View
213
Download
0
Category
Preview:
Citation preview
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
1/101
Prepared for:
APPRAISED BY:
REAL ESTATE APPRAISAL
Complete Appraisal - Self-Contained Report
Before and After)
Single Family Dwelling Residence
37 Mohawk Drive,
Canton, Hartford County, Connecticut
Effective Date o Market Value: September 5 2014
Date o Appraisal Report: September 8, 2014
Owner: Morisano Frank and Elaine
Volume 153, Page 589
Mr. Edward Fox
24 Old Mill Drive
Canton, CT 06019
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
2/101
REAL
ESTATE
APPRAISERS
CONSULTANTS
P.O. BOX 290 0563 WETHERSFIELD, CT. 06129-0563 (860) 635 7500 FAX (860) 635 3339
September 8, 2014
Mr. Edward Fox
24 Old Mill Drive
Canton, CT 06019
Re: 37 Mohawk Drive, Canton, T
Dear Mr. Fox:
At your request, on behalf
of
Mrs. Elaine
R
Morisano, or the subject property owner, and
for the purpose
of
estimating the fair market value,
as
before and
as
after,
of
the property
at 37 Mohawk Drive, in Canton, Hartford County, Connecticut,
we
present herewith our
report containing our estimate of value and the data and analyses used in arriving at our
estimate of value.
Introduction:
The purpose of this appraisal report
is
to estimate Market Value impact
as
a result of the
proposed zone change for a large tract identified with the street address of 67 4 and 684
Albany Tpke. (AKA Route 44) and furter identified as Lot 1010674 and 1010684 of Canton
Assessor s Map 21.
Specifically, the above captioned proposed zone change property comprises aggregate site
size of roughly 39.00 acres currently zoned R-2, or residential 2. As per a zone change
application form to the town
of
Canton Zoning and Planning Commission dated July 2, 2014,
the current subject property ownership is requesting a zone change for 31 acres from the
total of approximately 39 acres from residential R-2 to Industrial (I).
As a result, several of the adjoining property owners are very concerned about the resulting
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
3/101
REAL ESTATE APPRAISERS CONSULTANTS
P.O.
BOX
290-0563
WETHERSFIELD, CT.
06129-0563
860) 635-7500
FAX
860) 635-3339
Re: 37 Mohawk Drive, Canton, CT
Introduction, continued
The reason for my zone change
is
to accommodate my strong feelings that there is a
significant demand for small uses
o
development which could be developed in the industrial
zone. My feelings were confirmed by recent building opportunities which I will present at
the meeting. Per the strategic plan, this zone change and development would promote the
health, safety and especially the welfare
o
the Town. The parcel rates low on the
Conservation score o the Conservation Vision and was identified as an opportunity location
on the same plan. With proper detention and engineering the development would be healthy
and provide a safe environment.
Further considerations reported are stated as follows:
' ' We are proposing the Zone change from R-2 Zone to I-Zone on our location on Route
44, based on several considerations.
A. We envision excellent potential for small business, industrial, and similar users allowed
under the I-Zone on this parcel.
B The development o residential use on the property would be a tax burden for the Town.
C. The adjacent pacel in the Town
o
New Hartford is zoned industrial and this zone change
would be compatible with the adjacent land in New Hartford.
D. The Canton Strategic Plan endorses the use o this land for economic development. The
report on page 36 states that only about fifty (50) acres o undeveloped land is zoned for
non-residential use in the entire Town. It further states that managing the business to
residential tax proportion would be key to keeping the Town's tax rate competitive, and
keeping Canton a desirable place to live.
E. The same Strategic Plan on page 36 identifies this parcel land as a potential opportunity
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
4/101
ohn
1 o
.:::Al onte
REAL ESTATE APPRAISERS CONSULTANTS
P.O. BOX 290 0563 WETHERSFIELD, CT. 06129 0563 (860) 635 7500 FAX (860) 635 3339
Re: 37 Mohawk Drive, Canton, CT
Introduction, continued
Thus, our purpose
is
to evaluate the subject property as before and as after to estimate
what potential damages, or reduction in fair market value the subject of this report will suffer
as well s (equally) ten's
of
similar single family dwellings which are located in the subject
neighborhood
s
well as extended subject's neighborhood.
The property that
is
the subject of this report consists
of
a 2,363 square foot, above grade,
newer (1987) residential single family contemporary style dwelling,
s
per assessor's office
records, on approximately 2.44 acres (106,
11
sq ft)
of
land on the terminus
or
cul-de-sac
of
Mohawkk Drive, in the extreme central-west quadrant of Canton, and immediately to the
east
of
the New Hartford Town Line.
It should be further noted here that the subject property essentially
is
a rear parcel and as
such it enjoys a great deal of privacy, as well
s
a park like setting, since it's situated
roughly 325 feet set back from the cul-de-sac known
s
Mohawk Drive.
Our report describes the property in detail, and analyzes the property with respect to market
value, as defined in our report.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
5/101
REAL ESTATE APPRAISERS CONSULTANTS
P O BOX
29 563
WETHERSFIELD, CT 06129-0563 (860) 635-7500 FAX (860) 635-3339
Re: 37 Mohawk Drive, Canton, CT
Introduction,
continued
As already reported, the purpose o this report is to estimate the market value o the fee
simple interest in the property on an as is basis in the before and in the after. The
appraisal is self-contained.
Based on the proposed zone change, the following zoning impact will be highlighted, both
in the before and in the after .
37 Mohawk Drive. Canton. Hartford County. CT
The Canton Zoning Ordinance District Map lists the subject property location as being in an
R-2, Residential (2) District Zone District.
Purposes
The Residential
R)
districts are intended to provide suitable areas primarily for residential
uses and development appropriate to the environmental characteristics
o
the land and
character
o
the neighborhood. The primary difference between the varies R districts is to
provide a variety in size and density
o
residential neighborhoods. These districts are also
intended to promote residences while taking into consideration topography, soils, wetlands,
natural features, historic assets, agricultural heritage, availability and capacity
o
infrastructure, and other similar features.
Certain non-residential uses may be allowed in R districts when such uses are compatible
with nearby residential uses and preserve neighborhood character.
Permitted Uses As o Right
Uses permitted by right within the R-2 zone include single-family dwellings; accessory
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
6/101
REAL ESTATE APPRAISERS CONSULTANTS
P.O.
BOX
2900563 WETHERSFIELD, CT. 06129-0563 860) 635 7500 FAX 860)
635 3339
Re: 37 Mohawk Drive, Canton, T
Introduction, continued
Area, dimensional and bulk requirements within the R-2 Residential Zoning District within
the Town
of
Canton, as they apply to the property being evaluated, are as follows:
Minimum Lot Area: 43,560 sq ft (single family)
Minimum Depth Front Yard: 40 feet
Minimum Lot Width: 150 feet
Minimum width One Side Yard:
15
feet
Total Minimum Width of Both
Side Yards: 30 feet
Minimum Depth Rear Yard:
15
feet
Maximum Lot Coverage: 15
Maximum Permitted Height: 2
h stories, or 35 feet
Minimum Floor Area For
Minimum Open Space: In all residences zones front yard, rear yard and
two side sideyards.
Source: Zoning Regulations
Town
o Canton
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
7/101
John
Lo
61/ onte
REAL ESTATE
APPRAISERS
CONSULTANTS
P.O.
BOX 290-0563
WETHERSFIELD, CT.
