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HomeMy WebLinkAboutProperty - Acceptance of Streets - 904 00 Ann Alden Property (1373 W. Sunkist Rd.) Acquisition Agreement for La Canada Drive Extension • Owner's Policy of Title Insurance Fidelity National Title Insurance Company Policy Number A Stock Company 27-31-92- 2 : 4 , a r� OWNER'S POLICY OF TITLE INSURANCE SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIP ULA TIONS, FIDELITY NATIONAL TITLE INSURANCE COMPANY, a California corporation, herein called the Company, insures,as of Date of Policy shown in Schedule A,against loss or damage, not exceeding the Amount of Insurance stated in Schedule A,sustained or incurred by the insured by reason of 1. title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land; The Company will also pay the costs, attorneys'fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, FIDELITY NATIONAL TITLE INSURANCE COMPANY has caused this policy to be signed and sealed by its duly authorized officers as of Date of Policy shown in Schedule A. Fidelity National Title Insurance Company l o L E ,ys SEALATTEST President o \ \M_S)-QCOI\SI-} Secretary Countersigned: Authorized Signature ALTA Owner's Policy (10-17-92) �T:, (111 0,1 i1 1 01\ SCHEDULE A File No.: 30007639-AK Policy No.: 27-31-92 127148 Date of Policy: February 23, 2000 at 04:31 p.m., to and including Instrument Number: 20000360538 Amount of Insurance: $310,000.00 1. Name of Insured: The Town of Oro Valley 2. The estate or interest in the land described herein and which is covered by this policy is: A FEE 3. Title to the estate or interest in the land is vested in: The Town of Oro Valley 4. The land referred to in this policy is described as follows: SEE EXHIBIT "ONE" ATTACHED HERETO AND MADE A PART HEREOF THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED ALTA Owner's Policy (10-17-92) Order No. 30007639-AK Policy No. 27-31-92 127148 EXHIBIT "ONE" The North half of the West half of the Northwest quarter of the Southwest quarter of Section 35, Township 11 South, Range 13 East, Gila and Salt River Base and Meridian, Pima County, Arizona. EXCEPT all coal, oil, gas and other minerals and all uranium, thorium, or any other material which is or may be determined to be peculiarly essential to the production of fissionable materials, whether or not of commercial value, as reserved in the Patent from the United States of America. ALTA Owner's Policy (10-17-92) Order No. 30007639-AK Policy No. 27-31-92 127148 SCHEDULE B EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorney's fees or expenses) which arise by reason of: 1. Exceptions and Exclusions from coverage which will appear in the policy or policies to be issued as set forth in Exhibit A attached. 2. Regulations, conditions and restrictions governing use of ground water pursuant to Arizona Revised Statutes 45-101 et. Seq. 3. Taxes or assessments which are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the public records. Proceedings by a public agency which may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the public records. 4. Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of the land or by making inquiry of persons in possession thereof. 5. Easements, liens or encumbrances, or claims thereof, which are not shown by the public records. 6. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, or any other facts which a correct survey would disclose, and which are not shown by the public records. 7. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the public records. 8. Property taxes, which are a lien not yet due and payable, including any personal property taxes and any assessments collected with taxes to be levied for the year 2000. 9. Any taxes which are not shown as existing liens by the records of the County Treasurer or by the public record, as of the date hereof. 10. Reservations or exceptions in the Patent to said land. 11. Established and/or existing roads, roadways, highways, rights-of-way and easements therefor. ALTA Owner's Policy (10-17-92) Order No. 30007639-AK Policy No. 27-31-92 127148 • • .tom i . . Ec ••,.i, ;f.. t.�4 4,:',.--4 i. . ,•. ..- ( , ?_!^.\.� • - '(• t • • . \*: t .'r.. 'r`-til'•, •c•+!» y .y qsA �y ',�: .i- y.