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Home My WebLink AboutAppraisal ConsultationC 0 L i [1 Cl r • • 0 i i qui{�j�''iV APPRAISAL CONS ATION PROPERTY OF SOUTHWOLD MANOR AT 56655 MAIN ROAD SOUTHOLD, NEW YORK 0 0 i • • C • • • 0 TABLE OF CONTENTS Letter of Transmittal 3 Subject Photos Date /Purpose/ Function/Scope 4 Market Value / Limiting Conditions 5-6 Certification 7 Correlation and Conclusions 8 Appraisal Qualifications 10-11 0 0 February 21, 2009 • Mr. Alfred Amato Amato and Associates 666 Old Country Road Suite 900 Garden City, New York 11530 Dear Mr. Amato; At your request, I have inspected the site of the proposed Southwold Manor, a 27 Unit Planned Retirement Community on +/- 6.75 acres zoned Hamlet Business District. This proposed use appears to be a permitted use in this zone. The property is currently improved with a single family residence and several small outbuildings. The property is identified on the Suffolk County Tax Map as District 1000; Section 63; Block 3: Lot 15 with a street address of 56655 Main Road Southold, New York. The purpose of this appraisal consulting report is to provide an opinion on the possible negative effect on market values of neighbor hood properties caused by the proposed development of this site. The surrounding area is a mix of commercial, multi family and single family uses. The proposed • development is 27 units in a total of nine buildings. The buildings are attractive shingle style classic structures with a single family feel and are a welcome improvement in light of the alternate more intense commercial uses permitted in this zone. In conclusion, based on market data and inspections of a number of senior housing developments on Eastern Long Island, my conclusion is that the development of the subject + property will have no negative impact on surrounding properties. Lastly, the proposed development provides security to surrounding owners that a more intensive permitted use, such as a shopping center, which could have a significant negative impact on surrounding property values, will not be developed. 0 Should you have any questions regarding this report, please do not hesitate to contact me. Very truly yours, John Blaney Certified General Real Estate Appraiser # 46-000013742 • • DATE OF THE INSPECTION AND VALUATION DATE: The date of inspection was February 10, 2009. • ORGANIZATION AND INTENT: This report is organized to provide the reader with a concise description and analysis of the land, improvements, location, methods and logic used in the valuation process. The intent is to provide a prompt introduction to the valuation process and adequately support the value estimate. • FEDERAL COMPLIANCE: This appraisal is performed in accordance with the Uniform Standards of Appraisal Practice as mandated but Title XI of the Financial Institute Reform, Recovery, and Enforcement Act of 1989. All requirements as specified by the Appraisal Foundation, as well as the Appraisal Institute were adhered to, and no known information was overlooked or withheld. PURPOSE OF THE APPRAISAL: The purpose of this appraisal is determine any negative effect on nearby property values which • may be caused by this development. FUNCTION OF THE APPRAISAL: The function of the appraisal is to provide an analysis for consideration by the Southold Town Planning Board. SCOPE OF THE APPRAISAL: The scope of this appraisal has included the gathering and analyzing of market data utilized in the consulting process and an examination of the subject property. Area sales were examined and site visits were made to PRD and adult housing developments in The Towns of Southampton. Riverhead, Brookhaven and Southold as well as the areas surrounding these developments. • 0 • DEFINITION OF MARKET VALUE: • The most probable price which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. • Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1.) Buyer and seller are typically motivated. 2.) Both parties are well informed or well advised, and each is acting in what he considers his own best interests. 3.) A reasonable time is allowed for exposure in the open market. • 4.) Payment is made in cash or its equivalent. 