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HomeMy WebLinkAbout102510_ra01 (Note Consent Agenda or Regular Agenda) (Note Department) JEFFERSON COUNTY BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST TO: Jefferson County Board of Commissioners THROUGH: Philip Morley, County Administrator FROM: Judi Morris, Treasurer DATE: October 19th for October 25th Public Hearing SUBJECT: Public Hearing - S'ale of County Owned Property STATEMENT OF ISSUE: Authorize sale of one parcel currently owned by the County through a Public Works purchase. Property sale is appropriate for sale and return to the tax rolls. A citizen has submitted an application to purchase parcel 702-273-005 ANALYSIS: Property in question has been approved by Public Works and will be sold at auction on December 14th 2010. An appraisal has been completed and value has been determined to be $99,000.00. FISCAL IMPACT: Return property to tax roll and receive $99,000.00 back to County Road Funds where the original purchase funds were derived. RECOMMENDATION: Authorize sale of surplus county owned property. REVIEWED BY: '.-', -, ".-J / ?:/~ / '-', . / / CJ" /., './ Pttllip Mbrl~y, Cou~ 1\dl31inistrator i~/' /1 i /,~ .../...../ " ->_, ",'_r'" ( " ", .' t- - ".. Date STATE OF WASHINGTON County of Jefferson IN THE MATTER OF A ) AND DETERMINATION ) TO DECLARE CERTAIN ) COUNTY PROPERTY ) AS SURPLUS ) RESOLUTION NO. WHEREAS, it is the desire ofthe County Commissioners of Jefferson County to dispose of surplus property; and WHEREAS, the County Commissioners of Jefferson County have indicated a need to dispose of surplus real property described below, for public auction to be held on December 141h, 2010 at the Jefferson County Courthouse. Parcel Number 702-273-005 being described as: That portion of the south half of the Southwest quarter of Section 27, Township 27 North, Range 2 West W.M. lying westerly of the Westerly line of State Route 101 and as described in J..cfferson County Auditors File Number 333892. Situate in the County of J.efferson, state of Washington. WHEREAS, the requirement of R.C. W. 36.34.020 that an intention to declare surplus be published with a Notice of Public Hearing regarding the disposal of any County property has been met and the public hearing held on October 25"', 20 I 0 at 10:00 a.m.; and WHEREAS, the Commissioners heard no objection to the declaration of this property as surplus. NOW, THEREFORE, BE IT RESOL VED, by the Commissioners of Jefferson County that they make a finding and determination as required by RCW 36.34.050 to declare the particularly described property as surplus and allow the Treasurer to proceed with the disposition of said surplus property for a minimum bid of $99,000.00. APPROVED this ~ day of October, 2010. JEFFERSON COUNTY BOARD OF COMMISSIONERS SEAL: David Sullivan, Chairman ATTEST: Lorna ... Delaney, CMC Clerk of the Board Phil Johnson, Member John Austin, Member .4' .. File No. OLII. fALLS SUMMARY APPRAISAL REPORT OF PARCEL 702273005 (SEE ATTACHED LEGAL) IN SEC 27, TWP 27N, R 2W, WM JEFFERSON COUNTY, WASHINGTON AS OF OCTOBER 7, 2010 CURRENT OWNER JEFFERSON COUNTY PREPARED FOR JUDY MORRIS JEFFERSON COUNTY TREASURER PO BOX 1220 PORT TOWNSEND, WA 98368 PREPARED BY RALPH ERICKSEN CONSULTANTS NW, ARB DOL, INC. PO BOX 171 PORT TOWNSEND, WA 983689 Form DCVR - "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE File No. OUIL FALLS TABLE OF CONTENTS APPRAISAL CERTIFICATE PURPOSE OF THE APPRAISAL NEIGHBORHOOD DATA SUBJECT DATA ZONING, HIGHEST AND BEST USE MARKET FOR THE SUBJECT SALES COMPARISON CORRELATION RESIDENTIAL MARKET CONDITIONS ADDENDUM STATEMENT OF LIMITING CONDITIONS RESUME LICENSE LOCATION MAP PARCEL MAP LEGAL DESCRIPTION PHOTOS 3 4 4 4-5 5 5 5-6 7-8 9-13 14-15 16 17 18 19 20 21-25 Form DCVR - "TDTAL for Windows" appraisal soltware by a la mode, inc. -1-800-ALAMODE File No. OUIL FALLS APPRAISAL CERTIFICATE I certify that upon application for valuation by: JUDY MORRIS JEFFERSON COUNTY TREASURER PO BOX 1220 PORT TOWNSEND, WA 98368 the undersigned personally inspected the following property: PARCEL 702273005 (SEE ATTACHED LEGAL) SECTION 27, TOWNSHIP 27 NORTH, RANGE 2 WEST, WM JEFFERSON COUNTY, WASHINGTON and to the best of my knowledge and belief, the statements contained herein are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion, the value ofthe subject property, as of October 7, 2010 is: NINETY NINE THOUSAND AND NO/100 DOLLARS ($ 99,000.00) The subject property was appraised as a whole, in fee simple title, unencumbered and subject to the contingent and limit ing conditions outlined herein. Ralph Ericksen 1701229 WA Form DCVR - "TOTAL for Windows" appraisal software by a la mode, ,nc -1.800.ALAMDDE - 3 - File No. UUIL FALLS PURPOSE OF THE APPRAISAL The subject of this appraisal is a tract of land just south of the Quflcene village that is currently owned by Jefferson County. There has evidently been interest by an adjoining property owner to purchase the subject tract. As is a requirement of the County in the disposition of a County owned tract that might be sold, that an appraisal is needed in order to arrive at a fair conclusion of value for the tract. The purpose of this appraisal is to provide the required estimate of value of the subject tract as a basis for the negotiation and a record of the evaluation procedure. NEIGHBORHOOD DATA The neighborhood would generally be described as the area between the south end of the Quilcene village and about Walker Pass (the high point of the highway as it crosses the Mount Walker area between Quilcene and Brinnon. Qui/cene and Brinnon are residential communities but both are quite small villages in an othelWise very rural portion of southeast Jefferson County. The neighborhood boundaries might generally be described as laying on both sides of Highway 101 between the Quilcene village and the top of Walker Pass. The highway heads generally south out of the Quilcene village to the crossing ofthe Big Quilcene River, then begins to climb toward Walker Pass. The highway is west of Quilcene Bay but there is no direct access to the land along the bay from this described neighborhood between the Quilcene village and the foot of Mount Walker to the south. The area west of the highway is the foot hills of the Olympic Mountains. The National Forest begins about one half mile to the west of the subject and crosses the highway onto Mount Walker about a quarter mile south of the subject. There is a National Fish Hatchery compound on the west side of the highway at the foot olthe hill on the Quilcene River. There are only a few scattered residential properties, mostly along or near the highway but there is a small residential plat (Hiddendale Tracts) just north of the subject. However, most of the privately held