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File No.
APPRAISAL OF
LOCATED AT:
CLIENT:
AS OF:
BY:
170202-B
Rigos - SFR
Hasson Appraisal Service, Inc.
Certified General Real Estate Appraiser
Joseph A. Hasson
February 7, 2017
Seattle, WA 98112
1450 37th Ave E
Jim Rigos
Seattle, WA 98112
1504 37th Ave E
A Single Family Residence
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]
File No.
File Number:
In accordance with your request, I have appraised the real property at:
The purpose of this appraisal is to develop an opinion of the defined value of the subject property, as improved.The property r ights appraised are the fee simple interest in the site and improvements.
In my opinion, the defined value of the property as of i s :
The at tached repor t conta ins the descr ip t ion, analys is and suppor t ive data for the conclus ions,final opinion of value, descriptive photographs, assignment conditions and appropriate certif ications.
170202-B
Rigos - SFR
Hasson Appraisal Service, Inc.
Washington 1101843, Expires 01/10/2019
Certified General Real Estate Appraiser
Joseph A. Hasson
Sincerely,
Two Million Nine Hundred Thousand Dollars
$2,900,000
February 7, 2017
Seattle, WA 98112
1504 37th Ave E
170202-B
Seattle, WA 98112
1450 37th Ave E
Jim Rigos
02/13/2017
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]
Residential Appraisal Report File No.
The purpose of this appraisal report is to provide the client with a credible opinion of the defined value of the subject property, given the intended use of the appraisal.
Client Name/Intended User E-mail
Client Address City State Zip
Additional Intended User(s)
Intended Use
PU
RP
OS
E
Property Address City State Zip
Owner of Public Record County
Legal Description
Assessor's Parcel # Tax Year R.E. Taxes $
Neighborhood Name Map Reference Census Tract
Property Rights Appraised Fee Simple Leasehold Other (describe)
SU
BJ
EC
T
My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.
Prior Sale/Transfer: Date Price Source(s)
Analysis of prior sale or transfer history of the subject property (and comparable sales, if applicable)
Offerings, options and contracts as of the effective date of the appraisal
SA
LE
S H
IST
OR
Y
Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use %
Location Urban Suburban Rural Property Values Increasing Stable Declining PRICE AGE One-Unit %
Built-Up Over 75% 25-75% Under 25% Demand/Supply Shortage In Balance Over Supply $(000) (yrs) 2-4 Unit %
Growth Rapid Stable Slow Marketing Time Under 3 mths 3-6 mths Over 6 mths Low Multi-Family %
Neighborhood Boundaries High Commercial %
Pred. Other %
Neighborhood Description
Market Conditions (including support for the above conclusions)
NE
IGH
BO
RH
OO
D
Dimensions Area Shape View
Specific Zoning Classification Zoning Description
Zoning Compliance Legal Legal Nonconforming (Grandfathered Use) No Zoning Illegal (describe)
Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? Yes No If No, describe.
Utilities Public Other (describe) Public Other (describe) Off-site Improvements—Type Public Private
Electricity Water Street
Gas Sanitary Sewer Alley
Site Comments
SIT
E
GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials INTERIOR materials
Units One One w/Acc. unit Concrete Slab Crawl Space Foundation Walls Floors
# of Stories Full Basement Partial Basement Exterior Walls Walls
Type Det. Att. S-Det./End Unit Basement Area sq. ft. Roof Surface Trim/Finish
Existing Proposed Under Const. Basement Finish % Gutters & Downspouts Bath Floor
Design (Style) Outside Entry/Exit Sump Pump Window Type Bath Wainscot
Year Built Storm Sash/Insulated Car Storage None
Effective Age (Yrs) Screens Driveway # of Cars
Attic None Heating FWA HW Radiant Amenities WoodStove(s) # Driveway Surface
Drop Stair Stairs Other Fuel Fireplace(s) # Fence Garage # of Cars
Floor Scuttle Cooling Central Air Conditioning Patio/Deck Porch Carport # of Cars
Finished Heated Individual Other Pool Other Att. Det. Built-in
Appliances Refrigerator Range/Oven Dishwasher Disposal Microwave Washer/Dryer Other (describe)
Finished area above grade contains: Rooms Bedrooms Bath(s) Square Feet of Gross Living Area Above Grade
Additional Features
Comments on the Improvements
IMP
RO
VE
ME
NT
S
Page 1 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
170202-B
Rigos - SFRHasson Appraisal Service, Inc
The intended use of this report is to establish an opinion of value for portfolio valuation.
