John Lo Monte, 37Mohawk Drive Canton

8/11/2019 John Lo Monte, 37Mohawk Drive Canton

1/101

Prepared for:

APPRAISED BY:

REAL ESTATE APPRAISAL

Complete Appraisal - Self-Contained Report

Before and After)

Single Family Dwelling Residence

37 Mohawk Drive,

Canton, Hartford County, Connecticut

Effective Date o Market Value: September 5 2014

Date o Appraisal Report: September 8, 2014

Owner: Morisano Frank and Elaine

Volume 153, Page 589

Mr. Edward Fox

24 Old Mill Drive

Canton, CT 06019


2/101

REAL

ESTATE

APPRAISERS

CONSULTANTS

P.O. BOX 290 0563 WETHERSFIELD, CT. 06129-0563 (860) 635 7500 FAX (860) 635 3339

September 8, 2014

Mr. Edward Fox

24 Old Mill Drive

Canton, CT 06019

Re: 37 Mohawk Drive, Canton, T

Dear Mr. Fox:

At your request, on behalf

of

Mrs. Elaine

R

Morisano, or the subject property owner, and

for the purpose

of

estimating the fair market value,

as

before and

as

after,

of

the property

at 37 Mohawk Drive, in Canton, Hartford County, Connecticut,

we

present herewith our

report containing our estimate of value and the data and analyses used in arriving at our

estimate of value.

Introduction:

The purpose of this appraisal report

is

to estimate Market Value impact

as

a result of the

proposed zone change for a large tract identified with the street address of 67 4 and 684

Albany Tpke. (AKA Route 44) and furter identified as Lot 1010674 and 1010684 of Canton

Assessor s Map 21.

Specifically, the above captioned proposed zone change property comprises aggregate site

size of roughly 39.00 acres currently zoned R-2, or residential 2. As per a zone change

application form to the town

of

Canton Zoning and Planning Commission dated July 2, 2014,

the current subject property ownership is requesting a zone change for 31 acres from the

total of approximately 39 acres from residential R-2 to Industrial (I).

As a result, several of the adjoining property owners are very concerned about the resulting


3/101

REAL ESTATE APPRAISERS CONSULTANTS

P.O.

BOX

290-0563

WETHERSFIELD, CT.

06129-0563

860) 635-7500

FAX

860) 635-3339

Re: 37 Mohawk Drive, Canton, CT

Introduction, continued

The reason for my zone change

is

to accommodate my strong feelings that there is a

significant demand for small uses

o

development which could be developed in the industrial

zone. My feelings were confirmed by recent building opportunities which I will present at

the meeting. Per the strategic plan, this zone change and development would promote the

health, safety and especially the welfare

o

the Town. The parcel rates low on the

Conservation score o the Conservation Vision and was identified as an opportunity location

on the same plan. With proper detention and engineering the development would be healthy

and provide a safe environment.

Further considerations reported are stated as follows:

' ' We are proposing the Zone change from R-2 Zone to I-Zone on our location on Route

44, based on several considerations.

A. We envision excellent potential for small business, industrial, and similar users allowed

under the I-Zone on this parcel.

B The development o residential use on the property would be a tax burden for the Town.

C. The adjacent pacel in the Town

o

New Hartford is zoned industrial and this zone change

would be compatible with the adjacent land in New Hartford.

D. The Canton Strategic Plan endorses the use o this land for economic development. The

report on page 36 states that only about fifty (50) acres o undeveloped land is zoned for

non-residential use in the entire Town. It further states that managing the business to

residential tax proportion would be key to keeping the Town's tax rate competitive, and

keeping Canton a desirable place to live.

E. The same Strategic Plan on page 36 identifies this parcel land as a potential opportunity


4/101

ohn

1 o

.:::Al onte


P.O. BOX 290 0563 WETHERSFIELD, CT. 06129 0563 (860) 635 7500 FAX (860) 635 3339



Thus, our purpose

is

to evaluate the subject property as before and as after to estimate

what potential damages, or reduction in fair market value the subject of this report will suffer

as well s (equally) ten's

of

similar single family dwellings which are located in the subject

neighborhood

s

well as extended subject's neighborhood.

The property that

is

the subject of this report consists

of

a 2,363 square foot, above grade,

newer (1987) residential single family contemporary style dwelling,

s

per assessor's office

records, on approximately 2.44 acres (106,

11

sq ft)

of

land on the terminus

or

cul-de-sac

of

Mohawkk Drive, in the extreme central-west quadrant of Canton, and immediately to the

east

of

the New Hartford Town Line.

It should be further noted here that the subject property essentially

is

a rear parcel and as

such it enjoys a great deal of privacy, as well

s

a park like setting, since it's situated

roughly 325 feet set back from the cul-de-sac known

s

Mohawk Drive.

Our report describes the property in detail, and analyzes the property with respect to market

value, as defined in our report.


5/101


P O BOX

29 563

WETHERSFIELD, CT 06129-0563 (860) 635-7500 FAX (860) 635-3339


Introduction,

continued

As already reported, the purpose o this report is to estimate the market value o the fee

simple interest in the property on an as is basis in the before and in the after. The

appraisal is self-contained.

Based on the proposed zone change, the following zoning impact will be highlighted, both

in the before and in the after .

37 Mohawk Drive. Canton. Hartford County. CT

The Canton Zoning Ordinance District Map lists the subject property location as being in an

R-2, Residential (2) District Zone District.

Purposes

The Residential

R)

districts are intended to provide suitable areas primarily for residential

uses and development appropriate to the environmental characteristics

o

the land and

character

o

the neighborhood. The primary difference between the varies R districts is to

provide a variety in size and density

o

residential neighborhoods. These districts are also

intended to promote residences while taking into consideration topography, soils, wetlands,

natural features, historic assets, agricultural heritage, availability and capacity

o

infrastructure, and other similar features.

Certain non-residential uses may be allowed in R districts when such uses are compatible

with nearby residential uses and preserve neighborhood character.

Permitted Uses As o Right

Uses permitted by right within the R-2 zone include single-family dwellings; accessory


6/101


P.O.

BOX

2900563 WETHERSFIELD, CT. 06129-0563 860) 635 7500 FAX 860)

635 3339

Re: 37 Mohawk Drive, Canton, T


Area, dimensional and bulk requirements within the R-2 Residential Zoning District within

the Town

of

Canton, as they apply to the property being evaluated, are as follows:

Minimum Lot Area: 43,560 sq ft (single family)

Minimum Depth Front Yard: 40 feet

Minimum Lot Width: 150 feet

Minimum width One Side Yard:

15

feet

Total Minimum Width of Both

Side Yards: 30 feet

Minimum Depth Rear Yard:

15

feet

Maximum Lot Coverage: 15

Maximum Permitted Height: 2

h stories, or 35 feet

Minimum Floor Area For

Minimum Open Space: In all residences zones front yard, rear yard and

two side sideyards.

Source: Zoning Regulations

Town

o Canton


7/101

John

Lo

61/ onte

REAL ESTATE

APPRAISERS

CONSULTANTS

P.O.

BOX 290-0563

WETHERSFIELD, CT.

