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Home My WebLink AboutAD 01-1 Memo RE Appraisal 3-30-01.~~~~ ~ ~~ Launer & Associates Real Estate Appraisal Services PO Box 564 . Bakersfield, California 93302 (661) 399-0819 FAX (661) 399-9828 March 30, 2001 City of Bakersfield Finance Department 1 S O l Truxtun Avenue Bakersfield, California 93301 ATTN. Gregory Klimko, Finance Director R.~; Assessment District 01-1 Ming at Allen, Mountain Vista and Ham ton Plac p e Gentlemen, In accordance with your request, I have inspected the real estate s eci p fic plan documents, and other related data regarding the above real estate, in the inco ora ' rp ted area of the City of Bakersfield, California. Attached for your review are excerpted pa es of the a raisal of - ' g pp AD 01-1 along with a consolidated Spreadsheet summarizing the conclusions of value. Please contact me for should you need clarification or I can rovide addi ' p tlonal excerpts from the report to those on the distribution list if needed. The full version of the re ort i p s scheduled for delivery on April 16, 2001. If you should have any further questions or if I ma be of an assistance ' y y , please do not hesitate to call me. incerely, ~~~~~r/ Michael Launer, MAI Lauver & Associates A sisal o Assessor ' PP f ent Dlstrcct 01-1 City of Bakersfield SUMMARY OF APPRAISAL Ming at Allen Area In the previous sections of this report we have estimated the val ' ues of the various components in Assessment District 01- l . These were summarized at the end of e • ach section. Each area consists of unimproved or partially improved land with residential zonin i g n place. In the first section, the Ming at Allen area, there is 65-acres of unim roved land ' p and 57 residential lots under construction that will have final maps in place Burin the 3rd week of A ' g pril, 2001.. We estimated the value of the unimproved land to be $40,000 er acre "A ' p s Is .The residential lots were valued at $45,000 each, upon completion. Since the issuance of final maps includes a completion bond, thus guaranteeing their completion, the "As Is" value of • the 57 lots reflects finished lot values. ~ Based on our analysis of market conditions we determined ' that the finished lots can be sold within one year of com letion. Accor ' p Jingly, the aggregate value of the 57 Lots was not discounted. Inherent in the retail values of the residential lots is the value of th ' e infrastructure necessary to permit their construction. As part of the construction rocess the infra ' p structure installed for the improved residential lots will be extended to the unim rove ' p d acreage. This will enhance the value of the unimproved acreage in the Min at Allen area identifie g d as a Portion of Parcel B of LLA P00-690, 65 acres. The value added by the infrastructure in each Assessment District ' area is added to the present value of the acreage "As Is" for total appraised value. This rocedu ' p re was followed with each assessed parcel. Mountain Vista Drive Area In the Mountain Vista area, we valued the residential lots at 25 $ ,000 each. The value of the unimproved portion, 12.88-acres, was estimated to be $22 000 ' per acre. This was enhanced by the on-site development that was com leted as of the » p date of inspection, resulting in an As Is 1 Laccner & Associates Appraisal of Assessment District Ol -1 City of Bakersfield value of $32,635 per acre, or $420,339. The cost of the off site improvements provided by AD 01-1 was added to this total since it represents an enhancement to the