land, especially on the west side of the highway and to the north of the subject, is in forest production. The National Forest extends to the west through the Olympic Mountains. Highway 101 is the primary loop road around the entire Olympic Peninsula. There are a few County and private roads off the highway that provide access to local properties or connect with Forest Service roads but none cross the mountains to the west or connect to the bay to the east. There is power and phone along the highway and most of the secondary local access roads but there is no public water supply or sewer service. There is some minor shopping in Quilcene and Brinnon but most shopping, including typical grocery shopping, would be about 20 to 25 miles north in Port Hadlock or Port Townsend or closer to 30 miles northeast, across the Hood Canal Bridge, then south in Kitsap County to the Poulsbo/Silverdale area. SUBJECT DATA The subject of this appraisal is a tract of land on the west side of Highway 101. It is about It is about half way between the Quilcene Village and Walker Pass but maybe closer to a quarter the way up the hill from the river to the pass. According to the Jefferson County Assessor's Maps, it contains about 13.17 acres. It has a very irregular shape. Most of the tract is almost square but there are fingers of the tract near the southwest corner and another at the southeast corner (there are two separate small tracts near the southwest corner and another that fronts on the highway near the southeast corner that are owned by others). The east side fronts on the highway, the west side generally fronts on the Big Quilcene River. The area along the highway is the high ground, it is almost level along the frontage, but then begins to slope off quite steeply into the ravine and the location of the river. The area along the highway appears to be easily accessible, Riverdale Drive ends at the north line near the river and there is what appears to be an easement road (Stagecoach Lane) off the highway that serves as access to some neighboring properties. Stagecoach Lane appears to cross part of the subject. There is also a driveway, marked as 297 738 Hwy 101, that enters and crosses the subject to the north of Stagecoach Lane. There is a gate on this driveway near the beginning of the steep slope. It appears to serve as access to Parcel 702273011, which evidently contains a small cabin. Between the driveway and Stagecoach lane, there is a double garage that was evidently built in about 1978. The garage is a framed building with metal roof and siding, concrete floor and two single doors. There is a car parked in the garage that has probably been there for many years. The car appears to be from the mid to late 1960's_ The trees have grown up around the building and there is no longer a driveway to the doors and access by foot is difficult due to the undergrowth. The land is wooded, it is a mix of species and age. Along the highway, it is mostly Conifer and generally immature for harvest. There may be some timber value to the east area within the next 20 to 30 years but the quality of the logs and finished prOduct would probably be enhanced if allowed additional years. The west Form DCVR - "TOTAL for Windows" appraisal software by a la mode, mc. -1-80D-ALAMODE - 4 - File No. (JUTL FALl.S portion, along the river, is mostly Alder, Maple, etc. Some are now quite large but harvest would not be allowed along the river. The strip in the middle contains more mature trees but the land is steep as it slopes into the ravine to the river, harvest could be difficult and there could be requirements to protect the river and the exposed ground. There could be some demand for the available timber but there could also be some negative impact on value in a residential potential if the trees are removed as a typical harvest crop. Due to trees on the subject and surrounding tracts, there is no view other then the highway and the forest. There could be some territorial and foot hill view from the high ground if some of the trees were removed but that would probably be a selective process dependent upon site potential. There is power and phone along the highway but there is no improved water source and septic would be required for any kind of residential development. ZONING, HIGHEST AND BEST USE According to the current Land Use Map for Jefferson County, the subject is shown to be Rural Residential that allows one residential unit to five acres. The subject contains just over 13 acres but would only qualify for two potential sites, unless additional land was combined with the tract. There is very little demand for residential tracts in the vicinity, as is demonstrated by the very limited buildout and current limited sales. There is no demand for conversion to some other use and it is highly unlikely that a zoning change would be allowed even if an application was made. Based on the current allowable legal use and demand in the area, it is believed that the current Rural Residential potential should be considered the highest and best use of the subject MARKET FOR THE SUBJECT Market conditions in the Jefferson County are currently quite limited ,and in the Quilcene area, are very limited. It is partly due to general economic conditions in the Pacific Northwest and the Country as a whole. However, market conditions in the Quilcene area are typically slow as compared to other areas in the greater Puget Sound Region and even Jefferson County. This is a very rural area, the population density is much less than most other areas or Counties around the entire west half of Washington State. It is several miles from employment centers, general shopping and other services. That being the case, the market in this area would probably usually be somewhat limited, even in stronger economic times in the rest of the State or the Country in general. Still, there are periodic sales, there are locals and a few potential purchasers from outside the area that have interest here. To some in the market, distance from major metropolitan areas is sometimes considered to be a plus. In single family residences, the market time in the Quilcene area can easily run to a year. Building sites can run longer and larger acreage tracts can extend to two years or more. The market time for the subject would probably be over one year but less than two years. See Residential Market Conditions Addendum. SALES COMPARISON In order to arrive at a fair conclusion of value for the subject, a sUlVey was made of reasonably recent land sales. Sales were limited but the following are believed to be the best available for use with this subject. 