5.) Financing, if any, is on terms generally available in the community at the specified date and typical in the locale. 6.) The price represents a normal consideration for the property sold, unaffected by special financing amounts and/or terms, services, fees, costs or credits incurred in the transaction. STATEMENT OF LIMITING CONDITIONS: 1.) The legal description furnished is assumed to be correct. 2.) This appraisal is to be used in whole and not in part. 3.) I assume no responsibility for matters legal in character, nor do I render any opinions as to title, which is assumed to be marketable. All existing liens and encumbrances have been disregarded and the property is appraised as though free and clear. 4.) The sketch in this report is included to assist the reader in visualizing the property. I have made no survey of the property and assume no responsibility in connection G 0 with such matters. 5.) Unless otherwise noted herein, it is assumed that there are no encroachments, zoning violations or restrictions existing in the subject property. 6.) Possession of this report, or a copy thereof, does not carry with it the right of publication, nor may it be used for any purpose by anyone but the owner without the prior written consent of the Appraiser or the owner, and in any event, only with proper qualification 7.) It is agreed by acceptance of this report that the liability of the Appraiser is limited to the amount of the fee paid therefore as liquidated damages. 8.) I am not required to give testimony or attend court by reason of this appraisal with reference to the property in question 9.) If a division of the land and improvement values are estimated within this report, they are applicable only under the program of utilization shown. These separate G 0 STATEMENT OF LIMITING CONDITIONS: (con't.) valuations are invalidated by any other application. 10.) The Appraiser has no personal interest or bias with respect to the subject matter of this report or the parties involved. 11.) This assignment and appraisal has been prepared for the express "purpose" and "function" as stated. 12.) The use of this report for syndication purposes is prohibited. UJ 0 • Ll r 0 0 0 6 0 C CERTIFICATION: The Appraiser certifies and agrees that: 1.) The Appraiser has no present nor contemplated future interest in the property appraised, and neither the employment to make the appraisal nor the compensation for it is contingent upon the appraised value of the property, the attainment of a stipulated result or the occurrence of a subsequent event. 2.) The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the owners or occupants of the property appraised, or upon the race, color, or . national origins of the present owners or occupants of the properties in the vicinity of the property appraised. 3.) The Appraiser has personally inspected the property exterior and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. • 4.) All contingent and limiting conditions herein (imposed by the terms of the assignment or by the undersigned affecting the analyses, opinions and conclusions contained in the report) the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 5.) The Appraiser's analyses, opinions and conclusions were developed and the appraisal report has been made in conformity with and is subject to the requirements of the Standards of Professional Appraisal Practice of the appraisal organizations with which the Appraiser is affiliated. 6.) All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the appraisal report, unless indicated as "Review Appraiser". No change of any item in the appraisal report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change. 