ilk t . • _ - rit,,,,,,,_. _.... . _ _____.. . r . . .,..„- i''''I:: _. 21 22 HY i .,_ 1'•u ' i. Y� {yi&-,„ i • 23 24 RICHMOND-SRI 11/22/2010 Page: 23 Southampton Restoration,Inc. Ct';i it 5555 Village Boulevard West Palm Beach,Florida 33407-7910 Br ' General Contractors CGC047237 i - �` - 4 ill 'trio • : , . - ',,i, i 1.:1 lel 25 26 • 27 28 RICHMOND-SRI 1 1/22/2010 Page: 24 Southampton Restoration, Inc. tir17.19011 5555 Village Boulevard West Palm Beach,Florida 33407-7910 1':' General Contractors CGC047237 „,,, .,,-;, „, ••: •11,..' „..ifilli ,..ii,,.. • .: ,, • a r 1 e 29 30 sue . as .Y I NJy ¢'j v" y sN. 31 32 RICHMOND-SRI I 1/22/2010 Page: 25 Cu-,i4.11 Southampton Restoration, Inc. till 5555 Village Boulevard West Palm Beach,Florida 33407-7910 Illir . General Contractors CGC047237 lailr -4.. .. :;:":;•<. .,i.!1:1:::.1:,,iiif.e.:.'::: iiitii.:;044' ...., ., • , I - - '' - • -,°.: :, , . — - ,..( ,. .. .-- . . ,,,,, -.4r,., - • - , 4111111hir, — .,.. .. .......„: . .,:, 33 34 -', _ . ... / ,.. , ,.. ... ..1, t: . .1; ••••1,' -.2.,t.,..-... 1111r..,;-/: tirr'' . ..T.,,., , , — r , Am. APE . ', . . - - ..,.,.., 35 36 RICHMOND-SRI 11/22/2010 Page: 26 Alli Southampton Restoration, Inc. C.- ,.; 5555 Village Boulevard :� West Palm Beach, Florida 33407-7910 Nip' General Contractors CGC047237 r 1', 441 iil 37 38 I d 1, 1� aII ..0 39 40 RICHMOND-SRI 11/22/2010 Page: 27 - Southampton Restoration, Inc. io 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 r . ...fir .1: sx...:.. 41 RICHMOND-SRI 11/22/2010 Page: 28 1Z1IIIII Southampton Restoration, Inc. iiM5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 Image Detail Image No. Type Date Taken Taken By 1 Front Elevation 10/5/2010 Luke Fisher 2 Front Elevation 7/14/2010 Luke Fisher 3 Rear Elevation 10/5/2010 Luke Fisher 4 Rear Elevation 10/5/2010 Luke Fisher 5 Side Elevation 9/17/2010 Luke Fisher 6 Foundation 9/17/2010 Luke Fisher 7 Foundation 9/17/2010 Luke Fisher 8 Front Elevation 7/14/2010 Luke Fisher 9 Elec Riser 7/14/2010 Luke Fisher 10 Rotted roofing 9/17/2010 Luke Fisher 11 Rotted roofing 9/17/2010 Luke Fisher 12 Rotted roofing 9/17/2010 Luke Fisher RICHMOND-SRI 11/22/2010 Page: 29 Southampton Restoration, Inc. 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 Continued - Image Detail Image No. Type Date Taken Taken By 13 Rotted soffit/fascia 10/5/2010 Luke Fisher 14 Rotted soffit/fascia 10/5/2010 Luke Fisher 15 Rotted soffit 10/5/2010 Luke Fisher 16 Rotted siding 10/5/2010 Luke Fisher 17 Rotted framing 10/5/2010 Luke Fisher 18 Rotted framing 10/5/2010 Luke Fisher 19 Rotted framing 10/5/2010 Luke Fisher 20 Rotted framing 10/5/2010 Luke Fisher 21 Rotted framing 10/5/2010 Luke Fisher 22 improper header 11/11/2010 Luke Fisher 23 improper header 11/11/2010 Luke Fisher 24 improper framing 11/11/2010 Luke Fisher 25 rotted framing 11/11/2010 Luke Fisher RICHMOND-SRI 11/22/2010 Page: 30 Southampton Restoration, Inc. IC 5555 Vloulevard West Palmil age Beeach,Florida 33407-7910 General Contractors CGC047237 Continued - Image Detail Image No. Type Date Taken Taken By 26 rotted framing 1 1/1 1/2010 Luke Fisher 27 Foliage growing 10/5/2010 Luke Fisher 28 Rotted siding 10/5/2010 Luke Fisher 29 Foundation mov't 10/5/2010 Luke Fisher 30 Failed windows 10/5/2010 Luke Fisher 31 Failed windows 10/5/2010 Luke Fisher 32 Laundry 10/5/2010 Luke Fisher 33 kitchen 10/5/2010 Luke Fisher 34 Family 10/5/2010 Luke Fisher 35 Living/sitting 10/5/2010 Luke Fisher 36 W Bed 10/5/2010 Luke Fisher 37 W Bath 10/5/2010 Luke Fisher 38 E bath 10/5/2010 Luke Fisher RICHMOND-SRI 11/22/2010 Page:31 Cre- -�alli Southampton Restoration, Inc. 41191, 1* 5555 Village Boulevard West Palm Beach,Florida 33407-7910 lir ; General Contractors CGC047237 Continued - Image Detail Image No. Type Date Taken Taken By 39 E Bed 10/5/2010 Luke Fisher 40 Lookout 10/5/2010 Luke Fisher 41 Porch 10/5/2010 Luke Fisher Sloping patio RICHMOND-SRI 11/22/2010 Page: 32 Ground Level XXXXX- EXTENSIVE WOOD ROT&TERMITE DAMAGE I 33 XXXX 1 I �I 7'iv - 1U 2" 13'2" Iu ON EXTERIOR WALL FRAMING MEMBERS r Lpd e•1^— b LI } qs' Loci NYionici coo__ i(21 b jrrr _F ._j_ N � f L u { Kitchen I OWW 11to {2 k 'ii ij\ rt a 111114k)' CFmerl EeMilx. (o .. h r� -.t I ii ii toRotten framed walls w F o r 1 £ ,' k IR lk--'--='—'-- a' ^Id •• • • r72XXXX k —3�6• pq+ LI.Ina 1 i oil — PnaF 1. TT;II IIII 47tl m Pin 1, r 1r� 6 L M1 F� a i r ��� ! l ® 6q� T Rotten frame a s \\°t 64 I 7 od• wnna.oem g e'1r� b PH..., �.--T to mK1A • <-1 I J I f I I I " W,Q,—' XXXXXX1 30'10" Qt S. tV FnrM4ril6]. � da^ N Rotten framed walls n r kw.(621 0 a b b Y 0,6" y 1 _6'--. 4 Ground Level RICHMOND-SRI 11/22/2010 Page: 33 Lookout - do 2'3" pme (31 Fi 3'V' r f 76"- I --t3-01 12' '.I 12'6" I Ll Lookout RICHMOND-SRI 11/22/2010 Page: 34 Roof )OOOIX- EXTENSIVE WOOD ROT&TERMITE DAMAGE I—7'4"} F 16'11" I 16'11" I 1` XX tvy_.._._.._._....._.._._._.._.__ ._.._..___.�______._._______._—__._.__ I 477 I 1c 1v' 1£�17 T� 1 XX b XX zr F4 XX I XX ., ....46'7" _- n cn FACE 47'11"- c�Y{'{-0-69s ( `P1 677739 15727 F2 627.39 6.27 F3 564.34 5.64 F4 221.20 2.21 t; F5 Ft 896.80 8.97 F6 796.88 7.97 F7 126,62 1,27 F8 126.62 1.27 Estimated Total: 3987.25 39.87 7'V' I 7'1" P•01 )— 6.t. 6 7.=— XX yy � XX F2 XX FB P.,Oh F7 to AA —"' Poch Iv F5 10 � _ tr,I�y XXXXXXXXX AA F3 2v7 y\ a. a FG 1196 >1--51"—4\ e• a. 4 to 1e XX I _ - GI I 11'10^ I - LI Roof RICHMOND-SRI 11/22/2010 Page: 35 APPRAISAL OF A: Frame House LOCATED AT: 55 SE 7`h Ave. Delray Beach,FL 33483 PREPARED FOR: Ashley Richmond 335 SE 6th Ave. Delray Beach,FL 33483 AS OF: November 8,2010 PREPARED BY: Craig Butterfield State Certified General Appraiser FL License#RZ 1063 & ASSISTED BY: Kristen Gonzalez State Certified Residential Real Estate Appraiser FL License#RD-6508 0 t State Certified General Appraiser 4 RI -1063 P.O. Box 222673 1lollvwood, Florida 33022 ia►ni., c` It 24444144.34Rai„.gekuk.: 953-929-6(194 IL-Mail:eraifi u`butterfieldappraisals.ct m gar.W.ea a t-Suauateta: 941-312-9215 Cthuulu: 407-297-9643 7\'anie givriia: 904-766-9067 November 29,2010 Ashley Richmond Ref: Real Estate Appraisal on 335 SE 6th Ave. Property located at: Delray Beach,FL 33483 55 SE 7th Ave. Delray Beach,FL 33483 File No. 8942 Dear Ms. Richmond, As instructed, an appraisal report has been completed on the above property. The objective of this report is to establish an opinion of market value as of November 8,2010 the date of inspection. The subject property consists of a frame house located at: 55 SE 7th Ave.,Delray Beach,FL 33483 and is legally known as: PALM SQUARE UNREC LTS 22 TO 25 INC IN OR437P261 Based upon our analysis it was concluded that the Opinion of Market Value of the subject property in fee simple,is: Two Hundred Eighty-Five Thousand($285,000)Dollars"Subject to Renovations" -One Hundred Thousand($-100,000)Dollars"As Is" Land Value-One Hundred Ninety Thousand($190,000)Dollars The appraisers certify they have no interest, past or present in the subject premises, and that our conclusion of value is based on professionally accepted techniques and methods and further, that our fee is not contingent upon any specific finding. The conclusion of value is also subject to our standard limiting conditions,attached. • Craig H.Butterfield State Certified General Real Estate Appraiser#RZ-1063 1 • titate Certified General Appraiser tt RZ -1063 P.O, Box 222673 io11vwood, Florida 33022 Marra, cgoat ...Cautuleaatz, Palm vacii: 954-929-6094 E-Mail:erait a'butterfieldarwraisals.coiu ge .'W.eu.73t-Saamutta: 941-312-9215 1L`n&uufu: 407-297-9643 e orrh 4 1orida: 904-766-9067 CERTIFICATION The undersigned hereby certify(ies),to the best of his/her or our knowledge and belief: He/she/or we have/has relied on statements of facts furnished to him/her or us by others and has performed no independent verification of any facts except as specifically set forth in the report. However, to the best of his knowledge and belief, the statement of facts in this report, upon which the analyses, opinions and conclusions expressed herein are based,are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and they are that of the appraiser (s) and/or his, theirs or its employees or personal, unbiased professional analyses,opinions,and conclusions. The appraiser and/or his, theirs or its employees have no (or the specified)present or prospective interest in the property that is the subject of this report, and that the parties to this report and his or its employees have no personal interest or bias with respect to the parties involved. The compensation is not contingent upon the reporting of a predetermined value or direction of 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.Neither our employment nor our compensation for preparing this report is in anyway contingent upon the conclusions reported herein. The analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. Furthermore, no one other than the undersigned prepared the analysis, opinions, or conclusions concerning Real Estate that are set forth in this appraisal report. Craig H.Butterfield State Certified General Real Estate Appraiser#RZ-1063 2 State Certified General Appraiser tt RZ -1063 P.O. Box 222673 I IoI1vwood, Florida 3302 Jtiiarni most 2a4.iataa4L, Rolm gicaJ-: 954-929-6094 1:-11ni1: craii`a butterfieldappraisal .eom g&ic.21'.e4.it-Sa meta: 941-312-9215 e` urulu: 407-297-9643 `h orth Qkrida: 904-766-9067 CERTIFICATE OF VALUE WE HEREBY CERTIFY: The appraiser (s) preparing this report and or his, theirs or its employees prepared the analysis, conclusions and opinions concerning real estate values that are set forth in this Appraisal Report. That to the best of our knowledge and belief, the statements of fact contained in this appraisal, upon which the analysis,opinions and conclusion expressed herein are based,are true and correct. That neither our employment nor our compensation for making this report, are in any way contingent upon values reported herein. That this report has been made in conformity with and is subject to the requirements of the Code of Professional Conduct of the Appraisal Institute Inc. The scope of our assignment was to value the property hereinafter described and delineated. That we have no direct or indirect,present or contemplated future personal interest in such property or in any way benefit from the sale of the subject. Assistance on the report was provided by Kristen Gonzalez a State Certified Residential Appraiser RD- 6508 who photographed, inspected and sketched the subject property and photographed the sales comparables. Based upon our independent appraisal and the exercise of our professional judgment it was concluded the Current Opinion of Market Value of the subject property in fee simple as of November 8, 2010 is: Two Hundred Eighty-Five Thousand($285,000)Dollars"Subject to Renovations" -One Hundred Thousand($-100,000)Dollars"As Is" Land Value-One Hundred Ninety Thousand($190,000)Dollars Respectfully submitted, „ / Craig H.Butterfield State Certified General Real Estate Appraiser#RZ-1063 3 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Valuation Date: November 8,2010 Location: 55 SE 7th Ave.,Delray Beach,FL 33483 Property Type: Frame House Property Owner: MAINE PALM LLC Property Rights Appraised: Fee Simple Interest Property Tax ID#: 12-43-46-16-34-000-0220 Year 2010 Assessment: FOLIO NUMBER BUILDING LAND TOTAL TAX AMOUNT 12-43-46-16-34-000-0220 $ 199,061 $ 336,240 $435,301 $ 14,027.51 Building Improvements: The subject property consists of a frame house with a shingled roof and contains approximately 2,104+/-SF of livable space. Year Built/Eff.: 1945/1975 Site Data: 9,991 +/-SF Zoning: RM—Residential Medium Highest and Best Use: The properties' highest, best, and most probable use is a usage as allowable, by zoning i.e. (house)or other as permissible. COST APPROACH Considered,but not applied DIRECT SALES COMPARISON $285,000-"Subject To Renovations" -$100,000-"As Is" $190,000-Land Only INCOME APPROACH Considered,but not applied FINAL CONCLUSION OF VALUE $285,000-"Subject to Renovations" -$100,000-"As Is" $190,000-Land Only Estimated Marketing Time: Six months to one year Conditions: This appraisal is subject to the General Assumptions &Limiting Conditions, and Certificate of Appraisal included herein. 4 ASSUMPTIONS AND LIMITING CONDITIONS The value conclusions and the certification within this report are made expressly subject to the following assumptions and limiting conditions in this report,which are incorporated herein by reference. 1. No responsibility is accepted for matters legal in nature;titles are presumed to be good and assumed to be held in fee simple. All existing liens and encumbrances, if any, have been disregarded (unless otherwise stipulated within the report)and the property is appraised as though free and clear,under competent ownership and management. 2. The legal description and site drawings furnished(if provided)are assumed to be correct. 3. The maps and sketches are included to assist the reader (if provided). Unless a survey of the property has been provided,no responsibility,whatsoever,in connection with such matters will be recognized. 4. It is assumed that the project herein set forth is an allowable use under the zoning,and is further considered its highest and best use. 5. The land and soil of the area under the appraisement appears firm and solid. The analyst was not supplied with an engineering survey and under this condition this appraisal does not warrant this condition. 6. Existing buildings involved in this appraisal report have been inspected and damage,if any,by termites, dry rot,wet rot,or other infestations have been reported if discovered as a matter of information but no guarantee of the amount or degree of damage is intended. 7. In this appraisal of existing improvements,the physical condition of the improvements was based on visual inspections. No liability is assumed for the soundness of structural members since no engineering tests were made. 8. All furnishings and equipment,except those specifically indicated and typically considered as part of real estate,have been disregarded.Only the real estate has been considered. 9. Information furnished by others including comparable sales data is believed to be reliable,but the appraiser assumes no responsibility for its accuracy. 10. The fees received for preparation of this report were not contingent upon the fmal value estimate. 11. The appraiser is not required to give testimony or attendance in court by reason of this appraisal with reference to the property in question,unless arrangements have been made previously thereto. 12. Possession of the reports or copies thereof, does not carry with it the right to publications nor may be used for any purpose by any but the applicant,without the written consent of the appraiser and then with the proper qualifications. 13. The valuations may not be used in conjunction with any other appraisal.The conclusions are based upon the program of utilization described herein and have not been separated into parts. 14. This appraisal has been made in accordance with the rules of professional ethics of the Appraisal Institute Inc. 15. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales, or other media,without the written consent and approval of the author, particularly as to the valuation conclusions, the identity of the appraiser or firms with which they are connected or any reference to the Appraisal Institute Inc.,and/or the M.A.I.or S.R.A.designations. 5 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) 16. The estimate of Market Value applies only to the date specified in the report.Market Value of Real Estate is affected by many related and unrelated economic conditions, local and national, which might necessarily affect the future market of the subject property.We,therefore,assume no liability for an unforeseen precipitous change in the economy, the project,region,or property. 17. