John Lo Monte RE 28 Old Mill Drive Canton

8/11/2019 John Lo Monte RE 28 Old Mill Drive Canton

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REAL ESTATE APPRAISAL

Complete Appraisal - Self-Contained Report

Before and After)

Single Family Dwelling Residence

28 Old Mill Drive,

Canton, Hartford County, Connecticut

Effective Date

o

Market Value: August 22, 2014

Date o Appraisal Report: September 09, 2014

Owner: Kevin

J

Brophy, et al

Volume 244, Page 855


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REAL ESTATE APPRAISERS r CONSULTANTS

P.O.

BOX

290-0563 WETHERSFIELD, CT. 06129 -0563 860)

635-7500

FAX 860) 635-3339

September 09, 2014

Mr. Edward Fox

24 Old Mill Drive

Canton, T 06019

Re:

28

Old Mill Drive, Canton, CT

Dear Mr. Fox:

At your request, on behalf of Mr. Kevin Brophy, or the subject property owner, and for the

purpose

of

estimating the fair market value, as before and

as

after,

of

the property at 28 Old

Mill 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 674 and 684

Albany Tpke. (AKA Route 44) and furter identified

as

Lot 1010674 and 1010684 of Canton


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REAL

ESTATE APPRAISERS CONSULTANTS

P.O. BOX 290-0563

WETHERSFIELD,

CT. 06129-0563 860) 635-7500 FAX 860) 635-3339

Re:

28


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.


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REAL


P.O.

BOX

290-0563

WETHERSFIELD, CT.

06129-0563

860) 635-7500

FAX

860)

635-3339

Re:

8


Introduction,

continued

Thus, our purpose is to evaluate the subject property as before and as after to estimate

what potential a m ~ g e s or reduction in fair market value the subject of this report will suffer

as well as (equally) ten's

of

similar single family dwellings which are located in the subject

neighborhood as well

as

extended subject's neighborhood.

The property that

is

the subject of this report consists

of

a 2, 700 square foot, above grade,

fairly newer (1988) residential single family colonial style dwelling, as per assessor's office

records, on approximately 1.03 acres (44,867

sq ft) of land on the easterly side of Old

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

the New Hartford Town Line.

Not inclusive

of

the above grade GLA is finished lower area comprising approximately 700

sq ft of additional living area fitted for use

as

family room and/or flex-use area; hence, total

gross living area above grade

is

2,

7

sq ft,

as

noted. Our report describes the property

in detail, and analyzes the property with respect to market value, as defined in our report.


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REAL ESTATE APPRAISERS CONSULTANTS

P.O.

BOX 2900563

WETHERSFIELD,

CT.

06129-0S63

860) 635-7500

FAX

860) 6353339

Re:

28



As already reported, the purpose

of

this report

is

to estimate the market value

of

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 .

28 Old Mill 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


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P.O.

BOX 290-0563

WETHERSFIELD, CT. 06129-0563 860)

635-7500

FAX (860)

635-3339

Re: 28 ld Mill 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


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P.O.

BOX 290 0563

WETHERSFIELD, CT. 06129 0563 (860) 635 7500 FAX (860)

635 3339

Re: 8 Old Mill Drive, Canton, CT


Uses Permitted by Zoning Permit StafO 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


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REAL


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

Re: 28 Old Mill 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


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P O

OX

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


This appraisal report conforms to the following laws and regulations:

1 FDIC Regulation 12 CFR 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

o

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

Kevin

J

Brophy and

Michelle M. Brophy, whom acquired the property via Warranty deed dated April 27, 2000.

This deed is recorded in Volume 244, at Page

855

o

the Canton Land Records.

Consideration stated in this deed is $281,000. To the best o our knowledge, no other

transfers have occurred since the last transaction.


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P.O. BOX

2900563

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

Re: 28 Old

Mill

Drive, Canton, CT

28 Old

Mill

Drive, Canton; Dwelling Breakdown

First Floor: 1,350 sq

ft

Finished Lower Level Area:

700

sq ft

Upper Floor: 1,350 sq ft

Wood Deck: 208 sq ft; enclosed frame porch: 208 sq ft

Attached (2-car) Garage : 624 sq

ft

OLA:

2,700 sq

ft,

above grade, plus 700 sq ft

of

additional living area in the

partially finished basement

28 Old Mill Drive, Canton, CT; General

Data

Gross Living Area: 2 700 sq ft above grade, plus 700 sq ft of finished lower level area

Age:

1988

Condition: Good to very good as to structural, finish-condition and mechanical components

Assessor's Reference: Map 21, Block NIA Lot 4040028


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REAL ESTATE APPRAISERS

&

CONSULTANTS

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


As a result o the proposed zone change,

i

approved o the property known

as

674 and 684

Albany Turnpike, situated along the south side

o

Route 44, or in the immediate vicinity

o

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

opinion, based on the following considerations.