06129-0563
860) 635-7500
FAX
860)
635-3339
Re: 37 Mohawk Drive, Canton, CT
Introduction,
continued
Uses Permitted by Zoning Permit Staff) and Site Plan Approval Commission)
1. Lumber Yards
2. Printing and publishing
3. Research- experimental, analytical, pharmaceutical and commercial laboratories including
theoretical research, product engineering and sales development
4. Manufacturing, fabricating, processing, converting, altering, or assembling, and the
packaging, warehousing and distribution
o
machine parts, electrical equipment, electronic
equipment, photographic products, optical products, office and business equipment, plastic
components and computing equipment
5. Warehousing and storage excluding self-storage units and wholesale storage o propane
6. Professional office
7. Accessory use customary and incidental to any use allowed in the industrial district except
that the ZEO may elect to refer an accessory use the Commission upon determing that it may
substantially alter the nature o intensity o teh principal use
o
the site
8. Signs allowed by Section 7.3
9. Outdoor lighting subject
to
the provisions
o
Section 7. 4
10. Off-street parking for up to
5
off street vehicles
11. Utility facilities including water supply pump stations, tanks and stand pipes and
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
8/101
REAL ESTATE APPRAISERS CONSULTANTS
P O
BOX 290 0563 WETHERSFIELD, CT. 06129-0563 860) 635 7500 FAX 860) 635 3339
Re: 37 Mohawk Drive, Canton,
T
Introduction, continued
1 Business Uses
2. Industrial/Infrastructure Facilites
Volume reduction plant and recycling facility to be limted to:
Intake
of
raw materials and clean bulky construction waste such
as
bituminous products,
brush, cardboard, concrete, dirt, gravel, masonry block, metal, quarry rock, sand, stone,
topsoil and wood; compacting, crushing, grinding, screening, separating, sorting, washing,
or similar processing of raw materials and construction waste; stockpiling or storing or raw
materials, construction waste and processed materials; wholesale and retail sales of processed
materials which may include truck weighing facilities; and/or shipment of un-recycleable
materials to an approved disposal facility.
Licensed medical marijuana producer provided that all cultivation of marijuana plants be
conducted in-doors.
Adult Uses (Adult Establishments Facilites)
A Summary of Salient Facts and Conclusions can be found starting from Page No. 1, and
this report is predicated on the Assumptions
and
Limiting Conditions that are listed within.
The reconciled market value relies on the Sales Comparison Approach. The market value
assumes there are no environmental or legal problems with the property and its
improvements, that is as of the date of value.
This is a complete appraisal, summary report intended to comply with the reporting
requirements set forth in Standards Rule 2.2 of the Uniform Standards of Professional
Appraisal Practice (USPAP).
As
such it presents discussion of the data, reasoning and
analyses used in the appraisal process to develop the appraiser's opinion of value. To
develop the opinion of valued contained herein, the appraiser executed a complete appraisal
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
9/101
REAL
ESTATE APPRAISERS CONSULTANTS
P.O.
BOX 2900563
WETHERSFIELD, CT. 061290563 (860) 635 7500 FAX (860) 635 3339
Re: 37 Mohawk Drive, Canton, CT
This appraisal report conforms to the following laws and regulations:
1 FDIC Regulation 12 CPR III B
(Part
323)
2. Guidelines for Real Estate Appraisal Policies and Review Procedures jointly issued
in 1987 by the FDIC, Federal Reserve Board and the OCC.
3. Federal Reserve Board Regulation 4 Subpart G 225.61-225.67
4. Regulations o Connecticut State Agencies 20-328-27 to 20-328-30.
5. Connecticut Public Act 90-332.
6. Uniform Standards of Professional Appraisal Practice which are incorporated by
reference in to FDIC Regulation 323.
Title to the subject property is as
o
the valuation date in the name o Frank A and Elaine
R
Morisano whom acquired the property via Warranty deed dated December 4 1987. This
deed is recorded in Volume 153, at Page 589 of the Canton Land Records. Consideration
stated in this deed is $260,645. To the best of our knowledge, no other transfers have
occurred since the last transaction.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
10/101
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
11/101
:John
Lo
6 l/(onte
REAL ESTATE APPRAISERS CONSULTANTS
P.O.
BOX 290-0563
WETHERSFIELD,
CT
06129-0563
860)
635-7500 FAX
860) 635-3339
Re: 37
Mohawk
Drive, Canton,
CT
As a result of the proposed zone change, if approved of the property known as 674 and 684
Albany Turnpike, situated along the south side of Route 44, or in the immediate vicinity
of
the subject neighborhood, the subject property will be severely negatively affected, in our
opinion, based on the following considerations.
I
37
Mohawk
Drive, Canton, CT
I
Negative impact resulting from the proposed zone change from R-2
(residential) to industrial I) for a 31.00 acres tract situated at 674-684 Albany
Turnpike.
Re-configuration of neighborhood with increased trucks traffic
Increased noise due to additional traffic and trucks. To this extent, the subject
property is situated approximately 0. 6 Mile from the proposed zone change
parcel.
Diminution
of
curb appeal and marketability; hence, location will be also
negatively affected. Potential damages that can occur to the Artisan Well
depending on any potential use(s) that will be allowed if the zone change is
approved.
As a result, in The After the subject is going to be negatively affected by
severance, i.e. damages; thus, the need to appraise the subject property As
Before and As After
The subject propety s a single family owner occupied colonial style dwelling (fairly newer,
1987), over full and partially finished basement, on a site
of 2 44
acres (106,110 sq ft)
zoned R-2, low density residential district.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
12/101
REAL ESTATE APPRAISERS CONSULTANTS
P.O.
BOX
2900563 WETHERSFIELD, CT. 06129-0563 860)
6357500
FAX 860) 6353339
Re: 37
Mohawk
Drive, Canton,
CT
Therefore, after having considered the subject property and its market value in the current
market, it is my opinion that the market value of the subject property, as of September 5,
2014, was:
Property Value
n
total:
390,000 (As Before The Proposed Zone Change)
THREE HUNDRED NINETY THOUSAND DOLLARS)
295,000 (AS AFrER)
(TWO HUNDRED NINETY-FIVE THOUSAND DOLLARS)
96,000 (Damages,or Diminution
in
Fair
Market
Value of 33.3%)
(NINETY-FIVE THOUSAND DOLLARS)
Exposure and Marketing Period
The established market value reflects an exposure time
of twelve months, reflecting the
period prior to the date of value. A marketing period within twelve months is implicit in this
analysis, recognizing the time period after the date
of
value to liquidate the subject property.
The exposure time and the marketing period are based on the known marketing time of the
sales in the region.
f there are any questions, or if we can be
of
further assistance, please do not hesitate to
contact us.
Sincerely,
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
13/101
TABLE O CONTENTS
PAGE
Summary
Of
Salient Facts And Conclusions 1
Photographs of the Subject Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Purpose of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Property Rights Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
O
Function
of
the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scope of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Market Value Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Identification
of
the Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Legal Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Community Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Town Map 24
Neighborhood Analysis 25
Neighborhood Map 27
Zoning 28
Assessment and Tax Data 30
Description
of
the Site . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Assessor s Map
35
Description
of
the Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Valuation Premise 42
Direct Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Reconciliation and Final Value Estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Appraiser s Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Assumptions and Limiting Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Qualifications of the Appraiser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6
ADDENDA
Subject Property Deed
Location Map
Appraiser copy
of
certificate
Assessor s Field Card
Miscellaneous
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
14/101
SUMMARY O SALIENT FACTS AND CONCLUSIONS
Property Appraised: 37 Mohawk Drive, Canton, Hartford County, Connecticut
Owners of Record:
Date of the Report:
Date of Valuation:
Assessor's Reference:
Zoning:
Full Assessment Value:
70% Assessed Value:
Taxes:
Site:
Frank and Elaine Morisano
September 8, 2014
September
5
2014
Map 21, Block NI Lot 3740037
R-2; Residential (2) (Single Family) District
337,900
236,540
6,755 (rounded) yearly
According to Assessor's office records, the subject property
consists of approximately 2.44 acres of land, on the cul-de-sac
known as Mohawk Drive, in the central-west quadrant of
Canton. The subject property's major (locational) attribute is
the rural and tranquil setting but with the convenience of
transportation and employment all within less than 1 mile
radius from the subject neighborhood. Specifically, the subject
property and neighborhood are easily accessible from Route 44
and to a lesser extent from Route 179, to the east of the subject
neighborhood.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
15/101
SUMMARY O SALIENT FACTS AND CONCLUSIONS, continued
Improvements:
The subject property site
is
essentailly a rear parcel since
is
accessible from the terminus or a cul-de-sac location and a
maximum depth of 412 feet on the southerly side.