The above named client is the indented user only.
98112WASeattle1450 37th Ave E
[email protected] Rigos
X
63.00565-E2Madison Park
7,053.662016531810-0750
Long Legal Description - See Addendum
KingJames J & Doreen S Rigos
98112WASeattle1504 37th Ave E
None
According to the King County Department of Assessments, the
subject was transferred by quit-claim deed in the past 36 months.
NWMLS/King County AssessorN/AN/A
X
Market inventory is currently under-supplied and property values are increasing. Within
a one mile radius from the subject the NWMLS indicates there are 13 active listings, 16 pending sales and 77 closed sales in the past 6
months. Remaining inventory is 1 month and the median marketing time is 12 days. Long term interest rates, the local economy and
employment stability are the predominate factors affecting the real estate market in this region.
The subject is located in the Madison Park neighborhood in the city of Seattle. The subject has convenient access
to services, shopping, restaurants and schools, all of which are in a 0-3 mile radius. Employment centers are within a 0-15 mile radius
and access is average. Market appeal for the subject neighborhood is good.
10Vacant
10
10
5
65
80
120
0
1,180
4,475
425
The subject neighborhood boundaries are north by State Route 520,
east by Lake Washington, south by E Harrison Street and west by 24th Avenue E.
X
X
X
X
X
X
The subject site is level and improved with paved roads, sidewalks and street lighting. There are no apparent adverse
easements, encroachments or non-conforming use observed. The subject is adjacent to the Broadmoor golf course and has seasonal
views of the golf course to the west. Also, the subject site has partial lake/mountain views from the 3rd floor to the east.
None
XAsphalt
X
X
X
X
X
X
Single Family Residence, 1 DU per 5,000 SF lotSF 5000
Golf/Partial LakeRectangular5000 SF42' X 120'
The proposed home very good build quality and is in new condition. No deferred maintenance or incomplete
construction was observed. No physical or functional inadequacies were noted at the time of inspection. The effective age is based on
condition, appearance and modernization of the subject property. See text and photo addendum.
Gas forced air heating, central air conditioning, gas hot water, double pane windows.
3,7254.548
hood over oven, wine coolerXXXXXPX
X
2X
Concrete
Tile
Tile
Wood
Drywall/Wood
Wood/Crpt/Tile
XX
X1X
None
None
Wood/Vinyl
Metal
Composition
Wood/CFB
Concrete
X
Gas
X
N/A
N/A
X
X
0
2016
Craftsman
X
X
3
X
Residential Appraisal Report File No.
FEATURE SUBJECT
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
COMPARABLE SALE NO. 1
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 2
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 3
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AP
PR
OA
CH
COST APPROACH TO VALUE
Site Value Comments
ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW
Source of cost data
Quality rating from cost service Effective date of cost data
Comments on Cost Approach (gross living area calculations, depreciation, etc.)
OPINION OF SITE VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
Dwelling Sq. Ft. @ $ . . . . . . . . . . . . = $
Sq. Ft. @ $ . . . . . . . . . . . . = $
Garage/Carport Sq. Ft. @ $ . . . . . . . . . . . . = $
Total Estimate of Cost-New . . . . . . . . . . . . = $
Less Physical Functional External
Depreciation = $ ( )
Depreciated Cost of Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
"As-is" Value of Site Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $
INDICATED VALUE BY COST APPROACH . . . . . . . . . . . . . . . . . . . . . . = $
CO
ST
AP
PR
OA
CH
INCOME APPROACH TO VALUE
Estimated Monthly Market Rent $ X Gross Rent Multiplier = $ Indicated Value by Income Approach
Summary of Income Approach (including support for market rent and GRM)
INC
OM
E
Indicated Value by: Sales Comparison Approach $ Cost Approach (if developed) $ Income Approach (if developed) $
This appraisal is made "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed,
subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed subject to the following:
Based on the scope of work, assumptions, limiting conditions and appraiser's certification, my (our) opinion of the defined value of the real property
that is the subject of this report is $ as of , which is the effective date of this appraisal.