I

8


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 o neighborhood with increased trucks traffic

Increased noise due

to

additional traffic and trucks

Diminution

o

curb appeal and marketability; moreove, 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 i 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


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REAL

ESTATE

APPRAISERS &

CONSULTANTS

P.O.

BOX

29 563 WETHERSFIELD, CT.

6129 563

860)

63575

FAX 860)

6353339

Re: 28

Old

Mill 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 August 22,

2014, was:

Property Value

in

total:

400,000

(As

Before

The

Proposed Zone Change)

FOUR HUNDRED THOUSAND DOLLARS)

300,000 (AS AFTER)

THREE HUNDRED THOUSAND DOLLARS)

100,000 (Damages,or Diminution

in Fair

Market

Value of

25.0%)

(ONE HUNDRED 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.


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SUMMARY O SALIENT FACTS AND CONCLUSIONS, continued

Improvements:

The subject property is located on the easterly side

of

a cul-de

sac known as Old Mill Drive.

s

such and 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 169 of 675, in zone X , or area of minimal flood. The

property has a street address of 28 Old Mill 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

approximately rectangular n shape, partially level

and slightly above street grade with a northeasterly upnward

slope toward the rear and north boundary lines. This site is

improved with a residential, colonial 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 1988 colonial

style dwelling, comprising 2, 700 square feet above grade living

area, over a full and partially finished basement; as noted,


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SUMMARY O SALIENT FACTS AND CONCLUSIONS, continued

Highest and

Best Use, After:

Highest and

Best Use, Before:

As

of

the date

of

valuation (8-22-2014), the premises were

owner occupied and in good to very good overall condition.

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

1988 and has been adequately maintained. There is an attached

frame garage to the front comprising 624 square feet, a wood

deck

of

208 sq

ft

and an enclosed porch

of

also 208 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:

$400,000 (As Before)

$300,000 As After)


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PHOTOGR PHS OF THE SUBJECT PROPERTY

OVER LL FRONT VIEW

August 2014


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PHOTOGR PHS

O

THE SUBJECT PROPERTY

August 2014

OVERALL REAR AND NORTH SIDE VIEW LOOKING SOUTHWESTERLY


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PHOTOGR PHS

O


VIEW OF CUL-DE-SAC LOOKING SOUTHWESTERLY

August 2014


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PHOTOGR PHS O THE SUBJECT PROPERTY

VIEW

OF

DINING ROOM ND FINISH-CONDITION

August, 2014


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PHOTOGR PHS

O


ADDITIONAL VIBW

OF

KITCHEN

ND

FINISH-CONDITION

(As Is)

August, 2014


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PHOTOGR PHS

O


STREET SCENE LOOKING NORTHERLY ON OLD MILL DRIVE

August 2014


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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-August 22, 2014.

Fee simple interest is composed

of

the land, improvements, and all of the rights normally

acquired by ownership.

PROPERTY 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)


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MARKET 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.

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

by special financing or sales concessions granted by anyone associated with

the sale.

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


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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 Building 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. 550 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, 55 West Van Buren Street,

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

Prospective Value Estimate


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IDENTIFICATION

OF TH

PROPERTY

The subject property consists

of

a 2-story wood frame (farily newer built in 1988) single

family, colonial style dwelling commonly known as 28 Old Mill Drive, Canton, Hartford

County, Connecticut. The property is also identified

as

Lot 4040028,

of

Canton Assessor's

Map 21. The current owner

of

record as of the valuation date is Kevin and Michelle Brophy.

LEGAL DESCRIPTION/PROPERTY HISTORY

Title to the subject property

is

as of the valuation date in the name of Kevin and Michelle

Brophy which acquired the property via Warranty deed dated April 27, 2000. This deed

is

recorded in Volume 244, at Page 855

of

the Canton Land Records. Consideration stated in

this deed is 281,000. 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.

August 2 14


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'

REGION L M P

Not to Scale


29/100

COMMUNITY D T

Location

Canton is located in central-west Connecticut, about

4

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,

77

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


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OMMUNITY

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


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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


32/100


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 w s 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.


33/100


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 2 14; The Connecticut Economy, Quarterly Report: Fall 2 13


34/100

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 in 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.


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36/100

COMMUNITY DATA continued

Conclusion

In 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

n

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

Au gust, 2014


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38/100

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

n

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


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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 in 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. As 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.

n

conclusion there is nothing in the subject neighborhood which could detract from the

subject property s improved, as per zoning, residential R-2) District, homogeninity

o

use

and curb appeal.

NEIGHBORHOOD MAP

Au gust, 2014


40/100

B

c

LEGEND

- MAJOR HIGHWAY

PAVED ROAD

- - UNPAV

ED

ROAD

I

~ ~

~

1 .........

