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HomeMy WebLinkAboutapprasialFile No. APPRAISAL OF LOCATED AT: CLIENT: AS OF: BY: 20020013 Real Estate Appraisers & Consultants SABEN APPRAISAL SERVICES MA Certified Residential Real Estate Appraiser #2800 James K. Saben 03/12/2020 South Yarmouth, MA, 02664 47 Holly Lane Marybeth & James Johnson South Yarmouth, MA 02664 47 Holly Lane A SINGLE FAMILY DWELLING File No. File Number: In accordance with your request, I have appraised the real property at: The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the defined value of the property as of is: The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, assignment conditions and appropriate certifications. 20020013 Real Estate Appraisers & Consultants SABEN APPRAISAL SERVICES MA Certified Residential Real Estate Appraiser #2800 James K. Saben Respectfully Submitted Three Hundred Thirty-Five Thousand Dollars $335,000 March 9, 2020 South Yarmouth, MA 02664 47 Holly Lane Dear Client, 20020013 South Yarmouth, MA, 02664 47 Holly Lane Marybeth & James Johnson 03/18/2020 Residential Appraisal Report File No. The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal. Client Name/Intended User E-mail Client Address City State Zip Additional Intended User(s) Intended UsePURPOSE Property Address City State Zip Owner of Public Record County Legal Description Assessor's Parcel #Tax Year R.E. Taxes $ Neighborhood Name Map Reference Census Tract Property Rights Appraised Fee Simple Leasehold Other (describe)SUBJECTMy research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Prior Sale/Transfer:Date Price Source(s) Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable) Offerings, options and contracts as of the effective date of the appraisalSALES HISTORYNeighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit % Built-Up Over 75%25-75%Under 25%Demand/Supply Shortage In Balance Over Supply $(000)(yrs)2-4 Unit % Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family % Neighborhood Boundaries High Commercial % Pred.Other % Neighborhood Description Market Conditions (including support for the above conclusions)NEIGHBORHOODDimensions Area Shape View Specific Zoning Classification Zoning Description Zoning Compliance Legal Legal Nonconforming (Grandfathered Use)No Zoning Illegal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use?Yes No If No, describe. Utilities Public Other (describe)Public Other (describe)Off-site Improvements—Type Public Private Electricity Water Street Gas Sanitary Sewer Alley Site CommentsSITE GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials INTERIOR materials Units One One w/Acc. unit Concrete Slab Crawl Space Foundation Walls Floors # of Stories Full Basement Partial Basement Exterior Walls Walls Type Det.Att.S-Det./End Unit Basement Area sq. ft.Roof Surface Trim/Finish Existing Proposed Under Const.Basement Finish %Gutters & Downspouts Bath Floor Design (Style)Outside Entry/Exit Sump Pump Window Type Bath Wainscot Year Built Storm Sash/Insulated Car Storage None Effective Age (Yrs)Screens Driveway # of Cars Attic None Heating FWA HW Radiant Amenities WoodStove(s) #Driveway Surface Drop Stair Stairs Other Fuel Fireplace(s) #Fence Garage # of Cars Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars Finished Heated Individual Other Pool Other Att.Det.Built-in Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe) Finished area above grade contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area Above Grade Additional Features Comments on the ImprovementsIMPROVEMENTS Page 1 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved.(gPAR™) General Purpose Appraisal Report 3/2017GPARSUM_17 03272017 Produced using ACI software, 800.234.8727 www.aciweb.com 20020013 To establish basis for future improvements tot he dwelling Town of Yarmouth Building Inspector 02664MASouth Yarmouth47 Holly Lane mbj518@gmail.comMarybeth & James Johnson X 0120.02South Yarmouth 2,750.00202033/158 Barnstable County Reg. Of Deeds Book/Page 31686 page 0169 BarnstableJohnson 02664MASouth Yarmouth47 Holly Lane According to public records, there was a nominal sale of the subject on 11/26/2018 for $100.00. Previously, it has not been sold within the past three years. The comparable sales have not sold within the year prior to the date of sale of the comparable indicated on the grid. Public Record$10011/26/2018 X A broad variety of mortgage financing is available at rates purchasers consider attractive. Seller concessions are not uncommon. Most neighborhood homes sell within 3% of list price, provided their design, appeal and condition are consistent with market expectations. Given the market data analyzed by the appraiser, there are no fiscal or economic trends expected to occur that would significantly impact the market currently experienced in this neighborhood. See Attached Addendum 100 45 75 10 325 450 275 North by route 28, South by nantucket Sound,East by Bass River and West by Parkers River X X X X X X See Attached Addendum None XAsphalt PrivateX X X X The subject's