Reso 2015-2405 - Laserfiche WebLink

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PRESENTATION OF DATA 13 Property Identification The subject property is a 1.027 acre prime commercial development site situated along the west side of Collins Avenue in Sunny Isles Beach. The site is improved with a 1,377 square foot commercial building and is currently encumbered by a ground lease in conjunction with a car rental operation. The client is contemplating a purchase of the site and has requested a market value estimate of the underlying land, free from any lease encumbrances. Scope of Work The scope work performed in a real estate appraisal is a description of the amount and type of information researched and the analysis applied in an assignment. Based upon the engagement letter, the scope of work for this assignment is as follows: Property Identification The subject property was identified by street address, legal description, survey and property description, as provided by the client. Property Inspection Although not required by USPAP, a viewing of the site was conducted on February 18, 2015. The property inspection was considered to be sufficient to identify the relevant property characteristics. The appraiser's inspection was limited to items and characteristics readily observable without the use of special testing or equipment. The visual inspection conducted was not equivalent to the assessment of a site, building, structure or mechanical system performed by a professional engineer or general contractor. Based upon generally accepted appraisal practices within the South Florida submarket, the degree of inspection was considered adequate to develop a credible appraisal. Type and Extent of Data Research Comparable land sales were obtained through a search of the data-services that categorize public records. Data sources included CoStar.com and Loopnet.com, two of the largest and most reliable on-line data-services available in South Florida. The subject's Sunny Isles Beach submarket was searched, with a concentration along the Collins Avenue corridor. These geographic parameters are consistent with the investment market in which the subject competes. Sales of commercially zoned sites were considered. CMD performed research necessary to produce the most current and relevant data available for the assignment. The physical characteristics of the sales were ascertained by a combination of public records, physical inspection, appraiser's files, listing information, verification with buyers, sellers, brokers and records contained Clobus, McLemore 8 Duke, Inc.