- i. � , .,{'�� '1-.. f �+' ,•1 -� •• t ``, .t1, ,� ti: .I i,r .\ tet '_.1,,.'Ti�rI.1 '{.,,, 1^f R ? ', .,•,i ..'F,.._'. (,N �.. 'rr.r' 4 i r1 �' .x ',. lt: t "\ •t 4 2,: ,, >'I;� :.!:A.',." k .ysp�• a .� �'. rr-,•'..i. M� e mkt,' I• ' ' '� - w � �. ,lx .:;�. �r. :'.• •�•�,��- .�'��1."Te. - , t . .. 1. ^ ,1 hr 4� /' . •3c /i - ♦J}'J.ay,n, (. �"'� +.. '4•' �i lA'-.t sit!...,.,' • i t _ ,ti� - ,t 4 c4 i �'v6 t,? R S •S 1 ,•-.A • 'y .k ; •]• e . ! ? .;, g is ,t ? ry.;�".+iK.t':, a, ;' R. • 5. ;T' _• 1 • i,.. .�, �,..�`• , \Q' , .� i ." s.f�'� . 1$'�...‘..3.1,"; �`.•..1 -;'Wt�n•i',Mi '��ih,jw tlr''• ,•ry'..,r ?.w.r; 1 , • '_- • r• "�•.'Is , '' , ,., • r.•,, ,t J„}L. -' yr . �it,•, •.. �•+f' } • - S'. / !1 14 -of b,-'r> .,.? ;,.. 4. t tto..---74- ';'" " ...` •I ,.\."---..c, "!' F. '` 1 1 ', `` -- ( �, -,,'`.1 , '.' ` 1 7.y7. -,riff 'di.'•,.+� ' -, ► • j ,, �,i.• i- ..�' , \l 't. 11 • I •,•' t - '. r, it k t'f- - • ',_ •-",•'',,-"'. }?.•3 •1‘ • .A ,a,s, �` ,y••I'"'''' I''' } • �, - �, �' \ �ti • "" ` ( .(}i-'... ",t fir'+ '+Itioi..- =.• • ,i:-;,:;,-;,:*.-.'-\''.,4,1..',-.)?;''..-2-, - ;',- •,..c,..•- ' \ .-.‘, . . . - • , . . - . •..•'. .-- ,.. . - , ,,:• , '.•', . - ,/'.,. , ,.-. .. :t•,',.'. ---•;.--,-•""4•,..(:•,-'.'-.:(-4,.•;,',•;-;•.'-,*('.[;.•:',-, ,•:,'. :—.i'-'-',' .,.N.,•-..,-,--''1'': .lw",', •'. i• / -,1 + i_-,'',,.,:,,-......-;-:•:::":-,--.<;',„-c-',. •'� tea`. "„ 1 - •T ....",• t'r •, •�-• J ~` + t• I `•1[li•\:.> •:• .I •,' i ; ! \•' " 4'.:••••;'' •i" ••••••'7, l, ":,,,"• J t:� t• 1 I ' t \ f t ' P '• • \ : '� • ,-: • •4; 1 1 V.. i !ti`s• -� C .2*f^f +.y, „ '''::':,'!“-.-?k,'''''' !'•r t.t5 ; r it ! a . ,. _ . • • \ '. .•.,. ; 'f:;; ' ' '.,...1: '"'; • 2, - • • - '' ' ., .' •; , \ .. '•.. , . A. • SOR 'S RECORD MAP `\iW4 SOUTH ,IV4 SECTION35 , OWNSHIP 13 EAST \��.,%4 , A-CDDc 3E1/44 1 1011~ 1 l ,1000 Y0 CO MOORE ROAD_ 1 � _ $4I -., ' • �� j,l1,1/ 11/ 1 /r:ltt//t11 , i 1 ® 0 1 :1 cr f-60' c I I @IP)--, r25°.;1 cu A3j0' CD C3 e,'s � ..i T C.) 4:74 Av-h'��'akb 0- •••• , 03 n4 et Ll . i U ..._., o • o 9,01 . [ :"C.1)O • -'3330.0' o i • r Z F r. + J .....J •• ...(--,-).. ,..... .,,,, ® 1 1.. 1 • _..., W:', 1 ,...,,,,v,...:;. f r • • i> 33G.0' 5 • A I 330.0' I _______® "o '' VTAN C EPINE ROA�1i11ii.'Iry777—"-7717777t.. tx.tli. L gel :1,-, =5.:�lilJ•..tJii:ii;c;l:f�'1[(t4' /////////////// _ 1995-1 S 89d 54' `,1 264C' (GL0) FEST 364 0' (31.0) 1 jt\T11S\R13E\S:: 0 310 6( ',L., ; FE . . ACQUISITION AGREEMENT AMENDMENT This Amendment to Acquisition Agreement is made by and between Ann C. Alden, an unmarried woman, (the "Owner"), and the Town of Oro Valley, a political subdivision of the State of Arizona, (the "Oro Valley"). The Owner and Oro Valley agree to the following amendment to the Acquisition Agreement submitted to Owner on November 29, 1999 attached hereto and made a part thereof: 1. Property and Acquisition Amount. Oro Valley agrees to acquire the Property for THREE HUNDRED TEN THOUSAND DOLLARS ($310,000.00). 2. Relocation Benefits. Oro Valley agrees to pay Owner a total relocation assistance amount of $4,000.00 upon the relocation of all personal property and vacation of the premises. AW-44- 3. Agreement for Continuation of Occupancy. Oro Valley agrees to provide Owner a 12 month Agreement for Continuation of Occupancy of the premises at no rental cost to Owner/Occupant. 4. Removal of Improvements. Oro Valley agrees that upon the conveyance of title of the Property to Oro Valley the following improvements as described in Owner's counter offer dated January 5, 2000 will become the personal property of Owner/Occupant: a. The shop on parcel B. b. MD barn and Hay barn on parcel C. c. All horse corrals and horse arena panels and fencing &f.e—,/t- C. 111`x'• Owner Ann C. Alden Date: /_ It 2000 Tax ID # or SS# 50c) 5o 9?'?- Recommended to the Town of Oro Valley for Appr• .1: 9;',/<___- 5: - /' ,- 4",-- -;>.-Y, - .,„..-<.- ,,,-z--:,---7,----L___,--- Acquisition Consultant Approve s .. to form: ByE _, _ __..I%/fAL..A, . : /✓' f oven Attorney Approved and accepted this 9 dayof ' • , , 2000. pp Mayor of the Town of Oro Valley Paul Loomis Attest: 1 aux,j...4.4_, Town Clerk Tax Code:219-51-0010 & 0020 ACQUISITIONAGREEMENT.OV Page 1 of 1 ACQUISITION AGREEMENT This Agreement is made by and between Ann C. Alden, an unmarried woman, (the "Owner"), and the Town of Oro Valley, a political subdivision of the State of Arizona, (the "Oro Valley"). 