06129-0563

860) 635-7500

FAX

860)

635-3339


Introduction,

continued

Uses Permitted by Zoning Permit Staff) and Site Plan Approval Commission)

1. Lumber Yards

2. Printing and publishing

3. Research- experimental, analytical, pharmaceutical and commercial laboratories including

theoretical research, product engineering and sales development

4. Manufacturing, fabricating, processing, converting, altering, or assembling, and the

packaging, warehousing and distribution

o

machine parts, electrical equipment, electronic

equipment, photographic products, optical products, office and business equipment, plastic

components and computing equipment

5. Warehousing and storage excluding self-storage units and wholesale storage o propane

6. Professional office

7. Accessory use customary and incidental to any use allowed in the industrial district except

that the ZEO may elect to refer an accessory use the Commission upon determing that it may

substantially alter the nature o intensity o teh principal use

o

the site

8. Signs allowed by Section 7.3

9. Outdoor lighting subject

to

the provisions

o

Section 7. 4

10. Off-street parking for up to

5

off street vehicles

11. Utility facilities including water supply pump stations, tanks and stand pipes and


8/101


P O

BOX 290 0563 WETHERSFIELD, CT. 06129-0563 860) 635 7500 FAX 860) 635 3339

Re: 37 Mohawk Drive, Canton,

T


1 Business Uses

2. Industrial/Infrastructure Facilites

Volume reduction plant and recycling facility to be limted to:

Intake

of

raw materials and clean bulky construction waste such

as

bituminous products,

brush, cardboard, concrete, dirt, gravel, masonry block, metal, quarry rock, sand, stone,

topsoil and wood; compacting, crushing, grinding, screening, separating, sorting, washing,

or similar processing of raw materials and construction waste; stockpiling or storing or raw

materials, construction waste and processed materials; wholesale and retail sales of processed

materials which may include truck weighing facilities; and/or shipment of un-recycleable

materials to an approved disposal facility.

Licensed medical marijuana producer provided that all cultivation of marijuana plants be

conducted in-doors.

Adult Uses (Adult Establishments Facilites)

A Summary of Salient Facts and Conclusions can be found starting from Page No. 1, and

this report is predicated on the Assumptions

and

Limiting Conditions that are listed within.

The reconciled market value relies on the Sales Comparison Approach. The market value

assumes there are no environmental or legal problems with the property and its

improvements, that is as of the date of value.

This is a complete appraisal, summary report intended to comply with the reporting

requirements set forth in Standards Rule 2.2 of the Uniform Standards of Professional

Appraisal Practice (USPAP).

As

such it presents discussion of the data, reasoning and

analyses used in the appraisal process to develop the appraiser's opinion of value. To

develop the opinion of valued contained herein, the appraiser executed a complete appraisal


9/101

REAL

ESTATE APPRAISERS CONSULTANTS

P.O.

BOX 2900563

WETHERSFIELD, CT. 061290563 (860) 635 7500 FAX (860) 635 3339


This appraisal report conforms to the following laws and regulations:

1 FDIC Regulation 12 CPR III B

(Part

323)

2. Guidelines for Real Estate Appraisal Policies and Review Procedures jointly issued

in 1987 by the FDIC, Federal Reserve Board and the OCC.

3. Federal Reserve Board Regulation 4 Subpart G 225.61-225.67

4. Regulations o Connecticut State Agencies 20-328-27 to 20-328-30.

5. Connecticut Public Act 90-332.

6. Uniform Standards of Professional Appraisal Practice which are incorporated by

reference in to FDIC Regulation 323.

Title to the subject property is as

o

the valuation date in the name o Frank A and Elaine

R

Morisano whom acquired the property via Warranty deed dated December 4 1987. This

deed is recorded in Volume 153, at Page 589 of the Canton Land Records. Consideration

stated in this deed is $260,645. To the best of our knowledge, no other transfers have

occurred since the last transaction.


10/101


11/101

:John

Lo

6 l/(onte


P.O.

BOX 290-0563

WETHERSFIELD,

CT

06129-0563

860)

635-7500 FAX

860) 635-3339

Re: 37

Mohawk

Drive, Canton,

CT

As a result of the proposed zone change, if approved of the property known as 674 and 684

Albany Turnpike, situated along the south side of Route 44, or in the immediate vicinity

of

the subject neighborhood, the subject property will be severely negatively affected, in our

opinion, based on the following considerations.

I

37

Mohawk

Drive, Canton, CT

I

Negative impact resulting from the proposed zone change from R-2

(residential) to industrial I) for a 31.00 acres tract situated at 674-684 Albany

Turnpike.

Re-configuration of neighborhood with increased trucks traffic

Increased noise due to additional traffic and trucks. To this extent, the subject

property is situated approximately 0. 6 Mile from the proposed zone change

parcel.

Diminution

of

curb appeal and marketability; hence, location will be also

negatively affected. Potential damages that can occur to the Artisan Well

depending on any potential use(s) that will be allowed if the zone change is

approved.

As a result, in The After the subject is going to be negatively affected by

severance, i.e. damages; thus, the need to appraise the subject property As

Before and As After

The subject propety s a single family owner occupied colonial style dwelling (fairly newer,

1987), over full and partially finished basement, on a site

of 2 44

acres (106,110 sq ft)

zoned R-2, low density residential district.


12/101


P.O.

BOX

2900563 WETHERSFIELD, CT. 06129-0563 860)

6357500

FAX 860) 6353339

Re: 37

Mohawk

Drive, Canton,

CT

Therefore, after having considered the subject property and its market value in the current

market, it is my opinion that the market value of the subject property, as of September 5,

2014, was:

Property Value

n

total:

390,000 (As Before The Proposed Zone Change)

THREE HUNDRED NINETY THOUSAND DOLLARS)

295,000 (AS AFrER)

(TWO HUNDRED NINETY-FIVE THOUSAND DOLLARS)

96,000 (Damages,or Diminution

in

Fair

Market

Value of 33.3%)

(NINETY-FIVE THOUSAND DOLLARS)

Exposure and Marketing Period

The established market value reflects an exposure time

of twelve months, reflecting the

period prior to the date of value. A marketing period within twelve months is implicit in this

analysis, recognizing the time period after the date

of

value to liquidate the subject property.

The exposure time and the marketing period are based on the known marketing time of the

sales in the region.

f there are any questions, or if we can be

of

further assistance, please do not hesitate to

contact us.

Sincerely,


13/101

TABLE O CONTENTS

PAGE

Summary

Of

Salient Facts And Conclusions 1

Photographs of the Subject Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Purpose of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Property Rights Appraised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

O

Function

of

the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Scope of the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market Value Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

Identification

of

the Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

Legal Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

Community Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

Town Map 24

Neighborhood Analysis 25

Neighborhood Map 27

Zoning 28

Assessment and Tax Data 30

Description

of

the Site . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Assessor s Map

35

Description

of

the Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Highest and Best Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Valuation Premise 42

Direct Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Reconciliation and Final Value Estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Appraiser s Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

Assumptions and Limiting Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

Qualifications of the Appraiser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6

ADDENDA

Subject Property Deed

Location Map

Appraiser copy

of

certificate

Assessor s Field Card

Miscellaneous


14/101

SUMMARY O SALIENT FACTS AND CONCLUSIONS

Property Appraised: 37 Mohawk Drive, Canton, Hartford County, Connecticut

Owners of Record:

Date of the Report:

Date of Valuation:

Assessor's Reference:

Zoning:

Full Assessment Value:

70% Assessed Value:

Taxes:

Site:

Frank and Elaine Morisano

September 8, 2014

September

5

2014

Map 21, Block NI Lot 3740037

R-2; Residential (2) (Single Family) District

337,900

236,540

6,755 (rounded) yearly

According to Assessor's office records, the subject property

consists of approximately 2.44 acres of land, on the cul-de-sac

known as Mohawk Drive, in the central-west quadrant of

Canton. The subject property's major (locational) attribute is

the rural and tranquil setting but with the convenience of

transportation and employment all within less than 1 mile

radius from the subject neighborhood. Specifically, the subject

property and neighborhood are easily accessible from Route 44

and to a lesser extent from Route 179, to the east of the subject

neighborhood.


15/101

SUMMARY O SALIENT FACTS AND CONCLUSIONS, continued

Improvements:

The subject property site

is

essentailly a rear parcel since

is

accessible from the terminus or a cul-de-sac location and a

maximum depth of 412 feet on the southerly side.

As

noted,

the subject enjoys a rural and park like setting. The site is

served by on site septic and on site well.

The subject property appears to be situated, according to

community map 09003 C0169F, revised September 26, 2008,

panel 69

of

675, in zone X , or area

of

minimal flood. The

property has a street address

of

37 Mohawk Drive.

For a visual representation of the property, please refer

to

the

Assessor's Map and Photographs

of

Subject Property section

of this report.

