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Full of bad data, contrived figures + the appraiser, Dr. Vince Barrett - owns property adjacent to Spaceport - skewed figures to sell 6 ACRES for $1.2M!!!!
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5/21/2018 7/14 Spaceport TorC Visitors Welcome Center LAND appraisal!
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BARRETT APPRAISAL SERVICES, LLC
Commercial AppraisalSummary Report
Six Acres of Commercial LandSite of Proposed Spaceport America Welcome Center
Within The New Hot Springs Retail CenterA Commercial Subdivision
Truth or Consequences, Sierra County, New Mexico
July 2014
Prepared for:New Mexico Spaceport Authority901 E. University Ave., Suite 356L
Las Cruces, NM 88001
AndNew Mexico Finance Authority207 Shelby Street, Santa Fe, NM
Prepared byG. Vincent Barrett, Ph.D., MAI
NM Certification 506-G
BAS, LLC
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Approximate Area of Commercial Subdivision and Subject Site
Approx HSRC Area
Wal-MartSite
Subject 6 Ac Area
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July 10, 2014
Ms. Christine Anderson, Executive DirectorNM Spaceport Authority901 E. University Ave., Suite 356L
Las Cruces, NM 88001
Letter of Transmittal
RE: Proposed location of Spaceport America Welcome Center a 6 acre Commercial Site located inTruth or Consequences Sierra County, NM
Dear Ms. Anderson:
At your request, Barrett Appraisal Services, LLC has completed an appraisal and arrived at an
estimated market value for the six acre site planned as the future site of the Spaceport America Welcome
Center that is located within the 39.945 platted and approved commercial subdivision, known as the
New Hot Springs Retail Center that is to be located on the SEC of I-25 and Date Street within the City
limits of Truth or Consequences, NM. The property is accessed from Date Street.
The objective of this appraisal is to estimate the current market value of the six acres within the
subdivision. The 39.945 acre site including the six acre subject is currently under the ownership of
Ashbaugh Construction Co. Inc. as recorded in WD Book 102 pg 1659-1660 recorded 17 December
2004 and WD Bk 106 pg 130-134 recorded 20 April 2006 and WD book 94 pages 2659 in the Clerks
Office of Sierra County, NM. The original subdivision involved a total of 65 +- acres, the subjec
subdivision being a remaining portion of that total.
The value determined, in the course of the analysis is based on the existing condition that the
subject commercial subdivision parcels are undeveloped lots as zoned and platted and that the value
represents the current market value of the subdivided six acre site.
The attached complete narrative appraisal report describes the data, methodology and reasoning
used in the analysis. The analysis is subject to the assumptions and limiting conditions detailed in the
report. The assumptions and limiting conditions should be carefully reviewed as they may affect the
conclusions drawn and the final estimate of market value.
The research and analysis indicates the following market value of the subject property.
Effective Date: July 5, 2014
Market Value: $1,244,000
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This is a summary report, which is intended to comply with the reporting requirements set forth
under Standards Rule 2 of the Uniform Standards of Professional Appraisal Practice. As such, it may
only present descriptive discussions of the data, reasoning, and analyses that were used in the appraisal
process to develop the appraisers opinion of value. Where not presented directly in the report, then
supporting documentation concerning the data, reasoning, and analyses is retained in the appraisers file
The depth of discussion contained in this report is specific to the needs of the client and for the intended
use as stated herein. The appraiser is not responsible for unauthorized use of this report.
In preparing the report, the conduct of the appraiser and all research associates has been governed
by the professional standards and code of ethics of the Appraisal Institute and the Appraisal Foundation
My compensation is not contingent upon the reporting of a predetermined value or direction in value tha
favors the cause of the client, the attainment of a loan, the amount of the value estimate, the attainment
of stipulated result or the occurrence of a subsequent event.
The analysis contained in this appraisal may be based upon hypothetical assumptions, and
estimates that are subject to uncertainty and variation. These estimates may be based on data obtained in
interviews with third parties or documents obtained from third parties, and such data may not always be
completely reliable. In addition, the analysis makes assumptions as to the future behavior of consumers
and the general economy, which are highly uncertain by their nature. It may be that some assumptions
will not materialize and that unanticipated events may occur which will cause actual achieved results to
differ from the analysis contained in this report, and these differences may be material. Therefore, while
the analysis was conscientiously prepared on the basis of prudent research of the available data no
warranty can be made of any kind that the projected results will, in fact, be achieved. Additionally,
Barrett Appraisal Services, LLC has not been engaged to evaluate the effectiveness of
management/marketing, and is not responsible for future management/marketing efforts and actions
upon which actual results may depend.
We did not ascertain the legal, engineering, and regulatory requirements that may be applicable
to the property, including zoning certification and other state and local government regulations, permits
and licenses. No effort has been made to determine the possible effect on the property of present ofuture federal, state or local legislation, including any environmental or ecological matters or
interpretations thereof. With respect to market demand analysis, our work did not include analysis of the
potential impact of any unanticipated rise or decline in local or general economic conditions.
It is the opinion of the appraiser, based on the assumptions employed in the investment
parameters for the subject, that the value conclusion represents a market value achievable within 18-24
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months exposure on the open market. No responsibility for any event, condition, or circumstance
affecting the market that may take place subsequent to the last day of our fieldwork, i.e., July 5, 2014.
The appraiser has satisfied all competency requirements of USPAP and the Appraisal Institute
and states that he is qualified to conduct the appraisal assignment. All FIRREA and USPAP research and
reporting guidelines have been meet.
This letter is invalid as an opinion of value if detached from the report, which contains the text,
exhibits, and addenda. Barrett Appraisal Services, LLC appreciates the opportunity to be of service to
you. Should you or any other authorized user of this appraisal have further questions arising from the
report, they will be welcomed.
Barrett Appraisal Services, LLC
G. Vincent Barrett, Ph.D, MAI,NM General Certification 506-G
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TABLE OF CONTENTSNumber Page
TABLE OF CONTENTS ......................................................................................................................... V
EXECUTIVE SUMMARY .................................................................................................................... VI
SECTION I PREFACE ........................................................................................................................... 2
SECTION II INTRODUCTION .......................................................................................................... 18
SECTION III GENERAL AREA ANALYSIS ................................................................................... 26
SECTION IV SITE DATA ................................................................................................................... 42
SECTION V VALUATION ................................................................................................................... 46
SECTION VI CERTIFICATION ......................................................................................................... 61
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EXECUTIVE SUMMARY
Appraisal Assignment: Determine the current market value of 6 acres that are contained within the
existing New Hot Springs Retail Center which is a commercia
subdivision located in Sierra County within the SEC of the intersection of
Date Street and I-25.
Client: Ms. Christine Anderson, Executive DirectorNM Spaceport Authority901 E. University Ave., Suite 356LLas Cruces, NM 88001
AndNew Mexico Mortgage Finance Authority207 Shelby StreetSanta Fe, NM
Intended Use: For the client to use for asset valuation and in the mortgage loan reviewprocess.
Intended User: The intended user of this report is the above client and their assignees
including the NM Finance Authority and no others. This appraisal is not to be
relied upon by any other third parties for any purpose, whatsoever. No third
parties are authorized to rely upon this report for any reason without the
express written consent of the appraiser. A third party being defined as
anyone but the client and assignees. The above client is an experienced userof appraisals and is considered the responsible party for payment of the
appraisal fee.
Ownership Interest: Fee Simple
Appraiser Interest: The appraiser has no current, past or future anticipated interest in the
subject 6 acre site.
Improvements: The subject is within an existing platted, commercial subdivision with
Phases 1through 5. The original size was 65.208 acres and the remaining
unsold acreage is approximately 39.945 acres. Access roads are in with all
utilities to the lots.
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Locational Data: The subject property is located within the City limits of Truth or
Consequences, Sierra County, NM within the SEC of the Intersection of
Date Street and I-25.
Highest & Best Use: The highest and best use analysis indicates that the highest and best use is
to developed as the location of a commercial site.
Zoning: The subject is within the zoning jurisdiction of Truth or Consequences
and is zoned C-1 general commercial.
Valuation Method: The valuation method used is the estimation of per square foot values
using the sales comparison approach leading to the formulation of a
current market value.
Market Value Estimate $1,244.000
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Section I
Preface
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SECTION I - PREFACE
The preface to the report contains the various maps and photographs that relate to the property
and its environment. They should be reviewed prior to the reading of this report. They will be
referenced by figure number where appropriate throughout the narrative part of the appraisal. Detailed
maps and other figures are contained in the body of the report where necessary for clarification or
illustrative explanation.
