Appraisal Report
1000 Poland Ave. New Orleans, LA APPRAISAL REPORT FORMER STABLE 1000 POLAND AVENUE NEW ORLEANS, LOUISIANA 70117
PREPARED FOR MARTHA J. GRISET REAL ESTATE & RECORDS DEPARTMENT CITY OF NEW ORLEANS - CITY HALL 1300 PERDIDO STREET - ROOM 5W06 NEW ORLEANS, LOUISIANA PREPARED BY GAYLE H. BOUDOUSQUIE & ASSOCIATES 228 SAINT CHARLES AVE. SUITE 1331 NEW ORLEANS, LA 70130 APPRAISER GAYLE H. BOUDOUSQUIE, MAI LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE NO. G0125 AND BONNIE R. CURRY LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE NO. G1023 AS OF SEPTEMBER 18, 2012 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Gayle H. Boudousquie & Associates 228 St. Charles Ave. Suite 1331 New Orleans, LA. 70130 (504) 525-5700
Fax (504) 525-5705 Cell (504) 495-2772 E-mail gaylehb@bellsouth.net October 10, 2012
Martha J. Griset Real Estate & Records Department City of New Orleans City Hall 1300 Perdido Street Room 5W06 New Orleans, LA 70112 Our File No.: 2012-22 Re:
Appraisal Report Former Stable 1000 Poland Avenue New Orleans, Louisiana 70117
Dear Ms. Griset: Pursuant to your authorization for an appraisal of the above captioned property, we have completed an on site inspection on September 18, 2012. We have analyzed the neighborhood and comparable data necessary to estimate the market value of the fee simple interest at highest and best use. The subject site is an undesignated lot with 63 feet of frontage on N. Rampart Street and 152 feet of frontage on Poland Ave. The site contains 9,576 square feet and forms the corner of Poland Ave. and N. Rampart Street. The site is one block off St. Claude Ave. and near the Industrial Canal Bridge. The site is improved with a single-story 2,489+/- square foot former horse stable in fair condition. The property has been vacant many years and has deteriorated over the years. The building is brick with a concrete covering and is now open to the elements. No historical data was provided to the appraisers. According to the 1896 Sandborn map, the property was improved with an electric car barn and according to the 1933 updated Sandborn map the property was some type of police facility that was probably converted to a stable for police horses.
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Appraisal Report Martha J. Griset Page 2
1000 Poland Ave. New Orleans, LA
A zoning change from RD-3 Two Family Residential District to MU-1, Medium Intensity Mixed Use has been approved by City Planning, now waiting City Council approval. MU-1 would be a less restrictive zoning category allowing for additional uses. The appraisers are valuing the property under the current zoning. The neighborhood is known as Bywater, bounded by Press Drive to the west, the Industrial Canal to the east, by the Mississippi River to the south and St. Claude Ave. to the north. This is an older neighborhood slowly trending upward with renovations and some new construction The subject, due to the placement of the improvements on the site contains excess land. Excess land is an area of the site that can be subdivided from and sold or developed without damage to the improved portion of the ownership. The value below incorporates the estimated value of the excess land. Based on the quality and quantity of data, as well as current economic conditions, the market value as of September 18, 2012 is ONE HUNDRED TWELVE THOUSAND FIVE HUNDRED DOLLARS ($112,500.00) We hereby certify that we have no present or future contemplated interest in the subject property or any related third party interest in this property. This value assumes there are no hazardous substances on the property. This letter of transmittal only serves to report the final value estimate conclusion reached in the full summary report, which follows, and must not be misconstrued to represent a complete appraisal in and of itself. This report is subject to the assumptions and limiting conditions as stated herein. I sincerely hope this report serves the needs of the City of New Orleans adequately. If there are any questions or if we may be of further service, please feel free to call. Respectfully submitted,
Gayle H. Boudousquie, MAI Louisiana Certified General Real Estate Appraiser License, No. G0125
Bonnie R. Curry Louisiana Certified General Real Estate Appraiser License No. G1023 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA CERTIFICATION
We certify that, to the best of our knowledge and belief . . . -
the statements of fact contained in this report are true and correct. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is our personal, unbiased professional analyses, opinions, and conclusions. We have no present or perspective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. the analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics of which the undersigned is a member of The Appraisal Institute. the analyses, opinions, and conclusions were developed and this report prepared in conformity with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation and the Louisiana Certified Real Estate Appraisers Law. the use of this report is subject to the requirements of the appraisal organizations of which the appraiser is a member relating to review by its duly authorized representatives. We have made a personal inspection of the property that is the subject of this report. We have made an exterior inspection of the comparables that are used in this report. no one other than associates in this office or outside consultants as noted provided significant professional assistance in the preparation of this report. the appraisal assignment was not based on a requested minimum valuation, or specific valuation or the approval of a loan. the undersigned designated appraisers have completed the requirements under the continuing education program of the appraisal organizations for which he is a member. -We have completed previous appraisal assignments of similar type properties and have not complete an appraisal, consultation, or a review of the subject property over the last three years.
___________________________________
_________________________________
GAYLE H. BOUDOUSQUIE, MAI LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE No. G-0125
BONNIE R. CURRY LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE NO. G1023
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Appraisal Report
1000 Poland Ave. New Orleans, LA
SUMMARY OF SALIENT FACTS AND CONCLUSIONS Address of Subject:
1000 Poland Avenue New Orleans, LA September 18, 2012 October 10, 2012 Self-Contained Appraisal Report Fee Simple Ownership RD-3 Two Family Residential District
Date of Appraisal: Date of Value: Type of Appraisal: Property Rights Appraised: Zoning: Property Type:
Former Horse Stable
Site Description:
9,576+/- square feet with 152 feet of frontage on Poland Avenue and 63 feet of frontage on North Rampart Street
Improvements:
Vacant 2,489Âą square foot former horse stable in fair condition
Highest and Best Use:
Re-development of building into an alternative allowable use either utilizing the entire site or subdividing and selling off the excess land.
Value by the Cost Approach: Value by the Sales Comparison Approach: Value by the Income Approach:
N/A $112,500 (includes excess land) N/A
Market Value Including Excess Land:
$112,500
Excess Land Value: Appraisers:
$ 50,000 Gayle H. Boudousquie, MAI Louisiana Certified General Real Estate Appraiser License, No.G0125 and Bonnie R. Curry Louisiana Certified General Real Estate Appraiser License No. G1023
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Appraisal Report
1000 Poland Ave. New Orleans, LA ASSUMPTIONS AND LIMITING CONDITIONS
An oral or written report, counseling letter or any assignment in which an indication of value is rendered is considered an APPRAISAL. The appraisal assignment is subject to the following assumptions and limiting conditions. This appraisal report has been made with the following general assumptions. 1.