1. Property and Acquisition Amount. The Owner is the owner of the property described on Exhibit "A", including all improvements located thereon (the "Property"). Oro Valley has determined the need to acquire the Property by whatever appropriate means necessary, including through the power of eminent domain. In lieu of potential court proceedings and further to the power of eminent domain, Oro Valley agrees to acquire the Property for THREE HUNDRED TEN THOUSAND DOLLARS ($310,000.00). 2. No Personal Property. The parties acknowledge that no personal property is being acquired under this Agreement and that no personal property is located on the Property being transferred. Relocation benefits for this acquisition are shown in item 17 of this agreement. 3. Risk of Loss for Damage to Improvements. Owner shall be responsible for the risk of loss for any and all damage to the improvements prior to close of escrow. 4. Warranty Deed. The Owner shall deposit into escrow a warranty deed conveying to Oro Valley title to the Property, free and clear of all liens and encumbrances and subject only to those matters or record as described on the approved schedule "B" of a title report obtained by the Town of Oro Valley. 5. No Salvage. The Owner shall not salvage or remove any fixtures, improvements, or any portion of the Property prior to closing. 6. Escrow and Prorations. The Acquisition Amount shall be payable in full at closing. For fee acquisitions (a) the date of closing shall be used for proration of rents, property taxes and other similar costs, (b) assessments due for improvement districts shall be paid in full by the Owner prior to closing, and (c) property taxes shall be prorated based upon both the date of closing and the size of the Property. The proration of taxes shall be for the proportion of taxes assessed against Owner's entire parcel which are attributable to the Property. 7. Security Interest. Monies payable under this Agreement may be due holders (the "Lienholders") of certain notes secured by mortgages or deeds of trusts, up to and including the total amount of unpaid principal, interest and penalty on the notes, if any, and shall, upon demand by the Lienholders, be paid to the Lienholders. Owner shall obtain from the Lienholders releases for any fee transfer. 8. Possession and Closing. Possession shall be given to Oro Valley at the earlier of the date of the Right-of-Entry or on date of closing. Closing shall be on or before the later of(a) 30 days after the date this Agreement is approved by the Town of Oro Valley or (b) 30 days after receipt of all necessary releases or consents from lienholders. Page 1 of 3 9. Water Rights. The Owner agrees to assign and hereby transfers, effective upon closing, to Oro Valley any water rights certificated or claimed appurtenant to the.Property owned by Owner. Owner shall execute documents reasonably necessary to effect such transfer. 10. Environmental Representations. Owner hereby represents and warrants that, to the best of Owner's knowledge, no pollutants, contaminants, toxic or hazardous substances, wastes or materials have been stored, used or are located on the Property or within any surface or subsurface waters thereof; that no underground tanks have been located on the Property; that the Property is in compliance with all Federal, State and Local environmental laws, regulations and ordinances; and that no legal action of any kind has been commenced or threatened with respect to the Property. 11. Environmental Indemnification. Oro Valley and the Owner agree that neither party is assuming any obligation of the other party relating to any potential liability, if any, arising from the environmental condition of the Property, each party remaining responsible for its obligations as set forth by law. 12. Environmental Inspection Rights. Owner shall permit Oro Valley to conduct such inspections of the Property as Oro Valley deems necessary to determine the environmental condition of the Property. If the investigations reveal the presence of contamination or the need to conduct environmental clean up, Owner shall conduct a clean up of the Property adequate to bring the Property into compliance prior to Closing or Oro Valley may terminate this agreement. 