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FROM:
Cavanaugh Appraisals, LLC
Mary Jane Cavanaugh
50 Simmons Street
Torrington, CT 06790
860-307-6454
Borrower:
Michael P. Colangelo, et al
32 Falcon Ridge Rd
Torrington, CT 06790
Form 2055 UAD - Property Appraisal - Exterior Only
Due Upon Receipt!
REFERENCE
TO:
PLEASE REMIT PAYMENT:
Litchfield Superior Court
P.O. Box 247, West Street, Litchfield, CT 06759-0247
Committee:
Attorney James D. Hirschfield
P.O. Box 278, 46 West St
Litchfield, CT 06759
s1 30 201410
yysto St
Late Fee
>» Thank.You for the assignment!
Mary Jane Cavanaugh
Form NIL— "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE
22lain File No. LLICV146009873S] Page #14}
OATH
" SUPERIOR’ COURT
JD.OF LTC aD
AL bricuriep
OATH OF APPRAISER
cam ancy
» TAMVLICENSED Al gs ceric TUE Seat GE as AeA ESTATE
2. LANL FAMILIAR WITH REAL ESTATE PROPERTY. VALUES INTHE TOWN OF
|. AT THE REQUEST OF THE PI NTIFE, | PERFORMED AN APPRAISAL OF THE PROPERTY LOCATED
AT: - ope
3Z Farcon Rives BD.
4 MY.APPRAISAL REPORT IS ATTACHED HERI ‘MADE PART OF, AS OF THAT DATE,| AM OF
THE OPINION THATTHE! PROPERTY. THERE RIBED HASAVALUE, AS FOLLOWS:.
| VALUE OELAND: 3 HO, 000
VALE OF UNDING: : $ 210,080:
ALVALUEOF PROPERTY: $ 250, 990
‘DATE‘OE APPRAISAL: ifpalis
j. iRequEsTA FetoFS 350 ‘FOR THE APPRAISAL SERVICES RENDERED.
Form SCNLGL— "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODEMary Jane Cavanaugh [Main File No. LLICV146009873S] Page #1
Exterior-Only Inspection Residential Appraisal Report ie# uicvi4eooge7as
‘The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address_32 Falcon Ridge Rd City Torrington State CT Zip Code_06790.
Borrower Michael P. Colangelo, et al Owner of Public Record_Michael P. & Dawn L. Colangelo County Litchfield
Legal Description Vol: 720; Page: 369
Assessor's Parcel #_202/002/045 Tax Year 2014 RE. Taxes $ 9.571
Neighborhood Name_ Timber Lake Estates Map Reference 45860 Census Tract 3108.04
Occupant [x] Owner [—] Tenant Vacant Special Assessments $ 0 KLPUD _HOA$ 250 Dd) per year per month
Property Rights Appraised DX] Fee Simple [| Leasehold [1] Other (describe)
Assignment Type Purchase Transaction ] Refinance Transaction [XI Other (describe) Foreclosure Action
Lender/Client Litchfield Superior Court Address__ P.O. Box 247, West Street, Litchfield, CT 06759-0247
1s the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? ClYes XI No
Report data source(s) used, offering price(s), and date(s). __.MLS-No sign on property.
| we did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not
performed.
rq Contract Price $ Date of Contract \s the property seller the owner of public record? _[_] Yes No Data Source(s)
3 \s there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes No
If Yes, report the total dollar amount and describe the items to be paid.
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %
Location [_] Urban [XJ Suburban _[_] Rural Property Values [_] Increasing DX] Stable Declining PRICE AGE _ | One-Unit 50%
PS Built-Up Over 75% (X) 25-75% ] Under 25% | Demand/Suppl Shortage EX] In Balance [_} Over Supply | $ (000) (yrs) | 2-4 Unit %
yGrowth [| Rapid (X} Stable [_] Slow Marketing Time Under 3 mths _[X] 3-6 mths Over 6 mths |_200 Low 24 _| Multi-Family %|
F-q Neighborhood Boundaries The neighborhood is bounded northerly by the Winchester town line, easterly by| 329 High 1 | Commercial 10%
rq Aetna Ave, southerly by the Litchfield town line and westerly by the Goshen town line. 270 Pred. 24 | Other 40 %
Neighborhood Description ‘The Subject is located in Timber Lake Estates Subdivision, in the southwest corner of Torrington near the Litchfield &
Goshen town lines, comprised of a compatible mix of newer single family dwellings of varying architectural styles and vintages; some lakefront,
some lake rights; Minor commercial influences (local support businesses, aprtmnts; condos); not adverse. Other: vacant land, farm land, etc.