As
noted,
the subject enjoys a rural and park like setting. The site is
served by on site septic and on site well.
The subject property appears to be situated, according to
community map 09003 C0169F, revised September 26, 2008,
panel 69
of
675, in zone X , or area
of
minimal flood. The
property has a street address
of
37 Mohawk Drive.
For a visual representation of the property, please refer
to
the
Assessor's Map and Photographs
of
Subject Property section
of this report.
The land
is
triangular in shape, partially level and slightly
above street grade with a southwesterly upward slope toward
the rear and south boundary lines. This site is improved with
a residential, cotemporary style dwelling. Landscape is
adequate and site improvements appear
to
be maintained and
in average to good overall condition.
Based on our inspection, and according to Assessor's office
records, the improvements consist
of
a 2-story frame with
clapboard siding exterior single-family built in 1987 modem
contemporary style dwelling, comprising 2,363 square feet
above grade living area, over a full and partially finished
basement, with a total
of
8 rooms, 4 bedrooms, living room,
family room, kitchen and 2.5 baths.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
16/101
SUMMARY
O
SALIENT FACTS AND CONCLUSIONS, continued
Highest and
Best Use, After:
Highest and
Best Use, Before:
The house
is
built on a full, and partially finished basement
and is heated by oil fired hot water boiler.
s
of
the date of valuation (9-5-2014), the premises were
owner occupied and in good to very good overall condition.
According to Assessor's office records the house was built in
1987 and
has
been adequately maintained. There
is
an attached
(under) frame garage to the front comprising 526 square feet
and a wood deck
of
240 sq ft along the rear side.
For additional data
as
to the subject overall finish-condition,
please refer to the improvements description section
of
this
report.
As Is and As Improved single family home, or owner
occupied property.
The highest and best use
of
the property
is
for use as a
residential single-family, owner occupied property.
Estimate
of
value by Direct Sales Comparison Approach:
$390,000 (As Before)
Final estimate of Retrospective
Market
V aloe
s
Is:
Damages (Diminution
in
air
Market
Value): $95,000 (33.3%)
$295,000 (As After)
$390,000 (As Before)
$295,000 (As After)
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
17/101
PHOTOGR PHS O THE SUBJECT PROPERTY
OVERALL
FRONT VIEW
September 2014
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
18/101
PHOTOGR PHS
O
THE SUBJECT PROPERTY
September, 2014
CLOSE-UP RE R SIDE VIEW LOOKING NORTHWESTERLY
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
19/101
PHOTOGR PHS
O
THE SUBJECT PROPERTY
VIEW OF FRONT YARD
September, 2014
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
20/101
PHOTOGR PHS OF THE SUBJECT PROPERTY
VIEW OF ACCESS ROADWAY AND SITE CONTOURS
September, 2014
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
21/101
PHOTOGR PHS O THE SUBJECT PROPERTY
VI
W OF D INING ROOM
ND
FINISH-CONDITI
ON
September 2014
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
22/101
PHOTOGR PHS
O
THE SUBJECT PROPERTY
September, 2014
ADDITIONAL VIEW OF KITCHEN ND FINISH-CONDITION As Is)
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
23/101
PURPOSE OF
TH
APPRAISAL
The purpose
of
the appraisal is to estimate the market value
of
the fee simple estate of the
subject property as before and as after , as it existed on the effective date
of
value-September 5, 2014.
Fee simple interest is composed of the land, improvements, and all of the rights normally
acquired by ownership.
PROP RTY RIGHTS APPRAISED
The property rights appraised are the fee simple estate. Fee simple estate is defined as:
Absolute ownership unencumbered by any other interest or estate subject only to the
four powers
of
government.
Source: Appraisal Institute,
he Dictionary
o
Real Estate Appraisal
12th
Edition, (Chicago, Appraisal Institute, 2001)
The four powers
of
government are eminent domain, escheat, police power and taxation.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
24/101
FUNCTION OF
THE
APPRAISAL
The function of the appraisal
is
to serve
as
an indication of value, as before and as after
of
the property as a whole, for the client so that the subject property may be used for legal
proceedings evaluation, and/ or settlement.
S OPE OF
THE
APPRAISAL
The scope of this appraisal includes an inspection
(exterior and interior)
of the subject
property; an evaluation of the subject property in terms of conformity with local
requirements and suitability of the property for its locale and intended use; and the collection
of data to formulate and support an estimate
of
value for the subject property
as of
September 5, 2014 and as before and as after.
Data will be collected in the general market area (usually considered to be the town/city in
which the property
is
located), and will be confirmed by authoritative sources and/or the
parties involved in the data. All pertinent data will be reported, to the best
of
the appraiser's
knowledge and ability.
Specifically considered within the scope of the appraisal
is
the degree
of
data reported. To
expect a report to cover v ry item related to value
is
not realistic, or even possible. Entire
books have been written about the underlying soils in Connecticut, for example, and these
soils affect value. Every investment property bought and sold has its impact on every other
investment property value, however small.
Likewise, every residence bought and sold impacts all the other residences in the state,
however minuscule the degree. It
is
incumbent upon the appraiser to navigate his or her path
through the available information, select that which he or she deems appropriate and
relevant, and report that which is particularly relevant, informative, possible and practical.
It
is ot
possible for the appraiser to report everything that he
or
she may have encountered
in his or her research, or to convey in writing every thought process that may have occurred.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
25/101
M RKET VALUE DEFINITION
As defined in the Office of the Comptroller
of
the Currency Appraisal and Evaluation
Guidelines promulgated on December 10, 2010, the following is the definition
of
Market
Value included in this report:
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 and
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 both typically motivated.
2. both parties are well informed or well advised and each acting in what he
considers to be his own best interest.
3. a reasonable time
is
allowed for exposure in the open market.
4. payment is made in cash in U.S. dollars or in terms of financial arrangements
comparable thereto.
5. The price represents the normal consideration for the property sold unaffected
by special financing or sales concessions granted by anyone associated with
the sale.
The Most Probable Sales (Selling) Price is defined as:
That price at which a property would most probably sell if exposed to the market for a
reasonable time, under conditions prevailing as of the date of appraisal. (The Dictionary
of Real Estate Appraisal. 4th Edition, Appraisal Institute, 2002).
Leased Fee Estate
is
defined as:
An ownership interest held by a landlord with the rights of use and occupancy conveyed
by lease to others. The right
of
the lessor (the leased fee owner) and the leased fee are
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
26/101
M RKET
VALUE DEFINITION, continued
Fee Simple
The most complete form
of
ownership
is
title in fee. Such ownership establishes an interest
in real property known as fee simple interest; i.e. , absolute ownership unencumbered by any
other interest
or
estate, subject only to the limitations imposed by the governmental powers
of taxation, eminent domain, police owner and escheat.
The Appraisal
of
Real Estate Twelfth Edition, published by the Appraisal Institute. 875 North Michigan Avenue, Chicago,
Illinois, 2001, Page 68.
Gross Buildin& Area
The total floor area
of
a building, including below-grade space but excluding unenclosed
areas, measured from the exterior of the walls.
The Appraisal of Real Estate Fourth Edition, published by the Appraisal Institute.
55
West Van Buren Street, Suite 1000,
Chicago, Illinois, 2002, Page 131.
Gross Living
rea
The total area of finished, above-grade residential space excluding unheated areas such
as
porches and balconies; the standard measure for determining the amount
of
space in
residential properties.
The Dictionary of Real Estate Appraisal Fourth Edition, published by the Appraisal Institute, 550 West Van Buren Street,
Suite 1000, Chicago, Illinois, 2002, Page 132.
Prospective Value Estimate
A forecast
of
the value expected at a specified future date. A prospective value estimate is
most frequently sought in connection with real estate projects that are proposed, under
construction,
or
under conversion to a new use, or those that have not achieved sellout
or
a stabilized level
of
long-term occupancy at the time the appraisal report is written.