land. Hampton Place Area Analysis of market conditions in the Hampton Place portion of the Assessment District indicated that raw acreage is capable of commanding $32,000 per acre. In the case of the various assessment numbers in Hampton Place, the unimproved acreage has been enhanced by the on- going development, resulting in an "As Is" value of $41,371-per acre. Just as in the other areas, we found it appropriate to reflect the value of the off site improvements provided by the bond financing. There are a total of 51 buildable lots under construction that are anticipated to have final maps approved by the first week in May, 2001. ~1Ve considered these lots to command full value since issuance of final maps infers that completion bonds guarantee completion of the lots. A recap of the values developed in the report are summarized below, Assessment District 01-1 Vall~es ASMT# ATN/Description Acres EDU $/Acre $/Lot As Is Value Ol-1 Imps Value wIAD O l -1 Improvements in Place Ming at Allen Area Ptn. of 1 Portion of Parcel B Of LLA P00-0690 31.58 108 40,000 NIA 1,263,200 338,817. 1,602,017 Ptn. of 1 Portion of Parcel B Of LLA P00-0690 33.42 94 40,000 NIA 1,336,800 365,602 1,702,402 2-9 Tract 5957 Unit 1 Lots 1-8 3.19 8 NIA 45,000 360,000 Intl, 360,000 10-58 Tract 5957 Unit 2 Lots 1-49 18.13 49 N/A 45,000 .2,205,000 Incl. 2,205,000 Totals/Averages Ming at Allen Area 86,32 $5,165,000 $5,869,418 M ountain Vista Area 59-126 Tract No. 6008 "Phase 1" 13.20. 68 N/A 25,000 1,700,000 Incl. 1,700,000 127 Tract 6008 "Phase 1 "; Lot 69 12.88_ 55 32,635 NIA 420,339 147,108 567,447 $?,120,339 $2,267,447 Hampton Place 128 Parcel Map No. 8392; Pcl 1 4.89 12 41,371 NIA 202,304 57,536 259,840 129 Parcel Map No. 8392; Pc12 4.59 ~ 12 41,371 NIA 189,893 57,536 247,429 130- 182,.185 Tract No. 6007 unit one 19.72 51 NIA 45 000 2 295 000 Incl. 2,295,000 183 Tract No. 6007 unit one; lot 54 10.34 28 41,371 NIA 427,776 134,251 562,027 Ptn 184 Portion of Lot 55 in Tract No.6007-1 .14.52 37 41,371 NIA 600,707 177,403 778,110 Ptn 184 Portion of Lot 55 in Tract No.6007-1 6.78 14 41,371 NIA 280,495 67,126 347,621 $3,996,175 $4,490,0?8 b b w b b b b 0 0 O 0 0 0 0 i ~ ~ ~ ~ ~ ~ ~ ~ 0 0 N N 'A .p p .p p W N ~p GO J N V, ~0 ~ ~ ~ ~ ~ --~ 0 0 --+ 01 ~ 0 Z l1i i-+ ~-+ --- ~-+ 0 Q b b b b y yd `-~ O 7~ ~ ~ ~ Z H ~ ~ ~ b b H ~ ~ ~ ~ d z z y y ~~ r 7~ ~ H Z 0 0 0 ~ 0 0 ~ c~ o ~~~ o y y z z z ~ r '~ '~ 0 y m m X 0 0 y w ~ ~ ~ ~~ ~ ~ r r~ z r r ~~ y ~~ ~ y b b b b b ~ y~°~°o o ~ y ~roo ~ ~ ~ ~ ~ ~ ~ a ~ y0 y ~y ~ J ~ b '~ ~ x ~ ~ ~ ~ r ~ ~ ~ ~ o ~ 0 0~ ° o o ~ ~O ~ [ ~ r r r r r z~ZZ ~ ~ t~ m y ~ ~ ~ ~ z ~ m td ~ td td ymymy '~ _ ~ ~ ~ ~ 7d 0 ~ ~~ Q ~' b ~ y y~ 0 0 0 0 ~ ~ ~ ~ z y ,~J ,~ ;~ ~ r x m 0 0 ~ ~ -~ ~ ~ p o ~ c~ t~ o b b 0~ ~ ~ z z Z r r r r~ ~ y y ~ r Z o o o y m p p m m d~ ~~~ Z Z p p 0 m r r~ ~~ Z ~ ~ b b b b~ o y N '"' Z ~ O O O O • ~ O O O O ~ o, ~ y b O 00 00 .~ b ~ ~ Z b o 0 0 0~ p~ ~ J 0 ~ ~ ~ ~ 0 0 0 o r Z ~ ~ ~ ~ y ~ ~ t'' y y --~ H y y ~ '"~ ~ C" ~ m ~ ~ ~ t~ n o z z z z z~ d d ~ d d o~ y ~ ~ y ~ y ~ ~ y m ~~ ~ z m m `~ z_z ~' ~ ~ ~''•'1 ~ ~~ m~~~ ~ m m C a z z r y H H H E..~ F-1 !~~ M,d ~ 1"'"~ H ~ ~ F~-1 1~•~ ~ r /"~ ~ ` ' ~ O \.J Q ~ ~ ~ d ~ ~ lJ dd ~ m ~ ~ ~ ~y my /" ~r ~~ m m m z m m~ ~ ~m ~ r r o rC mC ~~ ~p ~ H H H y H --3 ,,.~ Z C~ r r o --+ m td m d ''d ~ ~ ~ 7~ ~ ~ ~ y 0 0 ~ x n C~ n r n 0 rr ~ ~ O ~~ y~ ~ ~ ~~ ~ z z z o Z Z ~ r b b ~~ Oy ~, py ~ 0 0 0 ~ O 0 z~ r r ~ Z~ Z~ ~ ~ 01 rn ~ rn rn rn a\ o~ d ~ ~ o o b ~ ~ O p O O ~ ~ ~ tW w J J w w m m Z y d z ~ C N ~ ~. 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