No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2.
The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
3.
The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy.
4.
All engineering is assumed to be correct. The plot plans and illustrative material in the report are included only to assist the reader in visualizing the property and should not be construed as exact.
5.
It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report.
6.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined, and considered in the appraisal report.
7.
It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.
8.
It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report.
9.
The assignment is conducted on the assumption that all improvements are completed and in place.
10.
The quality of on site management can have a direct effect on the property's economic viability and market value. The financial forecasts contained in this assignment assume both responsible ownership and competent management. Any variance from this assumption could have a significant impact on the forecasted value estimate.
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Appraisal Report
1000 Poland Ave. New Orleans, LA
11.
All estimates, projections and forecasts contained in this assignment are based upon an evaluation of the present general level of the economy in the area. This does not take into account nor make provision for the effect of any sharp rise or decline in the local or general economic conditions. All estimates, projections and forecasts contained in this report are considered to be reasonable probabilities but are in no manner guaranteed, and we assume no liability for any deviation in the estimates, projections and forecasts.
12.
The appraisers assume that there are no hidden or unapparent conditions of the property, sub-soil or structures, which would render it more or less valuable. No responsibility is assumed for such conditions, the cost to correct any defects now existing or that may develop in the future or for the cost of engineering, which may be required to discover them.
13.
Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde, foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in the field of environmental impacts upon real estate if so desired.
This appraisal report has been made with the following general limiting conditions:
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Appraisal Report
1000 Poland Ave. New Orleans, LA SCOPE OF THE APPRAISAL
The subject is located in an area known as Bywater an easterly extension of Faubourg Marigny in what is known as the 9th Ward. The subject was a former horse stable. The property is in fair condition. The appraisers have done the following: • • • •
• • • • •
•
Inspected the subject site and improvements. The subject is valued “as is” and under the current zoning. Information provided by the client is utilized in the report. Highest and Best Use takes the placement of the improvements on the site into consideration. The improvement placement creates excess land. This excess land may be re-subdivided and developed as a second lot or held for parking, green space or added density of development.. Researched sales of buildings in fair condition in the subject’s neighborhood. Research land sales in the subject neighborhood to set a land value for the excess land (30 feet x 152 feet). The Cost Approach is not an indicator of value and is not utilized in this report. The Income Approach is not an indicator of value and is not utilized in this report. The Sales Comparison Approach to value is used to set a value for the improvements on a lot of 33 feet x 152 feet. The estimated value of the excess land, 30 feet x 152 feet fronting N. Rampart Street, is then added to set a final value by the Sales Comparison Approach. The Sales Comparison Approach is the final “as is” Market Value for the subject.
In the appraisal of the subject property, the appraiser obtained data from the following sources: • • • • • • • • • • • •
Ownership Title Data Onsite inspection of the subject property and real estate market areas Gathering and investigating real estate market data: Public records, real estate agents, real estate appraisers, sellers and purchasers FEMA Flood Zone Data Analysis of land use trends Analysis of local area demographic data Parish government: Clerk of Court Records Assessor’s Records Local real estate agents and appraisers The University of New Orleans Market Data Center, Metropolitan New Orleans Real Estate Market Analysis, Turing the Corner, March 2012 (Volume 44) Uniform Standards of Professional Appraisal Practice, Appraisal Foundation, 2012 edition
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Appraisal Report
1000 Poland Ave. New Orleans, LA PURPOSE AND INTENDED USE OF THE APPRAISAL
The exclusive use of the City of New Orleans for possible sale purposes. DEFINITION OF MARKET VALUE The United States Treasury Department, Comptroller of the Currency 12 CFR part 34.43(f) defines “Market Value”: “The most probable price 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 typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” PROPERTY RIGHTS APPRAISED Fee Simple Fee ownership is defined as the following: “Fee simple estate is described as absolute ownership unencumbered by any other interest or estate subject only to the government powers of taxation, eminent domain, police power and escheat”.
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Appraisal Report
1000 Poland Ave. New Orleans, LA STATEMENT OF OWNERSHIP
The City of New Orleans, owns the property. EFFECTIVE DATE OF APPRAISAL The effective date of this appraisal is September 18, 2012. DATE OF REPORT Date of the report is October 10, 2012.
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Appraisal Report
1000 Poland Ave. New Orleans, LA LEGAL DESCRIPTION
The subject former stable is located in Square 350. A legal description was provided. No assessments records were available. The plot plan provided indicates 152 feet of frontage on Poland Avenue by a depth and frontage N. Rampart Street of 63 feet. Total square footage is 9,576Âą square feet.
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1000 Poland Ave. New Orleans, LA PLOT PLAN
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1000 Poland Ave. New Orleans, LA NEIGHBORHOOD MAP
Subject
VICINITY MAP
Subject
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1000 Poland Ave. New Orleans, LA NEIGH HBORHOOD DESCRIPTION
Bywater is a neighborhood of New Orleans, Louisiana situated along the Mississippi River, downriver from Faubourg Marigny and upriver from the Industrial Canal. Bywater is part of the Ninth Ward of New Orleans, but is located along the natural levee of the Mississippi River so while it did see some flooding, it did not see the tremendous devastation that the newer suburbs did even though these neighborhoods are just a few blocks away. Bywater was mostly plantation land in the Colonial era, with a significant residential development beginning the first decade of the 19th century as what was known as Faubourg Washington, in the downtown section of New Orleans. Many people from the French Caribbean settled here, especially refugees from the revolution of Haiti. During the century it grew with both white and free color Creoles; joined by immigrants from Germany and Ireland. There was little division between this area and what became known as the Lower 9th Ward until the Industrial Canal was dredge through the area in the early 20th century. A generation knew the area as the Upper 9th Ward, but as other areas of the 9th Ward above the Canal further from the river became developed, a more specific name was needed. Inspired by the local telephone exchange designation of BY water, which fit the neighborhood’s proximity to the River and the Canal, the neighborhood was known as Bywater by the 1940’s.
The subject square is bounded by St. Claude Avenue to the north, Lesseps Street to the west and the site fronts Poland Avenue and North Rampart Street. Sale activity for properties from 20092012 (8 mos.) are shown below: Sale Information - Properties in Poor to Fair Condition
Year # of Sales
Sale Range
Range of S/F Range of Building Sizes Unit Sale Price
2009
5
$85,000-$150,000
1,900-2,400
$35.42-$63.58
2010
10
$23,900-$150,000
1,330-3,912
$15.17-$72.06
2011
9
$24,000-$164,000
2,204-6,400
$14.19-$61.35
2012
5
$50,000-$195,000
1,135-2,736
$44.05-$90.16
Sales in 2012 were for 8 months
Based on the above yearly sales activity for properties in fair to poor condition, unit prices paid appear to be trending upward.