The Dictionary of Real Estate Appraisal Third Edition, published by the Appraisal Institute, 875 North Michigan Avenue,
Chicago, Illinois, 1993, Page 283.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
27/101
IDENTIFICATION
OF TH
PROPERTY
The subject property consists
of
a 2-story wood frame (newer built 1987) single family,
contemporary colonial style dwelling commonly known
as
37 Mohawk Drive, Canton,
Hartford County, Connecticut. The property
is
also identified as Lot 3740037,
of
Canton
Assessor's Map 21. The current owner
of
record
as
of the valuation date
is
Frank and Elaine
Morisano.
LEGAL DESCRIPTION/PROPERTY HISTORY
Title to the subject property
is
as
of
the valuation date in the name
of
Frank
A
and Elaine
R
Morisano which acquired the property via Warranty deed dated December 4, 1987. This
deed
is
recorded in Volume 153, at Page 589
of
the Canton Land Records. Consideration
stated in this deed is 260,645. Please see the copy
of
this deed in the addenda
of
this report.
No other transfers
of
the subject property have occurred since the last transaction, as noted.
REGION L M P
September 2014
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
28/101
"
:
1
Not to Scale
l
\1 .
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
29/101
COMMUNITY D T
Location
Canton
is
located in central-west Connecticut, about 14 miles west
o
Hartford, in the
Farmington Valley region. The town is a suburban community that has experienced robust
growth in the past
25
years, when some
o
the town's farmland began to be developed with
single family homes.
Transportation
Canton
is
served by U.S. Route 44, a highway
o
regional significance. U.S. Route 44 has
nearby connectors to Routes 179, AKA Bridge Street, 177 and US 202, providing good
highway access from Canton to all points. Local and state roads are all in good conditions,
generally, and are well equipped to handle local and intercity traffic.
Population
The population
o
Canton was 8,840, according to the 2000 census, and continues to grow.
2011 population is estimated at 10,335. In the 1990-2010 period, Canton's population grew
2.5 . This rate o growth far exceeds the population growth o Hartford Labor Market
Area (6. 9 Hartford county (6. 0 and the State
o
Connecticut (9. 8 as a whole.
Unemployment levels in Canton are below state averages, and average per capita income is
higher than Hartford county and state levels.
Canton
is
bordered on the north by the towns
o
Granby and Barkhamsted, on the east by
the Town
o
Simsbury, on the south by the towns
o
Avon and Burlington and on the west
by the Town
o
New Hartford.
It
is
approximately fourteen miles west
o
Hartford, the capital, and the location o major
employment centers. As noted, U.S. Route 44 runs through Canton, east to west and is the
major commuting Route for the area.
Canton
is
home
to
some industries
o
which the principal are: agriculture, and light
manufacturing. However, primarily it
is
a residential community. The Town o Canton is
located in an excellent area in central-west Connecticut within a fairly short distance
o
Hartford, East Hartford, Farmington, West Hartford, Bloomfield and Granby, home to some
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
30/101
COMMUNITY
DATA continued
Population, continued
Route US 44 runs east to west through town and
is
its main commercial district. There are
two large sized shopping centers, many restaurants and small strip centers; moreover,
additional retail space,
or
a shopping center
is
currently under construction along Route 44;
in addition, there are several newer small office buildings and light industrial parks. Canton
has a good school system.
Canton
is
a small town with ample remaining land to be developed. The population tends
to remain stable creating a pleasant hometown environment.
Over a 30-year period, the Canton Land Conservation Trust has acquired several parcels o
land in Canton and Barkhamsted, approximately 1,200 acres in all. This property is open to
all Canton residents for use as passive and low-environment-impact recreation. The Land
Trust receives support from private donations o land and from its sales o Christmas trees
in December.
Overall Canton is a desirable residential community in which to live and work and should
remain so into the foreseeable future in your appraiser's opinion.
Employment Characteristics
Canton is a western suburb o Hartford, the capitol o Connecticut; the commute by highway
into Hartford
is
about
25
minutes.
The population grew by 16.9% in the period o 2000-2011 and is expected to experience a
0.4% growth in the period o 2011-2016. The current population
is
about 10,139.
The median household income in Canton exceeded the state average in 2011, $82, 619 versus
$69,243. The town ranked 59th out o 169 towns in the state in household income.The town
has a Board o Selectmen/Town Meeting form o government, a volunteer fire department,
and a paid police department.
Economic indicators show Canton to be above-average in most respects with regard to
population growth income levels and housing. Local government has been responsive to
town citizens and their needs, and an active participating citizenry indicates that past growth
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
31/101
COMMUNITY DATA, continued
Income
State of Connecticut
Hartford County
Burlington
Granby
Farmington
Avon
Simsbury
anton
Median Household Income: 2011
anton
and Environs
69,243
64,007
114,792
99,190
86,675
107,733
116,554
82,619
Connecticut Town Profiles January, 2013.
Household Trends
Several of the most significant demographic changes to occur in Canton during the last three
decades involve the composition of the town's households. The town's average household
size has decreased considerably since 1990, reflecting nationwide trends of declining birth
rates and increasing divorce rates.
The most prominent change in Canton household characteristics has been the decrease of
persons living in family households and the corresponding increase of residents in non-family
households. This trend, common in many other areas, indicates that between 1990 and
2010, there has been a decline in the total persons by household.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
32/101
COMMUNITY DATA continued
Residential and Employee Mobility Characteristics
Canton, is centrally located in the State o Connecticut approximately 100 miles from New
York City to the south and approximately the same distance from Boston to the northeast.
According to the Office
o
Research and Information and the Connecticut Labor
Department s Employment Security Division, the civilian labor force was at 594,551 in the
Hartford Labor Market Area which includes also the town
o
Canton, as
o
June 1, 2014
with a 6.5 percent unemployment rate. Statewide the unemployment rate stood at 6. 7
percent in June o 2014. The national rate stood at 6.1 percent for the same period.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
33/101
COMMUNITY DATA continued
The population
o
Canton
is
a mature, stable community that has a diverse mixture
o
land
use patterns that have created logical neighborhood districts throughout the community.
Hartford County 2011 median household income was 64,007; for the same period the state
median household income was 69,243. Canton median household income for 2011 was
82,619.
The total labor force in Canton as o June, 2014 was 5,852 with an unemployment rate
o
4.3% which
is
much lower than the state average (seasonally adjusted)
o
6.7% and the
Hartford LMA o 6.5% for the same period. The annual 2010 average unemployment rate
for Canton was 6. 8
Source: Connecticut Department of Labor Office of Research; The Connecticut
Economic Digest; June 2014; The Connecticut Economy, Quarterly Report: Fall 2013
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
34/101
COMMUNITY
DATA
continued
Employment
The Hartford Labor Market Area (LMA) and the Hartford Service Delivery Area (SDA)
includes the towns immediately surrounding Hartford. A large percentage
o
the jobs in the
LMA are non-manufacturing. The SDA is larger in geographical scope and includes towns
with significant manufacturing base.
The Hartford LMA has sustained moderate growth levels in job growth by industry. Much
o the state has experienced declines
n
the manufacturing sector.
Transportation
Routes 179 and 177 cross the town
o
Canton in a north/ south direction and provide access
to Northern and Southern Connecticut.
US
Route 44/202 cross the town
o
Canton in an
east/west direction.
Bradley International Airport is located approximately 20 miles to the northeast o Canton,
in Windsor Locks.
In conclusion everything necessary for the town o Canton to grow and attract industrial,
commercial as well as residential users is present in the town. No detrimental factors are
anticipated to alter the aforementioned factors which are present in the town at this time, in
our opinion.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
35/101
COMMUNITY DATA continued
I
I
12:
City Cot mty
Housing Stock 4, 175 372,697
Existing Units (total)
77
8 60.8
Single Unit Detached
New Permits Authorized
8 838
(2012)
Demolitions (2012) 0
192
As of Existing Units 0.19
0.22
Number
221
5,480
Average Price
N/A
N/A
Median Price 301,950
225,000
. s a h i s . P r i c e . D i s t r i 1 > 9 W ~ r \ J ? ) . 1 ) )
Less than 100,000
4
100,001- 200,000
16
200,001- 300,000
20
300,001- 400,000
8
400,001 or more
35
264
1,962
1,666
780
808
1
s t t ~ I
4,481,39
6
64.4
4,669
955
0.32
:
17,157
N/A
246,000
x
1
. t ~ t ~ > . .