RE
CO
NC
ILIA
TIO
N
Page 2 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
170202-B
Rigos - SFRHasson Appraisal Service, Inc
Patio/Deck
2 Car Garage
None
FWA Gas/AC
Average
N/A
None
3,725150.00
4.548
New
2016/1A
Very Good
2.5 Story
Golf/Partial Lake
5000 SF
Fee Simple
Urban
N/A
Realist.com
Inspection/MLS
0.00
N/A
Seattle
1504 37th Ave E
2,853,95027.0
-9.4
296,050X
Deck
2 Car Garage
None
FWA Gas/AC
Average
-50,0001BR/1BA/3OR
-186,0001860 SF Finished
177,7502,540
100,0002.536
New
2016/1A
Very Good
2 Story Bsmt
-300,000Lake/Mtn/Good
-37,8005504 SF
Fee Simple
Urban
01/03/2017
No Concessions
Arms-Length
MLS# 940054
NWMLS/King County Assessor
1,240.16
3,150,000
1.69 miles NE
Seattle
3802 48th Ave NE
2,736,55033.8
6.5
166,550X
Patio/Deck
2 Car Garage
None
FWA Gas/AC
Average
-50,0001BR/1BA/1OR
-101,0001010 SF Finished
146,2502,750
100,0002.548
100,000Very Good
2007/10A
-100,000V. Good/Upgrades
2 Story
-100,000Lake/Mtn/Avg
71,3004050 SF
Fee Simple
100,000Urban/Arterial
10/18/2016
No Concessions
Arms-Length
MLS# 1007737
NWMLS/King County Assessor
934.55
2,570,000
1.88 miles SE
Seattle
401 Lake Washington Blvd
2,999,05027.2
-9.1
300,950X
Patio/Deck
2 Car Garage
None
FWA Gas/AC
Average
-75,0001BR/1.5BA/1OR
-162,0001620 SF Finished
-51,7504,070
4.548
New
2016/1A
-100,000V. Good/Upgrades
2 Story Bsmt
Terr/Partial Lake
-210,2007803 SF
Fee Simple
100,000Urban/Arterial
198,00007/08/2016
No Concessions
Arms-Length
MLS# 898147
NWMLS/King County Assessor
810.81
3,300,000
0.20 miles NE
Seattle
1502 McGilvra Blvd E
All comparables are located within the same general neighborhood or in strong competing areas well
known to the typical purchaser and were the most recent, similar, and proximate comparables found by the appraiser. All adjustments
are based on extensive research into the value placed by typical buyers on individual amenities. See addendum for explanation of all
adjustments.
2,907,400
500,000Entrepreneurial Profit @ 20%
25,000
1,532,350
0$0
65
1,532,350
35,47575.00473
100,000Deck/Patio/Fencing/Hardscapes
1,396,875375.003,725
850,000
Replacement cost and physical depreciation are estimated using
Building-Cost.net and local builder/contractor cost sampling.
Physical depreciation is based on the economic age-life method.
Remaining economic life is estimated based on typical economic
life expectancy for area homes of similar quality and condition to
the subject.
01/2017V. Good
Builder Data
X
Site value was based on the assessor allocation method and sales of fully depreciated homes. Land/ Improvement
ratio is typical for the subject's neighborhood.
The income approach was not developed and is not considered a reliable
valuation method for this property type.
N/AN/AN/A
02/07/20172,900,000
X
Most consideration is given to the sales comparison approach which reflects a greater accuracy in analyzing buyers and sellers
reactions in the marketplace. Secondary weight was given to the cost approach. The income approach was not developed and is not
considered reliable valuation methods for this property type.
N/A2,907,4002,900,000
Hasson Appraisal Service
Residential Appraisal Report File No.
FEATURE SUBJECT
Address
Proximity to Subject
Sale Price $
Sale Price/Gross Liv. Area $ sq. ft.
