Market Analysis

VALUATION WORKBOOK

410 NW 18th Ave, Apt 402, Portland, OR 97209 Prepared for John Mesberg

Presented by

Charity Adams File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Mobile: (503) 381-6334 http://www.charitymadams.com M Realty LLC. 2211 NW Front Ave #101 Portland, OR 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

410 NW 18th Ave, Apt 402, Portland, OR 97209 Listing Date: 10/4/2013 MLS Name: RMLS™ Oregon and SW Washington MLS Listing ID: 13240155

Legend:

Subject Property New, Active: 10/4/2013

List Price

Result of Sales Comparison Analysis

$341,650

(or $328 / Sq. Ft.)

Last Analysis Update: 10/16/2013

$365,000 Last Price Update: – Days in System: 11 Current Estimated Value

Number of Comps Chosen

$352,880

8

Last RVM® Update: 9/15/2013 Days in System: 11

Comps Range

RVM® Est. Range: $314,064 – $391,696

$219,000 – $425,000

RVM® Confidence: RVM® Change - Last 1 Month: – RVM® Change - Last 12 Months: 25.13%

Homeowner Facts Owner Name Mailing Address Owner Occupied Current Lender Original Loan Amt.

Chandler Text Or Call 410 Nw 18th Ave Portland OR 97209-2237 Y ONPOINT COMMUNITY CU $169,000

This report contains data and information that is publicly available and/or licensed from third parties and is provided to you on an "as is" and "as available" basis. The information is not verified or guaranteed. Neither this report nor the estimated value of a property is an appraisal of the property. Any valuation shown in this report has been generated by use of proprietary computer software that assembles publicly available property records and certain proprietary data to arrive at an approximate estimate of a property's value. RPR and its information providers shall not be liable for any claim or loss resulting from the content of, or errors or omissions in, information contained in this report.

Copyright 2013 Realtors Property Resource® LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property History Legal Description Parcel Number: Zoning: Abbreviated Description:

1N1E33DB 60014 – SEC/TWN/RNG/MER:SEC 33 TWN 1N RNG 1E PARCEL #: 1N1E33DB 60014 WICKERSHAM CONDOMINIUMS, LOT 402, HISTORIC PROPERTY, POTENTIAL ADDITIONAL TAX Census Tract: 410510049.003010 City/Municipality/Township: Portland, OR 97209

Tax and Assessed Values Date 2011 2009 2008 2007 2006

Improvements – + – + – + – + – +

Land – – – – –

Total $44,480 $44,480 $44,480 – –

= = = = =

Tax $707 – – – –

Listing and Sales History Sales Date / MLS name 10/4/2013 RMLS™ Oregon and SW Washington 3/9/2010 RMLS™ Oregon and SW Washington 8/5/2009 RMLS™ Oregon and SW Washington 10/21/2005 RMLS™ Oregon and SW Washington

DOM 11

Amount Status

Change Date

$365,000 Active

10/4/2013

$311,000 Recently Sold

8/28/2013

1,484

$347,800 Recently Expired

8/28/2013

2,868

$310,000 Recently Sold

8/28/2013

1,268

Copyright 2013 Realtors Property Resource® LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Sales and Financing Activity This chart shows a property's sales and financing history. It can be used to compare the value of the property as seen by public records, such as deeds and tax records, with the estimated home value. Actions taken against the owner, such as the issuance of a Notice of Default, are noted. Sales activity, such as listing date and price reductions, are highlighted.

KEY

Sale

Listing Activity

Financing Activity

Distressed Actions

Assessed Value

Assessor Market Value

AVM or RVM速

Sales Comp Valuation

Est. Loan Balance

Data Source: Public records and proprietary data from Lender Processing Services (LPS); listing data from on- and off-market listings sources Update Frequency: Valuations are updated twice monthly; actions on the home, such as listing activity or distressed property notices, are updated daily as made available from public records sources

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Sales Comparables Analysis Summary Result of Sales Comparison Analysis

Number of Comps Chosen

$341,650 (or $328 / Sq. Ft.)

8

Last Analysis Update: 10/16/2013

Comps Range

$219,000 – $425,000 Current Range of Comparable Homes Compares the estimated value of the subject property with the comps selected in the Sales Comparison Analysis.

Comps: Subject Property (Appraisal Price) For Sale (List Price) Pending (List Price) Recently Sold (Sold Price) Distressed (List Price) Pending Distressed (List Price) Off Market (Estimate)

#6

#8

#5

#4,7

#2,1 $342K

$200K

#3 $370K

Subject

Historical Range of Comparable Homes Compares the estimated value of the subject property with the highest, median and lowest comps selected in the Sales Comparison Analysis.

