Preview
FILED: CORTLAND COUNTY CLERK 03/29/2021 12:24 PM INDEX NO. EF21-168
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 03/29/2021
EXHmlT
5786 Widewaters Pkwy
. CUS H M AN & Pyramid Brokerage
P.o. Box a
id. WAREFIEL D . Company
syracuse, NY 13214
Tel +1 315 445 1030
Fax +1 315 445 2074
pyramidbrokerage.com
March 5, 2021
Rev. Paull Alciati
5t. Patrick's Church
c/o St. Margaret's Church
14 Copeland Avenue
Homer, NY 13077
RE: Rectory -3656 Route 13
Truxton, New York
Dear Father,
Pursuant to your request, I discuss below our observations of the subject property and how they affect
its potential value. I also look to recent market actMty for properties in similar locations or with similar
characteristics for supporting valuations.
The subject property consists of one tax parcel (Tax ID #39.12-1-17) with a one-story structure built with
a basement level around 1955. County records state the square footage of the building as 1,224 which
does not include the basement and attic areas. The lot approxirñates .38 acre with frontage on Route 13
and along Labrador Creek at the rear of the property. The lot is improved with a paved driveway and
sidewalk.
The building has not been used on a regular basis for parish activities In a ñümber of years. It was
formerly the rectory for St. Patrick's Church with the basement area supporting Sunday School and
other activities. Access to the house is through the front door, garage and back porch area. Access to
the attic and basement are through the garage and there Is an emergency exit from the basement out
onto the back lawn. The bü|!d:ñg is not ADA accessible. The living area has three bedrooms, one full
bathroom and one-half bath, dining room, Hving room, eat-in kitchen and a porch. There is no air
conditicñing and the heat source is propane fueled, forced air. The property Is served by septic (two
tank systems) and well water.
Overall, the property and büu$ñg are in good ccadition but dated. Unless the building were to be used
for an afternative use, major improvements would likely not be required and continued routine
maintenance should be all that is needed.
2021 92473 EF21-168
03/29/2021 12:24:25 PM
Pages 3
EXHIBIT(S)
Elizabeth Larkin, County Clerk
independentlyOamedandOpumed / A Memberof tis Cahmust& WakejMdAmance
Howunnn1y expiuused
(NtW esenlahod, ut implied,ismadeastoGieaccumcy oftheinformation
contained
heroin,ondsainoIssubmilludsubject10erters.omfmnons.
changsofprlte,tental
or athercondithms, withoutnotes.andlo anyspecia4|jsgim;
vdihdrawal ed::7.a. imposed by marprirr2pah
ALBANY BJNGHAM'rON BUFFALO CORNING HUDSoN VALLEY ITHACA ROCHESTER SYRAGUSE UTICA WATERToWN
FILED: CORTLAND COUNTY CLERK 03/29/2021 12:24 PM INDEX NO. EF21-168
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 03/29/2021
CU SHM A N &. Pyramid Brokerage
iÊ I W AK E FIE L D Cornpany
Rev. Paul L Alciati
March 5, 2021
Page Two
The property is located in the central residential/commercial area within the Town of Truxton, a small,
rural community, There is no zoning ordinance so owners need to make application to the Town to
secure approval for any new improvemêñts, renovations or changes in use. Apart from single-family
residential, the use of the property for a home occupation may be an attractive alternative with the full
basement already set up for similar activity. Of course, commercial uses such as a retail store,
restaurant or offices may also be appropriate In the immediate area. The highest and best use issingle-
family residential as the building and property already accommodate that use without any required
changes.