1,114
5,005
4,614
2,589
3,835
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
36/101
COMMUNITY DATA, continued
Conclusion
n summary, the town o Canton is considered a healthy and growing community that has
been an increasingly popular community in which to live and work.
The underlying factors contributing to this popularity, a stable real estate taxes rate, a good
school system, relatively easy commuting and fairly strong employment opportunities within
its borders remain in place and suggest the slowdowns in real estate market activity and
declining prices generally), as a result o the economic slowdown affecting the region are
temporary,
i
not already a sign o the past for many sectors o the local as well as regional
economy.
The long-term outlook for the community real estate values should be slow but steady
appreciation, generally, once the economy recovery takes full effect in every economic
sectors, particularly in the employment section
o
the economy.
TOWN M P
September, 2014
Not to Scale
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
37/101
c
' -.......
~
1
~ ;
:::::::
, .
::
:::
.
,
... .
_t ,
Q
ct:
IL\'\
1
Rarlum .\lounrai n
John Lo Monte Real state Apprai sers Consultants
Rarrksn.ite
ill
v
~
\
Roaring o o ~
\arure Ctnur
C a nron ommons
IS
o
pping
'
\u
mbered
Frnare Srrtfl
I
\ I E ~ L 0 W \ I E W
: .
I Q L E F TH
3 EVE R
J . 11\SOll' l 4
S ~ N E
-'Ii?
R V1. C p
R ; R E I
.
Page 24
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
38/101
NEIGHBORHOOD D T
The purpose
o
the Neighborhood Data section is to analyze the influence o the surrounding
neighborhood on the highest and best use
o
the subject property. A neighborhood
is
a
group o complimentary land uses,
as
defined in the 12th Edition o The Appraisal o Real
Estate, (The Appraisal Institute, 2001). A neighborhood exhibits a greater degree o
uniformity than a larger area. Neighborhood boundaries often coincide with changes in land
use, occupant characteristics, and physical characteristics such
as
street patterns, terrain, lot
sizes, and transportation arteries.
The neighborhood in which the subject property is located lies in the extreme central-west
part
o
Canton, and
to
the northwest
o
the quadrant known
as
Collinsville. The
neighborhood
is
bounded roughly by Route US 44 (Albany Turnpike) on the north, by
(Route 202) and the Farmington River on the south, by the Route 179
to
the east, and by the
New Hartford Town Line to the west. The area is one o rolling land, both open and
wooded, with scattered areas o residential development, and mixed uses, primarily along
Routes 44 and 179.
Area properties consist o newer commercial and service uses, small to medium sized farms,
newer subdivisions and newer commercial properties. Route 44 AKA Albany Turnpike,
Simonds Avenue, Dowd Avenue and Route 179, also known
as
River Road, dominate the
area. Particularly Route 44, the region's major thoroughfare,
is
home to several small to
medium sized strip shopping centers, small office buildings and mix-use buildings have all
been either constructed and/or rehabbed during the relatively recent past. Neighborhood
locational amenity is very good.
Area topography
is
rolling, with local roads all paved and municipally maintained, and all
public utilities generally available. The older and newer properties provide a reasonably good
mix, with no detriment to either group, in the opinion o your appraiser. The area continues
to be attractive and growing, though development has slowed somewhat during the past five
years, more or less.
t
is
expected that demand for both residential and commercial properties will improve,
however, as the Connecticut economy rebounds. While recovery is expected
to
be very
gradual, the subject neighborhood, with its very good proximity to Hartford should be among
the more attractive, and one
o
the early beneficiaries
o
any economic recovery.
The life
o
a neighborhood has four stages:
1
Growth, 2 Stability, 3) Decline and 4)
Revitalization. The subject neighborhood would best be described as Number 1, in a state
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
39/101
NEIGHBORHOOD DATA, continued
The general neighborhood
is
serviced with paved streets, street lighting, storm sewer, on site
well and septic sytstem, electricity, telephone service and propane gas service.
Conclusion
The subject neighborhood
is
an appropriate location for the subject property; this type o
property, or newer single family dwelling
n
a residential zoned (R-2) parcel located close
to a major thoroughfare (Route 44) in the area,
is
a short supply commodity in the town o
Canton, since there are only limited vacant tracts left which could benefit from the
aforementioned locational characteristics.
s
a result, the location
is
a very good one being
easily accessible via Route 44/202, AKA Albany Turnpike, and via Route 179 AKA River
Road.
Traffic
is
very heavy along both roadways, Route 44 and Route 179 at most times o the
day, and
as
a result congestion sometime
is
a problem, particularly during the rush hours.
This highway (Route 44), connects Canton with Hartford, and it
is
the primary arterial
connector which bisects the town
o
Canton in a west/east direction.
Present and future development will be in the form
o
residential, retail, specialty stores and
commercial buildings. Growth may be limited by the amount o vacant land available for
development.
In conclusion there
is
nothing
n
the subject neighborhood which could detract from the
subject property as improved,
as
per zoning, residential (R-2) District, homogeninity
o
use
and curb appeal.
NEIGHBORHOOD MAP
September, 2014
Not
to
Scale
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
40/101
c
LEGEND
MAJOR HIGHWAY
PAVED ROAD
UNPAVED ROAD
FOOTP TH
I
R I L R O D ~
~ ~
~
1
/..........
~ I
' / ...
l
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
41/101
ZONIN
37 Mohawk Drive. Canton. Hartford County. CT
The Canton Zoning Ordinance District Map lists the subject property location as being in an
R-2, Residential 2) District Zone District.
Purposes
The Residential R) districts are intended to provide suitable areas primarily for residential
uses and development appropriate to the environmental characteristics
of
the land and
character
of
the neighborhood. The primary difference between the varies R districts
is
to
provide a variety in size and density of residential neighborhoods. These districts are also
intended to promote residences while taking into consideration topography, soils, wetlands,
natural features, historic assets, agricultural heritage, availability and capacity
of
infrastructure, and other similar features.
Certain non-residential uses may be allowed in R districts when such uses are compatible
with nearby residential uses and preserve neighborhood character.
Permitted Uses s of Right
Uses permitted by right within the R-2 zone include single-family dwellings; accessory
buildings and uses; and home occupations.
Uses permitted and approved by the Commission include, but are not limited to, cluster
developments, multi-family dwellings, elderly housing developments, two-family dwellings
and age restricted housing communities.
or other permitted accessory and/or special permit uses refer to Town of Canton Zoning
Regulations.
Area, dimensional and bulk requirements within the R-2 Residential Zoning District within
the Town
of
Canton, as they apply to the property being evaluated, are as follows:
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
42/101
ZONING ANALYSIS, continued
Minimum Lot Area: 43,560 sq ft (single family)
Minimum Depth Front Yard: 40 feet
Minimum Lot Width: 150 feet
Minimum width One Side Yard:
15
feet
Total Minimum Width of Both
Side Yards: 30 feet
Minimum Depth Rear Yard: 15 feet
Maximum Lot Coverage:
15
Maximum Permitted Height: 2
h stories, or
35
feet
Minimum Floor Area For
Minimum Open Space:
In all residences zones front yard, rear yard and
two side sideyards.
Source: Zoning Regulations Town o
Canton
Assessor's Identification:
Map 21, Block N A, Lot 3740037
Class:
R-2; residence district
Site Size:
2 44 acres
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
43/101
ASSESSMENT AND TAX DATA
The current assessment and taxes on the subject property is
s
follows:
37 Mohawk Drive, Canton,
T
Assessment:
337,900 (full market value)
Assessed Value:
70%
of FMV; 236,530
Tax Rate:
28.56 Mills per each 1,000
of
the assessed value.
Assessed Taxes:
6, 755 (rounded) yearly
Date of Assessment: October 1, 2013
The above assessment
is
based on 70 per cent of market value with the last revaluation
having taken place in the Town of Canton in 2013. Revaluation methods in Canton usually
are based on the cost method of valuation.