current use as a residential single family home is considered its highest & best use. X X Residential 25,000 Sq. Ft. min lot sizeR-25 NeighborhoodIrregular8712 sfSee Deed The subject has received adequate maintenance and did not appear to be in need of any immediate repairs. Physical depreciation attributed to normal wear and tear. The subject is of average quality construction. At the time of inspection, the subject was in average overall condition. Deck to rear 1,0081.134 XX 0 1X Ctile/Avg Carpet/Avg Wood/Avg Drywall/Avg Various/Good NoneNone OpenXDeckX None0 0 Yes/Avg Insulated/Good DblHung/Avg Aluminum/Avg Asphalt/Avg WCS/Clpbd/Avg Conc Block/Avg X Gas X X 0 1008 X X 15 1960 Ranch X X 1 X Residential Appraisal Report File No. FEATURE SUBJECT Address Proximity to Subject Sale Price $ Sale Price/Gross Liv. Area $sq. ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION Sale or Financing Concessions Date of Sale/Time Location Leasehold/Fee Simple Site View Design (Style) Quality of Construction Actual Age Condition Above Grade Total Bdrms.Baths Room Count Gross Living Area sq. ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total) Adjusted Sale Price of Comparables COMPARABLE SALE NO. 1 $ $sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms.Baths sq. ft. +-$ Net Adj.% Gross Adj.%$ COMPARABLE SALE NO. 2 $ $sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms.Baths sq. ft. +-$ Net Adj.% Gross Adj.%$ COMPARABLE SALE NO. 3 $ $sq. ft. DESCRIPTION +(-) $ Adjustment Total Bdrms.Baths sq. ft. +-$ Net Adj.% Gross Adj.%$ Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $SALES COMPARISON APPROACHCOST APPROACH TO VALUE Site Value Comments ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data Quality rating from cost service Effective date of cost data Comments on Cost Approach (gross living area calculations, depreciation, etc.) OPINION OF SITE VALUE........................................= $ Dwelling Sq. Ft. @ $............= $ Sq. Ft. @ $............= $ Garage/Carport Sq. Ft. @ $............= $ Total Estimate of Cost-New ............= $ Less Physical Functional External Depreciation = $ () Depreciated Cost of Improvements................................= $ "As-is" Value of Site Improvements................................= $ INDICATED VALUE BY COST APPROACH ......................= $COST APPROACHINCOME APPROACH TO VALUE Estimated Monthly Market Rent $X Gross Rent Multiplier = $Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM)INCOMEMethods and techniques employed:Sales Comparison Approach Cost Approach Income Approach Other: Discussion of methods and techniques employed, including reason for excluding an approach to value: Reconciliation comments: Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property that is the subject of this report as of , which is the effective date of this appraisal, is: Single point $Range $to $Greater than Less than $ 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, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed subject to the following: RECONCILIATIONPage 2 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved.(gPAR™) General Purpose Appraisal Report 3/2017GPARSUM_17 03272017 Produced using ACI software, 800.234.8727 www.aciweb.com 20020013 Other Patio/Deck,Porch 1 Car Driveway None FWA C/Air Satisfactory Crawl 1008 Sq.Ft. 1,00850.00 1.134 Average 60+/- Years Average Ranch Neighborhood 8712 sf Fee Simple Average 0.00 South Yarmouth MA 02664 47 Holly Lane 330,00016.2 -10.8 40,000X Patio/Deck,Porch 1 Car Driveway None FWA C/Air Satisfactory Crawl 1008 Sq.Ft. 01,008 10,000135 -25,000Good 60+/- Years -25,000Above Average Ranch Neighborhood 08276 sf Fee Simple Average 01/30/2020 Conventional Arms Lngth. Broker/Exterior Inspection CCIMLS#: 22000406 367.06 370,000 0.12 miles NE South Yarmouth MA 02664 92 Evergreen Street 326,0006.0 6.0 18,500X 5,000Patio/Deck, 1 Car Driveway None 3,500FHW/None Satisfactory Crawl 1008 Sq.Ft. 01,008 10,000136 Average 60+/- Years Average Ranch Neighborhood 010,890 sf Fee Simple Average 01/16/2020 Conventional Arms Lngth. Broker/Exterior Inspection CCIMLS#: 21907292 305.06 307,500 0.23 miles NE South Yarmouth MA 02664 1 Spruce Street 351,7008.8 1.9 6,700X 5,000Patio/Deck, 1 Car Driveway None 3,500FHW/None Satisfactory Crawl 1244 Sq.Ft. -11,8001,244 10,000136 Average 63+/- Years Average Ranch Neighborhood 07,841 sf Fee Simple Average 01/31/2020 Conventional Arms Lngth. Broker/Exterior Inspection CCIMLS#: 21905974 277.33 345,000 0.34 miles SE South Yarmouth MA 02664 25 Peregrine Lane The closed sales used above were determined to be the most comparable to the subject property. All sales are similar to the subject and located in the subject's competitive market Adjustments were derived from previous market analysis.Time was not adjusted as the market has remained stable. GLA was adjusted at $50 per sq. ft. All sales were considered as the primary value indicators. 