The current assessed value for the property is $97,800 with land repressiiting $7,300 of that total, The
Assessor's Full Market Value is $105,161. We feel the assessed and fair market values are not
inconsistent with the property's value. What a buyer will pay will depend on the use, relative values and
options in the immediate area for bw!dings that can accommódate a particular use, cost of required
improvements and total budget,
From a single-family perspective, the property could be occupied immediately withõüt major alterations
because of the existence of a full bath, kitchen, bedreams and other rooms for living. Most fikely such a
buyer will want to update the building but those imprõvements are optional and can be done at an
owner's desired pace. Single-family houses in the area have generally sold in an approximate range of
$125,000 to $135,000 depending on the
lot size, ñümber of bedrooms/bathrooms and common areas,
the quality and condition of the structures, mechanice!s and finishes, and its location. Some recent
sales in the $95,000 to $100,000 range typically reflect older homes that required updating.
Comparable sales in the market include:
5319 Cheningo Road, Truxton -This three bedroom/two full bath ranch is 1,152 sq. ft. and located in
the Truxton area. Built in 2001, the büEd r:g is newer and is situated on a larger .84 acre lot. There is a
carport, back deck and a wa!keut basement. It sold on April 15, 2020 for $129,000.
6346 Prospect Truxton - At 1,120 sq. ft., this single-family home has three bedracms/2 full
Terrace,
baths and is situated on a larger .76 acre tot. Built in 1989, there Is a deck and a full basement
level/garage. It sold on May 11, 2020 for $133,000 with a $6,000selier's c et:ssion.
. independentlyOumedandOperated/ A Mmnberof theCutshmtor AtUance
& Waku6eM
Nowarranlycr representatiori,
expressed
a mplist, is madeastothesecuracy ofIke±=rd:G =nletod haivin,andsarneis submitted
subjetitoenors,ornkslure,Change
ofprke.19019
orolhwconsons.wahdrawai whhoolcolico.andlo onyspedallistingcondhionsinpowd byourpnncipals
ALBANY B)NGHAMTON BUFFALo CortNING HUDGONVALLEY ITHACA ROCHESTER BYRAcUSE UTICA WATERTOWN
FILED: CORTLAND COUNTY CLERK 03/29/2021 12:24 PM INDEX NO. EF21-168
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 03/29/2021
CUS H MA N & . Pyramid Brokerage
flÔ Ó WA K EIFIE L D Company
Rev. Paul J. Alclati
March 5, 2021
Page Three
- This 1,187
6280 US Route 80, Preble sq. ft. Cape Cod has three bedissiiis/1 full bath. it was built in
1942 and has been samêwhat upgraded but needs more updating. There Is a detached garage and the
house sits on .48 acre. The property was sold on April 28, 2020 for $91,000.
Market feedback in the form of offers for the property, both in writing and verbal, are consistent with
the recommended va!uation:
• Offer for $99,000, contingent upon financing and inspections. Buyer eventually waived all
contingencies In order to close
• Offer for $94,000, all cash with no inspecticñ contingencies from an investor
• Verbal offer for $40,000 from investor
• Verbal offer In the "$40,000 - $50,000" range from an investor
In summary, the major influencers on value include:
* Older structure with everything in working order
No zoning in the area so less restrictive
* Good location in Truxton near amenities
• Size of the one-story building with one car garage and full basement
• Required imprcvements to update finishes and other building systems not required immsdiately
* Strong single-family housing market favoring sellers
Looking at the different components of this property, comparable sales and potential users and their
motivations, we would value the preperty betweeñ $90,000 and $110,000 and recemaicñd an asking
price just under $100,000 to attract buyer interest. Please do not hesitate to call me with any questions
or comments you may have.