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Appraisal Report
1000 Poland Ave. New Orleans, LA
In July of 2011 plans for new construction of a Stallings St. Claude Recreational Center were submitted to the City Planning Commission. The facility would incorporate the subject area in Square 350. The appraisers contacted City Planning for a status report but made no contact. The client stated the subject property is to be sold and not be a part of the planned Stallings Center.
Development across from Subject on North Rampart
Development on Poland Avenue Across from Subject
This subject is located in the Bywater Historic District as shown on the following map and discussion provided by the Historic District Landmark Commission
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Appraisal Report
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1000 Poland Ave. New Orleans, LA
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1000 Poland Ave. New Orleans, LA ZONING
Zoning is the public regulation of the character and extent of real estate use through police power; accomplished by establishing districts or areas with uniform restrictions relating to improvements, structure heights, areas, bulk, density of population, and other limitations on the use and development of private property. The subject property is zoned RD-3, Two-Family Residential District. The purpose of the district is to maintain a residential environment while permitting a variety of dwelling types. Permitted uses are only those uses of land listed under permitted se, accessory use, or conditional use provisions of this section are authorized within the zoning district. Minimum Lot size for one and two family dwellings is 30 feet x 90 feet. Following are a few of the permitted uses except that time share buildings and transient vacations are prohibited. Any permitted use authorized in the RS-1 Single-Family Residential District which includes public and government buildings limited to police stations, fire stations and some additional community centers. • • • • •
One and Two-family dwellings. Town houses. Homes for the aged, nursing homes, and convalescent homes. Child care facilities as under RS-1 zoning Small group homes. ZONING MAP
Subject
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Appraisal Report
1000 Poland Ave. New Orleans, LA
The above zoning map reflects a possible zoning change . This new zoning has not been passed by the City Council. A zoning change from RD-3 Two Family Residential District to MU-1, Medium Intensity Mixed Use District was approved by the City Planning Commission and waiting for City Council Approval. This would be a less restrictive zoning category. The subject is valued under the current zoning.
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Appraisal Report
1000 Poland Ave. New Orleans, LA ASSESSMENT AND TAXES
A new Constitution was approved by voters of the State of Louisiana on April 20, 1974. The tax provisions of the new Constitution provided that beginning January 1, 1978, residential properties and vacant land would be assessed at 10% of market value and other properties assessed on the basis of 15% of market value or cost (10% on land/15% on improvements). The new Constitution provided for reappraisal for assessment purposes at least once every four years. Millages throughout the State would be adjusted to provide level income to the respective parishes. Portions of the millage in the past have been designated to specific uses, such as levee districts, hospital districts, schools, etc., and the intent of the Constitution was that no parish or other entity would suffer a loss of revenue because of the equalization of the 1974 Constitution. The property is owned by the City of New Orleans is tax exempt. No assessment information was available on the Orleans Parish assessor’s website.
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Appraisal Report
1000 Poland Ave. New Orleans, LA SITE DESCRIPTION
The subject is located on the northwest corner of North Rampart and Poland Avenue in Square 350. The area is known as Bywater. The rectangular site has 152± feet of frontage on Poland Avenue by a depth and frontage on North Rampart Street of 63± feet. The total square footage is 9,576± according to the plot plan provided. Poland Avenue is a four lane two-way secondary roadway running in a north/south direction from the Mississippi River to Florida Avenue. North Rampart is a four-lane, two- way roadway veering off at McShane Place where it becomes a single lane to the Industrial Canal. Press but is a four lane two way street where it bounds the French Quarter. The subject is zoned RD-3, Two Family Residential District. This classification allows single family, town homes, doubles child care facilities and small group homes. The topography is level and appears above street grade. Drainage is considered good accomplished by subsurface drainage. According to FEMA’s flood insurance rate maps, the subject is located in Flood Zone A-1, Ponding Area 20, El. 2.0.B according to #225 2030 180E dated March 1, 1984. Soil and subsoil are typical of the area but a new major construction project would require pilings. Public utilities including sewerage, water, electricity, and telephone serve the site. No encroachments or easements that would negatively affect marketability were noted. The site is in a totally built up area in the Bywater neighborhood. Aerial from Google Earth shows how the improvements are placed to the property line on the Poland Ave. side.
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Appraisal Report
1000 Poland Ave. New Orleans, LA
FLOOD ZONE MAP
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1000 Poland Ave. New Orleans, LA DESCRIPTION OF IMPROVEMENTS
The subject improvements consist of a vacant single story brick building on assumed re-enforced concrete slab with a concrete skin in fair condition. The building was formerly used as a stable for horses. The roof structure is wooden beams and joist with bead and batten wooden ceiling. The building contains approximately 2,489Âą square feet. The building has been vacant many years. The interior horse stall area, harness/tack room, and feed storage room are still in place. The building was never climate controlled. The high roofline with ridge venting was designed for natural air ventilation. The adjacent overgrown area was used as a paddock for the horses. There is a driveway at the rear of the building that allows entry from both Poland and N. Rampart. The site is secured with chain link fencing. Following are a floor plan and subject photographs.
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Appraisal Report
1000 Poland Ave. New Orleans, LA FLOOR PLAN
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
View of former stable from corner of Poland Ave. and N. Rampart Street
View of Entrance- building is open to the elements 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
View of interior stalls
View of Ceiling 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
Entrance with sliding security doors
Side View of Subject Looking Toward St. Claude Ave. Fenced area to the left is the area of excess land and was formerly in use as a paddock 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
View or interior horse stalls looking toward North Rampart Street
View of former Paddock Looking West from Stable 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
View of Poland Avenue looking south – subject on right
View of Poland Avenue looking north – subject on left as is a public bus stop. 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
View of subject from North Rampart Paddock area appears to have been in use as a pocket park garden.
.
View into North Rampart looking west 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA SUBJECT PHOTOGRAPHS
View of former school and church from rear of subject. Property line appears, from on site measurement, at the brick wall to the left.
.
Typical Residential view along North Rampart across the street from the subject. 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA HISTORY OF THE SUBJECT PROPERTY
The subject has been owned by the city of New Orleans for many years. The property is not currently listed or under contract of sale. The property may be listed for sale in the near future. .