Market Conditions (including support for the above conclusions) Property values have stabilized somewhat for this market sector in the city of Torrington
over the last 12 months. There currently exists a reasonable supply/demand balance in the marketplace resulting in typical marketing times of 3-6+
months, There exists an ample supply of mortgage funds available at a comparatively favorable interest rate.
Dimensions See Subdiv Map Area_2.25 ac Shape_Mostly Rectangular View_N:Res;
Specific Zoning Classification R6O. Zoning Description Residential 60,000sf min lot
Zoning Compliance [x] Legal (_] Legal Nonconforming (Grandfathered Use) [_] No Zoning (_] Illegal (describe)
[s the highest and best use of subject property as improved (or as proposed per plans and specifications) the present use? DX Yes No_ Ifo, describe
Utilities Public Other (describe) Public Other (describe) Off-site Improvements ~ Type Public Private
Electricity XX CL) Water x Street X CJ
Gas 1X1 None Sanitary Sewer XX] Private Septic” Alley None J LI
FEMA Special Flood Hazard Area__[_] Yes_[X] No FEMA Flood Zone C FEMA Map # _0950810001B FEMA Map Date 04/04/1983
Are the utilities and off-site improvements typical for the market area? Yes No _If No, describe
Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? Yes [XJ No_ If Yes, describe
Some easements & rights of way as described on Sched A attached; Declaration of Easements, Covenants, Restrictions, etc.; not adverse.
Source(s) Used for Physical Characteristics of Property Appraisal Files ><] MLS_[<] Assessment and Tax Records Prior Inspection Property Owner
Other (describe) Exterior Drive b Data Source for Gross Living Area__ Assessor Records
General Description General Description Heating/Cooling Amenities Car Storage
Units P<] One |_| One with Accessory Unit Concrete Slab Craw! Space FWA Dx] HWBB Fireplace(s) #1 None
#ofStores 2.0 DX] Full Basement Finished Radiant Woodstove(s) # 0 |X] Driveway #ofCars 2
Type OX] Det. [_] Att. [_] S-Det/End Unit Partial Basement Finished Other IDX] Patio/Deck Wood {Driveway Surface Asphalt
Existing [_] Proposed [_] Under Const. |Exterior Walls Vinyl Fuel Oil (MLS) Porch None Garage #ofCas 2
Design (Style) Colonial Roof Surface Asphalt Central Air Conditioning Pool_None J Carport #ofCas 0.
Year Built 2000 Gutters & Downspouts Aluminum Individual (_] Fence None Attached Detached
Effective Age (Yrs) 14. [Window Type Double Hunt Other None. Other None I< Built-in
Appliances [_] Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Finished area above grade contains: 8 Rooms 3 Bedrooms 2.1 Bath(s) 2,548 Square Feet of Gross Living Area Above Grade
Additional features (special energy efficient items, etc.) _ MLS Closed Expired Listing #1139659 - Original listing on 3/2010 for $356,900; Relisted on 8/2011
for $299,000 and the listing expired on 2/2012; Cathedral ceiling in FR-hardwood, carpet, vinyl flooring-open floor plan-walk out basement.
Describe the condition of the property and data source(s) (including apparent needed repairs, deterioration, renovations, remodeling, etc). _ C-4:An exterior inspection from the
street revealed the dwelling to be maintained in good to average condition and upkeep with no apparent major repairs needed; Built in year 2000.
the owners named in this report were the original owners; Interior finishes appear to be good to average with some hardwood flooring, some.
carpeting, oak cabinetry in the kitchen & baths; The dwelling is considered to be comparable to the neighborhood dwellings in terms of quality of
construction.