Typically, the Marshall Valuation Service is utilized to estimate reproduction cost new, and
buildings are depreciated accordingly. Site valuation is typically based on value per site, with
adjustments for frontage, depth, and comer influence. The mill rate has been set at 28.56
mills for the grand list
of
October 1, 2013.
According to the Canton Tax Collector Office, the subject property owner is current as to
tax liability payments on the property.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
44/101
DESCRIPTION OF THE SITE
The property that
is
the subject
of
this report consists
of
a 2,363 square foot, more or less,
newer residential contemporay colonial style dwelling
of
8-rooms, 4-bedrooms and 2.5-baths,
built
n
1987 on 2.44 acres of land, more or less, on the terminus, or cul-de-sac known as
Mohawk Drive in Canton, Hartford County, Connecticut. Mohawk Drive is situated in the
central-west quadrant
of
Canton and very near the New Hartford Town Line situated roughly
one block to the west
of
the subject neighborhood itself.
The site is considered to be a rear parcel since is recessed from Mohawk Drive and is
accessed from the terminus
of
a cul-de-sac triangular. The site
is
an approximately
rectangular shaped parcel
of
land and is identified
as
Lot 3740037, on the Cantron Assessor s
Map Number 21. The lot contains approximately 106,110 square feet
of
land area, or 2.44
acres according to the referenced Assessor s map and property legal description.
The parcel has a street frontage
of
30 feet on Mohawk Drive, and a maximum depth
of
approximately 412 feet on the south each side. The site is accessible by a private road and
accessible from the west side
of
Mohawk Drive. To help the reader visualize the site, a copy
of the Assessor s Map will be included in the following pages
of
this section. Moreover,
the reader could refer to the photos of subject property included in the Photographs
of
Subject Property section in this report.
The site is level and at street grade with a gentle southwesterly upward slope toward the rear
and southern boundary lines.
The subject site is improved with a 2-story frame construction residential (contemporary
dwelling) structure with clapboard siding exterior. Please see the photographs, and the
Assessor s Map provided for a visual representation
of
the site.
The site is located in the central-west quadrant
of
Canton and along Mohawk Drive. Access
to Route 44/202 and Route 179 is good; in this respect the location is good to very good.
The site is improved with all town services and amenities, including electric, communication
lines, on site well and on-site septic.
n
addition to the subject dwelling, the site is improved
with typical and
to
good adequate landscape to the front, each side and the rear side.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
45/101
DESCRIPTION OF THE SITE, continued
Site Identification
Tax Assessor
Reference
Source o
Site Data:
Map 21; Block
N
A; Lot 3740037
Tax Assessor Map: Canton Land Records, and physical inspection by the
appraiser
Physical Characteristics
Land Area
Frontage
Topography
Configuration
Parking
Landscaping
Approximately 106, 110 square feet o land, in total, or 2.44 acres, more
or less. The appraiser has utilized the land area from the referenced
Assessor s Map, legal description and physical inspection
o
the property.
30
feet
o
front along the cul-de-sac known as Mohawk Drive
The site is level and slightly above street grade; it slopes gently upward
in a southwest direction toward the rear and west boundary lines.
Traingularly shaped
Adequate on-site for at least 2 cars plus 2 car (under) garage
Typical to good to the front, south side, north side and to the rear
Easements/Restrictions
No easements have been noted in the land records, other than typical
utilities easements
o
record. However, this office is not a title searching
firm, and a more detailed review should be made i the client desires.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
46/101
DESCRIPTION OF TH SITE, continued
Physical Characteristics, continued
Nuisances and Hazards
Inland Wetland-
Watercourses A review of the official wetlands and watercourses map indicate that the
subject property
is
not impacted by wetlands.
t is
situated in Zone X, or
area s) of minimal flooding.
Flood Zone
Utilities
Sanitary Sewers
Municipal Water
Propane Gas
Electricity
Telephone
Excess Land
Site Utility
FEMA/FIRM: Community Panel No: 09003 C0169F map revised on
September 26, 2008, Panel 169 of 675.
On-Site Septic
On-Site Well
Available
Connected
Connected
None
The parcel does allow for adequate park like setting and open space.
Thus, in our opinion, the physical and functional characteristics
of
the site
appears to be in conformance with the standards of typical purchasers in
the marketplace.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
47/101
DESCRIPTION OF
TH
SITE, continued
Your appraiser has no knowledge
of
any hazardous materials used in the construction and
the maintenance of the property, including asbestos, but this does not mean that none are
present in the structure or in the ground. A thorough environmental assessment
s
recommended to anyone with an interest in the subject property.
In
the absence
of
any known
or
suspected detrimental environmental conditions, this
appraisal is predicated on none being present that could affect the value
of
the property.
Should such conditions become known, then this appraisal is subject to revision.
If more information is needed, the client should consult an expert in this field.
In general, the site s adequate for its present use, which also s its highest and best use. t
s a residential site with satisfactory and good physical and locational characteristics. The
subject site has adequate visibility and good accessibility afforded by its location near Route
44 (AKA Albany Turnpike), one
of
the town's and region's major east/west arterial routes
and in close proximity to Route 179.
ASSESSOR S MAP
September, 2014
Not to
Scale
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
48/101
. ~ -- ~ ~
.. 150 .00
187.80
\
\
24
2.33
o
o.
3740039
\
\
\
I
3740037
IQ.
\ ./ -----
/ \
/
\
/ \
I
..
;
J
------
,
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
49/101
DESCRIPTION O THE IMPROVEMENTS
37 Mohawk Drive. Canton. Connecticut
Located on the subject site
is a newer (built in 1987) and adequately maintained residential
single-family contemporary colonial style dwelling, with clapboard siding exterior. This
dwelling
is
known
s
37 Mohawk Drive. According to the assessor s office field card
information, and based on a visual inspection (exterior/interior) completed on September 5,
2014, the property contains 8 rooms (2,363 sq ft of living area), above grade, with 4-
bedrooms and 2.5 baths, plus finished basement area
of
approximately 462 Sq Ft.
The general condition, as of
valuation date was good to very good with no major deferred
maintenance items noted
s
of the valuation date.
For a visual representations of the premises the reader could refer to the photos of subject
property section earlier in the report.
The significant elements of the subject dwelling are s follows:
Type of Property Single family colonial contemporary style dwelling
Foundation
Concrete
Age 1987
Frame Wood
Floor structure Wood joist
Floor cover
Hardwood floors throughout; ceramic tiles for the baths
Ceiling Drywall throughout
Interior construction Frame partitions with painted drywall.
Fenestration
Thermopane windows with aluminum screens.
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
50/101
IMPROVEMENTS DESCRIPTION, continued
37 Mohawk Drive. Canton. Connecticut, continued
Exterior walls
Kitchen:
Baths
Plumbing
Electrical
Heating and hot water
Doors
Roof
Central Air
Clapboard siding
Oak cabinets, Formica counter with double sink with
dishwasher.
2.5 full baths containing two, or three and/or four fixtures
each. Modem decor.
Mixture o galvanized and copper
200 Amperes main service circuit breaker type
Oil fired hot water heat and domestic hot water
Wood paneled doors for the front and rear entrances; hollow
and/ or solid core wood doors for the interior. There
is
a
sliding door to the rear to access the deck o 240 sq
ft.
Paneled
composition garage door.
Gable with architectual style asphalt shingles for cover
Yes
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
51/101
IMPROVEMENTS DESCRIPTION, continued
37 Mohawk Drive. Canton. Connecticut, continued
Miscellaneous
Conditions:
There are two car (under) garage comprising 526 sq ft with
electric eye openers.
There
is
a wood deck o 240
sq
ft
to
the rear. Vaulted ceiling
in living room with brick fireplace.
Based on an exterior and interior inspection
o
the premises,
based on information contained in the assessor s office field
card, and based on adequate information provided by the
current subject property owner, it
is
your appraiser opinion
that the overall condition
o
the subject premises as o
September 5, 2014, the valuation date, was good to very good.