Figure Subject Page1-1 Regional Location 3
1-2 Relative Location 3
1-3 Neighborhood Location 4
1-4 Illustrative Site Plan 5
1-5 Plat Map 6
1-6 Flood Zone 7
1-7 Aerial Photo A 9
1-8 Aerial Photo B 9
1-9 Welcome Center Site Location Map 10
1-10 Site Survey 10
1-11 Photos of Subject Site 11
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FIGURE 1-1 REGIONAL LOCATION MAP
FIGURE 1-2 RELATIVE CITY LOCATION
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FIGURE 1-3 NEIGHBORHOOD MAP
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FIGURE 1-4 ILLUSTRATIVE SITE PLAN OF HSRCWITH SUBJECT INDICATED
Subject Area
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FIGURE 1-5 PLAT MAP
HolidayInn
Spaceport WelcomeCenter 6 Ac
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FIGURE 1-6 FLOOD ZONE MAP PANEL 350073-0005C7/16/1996
Area of Subject
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Moderate to Low Risk Areas
In communities that participate in the NFIP, flood insurance is available to all property owners andrenters in these zones:
ZONE DESCRIPTION
B and X (shaded)
Area of moderate flood hazard, usually the area between the limits of the 100-year and 500-year floods. Are also used to designate base floodplains of lesserhazards, such as areas protected by levees from 100-year flood, or shallowflooding areas with average depths of less than one foot or drainage areas lessthan 1 square mile.
C and X (unshaded)Area of minimal flood hazard, usually depicted on FIRMs as above the 500-yearflood level.
High Risk Areas
In communities that participate in the NFIP, mandatory flood insurance purchase requirementsapply to all of these zones:
ZONE DESCRIPTION
AAreas with a 1% annual chance of flooding and a 26% chance of flooding over the lifeof a 30-year mortgage. Because detailed analyses are not performed for such areas;no depths or base flood elevations are shown within these zones.
AEThe base floodplain where base flood elevations are provided. AE Zones are nowused on new format FIRMs instead of A1-A30 Zones.
A1-30These are known as numbered A Zones (e.g., A7 or A14). This is the base floodplainwhere the FIRM shows a BFE (old format).
AH
Areas with a 1% annual chance of shallow flooding, usually in the form of a pond, withan average depth ranging from 1 to 3 feet. These areas have a 26% chance offlooding over the life of a 30-year mortgage. Base flood elevations derived fromdetailed analyses are shown at selected intervals within these zones.
AO
River or stream flood hazard areas, and areas with a 1% or greater chance of shallowflooding each year, usually in the form of sheet flow, with an average depth rangingfrom 1 to 3 feet. These areas have a 26% chance of flooding over the life of a 30-yearmortgage. Average flood depths derived from detailed analyses are shown withinthese zones.
AR
Areas with a temporarily increased flood risk due to the building or restoration of aflood control system (such as a levee or a dam). Mandatory flood insurance purchaserequirements will apply, but rates will not exceed the rates for unnumbered A zones ifthe structure is built or restored in compliance with Zone AR floodplain managementregulations.
A99Areas with a 1% annual chance of flooding that will be protected by a Federal floodcontrol system where construction has reached specified legal requirements. Nodepths or base flood elevations are shown within these zones.
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FIGURE 1-7 AERIAL PHOTO
FIGURE 1-8AERIAL PHOTO PROPOSED WELCOME CENTER LOCATION
Location of WCBuilding
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FIGURE 1-9WELCOME CENTER LOCATION WITHIN HSRT
FIGURE 1-10SITE SURVEY
Subject
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FIGURE 1-8 PHOTOS OF SUBJECT SITE
1. Entrance Street to Hot Springs Retail Center subdivision from Nth Date Street, i.e., H.R. Ashbaugh Dr
.
2. View North from intersection of Buck Greer St and H.R. Ashbaugh Dr.
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3. View East along H.R. Ashbaugh Drive from intersection with Sanford Wilson Dr.
4. View west along proposed entrance rd to welcome center from Sanford Wilson Rd.
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5. View east from between Block 5 and 6 towards Wal-Mart. Note Elevation.
6. View North from proposed welcome center site. Holiday Inn Express in foreground.
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7. Location of proposed welcome center building. Sign to be removed.
8.VIEW SOUTH FROM INTERSECTION OF F.G.AMIN ST AND BUCK GREER ST.
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9.VIEW NORTH FROM WEST LINE OF SUBJECT ALONG I-25
10.VIEW NORTH FROM INTERIOR OF SUBJECT SITE.HOLIDAY INN EXPRESS IN DISTANCE
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11. View south along I-25 from welcome center building site.
12. View North along I-25 from welcome center building site.
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Section II
Introduction
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SECTION II - INTRODUCTION
1. IDENTIFICATION OF THE SUBJECT PROPERTY
The subject of this report is a six acre site located within the 39.945 remaining acres of the New
Hot Springs commercial subdivision. The subject original acreage was 65.208 of which 25.263 acres
have been sold or are under contract to be sold. The County records show that 10 parcels have been
platted into Blocks and lots ranging in size from .45 acres to 2.491 acres. Two of the smaller lots are for
utility and access only. One larger parcel of 8.81 acres has been subdivided into two parcels one of 6
acres which is the subject site and a second parcel of 2.81 acres as well as 26.93 acres that are not yet
subdivided. The general area of the subject is on the east side of Interstate 25 and west of Date Street (I-
25 Business Loop) at exit 79 which is the intersection of I-25 and Date Street in Truth or Consequences,
Sierra County, NM. The following Table 2-1 illustrates the subject lots and parcels. The highlightedBAS # 11 is the original 8.81 acres from which the six acre subject has been subdivided.
TABLE 2-1SUBJECT LOTS &PARCELS
BA # D C A.
1 AC C. 18179 3022077021202 B 1 2 0.45 19,602
2 AC C. 18181 3022077120113 B 3 1A 0.98 42,689
3 AC C. 18182 3022077136101 B 3 2A 0.83 36,155
4 AC C. 18981 3022077160132 B 4 1 0.534 23,2615 AC C. 18987 3022077159119 B 4 2 0.534 23,261
6 AC C. 18988 3022077159105 B 4 3 0.534 23,261
7 AC C. 18989 3022077158092 B 4 4 0.534 23,261
8 AC C. 18990 3022077147068 B 4 5 1.892 82,416
9 . . 18991 3022077121069 B 4 6 2.491 108,508
10 AC C. 18992 3022077085074 B 4 7 0.408 17,772
11 AC C. 16585 3022077144172 2,E4,28,13, 4 8.81 383,764
12 AC C. 18008 3022077100235 28,13, 4 26.93 1,173,071
39.945 1,740,004
2. ZONING
The subject is within the City limits of Truth or Consequences and zoned C-1 Commercial. The
subdivision is encumbered with Covenants, Restrictions and Conditions. The commercial Covenants
Restrictions and Conditions are in place to accommodate appropriate commercial development and to
maximize the commercial developmental values.
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3. LEGAL IDENTIFICATION
The original subject subdivision site contained a total of approximately 65.208 acres and is
legally identified by metes and bounds as contained on the warrantee deed which is contained in the
Addenda. Each remaining lot is identified by the block and lot number within the subdivision as
illustrated above. The subject six acres is platted and recorded as a summary replat of Plat of Parcel 1and Parcel 2 (subject), New Hot Springs Retail Center as recorded 26 September, 2013 in Book 122
Page 1736, Sierra County, NM. The subject tract lies within the Section 28, Township 13 south, Range
4 west, NMPM.
4. HISTORY OF OWNERSHIP
The subject acreage is currently under the ownership of Ashbaugh Construction Co. Inc. as
recorded in WD Book 102 pg 1659-1660 recorded 17 December 2004 and WD Bk 106 pg 130-134
recorded 20 April 2006 and WD book 94 pages 2659 in the Clerks Office of Sierra County, NM.
5. PURPOSE AND SCOPE OF WORK THE APPRAISAL
The purpose of this appraisal is to determine the current market value of a specific six acre site
that is located within the new Hot Springs Retail Center and that is proposed to be purchased and
developed as the site of the future Spaceport Welcome Center in Truth or Consequences, New Mexico
The intent of this appraisal is to determine the current market value of the subject property in its as is
condition, which is unimproved but with some public roads and all trunk utility infrastructure in place
and as subdivided in accordance with the platted and recorded Summary Plat of Parcel 1 and Parcel 2
(subject), New Hot Springs Retail Center as recorded 26 September, 2013 in Book 122 Page 1736
Sierra County, NM.
The scope of work of the appraisal is to analyze the physical, economic and legal dimensions of
the subject parcel and then to conduct an analysis of the supply and demand sides of comparable
properties. One purpose of which is to find those sales of comparable properties that will best reflect the
characteristics of the subject. Those sales chosen, as the most representative will be analyzed and thei
sale prices adjusted so that they reflect the physical, legal and economic conditions of the subject parcel.