Data Source(s)
Verification Source(s)
VALUE ADJUSTMENTS DESCRIPTION
Sale or Financing
Concessions
Date of Sale/Time
Location
Leasehold/Fee Simple
Site
View
Design (Style)
Quality of Construction
Actual Age
Condition
Above Grade Total Bdrms. Baths
Room Count
Gross Living Area sq. ft.
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porch/Patio/Deck
Net Adjustment (Total)
Adjusted Sale Price
of Comparables
COMPARABLE SALE NO. 4
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 5
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
COMPARABLE SALE NO. 6
$
$ sq. ft.
DESCRIPTION +(-) $ Adjustment
Total Bdrms. Baths
sq. ft.
+ - $
Net Adj. %
Gross Adj. % $
Summary of Sales Comparison Approach
SA
LE
S C
OM
PA
RIS
ON
AP
PR
OA
CH
Additional ComparablesThis form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
170202-B
Rigos - SFRHasson Appraisal Service, Inc
Patio/Deck
2 Car Garage
None
FWA Gas/AC
Average
N/A
None
3,725150.00
4.548
New
2016/1A
Very Good
2.5 Story
Golf/Partial Lake
5000 SF
Fee Simple
Urban
N/A
Realist.com
Inspection/MLS
0.00
N/A
Seattle
1504 37th Ave E
3,238,75038.1
-3.3
111,250X
Porch/Patio
2 Car Garage
None
Radiant Gas
Average
-50,0000BR/1BA/2OR
-144,0001440 SF Finished
98,2503,070
50,0003.5410
100,000Very Good
1905/112A
Very Good
2 Story Bsmt
100,000Territorial/Street
-165,0007200 SF
Fee Simple
-335,000Urban/Superior
234,50006/22/2016
No Concessions
Arms-Length
MLS# 951318
NWMLS/King County Assessor
1,091.21
3,350,000
1.19 miles SW
Seattle
951 17th Ave E
3,077,55026.8
14.1
379,550X
Patio/Deck
2 Car Garage
None
FWA Gas/AC
Average
-50,0001BR/1BA/1OR
-122,0001220 SF Finished
81,7503,180
100,0002.138
100,000Very Good
2009/8A
Very Good
2 Story Bsmt
Terr/Partial Lake
4758 sf
Fee Simple
Urban
269,80003/23/2016
No Concessions
Arms-Length
MLS# 902690
NWMLS/King County Assessor
848.43
2,698,000
0.10 miles SE
Seattle, WA 98112
1406 38th Ave E
2,809,05026.5
24.3
549,050X
Patio/Deck
2 Car Garage
None
FWA Gas/AC
Average
N/A
None
80,2503,190
-25,0005510
100,000Very Good
2014/3A
Very Good
2.5 Story
100,000Territorial/Street
45,2004397 SF
Fee Simple
Urban
248,60003/10/2016
No Concessions
Arms-Length
MLS# 891864
NWMLS/King County Assessor
708.46
2,260,000
0.62 miles NE
Seattle
2329 42nd Ave E
All comparables are located within the same general neighborhood, are in strong competing areas well
known to the typical purchaser, and were the most recent, similar, and proximate comparables found by the appraiser. All adjustments
are based on extensive research into the value placed by typical buyers on individual amenities. See Addendum for explanation of all
adjustments.
Residential Appraisal Report File No.
Scope of Work, Assumptions and Limiting Conditions
Scope of work is defined in the Uniform Standards of Professional Appraisal Practice as " the type and extent of research and analyses in an assignment." In short, scope of work is simply what the appraiser did and did not do during the course of the assignment. It includes, but is not limited to: the extent to which the property is identified and inspected, the type and extent of data researched, the type and extent of analyses applied to arrive at opinions or conclusions.
The scope of this appraisal and ensuing discussion in this report are specific to the needs of the client, other identified intended users and to the intended use of the report. This report was prepared for the sole and exclusive use of the client and other identified intended users for the identified intended use and its use by any other parties is prohibited. The appraiser is not responsible for unauthorized use of the report.
The appraiser's certification appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraiser in the report. All extraordinary assumptions and hypothetical conditions are stated in the report and might have affected the assignment results.