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls,petroleum leakage,agricultural chemicals,urea formaldehyde foam insulation,toxic waste, other contents of environmental conditions,which may or may not be present on the property has not been considered, they were not called to the attention of the Appraiser, not did the appraiser become aware of such during the Appraiser's inspection.The Appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated.The appraiser,however,is not qualified to test such substances or conditions.The value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it 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. An expert in this field should be retained by the property owner if deemed appropriate. 18. No environmental impact study has been ordered or made.The appraised property is assumed to be in compliance with all applicable regulations unless otherwise noted in the report. 19. The appraiser has not performed any work or services on the subject or the sales comparables in the past three years. 20. The appraiser was provided a repair estimate of$384,893.78 calculated by Southampton Restoration, Inc.which was used to derive the"As Is"value for the subject property. 6 INTRODUCTION TO THE APPRAISAL IDENTIFICATION OF THE SUBJECT: PROPERTY TYPE: CBS House ADDRESS: 55 SE 7th Ave.,Delray Beach,FL 33483 FOLIO NUMBER: 12-43-46-16-34-000-0220 LAND TO BUILDING RATIO: 4.7 : 1 CLIENT,PURPOSE AND FUNCTION OF THE APPRAISAL The appraisal was requested by Ashley Richmond. The purpose of the appraisal is to estimate an opinion of the Market Value of the fee simple interest, unencumbered for the subject property. It is our understanding the appraisal is to be used for the purpose of assisting the client in determining the current market value. PROPERTY RIGHTS/INTEREST APPRAISED A right or interest in property is referred to as an estate. This interest may be a fee ownership interest or a lease interest for a period of years. An estate in land is the degree, nature or extent of interest, which a person has in it. An undivided ownership of a parcel of real estate embraces a great many rights such as the right to its occupancy and use; the right to sell it in whole or in part; the right to bequeath it; and the right to transfer it by contract for specified periods o,time. These rights of occupancy and use are called beneficial interests.An owner who leases real estate to a tenant: transfers one of these rights in his bundle, namely the beneficial interest or the right to use or occupy to the tenant,in accordance with the provisions of the lease contract. He retains all other interest in the bundle. In the subject instance the interest appraised herein is the market value in the fee simple. Title is assumed good and marketable. Ownership is assumed transferable and free from all encumbrances, except those specified in public records. For an explanation of fee simple interest, we have consulted the Dictionary of Real Estate Appraisal, 3r1 edition. Fee simple interest is defined as: An absolute fee; without limitations to any particular heirs, or restrictions, but subject to the limitations of eminent domain, escheat, police power, taxation; an inheritable estate. 7 INSPECTIONS AND EFFECTIVE DATE OF VALUATION The subject property was inspected on the interior and exterior on November 8, 2010 as the final inspection date. FORMAT AND CONTENTS This appraisal has been prepared conforming to the minimum standards of the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the appraisal foundation and the Supplemental Standards of Professional Practice adopted by the appraisal institute. DEFINITION OF MARKET VALUE The most probable price which a property should bring in a competitive and open market requisite to a fair sale,the buyer and seller each acting prudently,knowledgeably and assuming the price is not affected by the 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 both 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 cash in U.S.Dollars or in terms of financial arrangements comparable thereto. 5. The price represents the normal consideration for the property sold unaffected by the special or creative fmancing or sales concessions granted by anyone associated with the sale. The definition of market value reiterates the Department of the Treasury,Office of the Comptroller of the Currency,under 12 CFR Part 34, dated August 24th, 1990. (Section 34.42—Definitions) DEFINITION OF AS IS MARKET VALUE As defined in the dictionary of Real Estate Appraisal, 3th edition, Appraisal Institute 1993: the Value of specific ownership rights to an identified parcel.of Real Estate as of the effective date of the appraisal: relates to what physically exists and is legally permissible and excludes all assumptions concerning hypothetical market conditions or possible rezoning. SCOPE OF THE APPRAISAL An appraisal is generally defined as an estimate of value based upon the parameters of the assignment as of a specified date. The valuation of real estate is based on a process of data collection, and analysis and conclusions drawn by a third party. The purpose and data of this appraisal, along with the property rights appraised,have been previously defined. Existing improvements are best valued through the application of the traditional approaches to value as applicable, i.e., The Cost Approach, the Sales Comparison Approach, and the Income Approach. The scope the appraiser utilized in this report was the market approach which was believed most reliable. 8 SPECIFIC DESCRIPTIVE DATA The undersigned have conducted a physical interior and exterior inspection of the property. GENERAL MARKET DERIVED DATA Primary data to include improved sales, as well as market income and expense statistics have been obtained from various types of data, and data sources contained within our office files that is updated regularly,and from properties previously appraised. Secondary data sources include Metroscan, Realtron, First American Data Solutions (FARES), fka ISCNET,and,commercial and investment properties published by the Board of Realtors. SPECIFIC ECONOMIC DATA The subject property was unoccupied as of the date of inspection. DATA VERIFICATION Every effort has been made to verify information obtained from secondary sources. However, in the time frame in which an appraisal is prepared, principals are not often available or do not wish to discuss information with an appraiser that is not part of the public records, knowing that some of the information might be disseminated to the general public. Therefore the data used in this appraisal is believed to be true and correct but cannot be warranted. Data obtained from professional associates' sources often relates to properties they have personally appraised. This information is often confidential (Appraiser/Client) in nature, and may be referred to in this analysis as a general source of data with the client's permission, but retained in our files so that the confidentiality of the source is maintained, and the specific data is not disseminated to the public in a manner not authorized by the client. Verification of data may have come additionally from surveyors, closing agents, attorneys,buyers, sellers,property owners&property management companies i.e.;leasing agents and/or realtors. ISSUES OF GROWTH MANAGEMENT AND CONCURRENCY Concurrency is an issue that affects development in the State of Florida. According to Florida's Growth Management Act, Section 163.3177 (10) (H), Florida Statutes, "It is the intent of the legislature that public facilities and services needed to support development shall be concurrent with the impact of development". Issues of Growth Management are not completely understood by market participants, nor are they completely understood by local government employees. The appraisers have researched the issues of Growth Management and Compact Deferral Zones, and have found that the issues have certain adverse impacts on undeveloped property as well as reconstruction and/or expansion activities on improved properties. Zones of Compact Deferral are in constant change; that is, areas are under constant review for inclusion/and or exclusion from the zones. As amplified in the following sections, the appraisers have reported these issues, and the effect (if any) on the subject as of the date of valuation, as related to the appraisers by local governments and their employees. The appraisers assume that the information they received is true and correct. 9 PERSONAL PROPERTY/FURNITURE,FIXTURES AND EQUIPMENT To the best of our knowledge,the market data used in this appraisal was not impacted by the inclusion of personal property or furniture, fixtures and equipment (F F & E). The value estimated (s) for the subject excludes personal property, business equipment and FF & E. The equipment A/C, security systems, and the like referred to in this analysis is by method and attachment and function considered to be integrated components of the Real Estate and included in the overall value estimate. MARKETING CONSIDERATIONS Since Real Estate is a highly leveraged investment, the estimate of value contained herein is made with the assumption that some type of mortgage financing will be available or a cash transaction will result. Most types of commercial real estate have marketing periods ranging from six (6) months to a year or more. Value estimates would typically be discounted for extended marketing periods. These discounts may include deductions for holding costs or simple discounting based on the information available within the area for similar type properties. Buyer and seller demand for a particular location and the desire to obtain same/or dispose of,are amongst many of the untold motivations that influence sellers to sell and buyer to buy in many a transaction. COMPETENCY PROVISION In regard to this appraisal assignment, the appraisers have complied with the"Competency Provision" of the Uniform Standards of Professional Appraisal Practice. Reference is made to the "Appraisers' Qualifications"in the addendum of this report. PROPERTY HISTORY AND OWNER OF RECORD The folio#is 12-43-46-16-34-000-0220 aka, 55 SE 7th Ave.,Delray Beach,FL 33483. The subject's title is held in the name of MAINE PALM LLC. SALES HISTORY OF SUBJECT PRIOR SALES: The subject property was sold for$350,000 in July 2010. OWNER of RECORD (Per Tax rolls) Summary Details: Folio No.: 12-43-46-16-34-000-0220 Property: 55 SE 7th Ave.,Delray Beach,FL 33483 Mailing MAINE PALM LLC Address: 1730 S FEDERAL HWY#277 DELRAY BEACH FL 33483 3309 INTENDED USER OF THE REPORT It is our understanding the appraisal is to be used to assist the client,Ashley Richmond,in determining the current market value. 10 SUBJECT PHOTOS Front View of Subject ! N .4 tH . p, i ,_,,,t r� q �7.44 4 ems. _ ,� _ ' ,sr .. _.- jilt'€j a it ,' ) '� e + r Wit" t ^i"1 '. �~ ' :-i' b a i .fix ' 'VT l£ + i ' d` y, �,7* Rear View of Subject t Ffr� ....—. ze' s R" Via_ -w` ¢ ,`.v ;,' fit' , :^ _ E5 ". V -.. 4 g m .''''''' aaM.„.„,. 11 Exterior Porch Damage ;,',i ',,-,,,,-,,,,, ",-,pr-,1,,,* v. '' ‘,.,,, .. , 1 , 'i, ,„A',''',,, "i,,., ,' '-- -,P 1' - : N4,,,' - -::-.,4- % --i', -,--Ii..--'- '%'.i,-,,,,, ,1,--,',,,,„,,,,,,,,r-'t .., , ,,.., , Exterior Soffit Damage 4r f ` 4b4I t- f I k : t� ! F 12 Exterior Wall Dama=e k 3 - .. 3i .t' rt.,,,,, ,......z. ,_.7.,,, ,„:!.,,, ,„,, ;.. L - `' ,.�w« �2: 3 �,^ Y 'ate". - ` s Alsolopi �-T r shy., ,snw ,et •w Street Scene A;a e ' )tf Y ( h-RS- -E t �` =t ,am Atli 13 INTERIOR PHOTOS Subject Kitchen j s , L ...._ _ t .. : , t - _..... , , 3 $ - , ..,,, ,.Q.,.s:,:,,,,,fi.-i:.,f,3.4;: ,,,,,-..?„,:: _,z.rat .. 2. _ , .. ,0,,, ,,, „ . ,,, ,,,, .,.......„ ..,.....;.. ,..t. „°; ';',;=, ;', 12° , 1 ,...,0 zt,I „ff's•p„,.: 1 0::,:13:::17, Subject Livin' Room I I .. s.,,, ...._� _? :;-11 .n;,,.v �' '.9"-'2 • w vt 14 Subject Family Room a� mom, • -...-ssmw .i 1 " " ; -L wy __ ^a ca ..rya . -"" :. 9 '•4 �, „,, �H W1, rv+' F S '1a ~ crv¢ f Sub ect Bathroom �. 1. it x =, - --„� S '+y 1I " .,aays,, - 4 •• - —^-... u .F' d f _`. i 4 • bIT ,Nti o- W. _ fir " .. .` 4a 0 g4; ..:.,. 15 a�� �.� CT • a .w `'. O kx 4o a _, lE�'kq� �� l -z Rtf h . i ,. i 111 �` .•g ,r f q g 1) it '• �••p li .& } / Y„ to EE P "' Ig{ ! i ;4.4$' 3',i sl, 1{1,' f##9j r .,.i!� ' :: . , ,,,,,,,,,,,,,s,„„,„,,,,,,, ,,v „eg,s ' dt�l .,1,, ! ti E • r f 1'7 ?��- ', ,„ :;:—,.c. ,..,---..;„,2-' Ex.:2- .. vv,I... iivi.,,,,,,,t-:,:v.,,v4vv,,,..-,,,,•••,v.,,,,,,--vrthy,,;,,,,,,,,vv•::-", to t f� w.xswfa ' z, - ,' i • 'I � yy { ti41:i'.:A-:0a 1 R dYP yj 1'P:, • 12 Y ,,,.....„,,,..,.,...,.„,,,,,,,,,,.,.,.,,,,...., ' t t —t Ji.,:i:. .5 , C5 54 a ' IV • (i ^" a�a' 'T' F -A" k ' - 3 �Y }& 1 ' ,.., :..�f ,'k, e ;t a. 01 Interior Damage r -,. Y ryx x z p �� ', � - s-.nevsim , 17 NEIGHBORHOOD DESCRIPTION DEFINITION: A neighborhood is defined in The Appraisal or Real Estate,Eleventh Edition,copyright 1996,by the Appraisal Institute,as follows: A neighborhood is defined as a group of complementary land uses.The relative uniformity of a neighborhood may result from similarities in: • Physical features, and physical barriers created by either the terrain or the • Location of major arteries • Transportation • Population characteristics • Factors affecting land use and income-producing potential Neighborhood analysis focuses on the four forces that influence value: social, economic,governmental, and environmental considerations. Social characteristics relate to the occupant;reasons for living or working in a given neighborhood. Economic characteristics refer to the occupant's financial ability to own or rent property and maintain or rehabilitate it. Governmental characteristics pertain to the regulations and taxes imposed on property and the administrative machinery needed to enforce compliance. Environmental characteristics identify any natural or manmade features that are contained in, or exert an effect on a neighborhood. Neighborhoods may be devoted to such uses as residential, commercial, industrial, agricultural, cultural and civic activities, or a mixture of these uses. Analysis of the neighborhood in which a particular property is located is important due to the various economic, social, political, and physical forces which affect the neighborhood and also directly influence the individual properties within it. An analysis of these various factor as they affect the value of the subject property is presented in the following discussion. The analysis of the neighborhood provides a bridge between the analysis of general influences on all property values and the study of a particular subject property. The goal of a neighborhood analysis is to determine how the operations of social, government, economic, and environmental forces influence the property value in the specific area in which the property is located. Neighborhood analysis also provides a framework or context in which property value is estimated. It identifies and limits the area available for analysis and establishes potential limits or search for data to be utilized in applying the appropriate methods of valuation. 