1. Parcel 901132002 off Beaver Valley Road sold 7/07 for $360,000. It is just east of the Chimacum Intersection, there did not appear to be a direct access to Beaver Valley Road but Elkins Road from Chimacum Road ends at the tract. It contained about 120 acres, lays up the west side of a hill and was quite heavily wooded with salable timber- It is in a Commercial Forest Zone but immediately adjacent to Rural Residential and Agricultural tracts. The Commercial Forest designation allows for only one residential unit to 80 acres. As such, this tract would only be considered a single site. However, due to the proximity of the Rural Residential land, there might be the possibility of at least a partial rezone. Based on the total size, the unit value was about $3,000 per acre. 2. Parcel 801204006 on Center Road sold 8/09 for $179,000. The tract is about a half mile north of Old Tarboo Road, on the east side of Center Road at the first curve to the northeast from Tarboo. Only the northwest corner actually fronts on the road. It is zoned Rural Forest, which allows only one residential unit per 40 acres. The tract contains about 39.5 acres but the one residential unit would most likely be allowed. However, the power lines end about a half mile to the south and about a half mile to the north. Extension of the line could be expensive. The land rolls off to the east, there are some steep ravines and the trees were halVested prior to the sale_ Based on size, the unit value was about $4,532 per acre_ 3. Parcel 701062001 on Nickelbush Lane sold 3/10 for $130,000. There is an easement over three adjacent properties as access to the northeast corner of the tract. Nickelbush Lane is a narrow easement that had a crushed rock surface but the rock has become integrated into the natural soil and the surface can become muddy during the wet months. The tract is square and contains about 40 acres which is zoned Rural Forest with one unit to 40 acres allowed. There are cabins on the two adjacent tracts but they do not have electric power. The power line appears to be about 1,000 feet by easement road from this tract. It has a gentle roll to near level. There are trees but it was logged several years ago and it appears that some of the new growth was controlled by some sort of livestock for a few years. There are some evergreen trees but most appeared to be deciduous. It might be considered a forest tract but there did not appear to be any attempt to grow trees as a commercial operation. The unit value was about $3,250 per acre. 4. Parcel 802111001 on Foot Hill Drive sold 9/08 for $150,000. It is immediately adjacent to the Snow Creek Form DCVR - "TOTAL lor Windows" appraisal soflware by a la mode, inc. - 1-800-ALAMODE - 5 - File No. OUlL FALLS Ranch plat but that subdivision is in a very rural area, just northwest of Crocker Lake. There are probably less than 100 lots in the subdivision, they are the smaller suburban type, and range between about a third of an acre to just over an acre. Even though the plat has existed for more than 30 years, the level of buildout is probably less than 30 percent. The tract contains about 27.5 acres and is [n a Rural Residential zone, which allows one residential unit to 5 acres. As such, it could be subdivided into about five residential tracts. It appears to have access to the Snow Creek Ranch water system but whether or not there would be taps for a 5 lot subdivision is unknown. Power and phone were available to the northeast portion, there was a primitive minimally improved driveway, the east portion was mostly level but could be wet and the west portion sloped quite steeply up the hill and was wooded but the trees were immature, maybe 20 to 30 years away from an early harvest The unit value was about $5,455 per acre. 5. Parcel 702272002 on Hwy 101, about a quarter mile north of the subject, sold 5/07 for $120,000. It is on the east side of the highway, there is a driveway but it angles up the steep and rocky slope to the higher ground. The high ground is less steep but does slope generally north into the river valley. It is almost triangular, due to the diagonal direction of the highway. it contains about 20.5 acres and is about 1,320 feet long on the east side. The land to the east is commercial forest, the land across the highway to the west is Rural Residential (one unit to 5 acres). This tract is zoned Rural Residential One Unit to 20 Acres and can not be subdivided. There has been some selective logging on the south half but the north remains generally wooded. There is power and phone along the road but no well or septic_ The unit value was about $5,854 per acre. 6. Parcel 701194023 On E Quilcene Road sold 12/08 for $115,000. It IS just beyond the Lindsay Hill Road intersection, it is two parcels and lays on a fairly steep Slope up from the road. The driveway up from the road is very steep and quite rough, there is a gate at the top of the cut to the road. The parcel fronting on the road contains about 8 acres, the other is immediately to the east and contains about 10 acres. Both are zoned Rural Residential, One Unit to Five Acres and there is the potential for three residential tracts. Other than the primitive driveway and pipe gate, there are no improvements and most of the trees were removed a few years ago. However, with the trees gone, there is view of the bay and the foot hills of the Olympic Mountains on the other side. The view potential increases to the higher elevations but the access is more difficult toward the higher ground to the east. The unit value was about $6,389 per acre. 7. Parcel 601112006 on Coyle Road sold 4/09 for $96,000. It is on the east side of the road, across from the north intersection of Old Coyle Road, about a mile south of the Thorndyke Road intersection. It is on or near the top of the ridge of the Toandos Peninsula and there is some view access to the west to the Olympic Mountains but the land across the road was recently logged and the view will be lost again when the new trees begin to grow back. There is power and phone along the road but no other utilities. The tract is wooded but the trees are probably about 20 to 25 years from maturity_ It contains about 12.5 acres and is in a one unit to 20 acre zone but it was legally sold and it is assumed that it would be allowed to qualify as a single family residential site. The unit value was about $7,680 per acre. 8. Parcel 902361 001 off Lind Road sold 7/08 for $86,000 It is a 10 acre tract in a somewhat remote area above the valley at the south end of Discovery Bay. It is above Highway 101 on the east ridge, it is accessed off Eaglemount Road, then Lind Road and finally a SPA powerline easement with gate that is usually locked. It is right on top of t he ridge with good view of the valley and the foot hills to the west. It was logged several years ago and the new trees appeared to have