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<br />10/10/06 10:54 FAX 3056654921 <br /> <br />141003 <br /> <br />John SzerJag, City Manager <br />October 10, 2006 <br />Page 2 <br /> <br />You had asked why the appraised values were lower than the purchase prices. I do not have any <br />informationrelated to the purchase of the 15795 Collins Avenue site, As of the date ofappraisal and <br />as of now, the public records do not reflect a sale price. <br /> <br />The 17475 COllirul Avenue site was acquired in Apn1 of 2006 via the pw'chase of the individual <br />condominiummot,~1 units for a total price of$23,347,000, a figure slightly higher than our estimated <br />value of $22,700,000 - a 2,9% difference. Our value estimate was slightly lower due to the <br />oversupply of condominium units and decrease in condominium apartment sale prices in Sunny Isles <br />Beach as well as ,:>ther areas of Miami-Dade County that has been occwing in 2006. With the <br />downturn in the condominium apartment market, we are also expecting a downturn in the value/sales <br />prices ofmnIti-fanrily zoned land parcels, <br /> <br />I hope I have addressed your questions, If you need further information please ask. <br /> <br />Sincerely, . <br /> <br /> <br />J. ark Q an, MAl <br />State Certified Generlll Appraiser <br />Certification Number RZOOOOl12 <br /> <br />JMQ/jb <br />