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Appraisal Report
1000 Poland Ave. New Orleans, LA HIGHEST AND BEST USE
The term, "highest and best use," is defined in The Appraisal of Real Estate, Thirteenth Edition, published in 2008 by the Appraisal Institute, as follows: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value."2 It is the base premises of value. Highest and best use is the appraiser's opinion after analyzing all available data and the factors that influence value. It is, however, not an absolute fact. Since the land's utilization can be limited by the presence of the improvements, the highest and best use analysis is two-fold. First the land is analyzed assuming it is vacant and available to be developed into its most reasonable and probable use maximizing its highest present value. It recognizes that the value of a land parcel is basically determined by maximum potential use and the amount of value depends upon the nature of that anticipated use. Secondly is the analysis of the property as improved; i.e., the optimal use that could be made for the property including its existing improvements, and implies the optimal existing improvements should be retained. If the analysis determines otherwise, it follows the improvements should be modified or demolished. In order to estimate the highest and best use, it is necessary to study existing land use patterns in the area, as well as the current trends influencing changes in usage. In determining the highest and best use for a property, as if vacant and as improved, its use must meet four criteria. The criteria are as follows: (1) (2) (3) (4)
Physically Possible Legally Permissible Financially Feasible Maximally Productive
Highest & Best Use - As Vacant: The subject property is located in the Bywater Historic District. The neighborhood is still transitional in terms of gentrification. Surrounding areas of Bywater have seen a rise in demand especially near the Marigny side of the neighborhood. The subject is located just off St. Claude Avenue and in close proximity to the recently renovated St. Cecilia School converted to a family health care facility. The site is 63 feet x 152 feet. Bywater lots vary in width and depth as the area is an old neighborhood with many re-subdivisions over the years. Lot widths vary from 24 feet to as wide as 65 feet. Depths vary from 60 feet to as much as 180 feet. The subject as vacant could be subdivided into two lots that would blend into the neighborhood. Please see photographs. The highest and best use is colored by the current zoning. Based on the current zoning conditions, the Highest and Best Use of the subject site would be to hold for future residential 3The Appraisal of Real Estate, Appraisal Institute, Twelfth Edition-2000. 2012-22 final.doc
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1000 Poland Ave. New Orleans, LA
development as demand warrants. A purchaser would decide to utilize the whole site or subdivide into two lots for a higher density of development. Since the building may not be demolished, highest and best use as if vacant is a moot point. Highest and Best Use - As Improved The subject consists of a one-story masonry building requiring complete interior renovation and roof repair/replacement in addition to exterior renovation. The location on the corner of N. Rampart Street and Poland Ave. adjacent to a transit bus stop, near the old Stallings Center and a redevelopment of St. Celia’s School shows continued restoration and renewal. The property is zoned RD-3, Two-Family Residential District. The building in its current state requires total renovation. The property could possibly be renovated into two residential units with additional land (excess land) for future residential development, or possibly into a child day care facility utilizing the entire site. The Highest and Best Use of the subject building is for re-development into a residential use as demand warrants. Excess land can be seen on the following aerial photograph from Google Earth
The area outlined in red of the site is not required under the zoning due to the placement of the improvements adjacent to the property line along Poland Ave. The excess land area is 30 feet x 152 feet (4,560 sq. ft.). This area is valued separately and added to the value by the Sales Comparison Approach. The land under the improvements in the Improved Sales Comparison Approach is 33 feet x 152 feet (5,016 sq. ft.). The site is therefore composed of that portion serving the current improvements and that portion available for future expansion or for sub-division and re-sale.
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Appraisal Report
1000 Poland Ave. New Orleans, LA VALUATION OF THE EXCESS LAND AREA
The sales comparison approach is used to value the excess land. This estimated value is added to the value by the Sales Comparison Approach for the improvements constructed on a 33 foot x 152 foot site. The excess land portion of the subject site fronts North Rampart Street and contains 4,560 ¹ square feet. The site is overgrown and requires clearing. The land is at street grade. The Sales Comparison approach is used to value the excess land portion of the subject. Research was done in Multi List, assessment records, and Deedfax over the last three years Deedfax and the assessor’s office was used to research unlisted sales. A total of four comparable sales were found. These four sales have occurred between Nov. 2009 and July 2012. The site sizes ranged from 2,855 sq. ft. to 40,315 sq. ft. The unit sale prices ranged from $8.58 to $22.17 per square foot. The unit of comparison is price per square foot. Elements of comparison include financing, conditions of sale, location, size, shape, streets and corners, clearing and zoning. A location map, adjustment grid, and photographs of the comparables appear on the following pages. The grid contains all information a separate comparable sheet would contain.
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Sale #4
1000 Poland Ave. New Orleans, LA
Sale #2 Sale #1
Subject
Sale #3
Land Comparable #1 Vacant at the time of sale. Driveway is actually Martinique Alley. Purchased by a local builder after bank foreclosure Sold as improved in 2011 for $395,000. 3147 North Rampart - $8.58 per S/F
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1000 Poland Ave. New Orleans, LA
Land Comparable #2 Between Press and St. Ferdinand Streets in Marigny 2826-28 North Rampart –- $22.17 per S/F
Land Comparable #3 Vacant land near Louisa St. adjacent to the flood wall and the new linear riverfront park Fenced at the time of sale. Sale included a portion of the Piety St. right-of-way 3200 Chartres Street - $8.68 per S/F 2012-22 final.doc
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1000 Poland Ave. New Orleans, LA
Land Comparable #4 Between Mandeville and Spain Streets in Marigny, now cleared and ready for development 2412 North Rampart Street – $17.52 per S/F
Property view from marketing package looking toward N. Rampart Street Please see the grid for all comparable information. There are no individual sheets All the information is on the grid.
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Adjustments: Financing Terms In this valuation, all of the comparables are cash sales. Therefore, no adjustments are necessary. Conditions of Sale All sales are arm’s length. Sales 1 and 3 were sold by motivated sellers, and an upward adjustment appears in the grid. Market Conditions (Time) Market conditions have been stable over the last few years. All Sales are considered current. Location Sales 2 and 4 are in Marigny. This area is defined as the land between Esplanade and Press Drive. Bywater begins at Press Drive on the eastern side of the railroad tracts. Marigny is in close proximity to the French market and has been in redevelopment for the last 20 years. Bywater is now called by some agents “the new Marigny”. A downward adjustment of -30% appears in the grid for Sales 2 and 4. Size The subject’s excess land area is 4,560 sq. ft. This is similar to Sales 2 and 4. Sale 1 containing 2,855 sq. ft .is a lot of record below current building code requirements. The alleyway is a dead end that runs for about 200 feet. The alley gives the property more open space between it and the next building to the east. No adjustment is required for size. Sale 3 is a large parcel at the floodwall near the new park access ‘Flyover”. An upward adjustment for size of +20% appears in the grid. Shape The subject lots and all sale lots are rectangular. No adjustment for shape is required. and legal costs. Clearing The subject requires clearing. Sales 1, 2, and 3 were cleared at the time of sale. Sale 4 required clearing. Sales 1-3 receive a downward adjustment of -5% in the grid for clearing. Zoning The subject as well as Sales 1,2,and 4 are zoned for residential two family development. Sale 4 is zoned L-I Light Industrial as are other sites in Marigny and Bywater that have gone into residential re-development. The L-I zoning has additional allowed used including multi-family. Sale 3 requires a downward adjustment for zoning and -15% appears in the grid. 2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Excess Land – ADJUSTMENT GRID Comparable No.