6. DEFINITION OF
MARKET
VALUE
Market Value 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 i
the consummation of a sale as of a specified date and the passing of title from seller to buyer whereby:
Buyer and Seller are typically motivated.
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Both parties are well informed or well advised, and each acting in what he considers
his own best interest.
A reasonable time is allowed for exposure in the open market.
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and 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.
Source: Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), FederalRegister, Vol. 55, no. 163 August 22, 1990 Pg. 34228 and 34229
7. PROPERTY RIGHTS APPRAISED
The property right appraised is the market value of the fee simple ownership.
8. EFFECTIVE DATE OF APPRAISAL AND DATE OF REPORT
The effective date of this appraisal is July 5, 2014. The date of the report is July 10, 2014.
9. COMPETENCY TO PERFORM
The appraiser involved in this assignment has past experience in appraising this property type
and in addition is actively engaged in appraisal work in the geographical area of the subject property
All steps necessary to acquire adequate data on this area for similar properties has been taken, resulting
in adequate knowledge of the property type and location to meet the competency requirements of
USPAP (Uniform Standards of Professional Appraisal Practice).
10. EXPOSURE TIME AS DEVELOPEDExposure time is assumed to be 18 to 24 months. Exposure time is the estimated length of time
the property interest being appraised would have been offered on the market prior to the hypothetical
consummation of a sale at market value on the effective date of the appraisal: a retrospective opinion
based on an analysis of past events assuming a competitive and open market.
11. ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is made subject to the following assumptions and limiting conditions:
It is assumed that all lot release agreements or release clauses have been agreed to by the
developer/owners and any lending institution that may hold a mortgage or have other financing
arrangements regarding the subject property.
The valuation of the subject property is based, in part, on the conceptual specific land
use plan put forth by Ashbaugh Construction Co., Inc. It is further assumed that al
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governmental approvals have been granted to allow such a plan. I reserve the right to
alter the conclusion of the estimated values contained in this report in the event that any
change in the development costs occur or there is a change in the specific land use plan
as to the number of units/lots or acreage or change in any one of the zoned/defined land
uses. The appraiser has examined the available flood maps that are provided by the Federa
Emergency Management Agency (or other data sources) and has noted in the appraisal
report whether the subject site is located in an identified Special Flood Hazard Area
Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied regarding the determination.
The valuation is based on the approval of the final subdivision development plat as may
be submitted to and approved by the relevant Planning Department prior to recording.
Improvements are assumed to be completed as defined in any structures building
specifications that may be provided, a copy of which may be located in the Addenda of
this report. Improvements are assumed to be designed and constructed using appropriate
market standards.
New Mexico is non-public disclosure State and as such the comparable sales data used in
the analysis are believed to be reasonably correct. Where certain holes in the data cannot
be filled from available documents or confirmed by grantee or grantor then it may be
necessary to extrapolate certain figures. The appraiser makes no guarantees, express or
implied regarding the exactness of the data so obtained. The data so obtained is used
solely to assist the appraiser in forming an opinion of value and more or less weight maybe given to any comparable data.
The appraiser is not a licensed real property inspector. This report should not be relied
upon to disclose any conditions present in the subject property. The appraisal report does
not guarantee that the property is free of defects. A professional property inspection is
recommended, if this is of concern to the client.
No responsibility is assumed for matters that are legal in nature, nor is any opinion of title
rendered. The appraiser is not qualified to conduct a title search or land survey and is not
responsible for flaws in the title or any interests that may exist in the subject that have not
been specifically identified and provided to him.
No survey of the property has been made by the appraiser. No responsibility is assumed in
connection with such matters. Sketches in this report may not be to scale and are included
only to assist the reader in visualizing the property.
Barrett Appraisal Services, LLC is unaware of any cross easements or any covenants
conditions or restrictions impacting the subject property. We assume adequate ingress
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and egress to the property and we assume any reasonable sale of the property would not
be inhibited by any covenants, conditions, or restrictions.
Liens against the property, if any, have been disregarded, and the property is appraised as
though free and clear, under responsible ownership and competent management. Any
rights or interest claimed by any grantees under existing contracts for sale are disregarded Information furnished by others and contained in this report is so noted and is believed to
be reliable, but no responsibility is assumed for its accuracy.
No responsibility is assumed for the accuracy of diagrams, sketches, or maps included in
this report. These are for illustrative purposes only and provided solely for the purpose o
assisting the reader to visualize the subject property being appraised.
It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures which would render it more or less valuable. No responsibility is assumed fo
such conditions or for arranging for engineering studies that may be required to discover
them.
It is assumed that there is full compliance with all applicable federal, state, and loca
environmental regulations and laws unless noncompliance is stated, defined, and
considered in the appraisal report.
It is assumed that all applicable zoning use regulations and restrictions have been
complied with, unless nonconformity has been stated, defined, and considered in the
appraisal report.
It is assumed that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state or national government orprivate entity or organization have been or can be obtained or renewed for any use on
which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the boundaries of
the property lines of the property described and that there is no encroachment or trespass
unless noted in the report. Land area calculations derived from recorded documents are
considered correct.
Any distribution of the value in this report between land and improvements applies only
under the stated program of utilization. The separate valuations for land and
improvements must not be used in conjunction with any other appraisal and are invalid if
so used.
The appraisal of any interest less than the whole fee simple estate relates only to the
fractional interest defined. The value of such a fractional interest plus the value of al
other fractional interests may or may not equal the value of the entire fee simple estate
considered as a whole.
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The liability of Barrett Appraisal Services, LLC and employees and affiliated independen
contractors is limited to the client only and to the fee actually received by the appraiser
for this appraisal. Further, there is no accountability, obligation, or liability to any third
party.
The Contract for appraisal, consultation or analytical service is fulfilled, and the total feeis payable upon the completion of the report. The Appraiser or those assisting in the
preparation of the report will not be asked or required to give testimony in court or
hearings because of having made the appraisal, in full or in part, nor engage in pos
appraisal consultation with client or third parties, except under separate and specia
arrangements, and at additional fees. If testimony or deposition is required because o
any subpoena, the client shall be responsible for any additional time, fees, and charges
regardless of the issuing party.
Possession of this report, or a copy thereof, does not carry with it the right of publication
It may not be used for any purpose by any person other than the party to whom it is
addressed without the written consent of the appraiser, and in any event only with proper
written qualification and only in its entirety.
Neither all, nor any part of the contents of this report shall be disseminated to the public
through advertising, public relations, news, sales, or other media without the prior written
consent and approval of the appraiser.
Unless otherwise stated in this report, the existence of hazardous substances, including
without limitation asbestos, polychlorinated biphenyl's, petroleum leakage, or agricultural
chemicals, which may or may not be present on the property, or other environmental
conditions, were not called to the attention of the appraiser, nor did I become aware of
such during my inspection. The appraiser has no knowledge of the existence of such
materials on or in the property unless otherwise stated. The appraiser is not qualified to
test such substances or conditions. The presence of such substances, such as asbestos
urea formaldehyde foam insulation, or other hazardous substances or environmental
conditions, may effect the value of the property. The value estimated is predicted on the
assumption that there is no such condition on or in the property or in such proximity
there-to that it would cause a loss in value. No responsibility is assumed for any such
conditions, nor for any expertise or engineering knowledge required to discover them
The client is urged to retain an expert in this field, if desired.
The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We
have not made a specific compliance survey and analysis of this property, as proposed or
existing, to determine whether or not it is in conformity with the various detailed
requirements of the ADA. It is possible that a compliance survey of the property
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together with a detailed analysis of the requirements of the ADA, could reveal that the
property is not in compliance with one or more of the requirements of the Act. If so, thi
fact could have a negative effect upon the value of the property. Since we have no direc
evidence relating to this issue, we did not consider possible compliance with the
requirements of ADA in estimating the value of the property.
The following Section III presents the general population, economic and real estate marke
conditions impacting the subject site.
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Section III
General Area Analysis
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SECTION III GENERAL AREA ANALYSIS
The general area analysis is provided to the reader so that they may have a clearer understanding
of the socio/ economic environment within which the subject property must operate. Although in somecases much of the analysis may not appear to be linked directly to the subject, there is always an indirec
linkage through the aggregated larger social and economic influences in the community that should be of
interest as well as helpful to the reader.
The subject property is located just north of the downtown commercial business district of Truth
or Consequences, NM in an area locally known as the north business district. The site is in the SEC of
the intersection of North Date Street and I-25. The commercial districts in T or C run the length of Main
Street/Broadway and Date Streets north and south through T or C and for approximately three miles eas
west along Third Street. The City of Truth or Consequences is the County seat and dominant market area
in Sierra County, NM. Truth or Consequences is estimated to have a current population of approximately
8,500.