The land

is

triangular in shape, partially level and slightly

above street grade with a southwesterly upward slope toward

the rear and south boundary lines. This site is improved with

a residential, cotemporary style dwelling. Landscape is

adequate and site improvements appear

to

be maintained and

in average to good overall condition.

Based on our inspection, and according to Assessor's office

records, the improvements consist

of

a 2-story frame with

clapboard siding exterior single-family built in 1987 modem

contemporary style dwelling, comprising 2,363 square feet

above grade living area, over a full and partially finished

basement, with a total

of

8 rooms, 4 bedrooms, living room,

family room, kitchen and 2.5 baths.


16/101

SUMMARY

O

SALIENT FACTS AND CONCLUSIONS, continued

Highest and

Best Use, After:

Highest and

Best Use, Before:

The house

is

built on a full, and partially finished basement

and is heated by oil fired hot water boiler.

s

of

the date of valuation (9-5-2014), the premises were

owner occupied and in good to very good overall condition.

According to Assessor's office records the house was built in

1987 and

has

been adequately maintained. There

is

an attached

(under) frame garage to the front comprising 526 square feet

and a wood deck

of

240 sq ft along the rear side.

For additional data

as

to the subject overall finish-condition,

please refer to the improvements description section

of

this

report.

As Is and As Improved single family home, or owner

occupied property.

The highest and best use

of

the property

is

for use as a

residential single-family, owner occupied property.

Estimate

of

value by Direct Sales Comparison Approach:

$390,000 (As Before)

Final estimate of Retrospective

Market

V aloe

s

Is:

Damages (Diminution

in

air

Market

Value): $95,000 (33.3%)

$295,000 (As After)

$390,000 (As Before)

$295,000 (As After)


17/101

PHOTOGR PHS O THE SUBJECT PROPERTY

OVERALL

FRONT VIEW

September 2014


18/101

PHOTOGR PHS

O

THE SUBJECT PROPERTY

September, 2014

CLOSE-UP RE R SIDE VIEW LOOKING NORTHWESTERLY


19/101

PHOTOGR PHS

O


VIEW OF FRONT YARD

September, 2014


20/101

PHOTOGR PHS OF THE SUBJECT PROPERTY

VIEW OF ACCESS ROADWAY AND SITE CONTOURS

September, 2014


21/101

PHOTOGR PHS O THE SUBJECT PROPERTY

VI

W OF D INING ROOM

ND

FINISH-CONDITI

ON

September 2014


22/101

PHOTOGR PHS

O


September, 2014

ADDITIONAL VIEW OF KITCHEN ND FINISH-CONDITION As Is)


23/101

PURPOSE OF

TH

APPRAISAL

The purpose

of

the appraisal is to estimate the market value

of

the fee simple estate of the

subject property as before and as after , as it existed on the effective date

of

value-September 5, 2014.

Fee simple interest is composed of the land, improvements, and all of the rights normally

acquired by ownership.

PROP RTY RIGHTS APPRAISED

The property rights appraised are the fee simple estate. Fee simple estate is defined as:

Absolute ownership unencumbered by any other interest or estate subject only to the

four powers

of

government.

Source: Appraisal Institute,

he Dictionary

o

Real Estate Appraisal

12th

Edition, (Chicago, Appraisal Institute, 2001)

The four powers

of

government are eminent domain, escheat, police power and taxation.


24/101

FUNCTION OF

THE

APPRAISAL

The function of the appraisal

is

to serve

as

an indication of value, as before and as after

of

the property as a whole, for the client so that the subject property may be used for legal

proceedings evaluation, and/ or settlement.

S OPE OF

THE

APPRAISAL

The scope of this appraisal includes an inspection

(exterior and interior)

of the subject

property; an evaluation of the subject property in terms of conformity with local

requirements and suitability of the property for its locale and intended use; and the collection

of data to formulate and support an estimate

of

value for the subject property

as of

September 5, 2014 and as before and as after.

Data will be collected in the general market area (usually considered to be the town/city in

which the property

is

located), and will be confirmed by authoritative sources and/or the

parties involved in the data. All pertinent data will be reported, to the best

of

the appraiser's

knowledge and ability.

Specifically considered within the scope of the appraisal

is

the degree

of

data reported. To

expect a report to cover v ry item related to value

is

not realistic, or even possible. Entire

books have been written about the underlying soils in Connecticut, for example, and these

soils affect value. Every investment property bought and sold has its impact on every other

investment property value, however small.

Likewise, every residence bought and sold impacts all the other residences in the state,

however minuscule the degree. It

is

incumbent upon the appraiser to navigate his or her path

through the available information, select that which he or she deems appropriate and

relevant, and report that which is particularly relevant, informative, possible and practical.

It

is ot

possible for the appraiser to report everything that he

or

she may have encountered

in his or her research, or to convey in writing every thought process that may have occurred.


25/101

M RKET VALUE DEFINITION

As defined in the Office of the Comptroller

of

the Currency Appraisal and Evaluation

Guidelines promulgated on December 10, 2010, the following is the definition

of

Market

Value included in this report:

The most probable price which a property should bring in a competitive and open market

under all conditions requisite to a fair sale, the buyer and seller each acting prudently and

knowledgeably and assuming the price is not affected by undue stimulus.

Implicit in this definition

is

the consummation of a sale

as

of a specified date and the passing

of

title from seller to buyer under conditions whereby:

1.

buyer and seller are both typically motivated.

2. both parties are well informed or well advised and each acting in what he

considers to be his own best interest.

3. a reasonable time

is

allowed for exposure in the open market.

4. payment is made in cash in U.S. dollars or in terms of financial arrangements

comparable thereto.

5. The price represents the normal consideration for the property sold unaffected

by special financing or sales concessions granted by anyone associated with

the sale.

The Most Probable Sales (Selling) Price is defined as:

That price at which a property would most probably sell if exposed to the market for a

reasonable time, under conditions prevailing as of the date of appraisal. (The Dictionary

of Real Estate Appraisal. 4th Edition, Appraisal Institute, 2002).

Leased Fee Estate

is

defined as:

An ownership interest held by a landlord with the rights of use and occupancy conveyed

by lease to others. The right

of

the lessor (the leased fee owner) and the leased fee are


26/101

M RKET

VALUE DEFINITION, continued

Fee Simple

The most complete form

of

ownership

is

title in fee. Such ownership establishes an interest

in real property known as fee simple interest; i.e. , absolute ownership unencumbered by any

other interest

or

estate, subject only to the limitations imposed by the governmental powers

of taxation, eminent domain, police owner and escheat.

The Appraisal

of

Real Estate Twelfth Edition, published by the Appraisal Institute. 875 North Michigan Avenue, Chicago,

Illinois, 2001, Page 68.

Gross Buildin& Area

The total floor area

of

a building, including below-grade space but excluding unenclosed

areas, measured from the exterior of the walls.

The Appraisal of Real Estate Fourth Edition, published by the Appraisal Institute.

55

West Van Buren Street, Suite 1000,

Chicago, Illinois, 2002, Page 131.

Gross Living

rea

The total area of finished, above-grade residential space excluding unheated areas such

as

porches and balconies; the standard measure for determining the amount

of

space in

residential properties.

The Dictionary of Real Estate Appraisal Fourth Edition, published by the Appraisal Institute, 550 West Van Buren Street,

Suite 1000, Chicago, Illinois, 2002, Page 132.

Prospective Value Estimate

A forecast

of

the value expected at a specified future date. A prospective value estimate is

most frequently sought in connection with real estate projects that are proposed, under

construction,

or

under conversion to a new use, or those that have not achieved sellout

or

a stabilized level

of

long-term occupancy at the time the appraisal report is written.

The Dictionary of Real Estate Appraisal Third Edition, published by the Appraisal Institute, 875 North Michigan Avenue,

Chicago, Illinois, 1993, Page 283.