Subject N. Rampart St.
Comp. #1
Comp. #2
Comp. #3
Comp. #4
3147-49 N. Rampart
2826-28 N. Rampart
3200 Chartres
2412 N. Rampart
NOLA
NOLA
NOLA
NOLA
Legal Description
Lot B-1 Sq. 362
Lot23 Sq. 280
Sq. 23
Lot 2 Sq. 274
Third District
Third District
Third District
Third District
Recordation
2009-45729
2012-29000 123 Rampart LLC Laura Shultz
2011-11736 Gibralter Holdings C. Feltner 3200 Chartres James McCarthy
Location
First National Bank Phillip Callahan Middle Earth Prop.LLC Dave D. Davis
Vendor
Vendee
Robert Sonnire
2012-02568 Fannie Mae Jason Allnutt, VP Nora Ghobrial
Sale Date
N/A
11/16/2009
7/23/2012
3/30/2011
1/5//2012
Sale Price
N/A 4,560 sq. 30 x 152
$24,500 2,855 sq. ft. 27.75 x 102.9
$110,000 4,960sq. ft. 31 x 160
$350,000 40,315 sq,. ft. 279 x 144/145
$66,770 3,860 sq. ft. 30.2 x 127.8
Shape
Rectangular
Rectangular
Rectangular
Rectangular
Rectangular
Zoning
RD-3
RD-3 1/narrow dead end alleyway
HMR-3
L-1
HMR-3
1/0
1/0
Held by Lender since 10/06. Listed property sold in 5 months New Construction sold In 2011 for $395,500
1/0 Sold in one month. Resale of one of two lots acquired in Nov. 2011 for $151,000 Near NOCCA In Marigny
Marketed over 6 months. Sale via foreclosure. Re-sold next day to above vendee at acquisition price
Sold in 17 days. Required clearing In Marigny
$8.58/sq.f.
$22.17/sq.ft.
$8.68/sq. ft.
$17.30/sq. ft.
+10% motivated seller
0%
+10% motivated seller
0%
Size
Streets/Corners
1//0
Remarks: Unit Price per S/F
Condition of Sale Market Condition (Time)
N/A
0%
0%
0%
0%
$9.45/sq.ft.
$22.17/sq.ft
$9.55/sq. ft.
$17.30/sq.ft.
0% 0% side alleyway off sets smaller size in utility
-30%
0%
-30%
0%
+20%
0%
Shape
0%
0%
0%
0%
Streets/Corners
0%
0%
0%
0%
Clearing
-5%
-5%
-5%
0%
Zoning
0%
0%
-15%
0%
Total Adjustments:
-5%
-35%
0%
-30%
$8.98/sq.ft.
$14.41/sq.ft.
$8.68/sq.ft.
$12.11/sq.ft.
Adj. for Cond. & Time Location Size
Subj. by Comparison:
2012-22 final.doc
39
Appraisal Report
1000 Poland Ave. New Orleans, LA
LAND VALUE CONCLUSION – EXCESS LAND The adjusted sales range from $8.68 to $14.41 per square foot. All sales are given weight in the final conclusion. Sales 1 and 3 required the least cumulative adjustment. Sales 2 and 4 are 2012 sales. The center of the adjusted sale price range is $11.55 per square foot, and the mean is $11.05 per sq. ft. Based on the quality and quantity of information available as well as current economic conditions, the value by the Sales Comparison Approach is reasonably supported near the mean of the adjusted sales at $11.00 per square foot or 4,560 sq. ft @ $11/sq.ft. $50,000. (R). This $50,000 excess land value is taken forward into the Sales Comparison Approach and added to the value of the improved portion of the subject.
2012-22 final.doc
40
Appraisal Report
1000 Poland Ave. New Orleans, LA
SALES COMPARISON APPROACH- Improments on 5,016 sq. ft. of land The subject is a former stable in a neighborhood known as Bywater, a redeveloping neighborhood. The improvements are in fair condition and are constructed to the property line at the corner of Poland Ave. and North Rampart Street. We compared the subject to properties in the same condition. The neighborhood was researched for multi-family sales over the last 24 months for property in fair to poor condition. The most comparable 4 sales appear in this analysis. The building has been vacant for many years. The improvements contain 2,489 sq. ft. constructed on the main portion of the subject site with a land allocation of 5,016 square feet. Information on each sale, location map, analysis, and adjustment grid appear on the following pages. The excess land is added to the Value by the Sales Comparison Approach for a final value by the sales comparison approach. COMPARABLE BUILDING SALES MAP
Sale #1 Sale #3
Sale #2
Subject
Sale #4
2012-22 final.doc
41
Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No. 1
Location:
900-02 Marigny Street Third District, Square 272, Lots A and 23 New Orleans, Louisiana
Date:
April 26, 2011
Price:
$67,000, Cash
Vendor:
Susan E. Jetter represented by James Henry, Agent/Attorney
Vendee:
Welcome Abroad, LLC represented by Ann Marie Roberts and Issac Aron Friedman, Members
Recordation:
NA#2011-15781
Zoning:
HMR-3, Historic Marigny Residential District
Dimensions:
40 feet x 66.6 feet
Land Area:
2,664 +/- Square Feet
2012-22 final.doc
42
Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No. 1 Cont. Improvements:
2,646 Sq. Ft. (includes dependency)
Unit Price:
$25.32 per square foot of improvements including land.
Remarks:
Early Creole cottage gutted with renovation started. 1.5 stories. Wood frame with some brick and timber areas of the exterior wall system. Sold via a short sale. There is a two story dependency on the Burgundy St. side. Corner location.
Verification:
James Henry, Gertrude Gardner (504) 400-9270, courthouse and assessment Records and visual inspection.