13. No Leases. Owner warrants that there are no oral or written leases on all or any portion of the property. 14. Broker's Commission. No broker or finder has been used and Oro Valley owes no brokerage or finders fees related to this transaction. Owner has sole responsibility to pay all brokerage or finders fees to any agent employed. 15. Closing Costs. Expenses incidental to transfer of title, including title reports, recording fees, escrow fees, releases and Owners Title Insurance Policy, shall be paid 100% by Oro Valley. 16. Right of Entry. The Owner hereby grants right of entry to Oro Valley, its agents and contractors. If the Agreement is not acted upon by Oro Valley within 90 days of the Owner's execution of this Agreement, the right of entry shall terminate. 17. Relocation Benefits. Oro Valley acknowledges that Owner may be entitled to relocation benefits which shall be computed in accordance with the relocation requirements set forth in Arizona Revised Statutes §11-961. 18. No Sale. Owner shall not sell or encumber the property before closing. 19. Conflict of Interest. This Agreement is subject to A.R.S. 3 8-511 which provides for cancellation of contracts by Oro Valley for certain conflicts of interest. Page 2 of 3 20. Survival of Representation and Warranties. All representations and warranties contained herein shall survive the closing for a term of ten years. 21. Entire Agreement. This signed document shall constitute the entire Agreement between thep arties and no modification or amendment to this Agreement shall be binding unless in writing and signed by both parties. The performance of this Agreement constitutes the entire consideration by Oro Valley, including all just compensation and severance damages and shall relieve Oro Valley of all further obligation or claims relating to the Property. Owner Ann C. Alden Date: /— Tax ID # or SS# 527 5.--e) V 70 Recommended to the Town of Oro Valley for Approval: By ��A Acquisition Consultant Approved as to form: Town Attorney Approved and accepted this day of , a.000 Mayor of the Town of Oro Valley Paul Loomis Attest: Town rk Tax Code:219-51-0010 & 0020 ACQUISITIONAGREEMENT.OV Page 3 of 3 GIL ARCIA CONSULTING, INC. Real Estate Appraisers • Project Management Right of Way Acquisitions and Relocations Real Estate and Personal Property Tax Appeals Our File Number 900-99 October 20, 1999 Mr. William A. Jansen Town Engineer 680 West Calle Concordia Oro Valley AZ 85737 Dear Mr. Jansen: In accordance with your request, I have estimated the market value of that 10.00-acre, more or less, parcel of land, and 1,260-square-foot home with horse facilities, located on the south side of Sunkist Road, on the east side of the La Canada Drive/King Air Drive alignment, Pima County, Arizona. The ownership and legal description of this property are set forth within this report. The purpose of this report is to estimate the fair market value of the subject property as of September 21, 1999, the date of inspection. The function of this report is to provide the (520)326-2200 • 3444 N.Country Club Rd.,Suite 100 • Tucson,Arizona 85716 • Fax(520)326-0773 client with an estimate of fair market value for acquisition of the property. This report details pertinent physical and non-physical factors relevant to the subject property. Information about the neighborhood in which the property is located, the site, highest and best use, and valuation methods and techniques are discussed in detail in this report. This report has been prepared for Mr. William K. Jansen, Town Engineer of the Town of Oro Valley. This report or any portion thereof is for the exclusive use of the client, its placement agent, and others in connection with this appraisal for the above-stated purpose and function, and is not intended to be used, given, sold, transferred, or relied upon by any persons other than the client without the prior, express written permission of the author, as set forth within the limiting conditions. In order to estimate the fair market value of the subject property, I have gathered a number of comparable sales within the subject and