Subject Property Estimated Value

Copyright 2013 Realtors Property ResourceÂŽ LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Comps and Adjustments Map 410 NW 18th Ave, Apt 402, Portland, OR 97209 New, Active: 10/4/2013

410 NW 18th Ave, Apt 303, Portland, OR 97209 Sold Date: 7/25/2013 Public records

Price: $365,000

2 bed 1.0 bath 1,042 sq ft

410 NW 18th Ave, Apt 101, Portland, OR 97209 Pending: 9/23/2013

Sold Date: 9/30/2013 Public records

Price: $415,000

Price: $410,000

Adjusted: $340,000

Adjusted: $335,000

3 bed 1.0 bath 1,283 sq ft

3 bed 1.0 bath 1,283 sq ft

2129 NW Northrup St, Apt 5, Portland, OR 97210 Sold Date: 9/26/2013 Public records

Price: $425,000

410 NW 18th Ave, Apt 203, Portland, OR 97209

2336 SW Osage St, Unit 506, Portland, OR 97205 Sold Date: 10/2/2013 Public records

Price: $311,250

Price: $299,000

2 bed 1.0 bath 1,200 sq ft

2 bed 1.0 bath 1,001 sq ft

Adjusted: $350,000 3 bed 2.0 bath 1,285 sq ft

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Comps and Adjustments Map 20 NW 16th Ave, Apt 4, Portland, OR 97209 Pending: 10/4/2013

2046 NW Flanders St, Apt 34, Portland, OR 97209 Active: 7/5/2013

2129 NW Northrup St, Apt 4, Portland, OR 97210 Active: 9/13/2013

Price: $219,000

Price: $311,900

Price: $275,000

2 bed 1.0 bath 750 sq ft

2 bed 1.0 bath 1,184 sq ft

2 bed 1.0 bath 1,065 sq ft

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 410 NW 18th Ave, Apt 303, Portland, OR 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 410 NW 18th Ave, Apt 203, Portland, OR 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 410 NW 18th Ave, Apt 101, Portland, OR 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 2129 NW Northrup St, Apt 5, Portland, OR 97210

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 2336 SW Osage St, Unit 506, Portland, OR 97205

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 20 NW 16th Ave, Apt 4, Portland, OR 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 2046 NW Flanders St, Apt 34, Portland, OR 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Property Photos: 2129 NW Northrup St, Apt 4, Portland, OR 97210

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Local Market Conditions: Summary The Local Market Conditions tables summarize trends and statistics in the local market: the area around the subject property that was searched for comps in the Sales Comparison Analysis.

Results shown in this report are derived from a search of MLS records for 1 to 3 bedroom, – to 2 bathroom, 781 to 1,303 sq. ft., condo/townhouse listings located within 0.8 miles of the subject property.

Trend (span)

Sales Absorption Rate (sales/month) Total # of Active Listings (on last day) Months of Housing Supply

Last 7-12 Months (6-month period) 175 29.17 144 4.9

Median Comp Sales Price Median Comp Sales DOM Median Comp Listing Price Median Comp Listing DOM Median Sales Price as % of List Price

$349,500 145 $409,950 – 0.99%

Inventory Analysis

Comparable Properties in Local Market Count Range Average Median

Property Attributes Date Built Living Area (sq ft) Lot Size # Samples

Trend (span)

157% 157% 110% 70%

Last 4-6 Months (3-month period) 137 45.67 158 3.5

108% 108% 74% 69%

Last 3 Months (3-month period) 148 49.33 117 2.4

117% 77% 100% – 100%

$350,000 111 $408,450 – 0.99%

124% 50% 107% – 100%

$347,750 56 $435,000 – 0.99%

Currently for Sale

Sales Within the Last 12 Months

116 $109,900 – $2,950,000 $588,094 $435,000

375 $106,000 – $1,700,000 $417,714 $348,000

Minimum

Maximum

Average

1883 348 18,731 605

2009 4,896 41,818 –

1981 1,164 31,653 –

Copyright 2013 Realtors Property Resource® LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

Trend (Total) 169% 169% 81% 48% 124% 39% 106% – 100%

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Local Market Conditions: Sales of Similar-Size Properties These tables show the sales trends for properties similar in size to the subject property in the local market: the area around the subject property that was searched for comps in the Sales Comparison Analysis. They are calculated in variations that include and exclude distressed listings.

Results shown in this report are derived from a search of MLS records for 1 to 3 bedroom, – to 2 bathroom, 781 to 1,303 sq. ft., condo/townhouse listings located within 0.8 miles of the subject property.