Sierra County is largely a low density county with approximately 13,500 in population. The
economy depends largely on agriculture and tourism at Elephant Butte Lake State Park three miles east
of Truth or Consequences, which is the largest nearby City. The subject is approximately 80 miles
northeast of the dominant trade area, Las Cruces, which is to the south in Dona Ana County. The City o
Las Cruces forms the principal trade area and provides the economic base of the region. The City of
Truth or Consequences is geographically positioned near the center of Sierra County and is the county
seat. Truth or Consequences is bisected from north to south by I-25. The New Mexico/Texas Border iapproximately 120 miles south of the city. Also located along the eastern portion of Sierra County is the
White Sands Missile Range and Military Reservation.
Elephant Butte is currently one of the newest cities in New Mexico with a year round population
of approximately 1,500. During weekend holidays the population will swell to 100,000 +- with the
visitors to Elephant Butte State Park and Lake. Truth or Consequences has a population o
approximately 8,000. Also located in Sierra County are the small rural communities of Garfield, Derry
Arrey, Hillsboro, Kingston, Las Palomas, Williamsburg, Engle, Cuchillo, Hermosa, Winston, Chloride
Placita and Monticello. Elephant Butte NM, adjoins Truth or Consequences, New Mexico on the
northeast boundary of T or C.
The City of Truth or Consequences is the County seat and dominant market area in Sierra
County, NM. The City is estimated to have a current population of approximately 8,500. The economy
of the County depends largely on agriculture and tourism at Elephant Butte Lake State Park three miles
east of Truth or Consequences. Truth or Consequences was originally named Hot Springs. In 1950
NBC television and radio producer Ralph Edwards requested a name change from Hot Springs to the
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name of his nationally recognized Truth or Consequences radio program. The entire downtown area
of Truth or Consequences is located over a supply of hot mineral water, which is available at the surface
through wells or pools. Temperatures range from 98 to 115 degrees. In the early 1880s, businesses
arose around these mineral hot springs, which were locally considered medicinal for both mental and
physical healing. In addition to the several minerals within these waters, there is a small percentage oradium, which is considered by many as one of the most healing elements known. Even though a smal
percentage, the radium content is reportedly much higher than average.
Elephant Butte has a year round population of approximately 1,500. During weekend holiday
the population will swell to 100,000 +- with the visitors to Elephant Butte State Park and Lake.
Elephant Butte Lake is the largest lake within the State. This reservoir was primarily constructed during
four-year time frame (1912 1916) for irrigation purposes for surrounding farms and ranches. Elephan
Butte Reservoir heads a large network of dams, rivers and irrigation canals built to store and carry water
to approximately 115,000 acres of land, extending 200 miles along the Rio Grande from the reservoir in
Socorro County, through Sierra and Dona Ana Counties in New Mexico, as well as El Paso County
Texas. The project area reportedly extends from 100 miles northwest to 40 miles southeast of the City
of El Paso, with 88,000 acres of land in New Mexico and 67,000 acres in Texas.
In addition to the recreational amenities of Elephant Butte Lake, Caballo Lake State Park also
offers numerous aspects of outdoor recreation, and is located roughly 14 miles south of Truth or
Consequences. The park also hosts a reservoir with its original design capacity of 42,831 acre-feet o
water. It is one of a series of reservoirs created to control the erratic flow of the Rio Grande.
There are 8,880 acres of irrigated farmland and approximately 146 ranches with livestock in
Sierra County. The County has over a million and a half acres of grazing land, which is divided upamong both large ranches and modest spreads. Chile has become the major crop for farmers in Sierra
County. With this increase in crop production, processing plants have been developed in the Rio Grande
Valley near Truth or Consequences.
1. POPULATION
The city of Truth or Consequences is approximately 60% Anglo, 39% Hispanic and 1% other
ethnic groups. The ethnic mix gives the city a rich cultural heritage. Spanish and English are both
spoken as Truth or Consequences is a bilingual community.
At the heart of all demand is population. Sierra County experienced an approximate 33.9%
growth rate between census years 1990 and 2000, New Mexico as a whole experienced a growth rate of
20.1% percent for the same period. Estimated 2000 population for the county was estimated to be
13,270. City population of Truth or Consequences for census year 2000 was 7,289. Located directly
south of T or C is Williamsburg with a 2000 census population of 527. The following Table 3-1
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indicates the T or C relative ranking in terms of population within the state. Table 3-2 illustrates the
population estimates for Sierra County 1970-2010.
TABLE 3-1 20LARGEST CITIES IN NEW MEXICO
City2000
Population
1990
Population
1980
Population
%Growth
1980-1990
1990/2000Growth
Rate
Albuquerque 448,607 384,736 332,920 15.56% 16.6%
Las Cruces 74,267 62,176 46,999 32.29% 19.4%Santa Fe 62,203 55,859 49,299 13.31% 11.4%
Roswell 45,293 44,654 39,676 12.55% 1.4%
Farmington 37,844 33,997 32,677 4.04% 11.3%Rio Rancho 51,765 32,505 9,985 225.54% 59.3%
Clovis 32,667 30,954 31,194 -0.77% 5.5%
Hobbs 28,657 29,115 29,187 -0.25% -1.6%
Alamogordo 35,582 27,596 24,024 14.87% 28.9%Carlsbad 25,625 24,952 25,496 -2.13% 2.7%
Gallup 20,209 19,154 18,167 5.43% 5.5%
Las Vegas 14,565 14,753 14,322 3.01% -1.3%Deming 14,116 10,970 9,964 10.10% 28.7%
Sunland Park 13,309 8,179 4,313 89.64% 62.7%
Portales 11,131 10,690 9,940 7.55% 4.1%Silver City 10,545 10,683 10,474 2.00% -1.3%
Artesia 10,692 10,610 10,385 2.17% 0.8%
Los Lunas 10,034 6,013 4,369 37.63% 66.9%
Lovington 9,471 9,322 9,727 -4.16% 1.6%
Socorro 8,877 8,159 4,313 89.17% 8.8%Grants 8,806 8,626 11,439 -24.59% 2.1%
Espanola 9,688 8,389 7,296 14.98% 15.5%T or C 7,289 6,221 5,412 14.95% 17.2%
Total 983,953 852,092 736,166 0.15747264 15.5%
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TABLE 3-2 NMCOUNTYS POPULATION AND HOUSING 1970-2010
Although the population is continuing to slowly expand, the age distribution within the overal
population figures is changing and the median age is increasing. The changing age composition of the
population structure will have an effect on housing and commercial demand, but it is uncertain at this
time what that effect will be. The fastest growing age component of the population is the 45-75 agegroup. This age group historically has not been the prime home purchasing market, but may foster a
need for retirement units.
3. ECONOMY-INCOME AND EMPLOYMENT
Located on I-25 and the edge of Elephant Butte Lake the economy of Truth or Consequences has
historically been tied to tourism, transportation and agriculture. Employment figures for the town o
Truth or Consequences are reported as part of Sierra County. Based upon January 2013 employmen
figures that were released by the New Mexico Department of Labor, nonagricultural employment for the
county has remained stable with current employment of 6,060 persons while unemployment for Sierra
County is approximately 6.3%, which is below the 2012 figure of 7.3%. Statewide New Mexico
unemployment for the period is approximately 7.1%, down from 7.9% for the same period in 2012
Sierra County currently has one of the lowest unemployment rates of any county in New Mexico.
The following Table 3-3 indicates the relative slow rate of employment growth in Sierra County
from 2000 thru 2013.
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Table 3-3 Annual Average Employment 2000-2013 Sierra County
.
D.
F E
><
F
% C
F
20002013
2013 5,962 5,634 328 5.50% 3.33% 10.82%
2012 5,770 5,408 362 6.27% 1.40%
2011 5,852 5,475 377 6.44% 1.20%
2010 5,923 5,555 368 6.21% 0.50%
2009 5,953 5,641 312 5.24% 0.83%
2008 5,904 5,663 241 4.08% 6.19%
2007 5,560 5,378 182 3.27% 3.02%
2006 5,397 5,162 235 4.35% 0.50%
2005 5,424 5,131 293 5.40% 1.16%
2004 5,362 5,048 314 5.86% 0.62%
2003 5,329 5,031 298 5.59% 0.41%
2002 5,351 5,063 288 5.38% 0.54%2001 5,380 5,126 254 4.72% 1.61%
2000 5,295 5,060 235 4.44%
During the summer months the population within the T or C and Elephant Butte market area
increases dramatically due to the recreational attraction of Elephant Butte Lake. On the primary holidays
such as the 4thof July and Labor days the population will increase to more than 100,000 persons. The
annual attendance approaches 1.8 million.