surrounding areas. Based upon the data and discussions contained in the following report, the following estimated value was indicated as of September 21, 1999: ESTIMATED FAIR MARKET VALUE OF SUBJECT PROPERTY . . . . . $310,000 This valuation of the subject site to be acquired is subject to and assumes the following conditions: 1) cash terms of sale; 2) the size of the subject being 10.00 acres, more or less, as abstracted from Pima County Assessor's records; and, 3) the size of the improvements being 1,260 square feet, more or less, based on my measurements. CHANGES IN ANY OF THE ABOVE CONDITIONS MAY AFFECT THE ESTIMATED FAIR MARKET VALUE OF THE SUBJECT PROPERTY. Your attention is invited to the data and discussions contained in this report and to the exhibits, which are pertinent. I hereby certify that George H. Garcia has inspected the subject property;that my fee was not contingent upon the value estimate contained herein; and that I have no interest, present or prospective, in the property appraised. Furthermore, I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF, the statements of fact contained in this report are true and correct, subject to the assumptions, limiting conditions, and certification that are made a part of this report. Respectfully Submitted, f.._ ,C[ r GEOR E H. GARCIA ARIZONA CERTIFIED GENERAL REAL ESTATE APPRAISER CERTIFICATION NO. 30297 TABLE OF CONTENTS LETTER OF TRANSMITTAL i UNDERLYING ASSUMPTIONS AND CONTINGENT CONDITIONS 1 EXECUTIVE SUMMARY 4 SCOPE OF THE APPRAISAL 5 DATE OF VALUE 6 DEFINITION OF FAIR MARKET VALUE 6 INTEREST TO BE APPRAISED 7 PROPERTY IDENTIFICATION 7 STATE AND CITY OVERVIEW 8 NEIGHBORHOOD DATA 9 OWNERSHIP HISTORY 11 SITE DESCRIPTION 11 ZONING 14 REAL ESTATE TAXES 14 HIGHEST AND BEST USE 15 LAND VALUATION 17 APPRAISER'S CERTIFICATION 29 ADDENDA UNDERLYING ASSUMPTIONS AND CONTINGENT CONDITIONS The validity of legal, engineering or auditing opinions is assumed to be good, and no responsibility is assumed therefor. Unless otherwise stated, I assume and believe that information furnished to me by others is reliable, but I assume no responsibility for its accuracy. Should this valuation opinion be ascribed in regard to proposed public or private improvements, then in that event, this appraisal is subject to the completion thereof in the manner proposed. The title to the property is assumed to be marketable and competent management and/or ownership is assumed. Unless otherwise stated,the present purchasing power of the dollar is the basis for the value(s) ascribed. The existence of hazardous materials,which may be present within or on the property, has not been considered, unless such is specifically stated in the report; I am not qualified to detect such substances or materials. I assume that no such materials adversely affect the utility, usability, or developability of the property. The presence 1 Underlying Assumptions and Contingent Conditions (continued): of substances such as asbestos,urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. Unless otherwise stated, any value estimates set forth are predicated on the assumption that there are no such materials that would cause a loss in value. No responsibility is assumed for any such conditions. I assume that there are no conditions that are not apparent,relating to the real estate, sub-soil conditions or structures located on the real estate that would affect my analyses, opinion or conclusions with respect to the real estate. Maps, drawings or sketches have been made a part of the report to aid the reader in visualizing the property, neighborhood and region. I have made no survey of the property and assume no responsibility in connection with such matters. 