only about 10 to 12 years growth at the time of sale. In spite of the powerline easement, the lines and towers are the main feeds for the Peninsula and would not provide power for individual sites. The nearest residential power supply is about a quarter mile along Eaglemount Road but there may be easements needed to bring it to the property. The tract is in a one unit to ten acre zone but would probably be considered a legal lot of record and buildable, provided that the other typical requirements could be met. The unit value was about $8,600 per acre. 9. Parcel 702024027 at 796 Lords Lake Loop Road sold 5/10 for $85,000. It is a five acre tract in a one unit to 5 acre zone. It is part of a four lot short plat that was evidently completed in about 1996. The driveway appeared to have been recently completed or updated but it was probably done prior to the sale. The tract is wooded but there is evidently a clearing back from the road, there is now a building permit for a small house and garage but no evidence that construction has actually started. There is power along the road, there was a septic permit application but the permit was not issued until after the sale and the system has since been installed. There is no view due to surrounding trees. The unit value was about $17,000 per acre. . Form OCVR - "TOTAL for Windows" appraisal software by , I' mode, inc. - 1-8DD-ALAMOOE - 6 - File No. (lUlL FALLS CORRELATION Before discussing the similarities, or lack thereof, to the subject, it is quite apparent that the unit value or per acre value can be heavily affected by the size of the tract. Small, otherwise similar, parcels tend to have the highest unit value, the largest tend to have the lowest unit value. The following is a listing of the above properties with the acreage and the unit value: 1. Parcel 901132002 120 Acres $ 3,000 Per Ac 2. Parcel 801204006 39.5 Acres 4,532 Per Ac 3. Parcel 701062001 40 Acres 3,250 Per Ac 4. Parcel 802111001 27.5 Acres 5,455 Per Ac 5. Parcel 702272002 20.5 Acres 5,854 Per Ac 6. Parcel 701194023 18 Acres 6,389 Per Ac 7. Parcel 601112006 12.5 Acres 7,680 Per Ac 8. Parcel 902361001 10 Acres 8,600 Per Ac 9. Parcel 702024027 5 Acres 17,000 Per Ac With the exception of sale 3, the unit values increase in each sale as the size of the tract decreases. There are a number of factors that influence value but the size appears to be significant, especially in tracts that are otherwise reasonably similar. Sales 2 and 3 are about the same size, both had been logged and power was not readily available but the unit value of sale 3 was much lower than in sale 2. There could be some influence based on access but buyer and seller reaction to other stimulus can also be reflected in the negotiations. Sale 3 aside, the other sales show consistency in the affect of the size. The value of land is heavily affected by potential use. All of the comparable sales included here have the potential for some amount of residential use, even though most have only been used to this point for forest production, either by intent or by default. The value of a small tract with residential use potential is probably mostly related to the residential use potential. Location, proximity to goods and services, view, etc. can significantly affect the value but, land that is not buildable does not usually have much value and view, etc. do not add significantly to an otherwise un buildable tract. That being the case, the greatest portion of the value is found in that portion of the land that would be considered the minimum to qualify as a single family residential site. Sale 9 is a 5 acre tract in a one unit to five acre zone, it has the lowest sale price but the highest per acre value. Sale 1 is considered a forest tract but would also allow one residential unit but it has the lowest unit value. That contribution value of a single residence potential in the 120 acre tract tends to be lost in the extreme size. The subject is wooded and has frontage on the Big Quilcene River. Sale 5 (in closest proximity to the subject) is also mostly wooded and there is a small creek that crosses the northerly portion. The creek, and in the case of the subject, the river, might have some esthetic value but it would present a restriction to removing trees in the required setback area and use potential. The trees on the east portion of the subject, that area closer to the highway which is the more level, are more like the maturity of the forest in sales 7 and not yet to a point where it would be feasible to harvest. The trees on the subject that might present some value as a crop are more like the forest in sale one but they are on the steepest slope and probably the most difficult to harvest. The subject is not of adequate size to be considered a rural or commercial forest tract and probably has the greatest potential in residential use. Removing all of the salable trees could adversely affect the appeal for the residential use. Sales 4 through 8 are probably the best indicators for the subject because they are closest to the size of the subject. Each has some significant differences from the subject and each other but the indicated unit values are in a fairly close range and consistent. The subject is just over 13 acres and sale 7 is about 12.5 acres and Form DCVR - "TOTAL for Windows" appraISal software by a la mode, Inc. - 1.800.ALAMODE - 7 - file No. OUIL FALLS had a unit value of about $7,680 per acre. Sale 6 was larger, at 18 acres, and had a unit value of about $6,389 per acre. Sale 7 was wooded but maybe about 25 years into the growth cycle. Sale 6 was logged several years ago but the topography was more similar to the subject. Based on review of all of the sales included here, but mostly sales 5 through 7, it is believed that the unit value for the subject should be about $7,500 per acre. At that rate, the indicated value would be about $98,775 lorthe 13.17 acres or rounded to $99,000. As stated in the Subject Data section of this report, there is a double garage on the subject land. It was built in about 1978 and had metal roof and siding. It appeared to be in reasonably good condition but that is primarily due to the roofing and siding rather than any maintenance. However, it has become overgrown by trees, brush, etc. and there is no longer access to the building. An access could probably be cleared and the building cleaned and restored but, given the current circumstances, it probably does not contribute significantly to the value of the subject as a whole. ESTIMATED VALUE OF THE SUBJECT $ 99,000.00 form DCVR - 'TOTAL lor Windows" appraisal software by a la mode. inc. -1-BOO-ALAMODE - 8 - RESIDENTIAL MARKET CONDITIONS ADDENDUM Borrowel/Glient NA _ ___ ~rOpertv Addr!L~_s_ Higl1\vav 10.1_ Cit _Q.l!i!f~___ Lender NA Countv JcfTcrso"----.._____ __.5t,I' Wa__ ___ ZiR Code 98376 Jefferson County is of about avemge geographical size in Western Washington but the population (only about 30,000 people) is much less than most other counties in the Greater Puget Sound Region_ King County, including Seattle, BeIlevue, other incorporated cities and the rural area into the Cascade MOlmtaing, has a population density of about 1,200 people per square mile. Jefferson County has a density of only about 17 per square mile. As such, it is usually necessary to expand the search area for comparable sales and rely on some older sales when appraising real property in this area. even during boom periods in the more rum! areas. Comparable sales for the three bedroom rambler on an urban lot would most likely be fuund within the neigbborhood or a competing neighborhood in close proximity. However, comparable sales for a high value waterfront or view acreage property in the more nuaI areas might have an area of competition that could range into other counties, including all of the east side of the Olympic Peninsula, the north half of Whidbey bland, the San Juan Islands and the area from about Stanwood and Camano Island north to the Can.adian Border. The I~ market conditions have been changing over the past seven years. There was a period of very strong demand (commonly called a boom period) that began in late 2003 and generally lasted into late 2006. However, even as the market slowed in Je:fferson County, it tapered off to a more normal trend locally. Sales decreased but there continues to be sales. Market time increased but is not really out of the norm for this market area. Between the beginning of2004 through almost the end of 2006, it was not unusual to have market time to range between one day and maybe one to two months, depending on the property, the 10000tion and the realistic expectations of the seller. Currently, market time might be more in the range OffOUl to six months but some properties might take closer to a year, again depending on the 10000tion, the property and the expectations of the seller. However, there are other economic factors influencing the market at this time and, depending on the fmancial condition of the seller, some asking prices have been reduced, maybe below what would be an otherwise expected market value, in order to move the property more quickly for some financially stressed seller. Also, under all market conditions, there are sales of real property that are not considered arms length. Some sales are between family members, some are between partners, business or otherwise, some are to settle marriage disillusion and there are those that are part of settling estates where attorneys or personal representatives are basically liquidating estate assets. Still, those sales tend to be very limited in this market and they do not generally have significant impact and would not usually be considered as comparable sale data or a reflection of the market conditions. Tracking sales over the past four years can give some insight into the general market trend. The following is a list of the land sales in a range ofS50,000 to $500,000 between the beginning of 2004 and the present. They are from the whole county and include residential lots, acreage, WHterfront, etc. LAND SALES IN JEFFERSON COUNlY JIl/09 to II1/IO Ill/OS to 111/09 1/1107 to 111/08 l/1/06 to 1/1/07 1/1/05 to 1/1/06 1/]/04 to II1/05 1/1103 to l/1I04 1/1/02 to l/lOJ lll/01 to 111/02 1/1/00 to 1/1I0l 197 176 324 409 520 379 290 237 201 207 As can be seen, the 2008 and 2009 sales are only slightly less than the number from 2000 through 2003 but still reasonably close to what might be considered the normal market form MAP.PLAT ~ "TOTAL for Windows" appraisal software by a la mode, inc. -1-8DD-ALAMODE - 9 - RES MARKET CONDITIONS CONT. BQ[[OWilrIClienLNA ____ Er~lLrty_~~Qr~~.._Higl1~~ly)QJ._ Citv Ouilcene Lender NA COlJntv Jefferson State IVa ___<'ill Code 98376 conditions here. New home sales can also be tracked in much the same way to offer .ome indication of the construction activity locally. The following is a listing of the sales of new house. in Jefferson County in the range of $50,000 to $10,000,000 for the same period. NEW HOUSE SALES IN JEFFERSON COUNTY l/ll09to 111110 Ill/OS 10 1/1/09 1/1107 to 111108 111/0610 1/1/07 111105 to 111106 1/1/0410 III/OS 1/1103 10 111/04 111/02 to 1/1/03 I/l/0llto 111102 111100 to !II/OJ 17 21 33 45 93 100 64 51 50 53 The following are the sales of used .ingle family residences on individual siles, including lots, acreage, elc. for all of Jefferson County. USED SINGLE FAMILY RESIDENTIAL SALES 111109 to 1/1110 111108 to 111/09 1/1107 to 1/1/08 1/1106 to 111/07 111105 to 1/1/06 111/04 to 1/1105 111/03 to 111/04 l/1/02 to 111/03 111101 to 111102 I/lJOO to 111101 323 288 425 550 649 714 589 529 485 531 The three sale groups listed above clearly dernonsttate the boom period between 2003 and 2006. The year 2005 appears the be the period of the strongest sales of the used single family residences, the years 2004 and 2005 for the new single family residences and 2004 through 2006 for the vacant land sales. Obviously, the sales for 2008 and 2009 are less than sales for the other years but the land sales are only slightly below that of 2000 through 2002, new horne sales are still at about half of what sold in 2001 through 2003 and 2006 and the sales of used single family residences are more than half that sold in the individual years 2000 through 2002, 2006 and 2007 _ Actually the sales in 2008 are abouI 60 percent of the number for 200 1 and about 68 percenl of those in 2007 . To this point, sales of land, new houses and used single family residence. are not all that far off what would be considered the norm for this lIllIIket. The local market can typically see somewhat stronger demand periods within five year interval. but pressure periods similar to that which occurred between the end of 2003 and the beginning of 2007 are considered the extreme and occur somewhere in the range of seven to fifteen year intervals. Following the extreme demand periods, there i. usually a leveling of demand and value for a period, maybe several month. to maybe a couple of years but, in the past 25 yearn, there has never been a documented correction period where value ofreai property, generally, declined due to the market conditions. In order to better understand the current market conditions in Jefferson County, a survey was made of all sale. of single family residences from January 1 of2OO6 through January 31, 2009. Specitica1ly targeted were properties that bad sold twice in the period. The following is the list of each single family residence sold twice and a comparison of the affect on the value due to time. Of course there can be other factors that might have impact on increasing or decreasing value, such as remodeling, damage or neglect, personal circumstance of the seller, etc. but, after checking fOO' recent improvements, permits, etc. these are believed to be a reliable base for Form MAPPLAT - "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMOOE - 10 - RES MARKET CONDITIONS CONT. Borrower'Client NA, _______ _ Pro e Address, liigl!