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Home My WebLink AboutReport - Park Ave 44 - FEMA 50%C A P E C O D A P P R A I S A L P A R T N E R S Linda Coneen, MRA, SRA ccappraisalpartners@gmail.com Julia A Lee, SRA, RA MA Cert Gen RE Appr Lic #214 MA Cert Res RE Appr Lic #76040 December 9, 2022 Kathleen Paras 44 Park Ave West Yarmouth, MA 02673 781-249-5703 kparas217@gmail.com 44 Park Ave, West Yarmouth, MA 02673 (Improvements Only) Dear Kathleen Paras: In accordance with your authorization, I have prepared an estimate of the Actual Cash Value (ACV) of the residences located at 44 Park Ave, West Yarmouth, MA. Actual Cash Value is defined by the Federal Emergency Management Agency (FEMA) as “The cost to replace a building on the same parcel with a new building of like-kind and quality, minus depreciation due to age, use, and neglect.” FEMA, Substantial Improvement/Substantial Damage Desk Reference, 4.5.3. Site improvements and land value are not included in the analysis. The market value of the real estate has not been appraised under the definition of “market value” commonly used in the practice of real estate appraisal: "The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress." The Appraisal of Real Estate, 14th Edition, Appraisal Institute, 2013, page 58. This definition includes the land, building, and all site improvements, as well as outbuildings and other man-made structures. PO Box 2514, Orleans, MA 02653 Office 508-255-4241 ~ Cell 508-737-7684 The intended use of this report is to assist you, my client, with building code compliance by providing an opinion of the depreciated value of the improvements as of the date of value, and prior to any work completed on the date of inspection, as required by National Flood Insurance regulations (“50% Rule”). Intended users of the report are you, the client, and the Yarmouth Building Commissioner, for the stated purpose. The appraiser is not responsible to any other user for any other purpose. The National Flood Insurance Program (NFIP) regulations do not define “market value” but do note two specific requirements: • “Market value must always be based on the condition of the structure before the improvement (sic) is undertaken or before the damage (if any) occurred. • “Only the market value of the structure is pertinent. The value of the land and site improvements (landscaping, driveway, detached accessory structures, etc) and the value of the use and occupancy (business income) are not included. Any value associated with the location of the property should be attributed to the land, not the building.” The date of value is December 6, 2022, which was the date the property was inspected by appraiser Julia A Lee. As of the date of inspection. The cost analysis to follow is based on the quality and condition of the building on December 6, 2022. The written cost analysis, attached, has been prepared in compliance with the requirements of Standards Rules 1 and 2 of the Uniform Standards of Professional Appraisal Practice (USPAP) for real property appraisal assignments, as promulgated by the Appraisal Standards Board of the Appraisal Foundation, 2020-2023 Edition, and applicable guidelines and regulations. The cost analysis reflects the building component (only) of market value as required by NPIF regulations. This report includes a summary cost analysis of the building improvements but not the underlying land value, furnishings, personal property, or the value of site improvements such as landscaping, parking areas, walkways, septic system, and utility hook-ups. The improvements consist of a wood frame, 1,728 square feet (SF), detached antique colonial-style dwelling with a gable roof originally constructed in 1900. The dwelling has two finished floors above grade. In total, there are four bedrooms, one multi-purpose room, two full bathrooms, a family room/office, a living room, a dining room, and a kitchen. Finish details include exposed beams, built-ins, beadboard walls & ceilings, glass-enclosed shower, crown molding, custom tile, soft-close cabinets, stainless-steel appliances, quartz counters, and flooring in the basement. Items not included in base costs include adjustments made for: an attached wood deck, a large covered open porch, one stone fireplace with two-story chimney, and an attached outdoor shower. An adjustment was also made for the recent increase in lumber costs due to lumber shortages, supply chain disruptions, and increased demand as reported by area builders. Recent updates within the last 5 years which have lowered the effective age of the dwelling include: new full baths, a new kitchen, a new heating system, a new air conditioning system, and repairs made to insulation. Earlier repairs include replacement of the roof on the covered open porch, and the replacement of 6 windows. Paint throughout the dwelling appeared fresh, and wood floors were in good condition. The cost analysis is based on the quality and