Although the nature of the economic base of the community tends to protect it somewhat from
down swings in the national economy, there is a cost. Table 3-4 indicates the median income of the 50
US States. New Mexico ranks in the lower 25% but also ranks third among states with the fastest per
capita income growth over the previous five years and first among southwestern states.
The community, as a result of the generally low household income as a whole is price sensitive
This in turn leads to price competition in all sectors of the local economy. The result is a lower than
average cost of living in the community. This lower cost of living including housing, commercia
services and property taxes is seen as an attraction to those planning on moving from other parts of the
country.
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Table 3-4 Median Incomes U.S. 2010
United States 50,740a ama ,as a ,
r zona ,r ansas ,a orn a ,o ora o ,onnec cu ,e aware ,s r c o o um a ,or a ,eorg a ,awa ,a o ,no s ,
n ana ,owa ,
ansas ,en uc y ,ou s ana ,a ne ,ary an ,
,c gan ,nneso a ,ss ss pp ,ssour ,on ana ,e ras a ,eva a , ,
ew ersey ,
ew ex co ,ew or ,or aro na ,or a o a ,o ,a oma ,
,ennsy van a ,o e s an ,ou aro na ,ou a o a ,ennessee ,
,a ,
,rg n a ,as ng on ,es rg n a ,scons n ,yom ng ,
,
State Median
income
Source: U.S. Bureau of Economic Analysis
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5. CLIMATE
The climate of Truth or Consequences is semi-arid which provides for very mild winters and hot,
dry summers. Truth or Consequences has an average daily high/low temperature of 74 and 46 degree
and an average rainfall of 12.0 inches annually. Mild climate is a major appealing factor to many retired
citizens of the community and others that may be contemplating moving to the area.6. GOVERNMENT
The governments of Elephant, Truth or Consequences and Sierra County are similar to most
communities in New Mexico. The Cities of Elephant Butte and Truth or Consequences have a mayora
form of government with a City Council. The five member City Council is elected as is the mayor. The
County is run by an elected county commission consisting of three members.
7. UTILITIES
Following is a list of utility suppliers to the residents of Sierra County.Electricity City of T or C/ Sierra Electric Coop
Natural Gas Gas Company of New MexicoWater City of Truth or Consequences/GarfieldWater Assoc./
Lakeshore/National Utility Company/ Rincon WaterSewers City of Truth or Consequences & Elephant ButteTelephone Windstream, VerizonSanitation City of Truth or Consequences
8. HOUSING
Housing is relatively affordable in the community. Housing as compiled from the 2010 Censu
included 8,356 dwelling units. The median value of an existing single family home is approximately
$130,000. Conversations with city personal indicate a reasonably active commercial building marke
with several new projects having been completed during 2005-2013 and several new projects currently
under construction.
9. SCHOOLS
The Truth or Consequences Public School System 2012 enrollment was approaching 2,000
students. The Truth or Consequences School System consists of.
A) One high schoolB) One middle schoolC) Two elementary schools
Also located Truth or Consequences Western New Mexico University distant learning center
which offers several college credit courses per semester. Located within commuting distance in Las
Cruces New Mexico is New Mexico State University.
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10. TRANSPORTATION
Transportation in and out of Truth or Consequences is good with Interstate 25 (north-south) at its
center. Greyhound Bus Lines provides passenger service to and from Truth or Consequences. The
nearest major commercial air service available to Truth or Consequences is located in El Paso, TX
approximately 120 miles south and Albuquerque approximately 130 miles north. Currently no locapublic transit system is available to Truth or Consequences residents.
11. MEDICAL FACILITIES
Located within the community of Truth or Consequences is Sierra Vista hospital with 43 beds
emergency room and skilled nursing unit. Sierra Vista Hospital provides helicopter ambulance service
to both Las Cruces and Albuquerque hospitals. Also located in the community is the Ben Archer Health
Center, Sierra Health Care Center nursing home with 110 beds and the New Mexico Veterans Home
with 170 beds. The nearest regional hospitals are located in Las Cruces, NM approximately 80 miles
south and Albuquerque which is approximately 140 miles north. Sierra Vista Hospital provides
helicopter ambulance service to both Las Cruces and Albuquerque hospitals.
12. RECREATION
Truth or Consequences municipality provided sports facilities include baseball and softbal
fields, basketball courts, and picnic areas. Located just east of the city is Elephant Butte Lake State Park
with over one million visitors in 2013. Other travel destinations located within a one hour drive of the
city are Caballo Lake and Percha Dam State Parks, Gila National Forest and Bosque Del Apache
National Wildlife Refuge.
13. CHURCHES
Most major denominations are available to serve the religious preferences of the community.
14. MORTGAGE MARKET FACTORS
Located within the city are four banks and one savings bank. The local lending institutions have
sufficient deposits to handle the level and nature of growth predicted for the area. Existing local lender
are considered to be in good financial shape. One reason is the diversified nature of the loca
commercial loan portfolio.
In the Truth or Consequences market area, most business tend to be small and locally owned
These small, locally owned businesses are entrepreneurial responses to the increasing population and its
varied demands. These small businesses do not require a great deal of space. Hence, there are numerousmall commercial buildings for retail and office space. The underlying loans are individually relatively
small and the total is well diversified.
The local mortgage market for residential as well as commercial and other type of loans until
recently has been rather isolated from the volatility in the national and international markets. However
local lenders have been forced, as a result of competition and liquidity requirements, to become more
integrated with secondary market operations. Local lenders are now adept at pooling mortgages fo
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resale in the secondary markets and using pools of residential and commercial mortgages for the
collateralization of securities sold in the capital markets. As a result of this activity, local interest rate
move with the same volatility as they do in the national and international capital markets.
15. NEW COMMUNITY DEVELOPMENTS
The New Mexico Spaceport America
In 2006 two studies commissioned by the New Mexico Economic Development
Department reported their findings. The reports were similar in their observations and projections. One
of those studies conducted by the Arrowhead Center at New Mexico State University reported that by
the fifth year of operation, the spaceport would sustain close to $1 billion in new revenues creating
approximately $350 million in new payroll and generating over 4,970 new jobs. For Sierra County this
provides dramatic growth potential. Truth or Consequences/Elephant butte is the metropolitan area
closest to the Spaceport and despite the smaller community size, and a reasonably estimate is that 40%
of the holders of new jobs would choose to live in Sierra County because of the nearness to the job site
and recreational amenities available. Based on an estimated total of 4,970 new jobs by 2016 this
percentage would equate to approximately 1,988 new jobs in Sierra County. Given an historic
employment to population ratio of 2.6 this would result in a population increase of 5,168 m/l due to the
Spaceport alone. Forty percent of the new jobs related to building and road construction, i.e., (992) could
similarly add 2,579 additional persons during the 2014/2020 period.Super Wal-Mart
In December 2005 Wal-Mart announced plans to construct a Super Store near Exit 79 on I-25 in
Truth or Consequences. This represented a $30 million, 110,000 square foot facility, constructionproject. The facility is now in operation and has added over 300 new jobs (Est. 780 increase in
population) and significantly increased GRT.Hot Springs Land Development
The Hot Springs Land Development, LLC is expected to bring economic development to New
Mexico and Sierra County through the combined economic strength of Spaceport America support
industries, auto racing, business aviation, national security and associated R & D activities along with
residential development. HSLD has identified a logistical opportunity to create a permanent industria
complex to include shops, garages, parts warehouses and tracks for testing and education to support all
races west of the Mississippi as well as support and supply facilities for the developing Spaceport
America. Currently nearly 7,388 acres, or about 12 square miles bracketing Interstate 25 have been
assembled for the express purpose of the HSLD PUD. The appraiser estimates of employment in the
development will be on the order of 2,500 with a population of 16,000 +_ in the next 25-30 years. The
necessary land swaps and leases between the State, BLM and the County have been completed and
development could be expected to begin in late 2016 to mid 2017.
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Illustrative Development Plan for HSLD
Sierra Del Rio Resort and other Developments
Sierra Del Rio Resort is being developed on over 1,049 acres of land in Elephant Butte. An 18
hole championship golf course intended by the development company to be the premier golf experience
in New Mexico. Lots range in prices from $47,000 to $250,000. Approximately 120 lots have been
sold. Approximately 75% of the buyers are from out of the area. At the present time approximately a
dozen homes have been started surrounding the operating golf course.
Sierra Vista Hospital Replacement Facility Project
The Hospital Board and community leaders are actively working towards the funding of a new
$28,000,000 hospital facility that will replace the existing facility on a 15 to 20 acre site. Construction
on the new emergency facility and physical is to begin in the second quarter of 2014.
Truth or Consequences Community Golf Course Expansion and other Developments The City of Truth or Consequences is currently planning for the expansion of its nine-
hole community course to 18 holes.
There are several small retail/office centers in the planning process.