18 NEIGHBORHOOD DESCRIPTION(Continued) Identification of the Subject neighborhood enables the appraiser to determine whether comparable properties to be used in the valuation process are located inside or outside of the neighborhood. The comparable properties located in the neighborhood usually require little or no adjustment for location. Furthermore the analysis should assist the appraiser in determining levels of change or stability in a neighborhood or district. This analysis provides a basis for study of the effect of change on the stage of the life cycle evident in a neighborhood; thus helping an appraiser more accurately predict future values and land uses. According to the Appraisal of Real Estate, 11t addition published by the American Institute of Real Estate Appraisers; a neighborhood is a group of complementary land uses as was stated earlier. A residential neighborhood for example may contain many single-family homes and commercial properties that provide services for local residents. A clear distinction can be drawn between a neighborhood and a district. A district is a type of neighborhood that is characterized by homogeneous land use. Districts are commonly composed of apartments, commercial, industrial or agricultural properties. Neighborhood occupants usually have an observable commonality of interest. Usually a neighborhood grouping of inhabitants, buildings or business enterprises possess similar features or attributes. Therefore a neighborhood is relatively uniform. That is, a neighborhood exhibits a greater commonality than the larger area. Consequently a specific defmition of a neighborhood or a district is a grouping of complementary land uses affected by similar operations of the four forces that affect property value. Neighborhood or district boundaries delineate the physical area that exerts relevant influence on a subject property's market value. The boundaries may coincide with changes in prevailing uses, occupant characteristics, or physical characteristics, such as structures, street patterns, terrain, vegetation and lot sizes. Because changes in natural or physical features often coincide with the change from one neighborhood area to another, features such as transportation arteries, bodies of water and changes in elevation often constitute neighborhood boundaries. 19 SUBJECT NEIGHBORHOOD The neighborhood is located in Delray Beach, Palm Beach County, Florida and is surrounded primarily by mixed residential and light commercial properties and property usage. The neighborhood boundaries may be considered W Atlantic Ave. to the north, the Atlantic Ocean to the east, SW 10th St.to the south,and I-95 to the west. SUBJECT NEIGHBORHOOD MAP C) r c Z. a -; F o .- ti it sh'Atlantic Ave Atl nticAve Delray Beactl E o 4D % . - _.. t r zi s 1 - L O` ; C ` t tee'.3fd at cif Y. > f. i;5p_1 �, r s s a, :n : 1.0 G :e -itt Zr .v C - VI Sr.E s: at :tttr; So:b.h CI.�. , -,..- ( 1 c s • ';&9tit Ct ....'.. 7. f,. L h see., to'tn s loti,St k Cik:y.; u lxf u tT. Y :�f l ri€1 _ ... �ri _... £ '„ Vf11au DI r 2307 1 ` t.It i^Jt _ ACCESS/FRONTAGE: The subject's roadway, SE 7th Ave., is a minor north/south thoroughfare that provides ingress and egress to the subject property, and is residentially oriented. The subject parcel is square in shape and has approximately 100 feet of frontage along SE 7th Ave. 20 TOPOGRAPHY/SOIL CONTENT: The subject site is generally level, and appears to be lying just above the road grade with no observed drainage problems or adverse easements that would restrict or limit the use of the site. We have not been provided with soil surveys, nor subsurface analyses. However from our observations of the subject site, the surrounding developments, and Palm Beach County geological survey maps, prepared by the Department of Environmental Protection, we have assumed that there would pose no developmental adversities. ENVIRONMENTAL CONDITIONS: Unless otherwise stated in this report, the existence of hazardous substances, including without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals which may or may not be present on the property, or other environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraisers inspection. Furthermore, the appraisers are not qualified to test for such substances or conditions. We attempt to note, during our inspection of the subject property, any visual evidence of dumping,or potentially hazardous waste asbestos in improvements or underground storage tanks. We saw no such evidence during our inspection. However, if additional environmental hazards are discovered at a later time,we reserve the right to amend our value estimate. PARKING:From a site inspection the parking appears adequate for the purpose in use for the house and appears that the parking is typical of comparable sales. CENSUS TRACT: The subject appears to be located in Census Tract—64.02/ 1 - Source US Census Bureau via Realquest.com. FLOOD ZONE: According to Floodmaps.com the subject appears to be situated in the Flood Zone as seen below: COMMUNITY PANEL ZONE DATE 125102 0004D X500 19890105 Flood Map r° ' siin� � is fill l `�* € nllsiitiit7m �sF�.ems ,tkl co � im l' di1 i�ag , ,2�4. 0 ``1' -II , rt4 I .'Pi AL 2 : . ," ' 2191 'may^ _ ' i� ' syyv E '*Aiftil Is � Fi ^( i tUM 1 .•... -irOs VsiI Di,i,rA , A r] LL�i��1Z1T'''^^� l r .., „1.j4nr.i:1 j. : i Cx 1 ”Z rf ' >. a i Irp_tlir,E 1 ,ik -.J i � lt r'Wing ff R 21 Aerial Map a rr 'fit i f+r x y - t tiY rE� ,yip .-_:.�Y r [ tW ,&1 itilif � � `Y .p�TB �. u R At, '41 Ave _ 1 -4 • .'�""" t i� 4 , i� : Y „� - 3 !F. a � ¢ �CC, _ µ- :.: r ,'s*r Ec`yam li 4:42.1 ,* 1., : i :,...,,,., ,it”1„,,,,, „,„...,4. a ; cr,, mow.' f/! � '+a�[ '— �p,,_ I -_isti L ii ,iii :tlidur..,0, mitibl'' r, * 3 rt:-.1,1rsi ,'-,_"1:4i::t V"''''.\ 1, 27. Air ..,,,ri,,,,-,707,.-'=;,; II—.® + t� u +;;Itt: ,... ° +� },ia i AI 4,41 If,'.i.''-,4t-.,I'-.IIAn,I..P ,t.-.„_'r'.,..i',‘,','—''`":=,-,,.',",*r.,1-:=.k-,,.1?-'g',-,,'-',''':-,-,,''r.;,,'1."':A-.,''-'.'„.".V_`i.,'-'--r'-.. d - E "...,'..-.''..4R:I.)t-•,*,',iIn, 'al ' Pik- - '' yk . - n sus..., 3 q., y: _ Y.... y z r 9 ' d y ....Z ..v u, y r,„ �. .'� 1"}--+ 5 Ii,... x,L. 22 • ZONING Zoning is the division of a jurisdiction into zones or districts. Zoning regulates land uses and related matters. Between districts regulations vary but within each district they apply uniformly to each class or kind of property. The districts separate agricultural, residential, commercial, and industrial uses so that there is a minimum of trouble caused by mixed uses. Zoning has a direct effect on traffic and parking, congestion, slum prevention, general community and neighborhood appearance, community revenues and expenditures and property values. The kind of zoning we have in our democratic society is of recent origin, but effective zoning is indeed necessary. It is also necessary that it be well done,fully protecting appropriate public interest without unnecessarily restricting the use of property. There must be a reasonable relationship between the objectives of regulation and the regulation themselves. The purpose of planning and zoning include the following: • To preserve and enhance present advantages, overcome present handicap and prevent or minimize future problems • To promote, protect and improve public health, safety, comfort, good order, appearance, convenience,morals, and the general welfare • To conserve the value of land,buildings,and resources • To protect the character and maintain the stability of residential, agricultural, business and industrial areas and to promote the orderly development of such areas • To guide and accomplish a coordinated, adjusted and harmonious development, which, in addition to the purposes set forth above, will contribute to efficiency and economy in the process of development. • To lessen congestion in the streets • To secure safety from fires,panic,and other dangers • To provide adequate light,and air • To prevent overcrowding of land and undue concentration of population • To facilitate the adequate provision of transportation, water, sewage, schools and other public requirements Zoning should group compatible uses, separating incompatible uses. Planning and zoning should establish an orderly land use pattern related to transportation facilities, utilities and other public land for the intended purposes. Zoning assures an appropriate balance between lands developed or intended for development for various purposes, and protects reserved land so that it may be used for the purpose found most logical. Grouping activities having similar needs in such a manner so as to maximize efficiency and minimize friction protects land values and amenity and reduces costs for services. The zoning for the subject property is: RM—Residential Medium. The present use appears to be conforming and legal. 23 PLAT MAP �uu `".tR'uc�C4Q ` UU! of (124 (93.{5'1 QQ V o R,.a (1« s , (60.45 r O• 1 — 0642 613 0_i (53-a 11G= (103 00: { 5 - _. . '15'a (100.uo., I 06 ' (a a.U0 . .., 752 ) 0080 - 01� ) w i 0830 ' I ,to.ut, ® „ ,�,, 0070 r 0340 l vc. 'a?a011 GGse', (iG :o, - 6'''r 1 0060 (,, taoao`, V0Q6Q ✓ 001QI -- (11 f11.77GG'!ir 10 ;100.367 Ti r • ` _ •r't• Q Q 022Q 0300 z I 0120 - ' ( _ y I (5.1L (03. (51 0 (1U0.G0'i tau UD'3 m qg i (0.39 Ac.) �; r_ (,00.oG'r to uJ, Q04Q •_: (r: -0Q1Q� 0260 Q28Q N ti Lt , i0l } (130.GG' ,(339n9 - 1.tA:1• (176'1:7" (ii 16;r) •_.I I r ............. (135.61') (115.50• (170.513 116 `53 0010 4 _ 0030 p ins• v.Gn' a = 0010 - 1 i13a-0 1' (0.43 Ac.) __ • • • 64 (tt5.n-? n1. U' I it?08 I v__n D� _ 0240 0061 1 ;14.at'r . 7 6 Q _ 1 0231 i14.3Gil ©�w ,,: 10G 1G•i (taaG, t= nnnn tia3.Gt' , 4 0 Al. 24 TAX AND ASSESSMENT ANALYSIS: hi arriving at just valuation as required under Section 4,Article VII of the State Constitution,the property appraiser is required to consider eight criteria,which are outlined below: 1. The present cash value of the property,which is the amount a willing purchaser would pay a willing seller,exclusive or reasonable fees and cost of purchase,in cash or the immediate equivalent thereof in a transaction at arms length; 2. The highest and best use to which the property can be expected to be put in the immediate future and the present use of the property,taking into consideration any applicable local or state land use regulation and law,ordinance,regulation, resolution, or proclamation adopted by any governmental body or agency of the Governor when the moratorium prohibits or restricts the improvements of property as otherwise authorized by applicable law; 3. The location of said property; 4. The quantity or size of said property; 5. The cost of said property and the present replacement value of any improvement thereon; 6. The condition of said property; 7. The income from said property; 8. The net proceeds of the sale of property;is received by the seller,after deduction of all the usual and reasonable fees and costs of the sale,including the costs and expenses of financing and allowance from unconventional or typical terms of financing and arrangements.When the net proceeds of the sale of any property are utilized,directly or indirectly,in the determination of just valuation of realty of the sold parcel or any other parcel under the provision of this section,the property appraiser,for the purposes of such determination,shall exclude any portion of such net proceeds attributable to payments for household furnishings or other items of personal property. NOTE: As amended by Section 6, Ch 79-334 applies to assessment rolls and taxes levied thereon for the year 1980 and each year thereafter. It is mistakenly believed assessments are supposed to be at 100% of Market Value. In actuality, assessments should reflect net proceeds of sale to a seller subtracting selling expenses and allowances for typical financing. Therefore, a property could be over assessed even if it sells for an amount greater than the assessment. Depending upon the specific property type, assessment to sale ratios should typically range from 80% to 95%. However, terms of the sale, selling expenses, and financing involved could dictate a lower or even higher assessed to sale ratio. Most properties are assessed via the Cost Approach with additional support from the Direct Sales Comparison and Income approaches (if available). Sometimes,because of the process of Mass Appraisal, relevant approaches were not relied upon primarily due to the absence of pertinent information such as an income statement or recent physical inspection of the property. Consequently, the assessment is generally not representative of true 100% market value. The subject property is identified and subject to Palm Beach County Ad Valorem Taxes on Real and Personal Property. Taxes are payable in November with a 4% discount and become delinquent on April 1st of the following year.In our research of the subject property,we noted the property taxes were current. The tax assessment is not relative to the market value. According to the County Tax Rolls,the subject properties are assessed as follows: FOLIO NUMBER BUILDING LAND TOTAL TAX AMOUNT 12-43-46-16-34-000-0220 $ 199,061 $336,240 $435,301 $ 14,027.51 25 DESCRIPTION OF THE IMPROVEMENTS The improvements consist of one frame house,built in 1945,containing approximately 2,104+/- SF of livable space. ROOF SYSTEMS The roof is shingled. INTERIOR DESCRIPTIONS: WALLS: Drywall DOORS: Wood Doors FLOORING: Hardwood&Carpeting ELECTRIC SERVICE: Adequate. HVAC: Central A/C SITE IMPROVEMENTS PAVING The parking area is paved and has similar parking to some of the comparable sales later observed. LANDSCAPING Average OFF SITE IMPROVEMENTS Subject is located on SE 7th Ave.,which is a minor road. CONDITION AND UTILITY The improvements for the house appear to exhibit fair to average condition for present usage. The utility is designed to accommodate its present usage, and other allowable uses as permitted by zoning. No obvious repairs were noted.However, considerable repairs need to be made to the property. UTILITIES Utility service is adequate and similar to competing properties. 26 BUILDING SKETCH 33Ft Laundry 23ft 25ft Bath Kitchen -- 4-4 2 Car Carpoit Family Room (NJ Bedroom Dining Room LPi 23ft lift Bath Living Room Entry Bedroom 31ft iry a:a Arr..A Calculations Summary • Livia Are* COICA.Ntign Details Firt1 awe- 21D4S4ft 20.25= 5: 33 27=Es; 31.-23 71 Total Living Ana(Rounded): 21D4 Sq ft Rawn.i 2 C.I-7 C.nrIxrrt •1t72 23= -16 27 HIGHEST AND BEST USE Highest and Best use is defined by the Dictionary of Real Estate Appraisal, 3rd edition as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible,that results in the highest value". In a case where a site has existing improvements, the highest and best use may well be different from the existing use. The existing use however, will continue until the land value represents the majority of the property value, and there is justification for the removal or renovation of the existing improvements. Additionally, it is implicit in the definition that the determination of highest and best use is a logical and well-supported conclusion resulting from the appraiser's judgment and analytical skill. Furthermore the term highest and best use does not refer exclusively to the size of the structure that might be built and is not always measured in terms of money. The return or yield of a property can also be construed as the benefits derived from amenities such as historic significance or natural beauty. Also implied within this definition of highest and best use is the contribution of a particular use to the community, and community development goals along with the benefits of that use to the individual property owner. With these underlying premises in mind, there are essentially for 4 tests, which are applied to the use or uses being considered.These 4 tests are: 1. The site's legally permissible use,which is permitted by zoning and deed restrictions on the site in question,along with any approval processes as permitted by various government agencies. 2. The physically possible uses for the site in question. Simply stated, that is,what can be constructed on the site, for example,an odd shaped parcel of land might have a total square foot size,which,under a given zoning would allow a certain size structure to be constructed.However,because of the sites configuration only a smaller structure would be possible. 