Are there any apparent physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes [X] No
IF Yes, describe,
**The subject property was inspected from the exterior only and the value estimated is based on the assumption that there are no
other defects in the property (besides obvious roof damage), and all mechanicals, i.e. furnace, plumbing, electrical, including well are
functional and adequate for the dwelling.
Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? &X Yes No_IfNo, describe.
Freddie Mac Form 2055 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 2055 March 2005
Form 2055UAD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE[Main File No. LLICV146009873S] Page #2]
Exterior-Only Inspection Residential Appraisal Report rieg uicviacoose73s
There are 13 comparable properties Currently offered for sale in the subject neighborhood ranging in price from $ 224,900 to$ 449,900
There are__18 _comparable sales in the subject neighborhood within the past twelve months ranging in sale price from $ 200,000 to$ 329,900
FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3
‘Address 32 Falcon Ridge Rd 108 Tognalli Dr 401 Cardinal Cir 115 Marshall Lake Rd
Torrington, CT 06790 Torrington, CT 06790 Torrington, CT 06790 Torrington, CT 06790
Proximity to Subject 4.58 miles E 5.83 miles NE 5.08 miles NE
Sale Price $ “|s 250,000} $ 267,600 $ 248,000
Sale Price/Gross Liv. Area $ sq.ft.|$ 90.84 sq.ft. 3 $100.30 sq.ft. $131.01 sq.ft
Data Source(s) CTMLS#G675134;DOM 75. ICTMLS#L149453;DOM 72 CTMLS#G698658;DOM 730
Verification Source(s) Assessor Records Assessor Records Assessor Records
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | +()$Adjustment | DESCRIPTION | +(-) $ Adjustment | DESCRIPTION | +()$ Adjustment
Sales or Financing - REO ArmLth ArmLth
Concessions ho Conv;0 VA;0 Unknown;0
Date of Sale/Time '$07/14;c05/14 's09/14:c06/14 $12/14:011/14
Location NiRes; N;Res; N:Res; N:Res;
Leasehold/Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 2.25 ac 11,761 sf +19,800!1.68 ac +5,700/3.98 ac. -17,300
View NRes; N:Res; N;Res; N:Res;
Design (Style) DT2.0;Colonial_|DT2.0;Colonial DT2.0;Colonial DT2.0;Cape 0
Quality of Construction Q4 Q4 Q4 Q4
Actual Age 14 7 : ol17 0/10 0
Condition C4 C4 C4 C4
Above Grade Total |Bdrms.| Baths | Total |Bdrms.| Baths Total |Bdrms.| Baths Total |Bdrms.| Baths
Room Count 8 3(21| 71) 4 121 o| 9 | 4 {24 os | 3 [24
Gross Living Area 2,548 sq.ft. 2,752 sq.t. -15,300| 2,668 sq.ft. -9,000) 1,893 sq.ft. +49,100
Basement & Finished 1516sfOsfwo 1176sf0sfwo 0) 1568sf0sfwu 0) 1152sf325sfwo -3,300
Rooms Below Grade ‘rrObr0.0ba00
Functional Utility Good Good Good Good
4 Heating/Cooling HWBB/None__|FWA/CAC -5,000} HWBB/None FWA/None. 0
Energy Efficient items None Known __|None Known None Known. None Known
Fo Garage/Carport 2gbi2dw 2ga2dw Ol2ga2dw O|2qbi2dw
Beg PorchyPatio/Deck ‘WD. Unknown, OlwD. WDs 0
Fo] Fireplaces, etc 4 Fireplace 4 Fireplace 2 Fireplaces -2,500/1 Fireplace
fe} Net Adjustment (Total) + k- |s 500; [J+ &X- |$ -5,800/ X+ L)- [$ 28,500
Adjusted Sale Price " TNet Adj. 0.2% Net Adj. 22% NetAdj. = 11.5%
of Comparables Gross Adj. 16.0 %|$ 249,500/Gross Adj, _6.4%|$ 261,800)Gross Adj. 28.1 %|$ 276,500
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