Sincere[y------
Jo ce Mawhinney cKnight
y
Associate Real Estate Broker | Executive Senior Advisor
Attachment
j:36s6 Route 13 Troxton BPO03052021
hidij>.üädüily owneelruidoperatedJ A Memberofthe cushmrm& WakefieldAdinned
expressed
Nowartantycrrepresentation, onimplied,is madeastotheaz.gacyoftia inde- Emæ±ied Mrein,andsameh submillednubjectlo errors,omissios,changeofprice,fantel
withdrawM
ofothecandilions. wither notice.and19anyspoNa) by ourprincipals
flulmgconditiongimposed
ALBANY BINGHAMTON BUFFALO CORNING HUDSONVALLEY fTHACA ROCHESTER SYRACUSE UTICA WATERTOWN
Preview
FILED: CORTLAND COUNTY CLERK 03/29/2021 12:24 PM INDEX NO. EF21-168 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 03/29/2021 EXHmlT 5786 Widewaters Pkwy . CUS H M AN & Pyramid Brokerage P.o. Box a id. WAREFIEL D . Company syracuse, NY 13214 Tel +1 315 445 1030 Fax +1 315 445 2074 pyramidbrokerage.com March 5, 2021 Rev. Paull Alciati 5t. Patrick's Church c/o St. Margaret's Church 14 Copeland Avenue Homer, NY 13077 RE: Rectory -3656 Route 13 Truxton, New York Dear Father, Pursuant to your request, I discuss below our observations of the subject property and how they affect its potential value. I also look to recent market actMty for properties in similar locations or with similar characteristics for supporting valuations. The subject property consists of one tax parcel (Tax ID #39.12-1-17) with a one-story structure built with a basement level around 1955. County records state the square footage of the building as 1,224 which does not include the basement and attic areas. The lot approxirñates .38 acre with frontage on Route 13 and along Labrador Creek at the rear of the property. The lot is improved with a paved driveway and sidewalk. The building has not been used on a regular basis for parish activities In a ñümber of years. It was formerly the rectory for St. Patrick's Church with the basement area supporting Sunday School and other activities. Access to the house is through the front door, garage and back porch area. Access to the attic and basement are through the garage and there Is an emergency exit from the basement out onto the back lawn. The bü|!d:ñg is not ADA accessible. The living area has three bedrooms, one full bathroom and one-half bath, dining room, Hving room, eat-in kitchen and a porch. There is no air conditicñing and the heat source is propane fueled, forced air. The property Is served by septic (two tank systems) and well water. Overall, the property and büu$ñg are in good ccadition but dated. Unless the building were to be used for an afternative use, major improvements would likely not be required and continued routine maintenance should be all that is needed. 2021 92473 EF21-168 03/29/2021 12:24:25 PM Pages 3 EXHIBIT(S) Elizabeth Larkin, County Clerk independentlyOamedandOpumed / A Memberof tis Cahmust& WakejMdAmance Howunnn1y expiuused (NtW esenlahod, ut implied,ismadeastoGieaccumcy oftheinformation contained heroin,ondsainoIssubmilludsubject10erters.omfmnons. changsofprlte,tental or athercondithms, withoutnotes.andlo anyspecia4|jsgim; vdihdrawal ed::7.a. imposed by marprirr2pah ALBANY BJNGHAM'rON BUFFALO CORNING HUDSoN VALLEY ITHACA ROCHESTER SYRAGUSE UTICA WATERToWN FILED: CORTLAND COUNTY CLERK 03/29/2021 12:24 PM INDEX NO. EF21-168 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 03/29/2021 CU SHM A N &. Pyramid Brokerage iÊ I W AK E FIE L D Cornpany Rev. Paul L Alciati March 5, 2021 Page Two The property is located in the central residential/commercial area within the Town of Truxton, a small, rural community, There is no zoning ordinance so owners need to make application to the Town to secure approval for any new improvemêñts, renovations or changes in use. Apart from single-family residential, the use of the property for a home occupation may be an attractive alternative with the full basement already set up for similar activity. Of course, commercial uses such as a retail store, restaurant or offices may also be appropriate In the immediate area. The highest and best use issingle- family residential as the building and property already accommodate that use without any required changes. The current assessed value for the property is $97,800 with land repressiiting $7,300 of that total, The Assessor's Full Market