3. Its probable use.This is simply what use will be compatible with other current and likely uses in the area. 4. The most profitable uses amongst the most feasible uses;that use which will produce the highest return or the highest present worth. Highest and Best Use is further defined as that reasonable and probable use that will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively,that use,from among reasonably probable and legal alternative uses, found to be physically feasible, and which results in the highest land value. The definition immediately above applies specifically to the Highest and Best Use of land. It is to be recognized that in cases where a site has existing improvements on it, the Highest and Best Use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its Highest and Best Use exceeds the total value of the property in its existing use. 28 HIGHEST and BEST USE as IF VACANT Highest and Best Use is defined in the 11th Edition of the Appraisal of Real Estate, published by the Appraisal Institute follows: 1. Highest and Best Use of land is the most profitable likely use at the time of appraisal. It also may be defined as the available use and program of future utilization that produces the highest present land value. 2. Existing use may or may not conform to Highest and Best Use. 3. Highest and Best Use may compromise a combination of a profitable interim (transitional)use and a deferred, more profitable potential use. 4. Highest and Best Use may be limited by zoning or deed restriction. 5. The principal of increasing and decreasing return affirms the proper apportionment of land and improvements to achieve maximum land value. 6. The concept of Highest and Best Use may be extended to improved real estate for various decision making situations but such application should not be confused with the underlying concept of Highest and Best Use of land only. 7. Balance and consistent use are important collateral consideration in the selection of Highest and Best use. The preceding definition is specifically applied to the highest and best use of land as though it were vacant. When a site is improved, the improvement typically remains in use over its economic life. The discussion of highest and best use under the assumption of a vacant site should analyze what type and size improvements should be constructed when considering the basic defmition and criteria. The factors that underline the highest and best use criteria will be discussed. 1. The subject sits on a parcel of land zoned RM—Residential Medium.The present/existing use is legal conforming use, currently under use as a house. 2. As to possible uses or what could be constructed on the site,the site offers no developmental adversities. Moreover, based on our observation of surrounding development,there does not appear to be any adverse topographical condition that would preclude development with standard construction techniques.As a benefit,all utilities are to the site. 3. Probable use considerations include those uses that are compatible with surrounding development.Due to the nature of the area as outlined in the Neighborhood Analysis,the most likely use would be predicated upon a zoning that would reflect the intended use of a developer looking to develop the site. Due to the size of the tract, it is believed that a commercially oriented use would be the most probable use. 4. In order to identify a specific use that would result in the highest return to the land,a feasibility analysis would have to be conducted. This however, is beyond the scope of the appraisal assignment. Therefore from the preceding factors considered, the highest and best use of the subject "as if vacant" would be oriented toward usages as permitted by zoning codes. CONCLUSION We have concluded that the highest and best use of the subject property as though vacant would be for development of a use commensurate with those activities permitted by the current zoning. 29 • HIGHEST AND BEST USE AS IMPROVED Once a parcel of land is substantially improved, the two parts form an integrated unit, and from all practical purposes,they are inseparable. However,when the market value of the land alone, if vacant and available for its highest and best use, exceeds the value of the property as improved, the improvements are no longer a viable contribution to the property and a new use must be adopted. In analyzing the Highest and Best use of the subject property"as improved", several principles of real estate value must be considered. They include conformity, supply and demand,change,and balance. • Conformity—The subject's improvements continue to conform to the general developmental pattern and architectural homogeneity of the district. • Supply and Demand—Our analysis of the subject's surrounding neighborhoods tends to indicate that there is demand for residential oriented space.However it may have to upgraded or modified to suit the new users'needs. • Change — This is the law of cause and effect at work. We note no changes occurring in the subjects' use or improvements obsolete. • Balance—Value is created and sustained when contrasting, or interacting elements are in a state of equilibrium. At present,the economic mix in the immediate area appears to be relatively harmonious.The subject,as improved,offers basically a large open shell structure that can be modified to suit a user's need and is potentially capable of competing in the current environment.Thus,balance is sustained. CONCLUSION In that the improvements have been carried out at the site, the subject property becomes an integral unit consisting of both land and building.This integration of land and improvements is related to the economic concept, of the marginal dollar. This theory implies that the existing usage as long as the property, as improved,has a market value which is higher than that of the land, as if vacant and available for a higher usage. Inherent in this study of Highest and Best Use is the principle of contribution, which states that the value of a component part of the overall property is dependent upon how much it contributes to the value as a whole. The Highest and Best Use of the subject property could accommodate residential usages. The structure represents a significant portion of the total value of the whole property. Therefore, due to the contributory value of the improvements and our estimate of the Highest and Best Use of the subject property, as improved, it is the appraiser's opinion that the Highest and Best Use of the subject property is its present usage, as would benefit an owner occupant, or as present building may generate lease income. 30 VALUATION ANALYSIS—APPROACH TO APPRAISAL—INTRODUCTION The appraisal process is the orderly program in which the data used to estimate the value of the subject property is acquired, classified, analyzed and presented. The scope of the assignment was to estimate the market value, based upon the highest and best legal use for the subject property, which we have concluded to be as a house, or a similar use that would benefit the present owner. Initially, the appraisal problem was defined; that is, identification of the subject, the effective date of the estimate, the property rights being appraised and the type of value sought is the basis to commence the task of the appraisal problem. Once this was accomplished, the appraiser collected and analyzed the factors affecting the market value of the subject property. These factors included regional and neighborhood analysis, the property analysis to include physical site, and the improvement characteristics and finally the correlation of these factors into an analysis of Highest and Best Use. This assemblage and analysis of data and subsequent estimation of Highest and Best Use provide parameters enabling the selection of market date to use in estimating the market value of the subject property. In assignments to estimate market value, the ultimate goal of the valuation process is a well- supported value conclusion that reflects the appraiser's study of all factors that influence the market value of the property being appraised. To achieve this goal, an appraiser studies a property from three different viewpoints,which correspond to the three traditional approaches to value. Each of the three traditional approaches to value will be considered in the case of the subject property. These are: the Cost Approach, the Market Comparison, or Sales Comparison Approach, and the Income Approach. The indications of each of these approaches will then be correlated into a fmal value estimate. • The current cost or reproducing of replacing the improvement,minus the loss in value from deprecation,plus the land value is:the Cost Approach. • The value indicated by the recent sales of comparable properties in the market is:the Market Comparison Approach. • The value of a property's earning power based on the capitalization of its income:the Income Approach. The three approaches to value are interrelated; each involves the gathering and analysis of sales, cost,and income data that pertain to the property being appraised. From the approaches applied, the appraiser derives separate indication of value for the property being appraised. Although the approaches are interrelated, the property type and use will determine which approach or approaches are the most appropriate. One or more of the approaches may not be applicable to a specific assignment or may be less significant due to the nature of the property, the decisions of the client, or the data available. We have given careful consideration to the Cost Approach and its applicability to the subject improvements. After consideration, the Cost Approach was not considered a relevant or reliable method of estimating the current market value of the subject. 31 METHODOLOGY AND APPLICATION For the purpose of this analysis, each of these approaches provides an independent indication of value for the subject based on known and apparent investor criteria that have been derived from the market. The indications by each of these approaches will then be correlated into a final estimate of value. The first: the Cost Approach. In this approach, the improvements are replaced as if new, and any applicable depreciation is deducted to arrive at a net improvement value. Added to this is the value of the land, and any site improvements or allied appurtenances in order to arrive at a value estimate. This approach was considered but not applied. The Direct Sales Comparison or Market Approach is based upon the principle of substitution; that is, when a property is replaceable in the market, its value tends to be set at the cost of acquiring an existing property with the same utility, assuming no costly delay in making the substitution. Since no two properties are ever identical, it is necessary to consider the differences in location, size,condition,age and etc.Adjustments are made by comparing the sales to the subject and are best determined by the actions of typical buyers and sellers in the marketplace. The Income Approach involves an analysis of the anticipated benefits from the property in terms of dollar income or amenities. The estimated future income and/or reversion are then capitalized or discounted to a present worth figure at a rate commensurate with the quality and durability of the income stream and those anticipated benefits.This approach was considered but not applied. 32 COST APPROACH TO VALUE Considered but,not applied. COST APPROACH TO VALUE For reference,an explanation of the cost approach is as follows; The Cost Approach is the process where the value of improved property is estimated on the basis of the cost to replace the structures, less applicable depreciation. The appraiser must first estimate the cost to replace the structure. All components of the structure are taken into account. Then the appraiser must estimate depreciation from all sources, including physical deterioration (curable and incurable), structural obsolescence (curable and incurable) and economic obsolescence. The sum of the depreciated value is the indicated value of the property via the Cost Approach for improvements. The following summary outlines the above process: REPLACEMENT COST OF ALL IMPROVEMENTS LESS DEPRECIATION PHYSICAL(CURABLE&INCURABLE) FUNCTIONAL OB SOLES CENCF(C'URA13 LE &INCURABLE) ECONOMIC OBSOLESCENCE EQUALS DEPRECIATED VALUE OF IMPROVEMENTS PLUS SITE IMPORVEMENTS PLUS LAND VALUE RESULTS IN:INDICATED VALUE BY COST APPROACH 33 One or more of the approaches may not be applicable to a specific assignment or may be less significant due to the nature of the property, the decisions of the client, or the data available. We have given careful consideration to the Cost Approach and its applicability to the subject improvements. After consideration, the Cost Approach was not considered a relevant or reliable method of estimating the current market value of the subject. The reasons of the non-use COST APPROACH TO VALUE follow: 1. In current economic conditions, the Cost Approach does not reflect the actions of buyer and seller of existing,potentially income producing properties. Current market conditions are such that many purchases are based only on the existing or future income streams. 2. Current economies would justify the use of the Cost Approach in order to test the economic viability of a proposed development against the value indications rendered by the Market and Income Approaches. As improved, developmental feasibility is not an issue. The Cost Approach is most reliable in the analysis of new or proposed improvements.As improvements age,and experience renovations and updating of various components over the years, any estimate of depreciation becomes increasingly more difficult, and subjective in nature. 3. Estimates of depreciation on existing properties such as the subject, derived without market support could not be supported with any degree of accuracy. Further, the basic tenant of the Cost Approach is that "development could take place without undue delay".These issues undermine the basis for the approach. Therefore, we have relied upon the value estimates derived from the Market Approach and the Income Capitalization Approach in thic analycis. To complete the valuation process, the appraisers integrate the information drawn from market research and data analysis from the application of the approaches to form a valuation conclusion. The value indications rendered by each approach provide a range of values that must be reconciled into a final value indication considering the appropriateness of each approach and the reliability of the data utilized to formulate the approach. 34 DIRECT SALES COMPARISON APPROACH TO VALUE The Direct Sales Comparison, or Market Approach is the most commonly known and employed method of valuing Real Estate. The essence on this approach is based upon the principle of substitution i.e. that a prudent purchaser will pay a price for a particular piece of property, which is commensurate with the prices currently being paid for similar properties in similar locations. Thus, the appraiser assembles sales and offerings of properties containing generally similar uses,amenities and aesthetic features as are possessed by the subject property. Analysis of the real estate market realizes that there are no two properties exactly alike. An adjustment process therefore is required to compensate for differences between comparable data employed by the appraiser and the subject property under analysis.Adjusting for tangible differences between two properties,the cost to reproduce the various items is used as a guide in making adjustments.Market experience also demonstrates that purchasers tend to pay less for purely cosmetic features that contribute little to the utility of property.The price paid for such peripheral improvements is usually less than the cost of reproduction therefore; the judgment of the analyst should reflect the reaction of typical prudent purchasers. Other factors,besides structural detail,which bear upon the value of property,include the time of sale,zoning,terms and the circumstances of the sale and location. The appraiser analyzes the market data employed in relation to the subject property, and in so doing takes into account all items which contribute to or detract from value. The Market Comparison Approach is a technique of fmding sales of similar properties and carefully analyzing and comparing them by virtue of their differences and major similarities into an indication of value for the appraised property. The comparable properties were observed for their possibility of similar functional potential utility. Size, area, age and condition of improvements were also analyzed and considered. Comparable sales chosen were similarly located, similar use/purpose properties all located within the subject's competitive market area. The validity of this approach is dependent upon the availability, quantity, relevancy and quality of the data. Procedurally,the steps in the Direct Sales Comparison Approach are as follows: 1. Research of the market to obtain information about transactions,listings and other offerings of properties similar to the subject. 