27/101

IDENTIFICATION

OF TH

PROPERTY

The subject property consists

of

a 2-story wood frame (newer built 1987) single family,

contemporary colonial style dwelling commonly known

as

37 Mohawk Drive, Canton,

Hartford County, Connecticut. The property

is

also identified as Lot 3740037,

of

Canton

Assessor's Map 21. The current owner

of

record

as

of the valuation date

is

Frank and Elaine

Morisano.

LEGAL DESCRIPTION/PROPERTY HISTORY

Title to the subject property

is

as

of

the valuation date in the name

of

Frank

A

and Elaine

R

Morisano which acquired the property via Warranty deed dated December 4, 1987. This

deed

is

recorded in Volume 153, at Page 589

of

the Canton Land Records. Consideration

stated in this deed is 260,645. Please see the copy

of

this deed in the addenda

of

this report.

No other transfers

of

the subject property have occurred since the last transaction, as noted.

REGION L M P

September 2014


28/101

"

:

1

Not to Scale

l

\1 .


29/101

COMMUNITY D T

Location

Canton

is

located in central-west Connecticut, about 14 miles west

o

Hartford, in the

Farmington Valley region. The town is a suburban community that has experienced robust

growth in the past

25

years, when some

o

the town's farmland began to be developed with

single family homes.

Transportation

Canton

is

served by U.S. Route 44, a highway

o

regional significance. U.S. Route 44 has

nearby connectors to Routes 179, AKA Bridge Street, 177 and US 202, providing good

highway access from Canton to all points. Local and state roads are all in good conditions,

generally, and are well equipped to handle local and intercity traffic.

Population

The population

o

Canton was 8,840, according to the 2000 census, and continues to grow.

2011 population is estimated at 10,335. In the 1990-2010 period, Canton's population grew

2.5 . This rate o growth far exceeds the population growth o Hartford Labor Market

Area (6. 9 Hartford county (6. 0 and the State

o

Connecticut (9. 8 as a whole.

Unemployment levels in Canton are below state averages, and average per capita income is

higher than Hartford county and state levels.

Canton

is

bordered on the north by the towns

o

Granby and Barkhamsted, on the east by

the Town

o

Simsbury, on the south by the towns

o

Avon and Burlington and on the west

by the Town

o

New Hartford.

It

is

approximately fourteen miles west

o

Hartford, the capital, and the location o major

employment centers. As noted, U.S. Route 44 runs through Canton, east to west and is the

major commuting Route for the area.

Canton

is

home

to

some industries

o

which the principal are: agriculture, and light

manufacturing. However, primarily it

is

a residential community. The Town o Canton is

located in an excellent area in central-west Connecticut within a fairly short distance

o

Hartford, East Hartford, Farmington, West Hartford, Bloomfield and Granby, home to some


30/101

COMMUNITY

DATA continued

Population, continued

Route US 44 runs east to west through town and

is

its main commercial district. There are

two large sized shopping centers, many restaurants and small strip centers; moreover,

additional retail space,

or

a shopping center

is

currently under construction along Route 44;

in addition, there are several newer small office buildings and light industrial parks. Canton

has a good school system.

Canton

is

a small town with ample remaining land to be developed. The population tends

to remain stable creating a pleasant hometown environment.

Over a 30-year period, the Canton Land Conservation Trust has acquired several parcels o

land in Canton and Barkhamsted, approximately 1,200 acres in all. This property is open to

all Canton residents for use as passive and low-environment-impact recreation. The Land

Trust receives support from private donations o land and from its sales o Christmas trees

in December.

Overall Canton is a desirable residential community in which to live and work and should

remain so into the foreseeable future in your appraiser's opinion.

Employment Characteristics

Canton is a western suburb o Hartford, the capitol o Connecticut; the commute by highway

into Hartford

is

about

25

minutes.

The population grew by 16.9% in the period o 2000-2011 and is expected to experience a

0.4% growth in the period o 2011-2016. The current population

is

about 10,139.

The median household income in Canton exceeded the state average in 2011, $82, 619 versus

$69,243. The town ranked 59th out o 169 towns in the state in household income.The town

has a Board o Selectmen/Town Meeting form o government, a volunteer fire department,

and a paid police department.

Economic indicators show Canton to be above-average in most respects with regard to

population growth income levels and housing. Local government has been responsive to

town citizens and their needs, and an active participating citizenry indicates that past growth


31/101

COMMUNITY DATA, continued

Income

State of Connecticut

Hartford County

Burlington

Granby

Farmington

Avon

Simsbury

anton

Median Household Income: 2011

anton

and Environs

69,243

64,007

114,792

99,190

86,675

107,733

116,554

82,619

Connecticut Town Profiles January, 2013.

Household Trends

Several of the most significant demographic changes to occur in Canton during the last three

decades involve the composition of the town's households. The town's average household

size has decreased considerably since 1990, reflecting nationwide trends of declining birth

rates and increasing divorce rates.

The most prominent change in Canton household characteristics has been the decrease of

persons living in family households and the corresponding increase of residents in non-family

households. This trend, common in many other areas, indicates that between 1990 and

2010, there has been a decline in the total persons by household.


32/101

COMMUNITY DATA continued

Residential and Employee Mobility Characteristics

Canton, is centrally located in the State o Connecticut approximately 100 miles from New

York City to the south and approximately the same distance from Boston to the northeast.

According to the Office

o

Research and Information and the Connecticut Labor

Department s Employment Security Division, the civilian labor force was at 594,551 in the

Hartford Labor Market Area which includes also the town

o

Canton, as

o

June 1, 2014

with a 6.5 percent unemployment rate. Statewide the unemployment rate stood at 6. 7

percent in June o 2014. The national rate stood at 6.1 percent for the same period.


33/101


The population

o

Canton

is

a mature, stable community that has a diverse mixture

o

land

use patterns that have created logical neighborhood districts throughout the community.

Hartford County 2011 median household income was 64,007; for the same period the state

median household income was 69,243. Canton median household income for 2011 was

82,619.

The total labor force in Canton as o June, 2014 was 5,852 with an unemployment rate

o

4.3% which

is

much lower than the state average (seasonally adjusted)

o

6.7% and the

Hartford LMA o 6.5% for the same period. The annual 2010 average unemployment rate

for Canton was 6. 8

Source: Connecticut Department of Labor Office of Research; The Connecticut

Economic Digest; June 2014; The Connecticut Economy, Quarterly Report: Fall 2013


34/101

COMMUNITY

DATA

continued

Employment

The Hartford Labor Market Area (LMA) and the Hartford Service Delivery Area (SDA)

includes the towns immediately surrounding Hartford. A large percentage

o

the jobs in the

LMA are non-manufacturing. The SDA is larger in geographical scope and includes towns

with significant manufacturing base.

The Hartford LMA has sustained moderate growth levels in job growth by industry. Much

o the state has experienced declines

n

the manufacturing sector.

Transportation

Routes 179 and 177 cross the town

o

Canton in a north/ south direction and provide access

to Northern and Southern Connecticut.

US

Route 44/202 cross the town

o

Canton in an

east/west direction.

Bradley International Airport is located approximately 20 miles to the northeast o Canton,

in Windsor Locks.

In conclusion everything necessary for the town o Canton to grow and attract industrial,

commercial as well as residential users is present in the town. No detrimental factors are

anticipated to alter the aforementioned factors which are present in the town at this time, in

our opinion.


35/101


I

I

12:

City Cot mty

Housing Stock 4, 175 372,697

Existing Units (total)

77

8 60.8

Single Unit Detached

New Permits Authorized

8 838

(2012)

Demolitions (2012) 0

192

As of Existing Units 0.19

0.22

Number

221

5,480

Average Price

N/A

N/A

Median Price 301,950

225,000

. s a h i s . P r i c e . D i s t r i 1 > 9 W ~ r \ J ? ) . 1 ) )

Less than 100,000

4

100,001- 200,000

16

200,001- 300,000

20

300,001- 400,000

8

400,001 or more

35

264

1,962

1,666

780

808

1

s t t ~ I

4,481,39

6

64.4

4,669

955

0.32

:

17,157

N/A

246,000

x

1

. t ~ t ~ > . .