~<J-Y 101 1;.lrL Quilccne CouNt Jctlcrson Lender NA State Vola Zip~ Code 98376 drawing indications of cum:nt market influence on general value trends for local real property. LIST OF TWICE SOLD PROPERTIES BETWEEN 1/112006 AND 1/112009 ADDRESS SOLD PRICE SOLD PRICE PER MO PER MO DECREASE INCREASE 2503 Shenrum St 1/09 $245,000 9107 $247,500 ,0006 Port Townsend 1347 Hancock St 12/08 240,000 9/07 249,000 .0024 Port Townsend 2095 Lawrence St 12/08 256,500 8/07 248,500 .002 Port Townsend 51 Masonic Hall Rd 9/08 160.000 4/06 160.000 Port Hadlock 30 Dennis Blvd 8/08 189,000 10/06 180,000 .0023 Port Townsend 292 E, Island View Av 7/08 5] 0,000 3/06 566,000 .0035 Port Townsend 536 Clay St 7/08 889,000 8/06 889,000 Port Townsend 4391 S. DiscoveryRd 7/08 380,000 10/06 356,000 .0029 Port Townsend 2549 Highland Loop 7/08 289,000 2/06 280.000 .0011 Port Townsend 720 53'" St 6/08 330.000 4/06 289,000 ,0055 Port Townsend 153131" St 6108 225,000 6/07 245,000 .0034 Port Townsend 5911 Dosewallips Rd 6/08 146,000 7/06 143,000 .0009 Brinnon 2330 Emerald St 5/08 270,000 9/06 299,000 .0048 Port Townsend 21 Bowen St 5/08 140,000 8/06 169,000 .0082 Quilcene 262 Garten Rd 5/08 267,356 2/07 290,000 0052 Port Ludlow 90 Kern St 4/08 183500 6/07 J 85,000 .0008 Port Hadlock 1314 V St 4/08 215,000 5/06 155,000 .0168 Port Townsend form MAP.PLAT ~ "TOTAL for Windows" appraisal sottware by a la mode, inC. -1-800.ALAMODE - 11 - RES MARKET CONDITIONS CONT. ]Qrrower/Client NA proJl:ertv Addres_~_ Highway 101_ _Qi~U_~~n_~_______ _____ Lender NA ~-- - -~ --- County Jcrfcrs~rn __State~~ _ liD Code___98379___ 136 F St 3/08 396,000 8/06 385,000 .0015 Port Townsend 1601 Umatilla Ave 3108 301,600 5/07 279,000 .0081 Port Townsend 122149"St 2/08 265,000 1107 288,000 .0061 Port Townsend TOTALS .0404 .0411 In the above listing of the sales of single family residences that sold twice since J8IIuary 1,2006, there are 8 that show a lesser sale ptWe for the second sale and there are 9 tbat show a greater sale price for the second sale. Adding the indicated increase and decrease monthly percentages indicates that the difference is a positive .0007 that might be an indicated monthly adjustment for time of sale, as compared to a current subject. That being the case, the following would be the indicated positive adjustments per month for time at these listed sale prices: $100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 $ 70 per month 140 per month 210 per month 280 per month 350 per month 420 per month 490 per month 560 per month 630 per month Adjustment s under $1,000 are generally not made in the appraisal process. Granted, if the time adjustment was applied to a $900,000 property and the time was, say, 12 months, the indicated adjustment could be about $7,560 ($7,500 rounded) but that would probably not have a significant impact on the indicated value of a $900,000 comp nor the fina1 estimate of value. Probably of equal importance, the reliability of such an adjustment based on the data would be significantly undermined. What is really indicated here is that the Jefferson County market is stable or flat at this time. There should be no adjustments for time, be they positive or negative. In 2009, there were 33 sales of single family, condos or rnanufuctured houses tbat had sold previously from III 2006. Two sold twice in 2009, one was down about 1% in the second sale and the other was lip about 1.6%. There were 10 that sold in 2008 and again in 2009, five showed an increase, four a slight decreases and one was unchanged. There were 18 between the beginning of2007 and the end of2009, ten showed an increase and eight showed a slight decrease between the two sale dates. There were 23 that sold in 2006 and then again in 2009, fifteen showed an increase, five a slight decrease and three were generally unchanged. Overnll, the sales of residences indicated an average increase of just under 1% per month (.00865) and vacant 18IId showed an average increase of about 1.386% per month (straight line, not compounded). There is concern about the number of sales of foreclosed properties in this marlret. The Jefferson County sales indicate only 19 sales offoreclosed properties oe<:um:ct between January 1,2006 and January 30 of2009. There were about 1,173 sales during that period and that would indicate the sales offoreclosed properties at about 1.162 percent. There was a total of27 foreclosure sales on 2009 out of a total of 571 sales in Jefferson County, 26 were oouses, condos or manufactured houses and one was a commercial property. However, the sales of foreclosed properties since January I 2000 do not support any correlation by percentage to overall sales. SALES YEAR SALES OF FORECLOSED PROPERTIES Form MAP.PLAT - "TOTAL tor Windows" appraisal software by a la mode, inc. -1 ~800.ALAMOOE - 12 - RES MARKET CONDITIONS CONT. Borrower&li~JJ1.____t!_f\___ .._______n________________'_'_.....___,_____._ Pro e Address IJjgQ~YJ_OJ .._ Ci ilccne County Jefferson Lender NA . . .~ii)~ """'---_ ZiQCode 98376 425 410 442 528 642 591 511 389 280 340 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9 4 5 5 8 3 4 2 13 26 The highest years for the sale offon:closed properties since 2000 has been 2008 and 2009. The year 2004 had the highest number of sales, the year 2008 the least and 2000 was just about in the middle. There is obviously some correlation between general economic conditions and foreclosures. There is also some correlation between the typical number of foreclosures and the ratio of the population, be they in high volume years or lower volume years. However, even the 27 sales of foreclosed properties in 2009 (just over two per month) is less than three pen;ent of the total number of sales. As such, there does not appear to be any significant impact on value in the market generally. Foreclosures will most likely always ~ but, Wltil the sales of foreclosed properties make up a significant portion of the total sales, they are probably not really significant market factors and should not be considered anymore than any other non-anus length transaction like sales within families, within partnerships, estates by personal representatives, tax sales, etc. While these sales do occur, they are not useful for normal anns length sale comparisons or typical refinancing appraisals. Real estate markets