2. Verify the information by considering whether the data obtained is factually accurate and the transactions reflect arms length market considerations. 3. Determine relevant units of comparison e.g.,price per unit or multiplier,and develop a comparative analysis for each unit.The unit of comparison utilized in this analysis is the price per square foot of improvements to the land area. 4. Compare the subject and the comparable sales according to the elements of comparison and adjust the sales price of each comparable as appropriate or eliminate the property from consideration. 5. Reconcile the value indications that result from the comparable sales into a single value indication. In the case of the subject property, sufficient data was available in the area from which a meaningful Sales Comparison Approach could be developed. Primary emphasis was placed on fmding transactions involving properties that were similar to the subject in use,location,access,and exposure factors.The sales cited offer a cross section of similar investments. Salient factors of the improved sales utilized in our analysis are presented on the following pages. 35 - COMPARABLE IMPROVED SALE#1 ADDRESS: 137 N Swinton Ave.,Delray Beach,FL 33111 GRANTOR: MILLER GARY GRANTEE: BENJOR LLC DATE OF SALE: 07/08/2010 YEAR BUILT/EFF: 1945/1975 SIZE OF BUILDING: 1,888+/-SF SITE AREA: 10,023 +/- SF FOLIO NO.: 12-43-46-16-01-067-0020 LEGAL DESCRIPTION: TOWN OF DELRAY LT 2 BLK 67 (OLD SCHOOL SQUARE HISTORIC DISTRICT) INDICATED PRICE: $279,000 PRICE PER SF: $147.78 per Square Foot ZONING: OSSHAD—Old School Square Historic District LAND TO BUILDING RATIO 5.3 : 1 PRIOR SALES None in the past three years Sales Corn a arable#1 Photo , '' ---)1-, .- - -14:17-,,i,,,---.-,-- 7,,,-, , = 47. , .:4. ,--,---.-- --evh,:-., ,,,,-,,:: 0,-.4„,,,,.J;4-,....,.....„, . ...6.:;• � . �'•[ ,-., ' ter ,b�j{ t...:4,,..,,,,,v,,,,.,...,,,:t.:,..24,i'„.. # .., .:".::::::i.:11 ,I...,t,.4.,,,,:,,4,,,,A,,,,,,,. i.cir, irit.,,_.::,,,i.:04:zril%ts,,.;,;*.;::,,,,,..:)..t.e,,..,..,r4-,....:11;a:;..--.‘,.:7,t,....,. :3. p, sue} - "+�. • � - 7 , r V.' It._ : ` Ip, t •, fat r } e8 r{ '3 c tt �r `-��?: Iv, +' - may, t a � �a�'' A" &' -i'wr * .I s � ram, ; ��$`�"" �, x` _ 4 -.«:..p�5 ...........fi,.� .a.,>,2 .->:«»_... 4b'a1^ � �""�. 36 COMPARABLE IMPROVED SALE#2 ADDRESS: 301-303 NE 7th Ave.,Delray Beach,FL 33483 GRANTOR: KRAMER TERRY L&CRISTINA V G GRANTEE: BENJOR LLC DATE OF SALE: 05/15/2009 YEAR BUILT/EFF: 1955/1975 SIZE OF BUILDING: 1,819+/-SF SITE AREA: 7,266+/- SF FOLIO NO.: 12-43-46-16-05-121-0151 LEGAL DESCRIPTION: HIGHLAND PARK DELRAY S 53.5 FT OF LT 15 BLK 121 INDICATED PRICE: $280,000 PRICE PER SF: $151.93 per Square Foot ZONING: RM—Residential Medium LAND TO BUILDING RATIO: 4.0 : 1 PRIOR SALES Warranty Deed for$0 on 7/14/2009 Sales Comparable#2 Photo 5 V� } �k # �yEµ�A4 a k 1 ti p_.x di , p k. lik, '0..,_ lit 1 'ill — ! i * ',' , ! , .-, , ,v-.1 _ .",,;. ''' , i il.i..4.','z'2:, , ,-; , ..! — k 8, ' ' "'" ' ' ' '''.7.-" ' ..'"li%)'',. ",4,1 's't,;',04."' ,-"r e'j't'' 2`''A '14 a t 4 ' a f , � _ 'r _ ,' U ' ' W`a - m: `vc : i€ $ ti 37 COMPARABLE IMPROVED SALE#3 ADDRESS: 138 SE 7th Ave.,Delray Beach,FL 33483 GRANTOR: FALKANGER CHARLES C GRANTEE: KEENAN BRIAN T DATE OF SALE: 07/30/2010 YEAR BUILT/EFF: 1940/1970 SIZE OF BUILDING: 2,250+/-SF SITE AREA: 10,497+/- SF FOLIO NO.: 12-43-46-16-01-118-0101 LEGAL DESCRIPTION: TOWN OF DELRAY S 40 FT OF LT 10 &N 38 FT OF LT 11 BLK 118 INDICATED PRICE: $280,000 PRICE PER SF: $124.44 per Square Foot ZONING: RM—Residential Medium LAND TO BUILDING RATIO: 4.7 : 1 PRIOR SALES None in the past three years Sales Como arable#3 Photo £ Y 7 .0;i, ,, 1. , , ...L. ---: - a ,,I,. 1-2il I' k !,,,,,,, ,_,, 'IIIIilIflhIli :. 38 COMPARABLE IMPROVED SALE#4 ADDRESS: 255 N Swinton Ave.,Delray Beach,FL 33/111 GRANTOR: MCKEEVER BRUCE J GRANTEE: AVRIL KELLY DATE OF SALE: 07/21/2010 YEAR BUILT/EFF: 1940/1965 SIZE OF BUILDING: 1,468+/- SF SITE AREA: 9,148 +/- SF FOLIO NO.: 12-43-46-16-D9-002-0000 LEGAL DESCRIPTION: STRATFORD ATTA BOWE PL PAR 2 INDICATED PRICE: $225,000 PRICE PER NRSF: $153.27 per Square Foot ZONING: OSSHAD—Old School Square Historic District LAND TO BUILDING RATIO: 6.2 : 1 PRIOR SALES None in the past three years Sales Comparable#4 Photo /( a, .i ,f e fi �� 3 , R d 3 "� -f,=„..'N"_-. 7...,1,,,--',,'',,‘.,'-'A'.'.go r4~t' *-',.,l-',.i."..",..-.... ,'-k,,,I„'''' , '-''''.., ,',,,, i i, lifii fr i'l i'r 1 t 411 i1 I1',f kf,,;l if'f 4Ii i..Al,;''„•e i t I�' ._a"¢ y� b ., 1 p1 .3' $11 fit, . 4{fl. 1 '�+ , } ,. fry r= t .;i ,a t, S . i f _ I. ;i ..r " t ' ' ,i, ",� -, `elA Pie '$ ' 1- : .,tea � :a° i 41 r �a _ VV ? a >R ° .4.;t t/. 'a' x' ah., a, #ro 3 a �#.x , d� � ,p�^. ,-. �n3t,e1 f E --. ram" e x@,y,,kt € 2a .r ''� '.* 'fi r a �� .91 4 C .'' "" i �.'.�..ab,—y€. " " . . b; � ,� k. cgs" ar `� 't 1**i `'. _.i B '1:a . �. i.�4 ` `- ? .'+.s..;§ be +s -,e$`a' ,,,. s" w '� t4,.,. `' ;,. •'gyp ��' rsa�..:....�7id ��,. , b«4.3z ,. �€:..,�...M,r ,. * s 4 39 Sales Comparison Grid FEATURE SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3 :Address 55 SE 7 AVENUE 137 N SWINTON AVENUE 301-303 NE 7 AVENUE 138 SE 7 AVENUE DELRAY BEACH,FL 33483-53 DELRAY BEACH,FL 33483 DELRAY BEACH,FL 33483 DELRAY BEACH,FL 33483 :Proximity to Subject 0.55 miles NW 0.49 miles N 0.13 miles S ;Sale Price $ NIA $ 279,000 $ 280,000 $ 280,000 'Sale PriceIGLA $ /Sq.Ft$ 150.40/Sq.Ft $ 153.93/Sq.Ft S 170.63/Sq.Ft Data Source(s) ISC/TAX ROLL ISC/MLSITAX ROLL ISC/MLS/TAX ROLL ISCIMLS/TAX ROLL !ADJUSTMENT ITEMS DESCRIPTION DESCRIPTION +(—)$Adjust. DESCRIPTION -t-(—)$Adjust DESCRIPTION +(—)$Adjust. :Sales or Financing N/A CASH CASH CONV MTG :Concessions N/A NONE NOTED NONE NOTED I NONE NOTED Date of Sale/True N/A 07/09/2010 05/20/2009 07/30/2010 ;Rights Appraised FEE SIMPLE FEE SIMPLE FEE SIMPLE : FEE SIMPLE :Location SUBURBAN SUBURBAN SUBURBAN i SUBURBAN !Site 10,000 Sqft+I- 9,956 Sqft_+I- 0 7,266 Sgft+1- 1 +8,202 10,492 Soft+/- 0 View RESIDENTIAL SIMILAR SIMILAR RESIDENTIAL • • • :Design(Style) 1 STORY 1 STORY 1 STORY 1 STORY Quality of Construction AVERAGE AVERAGE AVERAGE AVERAGE ;Age 50 YEARS 65 YEARS 55YEARS 70 YEARS • Condition AVERAGE AVERAGE AVERAGE • AVERAGE :Above Grade Total lBdmia Baths Total Bdrms Baths Total Bdmis Baths ! Total Bdrms! Baths Room Count 6 ! 2 2 7 3 I 3 -10,000 7 I 3 I 3 i -10,000 9 5 j 3.5 -15,000 !Gross Living Area 2,104 Sqft 1,855 Sq.Ft +13,695 1,819 Sq_Ft +15,675 1,641 Sqft +25,465 Daseriierirfotdl-Afea--NIA 'N/A N/A-1-N/A !Basement Finish Area WA N/A N/A N/A • :Functional Utility AVERAGE AVERAGE AVERAGE AVERAGE __ !Heating/Cooling FWA/CENTRAL CENTRAL FWA/CENTRAL ! FWA/CENTRAL !Energy Efficient Items STANDARD STANDARD STANDARD I STANDARD :Garage/Carport 2 CAR CARPORT NONE +3,000 NONE 1 +3,000 NONE +3,000 Porchl Patio/Deck OPEN PATIO SIMILAR SIMILAR SIMILAR INGROUND POOL NONE NONE NONE NONE !UPDATES STANDARD STANDARD STANDARD I STANDARD • • • Net Adjustment(Total) ®+ ❑- $ 6,695 0+ ❑- $ 16,877 ®+ ❑— $ 13,465 ;Adjusted Sale Price :of Comparables $ 285,695 $ 296,877 $ 293,465 40 FEATURE l SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6 Address 55 SE 7 AVENUE 255 N SWINTON AVENUE DELRAY BEACH,FL 33483-53 DELRAY BEACH,FL 33444 Proximity to Subject 0.63 miles NW Sale Price $ N/A $ 225,000 $ $ Sale Price/GLA $ /Sq.Ft$ 153.27/Sq_Ft_ S /Sq.Ft $ /Sq.FL Data Source(s) ISC/TAX ROLL ISC/MLS/TAX ROLL ADJUSTMENT ITEMS DESCRIPTION DESCRIPTION +(-)$Adjust DESCRIPTION +(-)$Adjust DESCRIPTION +(-)$Adjust. Sales or financing WA CASH Concessions N/A NONE NOTED Date of Sale/Time NIA 07/21/2010 Rights Appraised FEE SIMPLE FEE SIMPLE Location SUBURBAN SUBURBAN Site 10,000 Sqft+/- 9,147 Sqft.+/- 0 View RESIDENTIAL SIMILAR Design(Style) 1 STORY 1 STORY Duality of Construction AVERAGE AVERAGE Age ...............................................50 YEARS..._......................70 YEARS...._........._._._ Condition AVERAGE AVERAGE Above Grade Total Bdrmsr Baths Total Bdrms Baths Total BdttnsrBaths Total Bdrms Baths Room Count 6 2 1 2 6 2 1 1 +10,000 1 Gross Living Area 2,104 Sq.FL 1,468 Sq.FL +34,980 Sq.Ft Sq.Ft' Basement Total Area N/A N/A Basement Finish Area N/A N/A j nction_al f ttg AVERAGE •AVERAGE Heating/Cooling FWAICENTRALCENTRAL -- Energy Efficient Items STANDARD STANDARD Garage/Carport 2 CAR CARPORT NONE +3,000 Porch/Patio/Deck OPEN PATIO SIMILAR INGROUND POOL NONE NONE UPDATES STANDARD STANDARD f— Net Adjustment(Total) I�I� u- $ 47,980', H-t- u$ + ❑- $ Adjusted Sale Price • of Comparables $ 272,980' $• $ All sales were given equal reliance. The appraiser estimates the sales price for the subject dependent on renovations to be approximately$287,300(say) $285,000. Two Hundred Eighty-Five Thousand($285,000)Dollars "Subject to Renovations" In order to derive an"As Is"value for the subject property,the appraiser subtracted the estimated repair costs of$384,893.78 from the previously concluded value of$285,000 which results in an"As Is"value of-$99,893.78 (Say)$0. -One Hundred Thousand($-100,000)Dollars"As Is" 41 ESTIMATION OF LAND VALUE In land valuations, the following elements in value are equated between the individual properties under comparison and the subject property: a. Sale data including price,date/time of sale; b. Lot size and topographical features; c. Location appeal relating to land pattern, corner influence, proximity to favorable or unfavorable features,and accessibility; d. Availability of utilities,street surfacing,municipal services; e. Zoning and deed restrictions,probability of rezoning or the intrusion of inharmonious land uses; f. Any other pertinent comparison factors. Provided that market data used in comparison has been sufficient,properly qualified and interpreted,then the results drawn from the Market Data Approach to land value will provide the most logical, easily understood evidence of value. If strict and objective translation of the definition of"Market Value" and the meaning of"optimum use" has been made, there can then be little cause for wide value differences which sometimes occur. '1h jective of thelviarket-DataApproach-to-land-value-is—to deducc- om-data-of actual-ales—and current offerings to buy or sell, the amount at which the subject property would sell if it were put on the market. The theory is that by comparing data an exact duplicate of the subject will be found, and thus the price that the subject would bring in the market can be correctly estimated. Of course, in actual practice it is rare,indeed,to find another property exactly like the subject. In order to be properly considered, all market data must be accurate and reliable. The factors of motivation should be clearly understood so that the data can be accepted freely, and assumed to be from the standpoint of all parties involved. Land extractions follow on the next page. 42 Sales Comparison Grid Subject Sale 1 Sale 2 Sale 3 Sale 4 Address 55 SE 7th Ave 137 N Swinton 301-303 NE 7th 138 SE 7`h Ave. 255 N Swinton Ave Ave Ave. Year'Built/Eff. 1945/1975 1945/1975 1955/1975 1940/1970 1940/1965 Building Size(SF) 2,104 1,888 1,819 2,250 1,468 Land Size(SF) 9,991 10,023 7,266 10,497 9,148 Zoning RM OSSHAD RM RM OSSHAD Date of Sale N/A 07/08/2010 05/15/2009 07/30/2010 07/21/2010 Sales Price N/A $279,000 $280,000 $280,000 $225,000 Time of Sale N/A 0% -5% 0% 0% Adjusted Sales N/A $279,000 $266,000 $280,000 $225,000 Price Sale 1 Sale 2 Sale 3 Sale 4 Total Livable SF 1,888 1,819 2,250 1,468 Estimated Cost to build PSF(inclusive *$79.98 *$79.98 *S79.98 *S79.98 of ent.profit @ 10%) Total Cost to Build $151,002 S145,484 $179,955 S117,411 X Est.Dep.Eff.Age/Ec.Life X/60 .50 .50 .50 .50 Less Depreciation est. $75,501 $72,742 $89,978 $58,706 =Depreciated Cost to Build $75,501 $72,742 $89,978 $58,706 Add Site Impr./Depr. $10,000 $10,000 $10,000 $10,000 Total Cost of Depreciated $85,501 S82,742 $99,978 $68,706 Improvements 1 Adjusted Sales Price $279,000 $266,000 S280,000 $225,000 Less Cos `D 1mp $85301 882 742 $99;978 $68,706 =Est Resid Land Value $193,499 $183,258 $180,022 $156,294 /SF of land parcel 10,023 7,266 10,497 9,148 =Est Val PSF of Land $19.31 $25.22 $17.15 $17.09 Subject Site Size SF(economies of 0% -10% -$2.52 0% 0% scale) Zoning No adj. No adj. No adj. No adj. %Location Adj.Price PSF: No adj. No adj. No adj. No adj. Adjusted Val PSF of Land $19.31 $22.70 $17.15 $17.09 *Marshall& Swift Cost Services were utilized the cost to build average class D single-family residences (351)from section 12 page 25 at a base cost of$73.44. A current cost multiplier of.99 and a local multiplier of 1.00 were also imputed to derive a final cost of$72.71 per square foot. All sales were given equal reliance. Thus the estimated land residual value is$19.06 PSF. Subject's Land Size SF 9,991 (x)Extracted est.val.PSF $ 19.06 Est. Land Val. for Subject via extraction: $190,428.46(say)$190,000 One Hundred Ninety Thousand($190,000)Dollars 43 • • SALES COMPARISON MAP lthSt -ty tt ams� ,s : a la mode, me r—,` a� �� to '' ".�..� 's sprat A, ,i4 a ) � a - ; T a l 3 R. = . • tom,:. 1 Comparable#4 .1 �.., "1hfAterway tl,''t "'.h- -;i FkV y 255'N SWINTON AVENUE ." m. ! '� �� + ` [�''' `''t 0 63 miles NWatillsH ' •• Y ' }A st wAtA • "'=_, �� 1 4� # lex .,i', NVisa dal MdrDr . 1ellr s a ' . .� t�� v 'l� .- • z '"4 Comparable#2 ,,,urbrs •a h=,� a a.,l,'•;:�2 t ?*,�� _ 301-303 NE 7 AVENUE tC. �, P t ` ; Ezc ih 7, !; 1 a 0 49 miles N 7yj]� 6 * a 4 .0Z� il t t ear • - 'rru}A St "!`x -..., ,,, a _a t „:yNE2t�St � z 'NEt®®nd t ;��rvt C - irskr 4� ' ° tt t +.�; ilit Bash Dr" Ai l`. < 1 .. ' I'X ;' a NE t stt t f-'._ .h; y, :§r. s."'$!Si• k gri s m t ., Comparable#1 = * Y ,`t 2 . kip'' r, �,1 - rJeistsi" 137NSWINTONAVENUE i-rEttst --1 towyst a4,-, D55milesNW '* r t �N + 4 , I r L� mit x. z i tri 4e"` _i -:`"t7 ' '.i',.t, N`3 , T t Parlcr# ., •1` -j, 4 ' ' ` r 3 r 800 ,+" y , 1� "' E Atlantic Ave it, E Atlantic Ave 8D5; 1 � � �� 42 i � t >°�"`a � ,,,,,. • t G 1-t. s".. � .., 'a Delray 898ce . "n, aa�-0 g '� ask" $4, _ -E i�yµ•~`y�c , erim?$ - -., 4 y 1c` -!�,. _...:Tiv-1-41_,7-7,1 ,++C� �F 11 s��.`� ll] £ 3 47,T?' - a 1 --.� St,P,utsi SEigst t5 S1 tSt y }t : " o r r. <"fm= ._ , �4tz Px -- 'E 5- f ci �'w[ - h4irartur�t _ 3 V. 1 .--� ' , we r ws " ,r! a t yz .-� •` r Comparable#3 R . rr .n w s t 138 SE 7 AVENUE - ' , c a t `„ 0.13 miles S ° ; '4 a. > :'' �4 ti:..- .. '•` SE 2rd SY osiLN ra -- �.. ,",f� v:y ,�C., ., `Rd i.._. IRtJ[AiIAT FIVE ccc�SS +rix eW +" 'S 4 m 3 n t,- �# 6 ws- 1 Oc�AoTeyAce� i T } }W 6.,.. _-$ .1 ea - -�, t'�d 82LL St, „ t , CA _# d -- 4 1 .. -. r is ; �.'',, ,: ..._.—, ''.- ? SE d S -,_ 3r .. ,r, ' E 3d St ,_, BSY St..-. .s r`p A1A ' C YWt ""! t '{ 1R,ere-i' {`• be-.a.--,..ci-,{ '- ;?A. !' '.b `y .. ' anger WAY . E, , S9J 4ta St 'SE4thSt ' .,r�s:.t<.. -, {rj r „--,:- Rd` _ `L j: Y13"aA'M.t.. €i' { T � p j' ' i4,,,,I, „ �. fli-. SE 5Ih St W g7g7( SE 5th St:P-�� r^ ,Saclda Rd- @ z. s 7 at.ati 'E'r d 4 la r= 1�$ ' a SE6thSt • T ;„c .cL SEbthSI .,,,,d. � 'T 3 tq441 '' "t`F ll t �` � ..d.'. xirr : {_,r:>�' .- <..SE 7th.Stk_....,....,. .- SE llh S4�.... t e - ,: r* ,.; ``" .—"- ...