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HomeMy WebLinkAboutAgr 1993-11-01 (Semple Apprasails, Inc.)7o~v~/ CoPl~ SEMPLE APPRAISALS, INC. Charles P. Semple, MAI Patricia M. Semple, SRA Siobhan A. Semple November 17, 1993 Mr. Robert Kleinert City Manager, 68 Reed Ranch Road Tiburon, Ca 94920 #93145 Dear Mr. Kleinert: As you requested„ will estimate the market value of your property located at 68 Reed Ranch Road, Tiburon as of a current date of value. We are valuing the fee simple interest of the single family residence. We did not inspect the interior of the home, and rely upon information from the owner as to the number of rooms, approximate size of the home , age and condition. Additional information such as zoning, compliance, sales details, were considered and is retained in our files. This report is not the complete appraisal process. The property is legally described as Reedland Woods, R.M. Bk. 13-Pg. 23. parcel 2, and is known as Marin County's Assessor's Parcel # 38-302-02.. We refer the reader to the enclosed plat to further define the site. We were told the home has 9 rooms, 4 bedrooms and 3 baths. The rooms are a living room, family room, dining room and den, plus the bedrooms and 3 full baths, for an approximate total living area of 3,000 square feet., constructed in 1984. The site is large, but typical of those surrounding it, is approximately 14,000 square feet, a "flag" lot, with a 30 foot wide driveway easement fronting on Reed Ranch Rd leading to the site. The rear of the site backs to open space, which insures more privacy to the home. In order to value this property, we reviewed sales of properties nearby, comparing them as to size of home, number of rooms, age, and location. Suite E 55 Professional Center Parkway San Rafael, Ca. 94903 415/472-7833 FAX 415/472-3047 j"ia Mr. Robert Kleinert November 17, 1993 Page Two Following are sales which we felt were comparable to the subject property: # Address SUBJECT Rooms Square Lot View Sale Sale Bed/Bths Feet Date Price 94-3.5 3,000 s.f. 13,000 open 11/93 Sales 1.223 are older homes built in 1970/71, nearby the subject, hillside homes with views of the city of San Francisco and San Francisco bay, and sale #3 of Mt. Tamalpais and the city. The subject has only views of open space, but it is a newer home constructed in 1984. It is not a hillside site, but has a level area, more usuable but lacking in views. Sale #2 and Sale #4 both have pools. Sale #4 with both city and mountain views, also has a separate art studio, a 1971, older home than the subject; another hillside viewsite. Most of the sales are about the same living area as the subject, two story homes. Based on these sales, which we feel are most comparable to the subject, we estimate the market value of the subject property to be within a range of current estimate of value. We have not inspected the interior of the home, but based our value on the home in good condition, with only an exterior inspection of the property. An estimate of the land value for the property at 68 Reed Ranch Road can be accomplished, by comparing the site, to recent sales of vacant residential lots in Tiburon. The subject site is approximately 14,000 s.f., level to gently sloping, with open views of surrounding hillsides. Recent vacant lot sales in Tiburon have ranged in price from $1621000 to $485,000. Two lots of approximately 20,000 s.f. recently sold on Blackfield Road, with direct views of Mt. Tamalpais for $255,000. We suggest a value for the subject site, that has only an open view, slightly lower than that amount, or approximately $235,000. Mr. Robert Kleinert November 17, 1993 Page Three All value opinions contained in this appraisal and report are made subject to the enclosed Limiting and other conditions. Market value is as defined on the enclosed page entitled Purpose of the Appraisal. Sincerely, Patricia M. Semple SRA . PURPOSE OF THE APPRAISAL The purpose of this appraisal report is to render an estimate of the Market Value of the properties herein described. a MARKET VALUE 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 fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. .I HIGHEST AND BEST USE A The most profitable likely use to which a property can be put. The opinion of such use may be based on the highest and most profitable continuous use to i which the property is adapted and needed, or likely to be in demand in the reasonably near future. However, elements affecting value which depend upon events or a combination of occurrences which, while within the realm of possibility are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. ' That use of land which may reasonably be expected