An expanding art community is rejuvenating the downtown area of Truth or
Consequences.
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Lake levels although low are continuing to bring in more recreational visitors and
permanent residents that are attracted to the lake.
The County airport is scheduled for expansion.
New Hot Springs Retail Center the location of Wal-Mart is also the location of a newly
developed Holiday Inn Express. A copper mine is in the process of opening near Hillsboro with an initial investment in
excess of $300,000,000. Operational in late 2015 early 2016.
An alge/biofuel plant is being planned for developed for $250,000,000 over the next
three to four years near Spaceport America.
A new motel is being discussed for construction that is to be leased by Virgin Galactic
for its space clients.
The 6,000 sf Spaceport Welcome Center located in T or C is to begin construction in late
of 2015 within the Hot Springs Retail Center.
Ted Turner recently purchased the Sierra Grande Lodge in anticipation of future
developments.
There is clear evidence that the new developments are having an effect on the market place and
generating effective demand for the subject. The City of Truth of Consequences is a gateway city for the
States $210M Spaceport and Virgin Galactic space tourism operation. Recently the Governor of NM
while in T or C, signed the informed Consent Legislation into Law. This widely anticipated legislation
is already creating opportunities for both commercial and residential expansion in the area as a result of
Spaceport Americas need for supply chain contractors who do not currently have a presence in the area
In addition to this it has been confirmed that the near term construction of two major employers in thearea as outlined above will require housing and support business structures for professional engineers
and high end technical personnel. These companies include the Copper Flat Mine and an alternative Bio
Fuel production plant and refinery in Sierra County. These two companies alone may provide an
additional 250 + high net technical and engineering jobs in Sierra County in the immediate future.
Changing Real Estate Market Demand
The housing demand and supply in Sierra County appeared to be in reasonable balance during the
period 01/01/02 through 01/01/04. However, from 2004 through 2009 the market shifted upward. The
Sierra County Multiple Listing Service (of which this appraiser is a member) indicated total residentia
sales during 1/1/2002-12/31/2006 of 994 out of which 523 were site built, 432 manufactured housing
and 39, one to four family. The median price of all sf site built sales in 2002 was $62,356, by the end of
2008 this figure has risen to $133,505. In 2009 the figure dropped to $130,027 but jumped in 2011 to
$165,000. The following Table 3-5 illustrates the changes in total sales as well as residential sales
Brokers have reported that the drop in single-family sales in 2006-2008 was not due to demand but
rather the lack of supply on the market that was available to sell. However, 2009 also saw a drop in
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demand which has continued thru 2013. For 2013 the figure was 210 DOM. The year 2013 saw a further
decline in the real estate market sales. The actual number of total sales in 2013 was only 26% of the total
sales in 2006.
Additionally total sales in 2013 of 8,565,370 represent the lowest volume of sales passing
through the MLS since 2002. Any increase in 2014 is generally believed to be tied to the development ofSpaceport America.
TABLE 3-5HOUSING SALES 2002--2013
Year
Total # of
all MLSSales
Total #
ResidentialSales
SF Site
BuiltDwelling
MfgHousing
multifamily
Avg Sale
Price SiteBuilt
% Change inAvg Price
2013 94 74 36 44 0 $124,371 -2.91%
2012 130 96 52 44 0 $128,102 -22.36%
2011 76 40 19 21 0 $165,000 23.57%
2010 87 66 31 35 0 $133,531 2.69%
2009 141 118 60 57 1 $130,027 -2.61%2008 210 162 92 66 4 $133,505 19.91%2007 276 203 114 81 7 $111,334 2.39%2006 400 104 104 103 10 $108,733 -7.74%2005 342 243 135 101 7 $117,860 18.09%
Although it is impossible to determine with a great deal of specificity at this time as to what the
newly developing economic environment in Sierra County will bring in terms of population and income
growth it is speculated that growth will occur at a rate not historically seen in Sierra County. This
impending growth rate can be seen in the surge of real sales in the last few years leading up to 2006. As
the overall local economy slumped in 2007-2013 so did real estate sales. Based on data through
December 2013 real estate sales were nearly 73% below 2006.
TABLE 3-6TOTAL REAL PROPERTY $SALES SIERRA COUNTY 2002-20132013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Residential $6,563,570 $9,306,970 $4,990,619 $7,392,673 $12,337,900 $22,687,287 $21,377,713 $18,045,670 $20,320,780 $12,271,650
Land $953,800 $485,250 $697,300 $944,900 $1,356,500 $3,571,706 $4,628,750 $6,619,148 $3,187,010 $771,040
Comm-Ind $923,000 $1,248,000 $4,168,450 $235,500 $580,000 $1,200,000 $2,811,900 $6,215,552 $2,138,250 $981,500
Multi-Family $125,000 $0 $0 $0 $240,000 $465,000 $376,200 $1,629,000 $366,000 $886,000
Total Sales $8,565,370 $11,040,220 $9,856,369 $8,573,073 $14,514,400 $27,923,993 $29,194,563 $32,509,370 $26,012,040 $14,910,190
% -22.42% 12.01% 14.97% -40.93% -48.02% -4.35% -10.20% 24.98% 74.46% 2.56%
The following Table 3-7 illustrates the deposit base of the Countys banks and provides another
indicator of the communitys economic growth. It can be seen that the total deposit base has fluctuated
over the last ten years from between $80,598,000+- to $121,400,000 +-. Although there are variations
there is a slow but discernible upward growth of approximately 2.83% per year. During the period
6/30/2011 to 6/30/2013 total deposits in local banks increased by a significant 11%.
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TABLE 3-7 DEPOSITS BY BANK-SIERRA COUNTY,NM6/30/00TO 6/30/13
Deposits/Bank Name
Bank of the
Southwest
(State Nat ional) to
Compass First Savings Citizens Bank Total % Change
Deposits 6/30/2013 $59,608,000 $17,230,000 $25,372,000 $19,200,000 $121,410,000 3.99%
Percentage 49.10% 14.19% 20.90% 15.81% 100.00%
Deposits 6/30/2012 $56,713,000 $20,360,000 $22,297,000 $17,386,000 $116,756,000 6.99%
Percentage 48.57% 17.44% 19.10% 14.89% 100.00%
Deposits 6/30/2011 $51,637,000 $23,539,000 $21,818,000 $12,133,000 $109,127,000 -1.89%
Percentage 47.32% 21.57% 19.99% 11.12% 100.00%
Deposits 6/30/2010 $51,113,000 $25,216,000 $22,567,000 $12,329,000 $111,225,000 15.29%
Percentage 45.95% 22.67% 20.29% 11.08% 100.00%
Deposits 6/30/2009* $42,525,000 $27,500,000 $18,768,000 $7,682,000 $96,475,000 -0.82%
Percentage 44.08% 28.50% 19.45% 7.96% 100.00%
Deposits 6/30/2008 $39,717,000 $38,421,000 $19,136,000 $97,274,000 9.73%
Percentage 40.83% 39.50% 19.67% 100.00%
Deposits 6/30/2007 $39,587,000 $31,249,000 $17,811,000 $88,647,000 -6.62%
Percentage 44.66% 35.25% 20.09% 100.00%
Deposits 6/30/2006 $42,615,000 $33,609,000 $18,705,000 $94,929,000 7.97%
Percentage 44.89% 35.40% 19.70% 100.00%
Deposits 6/30/2005 $39,731,000 $32,565,000 $15,626,000 $87,922,000 4.58%
Percentage 45.19% 37.04% 17.77% 100.00%
Deposits 6/30/2004 $39,288,000 $30,421,000 $14,366,000 $84,075,000 0.90%
Percentage 46.73% 36.18% 17.09% 100.00%
Deposits 6/30/2003 $39,629,000 $29,008,000 $14,685,000 $83,322,000 3.38%
Percentage 47.56% 34.81% 17.62% 100.00%
Deposits 6/30/2002 $38,465,000 $29,035,000 $13,098,000 $80,598,000 -5.29%
Percentage 47.72% 36.02% 16.25% 100.00%
Deposits 6/30/2001 $41,833,000 $30,146,000 $13,117,000 $85,096,000 -1.38%
Percentage 49.16% 35.43% 15.41% 100.00%
Deposits 6/30/2000 $40,849,000 $31,558,000 $13,877,000 $86,284,000
Percentage 47.34% 36.57% 16.08% 100.00%
Average $ $47,946,923 $30,758,231 $19,326,385 $5,286,923 $103,318,462
Average % 46.41% 29.77% 18.71% 5.12% 100.00% 2.83%
It is the appraisers opinion, based on the known developments mentioned above and the curren
expected expansion, as well as a review of Chamber of Commerce inquiries, gross receipts tax, lodgers
tax, utility connections, bank deposits, and other indices, that the historic population annual growth rateseen above will move from current levels up to a reasonable estimate of 3% during the period 2014 to
2020 and 4% from 2020 to 2030. This rate is also less than but consistent with a recent study conducted
by SMPC Architects for the Sierra Vista Hospital Replacement Facility Project. The following Table 3-7
reflects these projections.