7.) As of the date of this report, the requirements under the New York State continuing education program have been met. 8.) No one has provided significant professional assistance to the undersigned in the preparation of this report. John Blaney Certified General Real Estate Appraiser # 46-000013742 L` 0 APPRAISAL PROCESS At your request, I have inspected the site of the proposed Southwold Manor, a 27 Unit Planned Retirement Community on +/- 6.75 acres zoned Hamlet Business District. This proposed use appears to be a permitted use in this zone. The property is currently improved with a single family residence and several small outbuildings. The property is identified on the Suffolk County Tax Map as District 1000; Section 63 ; Block 3: Lot 15 with a street address of 56655 Main Road Southold, New York. The purpose of this appraisal consulting report is to provide an opinion on the possible negative effect on market values of neighbor hood properties caused by the proposed development of this site. The appraiser has visited the subject site and inspected neighborhood and area sales as well as inspecting a number of adult housing developments and surrounding values in the Towns of Brookhaven, Riverhead, and Southampton. 0 0 C] lb 41 0 E CORRELATION AND CONCLUSIONS • The purpose of this appraisal consulting report is to provide an opinion on the possible negative effect on market values of neighbor hood properties caused by the proposed development of this site. In conclusion, based on market data and inspections of a number of senior housing developments on Eastern Long Island, my conclusion is that the development of the subject property will have no negative impact on surrounding properties values. Lastly, the proposed development provides security to surrounding owners that a more intensive permitted use, such as a shopping center, which could have a significant negative impact on surrounding property values, will not be developed. 0 0 11 0 0 s JOHN BLANEY • APPRAISAL QUALIFICATIONS is EDUCATION BACHELOR OF ARTS DEGREE ST. JOHN'S UNIVERSITY 1969 REAL ESTATE I & II SUFFOLK COUNTY COMMUNITY COLLEGE PRINCIPLES OF RESIDENTIAL REAL ESTATE APPRAISAL SUNY STONYBROOK MARKET DATA ANALYSIS IN REAL ESTATE APPRAISAL , SUNY STONYBROOK APPRAISAL ETHICS AND STANDARDS, N.A.I.F.A. NASSAU/SUFFOLK RESIDENTIAL REAL ESTATE REPORT WRITING LIU SOUTHAMPTON PRINCIPLES OF INCOME APPRAISING SUNY STONYBROOK TECHNIQUES OF INCOME PROPERTY SIS SUNY STONYBROOK 1994 URAR REVISIONS SEMINAR; NAIFA NASSAU/ SUFFOLK THE COMPLETE HOME INSPECTION: APPAPPRAISING SUNY STONYBROOK INCOME PROPERTY INVESTMENT ANALYRAISAL EDUCATION NETWORK 1994 AMERICAN DISABILITIES ACT AND IT'S EFFECT ON APPRAISALS 1994 NAIFA NASSAU/SUFFOLK : SMALL HOTEL AND MOTEL VALUATION ,1998 APPRAISAL INSTITUTE: LITIGATION VALUATION, 2000 N.A.I.F.A. NASSAU SUFFOLK EXPERIENCE NEW YORK STATE CERTIFIED GENERAL R.E. APPRAISER: LICENSE # 46- 000013742 LICENSED REAL ESTATE BROKER 1970 TO PRESENT, ACTIVELY ENGAGED IN SELLING AND RENTING OF RESIDENTIAL AND COMMERCIAL PROPERTIES AND LAND. COMMERCIAL REVIEW APPRAISER, LONG ISLAND SAVINGS BANK SPECIAL PROJECTS CONSULTANT, HOME FEDERAL SAVINGS BANK EXTENSIVE EXPERIENCE IN DEVELOPMENT AND CONSTRUCTION OF RESIDENTIAL SINGLE AND MULTIFAMILY PROJECTS. • EXTENSIVE EXPERIENCE IN RESIDENTIAL AND COMMERCIAL PROPERTY MANAGEMENT, LEASING, AND EVALUATION. i 10 JOHN BLANEY APPRAISAL QUALIFICATIONS 35 YEARS EXPERIENCE IN THE APPRAISAL OF RESIDENTIAL PROPERTIES, LAND, INCOME PROPERTIES AND PROJECT FEASIBILITY ANALYSES. EXPERT TESTIMONY EXPERIENCE BEFORE UNITED STATES BANKRUPTCY COURT, NEW YORK STATE SUPREME COURT, SUFFOLK COUNTY COURT, VARIOUS PLANNING BOARDS, REVIEW BOARDS AND THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION, N.Y. STATE COURT OF CLAIMS PROFESSIONAL ASSOCIATION MEMBERSHIPS NATIONAL ASSOCIATION OF INDEPENDENT FEE APPRAISERS NATIONAL ASSOCIATION OF REAL ESTATE APPRAISERS EASTERN SUFFOLK BOARD OF REALTORS TOWN OF SOUTHAMPTON INDUSTRIAL COMMERCIAL INCENTIVE BOARD THE WESTHAMPTON PARTNERSHIP MEMBER, AMERICAN PLANNING ASSOCIATION VICE CHAIRMAN, TOWN OF SOUTHAMPTON PLANNING BOARD PARTIAL CLIENT LIST a LONG ISLAND SAVINGS BANK HOME FEDERAL SAVINGS BANK ASTORIA FEDERAL SAVINGS BRIDGEHAMPTON NATIONAL BANK NORTH FORK BANK PNC BANK ESSEKS HEFTER AND ANGEL WASSERSTEIN AND PERELLA THE TARR GROUP COASTAL MORTGAGE ACKERMAN AND WAINWRIGHT WINTERS BROTHERS BANK OF JERSEY FIRST DEVELOPMENT CORP NYS DEPARTMENT OF TRANSPORTATION BANK OF SMITHTOWN TOWN OF SOUTHAMPTON TOWN OF SHELTER ISLAND MANHATTAN MORTGAGE FLEET BANK U.S. TRUST HAMPTONS STATE BANK BANK OF CANADA CHASE BANK 11