351,100 10,000 216,116 54,028$54,028 75 270,144 18,14418.00Bsmt: 1008 Sq.Ft. 252,000250.001,008 125,000 Local builders were used to derive estimated replacement costs based on an average quality wood frame structure. The site value is estimated with sales of comparable unimproved lots and by the extraction method. The estimated site value is considered to be typical for the area. Depreciated cost of Improvements $216,116. $220,000 Rounded 2020Average Local Contractors and market costs. X The research revealed no recent sales of vacant land in the market area. The site value is derived from the extraction method using sales of similar improved properties and extracting the depreciated value of the improvements in order to determine an estimate of the land value. No reliance was given to the income approach since single family dwellings within this market are not typically purchased for their income potential. X 335,000X 03/09/2020 See Attached Addendum The appraiser has considered the sales approach the most reliable method of valuation. The income approach is not applicable as homes similar to the subject are not typically purchase for there income potential. Due to the age of the improvements the cost approach is not considered reliable. XX Saben Appraisal Services Residential Appraisal Report File No. Scope of Work, Assumptions and Limiting Conditions Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions. The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report. The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results. 1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto. 4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser. 5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice. 6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser. 7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such. 8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar "expert", unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested. This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected. Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property. 9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed. 10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use. 11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residential Appraisal Report (URAR). Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions Page 3 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved.(gPAR™) General Purpose Appraisal Report 3/2017GPARSUM_17 03272017 Produced using ACI software, 800.234.8727 www.aciweb.com 20020013 Residential Appraisal Report File No. Appraiser's Certification The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved. 4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. The appraiser's compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report. 9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by: Additional Certifications: Definition of Value:Market Value Other Value: Source of Definition: ADDRESS OF THE PROPERTY APPRAISED: EFFECTIVE DATE OF THE APPRAISAL: APPRAISED VALUE OF THE SUBJECT PROPERTY $ APPRAISER Signature: Name: Company Name: Company Address: Telephone Number: Email Address: State Certification # or License # or Other (describe):State #: State: Expiration Date of Certification or License: Date of Signature and Report: Date of Property Viewing: Degree of property viewing: Interior and Exterior Exterior Only Did not personally view SUPERVISORY APPRAISER Signature: Name: Company Name: Company Address: Telephone Number: Email Address: State Certification # or License # State: Expiration Date of Certification or License: Date of Signature: Date of Property Viewing: Degree of property viewing: Interior and Exterior Exterior Only Did not personally view Page 4 of 4 This form Copyright © 2005-2016 ACI, a First American Company. All Rights Reserved.(gPAR™) General Purpose Appraisal Report 3/2017GPARSUM_17 03272017 Produced using ACI software, 800.234.8727 www.aciweb.com 20020013 X 03/12/2020 03/15/2022 2800 sabenappraisal@gmail.com 508-394-0101 South Yarmouth, MA 02664 P.O.Box 877 Saben Appraisal Services James K. Saben 335,000 03/09/2020 South Yarmouth, MA 02664 47 Holly Lane The most probable price which a specified interest in real property is likely to bring under all of the following conditions: 1. Consummation of a sale occurs as of a specified date. 2. An open and competitive market exists for the property interest appraised. 3. The buyer and seller are each acting prudently and knowledgeably. 4. The price is not affected by undue stimulus. 5. The buyer and seller are typically motivated. 6. Both parties are acting in what they consider their best interest. 7. Marketing efforts were adequate and a reasonable time was allowed for exposure to the open market. 8. Payment was made in cash in U.S. dollars or in terms of financial arrangements comparable thereto. 