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Table 3-8 1980-2030 Sierra County Pop. Projections at 3% to 4% 2011- 2030
The above Table although general in structure indicates that in Sierra County proper, during the
period 2011 through 2030 annual household formations could increase from 144 in 2011 to 367 in 2030
Each household formation will require an additional dwelling unit of some type to be added to the Sierra
County housing stock. The impact on the subject should be that the subject should maintain its
competitive position within the commercial land market as there does not appear to be any negative
Year Population Total Annual Annual
Projection H ousehold Household P opulation
F ormations F ormations Increase1980 8,454 3,0191981 8,589 3,068 48 135
1982 8,727 3,117 49 137
1983 8,866 3,166 50 1401984 9,008 3,217 51 142
1985 9,152 3,269 51 1441986 9,298 3,321 52 146
1987 9,447 3,374 53 149
1988 9,598 3,428 54 1511989 9,751 3,483 55 153
1990 9,907 3,538 56 1561991 10,003 3,705 35 95
1992 10,099 3,740 36 96
1993 10,196 3,776 36 971994 10,294 3,813 36 98
1995 10,393 3,849 37 991996 10,493 3,886 37 1001997 10,594 3,924 37 101
1998 10,696 3,961 38 1021999 10,799 4,000 38 103
2000 10,903 4,038 38 1042001 11,008 4,077 39 105
2002 11,114 4,116 39 106
2003 11,220 4,156 40 1072004 11,328 4,196 40 108
2005 11,437 4,236 40 1092006 11,547 4,277 41 110
2007 11,658 4,663 44 111
2008 11,771 4,708 45 1122009 11,884 4,754 45 113
2010 11,998 4,799 46 1142011 12,358 4,943 144 360
2012 12,729 5,092 148 371
2013 13,111 5,244 153 382
2014 13,504 5,402 157 393
2015 13,909 5,564 162 405
2016 14,326 5,731 167 417
2017 14,756 5,903 172 430
2018 15,199 6,080 177 443
2019 15,655 6,262 182 456
2020 16,125 6,450 188 470
2021 16,770 6,708 258 645
2022 17,440 6,976 268 6712023 18,138 7,255 279 698
2024 18,863 7,545 290 726
2025 19,618 7,847 302 755
2026 20,403 8,161 314 785
2027 21,219 8,488 326 816
2028 22,068 8,827 340 849
2029 22,950 9,180 353 883
2030 23,868 9,547 367 918
Rate of Growth 1.01599 to 1990
Rate of Growth 1.00962 to 2010
Rate of Growth 1.03 2011--2020
Rate of Growth 1.04 2021-2030
HH Size 2.8 to 1990
HH Size 2.7 to 2006
HH Size 2.5 2007 to 2030
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external factors within the real estate market that would impact its locational attributes, nor are there any
new development that would impact on its competitive position.
Additionally it should be noted that there is another employment/population scenario that is
based on very likely and known conditions that are scheduled to develop within the next 12-24 months
and that is the final development of the Spaceport and its welcome center in T or C, the ongoingdevelopment of Copper Flat Mine, the initial phases of the Bio Fuel Plant, the new emergency room and
physical plant at Sierra Vista Hospital as well as related developments. Table 3-9 below illustrate the
potential impact on employment and population within the County as these commercial developments
come on line. The associated population projections are based on an historic employment to population
ratio of .42 which is also what it was in the 2010 census. It is unknown if this ratio will hold at the
margin but is likely to be consistent with long run projections. New housing requirements are based on a
household size of 2.75 persons. Bear in mind that the high point in historic employment in the County
was in July of 2010 with an labor force of 6,256 and total employment of 5,885 according to NMD of
Workforce Solutions-Economic Research and Analysis.
TABLE 3-9 SIERRA COUNTY EMPLOYMENT/POPULATION PROJECTIONS 2013--2020/ 2014 2015 2016 2017 2018 2019 2020
C F 50 100 150 50 0 0 0
B F 50 100 150 25 0 0 0
A & 50 100 160 200 250 300 350
10 10 10 10 12 12 12
10 10 10 10 12 12 12
5 5 5 5 5 5 5
E 175 325 485 300 279 329 379
E(D 2000 5408) 5583 5908 6393 6693 6972 7301 7680
A C 1.00% 5.82% 8.21% 4.69% 4.17% 4.72% 5.19%
E (.42 /) 13,293 14,067 15,221 15,936 16,600 17,383 18,286
C 5.82% 8.21% 4.69% 4.17% 4.72% 5.19%
The following Section IV presents details of the subject site.
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Section IV
Site Data
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SECTION IV SITE DATA1. SITE DESCRIPTION
The subject is located in the northern business district of Truth or Consequences in the SEC of
the intersection of Nth Date Street and I-25. The site is generally rectangular with observed elevationvariations of 10 more or less in some areas. The entire property is within the New Hot Springs Retail
Center and adjoins the Super Wal-Mart site on its East and Interstate 25 on its West. To the immediate
North and South are undeveloped parcels. The entire site is within the City limits of Truth or
Consequences. The original HSRTC development is broken into five phases. Phases 1 through 4 are on
the north end of the tract while Phase 5, a 26 +- acre tract, is on the south side of the area and sits
approximately 12 to 15 feet higher in elevation. The north portion of the subdivision is platted and
approved and broken into Blocks and Lots. The subject is on the SWC of the Northern portion.
2. TOPOGRAPHY AND SOILS
The subject in its natural state is made up almost entirely of high mesa desert grazing lands with
sparse vegetation and six to eight inches of rain fall per year. The animal unit grazing allotment i
typically 6 to 7.2 per section (640 acres). The undulating and shifting elevation of the topography of the
site is common to the region and surrounding land uses. The region is generally undulating to steep
slopes with mild rock outcroppings and generally sloping towards the east and south into natural arroyos
that ultimately wind their way to the Rio Grande to the east. The soil is typical for the area and should
pose no problem for future improvements. Discussions with the US Soil Conservation Service indicates
that no comprehensive soil survey of Sierra County has been made.
3. DRAINAGE FEATURES AND FLOOD ZONE
The area drains naturally to the east and south into undeveloped natural drainage areas extending
through natural arroyos to the Rio Grande. However, the developer has equipped the subdivision with a
fully functioning underground storm water system that drains the entire area. The drainage appears to be
adequate and poses no problems to further development. The site is not in a FEMA hazardous flood
zone. See the flood map in the preface.
4. UTILITIES AND ACCESS
The area is within the City limits of Truth or Consequences and is serviced with City power, via
overhead power lines and underground through the subdivision. Power is underground to the lots. Sewer
will be by City sewer. Water is provided by City water. Gas is provided by New Mexico Gas Company.
Current access to the site is via North on Date Street to H.R. Ashbaugh Drive then West to
Sanford Wilson Rd. The site is located on the NWC of H.R. Ashbaugh Dr and Sanford Wilson Road
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The regional access is easily available from I-25 Exit 79 to the immediate north from which the
proposed visitor center building will be imminently visible from I-25 both North and South Bound.
5. SETBACKS AND EASEMENTS
There are no unusual setbacks, easements or encroachments on the deeded acres noted on the platat the County Assessors Office, nor were any observed. However, there are utility easements as well as
covenants and deed restrictions put in place to maintain the quality and architectural styles and values of
the area.
6. SURROUNDING IMPROVEMENTS
The surrounding land uses to the North and East of the subject are all commercial activities
consisting of an existing Wal-Mart, three motels as well as restaurant and auto fueling stations. To the
SE of the site is a high school and public golf course. To the West across I-25 and the immediate south is
vacant land. There are no negative external factors resulting from the immediately surrounding land
uses.
7. PROPERTY TAXES
The following Table 4-1 is a breakdown of the subject propertys assessed and market values for
the subject land as determined by the Sierra County Assessors office for the 2013 tax year. The
subdivided parcels 1 and 2 of the 8.81 acre lot have yet to be assessed separately by the County
Assessors office.