1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership.
2. Any sketch in this report may show approximate dimensions and is included only to assist the reader in visualizing the property. The appraiser has made no survey of the property.
3. The appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made thereto.
4. Neither all, nor any part of the content of this report, copy or other media thereof (including conclusions as to the property value, the identity of the appraiser, professional designations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client and other intended users as identified in this report, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent of the appraiser.
5. The appraiser will not disclose the contents of this appraisal report unless required by applicable law or as specified in the Uniform Standards of Professional Appraisal Practice.
6. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished to the appraiser is assumed by the appraiser.
7. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering or testing, which might be required to discover such factors. This appraisal is not an environmental assessment of the property and should not be considered as such.
8. The appraiser specializes in the valuation of real property and is not a home inspector, building contractor, structural engineer, or similar expert, unless otherwise noted. The appraiser did not conduct the intensive type of field observations of the kind intended to seek and discover property defects. The viewing of the property and any improvements is for purposes of developing an opinion of the defined value of the property, given the intended use of this assignment. Statements regarding condition are based on surface observations only. The appraiser claims no special expertise regarding issues including, but not limited to: foundation settlement, basement moisture problems, wood destroying (or other) insects, pest infestation, radon gas, lead based paint, mold or environmental issues. Unless otherwise indicated, mechanical systems were not activated or tested.
This appraisal report should not be used to disclose the condition of the property as it relates to the presence/absence of defects. The client is invited and encouraged to employ qualified experts to inspect and address areas of concern. If negative conditions are discovered, the opinion of value may be affected.
Unless otherwise noted, the appraiser assumes the components that constitute the subject property improvement(s) are fundamentally sound and in working order.
Any viewing of the property by the appraiser was limited to readily observable areas. Unless otherwise noted, attics and crawl space areas were not accessed. The appraiser did not move furniture, floor coverings or other items that may restrict the viewing of the property.
9. Appraisals involving hypothetical conditions related to completion of new construction, repairs or alteration are based on the assumption that such completion, alteration or repairs will be competently performed.
10. Unless the intended use of this appraisal specifically includes issues of property insurance coverage, this appraisal should not be used for such purposes. Reproduction or Replacement cost figures used in the cost approach are for valuation purposes only, given the intended use of the assignment. The Definition of Value used in this assignment is unlikely to be consistent with the definition of Insurable Value for property insurance coverage/use.
11. The ACI General Purpose Appraisal Report (GPAR™) is not intended for use in transactions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residential Appraisal Report (URAR).
Additional Comments Related To Scope Of Work, Assumptions and Limiting Conditions
Page 3 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
170202-B
Rigos - SFRHasson Appraisal Service, Inc
Residential Appraisal Report File No.
Appraiser's Certification
The appraiser(s) certifies that, to the best of the appraiser's knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are the appraiser's personal, impartial, and unbiased professional analyses, opinions, and conclusions.
3. Unless otherwise stated, the appraiser has no present or prospective interest in the property that is the subject of this report and has no personal interest with respect to the parties involved.
4. The appraiser has no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5. The appraiser's engagement in this assignment was not contingent upon developing or reporting predetermined results.
6. The appraiser's compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
7. The appraiser's analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
8. Unless otherwise noted, the appraiser has made a personal inspection of the property that is the subject of this report.
9. Unless noted below, no one provided significant real property appraisal assistance to the appraiser signing this certification. Significant real property appraisal assistance provided by:
Additional Certifications:
Definition of Value: Market Value Other Value:
Source of Definition:
ADDRESS OF THE PROPERTY APPRAISED:
EFFECTIVE DATE OF THE APPRAISAL:
APPRAISED VALUE OF THE SUBJECT PROPERTY $
APPRAISER
Signature:
Name:
State Certification #
or License #
or Other (describe): State #:
State:
Expiration Date of Certification or License:
Date of Signature and Report:
Date of Property Viewing:
Degree of property viewing:
Interior and Exterior Exterior Only Did not personally view
SUPERVISORY APPRAISER
Signature:
Name:
State Certification #
or License #
State:
Expiration Date of Certification or License:
Date of Signature:
Date of Property Viewing:
Degree of property viewing:
Interior and Exterior Exterior Only Did not personally view
Page 4 of 4This form Copyright © 2005-2010 ACI Division of ISO Claims Services, Inc., All Rights Reserved.