1::::

I

.

.

Rarlum \lounra111

111

0

1000

Roi/um Mounroln

I

119(.1

I

N

I

Not to Sca

le

r North

~ w anton

r= .

>Dwell

=site No

SP/

Roott.St

} ) t . i ~ i

=

;u

i11g .Size of

n:Rs

( )>== >/

.

Gt )ss

Baths

.

SF

.

:

.

:

.

.

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

28 Old Mill Drive (Subject)

8-4-br

2,700 1.03 2.S

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


62/100

,

,

...

SP ULDING

1

00(1

Rorlum i\

lo

untoin

Roaring Brool:

\oture Cemer


63/100

DIRECT SALES COMPARISON APPROACH,

continued

Sale No. 1

4 Bidwell Farms Road, Canton, CT


64/100

DIRECT SALES COMPARISON APPROACH, continued

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 style:

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 N/A; Lot 1250004


65/100


Sale No. 2

9

Woodland Drive, Canton, CT


66/100

DIRE T SALES COMPARISON APPROACH, continued

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

SF

of dwelling: 158.88 (to include

the

land)


67/100

DIRE T

SALES COMPARISON APPROACH, continued

Sale No. 3

2 Tanglewood Drive, Canton, CT



68/100

Sale No. 3, continued

21

Tanglewood Drive, Canton, CT

Albert Albrycht, et al to Sonia Bernier

Recorded: Volume 413, Page 978

Date:

August 1, 2014

Sale Price: 380,000

Zone: R-12; Residential (12) District

Site Size:

93, 654 square feet

2

.15 acres

Dwelling size: 2,478 square feet

Dwelling style: Contemporary

Age:

1984

Reference:

Map 27, Block NIA Lot 5150021

Sale price

per

SF

of

dwelling: 153.35 (to include

the

land)


continued


69/100

Sale No. 4

2 Buttonwood Hill Road, Canton,

T



70/100

Sale No. 4 2 Buttonwood Hill Road, Canton, CT

Grantee:

Todd and Heather Santelle

Recorded:


Date: August 7, 2013

Sale Price:

285,000

Zone: R-2; Residential 2) District

Site Size:

65 ,340 square feet (1.50 acres)

Dwelling size:

2 622

square feet

Dwelling style:

Contemporary

Age:

1980

Reference:

Map 21; Block NIA Lot 1580002

Sale price

per SF

of dwelling:

108. 70 (to include the land)

DIRE T



71/100

Recapitulating the sales in tabular form:

11

.(\ct.dr $s"

.::,::::."..

/l:Ff::;:::>:::::: s.ale.:. P H.c.

.:....

::

:

G.'

F

A

:.:t.:.:::

Site/Slie

: p/ F

11 :. : .: ::.: :::: :. ::: : >: ,

::.


72/100

- - -- - - - - - -

.

- - - - - - - - -

.

- - - - - ' -

. - - - ' . .

I

t\[)J1.JSTMENTGRID

fASJ3Ef. .)RE1

I

Selling Price

Per

Square

Foot ( )

Property Interest

ee

Simple

Financing

Conventional or Cash

Conditions of Sale

Arm's

Length

Market Conditions

Typical

Multiplier

Adjusted Sale Price ( )

128.00 158.88

1.00 1.00

1.00 1.00

1.00 1.00

1.00

1.00

1.0000 1.0000

128.00 158.88

Other Adjustments

~ ~ t o o +5%

Physical Characteristics

+0%

Economic Characteristics

+

0%

+0%

+0%

+0%

153.35

1.00

1.00

1.00

1.00

1.0000

153.35

.

+5%

+0%

+0%

I

S.81e 4 I

108.70

1.00

1.00

1.00

1.00

1.0000

108.70

+0%

+0%

+0%



73/100

Analysis (As Before)

After adjustment, the sales indicate a value range

of

$130.44

to

$153.35 per square foot; this

is a fairly narrow range

of

values and one from which a reasonable per unit value can be

extracted, in our opinion.

The range is reasonably consistent, and provides a reliable indication of value for the subject

property by the Direct Sales Comparison Approach to value. Adjustments rendered are

reasonable and have been applied to adjust for various characteristics between the comparable

sales and the subject property.

f the highest (No. 3) and lowest (No. 4 sales are eliminated the other two sales present a

narrow range of

$134.40 to $150.94; by multiplying the subject's 2,700 square feet of gross

living area, the indicated value of the subject property lies in the range of $362,880 to

$407,538.

This is very consistent with the sales, remembering that three

of

the sales utilized have been

adjusted upward for dwelling condition and are consequently inferior, albeit slightly, to the

subject property in that regard. The average of the four sales utilized

is

$142.28/sq ft.

