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APPRAISAL OF REAL PROPERTY
LOCATED AT:
19 W Horace St
Last Transfer Date: 6/20/1996
Vol. 636 Pg. 214
Torrington, CT 06790-5174
FOR:
Hunt Leibert Jacobson, P.C.
50 Weston Street
Hartford, CT 06120
AS OF:
4/8/2014
BY:
Seth A. Rattet
KDR Appraisal Services LLC
40F Weston Street
Hartford, CT 06120
Form GA1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
KDR Appraisal Services (860)522-1417
Desktop Underwriter Quantitative Analysis Appraisal Report 291779
File No.
THIS SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENDER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY.
Property Address
19 W Horace St City Torrington State CT Zip Code 06790-5174
Legal Description Vol. 636 Pg. 214
Last Transfer Date: 6/20/1996 County
Litchfield
SUBJECT
Assessor's Parcel No.
9510 Tax Year 2012
R.E. Taxes $ 3,388 N/A
Special Assessments $
Borrower
Joray Current Owner
Joray Occupant Owner Tenant Vacant
Neighborhood or Project Name
N/A Project Type PUD Condominium HOA $ N/A /Mo.
Sales Price $
Foreclosure Date of Sale
N/A Description / $ amount of loan charges/concessions to be paid by seller
N/A
Property rights appraised
Fee Simple Leasehold Map Reference
104/012/009 Census Tract
3108.03
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Single family housing
Condominium housing
NEIGHBORHOOD
Location Urban Suburban Rural Property values
Increasing Stable Declining
PRICE AGE PRICE (if applic.)
AGE
Built up Over 75% 25-75% Under 25%Demand/supplyShortage In balance
Over supply$(000) (yrs)
$(000) (yrs)
Growth rate Rapid Stable Slow Marketing time
Under 3 mos.
3-6 mos. Over 6 mos. 30 LowNew N/A Low N/A
Neighborhood boundaries
Highland Ave/ North, Rt 202/ South & East and Aetna Ave to the West.
155 High100 N/A High N/A
Predominant Predominant
130 50+ N/A N/A
Dimensions
Per Town Records Site area
.34 Acres /14,810 sf +/- ShapeMostly Rectangular
Specific zoning classification and description
R10S (10,000sf Min Lot Size) Zoning is an "Extraordinary Assumption" based on town information.
Zoning compliance
Legal Legal nonconforming (Grandfathered use)
Illegal, attach description
No zoning
Highest and best use of subject property as improved (or as proposed per plans and specifications):
Present use Other use, attach description.
SITE
Public
Utilities Other Public Other Type
Off-site Improvements PublicPrivate
Electricity Water Street Paved Asphalt
Gas Sanitary sewer Alley None
Are there any apparent adverse site conditions (easements, encroachments, special assessments, slide areas, etc.)?
Yes No If Yes, attach description.
Source(s) used for physical characteristics of property:
Interior and exterior inspection
Exterior inspection from street
Previous appraisal files
MLS Assessment and tax records
Prior inspection
Property owner
Other (Describe):
IMPROVEMENTS
No. of Stories
2 Type (Det./Att.)
Det Exterior Walls
Vinyl Siding Roof Surface
Asphalt Shingle Manufactured Housing
Yes No
Does the property generally conform to the neighborhood in terms of style, condition and construction materials?
Yes No If No, attach description.
Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property?
Yes No If Yes, attach description.
Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of
the subject property?
Yes No If Yes, attach description.
I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property.
My research revealed a total of
23 sales ranging in sales price from $
27,000 to $ 155,000 .
My research revealed a total of
32 listings ranging in list price from $
72,500 to $ 164,500 .
The analysis of the comparable sales below reflects market reaction to significant variations between the sales and the subject property.
FEATURE SUBJECT SALE 1 SALE 2 SALE 3
19 W Horace St 239 Johnson St 27 Colorado Ave N 50 Holley Pl
Address
Torrington, CT 06790-5174
Torrington, CT 06790 Torrington, CT 06790 Torrington, CT 06790
Proximity to Subject 0.48 miles N 0.15 miles NE 0.45 miles NE
Sales Price $ Foreclosure $ 130,000 $ 142,900 $ 145,000
Price/Gross Living Area
$ /$ 119.05 / $ 106.80 / $ 104.77 /
Data & Verification Sources Assessor / MLS / Warren Group
Assessor / MLS / Warren Group
Assessor / MLS / Warren Group
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +( – )$ Adjust.
DESCRIPTION +( – )$ Adjust.
DESCRIPTION +( – )$ Adjust.
Sales or Financing None None None
Concessions Known Known Known
Date of Sale/Time 10/31/2013 Clsd 8/1/2013 Clsd 7/1/2013 Clsd
Location Average Average Average Average
Site .34 Acres .47 Acres .18 Acres .11 Acres
View Neighborhood Neighborhood Neighborhood Neighborhood
QUANTITATIVE SALES COMPARISON ANALYSIS
Design (Style) Cape Ranch Cape Old Style
Actual Age (Yrs.)