(gPAR™) General Purpose Appraisal Report 05/2010GPAR1004_10 05262010
Produced using ACI software, 800.234.8727 www.aciweb.com
170202-B
Rigos - SFRHasson Appraisal Service, Inc
X
02/07/2017
02/13/2017
01/10/2019
WA
1101843
Joseph A. Hasson
2,900,000
02/07/2017
Seattle, WA 98112
1504 37th Ave E
Fair Market Value
The Appraisal Foundation defines Fair Market Value as: "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:
*Buyer and seller are typically motivated;
*Both parties are well informed or well advised, and acting in what they consider their best interests;
*A reasonable time is allowed for exposure in the open market;
*Payment is made in terms of cash in United States 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."
We consider this definition equivalent to that employed by the Appraisal Standards Board and the Office of the Comptroller of the
Currency (12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions [f]).
The Appraisal of Real Estate, 12th ed.
Fair Market ValueX
National Association of Independent Fee Appraisers Member certification:
This appraisal has been prepared in conformity with the Code of Ethics of the National Association of Independent Fee Appraisers,
and the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Foundation
Hasson Appraisal Service
ADDENDUM
Client: Jim Rigos File No.: 170202-B
Property Address: 1504 37th Ave E Case No.: Rigos - SFR
City: Seattle State: WA Zip: 98112
Addendum Page 1 of 2
Intended User(s) of the ReportThe above named client is the indented user only.
Intended Use of the ReportThe intended use of this report is to establish an opinion of value for portfolio valuation.
AssumptionsThe following assumptions were made concerning the subject property: current use of the subject property as asingle family residence will continue unchanged; current zoning will not change and the subject property willcontinue as a legal (or legal non-conforming) use; and the general economic climate of the region will remainrelatively stable. If any hypothetical conditions or limiting conditions for the subject property were considered, theyare reported elsewhere within this report.
Highest and Best UseThe current use of the subject property is single family residential. Based on the current zoning, existingcomprehensive plan and surrounding land uses, the highest and best use, both "as vacant" and "as improved" isresidential.
Additional CommentsThe appraiser assumes the client or owner is aware that this appraisal does not serve as a warranty on thecondition of the subject property. This appraisal should not be considered an inspection of the property. Theappraisal process and appraisers inspection of the property do not include testing of appliances, plumbing,heating or electrical systems, fireplaces, spas or pools or other mechanical/structural components. Unlessotherwise specifically stated in this report, all such items are assumed to be in average working condition. Theclient is encouraged to obtain their own independently prepared inspection of the physical structure and systems,performed in accordance with the standards of the American Society of Home Inspectors, or other equivalentstandards.
Signature and PhotographsThe signature(s) affixed to this report were applied electronically by the respective appraiser(s) using a passwordencrypted method and have the same validity as the individual's hand written signature.
The photographs of the subject were taken by the appraiser using a digital camera and may be edited bylightening or cropping. The comparable photos are from the MLS or King County Assessor website.
Legal DescriptionMCGILVRAS JJ 3RD ADD REPLAT S 23.32 FT OF LOT 12 TGW N 18.35 FT OF VAC E GALER ST ADJ AKAPCL B SEA LLA #8900861 REC #8905150482 PLAT BLOCK: 6 PLAT LOT: 12
NeighborhoodThe subject neighborhood is comprised of a mix of detached single-family homes, zero-lot-line townhomes andsmall income properties. Larger multi-family and commercial use properties are located along the arterial roads. The subject value is greater than the predominant neighborhood value due to its larger size, very good buildquality and new condition.
Market inventory is under-supplied and property values are increasing. Market appreciation was calculated at12% over the past 12 months.
Reasonable exposure time for the subject property, at the opinion of value indicated is 0-90 days and was derivedusing data supplied by the NWMLS and is specific to current market conditions and the immediate market area.