Floor plan and layout
o
the dwelling
as
o
the valuation date and the Canton Assessor s
records were examined to develop a description
o
the subject property improvements and
their condition. Your appraiser feels that a reasonably reliable description
o
the site
improvements has been obtained through this inspection and research.
ASSESSOR S
M P OF
PROPOSED ZONE CHANGE
September, 2014
Not t Scale
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
52/101
HIGHEST AND BEST USE
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
53/101
Highest and best use is defined as:
That reasonable and probable use that will support the highest present value, as defined,
as of the effective date of the appraisal.
The definition immediately above applies specifically to the highest and best use
of
the
land. t is to be recognized that in cases where the site has existing improvements on it, the
highest and best use may very well be determined to be different from existing use. The
existing use will continue, however, unless and until land value in its highest and best use
exceeds the total value
of
the property in its existing use.
Implied within these definitions is recognition of the contribution of that specific use to
community environment or to community development goals in addition to wealth
maximization of individual property owners. Also implied is that the determination of
highest and best use results from the appraiser's judgement and analytical skill, i
e.
that
the use determined from analysis represents an opinion, not a fact to be found. In appraisal
practice, the concept of highest and best use represents the premise upon which value is
based. In the context
of
most probable selling price (market value) another appropriate term
to reflect highest and best use would be most probable use. In the context of investment
value an alternative term would be most profitable use.
Real
state
ppraisal Terminology
Compiled and Edited by Byrl N. Boyce, Ph. D.
American Institute of Real Estate Appraisers
Society
of
Real Estate Appraisers
Highest
and
Best Use Criteria
In considering the highest and best use for the subject property your appraiser consideration
has been given to the following: the most profitable economic use, assuming that the zoning
and resulting legal use are appropriate for the subject.
The property is located in an R-2 residence (residential) neighborhood; it is located near
Routes 44 and 179 and in the central-west quadrant of Canton. The site is already improved
with a single family dwelling and site improvements that make substantial contribution to the
property value.
I GHEST
AND BEST USE, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
54/101
Highest and Best Use Criteria,
continued
Therefore, it's your appraisers' opinion that the highest and best use for the subject property
will be for its continued use as a single-family dwelling for its remaining economic life.
By
definition the highest and best use
of
the site would be the best utilization
of
the land
configuration in conjunction with zoning, location and all the amenities described above. To
make such an analysis
of
the site
is
beyond the scope
of
this appraisal, but for purposes
of
this appraisal the use
is
considered to be its best and highest.
Highest And Best Use
As
Improved
The subject
is
improved with a 2,363 square feet residential single-family wood frame
contemporary colonial style dwelling which layout
of
the improvements meets with the
character
of
the neighborhood; moreover, the premises are in keeping with the density
required, based on current zoning regulations, such use is legal and conforming since it post
dates current zoning regulations.
Hence, the site for purposes
of
this appraisal will be considered adequate for the
consideration
of
the best and highest use with construction as well as remodeling and upkeep
of
the subject residential dwelling, having occurred in various stages and to varying degrees.
The value
of
the land
as
vacant
is
available to be improved
to
its
Highest and Best Use
should be considered equal to the value
of
the site as improved now. For purposes
of
this
appraisal the use will be considered as defining and supporting its
Best and Highest Use.
VALUATION PREMISE APPROACHES TO VALUE
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
55/101
There are three classical approaches to value used in appraising real estate. They are defined
as follows:
COST APPROACH: That approach in appraisal analysis which is based on the
proposition that the informed purchaser would pay no more than the cost of producing a
substitute property with the same utility as the subject property. t is particularly applicable
when the property being appraised involves relatively new improvements which represent the
highest and best use of the land or when relatively unique or specialized improvements are
located on the site and for which there exist no comparable properties on the market.
DIRECT SALES COMPARISON APPROACH: That approach in appraisal analysis
which is based on the proposition that an informed purchaser would pay no more for a
property than the cost to him of acquiring an existing property with the same utility. This
approach is applicable when an active market provides sufficient quantities of reliable data
which can be verified from authoritative sources. The direct sales comparison approach is
relatively unreliable in an inactive market or in estimating the value
of
properties for which
no real comparable sales data are available.
t
is also questionable when sales data cannot
be verified with principals to the transaction.
INCOME APPROACH: That procedure in appraisal analysis which converts anticipated
benefits (dollar income or amenities) to be derived from the ownership of property into a
value estimate. The income approach
is
widely applied in appraising income-producing
properties. Anticipated future income and/ or reversions are discounted to a present worth
figure through the capitalization process.
Real
Estate ppraisal Terminology
Compiled and Edited by Byrl N. Boyce, Ph. D.
American Institute of Real Estate Appraisers
Society of Real Estate Appraisers
The only approach to value developed in this report will be the direct sales comparison
approach to value, s applied in the before and in the after.
VALUATION PREMISE-APPROACHES TO VALUE, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
56/101
The income approach to value has been considered; however, typically single family
dwellings are purchased for owner occupancy and not for the production o income. The
resulting approach
to
value would
be
less than reliable, and could
be
misleading
to
the
readers
o
the report. For this reason, the income approach has not been developed here.
Please see the following pages for the development o the direct sales comparison approach
to value.
DIRE T SALES COMPARISON APPROACH
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
57/101
The direct sales comparison approach to value is based primarily on the principle
of
substitution, wherein the value of a property tends to be set by the price that would be paid
to acquire a substitute property
of
similar utility and desirability within a reasonable amount
of time The Appraisal o Real Estate, 12th Edition; 2001).
Under the Direct Sales Comparison Approach, market values are derived from a study of
similar properties. Hypothetically, the adjustments made using the Direct Sales Comparison
Approach reflect a buyer's preference for a dwelling. A dwelling and/or property
comparable to the subject property would represent an acceptable alternative for a buyer in
the current market. Adjustments are made in order to establish comparability based upon
the appraiser's knowledge of the market, observation
of
price, locational trends, amenities,
and discussions with principals and brokers in the market place.
As noted, this approach is related to the principle
of
substitution. No one will pay more for
a property if he can acquire one of similar utility for a lower price. The value
of
the subject
is presumed to be directly related to the price of the comparable sale. Similarity of use, for
example, a contemporary style single-family dwelling used as a comparable for valuing
another contemporary style single-family dwelling, is an analogy which
is
easily accepted
by everyone involved with real estate. Both appraisers and laymen accept and understand
this method of valuing real estate.
The similarity of use
is
the easiest of characteristic to find in a comparable sale. Unless the
appraiser is dealing with a special-purpose property, there are usually a number
of
dwellings
used for similar purposes. Due to zoning regulations, dwellings and/ or buildings used for
similar purposes frequently are located in the same general area.
Identical dwellings, that is colonial style single-family dwellings which are physically
identical, are rare in the market. Even if an identical contemporary style dwelling was found
which was identical in size, age and layout, and was served by the same utilities, the
appraiser would have to deal with location. Each location on earth is unique and requires
adjustments in order to deal with the difference between the property being valued and the
sale used as a comparable.
Adjustments must be made for locational and physical differences. Adjustments are always
made from the sale to the subject. f a sale has a superior characteristic, the adjustment is
negative.
f
the characteristic is inferior to the subject, the adjustment is positive. The
DIRE T
SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
58/101
Physical characteristics are not the limit of what should be examined by the appraiser. The
circumstances which surround a particular sale are in many cases s important as the physical
similarity to the subject. General market conditions, at the time the comparable was sold,
may differ markedly from current conditions. An adjustment for time may be used to deal
with this adjustment.
The conditions
of
sale are also important. Was the sale an arms-length transaction? Did the
seller receive something of value for the property besides cash? f the seller provided
financing, was what he
or
she received equal to or less than all cash ? Many
of
these
questions are raised by our definition
of
value and the appraiser in making comparisons must
be able to identify and deal with the circumstance which surround a particular transaction.
In order to discover these circumstances, the appraiser has checked the land records.
Brokers and principals to transactions have been contacted and the information obtained has
been used to adjust the various sales.
The Direct Sales Comparison Approach to Value
is
particularly reliable when adequate sales
of properties similar to the subject which would require relatively few adjustments resulting
in a reasonable estimate of market value are readily available. This method of valuation is
considered to be highly relevant, as this approach best addresses the behavior of buyers and
sellers who constitute the market for such properties.