Considering all

of

this, considering the subject's good to very good overall condition,

considering the subject location, or a rear lot, and considering the current market conditions

as to supply and demand, and taking as a value $148.00 per square foot of gross living area

above grade, to include the land, all of the site improvements, will result in the following

value:

Calculating:



74/100

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 3 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

negative impact which will result from such zone change, if approved. The proposed zone

change property/parcel, has an extensive road frontage along Route 44 AKA Albany

Turnpike, and is currently utilized as raw acreage and as agricultural; the net result is a very

low,

if

any, impact on the surrounding residential use(s)

as

per zoning and

as

per

neighborhood composition.

As part of the zone change request, the property owner reported several consideration which

are reported in the following pages, for our purpose.

The reason for my zone change

is

to accommodate my strong feelings that there

is

a

significant demand for small uses

of

development which could be developed in the industrial

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


continued


75/100

Introduction,

continued

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

location.

F. The same Strategic Plan under the chapter Future Land Use Plan , page 102 rates the

parcel as low on the conservation score and moderate on the development vision.



76/100


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

o

this report will suffer

as well as (equally) ten's o similar single family dwellings which are located in the subject

neighborhood as well

as

extended subject's neighborhood.

The property that

is

the subject o this report consists o a 2, 700 square foot, above grade,

fairly newer (1988) residential single family colonial style dwelling,

as

per assessor's office

records, on approximately 1.03 acres (44,867

sq ft)

o

land on the easterly side o Old

Mill Drive, in the extreme central-west quadrant o Canton, and immediately to the east o

the New Hartford Town Line.

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 .

28 Old Mill 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.

DIRE T



77/100

Introduction,

continued

umoses

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.

Industrial District

The industrial district is intended to allow for the manufacturing production, processing,

fabrication, assembly, treatment, repair,

or

packaging

of

finished productes, predominantly

from previsouly prepared or refined materials or from raw materials that do not need

refining) and for warehousing, wholesaling, and distrubution and for other uses appropriate

for the district.

DIRE T SALES COMPARISON APPROACH continued


78/100

Introduction continued

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

of

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

of

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 of intensity

of

teh principal use

of

the site

8. Signs allowed by Section 7. 3

9. Outdoor lighting subject to the provisions

of

Section 7. 4

DIRE T



79/100


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.

Thus, based on all of the above considerations, it's our opinion that if the proposed zone

change for the tract, or residential (R-2) zoned acreage

of 31

acres, there will be a

substantial negative effect

as

to marketability ; curb appeal with the impact on demand vs.

supply to be felt severely by the closest locations to the proposed zone change property. This

will cover a radius

of

4 to miles all around.

In

other words, given the element

of

choice, the typical home buyer weight the presence

of

DIRECT SALES COMPARISON

APPROACH

continued


80/100

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

8

Old Mill 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

Diminution of curb appeal and marketability; moreove, 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



81/100

Selling Price Per Square

Foot

($)

Property Interest

Fee

Simple

Financing

Conventional or Cash

Conditions

of

Sale

Arm's Length

Market Conditions

Typical

Multiplier

Adjusted Sale Price($)

1

> . ..

Location

Curb Appeal

Marketability

Sale

1

128.00

1.00

1.00

1.00

1.00

1.0000

128.00

-7%

-10%

-5%

I ~ l e 2

158.88

1.00

1.00

1.00

1.00

1.0000

158.88

-7%

-10%

-5%

Sale

3

l

$ale 4

153.35

108.70

1.00

1.00

1.00

1.00

1.00 1.00

1.00

1.00

1.0000 1.0000

153.35

108.70

:

.

:: I

3

BUTTONWOOD

HILL

COTTINGHAM JR

JOHN G&

1580003

Zoom De

sel

ec

t

37

MOHAWK DRIVE

MORISANO FRANKA &

Zoom

Zoo m

3740037

Det .1 lls Dese lect

28 OLD MILL DRIVE

BROPHY KEVIN

J

4040028

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98/100

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99/100

PART

IAL

IND EX

TD

ITIES AND TOWNS

Anso

ni3 .

Q.

J

Bohon Notch . . . B-4

Br idgeport 2

ristol

83

3

Colcheru1t . . C 5

Cornwall Bridge. B 2

O;inbury

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DarUelson . 8 6

Oar.en

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Derby . . . . . 02

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F;urfurld E-2

Glastont>Yry 8 4

Granby

Al

Greenwich . . E 1

Grot

on

05

Hamden Q.J

4

Hanford 0 4

Luchfield . B-2

Madison

0 4

Manchester

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Mttiden

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Middla1own C-4

MilfOld . 0 3

Moowp

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thui1udc

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Now 8n1a ln S.3

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Newing

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New

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100/100

Be it known that

GIOV

L ~ N

L O M O N T

Effective: 05/01/2014

Expiration:

04 30

/

2 15

Documents

John Lo Monte RE 28 Old Mill Drive Canton