depreciated condition of the improvements as of the date of value. My knowledge of the interior finish materials and condition of the subject is based on the property inspection, and Town Assessor records. Overall, the improvements were judged to be good quality construction in good condition overall, with no areas of observed deferred maintenance. The scope of work included a physical inspection of the interior and exterior of the home, examination of assessor record information, and development of an appropriate cost analysis. Cost data are based on the Marshall Valuation Service manual and local builder estimates. The sales comparison and income approaches are not applicable to the assignment, were not developed, and do not apply to the appraisal problem. On the basis of the attached cost analysis, the “as is” depreciated cost of the subject improvements (Actual Cash Value), as of the date of value, December 6, 2022, is: SEVEN HUNDRED EIGHTY THOUSAND DOLLARS ($780,000) rounded Thank you for allowing me to be of service in this matter. Please feel free to contact me should you require any additional assistance. Yours truly, Julia A Lee, SRA, RA MA Certified Residential Real Estate Appraiser License #76040 Cape Cod Appraisal Partners Federal Tax ID 83-4185920 COST ANALYSIS Cost data are based on the Marshall Valuation Service Manual, supported by local builders’ and contractors’ costs. Marshall & Swift base costs used are “Single-family residences (351),” Section 12, Page 25, Class D, of the Marshall Valuation Service Manual. Ratings and definitions are in the Marshall & Swift Valuation Service Manual. Appropriate multipliers have been applied to the base cost for the number of stories and the shape of the footprint. Current cost, local cost, and resort cost multipliers have been applied to adjust for the higher cost of construction in the regional (eastern) and local (Cape Cod) markets. This is standard methodology when using the Marshall Valuation Service Manual. SKETCH (ASSESSOR/CONFIRMED IN FIELD) COST APPROACH SF 15 Years Region Climate $225.00 1.000 1.000 1.000 1.000 $225.00 Builder 15% Architect 10% FINAL SF COST $281.25 GBA 1,728 SF Covered Porch 760 SF@ $55/SF $41,800 Wood Deck 96 SF@ $35/SF $3,360 Stone Fireplace 1 @ $4,000 $4,000 Outdoor Shower 1 @ $2,500 $2,500 Lumber Overage $39,123 $90,783 SUB-TOTAL 1.360 1.140 Resort Multiplier 1.020 Depreciation 15 11% Number of Stories - Multiplier 876,710 Height & Size Refinements Current & Local Cost Multipliers $576,783 Story Height - Multiplier SUB-TOTAL Shape Multiplier Plus: Lump Sum Adjustments Refined SF Cost $486,000 Eff Age: Rounded to Lump Sum Total $96,438 $780,000 DEPRECIATED VALUE OF THE IMPROVEMENTS Local Cost Multiplier Current Cost Multiplier Wood Shingle TOTAL COST NEW OF IMPROVEMENTS 1,728 Exterior Wall Number of Stories Total GBA Year Built & Age Condition & Eff Age Combined Height & Size Multiplier 1900 / 122 Years PROPERTY TYPE Building Class & Type/Quality Single-Family Residences (351) Good OverallD $780,272 2 Stories BASE SQUARE FOOT COST Sec 12, Pg 25 - Class D Eastern Moderate Single-Family Residences (351) Full Basement/Finished FloorFoundation Good Overall/Updated SUBJECT PHOTOGRAPHS Front Side Rear Side Full Bath 1 Kitchen Kitchen Living Room Family Room Dining Room Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 4 Multi-Purpose Room Full Bath 2 Mechanicals Mechanicals Basement & Mechanicals Basement & Mechanicals Covered Porch Kitchen - Finish Details Full Bath 1 – Glass-Enclosed Shower Full Bath 2 – Finish Details STANDARD CERTIFICATION STATEMENT I certify that, to the best of my knowledge and belief: • The statements of fact included in this report are true and correct. • I have performed no other services regarding the subject property within 3 years prior to the date of report and date of value, as appraisers or in any other capacity. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions are my personal, impartial, and unbiased analyses, opinions, and conclusions. • I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • I have no bias with respect to the property that is the subject of this report or to the parties involved with the assignment. • My engagement is this assignment was not contingent upon developing or reporting predetermined results. • My 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, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • The reported analysis, opinions and conclusion were developed, and this report has been prepared in compliance with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • Use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Additional Certifications - Appraisal Institute Julia A Lee, SRA • As of the date of the report, I, Julia A Lee, SRA, have completed the requirements of the continuing education program for designated members of the Appraisal Institute. Date: December 9, 2022 Julia A Lee, SRA, RA Certified Residential Real