Reso 2015-2405 - Laserfiche WebLink

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USE OF THE APPRAISAL The appraisal report was prepared to assist the client in establishing a fair purchase price for the subject property. The appraisal reports are for the sole use of the listed client, or its assigns. "Readdressing an appraisal report to another party that was completed and delivered to a client is prohibited by USPAP. Once the assignment is completed, it is misleading to try to add a new party as client or intended user who was not the original client or identified intended user." Any requests for updating or re-certification would constitute a new assignment at an additional fee. INTENDED USER OF APPRAISAL The intended user is the City of Sunny Isles Beach. SUMMARY OF SCOPE OF WORK The aforementioned client has requested an appraisal to establish the Market Value of the subject property as of a current date. The property rights appraised will be the fee simple estate. Frank Hornstein, MAI made a personal inspection of the subject property on February 4, 2015. I have not provided professional services related to the subject property,as an appraiser or in another capacity, within the prior three years. The subject property is the underlying land or 44,743 square feet. The existing improvements no longer represent the highest and best use and the client has requested an appraisal of the underlying land free and clear of all encumbrances. Thus, the property rights appraised will be the fee simple estate. Comparable sales that have been utilized in the appraisal report were confirmed through public records and/or with knowledgeable parties to the transactions where possible with primary and secondary data utilized. Confirmation with principals is often not possible due to their inaccessibility during the time frame over which the appraisal is being prepared. In the course of the sales investigation,proprietary information is often withheld from the appraisers. Such information,which is not a matter of public record is also not available to the general market and for that reason, the market is imperfect. Real estate taxes and zoning information has been obtained via various websites such as www.Municode.com and www.miamidade.gov. Comparable sales data was obtained from: local market participants (i.e. brokers); Loop Net; Public Records and MLS. In addition to these data sources numerous conversations were conducted with market participants, i.e. brokers, property owners, etc., in order to gain perspective on current market conditions on Sunny Isles Beach. All data is verified to the best of our ability. The appraisers have no legal or technical expertise and if legal agreements and other factual data under review appear on the surface to be reasonable, the 4