Untitled


Jul 7, 2014 - The subject is located in Huntington Center, convenient to area amenities. Occupancy and vacancy ratios are from the FFIEC web site, a public ...

CADRE GROUP, LLC

COMPREHENSIVE ANALYSIS & DIRECTION/REAL ESTATE 292314 File No. 14070313

APPRAISAL OF

SINGLE FAMILY RESIDENCE

LOCATED AT: 28 Roaring Brook Lane Shelton, CT 06484

FOR: HUNT LEIBERT JACOBSON, P.C. 50 WESTON STREET HARTFORD, CT 06120

BORROWER: Filippis, et al.

AS OF: July 7, 2014

BY: Susan C. Marra CORPORATE OFFICE 60 KATONA DRIVE SUITE 27 FAIRFIELD, CT 06824

TELEPHONE (203) 368 - 2000 FACSIMILE (203) 368 - 2210

Limited Appraisal Analysis - Summary Appraisal Report

292314

File No. 14070313

CADRE GROUP, LLC

BORROWER/SUBJECT PROPERTY INFORMATION

Filippis, et al. 28 Roaring Brook Lane City Shelton Phone No. Res. None Loan Amount Requested $ None

Borrower

No. of Rooms

No. of Bedrooms

No. of Baths

3

2.1

8

Growth Rate

X

Urban

X

Built Up

X

Fully Dev.

Over 75% Rapid

Property Values

Increasing

Demand/Supply

Shortage

Marketing Time

Under 3 Months

70

Present Land Use

% 1 Family

X X X

% 2-4 Family

Fairfield Term None

County

Family Room or Den Yes

X

State Months

Zip Code

Garage/Carport (Specify Type & Number)

2 C Att Gar

FIELD REPORT

Suburban

Rural

25% to 75%

Under 25%

Condo

Owner's Estimate of Value $

3,009

Sq. Ft.

Porches, Patio or Pool (Specify)

Good

Steady

Slow

General Appearance of Properties

Declining

Appeal

In Balance

Oversupply

% Apts.

06484 None Central Air

Deck,pch,pool

Stable 4-6 Months

MSA 14860

2-4 Units

X

Yes

Avg.

Fair

No

Poor

X X X

Property Compatibility

Over 6 Months

20

10

% Condo

Likely X Not Likely Tenant 20% X Owner 75% 300,000 To $ 800,000 Predominant Value $ 10 Years To 150 Years Predominant Age 50

% Commercial

Taking Place

Predominant Occupancy

5 % Vacant 500,000

Single Family Age

PUD

Gross Living Area

No

Change in Present Land Use Single Family Price Range $

Map Reference

Check One:

NEIGHBORHOOD Location

1103.02 X SF CT

Census Tract

Property Address

% Industrial

% Vacant

From

Yrs.

%

To

Occupancy and vacancy ratios are from the FFIEC web site, a public access, census- based demographic profile updated 07/01/2014.

Note: Freddie Mac does not consider race or the racial composition of the neighborhood to be reliable appraisal factors. The subject is located in Huntington Center, convenient to

Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise)

area amenities.

SUBJECT PROPERTY Approximate Year Built

No. Units 1

1996

No. Stories 2

PROPERTY RATING

Type (detached, duplex, semi-det etc.) Design (rambler, split level, etc.) Exterior Walls Material Wood

Address

Date of Sale/Time Location Site/View Age Condition Above Grade

Yes

No on-site or interior inspection was made. The appraisal assumes average condition.

SALES COMPARISON ANALYSIS

SUBJECT

COMPARABLE NO.1 7 Roaring Brook Ln Shelton 0.11 miles NE $ None

COMPARABLE NO.2

36 Mulberry Ln Shelton 0.45 miles SW

28 Roaring Brook Ln

Shelton $

VALUE ADJUSTMENTS

DESCRIPTION

DESCRIPTION

Bdrms.

Baths

Total

Bdrms.

$

560,000

+( -)$ Adjustment

DESCRIPTION

COMPARABLE NO.3

50 Cedarwood Ln Shelton 1.95 miles NE $ 485,000

+( -)$ Adjustment

Baths

Total

Bdrms.