tend to be cyclical and are not necessarily uniform throughout the Country. In what might be described as a boom period, one portion of the Country might very well be experiencing a much larger portion of that boom than some other part. The same is true when the general marlcet is flat or the Country is described as being in a bust period. There can be areas that are very bard hit and others that have slowed but continue to prosper. The Jefferson COWlty market tends to be more in that continued level of reasonable prosperity. Unemployment is reasonably close to normal, there continues to be considerable new construction and remodeling and the sale data indicates leveling but no trend toward reduction in value ofreal estate generally. Based on the sale data in this area, the use of comparable sales that occurred a year or more prior to the effective date of the appraisal, remain very useful and reliable as value indicators due to the stable market and leveling of value pressures. It is believed that sales that are truly competitive are more reliable: indicators than sales from other and non-competitive areas with more recent sale dates. In the typical rambler on an urban lot in Port Townsend, the most reliable: comparables would most likely be within the neighborhood or a competing neighborhood, even if one or more might be an older sale. However, for the high value waterfront or acreage property found in some of the more rural areas, some of the comparables might be from areas more distant, even from other counties. Form MAPPLAT - "TOTAL for Windows" appraisal software by a la mode, inc. -1.80Q.ALAMODE - 13 - DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under ail conditions requisite to a fair sale, the buyer and seller, each acting prudenly, knowledgeably and assuming the price IS not ahected by undue stimulus, Implicit in this definition is the consummation of a sale as of a specified date and the passing of title trom seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or weli advised, and each acting in what he considers his awn best interest; ,;3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions'" granted by anyone associated with fhe sale "Adjustments to the comparables must be made tor special or creatiVe financing or sales concessions No adjustments are necessary for those costs which are normally paid by seliers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually aU sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to tinancing terms ohered by a third party Instl1Utional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certltication that appears In the appraisal report is sublect to the foliowlng conditions: 1. The appraiser wiil not be responsible lor mahers at a legal nature that ahect either the property being appraised or the tile to it The appraiser assumes that the title Is good and marketable and, therefore, wlil not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land In the cost approach at Its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6 The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) tilat would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report lrom sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties 8 The appraiser Will not disclose the contents at the appraisal report except as provided for in the Uniform Standards at Protessional Appraisal Practice 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs. or alterations on the assumption that completion of the improvements will be periormed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (inclLding conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm wrth which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations: any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia: except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media Page 1 at 2 Fannie Mae form I 004B 6~93 Freddie Mac Form 439 6~93 Consulfants NW (360) 385~6453 Ferm ACR - "TOTAL for Windows" appraisal software by a la mode, inc. -1-80Q-ALAMODE - 14 - APPRAISER'S CERTIFICATION: The Appraiser certities and agrees that 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to :-eOlice the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, Of less favorable than the subject property, I have mace a positive adjustment to increase the adjusted sales price of the comparable 2. I have taken into consideration the factors that have an impact an value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best at my knowledge, that all s:atements and information in the appraisal report are true and correct 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis andlor the estimate at market valoe in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for pertorming this appraisai is contingent on the appraised vaiue at the property 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount ot the value estimate. the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I pertormed this appraisal in contormity with 1I1e Unitonn Standards of Protessional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board at The Appraisal Foundation and 1I1at were in place as at the effective date at this appraisal, with 1I1e exception at the departure provision at those Standards, which does not apply. I acknowledge that an estimate at a reasonable time tor exposure in the open market is a condition in the detinition at market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or ::)[1 any site within the immediate ViCinity of the sublect property at which I am aware and have made adjustments tor these adverse conditions in my analYSIS of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property 9. I personally prepared all conclusions and opinions about the real estate that were set torth in fhe appraisal report. If I relied on sign,icant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: It a superVisory appraiser signed the appraisal report, he or she certities and agrees that: directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: Highway IOt,Qu[cenc,yYa 9S3IIJ. _______ APPRAISER: SUPERVISORY APPRAISER (only If required): Signature:~ Name: Ral~rj.g_~~~~Q______.._ Date Signed: October 12, 20ID State Certification #: _119.1229__ or State license #: .________.