1,114

5,005

4,614

2,589

3,835


36/101

COMMUNITY DATA, continued

Conclusion

n summary, the town o Canton is considered a healthy and growing community that has

been an increasingly popular community in which to live and work.

The underlying factors contributing to this popularity, a stable real estate taxes rate, a good

school system, relatively easy commuting and fairly strong employment opportunities within

its borders remain in place and suggest the slowdowns in real estate market activity and

declining prices generally), as a result o the economic slowdown affecting the region are

temporary,

i

not already a sign o the past for many sectors o the local as well as regional

economy.

The long-term outlook for the community real estate values should be slow but steady

appreciation, generally, once the economy recovery takes full effect in every economic

sectors, particularly in the employment section

o

the economy.

TOWN M P

September, 2014

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38/101

NEIGHBORHOOD D T

The purpose

o

the Neighborhood Data section is to analyze the influence o the surrounding

neighborhood on the highest and best use

o

the subject property. A neighborhood

is

a

group o complimentary land uses,

as

defined in the 12th Edition o The Appraisal o Real

Estate, (The Appraisal Institute, 2001). A neighborhood exhibits a greater degree o

uniformity than a larger area. Neighborhood boundaries often coincide with changes in land

use, occupant characteristics, and physical characteristics such

as

street patterns, terrain, lot

sizes, and transportation arteries.

The neighborhood in which the subject property is located lies in the extreme central-west

part

o

Canton, and

to

the northwest

o

the quadrant known

as

Collinsville. The

neighborhood

is

bounded roughly by Route US 44 (Albany Turnpike) on the north, by

(Route 202) and the Farmington River on the south, by the Route 179

to

the east, and by the

New Hartford Town Line to the west. The area is one o rolling land, both open and

wooded, with scattered areas o residential development, and mixed uses, primarily along

Routes 44 and 179.

Area properties consist o newer commercial and service uses, small to medium sized farms,

newer subdivisions and newer commercial properties. Route 44 AKA Albany Turnpike,

Simonds Avenue, Dowd Avenue and Route 179, also known

as

River Road, dominate the

area. Particularly Route 44, the region's major thoroughfare,

is

home to several small to

medium sized strip shopping centers, small office buildings and mix-use buildings have all

been either constructed and/or rehabbed during the relatively recent past. Neighborhood

locational amenity is very good.

Area topography

is

rolling, with local roads all paved and municipally maintained, and all

public utilities generally available. The older and newer properties provide a reasonably good

mix, with no detriment to either group, in the opinion o your appraiser. The area continues

to be attractive and growing, though development has slowed somewhat during the past five

years, more or less.

t

is

expected that demand for both residential and commercial properties will improve,

however, as the Connecticut economy rebounds. While recovery is expected

to

be very

gradual, the subject neighborhood, with its very good proximity to Hartford should be among

the more attractive, and one

o

the early beneficiaries

o

any economic recovery.

The life

o

a neighborhood has four stages:

1

Growth, 2 Stability, 3) Decline and 4)

Revitalization. The subject neighborhood would best be described as Number 1, in a state


39/101

NEIGHBORHOOD DATA, continued

The general neighborhood

is

serviced with paved streets, street lighting, storm sewer, on site

well and septic sytstem, electricity, telephone service and propane gas service.

Conclusion

The subject neighborhood

is

an appropriate location for the subject property; this type o

property, or newer single family dwelling

n

a residential zoned (R-2) parcel located close

to a major thoroughfare (Route 44) in the area,

is

a short supply commodity in the town o

Canton, since there are only limited vacant tracts left which could benefit from the

aforementioned locational characteristics.

s

a result, the location

is

a very good one being

easily accessible via Route 44/202, AKA Albany Turnpike, and via Route 179 AKA River

Road.

Traffic

is

very heavy along both roadways, Route 44 and Route 179 at most times o the

day, and

as

a result congestion sometime

is

a problem, particularly during the rush hours.

This highway (Route 44), connects Canton with Hartford, and it

is

the primary arterial

connector which bisects the town

o

Canton in a west/east direction.

Present and future development will be in the form

o

residential, retail, specialty stores and

commercial buildings. Growth may be limited by the amount o vacant land available for

development.

In conclusion there

is

nothing

n

the subject neighborhood which could detract from the

subject property as improved,

as

per zoning, residential (R-2) District, homogeninity

o

use

and curb appeal.

NEIGHBORHOOD MAP

September, 2014

Not

to

Scale


40/101

c

LEGEND

MAJOR HIGHWAY

PAVED ROAD

UNPAVED ROAD

FOOTP TH

I

R I L R O D ~

~ ~

~

1

/..........

~ I

' / ...

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41/101

ZONIN

37 Mohawk Drive. Canton. Hartford County. CT

The Canton Zoning Ordinance District Map lists the subject property location as being in an

R-2, Residential 2) District Zone District.

Purposes

The Residential R) districts are intended to provide suitable areas primarily for residential

uses and development appropriate to the environmental characteristics

of

the land and

character

of

the neighborhood. The primary difference between the varies R districts

is

to

provide a variety in size and density of residential neighborhoods. These districts are also

intended to promote residences while taking into consideration topography, soils, wetlands,

natural features, historic assets, agricultural heritage, availability and capacity

of

infrastructure, and other similar features.

Certain non-residential uses may be allowed in R districts when such uses are compatible

with nearby residential uses and preserve neighborhood character.

Permitted Uses s of Right

Uses permitted by right within the R-2 zone include single-family dwellings; accessory

buildings and uses; and home occupations.

Uses permitted and approved by the Commission include, but are not limited to, cluster

developments, multi-family dwellings, elderly housing developments, two-family dwellings

and age restricted housing communities.

or other permitted accessory and/or special permit uses refer to Town of Canton Zoning

Regulations.

Area, dimensional and bulk requirements within the R-2 Residential Zoning District within

the Town

of

Canton, as they apply to the property being evaluated, are as follows:


42/101

ZONING ANALYSIS, continued

Minimum Lot Area: 43,560 sq ft (single family)

Minimum Depth Front Yard: 40 feet

Minimum Lot Width: 150 feet

Minimum width One Side Yard:

15

feet

Total Minimum Width of Both

Side Yards: 30 feet

Minimum Depth Rear Yard: 15 feet

Maximum Lot Coverage:

15

Maximum Permitted Height: 2

h stories, or

35

feet

Minimum Floor Area For

Minimum Open Space:

In all residences zones front yard, rear yard and

two side sideyards.

Source: Zoning Regulations Town o

Canton

Assessor's Identification:

Map 21, Block N A, Lot 3740037

Class:

R-2; residence district

Site Size:

2 44 acres


43/101

ASSESSMENT AND TAX DATA

The current assessment and taxes on the subject property is

s

follows:

37 Mohawk Drive, Canton,

T

Assessment:

337,900 (full market value)

Assessed Value:

70%

of FMV; 236,530

Tax Rate:

28.56 Mills per each 1,000

of

the assessed value.

Assessed Taxes:

6, 755 (rounded) yearly

Date of Assessment: October 1, 2013

The above assessment

is

based on 70 per cent of market value with the last revaluation

having taken place in the Town of Canton in 2013. Revaluation methods in Canton usually

are based on the cost method of valuation.

Typically, the Marshall Valuation Service is utilized to estimate reproduction cost new, and

buildings are depreciated accordingly. Site valuation is typically based on value per site, with

adjustments for frontage, depth, and comer influence. The mill rate has been set at 28.56

mills for the grand list

of

October 1, 2013.

According to the Canton Tax Collector Office, the subject property owner is current as to

tax liability payments on the property.