DESCRIPTION

09/17/2013 SD Average 0 .81 ac/ avg 0 10 Years Good

05/14/2014 SD Average 0 .96 ac/ avg 0 28 Years -56,000 Average

06/19/2014 SD Average .71 ac/avg 17 Years Good

N/A Average 1.11 ac/avg 18 Years Average Total

Poor

None noted from the exterior.

Proximity to Subject Sales Price

Fair

X X X

Appeal and Marketability

Shingle

No

Comments (favorable or unfavorable including any deferred maintenance)

ITEM

Avg.

Compatibility to Neighborhood Roof Material Comp

Is the property located in a HUD-Identified Special Flood Hazard Area? Special Energy Efficient Items

Good

Condition of Exterior

Detached Colonial

Baths

Total

Bdrms.

550,000

+( -)$ Adjustment

0 0 -55,000 Baths

9 3 2.1 0 10 4 3.1 -5,000 2.1 3,138 Sq.Ft. -3,200 3,048 Sq.Ft. 0 2,882 Sq.Ft. +3,200 Gross Living Area FWA / C/Air FWA / C/Air FWA / C/Air Heating/Cooling 2 C B/In Garage 0 3 C Att Garage -5,000 2 C Att Garage Garage/Carport Porch 0 Deck Deck Porches, Patio, 0 +10,000 Above grnd pool None +10,000 None Pools, etc. -5,000 -5,000 1 Fireplace 1 Fireplace -5,000 1 Fireplace Special Energy None None None Efficient Items Full Bsmt Full Bsmt Full Bsmt Other (e.g. kitchen +2,500 +5,500 1000 sf w/ HBth 1000sf fin w/HBath +2,500 696sf fin w/ HBth equip., remodeling) Net Adj. (total) X 60,700 5,500 X 50,300 X + $ $ $ + + Indicated Value 12% 5% 15% Gross: Gross: Gross: of Subject -11% $ 489,300 1% $ 490,500 Net: -9% $ 509,700 Net: Net: General Comments GLA was adjusted at $25 per square foot when differences of over 100 square feet exist then rounded to the nearest $100. All comparable sales are deemed to be the best possible sales in terms of design and location. See attached addendum for additional comments. Land value is estimated at $150,000. Property Rights Appraised: X Fee Simple Leased Fee Leasehold 490,000 as of July 7, 2014 Estimated Market Value $ Completed By Susan C. Marra Title APPRAISER Room Count

8

3

2.1 3,009 Sq. Ft. HWBB/ C/Air 2 C Att Garage Deck In Grnd Pool None None Full Bsmt 1000sf fin w/FBath

9

4

Signature

Date Produced using ACI software, 800.234.8727 www.aciweb.com

CADRE GROUP

07/08/2014

Limited Appraisal Analysis - Summary Appraisal Report

292314

ITEM Address

SUBJECT Shelton $

VALUE ADJUSTMENTS Date of Sale/Time Location Site/View Age Condition

DESCRIPTION

Total

Room Count

8

Heating/Cooling Garage/Carport Porches, Patio, Pools, etc. Special Energy Efficient Items Other (e.g. kitchen equip., remodeling) Net Adj. (total) Indicated Value of Subject

DESCRIPTION

N/A Average 1.11 ac/avg 18 Years Average

Above Grade Gross Living Area

COMPARABLE NO.4 8 Roaring Brook Lane Shelton 0.09 miles SE $ None

COMPARABLE NO.5

COMPARABLE NO.6

28 Roaring Brook Ln

Proximity to Subject Sales Price

File No. 14070313

CADRE GROUP, LLC

SALES COMPARISON ANALYSIS

Bdrms.

3

Pending Average 2.55 acres/Avg 18 Years Average Baths

2.1 3,009 Sq. Ft. HWBB/ C/Air 2 C Att Garage Deck In Grnd Pool None None Full Bsmt 1000sf fin w/FBath

Total

8

Bdrms.

4

$

589,900

+( -)$ Adjustment

DESCRIPTION

$

+( -)$ Adjustment

DESCRIPTION

+( -)$ Adjustment

-29,500 -36,000

Baths

2.1 3,201 Sq.Ft.

