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<br />~U'~U'VU ~u.u~ r^A dUaODa4~~~ <br /> <br />~003 <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 />information related to the purchase of the 15795 Collins Avenue site. As oft he date of appraisal and <br />as of now, the public records do not reflect a sale price. <br /> <br />The 17475 Collin:; Avenue site was acquired in April of 2006 via the pw'chase of the individual <br />condominium mot,:l 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 ':Jther areas of Miami-Dade County that has been occw'ing in 2006. With the <br />downturn in the condomininm apartment market, we are also expecting a downturn in the value/sales <br />prices of muIti- 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 />" k <br /> <br />J. ark Q~n, MAl <br />State Certified Genernl Appraiser <br />Certification Number RZ0000112 <br /> <br /> <br />JMQ/jb <br />