44/101

DESCRIPTION OF THE SITE

The property that

is

the subject

of

this report consists

of

a 2,363 square foot, more or less,

newer residential contemporay colonial style dwelling

of

8-rooms, 4-bedrooms and 2.5-baths,

built

n

1987 on 2.44 acres of land, more or less, on the terminus, or cul-de-sac known as

Mohawk Drive in Canton, Hartford County, Connecticut. Mohawk Drive is situated in the

central-west quadrant

of

Canton and very near the New Hartford Town Line situated roughly

one block to the west

of

the subject neighborhood itself.

The site is considered to be a rear parcel since is recessed from Mohawk Drive and is

accessed from the terminus

of

a cul-de-sac triangular. The site

is

an approximately

rectangular shaped parcel

of

land and is identified

as

Lot 3740037, on the Cantron Assessor s

Map Number 21. The lot contains approximately 106,110 square feet

of

land area, or 2.44

acres according to the referenced Assessor s map and property legal description.

The parcel has a street frontage

of

30 feet on Mohawk Drive, and a maximum depth

of

approximately 412 feet on the south each side. The site is accessible by a private road and

accessible from the west side

of

Mohawk Drive. To help the reader visualize the site, a copy

of the Assessor s Map will be included in the following pages

of

this section. Moreover,

the reader could refer to the photos of subject property included in the Photographs

of

Subject Property section in this report.

The site is level and at street grade with a gentle southwesterly upward slope toward the rear

and southern boundary lines.

The subject site is improved with a 2-story frame construction residential (contemporary

dwelling) structure with clapboard siding exterior. Please see the photographs, and the

Assessor s Map provided for a visual representation

of

the site.

The site is located in the central-west quadrant

of

Canton and along Mohawk Drive. Access

to Route 44/202 and Route 179 is good; in this respect the location is good to very good.

The site is improved with all town services and amenities, including electric, communication

lines, on site well and on-site septic.

n

addition to the subject dwelling, the site is improved

with typical and

to

good adequate landscape to the front, each side and the rear side.


45/101

DESCRIPTION OF THE SITE, continued

Site Identification

Tax Assessor

Reference

Source o

Site Data:

Map 21; Block

N

A; Lot 3740037

Tax Assessor Map: Canton Land Records, and physical inspection by the

appraiser

Physical Characteristics

Land Area

Frontage

Topography

Configuration

Parking

Landscaping

Approximately 106, 110 square feet o land, in total, or 2.44 acres, more

or less. The appraiser has utilized the land area from the referenced

Assessor s Map, legal description and physical inspection

o

the property.

30

feet

o

front along the cul-de-sac known as Mohawk Drive

The site is level and slightly above street grade; it slopes gently upward

in a southwest direction toward the rear and west boundary lines.

Traingularly shaped

Adequate on-site for at least 2 cars plus 2 car (under) garage

Typical to good to the front, south side, north side and to the rear

Easements/Restrictions

No easements have been noted in the land records, other than typical

utilities easements

o

record. However, this office is not a title searching

firm, and a more detailed review should be made i the client desires.


46/101

DESCRIPTION OF TH SITE, continued

Physical Characteristics, continued

Nuisances and Hazards

Inland Wetland-

Watercourses A review of the official wetlands and watercourses map indicate that the

subject property

is

not impacted by wetlands.

t is

situated in Zone X, or

area s) of minimal flooding.

Flood Zone

Utilities

Sanitary Sewers

Municipal Water

Propane Gas

Electricity

Telephone

Excess Land

Site Utility

FEMA/FIRM: Community Panel No: 09003 C0169F map revised on

September 26, 2008, Panel 169 of 675.

On-Site Septic

On-Site Well

Available

Connected

Connected

None

The parcel does allow for adequate park like setting and open space.

Thus, in our opinion, the physical and functional characteristics

of

the site

appears to be in conformance with the standards of typical purchasers in

the marketplace.


47/101

DESCRIPTION OF

TH

SITE, continued

Your appraiser has no knowledge

of

any hazardous materials used in the construction and

the maintenance of the property, including asbestos, but this does not mean that none are

present in the structure or in the ground. A thorough environmental assessment

s

recommended to anyone with an interest in the subject property.

In

the absence

of

any known

or

suspected detrimental environmental conditions, this

appraisal is predicated on none being present that could affect the value

of

the property.

Should such conditions become known, then this appraisal is subject to revision.

If more information is needed, the client should consult an expert in this field.

In general, the site s adequate for its present use, which also s its highest and best use. t

s a residential site with satisfactory and good physical and locational characteristics. The

subject site has adequate visibility and good accessibility afforded by its location near Route

44 (AKA Albany Turnpike), one

of

the town's and region's major east/west arterial routes

and in close proximity to Route 179.

ASSESSOR S MAP

September, 2014

Not to

Scale


48/101

. ~ -- ~ ~

.. 150 .00

187.80

\

\

24

2.33

o

o.

3740039

\

\

\

I

3740037

IQ.

\ ./ -----

/ \

/

\

/ \

I

..

;

J

------

,


49/101

DESCRIPTION O THE IMPROVEMENTS

37 Mohawk Drive. Canton. Connecticut

Located on the subject site

is a newer (built in 1987) and adequately maintained residential

single-family contemporary colonial style dwelling, with clapboard siding exterior. This

dwelling

is

known

s

37 Mohawk Drive. According to the assessor s office field card

information, and based on a visual inspection (exterior/interior) completed on September 5,

2014, the property contains 8 rooms (2,363 sq ft of living area), above grade, with 4-

bedrooms and 2.5 baths, plus finished basement area

of

approximately 462 Sq Ft.

The general condition, as of

valuation date was good to very good with no major deferred

maintenance items noted

s

of the valuation date.

For a visual representations of the premises the reader could refer to the photos of subject

property section earlier in the report.

The significant elements of the subject dwelling are s follows:

Type of Property Single family colonial contemporary style dwelling

Foundation

Concrete

Age 1987

Frame Wood

Floor structure Wood joist

Floor cover

Hardwood floors throughout; ceramic tiles for the baths

Ceiling Drywall throughout

Interior construction Frame partitions with painted drywall.

Fenestration

Thermopane windows with aluminum screens.


50/101

IMPROVEMENTS DESCRIPTION, continued

37 Mohawk Drive. Canton. Connecticut, continued

Exterior walls

Kitchen:

Baths

Plumbing

Electrical

Heating and hot water

Doors

Roof

Central Air

Clapboard siding

Oak cabinets, Formica counter with double sink with

dishwasher.

2.5 full baths containing two, or three and/or four fixtures

each. Modem decor.

Mixture o galvanized and copper

200 Amperes main service circuit breaker type

Oil fired hot water heat and domestic hot water

Wood paneled doors for the front and rear entrances; hollow

and/ or solid core wood doors for the interior. There

is

a

sliding door to the rear to access the deck o 240 sq

ft.

Paneled

composition garage door.

Gable with architectual style asphalt shingles for cover

Yes


51/101

IMPROVEMENTS DESCRIPTION, continued

37 Mohawk Drive. Canton. Connecticut, continued

Miscellaneous

Conditions:

There are two car (under) garage comprising 526 sq ft with

electric eye openers.

There

is

a wood deck o 240

sq

ft

to

the rear. Vaulted ceiling

in living room with brick fireplace.

Based on an exterior and interior inspection

o

the premises,

based on information contained in the assessor s office field

card, and based on adequate information provided by the

current subject property owner, it

is

your appraiser opinion

that the overall condition

o

the subject premises as o

September 5, 2014, the valuation date, was good to very good.

Floor plan and layout

o

the dwelling

as

o

the valuation date and the Canton Assessor s

records were examined to develop a description

o

the subject property improvements and

their condition. Your appraiser feels that a reasonably reliable description

o

the site

improvements has been obtained through this inspection and research.