9. The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. "The Appraisal of Real Estate" Twelfth Edition, Appraisal Institute, Chicago, IL X I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. EXPOSURE TIME... This appraiser has developed an opinion of reasonable exposure time for the subject property and has estimated that length of time to be 3-6 months within the subject's market segment. As defined by USPAP, exposure time is the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Saben Appraisal Services ADDENDUM Client:Marybeth & James Johnson File No.:20020013 Property Address:47 Holly Lane Case No.: City:South Yarmouth State:MA Zip:02664 Addendum Page 1 of 2 INTENDED USER The Intended User of this appraisal report is the Client. The Intended Use is to evaluate the property that is the subject of this appraisal for potential construction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value. No additional Intended Users are identified by the appraiser. APPRAISAL SCOPE OF WORK FOR THIS ASSIGNMENT Research – For this assignment, the appraiser performed extensive research of publicly available information regarding the subject property as well as comparable and potentially comparable sales. Information relied upon to complete this assignment was obtained from two or more of the following data sources: local multiple listing service, on-line data services, assessor records, local building department data, local brokers, exterior inspection of comparable sales, buyers and / or sellers involved in the associated transactions. In the event the appraiser uncovered conflicting information within the above data sources, the appraiser hereby states that the information utilized in this report is the information the appraiser believes to be correct. Inspection –The interior inspection of the subject property involved my personal physical inspection of the readily accessible areas of each above grade room as well as any attic and / or basement area accessed by a full staircase. The appraiser DID NOT inspect any area believed to be dangerous or hazardous, and did not inspect any foundation crawl space or any attic accessible only by a scuttle or drop / pull down stair. The appraiser’s opinion of market value for the subject property presented in this report assumes that any area of the dwelling not inspected or accessed by the appraiser as described above is structurally and environmentally sound, and any inspection of such area would not disclose conditions which would alter the appraiser’s opinion of market value. The inspection accomplished for this appraisal assignment as described above was performed strictly for valuation purposes. Only readily observable conditions that may potentially impact the appraiser’s opinion of value / marketability of the subject property have been addressed in this report. It should be noted that the appraiser is not a qualified professional home inspector / construction expert / environmental expert and assumes no responsibility for potentially detrimental structural or environmental conditions which may exist at the subject property. Should a user of this appraisal report be aware of such potentially detrimental conditions, then a qualified expert in the area of concern should be contracted by the user to research such condition and render an opinion to the user. Analysis – The opinion of market value presented in this report is based upon my inspection of the subject property, as described above, complemented by the appraiser’s personal knowledge and experience in the local market. The appraiser’s conclusions assume a good and marketable title. Unless specifically stated differently in this report, the appraiser is not aware of any matters of a legal nature that could impact the appraiser’s opinion of market value for the subject property stated herein. Any user of this appraisal report is hereby informed that the appraiser has no legal education or experience, and is not qualified to uncover potential issues of a legal nature. It is strongly recommended that a user of this appraisal report obtain any legal advice believed to be necessary from a qualified attorney. LIMITATIONS OF APPRAISER LIABILITY, LIABILITY TO POTENTIAL BUYERS, SELLERS, LOAN APPLICANTS AND OTHER THIRD PARTIES This appraisal report (including any data, estimate of market value, certification and statement) is being performed exclusively for the benefit of, and at the request of, Saben Appraisal Services client. Said appraisal and estimate of market value is rendered exclusively for the protection of and use of the mortgagee in the loan underwriting process. This appraisal and estimate of market value shall not be utilized or relied upon by any buyer, seller, loan applicant or any other third party not specifically permitted by law, and no contract shall be deemed to exist between said individuals and the appraiser. COMMENTS REGARDING DIGITAL SIGNATURES and DIGITAL PHOTOGRAPHS This appraisal report utilizes a digital signature for purposes of electronic transmission of the appraisal report to the client. Each digital signature on this report is electronically encrypted and password protected. Application of each signature to this report was applied / approved by either the appraiser or the supervisory appraiser. If this report has actual hand written