FWA/C/Air 3 C Att Garage Deck,Encl Pch, Pch above grnd pool 1 F/P None Full Bsmt 1198 sf w/ FBath X + $ 15% Gross: -15% $ Net:

Total

Bdrms.

Baths

0 -4,800

Total

Bdrms.

Baths

Sq.Ft.

Sq.Ft.

-5,000 -10,000 0 -5,000

0 90,300

X + Gross: 499,600 Net:

$

-

0% 0%

ADDITIONAL COMMENTS

$

0

X + Gross: 0 Net:

-

0% 0%

$

0

$

0

The active listings are adjusted down 5%, reflecting the lack of buyer negotiation, which tends to lower the eventual sales price.

Produced using ACI software, 800.234.8727 www.aciweb.com

SUBJECT PROPERTY PHOTO ADDENDUM File No.

292314 14070313

FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 7, 2014

REAR VIEW OF SUBJECT PROPERTY

STREET SCENE

COMPARABLE PROPERTY PHOTO ADDENDUM File No.

292314 14070313

COMPARABLE SALE #1 7 Roaring Brook Ln Shelton Sale Date: 06/19/2014 SD Sale Price: $ 560,000

COMPARABLE SALE #2 36 Mulberry Ln Shelton Sale Date: 05/14/2014 SD Sale Price: $ 485,000

COMPARABLE SALE #3 50 Cedarwood Ln Shelton Sale Date: 09/17/2013 SD Sale Price: $ 550,000

COMPARABLE PROPERTY PHOTO ADDENDUM File No.

292314 14070313

COMPARABLE SALE #4 8 Roaring Brook Lane Shelton Sale Date: Pending Sale Price: $ 589,900

COMPARABLE SALE #5

Sale Date: Sale Price: $

COMPARABLE SALE #6

Sale Date: Sale Price: $

LOCATION MAP File No.

TELEPHONE (203) 368 - 2000 FACSIMILE (203) 368 - 2210

292314 14070313

CADRE GROUP, LLC 292314 File No. 14070313

USPAP ADDENDUM Borrower: Filippis, et al. Property Address: 28 Roaring Brook Lane Shelton City: County: Fairfield Lender: HUNT LEIBERT JACOBSON, P.C.

State: CT

Zip Code: 06484

APPRAISAL AND REPORT IDENTIFICATION

This report was prepared under the following USPAP reporting option: Appraisal Report A written report prepared under Standards Rule 2-2(a). X Restricted Appraisal Report A written report prepared under Standards Rule 2-2(b).

Reasonable Exposure Time

My opinion of a reasonable exposure time for the subject property at the market value stated in this report is: 30 - 180 days

Additional Certifications

X I have performed NO services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year

period immediately preceding acceptance of this assignment.

I HAVE performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Those services are described in the comments below.

Additional Comments None.

APPRAISER: Signature: Name: Susan C. Marra Date Signed: 07/08/2014 State Certification #: RCR.0000895 or State License #: or Other (describe): State #: State: CT Expiration Date of Certification or License: 04/30/2015 Effective Date of Appraisal: July 7, 2014

SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Did Not Exterior-only from street Interior and Exterior Produced using ACI software, 800.234.8727 www.aciweb.com

USPAP_14 01072014

Case No.

292314

CADRE GROUP, LLC

File No.

14070313

PURPOSE AND USE OF LIMITED APPRAISAL

The purpose of this limited appraisal is to estimate market value by performing an evaluation of real property collateral for use in a proposed underwriting. This limited appraisal is for the use of the party to whom it is addressed and any further use or dissemination without consent of the appraiser and addressee is prohibited.

DEFINITION OF MARKET VALUE

Market value, as referenced in OCC Rule 12 CFR 34.42(f): The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own 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 the sale. Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional 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.

DESCRIPTION OF LIMITED VALUATION PROCESS

In performing this preliminary value analysis, the valuation process consisted of: (1) Reviewing assessment/public records and comparable database listing information for the subject; (2) Conducting an inspection for the subject and its environs; (3) Analyzing sales of regional residential real estate; (4) arriving at a value conclusion; (5) Writing this report. Departures from specific appraisal guidelines included: SR 1-3 because the appraiser has presumed, for the purpose of the limited appraisal, that the existing use of the subject property is the highest and best use; SR 1-4 because only a sales comparison analysis of value was employed in this limited appraisal since it is the primary valuation method for residential dwelling similar to the subject. Any additional uses of the departure provision are specifically stated in the attached appraisal report or its' attachments.