1937 (Act) 1954 (Act) 1920 (Act) 1910 (Act)
Condition Average Average Average Average
Above Grade Total
BdrmsBathsTotalBdrmsBaths Total
BdrmsBaths TotalBdrmsBaths
Room Count 6 3 1 5 3 1 6 3 2 -3,000 7 3 1
Gross Living Area 1,176 Sq. Ft. 1,092 Sq. Ft. +1,700 1,338 Sq. Ft. -3,200 1,384 Sq. Ft. -4,200
Basement & Finished
Full Full Full Full
Rooms Below Grade
Unfinished Unfinished Unfinished Unfinished
Garage/Carport 1 Car Att 1 Car BI No Garage +3,0001 Car Det
Additional Features
OP150,PAT150 OP16,FP +1,000WD270,OP96,20 OP50,60,FP
Heating/Cooling FWA/None HWBB/None HWBB/None FWA/Partial 87%
Net Adj. (total) + – $ 2,700 + – $ -3,200 + – $ -4,200
Adjusted Sales Price Net 2.1% Net2.2 % Net 2.9%
of Comparables Gross2.1%$ 132,700 Gross6.4 % $ 139,700 Gross2.9%$ 140,800
Date of Prior Sale
None Within 3 yrs
None Within 1 Year None Within 1 Year None Within 1 Year
Price of Prior Sale
$ $ $ $
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of the prior sales of subject and comparables:
The subject is currently on the
market for $79,000. The comparable sales have not transferred within 1 year of the last date of transfer.
Summary of sales comparison and value conclusion:
All three approaches to value have been considered but the market approach was deemed most reliable. The
Cost Approach maybe developed but is utilized for informational purposes only. The Income Approach was not developed due to insufficient and unreliable
data. Land value of $57,400 is developed by taking town assessors land ratio value and extracting from assessors total appraised value to get % of land value.
At this point in time the average is approximately 41% of the total "Opinion of Value" of subject. This is the land value utilized in the Oath of Appraiser. Land
values will increase or decrease depending on final "Opinion of Value".
This appraisal is made
"as-is", subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, or
subject to the following repairs, alterations or conditions
BASED ON AN EXTERIOR INSPECTION FROM THE STREET OR AN
INTERIOR AND EXTERIOR INSPECTION , I ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL
PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE $
140,000 , AS OF
4/8/2014 .
PAGE 1 OF 3 Fannie Mae Form 2055 9-96
Form 205 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Desktop Underwriter Quantitative Analysis Appraisal Report File No.
291779
(If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)?
Project Information for PUDs Yes No
Provide the following information for PUDs only if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit:
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data Source(s)
PUDWas the project created by the conversion of existing buildings into a PUD?
Yes No If yes, date of conversion:
Does the project contain any multi-dwelling units?
Yes No Data Source:
Are the common elements completed?
Yes No If No, describe status of completion:
Are any common elements leased to or by the Home Owners' Association?
Yes No If yes, attach addendum describing rental terms and options.
Describe common elements and recreational facilities:
(If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)?
Project Information for Condominiums Yes No
Provide the following information for all Condominium Projects:
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data Source(s)
Was the project created by the conversion of existing buildings into a condominium?
Yes No If yes, date of conversion:
CONDOMINIUM
Project Type:
Primary Residence
Second Home or Recreational
Row or Townhouse Garden Midrise Highrise
Condition of the project, quality of construction, unit mix, etc.:
Are the common elements completed?
Yes No If No, describe status of completion:
Are any common elements leased to or by the Home Owners' Association?
Yes No If yes, attach addendum describing rental terms and options.
Describe common elements and recreational facilities:
PURPOSE OF APPRAISAL:
The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report based on a
quantitative sales comparison analysis for use in a mortgage finance transaction.
DEFINITION OF MARKET VALUE:
The most probable
price
which a property
shouldbringina competitive
andopen marketunderall
conditions
requisite
to a fair
sale,
thebuyerandseller,
eachactingprudently,
knowledgeably
andassumingtheprice
isnotaffected
byundue
stimulus.
Implicit
in thisdefinition
istheconsummation
of a saleas ofa specified
dateandthe passing
oftitle
fromseller
to buyer
underconditions
whereby:(1)buyerand seller
are typically
motivated;
(2)bothparties
arewellinformed
orwelladvised,
andeachacting
in whathe considers
hisown bestinterest;
(3)a reasonable
timeisallowedforexposure
in theopen market;
(4)paymentis made
intermsofcashin U.S.dollars
orin terms
of financial
arrangements
comparable
thereto;
and (5)theprice
represents
thenormalconsideration
forthe property
soldunaffected
by special
or creative
financing
or salesconcessions*
grantedby anyoneassociated
with thesale.