ASSESSOR S

M P OF

PROPOSED ZONE CHANGE

September, 2014

Not t Scale


52/101

HIGHEST AND BEST USE


53/101

Highest and best use is defined as:

That reasonable and probable use that will support the highest present value, as defined,

as of the effective date of the appraisal.

The definition immediately above applies specifically to the highest and best use

of

the

land. t is to be recognized that in cases where the site has existing improvements on it, the

highest and best use may very well be determined to be different from existing use. The

existing use will continue, however, unless and until land value in its highest and best use

exceeds the total value

of

the property in its existing use.

Implied within these definitions is recognition of the contribution of that specific use to

community environment or to community development goals in addition to wealth

maximization of individual property owners. Also implied is that the determination of

highest and best use results from the appraiser's judgement and analytical skill, i

e.

that

the use determined from analysis represents an opinion, not a fact to be found. In appraisal

practice, the concept of highest and best use represents the premise upon which value is

based. In the context

of

most probable selling price (market value) another appropriate term

to reflect highest and best use would be most probable use. In the context of investment

value an alternative term would be most profitable use.

Real

state

ppraisal Terminology

Compiled and Edited by Byrl N. Boyce, Ph. D.

American Institute of Real Estate Appraisers

Society

of

Real Estate Appraisers

Highest

and

Best Use Criteria

In considering the highest and best use for the subject property your appraiser consideration

has been given to the following: the most profitable economic use, assuming that the zoning

and resulting legal use are appropriate for the subject.

The property is located in an R-2 residence (residential) neighborhood; it is located near

Routes 44 and 179 and in the central-west quadrant of Canton. The site is already improved

with a single family dwelling and site improvements that make substantial contribution to the

property value.

I GHEST

AND BEST USE, continued


54/101

Highest and Best Use Criteria,

continued

Therefore, it's your appraisers' opinion that the highest and best use for the subject property

will be for its continued use as a single-family dwelling for its remaining economic life.

By

definition the highest and best use

of

the site would be the best utilization

of

the land

configuration in conjunction with zoning, location and all the amenities described above. To

make such an analysis

of

the site

is

beyond the scope

of

this appraisal, but for purposes

of

this appraisal the use

is

considered to be its best and highest.

Highest And Best Use

As

Improved

The subject

is

improved with a 2,363 square feet residential single-family wood frame

contemporary colonial style dwelling which layout

of

the improvements meets with the

character

of

the neighborhood; moreover, the premises are in keeping with the density

required, based on current zoning regulations, such use is legal and conforming since it post

dates current zoning regulations.

Hence, the site for purposes

of

this appraisal will be considered adequate for the

consideration

of

the best and highest use with construction as well as remodeling and upkeep

of

the subject residential dwelling, having occurred in various stages and to varying degrees.

The value

of

the land

as

vacant

is

available to be improved

to

its

Highest and Best Use

should be considered equal to the value

of

the site as improved now. For purposes

of

this

appraisal the use will be considered as defining and supporting its

Best and Highest Use.

VALUATION PREMISE APPROACHES TO VALUE


55/101

There are three classical approaches to value used in appraising real estate. They are defined

as follows:

COST APPROACH: That approach in appraisal analysis which is based on the

proposition that the informed purchaser would pay no more than the cost of producing a

substitute property with the same utility as the subject property. t is particularly applicable

when the property being appraised involves relatively new improvements which represent the

highest and best use of the land or when relatively unique or specialized improvements are

located on the site and for which there exist no comparable properties on the market.

DIRECT SALES COMPARISON APPROACH: That approach in appraisal analysis

which is based on the proposition that an informed purchaser would pay no more for a

property than the cost to him of acquiring an existing property with the same utility. This

approach is applicable when an active market provides sufficient quantities of reliable data

which can be verified from authoritative sources. The direct sales comparison approach is

relatively unreliable in an inactive market or in estimating the value

of

properties for which

no real comparable sales data are available.

t

is also questionable when sales data cannot

be verified with principals to the transaction.

INCOME APPROACH: That procedure in appraisal analysis which converts anticipated

benefits (dollar income or amenities) to be derived from the ownership of property into a

value estimate. The income approach

is

widely applied in appraising income-producing

properties. Anticipated future income and/ or reversions are discounted to a present worth

figure through the capitalization process.

Real

Estate ppraisal Terminology

Compiled and Edited by Byrl N. Boyce, Ph. D.

American Institute of Real Estate Appraisers

Society of Real Estate Appraisers

The only approach to value developed in this report will be the direct sales comparison

approach to value, s applied in the before and in the after.

VALUATION PREMISE-APPROACHES TO VALUE, continued


56/101

The income approach to value has been considered; however, typically single family

dwellings are purchased for owner occupancy and not for the production o income. The

resulting approach

to

value would

be

less than reliable, and could

be

misleading

to

the

readers

o

the report. For this reason, the income approach has not been developed here.

Please see the following pages for the development o the direct sales comparison approach

to value.

DIRE T SALES COMPARISON APPROACH


57/101

The direct sales comparison approach to value is based primarily on the principle

of

substitution, wherein the value of a property tends to be set by the price that would be paid

to acquire a substitute property

of

similar utility and desirability within a reasonable amount

of time The Appraisal o Real Estate, 12th Edition; 2001).

Under the Direct Sales Comparison Approach, market values are derived from a study of

similar properties. Hypothetically, the adjustments made using the Direct Sales Comparison

Approach reflect a buyer's preference for a dwelling. A dwelling and/or property

comparable to the subject property would represent an acceptable alternative for a buyer in

the current market. Adjustments are made in order to establish comparability based upon

the appraiser's knowledge of the market, observation

of

price, locational trends, amenities,

and discussions with principals and brokers in the market place.

As noted, this approach is related to the principle

of

substitution. No one will pay more for

a property if he can acquire one of similar utility for a lower price. The value

of

the subject

is presumed to be directly related to the price of the comparable sale. Similarity of use, for

example, a contemporary style single-family dwelling used as a comparable for valuing

another contemporary style single-family dwelling, is an analogy which

is

easily accepted

by everyone involved with real estate. Both appraisers and laymen accept and understand

this method of valuing real estate.

The similarity of use

is

the easiest of characteristic to find in a comparable sale. Unless the

appraiser is dealing with a special-purpose property, there are usually a number

of

dwellings

used for similar purposes. Due to zoning regulations, dwellings and/ or buildings used for

similar purposes frequently are located in the same general area.

Identical dwellings, that is colonial style single-family dwellings which are physically

identical, are rare in the market. Even if an identical contemporary style dwelling was found

which was identical in size, age and layout, and was served by the same utilities, the

appraiser would have to deal with location. Each location on earth is unique and requires

adjustments in order to deal with the difference between the property being valued and the

sale used as a comparable.

Adjustments must be made for locational and physical differences. Adjustments are always

made from the sale to the subject. f a sale has a superior characteristic, the adjustment is

negative.

f

the characteristic is inferior to the subject, the adjustment is positive. The

DIRE T

SALES COMPARISON APPROACH, continued


58/101

Physical characteristics are not the limit of what should be examined by the appraiser. The

circumstances which surround a particular sale are in many cases s important as the physical

similarity to the subject. General market conditions, at the time the comparable was sold,

may differ markedly from current conditions. An adjustment for time may be used to deal

with this adjustment.

The conditions

of

sale are also important. Was the sale an arms-length transaction? Did the

seller receive something of value for the property besides cash? f the seller provided

financing, was what he

or

she received equal to or less than all cash ? Many

of

these

questions are raised by our definition

of

value and the appraiser in making comparisons must

be able to identify and deal with the circumstance which surround a particular transaction.

In order to discover these circumstances, the appraiser has checked the land records.

Brokers and principals to transactions have been contacted and the information obtained has

been used to adjust the various sales.

The Direct Sales Comparison Approach to Value

is

particularly reliable when adequate sales

of properties similar to the subject which would require relatively few adjustments resulting

in a reasonable estimate of market value are readily available. This method of valuation is

considered to be highly relevant, as this approach best addresses the behavior of buyers and

sellers who constitute the market for such properties.