TABLE 4-1SUBJECT PROPERTY FULL AND TAXABLE VALUE 2013
D A. B
A'
F
E
2013
AC C. 18179 B 1 2 0.45 19,602 C $63,939 $21,313 $520
AC C. 18181 B 3 1A 0.98 42,689 C $137,496 $45,832 $1,118
AC C. 18182 B 3 2A 0.83 36,155 C $116,751 $38,917 $949
AC C. 18981 B 4 1 0.534 23,261 C $74,475 $24,825 $606
AC C. 18987 B 4 2 0.534 23,261 94 2659 $74,619 $24,873 $607
AC C. 18988 B 4 3 0.534 23,261 C $74,499 $24,833 $606
AC C. 18989 B 4 4 0.534 23,261 94 2659 $74,400 $24,800 $605
AC C. 18990 B 4 5 1.892 82,416 94 2659 $263,706 $87,902 $2,144
.. 18991 B 4 6 2.491 108,508 94 2659 $347,241 $115,747 $2,823
AC C. 18992 B 4 7 0.408 17,772 94 2659 $28,434 $9,478 $231
AC C. 16585 2,E4,28,13, 4 8.81 383,764 102 1659 $654,555 $218,185 $5,322
AC C. 18008 28,13, 4 26.93 1,173,071 106 130 $411,978 $137,326 $3,350
44.927 1,957,020 $1,910,115 $636,705 $18,881
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These taxes are reasonable and in line with other commercial properties and undeveloped land in
the same area. All the taxes are current.
8. IMPROVEMENT ANALYSIS
Paved access roads have been constructed and power, gas, sewer and water are to each lot lineand immediately available to the larger tracts. A drainage plan is in place and an underground storm
water system is on site.
9. ENVIRONMENTAL CONSIDERATIONS
The appraiser has made a personal inspection of the site and did not uncover any apparent signs
of hazardous materials. Hazardous materials may or may not be present on the site, but the appraiser i
not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde
foam insulation, leaking oil or gas tanks, or other potentially hazardous materials may effect the value of
the property. The value estimate is predicted on the assumption that there is no such material on or in
the property that would cause a loss of value. No responsibility is assumed for any such conditions o
for any expertise or engineering knowledge required to discover them. The client is urged to retain an
expert in this field, if desired.
The following Section V discusses the market environment of the subject and its relative position
within the commercial land market within the County and T or C.
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Section V
Valuation
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SECTION V - VALUATION
The following Section V develops the reasoning and methodology utilized in arriving at a
determination of highest and best use and a valuation conclusion for the subject commercial parcel.
1. HIGHEST AND BEST USE
Highest and best use of land is defined as "The reasonably probable and legal use of vacant land
or an improved property which is physically possible, appropriately supported, financially feasible, and
that results in the highest value." (The Appraisal of Real Estate, Tenth Edition, 1992.) In order to
estimate the highest and best use, there are essentially four points of analysis. These are as follows:
I. Physically Possible Use of the Site - What uses are physically possible, given the size,shape, and topography and location of the site?
II. Legally Permissible Uses of the Site - among the physically possible uses, what usesare legally allowed given the zoning, easements, and deed restrictions?
III. Financially Feasible Uses of the Site - among the uses, which are physically possibleand legally permissible? What uses would provide a reasonable residual net return tothe land?
IV. Most Productive Use of the Site - among the financially feasible uses, which usewould result in the greatest net return to the land?
PHYSICALLY POSSIBLE USES
Constraints imposed on the possible use of the property relate to the physical aspects of the site
itself. The size, shape, topography, and physical location influence ultimate development. The physica
aspects of the property would allow a multitude of possible uses. Given the physical location of the
property and its proximity to Date Street and I-25 as well as nearby commercial development, only
commercial uses are physically probable.
LEGALLY PERMISSIBLE USES
The subdivision is zoned C-1 Commercial. Legal restrictions as they apply to the subject are thecommon restrictions of utility easements, public zoning ordinances, and deed restrictions. The subjec
site is an existing platted commercial subdivision. Restrictions prohibit mobile home, industrial
commercial or residential uses. All lots are encumbered with deed restrictions and protective covenants
The main thrust of the restrictions and covenants is to provide a legal framework for the preservation
maintenance, and control of the character of the development. The restrictions and covenants are
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beneficial in protecting the development character and future property values for a commercia
subdivision. The restrictions are assumed to be in conformity with the sites existing zoning and
development plan. The possible permissible uses for the subject tract are retail/commercial. Therefore
the only physically and legally possible use of the site is as a commercial/retail/office development.
FINANCIALLY FEASIBLE USES
The financially feasible uses of the site are restricted to those that are physically possible, legally
permissible and that produce a positive economic return to the land. The most probable financially
feasible use of the site is for commercial development. Of the legally permitted uses that would be likely
users of the site, the most probable one that would have market acceptance at that site and not be
restricted by the current supply of existing similar activities, is a retail/office facility catering to the
traffic on Date Street and Interstate 25. Note worthy is the fact that Wal-Mart and Holiday Inn Express
have already located within the commercial subdivision. Given the reality of the development of
Spaceport America located 35 miles south and the current activities of Virgin Galactic and Space X a
well as the expressed desires of other space related firms locating their businesses at the Spaceport
together with the national and international interest in Spaceport America it highly likely that the
projected number of visitors to the proposed facility would make it a financially feasible use
Additionally studies that have been commissioned by the Spaceport Authority have demonstrated that
the financial feasibility of the Spaceport Welcome Center as proposed on the subject site is positive.
MOST PRODUCTIVE USE OF SITE AS THOUGH VACANT
The most productive use of the site as though vacant is the physically possible, legally
permissible, and financially feasible use that would return the highest net return to the land. The site as
proposed to be developed fits the criteria of highest and best use. The most logical financially feasible
use of the site is as proposed i.e., the future site of the Spaceport America Welcome Center.
2. VALUATION METHODOLOGY
The subject land is valued according to the determined highest and best use, i.e., the future site of
the Spaceport America Welcome Center. Comparable sales analysis is employed in the determination o
the retail market value of the commercial six acre on a sf basis. The analysis uses the average lot sale
contract prices of available recent commercial lot sales within the subject neighborhood both outside and
inside of the subjects commercial subdivision. The average psf retail value serves as the base retail sale
price used to determine the market value of the subject.
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3. COMPARABLE SALES ANALYSIS
The Sales Comparison or Market Approach is based upon the principle of substitution. The
process produces an estimate of value of the property by comparing it with similar properties of the same
type, class, and location that have sold recently or are currently offered for sale in the same or competing
areas. The process of comparison involves judgment concerning their similarities with respect to severafactors such as location, physical condition, terms of sale, and conditions of the subject property. The
comparable sales are compared to the subject property and ranked as equal, superior or inferior to the
subject. Qualitative adjustments are then made to the sale prices for differences between comparables
The value range as indicated by the final adjusted sale price is then correlated into a final indicated value
for the subject property. The common denominator of the dollar sale price per square foot is used as uni
of comparison.
A search of the current commercial land sales in the area turned up several representative
comparables that are appropriate and that are used to assist the appraiser in forming his opinion of value.
The following is a descriptive list of the comparables used in the analysis. The comparable sales that are
used reflect the demand side of the market while the active listings are proxies for the supply side of the
market. Figure 6-1 illustrates the location of the comparables and Table 6-2 demonstrates adjustments to
their prices.
FIGURE 6-1 LAND SALE COMPARABLES LOCATION MAP
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COMPARABLE LAND SALE #1 1920NDATE STREET TOR C
Date of Sale: August 2009 Recording: Sierra CountyGrantor: Neudecker Grantee: Citizens Bank Agent: NASale Price: $750,000/ $14.50 psf//Additional development cost demolition $28,000,Size: 1.187 Ac./ 51,724 SF
Terms: Cash Zoning: C1Location: NWC of Date Street and New School RoadComments: Level site of Dairy Queen and Car wash purchased for land only. Demolition and dirt work
required.Flood zone: XUtilities: Power , Water, Sewer to site.Intended Use: New Citizens bank developmentConfirmed By: Grantee
COMPARABLE LAND SALE #2 CBDAUSTIN STREET
Date of Sale: 8/20/2009 Recording: MLS 20104741Grantor: Grinsted Grantee: NA Agent: Susan LoweSale Price: $96,000/ $12.96 psf//Size: .17 Ac./7,405 SFTerms: Cash Zoning: C1Legal Description: blk 8 lot 27, 28, e2 of lot 29 Palomas HotspringsLocation: Austin between Foch and Daniel. South side of Austin middle of block.Comments: Commercial Small lot level all utilitiesFlood zone: XUtilities: Power , Water, Sewer to site.Intended Use: Parking or commercial developmentConfirmed By: MLS 20104741/ agent
COMPARABLE LAND SALE #3 NWC3RDAND DATE ,TOR C
Listing: 7/2014 Source: Grantor
Grantor: Anderson Grantee: NASale Price: $450,000, $ 10.76 psf Size: .9599Ac./ 41,816 sq. ft.Terms: Cash to Seller Zoning: C-1Legal Description: Lots 11-12 Block 63 La Vista AdditionLocation: East Side of Date Street, Signaled intersectionComments: Level all util