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<br />, , <br /> <br />, _ J <br /> <br />, -, <br /> <br />SCOPE OF THE APPRAISAL <br /> <br />"J <br /> <br />" <br /> <br />The value of a site can be estimated by various methods which include Direct Sales Comparison, <br />Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization. <br />However, the Direct Sales Comparison Approach is the most preferred and utilized technique when <br />sales of comparable sites are available. The other methodologies are indirect techniques which are <br />generally used when an area is primarily built-up and sales of comparable sites are scarce. <br /> <br />,~ <br /> <br />", <br /> <br />,~ <br /> <br />" <br /> <br />The Direct Sales Comparison Method of valuing the subject site is relied on due to the availability <br />of recent land sales. <br /> <br />,~ <br /> <br />", <br /> <br />In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and <br />best use as the subject site are analyzed, compared and adjusted by time, property characteristics and <br />location to indicate the Market Value of the subject site as though unimproved. The reliability of <br />this approach is dependent upon the availability of comparable sales data, the verification of the sales <br />data, the degree of comparability and the absence of non-typical conditions affecting the sale. <br /> <br />--j <br /> <br />" <br /> <br />,j <br /> <br />A search for sales of sites in the general location of the subject site is conducted. <br /> <br />" <br /> <br />.~ <br /> <br />Data related to the subject property was derived from various sources including but not limited to <br />the Miami-Dade County Property Appraiser's Office, Miami-Dade County plats as compiled by First <br />American Real Estate Solutions, Inc., FEMA flood zone maps, Land Development Regulations of <br />the City of Sunny Isles Beach and tax roll information provided by ISCNet. <br /> <br />\... ) <br /> <br />, ) <br /> <br />Comparable sale sources include First American Real Estate Solutions, Inc., on-line computer <br />services provided by ISCNet, Board of Realtor's Multiple Listing Services and Landata, Inc. Sales <br />prices are typically confirmed with a party to the transaction, i.e., buyer, seller, real estate agent or <br />attorney to the transaction. <br /> <br />" --1 <br /> <br />,,-_J <br /> <br />..J <br /> <br />The sales all have similar zoning classification and highest and best use as the subject site. Several <br />other sales are considered, but are not included because there is too wide a difference in physical <br />factors, location and time. <br /> <br />\ __J <br /> <br />The subject site is improved with a building that is not the highest and best use of the site. The <br />existing improvements would be required to be demolished to redevelop the site to its highest and <br />best use. Therefore, the cost of the demolition of the existing improvements is deducted from the <br />final estimate of the subject property. <br /> <br />r---, <br /> <br />r -.-, <br /> <br />'r.) <br /> <br />'-, <br /> <br />~J <br /> <br />QUINLIVAN APPRAISAL <br /> <br />27 <br /> <br />,_J <br />