Photograph used in the marketing package
2012-22 final.doc
43
Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No. 2
Location:
934-38 Montegut Street Third District, Square 281, Lots 10 and 11 New Orleans, Louisiana
Date:
April 22, 2011
Price:
$85,000, Cash
Vendor:
HSBC Bank USA, Trustee for registered note holder of the Home Equity Loan Asset
Vendee:
Jacob Martin
Recordation:
NA# 2011-17507
Zoning:
RD-3, Residential District
Dimensions:
64 x 100 feet
Land Area:
6,400 Square Feet
Improvements:
5,990Âą Square Feet
2012-22 final.doc
44
Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No. 2 Cont. Unit Price:
$14.19 per square foot of improvements including land
Remarks::
Formerly in use as 9, one bedroom apartments. Frame Camelback construction. Property required complete renovation including mechanicals. Acquired by vendor in October 2010. Sale out of foreclosure. Acquired by former owner in 2000 for $80,000. Condition described by agent as ‘Poor�.
Verification:
Crescent City Real Estate, Maria Miranda, Agent (504) 400-4420, Courthouse Records and Visual Inspection.
2012-22 final.doc
45
Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No. 3
Location:
3034 St. Claude Avenue Third District, Square 363, Lot R New Orleans, Louisiana
Sale Date:
February 11, 2011
Sale Price:
$90,000, Cash
Vendor:
Norman M. Mills
Vendee:
Calvin M. Prevost, Sr.
Recordation:
NA# 2011-06566
Zoning:
B-1A, Neighborhood Business District
Dimensions:
32 feet x 139.6 feet
Land Area:
4,467Âą Square Feet
Improvements:
2,700 Square Feet
2012-22 final.doc
46
Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No.3 Cont Unit Price:
$33.33 per square foot of improvements including land
Remarks:
Originally designed as a double residence. Over the years the building was converted to a small front shop and two apartments to the rear. Required complete renovation at the time of sale. Building structure reported in fair condition. Acquired by vendor in 200 for $42,000.
Verification:
French Quarter Realty, (504) 949-0707, Courthouse Records and Visual Inspection.
Photo from selling agent at the time of sale.
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable Improved Sale No. 4
Location:
4420-22 North Rampart Street Third District, Square 296, Lot A New Orleans, Louisiana
Sale Date:
March 18, 2011
Sale Price:
$36,000, Cash
Vendor:
Deutsche Bank National Trust Company, as Trustee in Trust for the Benefit of the Certificate holders
Vendee:
Nicholas Riesner.
Recordation:
NA# 2011-13757
Zoning:
RD-3, Residential District
Dimensions:
35.9 feet x 106.5 feet
Land Area:
3,823Âą Square Feet
Building Size:
1,928 Square Feet
Shape:
Rectangular
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Comparable No.4 Cont Unit Price:
$18.67 per square foot of improvements including land
Remarks:
This a double single-story frame in fair condition. Located between Kentucky and Burgundy Streets in an area near railroad tracks and old Navel Support Center. Renovated after acquisition. Sale after foreclosure.
Verification:
Chip Julien, Don Julian Real Estate, (504)931-9395, Courthouse Records and Visual Inspection.
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Adjustments - Sales Comparison Approach
The subject is located in an area with a combination of un-renovated, renovated, and new construction residential buildings. All the sales are along the North Rampart Corridor at the northerly portion of Bywater. The sales are summarized as follows: Comp. # 1 2 3 4
Sold Date 4/26/2011 4/22/2011 2/11/2011 3/18/2011
Sold Price $67,000 $85,000 $90,000 $36,000
Unit Sale Price $25.32/sq.ft $14.19/sq.ft. $33.33/sq.ft. $18.67/sq.ft.
The sales utilized are considered to be representative of the market. The comparables used in the report range in size from 1,928 square feet to 5,980 square feet with a unit price range of $14.21 to $33.33 per square foot. After presentation of comparable data, the next step is one, which involves analysis of the comparable sales as they relate to the subject site. Adjustments most frequently used by the appraiser during this process are: (1) (2) (3) (4) (5)
Financing terms Conditions of sale (arm's length, succession, adjoining owner, etc.) Market conditions (time) Location Physical characteristics
Adjustments Financing Terms No adjustment for financing is necessary. Conditions of Sale Adjustments for condition of sale usually reflect the motivations of the buyers and the sellers. Sales 2 and 4 were sales after foreclosure by a bank. The properties were listed and marketed by Real Estate Brokers. Sale 2 was on the market 48 days and Sale 4 was on the market 17 days. These sales reflect a motivated seller, and an upward adjustment appears in the grid of +10% Market Condition (Time) All of remaining sales are considered current and no adjustment was necessary. Location The subject is located at the north-easterly edge of Bywater. All sales are at the northerly side near St. Claude Ave. and all sales are on or just off of North Rampart Street. Sale 1 is in Marigny in a more gentrified area closer to the French Market. A downward adjustment of -30% appears in the grid for location.
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Physical Characteristics In analyzing the comparables for the physical characteristics, the appraisers adjust for size, condition, and zoning. All sales were either in poor or fair condition. Size The subject contains 2,489 sq. ft. of building improvement. Sales 1, 3 and 4 are considered of similar size. Sale 2 contains 5,990 sq. ft., and the sale requires an upward adjustment to reflect the subject’s smaller size (2,489 vs. 5,990). An upward adjustment of +10% appears in the grid Condition The subject is in fair condition. This means the structure appears sound with the exception of the roof and the interior requires complete renovation. Sale #1 is a gutted, frame requiring exterior wall replacement and complete restoration. An upward adjustment of +20% appears in the grid. Sale #2 is also in poor condition, and this sale receives an upward adjustment of 20%. Sales 3 and 4 are considered in fair condition with respect to the amount of renovation required and no adjustment is required. Zoning: The subject is zoned for residential use as are Sales 1, 2, and 4. Sale 3 has additional utility of use with the ability of a small retail area at the front of the building. (Zoning B1-A, neighborhood business) A downward adjustment of -10% appears in the grid for zoning.
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
Improved Comparable Grid -1000 Poland Avenue Comparable No.
Subject 1000 Poland Ave
Comp. #1 900-02 Marigny Street.
Comp. #2 934-38 Montegut Street.
Comp. #3 3034 St. Claude Ave.
Comp. #4 4420-22 N. Rampart Street
New Orleans, LA
New Orleans, LA
New Orleans, LA
New Orleans, LA
New Orleans, LA
N/A N/A 2,489 5,016 RD-3 Fair N/A
4/26/2011
5/22/2011
2/11/2011
3/18/2011
$67,000
$85,000
$90,000
$36,000
2,646
5,980
2,700
1,928
Location
Sale Date Sale Price Gross Building Area Lot size Zoning Condition Unit Price per GBA Condition of Sale Market Condition (Time) Adjusted for Cond. & Time
4,467
3,823
RD-3
B1-A
RD-3
Poor
Poor
Fair
Fair
$25.32/sq.ft.