to produce the greatest net return to land over a given period of time. That legal use which will yield to land the highest present value. Sometimes called optimum use. :,ate SEMPLE APPRAISALS, INC. ~ii~'.iU~+cllii?':~a c~~ . do "7" LIMITING CONDITIONS = S/W k W7r1:-`JY ~ ~x►L~i W • .r 1 i ~.i.Lr:Y'1nD~Y~ A~r.:.a~'F ~J ~•`a7S ~ The values herein reported are made expressly subject coedit ions and stipulations: to the following No survey has been made. The maps are approximated, and together with the photographs, are intended to assist the reader in visualizing the property. The values are reported without regard to questions of title, boundaries, encumbrances and encroachments unless specifically stated otherwise in this report. No responsibility is assumed for matters legal in character, nor is any opinion rendered as to the title, which is assumed to be good. I believe to be reliable the information identified in this report as being furnished by others, but assume no responsibility for its accuracy. No right to expert testimony is included with possession or ownership of this appraisal report, but the appraiser is prepared and available to testify in court if necessary. No one other than the person signing this report, prepared the analyses, conclusions and opinions concerning real estate set forth in this report. Disclosure of the contents of this report is governed by the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or to the MAI designation), shall be disseminated to the public through advertising media, public relations ia, news media, sales media or any other public means of communication, without the prior written consent and approval of the author. s~~:`~SCl'Z-R,,~,L~.Q~,P,i.~ 1. 7 .~e..w~~.r,.!-L.r=i....~.,r n..•~• "d' elf J SEMPLE APPRAISALS, INC. T ~1+F3f:l.iilYT~i .`3L ~ ~~..~8 L~l'c`~.4~t~x -~~•°=~:iit~Fiz:i4"~~'::lL'~f~~~-"r'"~i.'~~t~r CERTIFICATION I certify that, to the best of my knowledge and belief, - the statements of fact contained in this report are true and correct. - the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 7A - my compensation is not contingent on an action or event resulting from the analyses, opinion, or conclusions in, or the use of, this report. - my medanalysis, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice 1987. - the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. - as of the date of this report, I, Patricia M. Semple, have completed the requirements under the continuing education program of the Appraisal Institute. - I have made a personal inspection of the property that is the subject of this report. - no one provided significant professional assistance to the person signing this report. - I have no direct or indirect interest in the property; no stake of any sort in the outcome of the decision affecting the property that may be based on this appraisal, and I have not been influenced by any interested party in determining the estimate of market value. PATRICIA M. SEMPLE, SRA SEMPLE APPRAISALS, INC. ~wla'J~~r~'wr+~i..'• Ll.~k ~.qw QUALIFICATIONS PATRICIA M. SEMPLE EDUCATION B.A. Degree, Lone Mountain College, San Francisco 1954 California Elementary Teaching Credential 1955 Real Estate Courses/Seminars/Conferences 1972-present American Right-of-Way Association American Institute of Real Estate Appraisers Society of Real Estate Appraisers University of California Marin Community Colleges Appraisal Institute - Certified Residential Real Estate Appraiser 1993 by the State of California # AR 014441 j The Appraisal Institute conducts a voluntary program of continuing education for its designated A members. MAI's and SRA's who meet the minimum standards of this program are awarded periodic educational certifications. I am certified under this program. 7 A ° INSTRUCTOR - California Community College System AFFILIATIONS Member, National Association of Realtors 1973 Member, Appraisal Institute, SRA designation 1978 Member, Marin County Board of Realtors 1973 Real Estate Broker 1977 EXPERIENCE Have appraised property in all cities of Marin County, and Petaluma, Vallejo, Rohnert Park Pittsburg, Fremont, Napa, Santa Rosa and San Francisco. Have done multi-residential appraisals, commercial appraisals and condemnation assignments. Work with employee relocation companies, financial institutions, corporations, attorneys and governmental agencies including Marin Municipal Water District, Mill Valley Community Services District, County of Marin, Department of Public Works. SEMPLE APPRAISALS, INC • ROAD It , s« N ~s ~o 'y O '11 Inn 4 O t CD bc ®R) ' Am" 40' ^ ~ ~ J N .~~g M J Qe -Ord • • O J.b ♦ • s,, 4 ~ Y O , ~C ~ -~•ar ^I M ~v c ao o ,o - F•4 ~ • s F,r,F M 0 Ali ~ O ~ • .,ter., ti r S~ 'S OTC . •.