2 Underlying Assumptions and Contingent Conditions (continued): The distribution of the total valuation between land and any improvements applies only under the program of utilization or conditions stated in this report and is invalidated under other programs of utilization, or conditions, if used in making a summation appraisal. I am not required, because of this appraisal report,to appear or to testify at a public hearing,committee or corporate meeting,deposition,or legal proceeding of any kind unless satisfactory arrangements have been made in advance for my appearance. The possession of this appraisal report does not include the right of its publication without my consent, nor may it be used for any purpose other than its intended use. This report or any portion thereof is for the exclusive use of the client for the stated purpose and function and is not intended to be used,given, sold,transferred or relied on by any person other than the client without the prior, express written permission of the author(s). Use of or reliance upon this report by third parties is specifically prohibited. I assume no responsibility for potential claims arising from unauthorized use of this report or any portion thereof The appraisal report is meant to be used in its entirety; no part may be used without 3 Underlying Assumptions and Contingent Conditions (continued): the full or entire report. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising,public relations,news, sales,or other media,without the written consent and approval of the author(s),particularly as to the value conclusions, or the identity of the appraiser or the firm with which he is connected. Except for data provided by the client, all data gathered in the appraisal process and the appraisal report itself remain my property. The client authorizes disclosure of all or any portion of this appraisal report and the related appraisal data to appropriate representatives of the Arizona Appraisal Board if such disclosure is required to enable me to comply with the bylaws and regulations of said Board now or hereafter in effect. 4 Underlying Assumptions and Contingent Conditions (continued): Acceptance of,and/or use of,this appraisal report by the client constitutes acceptance of the above underlying assumptions and limiting conditions, as well as any specific assumptions detailed in the Letter of Transmittal and Appraiser's Certification section of this report. .5 EXECUTIVE SUMMARY APPRAISAL PREPARED FOR: Mr. William Jansen, Town Engineer, Town of Oro Valley PURPOSE OF APPRAISAL: Estimate the fair market value of that 10.00-acre parcel of land and 1,260-square-foot home with horse facilities located on the south side of Sunkist Road,on the east side of the La Canada Drive/King Air Drive alignment, Pima County, Arizona. FUNCTION OF APPRAISAL: To provide the client with an estimate of fair market value for acquisition of the property. DATE OF VALUATION: September 21, 1999 INTEREST APPRAISED: Fee simple OWNERSHIP: Title to the subject is vested in the name of Ann C. Alden. LEGAL DESCRIPTION: The Northwest Quarter of the Northwest Quarter of 6 the Southwest Quarter Section 35, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona SITE SIZE: According to the Pima County Assessor's records, the site contains 10.00 acres. SITE CONDITION: The subject site is improved with a 1,260-square-foot home, horse barn, horse corrals, and an RV hook-up. TAX DATA: The 1998 real estate taxes are $2,623.66. According to the Pima County Treasurer's office, the 1998 taxes have been paid. ZONING: SR(Suburban Ranch) according to the Pima County Zoning Code. HIGHEST AND BEST USE: Three"ranchettes"(3.3-acre parcels with single-family residences and possible horse facilities). 7 SCOPE OF THE APPRAISAL The firm of G.H. Garcia Consulting,Inc.has been asked by Mr. William Jansen of the Town of Oro Valley to estimate the fair market value of that 10.00-acre, more or less, parcel of land and 1,260-square-foot home with horse facilities, located on the south side of Sunkist Road and the east side of the La Canada Drive/King Air Drive alignment, Pima County, Arizona. The purpose of this appraisal is to determine the estimated fair market value as of September 21, 1999, the date of inspection. The function of this report is to provide the client with an estimate of fair market value for acquisition of the property. In order to evaluate the subject property,relevant data has been gathered and analyzed. Data gathered for this appraisal consists of two types: general and property specific. General data includes information on social, economic, governmental and environmental trends an conditions affecting the subject. Each of these items has an impact on property value and the study of these forces