$14.19/sq.ft.
$33.33/sq.ft.
$18.67/sq.ft.
0%
+10%
0%
+10%
0%
0%
0%
0%
$15.61/sq.ft.
$33.33/sq.ft.
$20.53/sq.ft.
-30%
0%
0%
0%
0%
+10%
0%
0%
+20%
+20%
0%
0%
0%
0%
-10%
0%
-10%
+30%
-10%
0%
$22.79/sq.ft.
$20.29/sq.ft.
$30.00/sq.ft.
$20.53/sq.ft/
Total Adjustments:
2012-22 final.doc
6,400
$25.32/sq.ft.
Location Size Condition Zoning
Subject by Comparison
2,664 HMR-3
52
Appraisal Report
1000 Poland Ave. New Orleans, LA
CONCLUSION OF THE SALES COMPARISON APPROACH The unadjusted comparable sales ranged from $14.19 to $33.33 per square foot. After adjustments, the value range narrows to between $20.29 per square foot and $30.00 per square foot. The mean is $23.40 per square foot and the center of the adjusted range is $25.14 per square foot. Sale 4 required the least adjustment. Sale 1, located in Marigny was adjusted for location. All of the sales are reflective of the market for property requiring complete renovation in the subject’s immediate neighborhood. All sales are given weight in the final conclusion. Based on the information presented in this report, as well as current economic conditions, the value by the Sales Comparison Approach is $25.00 per square foot near the center of the adjusted range. Based on an area of 2,489 square feet the value by the Sales Comparison Approach is $62,500 Rounded. The subject contains excess land. The excess land value has been estimated as $50,000. The final value by the Sales Comparison Approach is therefore calculated as follows: Value of Improvements on main site of 5,016 sq. ft. Plus: Value Excess Land containing 4,560 sq. ft.
$ 62,500. $ 50,000.
Total Value by the Sales Comparison Approach
$112,500
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA RECONCILIATION AND FINAL VALUE ESTIMATE
The estimates of value are as follows: Value by the Cost Approach
Not Applicable
Value by the Sales Comparison Approach Value by the Income Approach
$112,500.00 Not Applicable
The subject is in fair condition. The Sales Comparison Approach is the primary indicator of value for the subject property and is the final value conclusion and includes the value of the excess land. The Income Approach and the Cost Approach are not viable approaches to value and are not included in the report. Based on the information presented in this report, as well as current economic conditions, the Market Value as of September 18, 2012 is $112,500.00 ONE HUNDRED TWELVE THOUSAND FIVE DOLLARS ($112,500.00)
2012-22 final.doc
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Appraisal Report APPRAISER:
1000 Poland Ave. New Orleans, LA QUALIFICATIONS OF THE APPRAISER/CONSULTANT GAYLE H. BOUDOUSQUIE, MAI LOUISIANA CERTIFIED GENERAL REAL ESTATE APPRAISER LICENSE NO. G0125
BUSINESS ADDRESS:
BUSINESS TELEPHONE:
228 St. Charles Ave. Suite 1331 New Orleans, LA 70130 (504) 525-5700 FAX (504) 525-5705 e-mail gaylehb@bellsouth.net
CELL (504) 495-2772
EDUCATION Master of Business Administration, Concentration in Economics, Finance, and Management, University of New Orleans 1985 Bachelor of Science in Economics, Statistics Minor, Louisiana State University in New Orleans 1967 REAL ESTATE EDUCATION Various College Level Commercial Real Estate Courses in Financing and Investment Decisions. The American Institute of Real Estate Appraisers, Courses 1A-1, 1A-2, 1B-A, 1B-B, 2-1, 2-2, and Standards of Professional Practice Seminars and Courses Include: Market Analysis Appraising Non-Profit Properties Hazardous Materials Institute Contemporary Appraisal Practice Real Estate Risk Analysis Understanding Limited Appraisals Subdivision Analysis The New URAR Form Business Valuation Future of Appraising The Appraiser’s Legal Liability The Internet and Appraisal Standards of Professional Various seminars given by the Practice – 2011 Update Louisiana Real Estate Commission Developments in Income Property Attacking & Defending Appraisals Valuation - 2001 in Litigation - 1999 Tax Laws - 2001 Attacking & Defending Appraisals in Partial Interests - Divided - 2000 Litigation Part II - 2000 Easement Valuation - 2000 Valuation of Partial Interests Analyzing Commercial Lease Clauses - 2002 in Real Estate - 2003 DOTD Policies and Procedures - 2003 Appraisal Institute Course 540 – 2003 Appraisal Institute Course 420 – 2004 Valuation of Detrimental Conditions Uniform Appraisal Standards for Federal in Real Estate - 12/05 Land Acquisitions: 12/2009 Scope of Work – 2007 Forecasting Revenue 2007 Valuation of Office Buildings 2008 Analyzing Distressed Real Estate 2008 Confidentiality and Hypothetical Conditions Course 901 IRWA Engineering Plan Development and Application 2008 Appraising Historic Preservation Easements Course 805 Appraisal Institute 2009 Form 1004MC- Appraisal Institute 2009 Appraising Distressed Commercial Real Estate Appraisal Institute 2009 Analyzing the Effects of Environmental Contamination on Real Property Appraisal Institute 2010 Practice of Appraisal Review-FHA Protocol No. 145 2011 Fundamentals of Separating Real, Personal Property, and Intangible Business Assets 2012 Course 833
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
QUALIFICATIONS OF THE APPRAISER – GAYLE H. BOUDOUSQUIE, MAI – Page 2 PROFESSIONAL EXPERIENCE Real Estate Valuation and Consulting 1995 - Present 1992 - 1995 1983 - 1991
Gayle H. Boudousquie and Associates (Owner) Commercial Real Estate and Counseling firm Vice President, Stephen L. Guice & Co., Inc., Real Estate Brokers, Appraisers, and Counselors Vice President, Dupree, Felts and Young, Inc. (Real Estate Appraisers, Analysts, and Counselors with Offices in New Orleans and Shreveport)
Appraisal Review 1991 - Present
Independent Fee Appraisal Review Service to Lending Institutions and Government Agencies. Currently consultant to Orleans Parish for real estate tax appeals.
Brokerage Real Estate Brokerage experience in evaluating and selling investment properties and in commercial leasing since 1975 Teaching Experience 1993 - Present
Instructor - Tulane University – School of Continuing Studies. Real Estate Principles and Practice. REAL 23201 and Advanced Real Estate Principles REAL 332-01 Real Estate Instructor Certified by the Louisiana Real Estate Commission, Certificate No. 659 Seminar given April, 2006 to the Real Estate Tax Commission Appraisers “Valuation of Property After a Natural Disaster- The Randall Bell Matrix” Appraisal Institute Approved.