The pool

of

one-family property sales somewhat similar, i.e. functional utility, to the subject

is adequate at this time. Therefore, a search has been conducted to find the recent sales

of

reasonably similar single-family contemporary and/or colonial style properties from which

adjustments could be made to arrive at an estimate of market value.

DIRE T SALES COMPARISON APPROACH, continued


59/101

Methodology

There are many elements to consider when comparing similar or somewhat similar

properties; however, there are six main common elements

of

comparison that cause prices

to differ between properties; when appropriate, other elements of comparison such as

financial characteristics are considered. These elements are listed below:

Real

Property

Rights Conveyed:

This adjustment relates to the type of ownership transferred and how the conveyed interest

relates to the interest being appraised.

Financing Terms:

Adjustments for financing terms are based on the extent that favorable financing influenced

the comparable sale price and can be measured.

Conditions

of

Sale:

This adjustment usually reflects the special motivations

of

the buyer and/or seller.

Market Conditions Time of Sale):

An adjustment for market conditions reflects changes that may be caused by a variety of

factors such as inflation, deflation, recession, fluctuations in supply and demand.

Location:

An adjustment for location is required when the locational characteristics of a comparable

property are different from those of the subject property.

Concessions:

This adjustment usually reflects not an arm's length transaction, and/or a transaction affected

by undue stimulus on the part of either party to the transaction.

DIRE T SALES COMPARISON APPROACH, continued


60/101

Physical Characteristics:

Adjustments for Physical characteristics are made for such factors as land and/or dwelling

size, road frontage, availability of utilities, topographical characteristics, functional utility

of

the land or building, land-to-building area ratio approved or allowed, dwelling age or

condition, construction materials and quality, and numerous other characteristics.

The methodology used

is

the percentage adjustment. This methodology is based on the

premise that each factor influencing value has an independent and interdependent effect on

value. y adding and/or subtracting the adjustments together, we derive a final adjustment

factor.

This factor is then multiplied by the sales price adjusted where appropriate for financing,

market conditions time

of

sale), conditions of sale, site size, concessions, building size,

building condition-type, zoning and location to arrive at a final adjusted sales price.

Historically smaller buildings-dwellings tend to sell for more on a per unit basis all other

things being equal. f necessary a downward adjustment will be applied to the comparable

sales utilized in the Market Approach/Direct Sales sections.

Historically larger buildings-dwellings tend to sell for less on a per unit basis all other

things being equal.

f

necessary an upward adjustment will be applied to the comparable

sales utilized in the Market Approach/Direct Sales sections.

All statements contained herein, unless otherwise attributed, represent the opinion of your

appraiser.

Within the development

of

this approach, the following sales

of

single-family contemporary

and/or colonial style properties have been analyzed, inspected and compared to the subject

property in order to produce an estimate of value by the direct sales comparison approach

to value.

A number of contemporary and Colonial style single-family sales have been considered and

examined. Four

of

these sales have been selected and examined in detail to arrive at an

indicated value by the direct sales comparison approach to value.

DIRECT SALES COMPARISON APPROACH, continued


61/101

:

.

..

Address

. Fbate

No>or

Sale Year DweIIL< site No. SP/

Rooms/ Price Built i11g Size of

SF

BRs

( )

Gtoss Baths

:

L ~ v i D g (AC)

1

Area

: : : . . : . : . : ~

::: ::

.

. :

.

4 Bidwell Farm Road

7-15-14 10-5-br

405,000

1987

3,164 1.01 2.5

128.00

19

Woodland Drive

9-25-13 7-3-br

425,000 1984

2,675 1.26 2.5

158.88

57 Indian Hill Road

3-5-14 10-3-br 305,000 1987

2,782 3.53 3.0

109.63

31

Mohawk Drive

10-16-13

6-3-br

361,500

1965

2,688 2.00 2.0

134.49

2 Buttonwood Hill Road 8-7-13 7-4-br

285,000

1980 2,622

1.50 2.5

108.70

21

Tanglewood Drive

8-1-14 6-3-br 380,000 1984

2,478

2.15

2.5

153.35

37 Mohawk Drive (Subject)

8-4-br 2,694 1.50

2.5

Please see the following pages for additional details regarding the aforementioned sales.



62/101

Sale No. 1

4 Bidwell Farms Road, Canton, CT

Sold on

7-15-2014; Sale Price: 405,000 ( 128.00/Sq t GLA)



63/101

Sale No. 1

4 Bidwell Farms Road, Canton, CT

Michael W. Barnstead, et

al

to Christopher Leadbetter, et

al

Recorded:

Date:

Sale Price:

Zone:

Site Size:

Dwelling size:

Dwelling sty le:

Age:

Reference:


July 15, 2014

405,000

Residential; R-2

44, 000 square feet (1.

1

acres)

3,164 square feet (includes 576 sq

ft

of

former and

finished garage)

Colonial

1987

Map 17; Block

NIA

Lot 1250004

Sale price

per

S of

dwelling:

128.00

(to include

the

land)

Financing

At market; Wellsfargo Mortgage in the amount

of

413,700

Comments: Built in 1987; clapboard exterior;

1

rooms with 5-bedrooms and 2.5 baths.

Built on full (and unfinished basement). Superior condition-type to the subject

overall; somewhat tempered by the subject's younger age. The net result

is

a slight upward adjustment will be applied for dwelling condition. Slight

inferior location

as

to privacy;

as

noted, the subject

is

a rear parcel affording


64/101

F

I

~

1

~

.

IL\. \l

Rallum

,\l

oun

rain

~ ~ a r i n ~ Sr k

aturt wur

\



65/101

Sale No. 2 9 Woodland Drive, Canton, CT

Sold on 9-25-2013; Sale Price: 425,000 ( 158.88/Sq t GLA)



66/101

Sale No. 2

9

Woodland Drive, Canton, CT

Grantee:

Eugene Harris, et al

Recorded:

Volume 408, Page

37

Date:

September 25, 2013

Sale Price:

425,000

Zone:

R-3; Residential (3) District

Site Size: 54,886 square feet (1.26 acres)

Dwelling size: 2, 782 square feet

Age:

1984

Dwelling style:

Colonial

Reference: Map 27; Block

NIA

Lot 5870018

Sale price

per S of

dwelling: 158.88 (to include

the

land)

Financing

At market

Comments: Built in 1984; clapboard siding exterior colonial style dwelling with 7-rooms

(3-bedrooms) and 2.5 baths; very good to new condition. Similar condition

to the subject; slightly inferior location to the subject. Full and partially

finished basement included with the total GLA.



67/101

Sale No. 3

2 Tanglewood Drive, Canton, CT

Sold on 8-1-2014; Sale Price: 380,000 ( 153.35/Sq

t

GLA)



68/101

Sale No.

3

continued

21

Tanglewood Drive, Canton, CT

Albert Albrycht, et

al to

Sonia Bernier

Recorded:


Date:

August 1, 2014

Sale Price:

380,000

Zone:

R-12; Residential (12) District

Site Size:

93

,654 square feet 2 .15 acres)

Dwelling size:

2 478

square feet

Dwelling style:

Contemporary

Age: 1984

Reference:

Map 27, Block NIA Lot 5150021

Sale price

per

SF

of

dwelling: 153.35 (to include

the

land)

Financing At Market

Comments: Good to very good overall condition. Slightly inferior location; nevertheless

it's considered to be a very good comparable since it's located within the

subject's market area, it's

of

similar appeal and functional utility and it's a

very recent sale

as

well.

Vertical clapboard exterior. Two car (attached) garage. There is no central

air conditioning. Hardwood floors. Partially finished basement comprises 326



69/101

Sale No. 4 3 Mohawk Drive, Road, Canton, CT

Sold o 10-16-2013; Sale Price: 361,500 ( 134.49/Sq t GLA)



70/101

Sa

Documents

John Lo Monte, 37Mohawk Drive Canton