Estate Appraiser, MA Lic# 76040 QUALIFICATIONS OF APPRAISER 1 C A P E C O D A P P R A I S A L P A R T N E R S Linda Coneen, MRA, SRA ccappraisalpartners@gmail.com Julia A Lee, SRA, RA MA Cert Gen RE Appr Lic #214 MA Cert Res RE Appr Lic #76040 Qualifications of Julia A Lee, SRA, RA FOUNDING PARTNER, OWNER AND PRINCIPAL, RESIDENTIAL APPRAISER Cape Cod Appraisal Partners PO Box 2514, Orleans, MA 02653 2019 - Present RESIDENTIAL APPRAISER Office of Linda Coneen, MRA, SRA 95 Rayber Rd, Orleans, MA 02653 2016-2019 Cape Cod & Islands Appraisal Group, LLP Plymouth County Appraisal Group Main Production Office: 95 Rayber Road, Orleans, MA 02653 Mid-Cape Office: 3311 Main Street, Barnstable, MA 02632 2012 – 2013 PROFESSIONAL DESIGNATIONS SRA Member, Appraisal Institute, designated April 9, 2019 Continuing Education Completed through December 31, 2022 RA Member, Massachusetts Board of Real Estate Appraisers, designated May 2019 AFFILIATIONS Board of Assessors, Town of Orleans, Member 2020-present LICENSE Massachusetts Certified Residential Real Estate Appraiser License #76040 Expires 10/14/2024 EDUCATION University of Maryland, College Park, MD; Bachelor of Arts Degree, Psychology/Archaeology, 1995 PO Box 2514, Orleans, MA 02653 Telephone 508-255-4241 ~ Cell 508-737-7684 2 Appraisal Institute: 2022 Cool Tools: New Technologies for Real Estate Appraisers 2022 Expand Your Practice: Arbitration Do’s and Don’ts 2022 Uniform Standards of Professional Appraisal Practice 7hr Update 2022-2023 2022 The 50% FEMA Rule Appraisal 2020 COVID 19: Latest Developments and Collaborative Effects, Panel Discussion (Webinar) 2019 General Market Analysis & Highest & Best Use (with exam) 2019 General Appraiser Income Approach Part I 2018 Residential Case Studies & Highest & Best Use (with exam) 2018 Advanced Case Studies Part I (with exam) 2018 Advanced Report Writing w/Demonstration of Work (with exam) 2017 Online Business Practices & Ethics 2017 Residential Report Writing & Case Studies (with exam) 2017 Residential Site Valuation & Cost Approach (with exam) 2017 Real Estate Finance, Statistics, and Valuation Modeling (with exam) 2017 Residential Sales Comparison and Income Approaches (with exam) 2017 Basic Appraisal Procedures (with exam) 2016 Basic Appraisal Principles (with exam) 2016 Uniform Standards of Professional Appraisal Practice 7hr Update 2016-2017 2016 Supervisory Appraiser/Trainee Appraiser Course Massachusetts Department of Revenue 2022 Introduction to Assessment Administration: Law, Procedures, & Valuation McKissock Learning (MBREA Education Online) 2022 Measuring 1-4 Unit Residential Properties with ANSI Z765 Standard Massachusetts Board of Real Estate Appraisers: 2020 COVID 19: Guidance for Appraisers (Webinar) 2020 COVID 19: Implications of Real Estate (Webinar) 2019 Uniform Standards of Professional Appraisal Practice 7hr Update 2020-2021 2017 Uniform Standards of Professional Appraisal Practice 7hr Update 2018-2019 2013 Residential Market Analysis & Highest and Best Use (with exam) 2012 Basic Appraisal Procedures (with exam) 2012 Uniform Standards of Professional Appraisal Practice (with exam) 2012 Basic Appraisal Principles (with exam) The Appraisal Foundation: 2020 Modifying “Standard” Appraisal Forms: Distance Learning and Education Cycle Guidance (Webinar) 3 PROFESSIONAL EXPERIENCE Residential Appraiser, 2018-present Residential Appraiser Trainee, 2012 – 2018 Network Systems Administrator, Help Desk Manager, Outer Cape Health Services, 2013-2016 Network Systems Administrator, Cape Cod Academy, Osterville, MA 2002 – 2012 Technical Consultant & Programmer, 2002-2013 Quality Assurance and Software Development, Intramedia, Hyannis, MA 1999 - 2002 PROFESSIONAL MEMBERSHIPS Appraisal Institute, since 2012 Massachusetts Board of Real Estate Appraisers, since 2012 Orleans Chamber of Commerce, since 2018 TECHNICAL COURSES & CERTIFICATIONS Microsoft Certified Systems Administrator, MCSA #3360526, 2005 Microsoft Exchange Server 2010, Boston University CE Center, Wareham, MA Microsoft Windows Server 2008, Boston University CE Center, Wareham, MA Microsoft Exchange Server 2003, Boston University CE Center, Wareham, MA Microsoft Windows 7, Boston University CE Center, Wareham, MA Wireless Security & Administration, Boston University CE Center, Wareham, MA VMWare, Training Center, Lexington, MA Microsoft Access Database Development, Cape Cod Community College, Hyannis, MA Filemaker Pro Database Development, Intramedia, Hyannis, MA Advanced Crystal Reports Development, Boston, MA TechEd 2010, New Orleans, LA SOFTWARE DEVELOPMENT Real Estate Appraisal Business Management Software and Database Development Website Development PUBLISHED ARTICLES Featured HP ProCurve Case Study, Cape Cod Academy, 2006 EDUCATIONAL AFFILIATIONS & AWARDS Psi Chi Honor Society, University of Maryland, 1993-1995 Golden Key Honor Society, University of Maryland 1993-1995 Dean’s List, University of Maryland, College Park, MD, 1993-1995 4