signatures, this comment does not apply. Neighborhood Description The subject neighborhood is mostly comprised of single family dwellings that are, for the most part, well maintained with effective ages somewhat less than actual ages. Most homes are of average quality materials and display a high level of conformity and compatibility. Major employment centers are within a reasonable commute and easily accessible. The primary driver of this neighborhood's popularity is convenience to area schools and recreation facilities within 1.5miles. Retail stores, supermarkets and town facilities are all within a few miles. No apparent adverse factors which would effectmarketability were noted Site Comments This is a, slightly above road grade site that is very typical of the neighborhood in terms of size, topography, view and general appeal. It provides a suitable setting for the improvements and is consistent with market expectations in this price range. Landscaping consists of foundation plantings, shrubbery and mature trees. While no readily apparent adverse site conditions or external factors were noted, many site-related issues are beyond the scope of this assignment. Statements regarding zoning compliance are intended only in the most general sense. Zoning and building ordinances vary significantly from one municipality to another and can be extremely detailed. The scope of this assignment does not include a comparison of every potentially significant characteristic of the subject property's site and improvements relative to zoning and building ordinances. Unless otherwise noted, standard utility and right-of-way easements are insignificant to value. However, a current locational or boundary survey, which was unavailable to the appraiser, may reveal encroachments, easements, zoning violations or other matters of interest that could warrant modification of the appraised value. Final Reconciliation The opinion of market value presented in this report is based upon my inspection of the subject property, as described above, complemented by the appraiser's personal knowledge and experience in the local market. The appraiser's ADDENDUM Client:Marybeth & James Johnson File No.:20020013 Property Address:47 Holly Lane Case No.: City:South Yarmouth State:MA Zip:02664 Addendum Page 2 of 2 conclusions assume a good and marketable title. Unless specifically stated differently in this report, the appraiser is not aware of any matters of a legal nature that could impact the appraiser's opinion of market value for the subject property stated herein. Any user of this appraisal report is hereby informed that the appraiser has no legal education or experience, and is not qualified to uncover potential issues of a legal nature. It is strongly recommended that a user of this appraisal report obtain legal advice believed to be necessary from a qualified attorney. The appraiser has considered all three approaches to value. No reliance was given to the Income Approach due to the lack of actual and factual data to utilize this approach to value. Single family dwellings within this market are not typically purchased for their income potential. The Cost Approach to value, although supportive, was not heavily relied upon due to the subjectivity involved in estimating depreciation, as well as the age of the subject improvements. Greatest reliance was given to the Sales Comparison Approach. This approach to value, fairly reflects actions of typical buyers and sellers within the subject market. All sales selected are similar style, size, age and are considered equally in the final value estimate, given the close adjusted value range indicated by this method of valuation. SUBJECT PROPERTY PHOTO ADDENDUM Client:File No.: Property Address:Case No.: City:State:Zip: FRONT VIEW OF SUBJECT PROPERTY Appraised Date: Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE 02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson 335,000 March 9, 2020 COMPARABLE PROPERTY PHOTO ADDENDUM Client:File No.: Property Address:Case No.: City:State:Zip: COMPARABLE SALE #1 Sale Date: Sale Price: $ COMPARABLE SALE #2 Sale Date: Sale Price: $ COMPARABLE SALE #3 Sale Date: Sale Price: $ 02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson 370,000 01/30/2020 South Yarmouth MA 02664 92 Evergreen Street 307,500 01/16/2020 South Yarmouth MA 02664 1 Spruce Street 345,000 01/31/2020 South Yarmouth MA 02664 25 Peregrine Lane FLOORPLAN SKETCH Client:File No.: Property Address:Case No.: City:State:Zip:02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson LOCATION MAP Client:File No.: Property Address:Case No.: City:State:Zip:02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson Client:File No.: Property Address:Case No.: City:State:Zip:02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson Client:File No.: Property Address:Case No.: City:State:Zip:02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson Client:File No.: Property Address:Case No.: City:State:Zip:02664MASouth Yarmouth 47 Holly Lane 20020013Marybeth & James Johnson