SiteThe subject site is level and the lot is improved with paved road, paved alley, sidewalk and street lighting. Thereare no apparent adverse easements, encroachments or non-conforming uses observed. The subject is adjacentto the Broadmoor golf course and has seasonal views of the golf course to the west. Also, the subject site haspartial lake/mountain views from the 3rd floor to the east.
Condition of ImprovementsThe subject is a new construction detached single family residence of very good build quality and is newcondition. The subject is commensurate with competing newer built homes of similar size and quality in theimmediate marketing area. The subject interior is functional and 100% complete. No deferred maintenance orunfinished construction was observed. The subjects estimated effective age is 0 years and the remainingeconomic life is 65 years. At the time of the inspection the utilities were turned on and functional.
Comments on Sales ComparisonThe bedroom and bathroom count, gross living area and remaining physical characteristic adjustments indicatedare considered to reflect their contributory value and are supported by the subject's market place.
Market appreciation was calculated at 12% over the past 12 months. Due to a seasonally influenced salesmarket during the winter months, a market condition adjustment of 1.00% per month (12%/12) was made only to
ADDENDUM
Client: Jim Rigos File No.: 170202-B
Property Address: 1504 37th Ave E Case No.: Rigos - SFR
City: Seattle State: WA Zip: 98112
Addendum Page 2 of 2
closed sales comparables over 6 months.
Site size was adjusted at $75 per square foot. No adjustment was necessary for differences in site size less than500 square feet.
Living area adjustments were made at $150 per square foot above grade living area, $100 per square footfinished basement area, $25 per square foot unfinished basement area, $50,000 per full bath, $25,000 per halfbath and $20,000 per garage parking space.
Bedroom count is typically adjusted under gross living area in this market area.
No adjustment was made for the difference between a full and 3/4 bath as there is no measurable buyer'spreference in this market place.
Basement rooms are annotated as BR-bedroom, BA-bath and OR-other rooms.
The comparables used appeared to be competitively priced, typical of the market and are considered to be thebest available. Equitable consideration was given to all sales and appropriate adjustments were made for allknown differences.
The main salient feature of the subject and the comparables chosen are their effective age, overall finished grossliving area and very good build quality.
Comp#1 is located in a competing neighborhood with similar housing stock and proximity to shopping, servicesand transportation linkages and was additionally adjusted for its superior view.
Comp#2 is located in a competing neighborhood with similar housing stock and proximity to shopping, servicesand transportation linkages and was additionally adjusted for its inferior location on a busy street, superior view,superior build quality with upgraded interior materials/fixtures/finishes and inferior condition with prior occupancy.
Comp#3 was additionally adjusted for its older sales date, inferior location on a busy street and superior buildquality with upgraded interior materials/fixtures/finishes.
Comp#4 was additionally adjusted for its older sales date, superior location in the Capitol Hill neighborhood closerto the downtown core and transportation linkages, inferior view and inferior condition with prior occupancy.
Comp#5 was additionally adjusted for its older sales date and inferior condition with prior occupancy.
Comp#6 was additionally adjusted for its older sales date, inferior view and inferior condition with prioroccupancy.
SketchThe sketch included in this report is provided to assist the reader to visualize the subject improvements andestimate the subject's gross living area. The dimensions are approximate. The total square footage listed maydiffer from county records and/or builder specifications due to methods applied in measuring the structures.
Final ReconciliationThe sales comparison approach is considered to be the best indicator of market value for the subject propertybecause it more accurately correlates the buyer-seller relationship for similar type housing in the subject'smarketing area. The cost approach was developed as an estimate to value and was given secondary weight.The income approach was not developed and is not considered an applicable valuation method for this propertytype.
The range of value for homes of similar location, size and build quality to the subject is between $2,250,000 and$3,350,000. The subject's average size, very good build quality, new condition and view amenity place thesubject in the upper-middle range of similar homes in this price range.
It is estimated that the most probable price the subject would bring in a competitive and open market under allconditions requisite for an arms length transaction is $2,900,000. "Probable Price" is defined as cash value or interms of financial arrangements equivalent to cash.