~s' . ` aE J ? O N e► It 2.. i~ 0 3 * Z~b cs ys g2 s ~p O w o w ~C~ A^ } JO ^ r~•tJr a C3 9 0 ~ LLJ 2 ® at.~. mod, 5~ O A . IIIIf , t O ~ ~ 0 w r~ cc 24 44 CL ~ a z w a o -17 ap~ t n. ti p• ` w n • IL O ti~ ss s•. t ! . s z - ~ rz Cc f~ O Y c m ~ C 1 O ~ . O h N C m - N N Q C W c o ~ H o ~ C c~ E 2 - w co a~ w ~ ~r Q Q W 2 . y California Land Title Company of Marin 650 EAST BLITHEDALE AVENUE MILL VALLEY, CALIFORNIA 94941 (415) 383-8410 • FAX (415) 388-5233 Town of Tiburon 1155 Tiburon Blvd. Tiburon, CA 94920 Attention: Mr. Robert Ewing Legal Department Dear Mr. Ewing: November 1, 1993 RE: Escrow No. 513862-LD Property: 68 Reed Ranch Road, Tiburon Borrower: KLEINERT, Robert L. & Trudy G. In connection with the above, we enclose the following document for signature. 1. Subordination Agreement. We have not been informed as to the name of the ultimate lender nor received documents as of this date. The refinance amount for Mr. and Mrs. Kleinert will be approximately $90,000.00. The enclosed document needs to be signed before a Notary Public and returned to our office, envelope provided. Please give me a call with any questions. Thank you for your assistance. Sincerely, Linda Dowdell Escrow Officer (CSEO) LD Encls: December 1, 1993 Mr.And Mrs. Kleinert 68 Reed Ranch Road Tiburon, CA. 94920 Dear Mr. Kleinert, M-Pest Mortgage CORPORATION As per our conversation on Tuesday I am writing you in regard to your application for refinancing of your property in Tiburon. As I mentioned to you previously on Tuesday, your request for the subordination of the mortgage held in Agreement through the Town of Tiburon, was denied. The following was the basis for that decision: All secondary financing must meet FHNM/FHMC (the Federal Home National Mortgage Association and the Federal Home Mortgage Corporation) guidelines. These are the companies who buy our loans in the secondary market. These guidelines state that the loan must provide for regular payments that cover at least the interest due and should generally require interest at the market rate. If the loan does not fully amortize under a level monthly payment plan, it cannot have a call option of less than rive years. I have enclosed a copy of our guidelines for your information. I hope this clears up any confusion regarding this matter. Please don't hesitate to call me if you have any questions. Sincerely, Mia Isey Mortgage Banker Encl./MK 655 Redwood Highway, Suite 162, Mill Valley, California 94941 3 (415) 381-4400 FAX (415) 381-2420 Subordinate financing When calculating LTV ratios, you sometimes need to take "subordinate financing" - a mortgage or other lien on the property that has priority lower than that of the first mortgage - into account. In such cases, you need to add the subordinate financing to the amount of the first mortgage before you calculate the LTV. The result is referred to as the "combined loan-to-value ratio," or CLTV. Eligible types of subordinate financing Fannie Mae will purchase a mortgage with subordinate financing if it meets the following requirements. • The lien must be recorded and must be clearly subordinate to the first mortgage. • The loan must provide for regular payments that cover at least the interest due and should generally require interest at the market rate. • If the loan does not fully amortize under a level monthly payment plan, it cannot have a call option of less than five years. • The loan must permit prepayment at any time without penalty. If the first mortgage is an adjustable-rate mortgage (ARM), a graduated-payment mortgage (GPM), or a fixed-rate mortgage (FRM) with a buydown, the payment on the subordinate loan must be for a fixed amount. In other instances, variable payments are acceptable, provided that the monthly payment remains constant for each 12- month period and that each yearly interest rate change is limited to a one percent increase (not applicable to home equity lines of credit). Home equity lines of credit. If the borrower has a home equity line of credit, use the maximum home equity line of credit amount when you calculate the CLTV. This is permitted on owner-occupied proper- ties only. Variable payments are acceptable except when the CLTV is greater than 80 percent, the first mortgage is an ARM, and the credit line is used to help finance the purchase of the property. Ineligible types of subordinate financing The following types of subordinate financing are not eligible for sale to hannie Mae. • A loan that does not provide for regular payments of principal and interest, or of interest only. • A loan that allows negative amortization. 9 A loan that has wraparound terms.