Value is $105,161. We feel the assessed and fair market values are not inconsistent with the property's value. What a buyer will pay will depend on the use, relative values and options in the immediate area for bw!dings that can accommódate a particular use, cost of required improvements and total budget, From a single-family perspective, the property could be occupied immediately withõüt major alterations because of the existence of a full bath, kitchen, bedreams and other rooms for living. Most fikely such a buyer will want to update the building but those imprõvements are optional and can be done at an owner's desired pace. Single-family houses in the area have generally sold in an approximate range of $125,000 to $135,000 depending on the lot size, ñümber of bedrooms/bathrooms and common areas, the quality and condition of the structures, mechanice!s and finishes, and its location. Some recent sales in the $95,000 to $100,000 range typically reflect older homes that required updating. Comparable sales in the market include: 5319 Cheningo Road, Truxton -This three bedroom/two full bath ranch is 1,152 sq. ft. and located in the Truxton area. Built in 2001, the büEd r:g is newer and is situated on a larger .84 acre lot. There is a carport, back deck and a wa!keut basement. It sold on April 15, 2020 for $129,000. 6346 Prospect Truxton - At 1,120 sq. ft., this single-family home has three bedracms/2 full Terrace, baths and is situated on a larger .76 acre tot. Built in 1989, there Is a deck and a full basement level/garage. It sold on May 11, 2020 for $133,000 with a $6,000selier's c et:ssion. . independentlyOumedandOperated/ A Mmnberof theCutshmtor AtUance & Waku6eM Nowarranlycr representatiori, expressed a mplist, is madeastothesecuracy ofIke±=rd:G =nletod haivin,andsarneis submitted subjetitoenors,ornkslure,Change ofprke.19019 orolhwconsons.wahdrawai whhoolcolico.andlo onyspedallistingcondhionsinpowd byourpnncipals ALBANY B)NGHAMTON BUFFALo CortNING HUDGONVALLEY ITHACA ROCHESTER BYRAcUSE UTICA WATERTOWN FILED: CORTLAND COUNTY CLERK 03/29/2021 12:24 PM INDEX NO. EF21-168 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 03/29/2021 CUS H MA N & . Pyramid Brokerage flÔ Ó WA K EIFIE L D Company Rev. Paul J. Alclati March 5, 2021 Page Three - This 1,187 6280 US Route 80, Preble sq. ft. Cape Cod has three bedissiiis/1 full bath. it was built in 1942 and has been samêwhat upgraded but needs more updating. There Is a detached garage and the house sits on .48 acre. The property was sold on April 28, 2020 for $91,000. Market feedback in the form of offers for the property, both in writing and verbal, are consistent with the recommended va!uation: • Offer for $99,000, contingent upon financing and inspections. Buyer eventually waived all contingencies In order to close • Offer for $94,000, all cash with no inspecticñ contingencies from an investor • Verbal offer for $40,000 from investor • Verbal offer In the "$40,000 - $50,000" range from an investor In summary, the major influencers on value include: * Older structure with everything in working order No zoning in the area so less restrictive * Good location in Truxton near amenities • Size of the one-story building with one car garage and full basement • Required imprcvements to update finishes and other building systems not required immsdiately * Strong single-family housing market favoring sellers Looking at the different components of this property, comparable sales and potential users and their motivations, we would value the preperty betweeñ $90,000 and $110,000 and recemaicñd an asking price just under $100,000 to attract buyer interest. Please do not hesitate to call me with any questions or comments you may have. Sincere[y------ Jo ce Mawhinney cKnight y Associate Real Estate Broker | Executive Senior Advisor Attachment j:36s6 Route 13 Troxton BPO03052021 hidij>.üädüily owneelruidoperatedJ A Memberofthe cushmrm& WakefieldAdinned expressed Nowartantycrrepresentation, onimplied,is madeastotheaz.gacyoftia inde- Emæ±ied Mrein,andsameh submillednubjectlo errors,omissios,changeofprice,fantel withdrawM ofothecandilions. wither notice.and19anyspoNa) by ourprincipals flulmgconditiongimposed ALBANY BINGHAMTON BUFFALO CORNING HUDSONVALLEY fTHACA ROCHESTER SYRACUSE UTICA WATERTOWN