Trend (span)

INCLUDING Distressed Listings Sales Absorption Rate (sales/month) Total # of Active Listings (on last day) Months of Housing Supply

Last 7-12 Months (6-month period) 175 29.17 144 4.9

Median Comp Sales Price Median Comp Sales DOM Median Comp Listing Price Median Comp Listing DOM Median Sales Price as % of List Price

Trend (span)

157% 157% 110% 70%

Last 4-6 Months (3-month period) 137 45.67 158 3.5

108% 108% 74% 69%

Last 3 Months (3-month period) 148 49.33 117 2.4

Trend (Total) 169% 169% 81% 48%

$349,500 145 $409,950 – 0.99%

117% 77% 100% – 100%

$350,000 111 $408,450 – 0.99%

124% 50% 107% – 100%

$347,750 56 $435,000 – 0.99%

124% 39% 106% – 100%

Sales Absorption Rate (sales/month) Total # of Active Listings (on last day) Months of Housing Supply

175 29.17 144 4.9

157% 157% 110% 70%

137 45.67 158 3.5

108% 108% 73% 68%

148 49.33 116 2.4

169% 169% 81% 48%

Median Comp Sales Price Median Comp Sales DOM Median Comp Listing Price Median Comp Listing DOM Median Sales Price as % of List Price

$349,500 145 $409,950 – 0.99%

117% 77% 100% – 100%

$350,000 111 $408,450 – 0.99%

125% 50% 107% – 100%

$347,750 55 $437,000 – 0.99%

125% 38% 107% – 100%

WITHOUT Distressed Listings

ONLY Distressed Listings Sales Absorption Rate (sales/month) Total # of Active Listings (on last day) Months of Housing Supply

– – – –

– – – –

– – – –

– – – –

– – 1 –

– – – –

Median Comp Sales Price Median Comp Sales DOM Median Comp Listing Price Median Comp Listing DOM Median Sales Price as % of List Price

– – – – –

– – – – –

– – – – –

– – – – –

– 83 $285,000 – –

– – – – –

Copyright 2013 Realtors Property Resource® LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Median Days in System This graph displays the median days in system in the local market.

Days on Site

Months Supply of Housing Inventory This chart shows the trend in housing inventory in the local market.

Inventory

Absorption Rate This chart shows the trend in absorption rate in the local market.

Absorption Rate

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Median Sales Price by Square Footage This chart shows the median price of homes reported sold in the past six months, according to the size of the living space, in the area of your search.

The amount shown for the subject property is sold data where available, or the property's estimated value when sales data are unavailable (such as a non-disclosure state) or provided in range format.

Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This House Comps 97209

Price Range of Homes Sold This chart shows the distribution of homes reported sold in the past six months within different price ranges in the area of your search. The amount shown for the subject property is sold data where available, or the property's estimated value when sales data are unavailable (such as a non-disclosure state) or provided in range format.

Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This House Comps 97209

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

File ID: 410 NW 18th Ave, Apt 402, Portland, OR 97209

Price per Square Foot of Homes Sold This chart shows the distribution of homes reported sold in the past six months at different prices per square foot in the area of your search.

Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This House Comps 97209

Age Range of Homes Sold This chart shows the distribution of homes reported sold in the past six months of different age ranges in the area of your search.

Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly This House Comps 97209

Number of Bedrooms in Homes Sold This chart shows the distribution of homes reported sold in the past six months, according to the number of bedrooms, in the area of your search.

Data Source: MLS and public records data from Lender Processing Services (LPS) Update Frequency: Monthly Sales Count by Bedroom

Copyright 2013 Realtors Property Resource速 LLC. All Rights Reserved.

Information is not guaranteed. Equal Housing Opportunity.

10/16/2013

Pricing Your Home Price Status

#

ACT PEN SLD Total Listings:

Minimum

Average

Sqft Median

Maximum

Average

$/Sqft Median

Average

CDOM Average

Median

2 $275,000 $293,450 $293,450 $311,900 1,125 1,125 261 2 $219,000 $322,000 $322,000 $425,000 1,018 1,018 316 79 79 6 $299,000 $358,375 $357,500 $415,000 1,116 1,101 321 35 30 Sold Properties closed averaging 98.01% of their Final List Price. This reflects a 1.99% difference 10 between Sale Price and List Price. If SNL status or Sold Auction listings are included, the Sold Price to List Price ratio will be affected because the ratio is always 100% for SNL and Sold Auction listings.

Min. List Price: Avg. List Price: Max. List Price: Average Sale Price: Recommended List Price Min: Max: Recommended:

Amount

$/Sqft

$219,000 $342,470 $425,000 $358,375

$292 $312 $330 $321

$334,482 $357,700 $347,000

$321 $343 $333

How the Recommended Price Looks in the Market

© RMLS™ 2013. ALL RIGHTS RESERVED. - INFORMATION NOT GUARANTEED AND SHOULD BE VERIFIED. SQUARE FOOTAGE IS APPROXIMATE & MAY INCLUDE BOTH FINISHED & UNFINISHED AREAS - CONSULT BROKER FOR INFO. SCHOOL AVAILABILITY SUBJECT TO CHANGE.