SCOPE OF ASSIGNMENTS Market value analysis for apartment complexes, motels, hotels, office buildings, warehouses, industrial, railroad right-of-ways shopping centers, medical clinics, residential and office condominiums, land at highest and best use, eminent domain, unimproved acreage, mixed-use developments, subdivision analysis, feasibility studies, special purpose property, valuation of property affected by hazardous materials. Expert witness testimony, review of market and fair value appraisals for Parish of Jefferson in eminent domain for Corps of Engineers. Real estate counseling problems. Consultant to the New Orleans Board of Review for over 350 Commercial Assessment Appeals for the Tax year 2008. Consultant 2009- present to the State Tax Commission.
2012-22 final.doc
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Appraisal Report
1000 Poland Ave. New Orleans, LA
QUALIFICATIONS OF THE APPRAISER – GAYLE H. BOUDOUSQUIE, MAI – Page 3 LITIGATION ASSIGNMENTS: Includes Eminent Domain in the Parish of Orleans for the Sewerage and Water Board, Parish of St. Tammany for the Department of Transportation and Development and private clients, Parish of Jefferson, and in Ascension Parish against the Ascension Parish Drainage District for a private client. Please call for more specific details. Most current assignments include Lake Pontchartrain, Louisiana and vicinity Hurricane Protection Project Orleans Parish, Louisiana Orleans East Bank 17th Street Canal Levee System Hurricane Protection Project Algiers Outfall Canal Plaquemines Parish and U. S. Minerals to Boomtown Casino Jefferson Parish. LSU VA Hospital Footprint commercial appraisals. Murphy Canal Valuation assignments for the Parish of Jefferson. Expert witness testimony in 2012 Parish of Orleans. PROFESSIONAL AFFILIATIONS Louisiana Real Estate Appraisers State Board of Certification – Member 2003- present secretary Appraisal Institute (formerly American Institute of Real Estate Appraisers (MAI), Certificate No. 8304 Regional Ethics and Counseling Panel 1990-1996 Non-Residential Demonstration Report Grader Panel 1990-2005 Louisiana State Government Relations Subcommittee 1992-1993 Review & Counseling Division - Assistant Regional Member 1993 - 1995 General Guidance Subcommittee Region IX 1995-1998 General Demonstration Report Subcommittee, Region IX, 1998 - 2003 National Screener – Admissions, 1999 – Present Admissions Chair, Louisiana Chapter- General –2002 present National Experience Panel – 2005 present DISADVANTAGED BUSINESS CERTIFICATIONS Louisiana Department of Transportation and Development City of New Orleans Sewerage and Water Board of New Orleans New Orleans Aviation Board (Armstrong Airport) CLIENTS INCLUDE Bank One Barclays Bank International, Ltd. Board of Review – Orleans Parish Baldwin and Haspel DRG Financial Corporation E. I. DuPont de Nemours, Inc. Federal Deposit Insurance Corporation Federal Reserve Bank of Atlanta Corps of Engineers GMAC Mortgage CN/Illinois Railroad Gulf Coast Bank & Trust Capital One/Hibernia National Bank GCR & Associates. InerFirst Bank, Dallas Louisiana Dept. of Transportation & Devel. Manufacturers Hanover Many and LoCoco Department of HUD References provided upon request
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Iberia Bank Parish of Jefferson Parish of Orleans Parish of St. Tammany Prudential Realty Group Regions Bank Sewerage & Water Board New Orleans Salmen Company Scottsdale Insurance Company G. T. S. Corporation Stachan Shipping Company The Center Companies Touro Infirmary Whitney National Bank Williams, Inc. Wink Engineering Norfolk & Southern Railroad Aviation Board Dutell and Tranchina
Appraisal Report
1000 Poland Ave. New Orleans, LA QUALIFICATIONS OF THE ASSOCIATE APPRAISER
APPRAISER:
BONNIE R. CURRY, ASSOCIATE APPRAISER Louisiana Certified General Real Estate License No. G1023
BUSINESS ADDRESS:
228 St. Charles Ave. Suite 1331 New Orleans, LA 70130
BUSINESS TELEPHONE:
(504) 525-5700 FAX (504) 525-5705 EDUCATION
University of New Orleans – Business Administration REAL ESTATE EDUCATION 1. The Appraisal of Real Estate – Tulane University 2. Commercial Real Estate Investment and Taxation – National Association of Real Estate Appraisal Institute: Course 110 – Appraisal Principles Course 120 – Basic Valuation Procedures Course 410 – Standards of Professional Practice – Part A Course 420 – Standards of Professional Practice – Part B Advanced Income Capitalization Techniques Advanced Case Studies 2000 – Standards of Professional Appraisal Practice Part A & B 2003 Standards of Professional Appraisal Practice Information Technology, 12/2001 Analyzing Market Value, Investment Timing: Option Value, 7/2003 Appraising from Plans & Specifications 12/2003 Fair Housing 12/2003 Analyzing Operating Statements 4/2004 Forecasting Revenues Residential Property Construction and Inspection 5/2004 Ethics in Real Estate 12/06 Scope of the Appraisal 1/07 Internet Tools for Appraisers 2/07 Condemnation and Eminent Domain 4/08 Real Estate Finance Statistics 12/2008 Advanced Internet Strategies – 10/1/2010 Valuing Commercial Green Buildings – 11/1/2010
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Appraisal Report
1000 Poland Ave. New Orleans, LA
QUALIFICATIONS OF THE ASSOCIATE APPRAISER – PAGE 2 Rates and Ratios – 12/1/2010 Analyzing Distressed Real Estate = 12/15/2010 ....... SEMINARS ATTENDED 1994 Real Estate Tax & Investment Strategies – Loyola University Various Real Estate Seminars 2005
Gayle H. Boudousquie & Associates, Associate Appraiser
3/1997
Stephen L. Guice & Co., Inc., Real Estate Brokers, Appraisers and Counselors – Associate Appraiser
1992-1997 1992-1998
Dupree, Felts & Young, Inc. (Real Estate Appraisers, Analysts, & Counselors with offices in New Orleans and Shreveport) – Associate Appraiser
1988 – 1992
Prudential Properties – Associate Broker
1986 – 1988
Curry Properties – Real Estate Sales, Management, & Leasing
1985
1978
2012-22 final.doc
Licensed Real Estate Broker
Licensed Real Estate Agent
59