* Adjustments
tothecomparables
must bemade forspecial
or creative
financing
or sales
concessions.
No adjustments
arenecessary
forthose
costswhicharenormally
paidby sellers
as a result
of tradition
or lawin a market
area; thesecostsarereadily
identifiable
since
the
seller
pays thesecostsinvirtually
allsalestransactions.
Special
or creative
financing
adjustments
can be made to the comparable
property
by comparisons
tofinancing
termsoffered
by a third
partyinstitutional
lender
thatis notalready
involved
in theproperty
or
transaction.
Any adjustment
shouldnotbe calculated
on a mechanical
dollar
fordollar
costof thefinancing
or concession
butthe dollar
amountof any adjustment
shouldapproximate
the market's
reaction
tothe financing
or concessions
based on theappraiser's
judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS:
Theappraiser's
certification
thatappears
intheappraisal
report
issubject
tothefollowing
conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it.
The appraiser assumes
thatthetitle
is goodand marketable
and,therefore,
will
not render
any opinions
aboutthe title.
The property
isappraised
on the
basis of it being under responsible ownership.
2. The appraiser
hasprovided
anyrequired
sketch
intheappraisal
report
toshow approximate
dimensions
oftheimprovements
andthesketch
isincluded
onlyto assist
thereaderof thereport
in visualizing
theproperty
andunderstanding
theappraiser's
determination
ofitssize.
3. The appraiser
will
notgivetestimony
or appear
incourtbecause
he orshe madean appraisal
oftheproperty
inquestion,
unless
specific
arrangements to do so have been made beforehand.
4. The appraiser
has noted
in the appraisal report any adverse
conditions
(such as, but not limited
to,
neededrepairs, the
presence of hazardous
wastes,toxic
substances,
etc.)
observedduring
the inspection
of the subject
property
or thathe or she became awareof during
thenormalresearch
involved
inperforming
the appraisal.
Unlessotherwise
stated
inthe appraisal
report,
the appraiser
hasno knowledge
of any hiddenor unapparent
conditions
of the property
or adverseenvironmental
conditions
(including
the presenceof hazardous
wastes,
toxic
substances,
etc.)
thatwouldmake theproperty
more orlessvaluable,
andhas assumedthat
thereareno suchconditions
and
makes no guarantees
or warranties,
expressed
or implied,
regarding
the condition
of theproperty. The appraiser
willnot be
responsible
for
any suchconditions
thatdoexist
or foranyengineering
ortesting
that
mightbe required
todiscover
whether
such conditions
exist. Becausetheappraiser
is notan expertin thefieldofenvironmental
hazards,
the appraisal
report
must not be considered
as an environmental assessment of the property.
5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct.
The appraiser does not assume responsibility for the accuracy of such items that were furnished by
other parties.
6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
7. The appraiser
must provide
his
or herprior
written
consent
before
thelender/client
specified
intheappraisal
report
can distribute
the appraisal
report(including
conclusions
about the propertyvalue,the appraiser's
identity
and professional
designations,
and references
to any professional
appraisal
organizations
or the firmwithwhich theappraiser
is associated)
to anyoneotherthanthe borrower;
the mortgageeor itssuccessors
and assigns;themortgageinsurer;
consultants;
professional
appraisal
organizations;
any stateor
federally
approved
financial
institution;
or any department,
agency,
or instrumentality
ofthe United
Statesor anystateor theDistrict
of
Columbia;
exceptthatthelender/client
may distribute
the report
to datacollection
or reporting
service(s)
without
havingto obtain
the
appraiser's
prior
written
consent. The appraiser's
written
consent
and approvalmustalso be obtained
beforetheappraisal
can be
conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on
on the basis of a hypothetical condition that the improvements have been completed.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or alterations on the
assumption that completion of the improvements will be performed in a workmanlike manner.
PAGE 2 OF 3 Fannie Mae Form 2055 9-96
Form 205 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE
Desktop Underwriter Quantitative Analysis Appraisal Report File No.
291779
APPRAISER'S CERTIFICATION:
The Appraiser certifies and agrees that:
1. I performedthis
appraisal
by (1)personally
inspecting
fromthe street
thesubjectproperty
andneighborhood
and eachof the
comparable sales (unless I have otherwise indicated in this report that I also inspected the interior of the subject property); (2) collecting, confirming,
and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal
report.
I further certify that I have adequate information about the physical characteristics of the subject property and the comparable sales to develop
this appraisal.
2. I haveresearched
and analyzed
the comparable
salesand offerings/listings
in the subject
marketarea and havereported
the
comparablesalesin thisreportthat are the best available
for the subjectproperty. I furthercertify
thatadequate
comparable
marketdata exists
in thegeneralmarketareato developa reliable
salescomparison
analysis
for thesubjectproperty.
3. I havetakenintoconsideration
the factors
thathave an impact
on valuein my development
of theestimate