^'� 44 INCOME APPROACH TO VALUE Considered but,not applied. INCOME APPROACH TO VALUE The Income Approach to Value deals with the present worth of future benefits. This is measured by the net income which a fully informed purchaser is warranted in assuming the property will produce during its remaining useful life. After comparison with investments of similar types and class, this net income is capitalized into a value estimate. Several analyses are necessary before a value estimate may be projected. Of prime importance is a careful scrutiny of the potential income stream. The appraiser must concern himself with three significant factors that pertain to the subject's income. These are the quantity, quality and durability of the income. In the first instance, it must be determined whether the actual rent is proper or is similar space currently being rented for a higher or lower amount. The prudent purchaser certainly would be dubious of a high rent, which had no justification and in the same light he would be apprehensive of a rent well below that received for comparable properties. This comparison will lead the appraiser to a final conclusion, which enables him to ascribe a proper economic rent to the property under appraisal. The quality of the subject's income stream is the second major item of concern to the typical purchaser. The more reliable and solvent the tenant, the less the risk involved. This factor has a direct relationship to the rate of return which the investor requires. The third element, durability, requires that the appraiser analyze the terms of tenancy involved. He must determine how secure the income is. Is it of a short-term nature,or is it secured by a long-term lease?He must arrive at whether the income shall retain the characteristics of an annuity or will it decline as the property and area decline. Once a proper economic rent is ascribed to the property under appraisal, careful weight must be given to the normal expenses incurred by the owners of similar properties. This requires an extensive market analysis and the execution of sound judgment on the part of the appraiser. Subtracting proper expense items from the Gross Income estimate results in a Net Income which the property can be expected to produce. This net income may then be capitalized into a value estimate by applying a capitalization rate, which expresses the normal return requirements of the typical prudent buyer. This rate or factor is directly related to the quality and durability of the income stream. Briefly, it varies up or down based on the tenant's responsibility and the length of time during which the income flow is considered reasonably certain. The above analytical process has been applied to the subject property with the following resulting market comparisons,analyses and conclusion. The Dictionary of Real Estate Appraisal, published by the Appraisal Institute, third edition defines the income approach as follows: "A set of procedures through which an appraiser derives a value indication for an income-producing property by converting its anticipated benefits (cash flows and reversion) into a property value.This conversion can be accomplished in two ways. 45 INCOME APPROACH TO VALUE (Continued) One year's income expectancy can be capitalized at market-derived capitalization rate or at a capitalization rate which reflects a specified income pattern,return on investment and change in the value of the investment. Alternatively, the annual cash flows for the holding period can be discounted at a specified yield rate. The subject, at present is designed for multiple tenants' occupancy, as of the date of valuation. The property is presently unoccupied. The value estimate is based on the capitalization of a stabilized Net Operating Income as estimated for the improvements. The approach in each section is comprised of four steps: 1. Estimate the gross potential income that can be expected based on market rent levels. 2. Estimate the vacancy and expense deduction that can be expected. 3. Derive a stabilized net operating income estimate. 4. Capitalize the net operating income into a value indication. The final estimates of income and expenses represent stabilized estimates that are based on mature or stabilized operations of the subject over reasonable periods of anticipated ownership. Stabilized income and expense figures are used for the following reasons: • The property is expected to have experienced management,whereby earnings will be stabilized. • A short—term projection of income tends to be more accurate, due to the greater degree of uncertainty typically involved with longer-term projections. • Projection of income over a short term will produce the same total value as a longer term projection, regardless of capitalization technique,provided the assumptions involve the same income stream,the same rate of change in property value and the same rate of interest. Stated differently,any loss in value due to the shorter income stream will be offset by a gain in the present value of the reversion. • Under normal circumstances, net cash flow fluctuates, irregularly, up and down, from year to year. A reasonable reliable(stabilized)net income over a short projection period can be termed as a level annuity. To stabilize income,when the projection is presumed to cover the total useful life of a structure,is virtually impossible. Two methods of capitalization are available to the appraiser in the analysis of income producing property; direct and yield capitalization. Direct capitalization is used to convert an estimate of a single year's income expectancy into an indication of value in one direct step. Yield capitalization,on the other hand,uses the discounting procedure to convert specified annual income and future reversionary benefits to a present value on the premise of a required rate of return. Direct capitalization assumes no allocation between the return on and of capital invested. The income approach was considered,but not applied. 46 PARAMETERS OF VALUE CONCLUSION An appraisal of real estate is an opinion of value certified by an individual representing himself to be an expert. Due to the many influences that affect supply and demand and the imperfections that exist in the market, the appraisal of real estate remains an inexact science. The appraiser's client must recognize that at any given moment in time before or after the effective date of value, the property value may be different from what the appraiser has estimated. Real estate investment has a high degree of risk and performance and success is dependent upon management,market liquidity, and all sorts of outside influences. Remember that if for any reason subsequent events (after the effective date) worldwide, national, regional, and local or neighborhood occur, the value of the property will change. The developer, the lender, and subsequent property owners must each analyze and measure the risk as they see it, at any moment in time. The appraisal, therefore, is a judgment tool offering only a supported opinion of the present worth of anticipated benefits subject to the investment risks, measured mainly by such market data as are available at the effective date of appraisal. The appraiser's client must further recognize that the market data, which are present in this report, are past sales that took place in a market place where tax shelter rules may have been substantially different from future rules and those probable changes could render conclusions of a comparable sales study invalid. In conclusion, however, while an appraisal cannot be guaranteed or absolutely proven, if the opinion of value, as expressed and demonstrated, is not influenced by sentiment,sympathy,bias,personal interest,or lack of understanding, and is, in fact, a sincere effort by a competent impartial valuator, then the conclusions so developed may properly be considered as a basis of negotiation between owner and prospective purchaser,or between lender and borrower or between condemner and condemned. The Direct Sales Comparison Approach to value has been pursued. The detailed analysis of all the pertinent facts and data which were considered to influence the value of the subject property have led to following value estimates: COST APPROACH Considered,but not applied DIRECT SALES COMPARISON $285,000-"Subject To Renovations" -$100,000-"As Is" $190,000-Land Only INCOME APPROACH Considered,but not applied FINAL CONCLUSION OF VALUE $285,000-"Subject To Renovations" -$100,000-"As Is" $190,000-Land Only Two Hundred Eighty-Five Thousand($285,000)Dollars "Subject to Renovations" -One Hundred Thousand($-100,000)Dollars"As Is" Land Value-One Hundred Ninety Thousand($190,000)Dollars 47 QUALIFICATIONS OF THE APPRAISER PROFESSIONAL EDUCATION: Continuing education classes every two years and attendance at various seminars. Real Estate Appraisal Principles(Exam 1A-1/8-1) Residential Valuation(Exam 8-2) Basic Valuation Procedures (Exam 1A-2) Capitalization Theory and Technique Part A(Exam 1B-A) Standards of Professional Practice(SPP) R-41-C Seminar Golf Course Valuation How Design Affects Value(AIREA) Real Estate Appr. 2(CA II)—January 3,through April 25, 1990 Real Estate Appr. 1 (CA I)—July 10,through October 30, 1990 LICENSE: State Certified General Appraiser#RZ-1063 rd 414 405 STATE OF FLORipA DEPARTMENT Q3 BUSINESS AND PROFESSIOD L REGULATION PS, RIDA REAL ESTATE APPRAI47" BD $ECW144111JQ132T LIg NsE NUR .T. a `:.11.f15�12008 080235677 RZ1053 The CERTIFI l3ENERAG .APPRAISER Named be3-ow. IS CERTIFIER Ducinr the provizaionz: Qf. Chapter 47$:I+S. . Expiration duel NOV30, 2010 BUUTTEP.'IE , CRAIG H 2541 CANDLEWICK STREET DELTCNA YL 3273E MAIZE MIST CHARLES W. D8.ACO GOVERNOR SECRETARYDISPLAY AS REQUIRED 3Y LAVW ORGANIZATIONS: 1 Appraisal JI III l Institute': Craig h.Butterfeeie Associate:,Member 26348 48 EXPERIENCE: 1994—Current Operating as a State Certified General Appraiser, as now required by State Law, either performing appraisals individually and/or supervising any of those either employed by or subcontracted to work with myself. 1987-93 Atlantic Appraisal Group, Inc. Owner / General Manager, Reviewer / Trainer. Employed an average of between 15 to 20 appraisers and reviewed and supervised each of about 7,000 reports during this time period. Hundreds of various commercial properties, apartments, warehouses, shopping centers, and construction build outs, subdivision/condominium sellouts, hotels, motels, marinas, leasehold and leased fee interests, right of way — eminent domain takings and thousands of homes, condominiums,duplexes etc. 1987-86 TRW—Hollywood Research Appraisal Services Ernest Jones Company(L.Pendleton, SRPA) Gene Gracer Co. (Gene Gracer,MAI) 1985-84 Lake Powell Village Development Corp. Panama City,Florida. Chief Developer of a 10-acre,waterfront,78-unit town home development. 1983-82 Ocean Pine Terrace, Panama City,Florida Developer/Principal of a 25-unit townhouse development. 1982-80 Real Estate Investor -Have bought and sold many properties throughout the years. 1980-77 Rentway Systems Inc. and Reynolds Realty,Inc. Principal. 49 EXPLANATION OF TERMINOLOGY USED BY APPRAISER IN THIS REPORT AN APPRAISAL is an indication of Market Value resulting from an analysis and evaluation of all available data found to relate to the appraised property directly or indirectly, with attention directed to those influences found to affect the property's use or appeal to persons who might constitute the market for the appraised property. REAL ESTATE is the land and that which is permanently attached thereto by man or nature and would, in a normal arm's length transaction, be exchanged with the land without specification or separate and individual evaluation. BUNDLE OF RIGHTS is the legally enforceable rights of Ownership in real estate. A MARKET exists when a choice of properties are offered for sale which are able to satisfy the needs of a number of willing buyers who are free of pressure and financially able to pay as much for a property as the benefits resulting from its use would appear to justify. MARKET VALUE is defined as the most probable price, in terms of money, which a property should bring in a competitive and open market under all conditions requisite to a fair sale, with 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 passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised,and each acting in what he considers his own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or creative financing of sales concessions granted by anyone associated with the sale. ASSESSED VALUE is the amount assigned to taxable property by an assessor. APPROACH TO VALUE is one method or technique of appraising. VACANT LAND, RAW LAND OR BARE LAND is land without improvement by man or by nature (such as timber). HIGHEST AND BEST USE is the use to which the appraiser's research indicated the property can legally be put in the reasonably near future, which will most likely produce the greatest return over a period of time.It is applied to vacant land as well as to fully improved real estate. • A. Highest and Best Use of Vacant land results when it is improved in a manner which may reasonably be expected to produce the greatest net return to the land over a given period of time. • B. Highest and Best Use of Improved property is that use made by existing physical improvements, altered or remodeled, as indicated, which will produce the greatest net return on the required investment over a given period of time. MARKET INTEREST RATE is that rate of return on capital invested by prudent buyers in a given type of Real Property at a specified time and place. 50 • EXPLANATION OF TERMINOLOGY(Continued) CAPITAL RECAPTURE RATE is that rate which will return to the investor that portion of a real property's cost represented by its improvements during their anticipated future economic life. CAPITALIZATION RATE is the sum of market Interest Rate and Capital Recapture Rate,which prudent investors are expecting,and receiving,from competitive properties. SELL-OUT VALUE is the anticipated amount of the total of the selling prices of all individual units in a property. It is based on market-oriented surveys and feasibility studies including sales of comparable properties. PROBABLE SELLING PRICE is that at which a property would most probably sell if exposed to the market for a reasonable time,under market conditions prevailing as of the date of the appraisal. LEASE is a written document by which the rights of use and occupancy of land and/or structures are transferred by the owner another person of entity for a specified period of time in return for a specified rental. 51 A N Southampton Restoration,Inc. y 5555 Village Boulevard West Palm Beach,Florida 33407-7910 N• General Contractors CGC047237 q-G .`-_ - - ,,.r01 " ; a ., F'. mow- r- ; w. 2 9 30 r_.. ___:=_. _ . __ _ _ _ . . • __ __ _ _ . . , ____:::: _ _ _ _.....--7 wipioniounnowal __—— _ "- _ A + 0 fa .