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<br />07/20/06 09:08 FAX 3056654921 <br /> <br />14! 002 <br /> <br />QUINLIVAN APPRAISAL <br />A P1l0FESSIONAL AsSOCIATION <br /> <br />REAL ESTATE ,ApPRAISERS & CONSULTANTS <br />~730 S.W. 74TH STREET, SUITE 300 <br />SOUTH MIAMI, FLDliIDA 33143 <br /> <br />J. MARK QtnNLIVAj'ij'. MAl <br />8I:ATB-CBB.'l'IP'IHD GRNE'RAL MPnAIBEllS <br />HZ 0000112 <br /> <br />TELEPHD~'E (305) 663-6611 <br />FAX (305) 665-4921 <br /> <br />THOMAS F. MAGENHEIMER, MAl <br /> <br />STATX-CnHTXF'IED GENBBAL APPRAISERS . <br />HZ 0000553 <br /> <br />July 20,2006 <br /> <br />Elena Del Campillo, Planning and Zoning Technician <br />City of Swmy IsleH Beach <br />18070 Collins Ave:nue <br />Sunny Isles Beach, Florida 33160 <br /> <br />Dear Ms. Del Campillo: <br /> <br />We recently prepared an Appraisal Report covering the following described property: <br /> <br />Land parcel containing 31,113 square feet located at 16682-16690 <br />CoJins Avenue, Sunny Isles Beach, Florida <br /> <br />The purpose of thi;~ Appraisal was to estimate the Market Value ofthe described property as of June <br />20, 2006, being one of the dates of personal inspection. The estimated value was $5,150,000. <br /> <br />The property waS purchased in May of2006 for $5,500,000 or $176.77 per square foot. The buyer, <br />St. Tropez, has been purchasing adjacent land along the south side of Sunny Isles Boulevard over <br />the past two to thr(~e years and this parcel seems to be the last piece of a larg.e assemblage. Because <br />of the assemblage and based on other land sales, it was my opinion fhat he paid a premium for this <br />particular parcel. <br /> <br />Sincerely, <br />() ( <br />/lbli::L MAl <br /> <br />State Certified General Appraiser <br />Certification Number: RZOOOOl12 <br /> <br /> <br />JMQ/jb <br /> <br />8Qct' Vp J:~v <br />{..t fM _LO_B-" <br />~ <br />