The pool
of
one-family property sales somewhat similar, i.e. functional utility, to the subject
is adequate at this time. Therefore, a search has been conducted to find the recent sales
of
reasonably similar single-family contemporary and/or colonial style properties from which
adjustments could be made to arrive at an estimate of market value.
DIRE T SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
59/101
Methodology
There are many elements to consider when comparing similar or somewhat similar
properties; however, there are six main common elements
of
comparison that cause prices
to differ between properties; when appropriate, other elements of comparison such as
financial characteristics are considered. These elements are listed below:
Real
Property
Rights Conveyed:
This adjustment relates to the type of ownership transferred and how the conveyed interest
relates to the interest being appraised.
Financing Terms:
Adjustments for financing terms are based on the extent that favorable financing influenced
the comparable sale price and can be measured.
Conditions
of
Sale:
This adjustment usually reflects the special motivations
of
the buyer and/or seller.
Market Conditions Time of Sale):
An adjustment for market conditions reflects changes that may be caused by a variety of
factors such as inflation, deflation, recession, fluctuations in supply and demand.
Location:
An adjustment for location is required when the locational characteristics of a comparable
property are different from those of the subject property.
Concessions:
This adjustment usually reflects not an arm's length transaction, and/or a transaction affected
by undue stimulus on the part of either party to the transaction.
DIRE T SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
60/101
Physical Characteristics:
Adjustments for Physical characteristics are made for such factors as land and/or dwelling
size, road frontage, availability of utilities, topographical characteristics, functional utility
of
the land or building, land-to-building area ratio approved or allowed, dwelling age or
condition, construction materials and quality, and numerous other characteristics.
The methodology used
is
the percentage adjustment. This methodology is based on the
premise that each factor influencing value has an independent and interdependent effect on
value. y adding and/or subtracting the adjustments together, we derive a final adjustment
factor.
This factor is then multiplied by the sales price adjusted where appropriate for financing,
market conditions time
of
sale), conditions of sale, site size, concessions, building size,
building condition-type, zoning and location to arrive at a final adjusted sales price.
Historically smaller buildings-dwellings tend to sell for more on a per unit basis all other
things being equal. f necessary a downward adjustment will be applied to the comparable
sales utilized in the Market Approach/Direct Sales sections.
Historically larger buildings-dwellings tend to sell for less on a per unit basis all other
things being equal.
f
necessary an upward adjustment will be applied to the comparable
sales utilized in the Market Approach/Direct Sales sections.
All statements contained herein, unless otherwise attributed, represent the opinion of your
appraiser.
Within the development
of
this approach, the following sales
of
single-family contemporary
and/or colonial style properties have been analyzed, inspected and compared to the subject
property in order to produce an estimate of value by the direct sales comparison approach
to value.
A number of contemporary and Colonial style single-family sales have been considered and
examined. Four
of
these sales have been selected and examined in detail to arrive at an
indicated value by the direct sales comparison approach to value.
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
61/101
:
.
..
Address
. Fbate
No>or
Sale Year DweIIL< site No. SP/
Rooms/ Price Built i11g Size of
SF
BRs
( )
Gtoss Baths
:
L ~ v i D g (AC)
1
Area
: : : . . : . : . : ~
::: ::
.
. :
.
4 Bidwell Farm Road
7-15-14 10-5-br
405,000
1987
3,164 1.01 2.5
128.00
19
Woodland Drive
9-25-13 7-3-br
425,000 1984
2,675 1.26 2.5
158.88
57 Indian Hill Road
3-5-14 10-3-br 305,000 1987
2,782 3.53 3.0
109.63
31
Mohawk Drive
10-16-13
6-3-br
361,500
1965
2,688 2.00 2.0
134.49
2 Buttonwood Hill Road 8-7-13 7-4-br
285,000
1980 2,622
1.50 2.5
108.70
21
Tanglewood Drive
8-1-14 6-3-br 380,000 1984
2,478
2.15
2.5
153.35
37 Mohawk Drive (Subject)
8-4-br 2,694 1.50
2.5
Please see the following pages for additional details regarding the aforementioned sales.
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
62/101
Sale No. 1
4 Bidwell Farms Road, Canton, CT
Sold on
7-15-2014; Sale Price: 405,000 ( 128.00/Sq t GLA)
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
63/101
Sale No. 1
4 Bidwell Farms Road, Canton, CT
Michael W. Barnstead, et
al
to Christopher Leadbetter, et
al
Recorded:
Date:
Sale Price:
Zone:
Site Size:
Dwelling size:
Dwelling sty le:
Age:
Reference:
Volume 413, Page 703
July 15, 2014
405,000
Residential; R-2
44, 000 square feet (1.
1
acres)
3,164 square feet (includes 576 sq
ft
of
former and
finished garage)
Colonial
1987
Map 17; Block
NIA
Lot 1250004
Sale price
per
S of
dwelling:
128.00
(to include
the
land)
Financing
At market; Wellsfargo Mortgage in the amount
of
413,700
Comments: Built in 1987; clapboard exterior;
1
rooms with 5-bedrooms and 2.5 baths.
Built on full (and unfinished basement). Superior condition-type to the subject
overall; somewhat tempered by the subject's younger age. The net result
is
a slight upward adjustment will be applied for dwelling condition. Slight
inferior location
as
to privacy;
as
noted, the subject
is
a rear parcel affording
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
64/101
F
I
~
1
~
.
IL\. \l
Rallum
,\l
oun
rain
~ ~ a r i n ~ Sr k
aturt wur
\
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
65/101
Sale No. 2 9 Woodland Drive, Canton, CT
Sold on 9-25-2013; Sale Price: 425,000 ( 158.88/Sq t GLA)
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
66/101
Sale No. 2
9
Woodland Drive, Canton, CT
Grantee:
Eugene Harris, et al
Recorded:
Volume 408, Page
37
Date:
September 25, 2013
Sale Price:
425,000
Zone:
R-3; Residential (3) District
Site Size: 54,886 square feet (1.26 acres)
Dwelling size: 2, 782 square feet
Age:
1984
Dwelling style:
Colonial
Reference: Map 27; Block
NIA
Lot 5870018
Sale price
per S of
dwelling: 158.88 (to include
the
land)
Financing
At market
Comments: Built in 1984; clapboard siding exterior colonial style dwelling with 7-rooms
(3-bedrooms) and 2.5 baths; very good to new condition. Similar condition
to the subject; slightly inferior location to the subject. Full and partially
finished basement included with the total GLA.
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
67/101
Sale No. 3
2 Tanglewood Drive, Canton, CT
Sold on 8-1-2014; Sale Price: 380,000 ( 153.35/Sq
t
GLA)
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
68/101
Sale No.
3
continued
21
Tanglewood Drive, Canton, CT
Albert Albrycht, et
al to
Sonia Bernier
Recorded:
Volume 413, Page 978
Date:
August 1, 2014
Sale Price:
380,000
Zone:
R-12; Residential (12) District
Site Size:
93
,654 square feet 2 .15 acres)
Dwelling size:
2 478
square feet
Dwelling style:
Contemporary
Age: 1984
Reference:
Map 27, Block NIA Lot 5150021
Sale price
per
SF
of
dwelling: 153.35 (to include
the
land)
Financing At Market
Comments: Good to very good overall condition. Slightly inferior location; nevertheless
it's considered to be a very good comparable since it's located within the
subject's market area, it's
of
similar appeal and functional utility and it's a
very recent sale
as
well.
Vertical clapboard exterior. Two car (attached) garage. There is no central
air conditioning. Hardwood floors. Partially finished basement comprises 326
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
69/101
Sale No. 4 3 Mohawk Drive, Road, Canton, CT
Sold o 10-16-2013; Sale Price: 361,500 ( 134.49/Sq t GLA)
DIRECT SALES COMPARISON APPROACH, continued
8/11/2019 John Lo Monte, 37Mohawk Drive Canton
70/101
Sa
Recommended