__.. State: Vt1ashing!..on____ Expiration Date of Certification or License: 1lO5!1L--__ . Signature: _____ Name Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Did LJ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 ot2 Fannie Mae Form 10048 6-93 Form ACR - "TOTAL for Windows" appraisal sottware by a la mode, inc. -1-800-ALAMODE - 15 - RESUME Borrower/Client NA_~ l'rilpertyMdress Highway 101 Gity Q1JiJ~~~_~ Lender NA Co_uoty Jefferson ~ State ~Wa _ ZIPCO<lL98376 RESUME Ralph Ericksen CONSULTANTS NW, ARBOOL, INe. PO Box 171 Port Townsend, Wa 98368 consultantsnw@'wavvl,com 360-385-<i453 Certified Residential Real Estate Appl8iser in Wasbington State # 170 1229 APPRAISAL EDUCATION Fundamentals of Real Estate Appraisal I · Appraising Real Property 2. Applied Residential Property Vllluation 2. Enviro,,~1 HlWlJ'ds 3. FNMA Small Income Residential 3. Standards And ProfessiOlllLl Pmctice 2. Principles Review 3. Marleet Data AnIllysis Review 3. Mobile Home Review 3. American Disabilities Act 3. Marshall & Swift Residential Cost Guide Review 3. Technicallnspection of Real Estate 4" Manufactured Housing Appraisals 5. Real Estate Law 6. Eminent Domain 7. From The Appraiser To The Underwriter 7. In The Wake OfNaturnl Disasters 7. Problem Solving In Residentid Real Estate Appraising 7. Sales Comparison Approach: Techniques & Applications 7. Uniform Standards Of Real Estate Appraisal Practice S. Appraisal Of Local Re1BiI. Properties 8. Appraising Specid Pwpose Properties 8. T eclmology And The Modem Appraiser 9. Government Takings 10. Appraisal Reporting Technology 9. USPAP Update 11. FHA APPraising Today 11. Appraising Nonconfonnlng & Difficult Properties 11- Appraiser Liability 11 · APPraising Watediont Properties 12. USPAP Review 13" USPSP Review 14' Real Estate Law 14. USPAP Update 14. Residential Market Analysis And Highest And Best U5e 14. Residential Site Valuation And Cost Approach 14" 1986 1987 1987 1989 1989 1990 1993 1993 19931993 1993 1993 1993 1994 1995 1995 1995 1997 1997 1999 1999 1999 1999 2000 2000 2003 2003 2003 2003 200S 2005 2007 2007 2009 2009 2009 l' Real Estate Education Company 2* Society of Real Estate Appraisers 3' National Assn~ of Real Estate Appraisers 4' Northwest Inspection Enginects 5* Lincoln Graduate Center 6* Rockwell 7*Lee and Grant Co~ 8. Appraisallnstitutc 9* A La Mode Inc. 10. Law Seminars Inremational 11 * MclWsock: Inc. 12. Adriatic Inc. 13+ PROScbools 14+ MvIrut Real Estate School form MAP. PLAT - "TOTAL for Windows" appraisal software by a la mode, inc. - 1 ~800~ALAMOO, - 16 - LICENSE Borrqwer/Client NA ________ Pro e fI._ddr~ss IIighwaY_19J_ ~irL Quilccnc Lender NA County Jefferson_ __Stal~:,~ ::' ___~.....~","'--e""-"",_,~ STATE OF WASHINGTON ~ :~ ~ ~ ~ ~', ., <: " [)(P..-\K II\-"U-'-I" or LI( [NSI'\IC FHJSISESS AI\D Pf{O~ESSIONS DIVIS~( IN THfS fTRTIHES TIlATTHE PERSON J'\AMED HEREON IS AUTI!ORIZED, P.S PRUVlDED BY LAW. AS A ( ~ I ~~h:-;IJ)E~l-[,\L REr'T_ ESTATE APJ..'R^L~EK 1'"1:. FRICKSI-:'.; -:-J:\"I) W,\ 'J:,);i;.: ,I I I , 1 .:;,j, -"It' ,\eu CertLic No. ! 'i~) 1229 -~-~- ,,--~.-- Issued Date 10j25)1991 Expiralion Date 1]i25/2~]1 "n._ r~-~ Form MAP,PLAT - "TOTAL for Windows" appraisal software by a la mode, inc, -1-800-ALAMOOE _ 17 - ___llQJ~gde ___1)8376 ~l ~l .J ~l '" ['t ~~,I ,., ,', ~:: k't ~~ >i ...; ~. ~:i '3 ~,I fL.'~a.~ ~l ) DII-ector n "~~_'-;--:~~l'I"ii:.;i_:,' Location Map _~rroweriCli~flJ NA Pro eJ:tY Address__ I lighwa):J 0 1 J2m'__Quilc911C ------ Lender NA _____~Q_W_nty JeJIt:T"on State Wa liD Co_de__ 98376 ,'i-:' .,,j , 1>- :ill Cij.nl~n<1 [S1iU\d ~ ~ Protection Isbn;} Port Townsend , . ....' Olf',\ .f', Hw~) . Sequim "F::,"iJ,;.,. 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Highwa:y 101 Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICPIXSR - "TOTAL for Windows" appraisal software by a la mode, lnG, -1-800-ALAMOOE - 21 )ip Code 9837~__ - Subject I.ooking S y,,-' I-hvy 101 Foreground Subject I _onking N\~/ I Iv...)' 101 Foreground Subject Looking t\W Driveway is Stagecoach to Subject Photo Page Borrower/Client _l'^ Pro ertAddress~way lQl_ _CITY Quilccnc Lender 'JA County Jcfl'er:sg.D-______ State Wa ~~ t~_,~ ~:~_,t., ~;/' _'~ .."" '.Trl- ... ,.~,' ,.-- ~~ ~,.,-".:~.:~. ~ __ ,~;-:' ,r;, ",;'1 / '"', " '0.,' . t --J j, " b\ti,f~->~f.r'~!f~ .':~- i'f~{ ~~ .~r~~~~:~J<.~~j~;..- ;'-\: , ,'~j;2L ',-c~."""--~- . ""'. . ~...-'" )p.- l ::'.:{ .....,,-._,. .~~co,,~~ "I:',~' , "'," - ~~~. -- . . '~~~-~: .. ,,- ,'",},tt'el. .-~,f;::;; ":"A fI): ~_.- ,;,: T" --".~,..;;:~-; ',.-~;'_::: .~-:.,,' ~ :'._:~J~-:~~'<J>' ...r~:";._.~'.~~_ -"',: . "" '~,- '..' ~.---~,..->tl:!;,;,.-".,,-,-' ",. r~, " .,.-.."", . <>,.-. ,"; ;;..,~;;.;~~~~~~.':.: '.' '. ;;-"",,_...~~,. ~.~-..\~~.;..~ ,.;' ~'4-: ...~;,,~ ~ ...~~~~,___..~~,~:c:,\-~;;~~?~__:_~i;{;;.-:.::::-::;;- ~-" ~::-'"~::~L~~~ Highway (() I Sales Poce Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PICPIX.SR - "TOTAL tor Windows" appraisal snttware by a la mode, inc. -j.800.ALAMOOE - 22 - Zip Code 98119 Subject Looking \Vest From Slagccoach Ln Garage East End Faces Hwy but No Drivc\:vay Comparable Photo Page - Borro_wer/CJillDt NA PropertyJ,ddress. Higll\\'ay 1()L CiLQuil_<:;cne Lender NA ~ountu~ne:r:son _ ~ate Wa _ Zip Code 9RJ~ - Comparable 1 Parccl 901 132002 Prox, to Subject 14.84 miles Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Qualily Age looking NE from Beaver Vlv Rd Camp is Forest Area on Hill Comparable 2 Parcel 80 I 204006 ProX. to Subject 5.50 miles Sale Price Gross Living Area T atal Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age I xloking East From Center Rd Comparable 3 Parcel 701062001 Prox. to Subject 5.03 miles Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View SITe Quality Age Looking \"-'esl frotn Easement - 23 - Form PICPIXCR - "TOTAL for Windows" appraisal software by a la mode, inc, -1.8DD.ALAMODE , . . Comparable Photo Page Bgrrower/Clienl i'JA PrQQertv Address l::Iigh"vay _~__ Ci ____ Qui kcne Lender NA CO~flty Jefferson __State W" Zip Code 9R}76 ~~. Comparable 4 Parcel 80211 1001 Prox_ to Subject 7.22 miles Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age I.ooking South ':",,'1< Comparable 5 Parcel 702272002 Prox. to Subject 0.39 miles Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Looking N J:: Comparable 6 Pan:el 701194023 ProX. to Subject 2.99 miles Sale Prrce Gross liVing Area Total Rooms Total Bedrooms Total Bathrooms location View Site Quality Age Looking Sf Form PICPIX.CR - "TOTAL tor Wmdows" appraisal software by a la mode, inc. -t-800-ALAMQDE - 24 - ., , Comparable Photo Page Borrower/CJ~nt ~A__ - - pJ:<l!ll'rlyMdres~Iligl>wa}'JOL___ -- City .Ql!ilccne ____ ____ _______ CounJy,~e:rson --- Lender N/\ -- - __State_~a _~ipCode 98376 _ Comparable 7 Parcel 601112006 Prox. to Subject 5.68 miles Sale poce Gross Living Area Total Rooms T atal Bedrooms Total Bathrooms Location View Site Quality Age Looking SF across Coyle Rd ~~ Comparable 8 Parcel 902361001 Prox. to Subject 10.79 miles Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age . I Looking West Camp is the \Voodcd area Comparable 9 Parcel 702024027 ProX. to Subject 4.31 miles Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Looking East from Road form PICPIX.CR ~ "TOTAL for Windows" appraISal software by a I' mode, Inc. -1-800-ALAMOOE - 25 -