SALES HISTORY

According to the data utilized in preparing the report, the property

has X has not transferred within the past 12 months.

LEVEL OF RELIABILITY

The use of the departure provision to allow a limited appraisal with a single approach to value reduces the level of reliability of this report.

RECONCILIATION

Complete weight was given to the Sales Comparison Appraoch as it is the appraoch used by most buyers when purchasing a single family dwelling. The Income Approach was not applicable because of the lack of rental information and meaningful relevancy to the value of a dwelling located in this primarily owner occupied neighborhood. On the other hand, the Departure Provision was utilized to eliminate the Cost Approach because the appraiser decided this omission in this limited appraisal assignment would not confuse or mislead the client or the intended users of this report. The market value is estimated on the FHLMC form 704 or similar form attached.

ASSUMPTIONS AND LIMITING CONDITIONS

* No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be marketable. The property is appraised free and clear of any and all liens or encumbrances, except as noted in the report. * Information furnished by others during the course of the research as been verified to the extent possible and is believed to be reliable, but no warranty is given for its accuracy. * No responsibility is assumed for the effect on value of hidden or unapparent conditions of the subsoil or structures; or for arranging engineering studies to discover such conditions. * No evidence of contamination or hazardous materials was observed. However, the appraiser is not qualified to detect potential hazardous waste material that may have an effect on the subject property. The client may wish to retain such an expert if he desires. * Sketches and other illustrative material are included only to assist the reader in visualizing the real estate and its environs, are based on data developed and supplied by others, and are not meant to represent a survey or as-built plan. * Any distribution of the total valuation among the land, improvement, and/or other components applies only under the stated program of utilization and must not be interpreted or used as individual values for other purposes. * The appraiser is not required to provide consultation, testimony, or attendance in court by reason of this assignment, unless such services have been arranged in contracting the assignment. * Possession of the report or a copy thereof does not carry with it the right of publication, and it may not be used for any purpose by anyone other than the addressee, without the written consent of the author and addressee. Even with such permission, out-of-context quoting from and/or partial reprinting of the report is prohibited. The report is an integrated entity and is only valid in its entirety. * Neither all nor part of the contents of the report shall be disseminated to the public relations, news, sales, or other media without the prior written consent and approval of the author.

LIMITED SCOPE APPRAISAL CERTIFICATION

I certify to the best of my knowledge and belief that: 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 limited conditions and are my personal, unbiased, professional analyses, opinions and conclusions; I have no present or prospective interest in the real estate and have no personal interest or bias with respect to the parties involved; my compensation is not contingent upon the reporting of a predetermined value estimate, the attainment of the stipulated result, or the occurrence of a subsequent event; the analyses, opinion and conclusions were developed and the report prepared in conformance with and subject to the requirements of the Uniform Standards of the Professional Appraisal Practice of the Appraisal Foundation; the appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan; I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual(s) in the performance of the appraisal or the preparation of the appraisal report, I have named such indiviual(s) and disclosed the specific tasks performed by each 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 not take the responsibility for it.

SUPERVISORY APPRAISER'S CERTIFICATION

If a supervisory appraiser signed the appraisal report, He or she certifies and agrees that: I directly supervised 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 above, and am taking full responsibility for the appraisal and the appraisal report.

PROPERTY:

28 Roaring Brook Lane, Shelton, CT 06484

APPRAISER:

SUPERVISORY APPRAISER (only if required):

Signature: Name: Susan C. Marra Date Signed: 07/08/2014 State Certification #: RCR.0000895 Or State License #: State: CT Expiration Date of Certification or License: 04/30/2015 Did X Did Not Inspect the Interior of the Property

Signature: Name: Date Signed: State Certification #: Or State License #: State: Expiration Date of Certification or License: Did Did Not Inspect Property Produced using ACI software, 800.234.8727 www.aciweb.com

CADRE GROUP

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