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<br />07/20/06 09:08 FAX 3056654921 <br /> <br />[4J 002 <br /> <br />QUINLIVAN APPRAISAL <br />A PnoFESSIONAL AsSOCIATION <br /> <br />REAL ESTATE APPRAISERS & CONSULTANTS <br />~730 S.W. 74TH STREET. SUITE 300 <br />SOUTH MIAMI. FLOHIDA 33143 <br /> <br />J. MARX QUINL1VAN, MAl <br />8TA7B"CBRrXFIED GENERAL MPBAIBEIIS <br />HZ 0000112 <br /> <br />TELEPHOl\"E (305) 663-6611 <br />FAX (305) 665-4921 <br /> <br />TnOl>1AS F. MAGENlIEIMEE, MAl <br /> <br />STATE-CnU7'XFIED GENHHAL A'PPllAIBEH8 . <br />HZ OOOO~53 <br /> <br />July 20,2006 <br /> <br />Elena Del Campillo, Planning and Zoning Technician <br />City of Sunny Isle~i Beach <br />18070 Collins AVf: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 ofthi;;; Appraisal was to estimate the Market Value of the described property as ofJune <br />20, 2006, being one of the dates of personal inspection. The estimated vahle 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 thrl~e years and this parcel seems to be the last piece of a larg.e assemblage, Because <br />ofthe assemblage and based on other land sales, it was my opinion that he paid a premium for this <br />particular parcel. <br /> <br />Sincerely, <br />II ( <br />!&:&;LMAI <br /> <br /> <br />State Certified General Appraiser <br /> <br />Certification NumbeJ: RZOOOO 112 <br /> <br /> <br />JMQ/jb <br /> <br />~qc~<l.I(:> ~'Cv <br />(-+eN\ iD-R-... <br />~ <br />