NOTHING FOLLOWS
PLAT MAP
Client: File No.:Property Address: Case No.:City: State: Zip: 98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]
Client: File No.:Property Address: Case No.:City: State: Zip: 98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
Aerial Photo with 5' Elevation Overlay
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]
FLOORPLAN SKETCH
Client: File No.:Property Address: Case No.:City: State: Zip: 98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
Sketch by Apex Medina™
15.5'
11.5
'
15'
34'
15'
9'
15.5'
54.5
'
22'
21.5'
22'
21.5'
15'
34'
15'
9'
15.5'
15.5' 6.5
'
15'
32'
13'
4.5
'
17.5'
34'
Entrance
Foyer1/2Bath
Din
ing R
oom
Kitchen
Liv
ing R
oom
Mud R
oom
Info
rmal
Din
ing
Garage
Bedroom
Bedroom
BedroomMaster
MasterBath
WIC
WIC
Bath
Bath
WIC Bedroom
Bath
BonusRec R
oom
Mech.
54.5
'
2'
1.5
'
11.5' 1.5
'
2'
11.5
'
Comments:
AREA CALCULATIONS SUMMARYCode Description Net Size Net Totals
GLA1 First Floor 1354.8Second Floor 1372.0Third Floor 998.0
GAR3724.8
Garage 473.0 473.0
Net LIVABLE Area (rounded) 3725
Breakdown Subtotals
LIVING AREA BREAKDOWN
First Floor15.5 x 11.5 178.3 30.5 x 34.0 1037.0 9.0 x 15.5 139.5
Second Floor15.5 x 11.5 178.3 30.5 x 34.0 1037.0 1.5 x 11.5 17.3 9.0 x 15.5 139.5
Third Floor15.5 x 6.5 100.8 30.5 x 27.5 838.8 4.5 x 13.0 58.5
10 Items (rounded) 3725
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]
SUBJECT PROPERTY PHOTO ADDENDUM
Client: File No.:Property Address: Case No.:City: State: Zip:
FRONT VIEW OFSUBJECT PROPERTY
Appraised Date:Appraised Value: $
REAR VIEW OFSUBJECT PROPERTY
STREET SCENE
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
2,900,000
February 7, 2017
COMPARABLE PROPERTY PHOTO ADDENDUM
Client: File No.:Property Address: Case No.:City: State: Zip:
COMPARABLE SALE #1
Sale Date:Sale Price: $
COMPARABLE SALE #2
Sale Date:Sale Price: $
COMPARABLE SALE #3
Sale Date:Sale Price: $
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
3,150,000
01/03/2017
Seattle
3802 48th Ave NE
2,570,000
10/18/2016
Seattle
401 Lake Washington Blvd
3,300,000
07/08/2016
Seattle
1502 McGilvra Blvd E
COMPARABLE PROPERTY PHOTO ADDENDUM
Client: File No.:Property Address: Case No.:City: State: Zip:
COMPARABLE SALE #4
Sale Date:Sale Price: $
COMPARABLE SALE #5
Sale Date:Sale Price: $
COMPARABLE SALE #6
Sale Date:Sale Price: $
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
3,350,000
06/22/2016
Seattle
951 17th Ave E
2,698,000
03/23/2016
Seattle, WA 98112
1406 38th Ave E
2,260,000
03/10/2016
Seattle
2329 42nd Ave E
LOCATION MAP
Client: File No.:Property Address: Case No.:City: State: Zip: 98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Living Room
Kitchen
Dining Room
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Master Bedroom
Master Bath
Bedroom
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Bath
Bedroom
Bath
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Rec Room
Bedroom
Bath
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Porch
Deck
Patio
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
View from second floor facing NE
View from second floor facing SE
View from third floor facing W
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Garage
Additional Rear View
Additional Side View
Client: File No.:Property Address: Case No.:City: State: Zip:
Produced using ACI software, 800.234.8727 www.aciweb.com PHT3 05212013
98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
SUBJECT PHOTOS
Additional Side View
Additional Front View
Additional Front View
Client: File No.:Property Address: Case No.:City: State: Zip: 98112WASeattle
Rigos - SFR1504 37th Ave E
170202-BJim Rigos
APPRAISER LICENSE
2806 18th Avenue S., Seattle, WA 98144 206 779-5639 / [email protected]