� A ' I 31 ` lis 32 RICHMOND-SRI 11/22/2010 Page: 25 r Florida Master HISTORICAL STRUCTURE FORM Site#8 PB10288 Recorder# Sitµ� File "'^. Electronic Version 1.1.0 File L Field Date 5/11/2008 Form Date 6/15/2008 First Site Form Recorded for this Site? FormNo 200805 FormNo=Field Date(YYYYMM) GENERAL INFORMATION Site Name(address If none) 55 SE 7th Avenue Multiple Listing(DHR only) Other Names » 1 Surveyor Project Name Marina Historic District Resurvey, 2008 Survey# National Register Category Building(s) LOCATION & IDENTIFICATION Address Street No. Direction Street Name Street Type Direction Suffix 55 SE 7 th Avenue Cross Streets(nearest/between) SE 1st Street City 1 Town(within 3 miles) Delray Beach In Current City Limits? YES County Palm Beach Tax Parcel#(s) Subdivision Name Palm Square Block 125 Lot 22-25 Ownership Private Individual Name of Public Tract(e.g.,park) Route to(especially if no street address) MAPPING USGS 7.5' Map Name Publication Date »'DELRAY BEACH;1997 Township: Range: Section: 114 section: » 46S ;43E ;16;SW Irregular Section Name: Landgrant UTM:Zone 17 Easting 592986 Northing 2926779 Plat or Other Map(map's name,location) 2007 Tax Roll Palm Beach County Property Appraiser DESCRIPTION Style Ranch Other Style Exterior Plan Irregular Other Exterior Plan Number of Stories 1 Structural System(s) >> Wood frame Other Structural System(s) Foundation Type(s) >> Continuous Other Foundation Types Foundation Material(s) >> 'Poured Concrete Footing Other Foundation Material(s) Exterior Fabric(s) » Weatherboard Other Exterior Fabric(s) Roof Type(s) >> Hip Other Roof Type(s) Bird House Roof Material(s) » Composition shingles Other Roof Material(s) Roof Secondary Structure(s)(dormers etc) »1 Other Roof Secondary Structure(s) Number of Chimneys 1 Chimney Material Stone Other Chimney Material(s) Chimney Location(s) North elevation, interior Page 1 of 3 HISTORICAL STRUCTURE FORM 8PB10288 DOCUMENTATION (Photos, Plans, etc.) Photographic Negatives or Other Collections Not Filed with FMSF,Including Field Notes,Plans,other Important Documents. Document type: Maintaining Organization: File or Accession#: Descriptive Information: RECORDER INFORMATION Recorder Name(Last,First) Adams, warren RecorderAddress/Phone 618 E. South Street, Orlando, FL 32801 Tel: (407) 423-8398 Ext. 3006 Recorder Affiliation GAI Consultants - SE Other Affiliation Is a Text-Only Supplement File Attached(Surveyor Only)? ****** MASTER SITE FILE USE ONLY"' SHPO's Evaluation of Resource Cultural Resource Type: Electronic Form Used: Date Form Type Code: Form Quality Ranking: Form Status Code: Supplement Information Status: FMSF Staffer: Supplement File Status: Computer Entry Date: Form Comments: REQUIRED (1) USGS 7.5" MAP WITH STRUCTURE PINPOINTED IN RED PAPER (2) LARGE SCALE STREET OR PLAT MAP ATTACHMENTS (3) PHOTO OF MAIN FACADE, B&W, AT LEAST 3"X5" Page 3 of 3 HISTORICAL STRUCTURE FORM 8PB10288 t _ _ DESCRIPTION (continued) Window Descriptions Awning, metal, four light configuration Main Entrance Description(stylistic details) Faces west to SE 7th Avenue. Entry porch with decorative coquina stone and concrete block. Porches: #open 1 #closed #incised Location(s) West elevation Porch Roof Types(s) Flat Exterior Ornament Coquina stone _ Interior Plan Unknown Other Interior Plan Condition Fair Structure Surroundin's Commercial: Residential: ALL this category Institutional: Undeveloped: Ancillary Features(Number I type of outbuildings,major landscape features) Archaeological Remains(describe): None observed If archaeological remains are present,was an Archaeological Site Form completed? Narrative Description(optional) Asymmetrical facade, low pitch roof, wide overhanging eaves, sprawling plan. 1 HISTORY Construction year 1939 Architect(last name first): Builder(last name first): Changes in Locations or Conditions Type of Change Year of Change Date Change Noted Description of Changes >>lUnspecified;c1950;;Windows replaced Structure Use Histo Use Year Use Started Year Use Ended » Other Structure Uses Ownership History(especially original owner,dates,profession,etc.) RESEARCH METHODS Research Methods »!Informal inspection Other research methods SURVEYOR'S EVALUATION OF SITE Potentially Eligible for a Local Register? NO Name of Local Register if Eligible Idividually Eligible for National Register? NO Potential Contributor to NR District? YES Area(s)of historical significance » Architecture Other Historical Associations Explanation of Evaluation(required) This building represents a style popular from the 1930s through the 1970s and illustrates the development history of the area. This resource contributes to the Marina Historic District. Page 2 of 3 • A rfi Page 2 HISTORICAL STRUCTURE FORM - Site# PB10288 Consult Guide To Historical Structure Forms for detailed instructions RECORbER'S EVALUATION OF SITE Eligible for National Register? Yes ❑ No w Likely, Need Informatio ❑ Insufficient Information ❑ Significant as Part of District? Yes ❑ No Likely, Need Informatio ❑ Insufficient Information ❑ Significant at Local Level? Yes k No ❑ Likely, Need Informatio O Insufficient Information i—i Areas of Significance Community Planning And Development Summary of Significance Located within the locally listed Marina Historic District,this Tate-1930s building exhibits modifications such as a garage addition and nonhistoric windows.Subsequently, its architectural integrity has been compromised. Despite these changes, it could be considered a contributing resource within the Marina Historic District. It is not eligible for the NRHP. DHR USE ONLY OFFICIAL;EVALUATIONS - :' • DHR USE ONLY:.; DATE LISTED;ON NATIONAL.'REGISTER • DATE - KEEPER DETERMINATION OF ELIGIBILITY DATE • YES NO SHPO'EVALUATION OF.ELIGIBILITY DATE YES NO LOCALDETERMINATION OF.ELIGIBILITY DATE YES NO LOCAL.OFFICE _ . C.UMENTATlON Research Methods Sanborn maps, Plat maps, Local&County Historical Societies Bibliographic References Location:City of Delray Beach; 100 NW 1st Avenue Location of Negatives City of Delray Beach; 100 NW 1st Avenue Negative Numbers 987a126;12;SE RECORDER INFORMATlt)N ' a Recorder Name Amy Groover,Jo-Anne Peck, Susan Hochberg Recorder Affiliation JANUS RESEARCH,2935 First Avenue North, St. Petersburg, Florida 33713 Telephone 727-821-7600 REQUIRED 1 USGS 7 5':MAP WITH STRUCTURES PINPOINTED IN RED 2 LARGE SCALE:STREET OR PLAT MAP 3 PHOTO OF •MAIN'FACADE, PREFERABLY:BS�W,AT LEAST 3x5 . Printed Friday,July 09,1999 ✓� rw • t. U. i t_Q- 11•1114-,'" v/ -- iJ C Crorrrea.. J` • • 8:3i /3,D--.- - STATE OF DEPARTMENT OFRIDA STATE FLORIDA MASTER SITE FILE Division of Archives,History and Records Management Site Inventory Form FDAHRM 802= = DS-HSP-3AAA Rev.3.79 1009= Site No. . Site Name 830= = Survey Date. - 820= = Address of Site: g< : SE 7 b1- Avenue--, Delray Beach 3.444 905= = Instruction for locating 813= = Location: Palm Square . 125 22 23 24 25• 868= = �'.bdivision name block no. ) lot no. ' County: PALM BEACH 808= = Owner of Site: Name: Bury, Rey-mn-d a. te, uPlpn M. ; Address: 5R Spring Street, Wi ll i ims Ray, Wi sc. , 53191 902= _ Type of Ownership Private 848= = Recording Date May 1, 1986 832= = Recorder: Name & Title: Smith; Sanford I. • Address: HPBCPB 818= = Condition of Site: Integrity of Site: Original Use Residence 838= = Check One Check One or More Commercial n Excellent =863== 3 Altered 868 _ Present Use 85�_ = Dates: Beginning 1939 844= = 1O Good 863== h Unaltered 858== Culture/Phase • 840= = . ❑ Fair 863= = ❑ Original Site 858= = Period 845= = ❑ Deteriorated 863= = ❑ Restored( )(Date: )( )858= = ❑ Moved( )(Date: )( )858== NR Classification Category: Building 916= = Threats to Site: Check One or More • a Zoning( )( )( )878= = ❑ Transportation( )( )( )878== "i! Development( )( )( )878= = ❑ Fill( )( )( )878=_ ❑ Deterioration( )( )( )878= = ❑ Dredge( )( )( )878== ❑ Borrowing( )( )( )878== ❑ Other(See Remarks Below): 878== Areas of Significance: Architecture 910= = .. • Significance: • • • 911 = = • kr y 4 . ` +.ems' d'-X. ..a ♦ -a' E''r rt � x • -- "ix'r� a #`-+ - .a. ., 'r y`t^e - ^ _ -s`s -„ -r 't , m _ `x- f, A i- r .t3om is fat .,n- y a • • „yjt• K . �,Xe T_� :''. _� 3". . ?. Tt _ _ • , "-. '•` a .' - 4:-.--.;--.' -.:-'':---7:. ''''''''',--:-.:J.i r � . ' r ! o . . i- :• a ,ra: s 'a' 1 tee' • - Z 11u ;ark77_' VC i d 1� 'vow vys+7.' C maw—a -W ._ -• 11'- * ar'aT-� _ - T'E' ' _ 'x S- i•�},r _ } • {� X• A -' - yin : .fit r '.- `. -� -• - ,;J `, ems` , "' •- ' --- , E•• f r �f •-.:. -_.., ...t ,. - � • z - - max'-..sic' tr . - -� _ - . :t.•r. E . ''f _ � - . - ..s. -r. -',.:=V''''z�. 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'-C� I Si I • 7 lr `1 -- - - -- - ' I4� f Tr'^ -, 1 I - --- -- I_ a tiIS."-N MSA 6���3D • it I "�F_ i- "r l'_!'F'T 6 4(jam � +1�, = -1,..5' ( BIN D 6 r' 4,, t L•f iiA„,„ _ ! SEAGATE M:irl;P C.ND) 1,.6. , �_ 7 •:PB3P2 NW JT PINEAPPLE GROVE VILLAGE COND(2006) NW H3 POIkTA AL MARE(2006)PB101P' --46-21-01 SW J8 ROYAL ATLANTIC PLAT(20061 P8107P10 '"'•"' 11::�:‘iL-'-"i��'^^'• '^ • t _- i I < ,c • — vt 41t. . -, g. ,---4, ,..,_ ....:,.. .s.... ,,,, ,-..--4, „--., , ,3. # . , ,, . ,___#..) ,_,... ,,_, ,4.1 -ar—ir i• - ,-.52:_t_uS._. .tom N.J. L _ i '1 t. II • � • 1 rtGR � Dh - rc0l`r� !• ' ' 11-i ec34 . 1 il 4 r q 1 hO& - `i tYE 1. l ii i 0_ 3( t-i-Gf'l O j - IiQOW) , ADD , r /a N �� , !.. nil . 1I�S - L - R /' S A I, oi� �, H . :SSS F 7 Tn. AV E ` i ;- 0 T •4._;:2-1•a40-4._o-_LS.I-o C k- Az.5-• - - - b urt ffv. .,'a._ i c• ,4.rE ; ,<_--._-i.a. cv gy 'ic-roR- ,J - CA /� � 9 ' iy . Lor- SiX� - /Oe 'A 14,0 # ` 0 9/0 2/2 010 „ r a•.K .eoQc n Page jl HISTORICAL STRUCTURE FORM Site# PB10288 Original. FLORIDA MASTER SITE FILE Recorder# 384 k Update C Consult Guide To Historical Structure Forms for detailed instructions Recorder Date 2/1999 Site Name 55 SE 7th Avenue Other Names None Project Name Delray Beach Survey&Planning Project Historic Contexts Depression/New Deal National Register Category Building -. - „ LOCATION and,IDENTIFICATION _ - - Address 55 SE 7th Avenue Vicinity of SE 1st St and E Atlantic Ave on E City Delray Beach County Palm Beach Ownership Private Subdivision Block# Lot# MAPPING USGS Map Delray Beach 1962 PR 1969& 1973 Townshi 46S Range 43E Section 16 Quarter SW Qtr Qtr NE Irregular Section ❑ UTM Zone 17 Fasting 0592986 Northing 2926779 Land Grant Unknown Latitude Longitude Plat or Other Map Palm Beach County Aerials HtST�RY ;;: Architect/Builder Clapsaddle(Builder) Construction Date 1939 Circa n Alterations Date c. 1950 Type/Location windows replaced Additions k, Date c. 1950 Type/Location one-story side-gabled garage addition attached to the north end � ed O Original Location lllmina! Use(s) Private Residence Present Use(s) Private Residence Style Ranch Exterior Plan Irregular Interior Plan Unknown Stories 1. Structural System Wood Frame Exterior Fabric Weatherboard Foundatio Continuous Foundation Materials Concrete Foundation Infil N/A No.of Porches 1 Locations/Features west:flat-roofed entry porch with decorative coquina stone and concrete block Dormers 0 Number/Location Outbldgs. n Number Nature/Location (Describe below) Roof Type Gable, Hip Roofing Materials Composition Shingle Secondary Structures Comments/Location gabled bird house of ridge of hipped roof Chimneys m Number 1 Orientation North Location Slope, Interior Material Stone Wood Windows ❑ Type Light# Metal Windows Type Awning Light# 4 Exterior Ornament Condition Good Surroundings Residential Narrative(general, interior, landscape,context; 3 lines only) This building features an asymmetrical facade,a low roof slope,wide overhanging eaves,and a sprawling plan. It is typical of Ranch- style residential buildings constructed during the 1930s. liaeological Remains Present [I None Observed FMSF Archaeological Site Form Completed (if yes, attach) Printed Friday,July 09, 1999 Page 2 ' HISTORICAL STRUCTURE FORM Site# PB10288 Consult Guide To Historical Structure Forms for detailed instructions RECORbER"S EVALUATIdN OFSCTE Eligible for National Register? Yes ] No wr Likely, Need Informatio ] Insufficient Information J Significant as Part of District? Yes ] No w Likely, Need Informatio ] Insufficient Information L', Significant at Local Level? Yes k No ] Likely, Need Informatio ] Insufficient Information n Areas of Significance Community Planning And Development Summary of Significance Located within the locally listed Marina Historic District,this late-1930s building exhibits modifications such as a garage addition and nonhistoric windows.Subsequently, its architectural integrity has been compromised. Despite these changes, it could be considered a contributing resource within the Marina Historic District. It is not eligible for the NRHP. DHR USE ONLY OFFICIAL EVALUATIONS DHR USE ONLY DATE LISTED ON NATIONAL REGISTER DATE KEEPER DETERMINATION OF ELIGIBILITY DATE YES NO SHPO EVALUATION OF ELIGIBILITY DATE YES NO LOCAL DETERMINATION OF ELIGIBILITY DATE YES NO LOCAL OFFICE DOCUMENT TON Research Methods Sanborn maps,Plat maps, Local&County Historical Societies Bibliographic References Location:City of Delray Beach; 100 NW 1st Avenue Location of Negatives City of Delray Beach; 100 NW 1st Avenue Negative Numbers 9874-26;12;SE � _ ,,:. _.RECORDER-INFORMATION� _ Recorder Name Amy Groover,Jo-Anne Peck, Susan Hochberg Recorder Affiliation JANUS RESEARCH,2935 First Avenue North, St.Petersburg, Florida 33713 Telephone 727-821-7600 REQUIRED: 1. USGS 7.5'MAP WITH STRUCTURES PINPOINTED IN RED 2. LARGE SCALE STREET OR PLAT MAP 3. 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'''—- .•;,.-- .,,A-4.3-•,,..-"-r--,-'!",..-:'1....:.-..:,:-,-,---".-::-.-:'.-• •.-.--7:...,---,-,--.. .,:-7.....„..,,,' . -. . .',.,.. .,.0., ;;; ;;:-::-.*.7"f:_,--.:=.:..-.•:''.::,"::.,':, -..-.,•:,..--....--::--L2.-----. • - •4.1!1:1:: 1 - Page i ) HISTORICAL STRUCTURE FORM Site# PB10288 Oric�'ial FLORIDA MASTER SITE FILE Recorder# 384 Update t—i Consult Guide To Historical Structure Forms for detailed instructions Recorder Date 2/1999 Site Name 55 SE 7th Avenue Other Names None Project Name Delray Beach Survey& Planning Project Historic Contexts Depression/New Deal National Register Category Building - ,r LOCATION and lDENTIF(CATION Address 55 SE 7th Avenue Vicinity of SE 1st St and E Atlantic Ave on E City Delray Beach County Palm Beach Ownership Private Subdivision Block# Lot 22,3 7c • USGS Map Delray Beach 1962 PR 1969& 1973 Townshi 46S Range 43E Section 16 Quarter " SW Qtr Qtr NE Irregular Section UTM Zone 17 Easting 0592986 Northing 2926779 Land Grant Unknown Latitude Longitude Plat or Other Map Palm Beach County Aerials HISTORY Architect/Builder Clapsaddle(Builder) Construction Date 1939 Circa Alterations ® Date c. 1950 Type/Location windows replaced Additions 2j Date c. 1950 Type/Location one-story side-gabled garage addition attached to the north end ri"'ved ❑ Original Location jinal Use(s) Private Residence Present Use(s) Private Residence ,; DESCRIPTION _ Style Ranch Exterior Plan Irregular Interior Plan Unknown Stories 1. Structural System Wood Frame Exterior Fabric Weatherboard Foundatio Continuous Foundation Materials Concrete Foundation Infil N/A No.of Porches 1 Locations/Features west:flat-roofed entry porch with decorative coquina stone and concrete block Dormers ❑ Number/Location Outbldgs. o Number Nature/Location (Describe below) Roof Type Gable, Hip Roofing Materials Composition Shingle Secondary Structures Comments/Location gabled bird house of ridge of hipped roof Chimneys B Number 1 Orientation North Location Slope, Interior Material Stone Wood Windows Type Light# Metal Windows k- Type Awning Light# 4 Exterior Ornament Condition Good Surroundings Residential Narrative (general, interior, landscape, context; 3 lines only) This building features an asymmetrical facade, a low roof slope,wide overhanging eaves,and a sprawling plan. It is typical of Ranch- style residential buildings constructed during the 1930s. n rchaeological Remains Present O None Observed FMSF Archaeological Site Form Completed (if yes, attach) Printed Friday,July 09, 1999 PB10288-200805 Supplementary Printout > USGS map name/year of publication or revision: • DELRAY BEACH;1997 > Township/Range/Section/Qtr: 46S;43E;16;SW > Structural system(s): Wood frame > Foundation types: Continuous > Foundation materials: Poured Concrete Footing > Exterior fabrics: Weatherboard > Roof types: Hip > Roof materials: Composition shingles > Roof secondary structures(dormers etc): > Change status/year changed/date noted/nature: Unspecified;c1950;;Windows replaced > Original, intermediate, present uses/year started/year ended: > Research methods: Informal inspection Examine local property records Examine local tax records Sanborn maps FL Master Site File-Cultural Resources Building permits > Area(s)of historical significance: Architecture > Repositories: Collection/Housed/Accession#/Describe > [Other name(s)]: Page 1 Of 1 Alvarez, Amy From: ah@designmethodsinc.com Sent: Monday, December 06, 2010 11:42 AM To: Alvarez, Amy Cc: Ashley Richmond; Luke Fisher Subject: 55 SE 7th Ave - Concept Plan Review submittal Attachments: DMI-55 SE 7TH AVE 101206.pdf; Richmond EST - rev.pdf; Survey - 55 SE 7th Ave.pdf; 55 SE 7 AVE -RM Zoning Map.pdf; 55 SE 7th -Adjacent Town Homes.JPG 12-06-10 Amy, Per our meeting a few weeks back, please accept this email letter and the attachments as the development and character description of the proposed project. I have attached the conceptual plans, along with a survey, appraisal and construction estimate (with pics) to repair the existing structure. Please note the last two items are forwarded to show that per our research an economic hardship exists. We submit the latter documents in part to show that salvaging the existing historic structure and renovating it to a marketable condition, which meets the standards for historic rehabilitation, will likely cost more than it's selling price. However, being that it is historical structure and offers an intangible value to the community, we believe it to be a worth while venture to rehabilitate the existing historic structure, as part of the overall new development. To assist us, we would greatly appreciate the city to consider providing us two relatively minor setback variances and a historic designation for the project itself, so as to provide a tax ad valorem. The setback variances being requests are: • 2'-6" reduction along the north property line, changing it from a 7'-6" setback to 5'-0". • 5'-0" reduction along an approximate 30'-0" portion of the east (north end only) property line, changing it from a 10'-0" setback to 5'-0". Please note the following from the conceptual drawings: • The proposed garage has been setback approximately 5' from the allowable front setback to assist in delineating the existing historic structure as well as reducing the affect of a front facing garage. • The garage portion will be landscaped to soften it's appearance, to allow the existing historic structure to appear more predominantly from the street. Please note that there is a front facing garage directly across the street (see pic). While not historic, we believe it adds some precedence to this situation. • The garage and second floor bedroom above the garage has been lowered in floor to floor height, in an attempt to reduce the structures massing along 7th avenue. • The overall massing of the project has been developed to step down to the historic neighborhood, both at the east and south sides of the project. • The exterior construction methods and cladding materials have been selected to replicate the existing historic structure. • The masonry front entry screen wall material has been selected to recreate some of the character of the existing non historic structure. • The metal roof has been selected to reflect the existing historic neighborhood's roof character. 1 I hope this information helps. Please do not hesitate to contact me to get further information or clarification on this submittal. We look forward to seeing you and the board December 15th at the Concept Plan Review meeting and hearing every ones comments and recommendations. Thanks. Anthony A. Harrington, AIA Design Methods, Inc. T: 561-568-8861 F: 561-649-0210 2 >,: Catch Bests ». Y N t t\' "J " '.x 1 • ;:.' i Found Property Comer � )2 �pe r ' r 21/2'Iron Rods Alonumentod No ID Lof21 By Building Lines t,a zr= �'' ' v Block 125 As Shown i t h ` t .r :I•r 100.00' f Also Found r` x �: :� ;'; o _ — —--- 1/2"Iron Rod �a, Zero LotLne •y r r r:hi� , A ace t Bur7di 'n PVC Cup v 1 n9 ff 0.23North 0.15East # �'�a1. 'pr: e. 'Y T �9 d:c'•w j�, t h' 1s.r �. A xi ,ug Lot 33 "� v .B ..1 e. Block 25 •'B '1�f 0.2' • - >:::a= f� 2 r • a r ,t, i '!r k r J•r d r,� e, N' irji ; �%i▪ce , , E. Q =:( � :{:•1':�^ ,cr...;,..•.;�▪: :,: , !'.' :'COt23:'•! n Lot 32 ~K .,m.. -c i z�- 1•:• '� .:stock.re5: ,� Brock 125 i;:1�':i: '.i;`[:E� :�i'tS •'✓ �iiq�•'• :�'2�r4`�:!:—� Io �''^::4 w:: 4:1 :s I. o .•;PB:S :.`.,::'• i• '" ` 23.1,:. . 0 PROPERTY 5 SE 7RH AVENUESS: 79.E :,., o " "'- % fap o DELRAY BEACH FL 33483 ':` '�''`'`r" • ; One Story i �Bld4iL, Lot 31 ;ka ?..,s .I 41; _i Residence r Ma°Nde• Block 125 '. • • • ;1.' FLOOD ZONE:X" -- �` �`ti�:>x: I m•.' • • Panel No: 1251020004D •: :y' :' :;:; :.. zgs 1{ • -. _ - . S ':r, Date: JANUARY5,1989 r f `:I: ..•'!.•'ot75':.:,• CERTIFIED T0: ki: a:e'i,ti Mock lz5 :° - �.: 5o.r' ASHLEY RICHMOND LEGEND [:i5:� i.' :i a. \ 26.2' im,(///////74.w/R)17;rimff.iiiii wzi '�P3P:'' I Lot k125 • _ ?A,.: LEGAL DESCRIPTION: B'a'9,."",, ..,•; -":"' " "` I.::;: °� • s Wood PowerPole LOTS 22 THROUGH 25 INCLUSIVE,OF �Pnan: �n ‘ PALM SQUARE UNRECORDED AS IN I r:z;:>:>:<•>� ';•:I ...j:°.,do` OFFICIAL RECORDS BOOK 437,PAGE 261, '` z Found PALM BEACH COUNTY PUBLIC RECORDS, Found 2"x2" d I f,''•' :::;_ 0 1/2"Iron Rod Lot 26 Concrete PALM BEACH COUNTY,FLORIDA 1 I I i•—Centerline '?:"'••� p(LB ) Block 125 Monument `:. .,. w/ca 353 O.S.O. --Extension one i (0.73 South,0.44 East) 1AProperty fine lso Found I — Easement line I South Line Lot 27 1/2"Iron Rod *La—_* w�� S.E. w/cap(LB 353 O,S.O,) Wood Fence Catch Basin (0.69 South,0.14 West) Interior Lot Line ,wit.t 1n l r0#.1.9 . .'�,. .,r1G r Et r r..,t.�.- Netes: 7-29-10 } 111 HEREBY CERTIFY this survey meets Minimum Technical Standards set forth by ,rs , v, the Florida Board of Professional Surveyors and Mappers pursuant to Section 472.027,Florida Statutes. Date F ierRp, m t Sits 21 The surteyma and report or the co len thereof are not valid without the '' ?'' s eature an the original....sect seal o a Florida licensed surveyor and mapper. f y�Unj �yl(I 3 Underground or obscured im rovemenfs not located unless shown. P� ,s.;. 4 Dimensions .erecomandreldunlossothenvlserated. 4548canii3,00 @Street 5 Stated dimensions take precedence over scaled dimensions. Boundary Survey G�° 6 This fi m's Certificate of Authorization Number is LB 6788. West PailifeBeadti, FL. 33415 7 ThisfinssCertideletionscafe fsurvey maps reports by other nthes'signing Scale:1 inch=20 feet P ppoo Y r9 g party o to zo ao �o so 510070297 Mortgage Survey JPM MDL 7-29-10 or parties is prohibited withoutwndenconsentofthesigningpartyorparties. Jog Purpose Field Drafter Date (561) 478=7764 Fax 478-1094 • 3 IIm aU lu }DELRAY- BEACH RESIDENCE w w !if 55 SOUTHEAST 7TH AVENUE U 04! 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Vl W -4ir«m- gq.T'T �� _ All i mom V i. W F PQp:r till._ fin`Km, 1�l Pig.: vii PROPOPSED SOUTH ELEVATION › 0 E=°,s a I~ U1 ICrII w 0 .4 A tO °' design ..., methods - O6RRIAC In f:// MIMI _ m�mc r m MAXI \ v • - y ♦ - i - `�` 'zr.rmTa' __ __ ___ . ---C-aiarnrnv + Y MEMA% Oa'Mt IlWNIRI: LC O®ID R AM pROPOPSED NORTH ELEVATION ' °` L xu:�h'•�s L ( 1 PRELIMINARY'. A.05 PDr created wilt,pd'.ebry Pro KA version 1.w..M.xclone eem 27:), Southampton Restoration, Inc. j 5555 Village Boulevard West Palm Beach,Florida 33407-7910 !• General Contractors CGC047237 4. 4 ',, I , ti • 4j4s. _ b A fl; i:l it-. 1 - 2 :!:.Y" j 1111111111111111111111100 e — _ r T I 3 4 RICHMOND-SRI 11/22/2010 Page: 18 ---..mmiliq AM Southampton Restoration,Inc. COI 5555 Village Boulevard West Palm Beach,Florida 33407-7910 ! General Contractors CGC047237 .yam , I _ i; .0, 5 6 y } T ` 1 '1F r F TIK “ i _ }Iy _l n ,S f+� +'a 119 r RICHMOND-SRI 11/22/2010 Page: 19 ---mmiim giniA+i Southampton Restoration,Inc. C.- 5555 Village Boulevard West Palm Beach,Florida 33407-7910 General Contractors CGC047237 o/ 4v d r� f 9 10 f • ••••••r ..�>� 'a z. ail 1 .i.' 11 12 RICHMOND-SRI 11/22/2010 Page:20 ---...wuu -AIN Southampton Restoration,Inc. Zr.-)1 5555 Village Boulevard West Palm Beach,Florida 33407-7910 owGeneral Contractors CGC047237 iff , ..*C‘'4 ':',.:' ;.„.- `.,,` ''.; r— •-.- — • , . .µ 11``s r 13 14 y AI1. ` ,. . ,,,,.. ....,, lir _ . i 4. 1 . KICI_-IMONI-SKI 11/22/2010 Page:21 IC.,---Ai Southampton Restoration,Inc. 5555 Village Boulevard ,': West Palm Beach,Florida 33407-7910 RIP General Contractors CGC047237 w )mot Y. C', • .1 . t t_ .. _ - ' ` .ram , i� ry, 17 18 OCT1111111,"":130. 1 ".'..1.''. -.....- 0 . . . . .,_ -4 __ 5 2.J '' 19 20 RICHMOND-SRI 11/22/2010 Page: 22 • AIM Southampton Restoration,Inc. C.- 4.1 5555 Village Boulevard West Palm Beach,Florida 33407-7910 NWGeneral Contractors CGC047237 i t Illithatilb.' ' 4 21 22 m w.... , . �,,d.. ri>f , Tfir. i -Cr_ I 23 24 RICHMOND-SRI 11/22/2010 Page: 23 -� Southampton Restoration,Inc. t 5555 Village Boulevard C ' West Palm Beach,Florida 33407-7910 General Contractors CGC047237 x • 411W—' ......?" , w4 r 25 26 I ..ram . _. „ .`,,ate 5 . 27 28 RICHMOND-SRI 11/22/2010 Page:24 We appreciate the opportunity to bid on your project and should you have any questions regarding this proposal, please feel free to contact: X Jack Morgan/Partner cell# 561/441-0878 e-mail: jack@morgancontractinggroup.com �k' F'.f- i !• n + -;yam `•s -.:..., ;.%f" _� �,�S- r=r: v'ca: r uia.M:: . x,:ur-?wi'...x - {f ..7 -,� r ' n '�r� hj 4.'zv Q ,,'`r'SGS QUr<YIIRIY.CyE` MAP. i ,, ;.x ..`rr2sa ;5-v...-k " 2.,„N .'-•,'- ,` ..,: _...,s„.,.,- ... r'. _. = . -vGc,u'.*,r5't7u --x:+i„+.-___YX.,'s ...:..a."',L,.., ,, i r .. .C+. ..i: ' �`� /, '� n1t {' Tn � `1 NW j 8TM_.11=�_. __ - ., y ... r._�. _�V I i/t-l I - - L f1 :-,_----z ,;r5 I t,_ I�, 3 -• lU Ne- - srii 'I I e - '6_ -,o D r j 4_— • �( '.1 • 1 t./-07.j..''' 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'� • ?awe--- -`'' w •c 1 �i� 7. • r , Y .elf a � w e#� !.�.y- V •` A e•x `x, -.. rig �TLr j?+r mo ` .� '�w.`. - ' sTk.„,... .�. .-a '�' . y- 12 Insulation-Allowance 0.00 0.00% Allowance for areas showing visible mold on exterior walls 13 Landscaping-Allowance 2,000.00 1.39% Cut&remove all overgrown shruberry-no new plantings 14 *Low voltage-(NOT INCLUDED) 0.00 0.00% 15 Lumber-Misc 750.00 0.52% 16 Mechanical-Allowance 6,000.00 4.16% New 5 ton 14 SEER airconditioning condensor&air handler 17 Millwork-Baseboard&casing 2,900.00 2.01% 5-1/4"MDF baseboard&2-1/4"paint grade casing on all interior openings 18 Mirrors-Allowance 500.00 0.35% Alowance for 2 bathroom mirrors 19 Painting-interior&exterior 8,500.00 5.89% 20 Plumbing 4,700.00 3.26% Remove&replace tub&shower fixtures,toilets,sinks.Replace sinks with undermount sinks in 2 bathrooms 0.00 All fixtures to be in white 21 Roofing-Allowance 25,000.00 17.32% 22 Wall Tile-Allowance 1,800.00 1.25% Replace wall tile in shower/tub areas only 23 Windows-Allowance 30,000.00 20.78% 24 SUB TOTAL A 112,850.00 25 General Conditions 9,028.00 6.25% Supervision,dumpsters,parking fees,port o let,interior construction protection 26 Overhead&Profit 16,927.50 11.73% 27 SUB TOTAL B 138,805.50 28 Architecture&MPE Engineering NIC 0.00 0.00% Not included 29 Permits 0.00 0.00% Not included 30 SUB TOTAL C 138,805.50 31 Insurance 5,552.22 3.85% 32 SUB TOTAL D 144,357.72 33 *TOTAL $144,357.72 100.00% Categories Notes: 14 *If you do not have a low voltage contractor,we will gladly provide you with the names of some contractors that we have previously worked with. * Builders Risk Insurance may be required by some lenders.If required please let us know and we will provide you with a quote for coverage. 33 All costs are subject to approved building plans,revisions&code changes by the field inspector of the Jurisdictions Having Authority Fee Exclusions: Hazardous material removal Landscaping Requirements: NIC-The Jurisdiction Having Authority may require you to bring landscaping to Code prior to the Certificate of Occupancy Due to fluctuating material costs this proposal is good through: (INSERT DATE) Cass Residence Budget# 1 State of Florida Certified General Contractor since 1981 State License#CGC 019543�� JOB: Cass Residence CONTRACTING GROUP,INC. CONTACT: Steve Cass ADDRESS: 55 SE 7th Ave. 258 S.E. 6th Avenue Delray Beach, FL Suite 3 PHONE: 312/341-0828 Delray Beach,FL 33483 FAX: Ph:561/330-9600 CELL: 720/937-7552 Fx:561/330-9707 ORIGINAL DATE: June 25, 2010 REVISED DATE: CATEGORIES COSTS % 1 Appliances 0.00 0.00% Not included 2 Bathroom accesories-Allowance 0.00 0.00% Toilet paper holders and towel bars 3 Cabinetry-Allowance 2,000.00 1.39% Replace vanities in 2 bathrooms 4 Carpentry 8,500.00 5.89% Remove&replace plywood soffit at front entry Remove&replace siding 600 s.f.maximum Move&reattach back wall of carport back on to foundation ,Reframe aound damged window openings to receive new windows 5 Concrete cutting&removal 0.00 0.00% Not included 6 Demolition 2,700.00 1.87% Remove damaged soffit,fascia&siding Remove flooring and wall tile in 2 bathrooms 7 Doors- interior&hardware 2,500.00 1.73% Replace 5 interior doors w/LDf raised panel doors 8 Drywall&Framing 9,500.00 6.58%_Remove ceiling in family room only and replace with drywall no textured finish Remove wall paneling throughout except stairway&2nd floor room&repair/replace drywall Remove drywall showing visible damage/mold throughout repair/replace drywall Remove and replace drywall in 2 bathrooms-dura rock in wet areas only 9 Electrical-Allowance 3,500.00 2.42% Allowance for repairs and fixtures 10 Flooring-carpet Allowance 0.00 0.00% Not included CATEGORIES COSTS % CATEGORY NOTES 11 Flooring-Tile 2,000.00 1.39%.Remove&replace floor tile in bathrooms only 191? �� ---- ' _ ---- _---•-- E. 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Literally Just Steps from the Intracoastal and Atlantic Avenue, this 2Br/2Ba Home boasts over 3,000 SF of space with a loft off the Master that could be an additional bedroom. Beautifully restored hardwood floors, cedar lined closets and oversized bedrooms and baths. Spectacular open floor plan, great for enter- taining with a working fireplace, renovated kitchen and charm you won't find in a new home. 10,000 SF Lot Zoned Multifamily. This home is priced at only $579,000 Owner will entertain offers!! Offered Exclusively By CHIP FALKANGER 561-702-0691 Daryl G. Bush Realty, Inc. 70 N.E. 5th Avenue, Delray Beach, FL 33483 Itiriv 4 MEETING PREPARATION TO START: MEETING DATE: ❑ On Monday the week prior to the meeting, email Jen Buce to see if she will have any signs for the upcoming meeting. ❑ After agenda is approved by the board liaison and asst. director, it should be posted in the lobbies and on the website (email Danee Smith for this) the Wednesday prior to the meeting date, email signed SPRAB agenda to board members asking them to reply re: whether they will be attending and if they need to step down on any items. ❑ Email agenda to Janice Rustin &Tracie Lutchmansingh, with CC to Delores Rangel, Susan Shaw (CRA)Jen Buce, Kristyn Cox and Reginald Cox, Dana Little ❑ Upcoming projects for the next meeting form (Estelio) ❑ Sign permits- admin (Jen) PACKETS: O Prepare envelopes for packets ❑ Copy staff reports/minutes (single sided to double sided, stapled) for#of board members (7) + (new) city attorney, Janice Rustin, Lula Butler, Jasmine Allen, Board Liaison, Estelio and yourself. ❑ Scan all staff reports from original ( including attachments) to applicant ❑ Copy agendas (approx. 2 x the#of agenda items; 1 sided to 2 sided) Combine 7 packets ❑ Have board Liaison review packets ❑ Call courier (752-2666) ❑ Mail agendas to Chamber of Commerece,140 NE 1st street, DRB 33444 ❑ After packets go out to the board, email ( scanned report/attachment) to the applicants: 1. Applicants- color change get agenda only 2. Staff report/attachment/agenda/to applicant MEETING DAY (or before): O Print out sign in sheet O Print out vote sheet O Make sure you have Board orders to change on all items (excluding color changes) ❑ Complete Form 8B forms. If applicable TAKE TO MEETING: ❑ Timer (chair) ❑ Gavel (chair) ❑ Pointer (chair) ❑ Quasi-Judicial rules and order of events ( chair) ❑ Form 8B ( if any) board member stepping down ❑ notary statement ❑ Recorder ❑ Minutes notebook, sign-in sheet, vote sheet and any form 8Bs from previous meeting, and you chair is all board members are attending ❑ Name Plates ( if in conference room) DAY AFTER MEETING ❑ Complete vote sheet; email to Jasmine, Estelio, Candi, Scott, and Michael w/copy to Dana Mark; put copy in minutes book. ❑ Mail board orders, to applicant, give planner a copy and out one in the minutes book ❑ Email any from 8Bs to the county, copy original and out copy in the "box-top" to read at the next meeting. 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