enables the appraiser to identify the underlying cases of change in property values and what future market expectations might be. The geographic extent of my search for general market information included Oro Valley and the northwest portion of the Tucson Metropolitan Area. Property specific information includes data about the subject site, taxes and zoning. Sources of general market data included government publications, census data, local newspapers, and other public and private organizations. Property specific information was 8 obtained from the Pima County Assessor,Oro Valley Planning and Zoning,and my personal inspection of the property on September 21, 1999. The highest and best use analysis establishes the foundation in the valuation process, as it is just this type of analysis that a prospective purchaser will incorporate in a decision-making process: The highest and best use is the study of the subject parcel that ultimately will determine its value. The physically possible, legally permissible and financially feasible uses are analyzed. Then, the appraiser determines which use is maximally productive. This use is that which produces the highest net return. The subject comprises about 10.00 acres of land, and is improved with a 1,260-square-foot single-family residence and horse facilities. It is identified by the Pima County Assessor's office as tax code numbers 219-51-0010 and -0020. Since the two parcels have the same ownership, same use and are contiguous, they are considered"the larger parcel." Access is via Sunkist Road, a two-lane dirt roadway. It has no curbing, sidewalks or street lighting. The three traditional valuation approaches,cost,income capitalization,and market data,have been considered in the appraisal of the subject property. After an evaluation of each approach, I have concluded that only the cost and market data approaches are applicable to the subject. 9 I am appraising a single-family residence with horse facilities on approximately 10 acres of land. Single-family homes are not bought and sold on the income capitalization approach. Although the valuation of the subject site, as if vacant, is actually a component of the cost approach,for organizational purposes it has been separated and employed prior to application of the cost and market data approaches. The land valuation also serves as a test of the highest and best use of the subject as it its presently improved. DATE OF VALUE The date of valuation is September 21, 1999, the date of inspection. DEFINITION OF FAIR MARKET VALUE Fair Market Value, as utilized in this appraisal report and as defined in Mandel vs. City of Phoenix, 41, Arizona 35118P., 2nd 271 is as follows: Fair Market Value is defined as the highest price estimated in terms of money which a property will bring if put for sale in the open market, allowing a reasonable time to find a purchaser who buys with the knowledge of all the uses to which it is adapted and for which it is capable of being used. 10 INTEREST TO BE APPRAISED For the purpose of this report, the interest to be appraised is that interest arising from fee simple ownership. This interest in the fee includes the various rights which usually consider the present worth of the future benefits resulting from the ownership of the property, but subject to the limitations of eminent domain, escheat, police power, taxation and financing encumbrances. OWNERSHIP According to the Pima County Assessor's records, as of the date of value, title was vested in the name of Ann C.Alden,as evidenced by an Agreement for Sale recorded April 26, 1996 in Docket Book 10282 at page 74 in the office of the Pima County Recorder. The purchase price was $220,000. PROPERTY IDENTIFICATION The subject is situated on the south side of Sunkist Road and the east side of the La Canada Drive/King Air Drive alignment, and is legally described as follows: 11 . ,. .......-....... . - . Kt. ;0.7 .,..., _ . _._______ . - ............___• .. 7. r" . . --•-, „,- r„,„ 1,:, .........s - ic, 4. -0 ...... 7 . .,i , o . ... :, _. k ) 1 \..:.,__) .1.v.1..... 1.-1. • - C 1 T n Nt0 q T owNsHip 11 S ourp , RANGE / / :-. •. _ - _-- . ..: . i . _.-- -- 7 ,--,7:-, .:.,-:• .f .7:t 4. 11.1* 'C' . *. ,--- ----- -v- - - --..:. -:7-- _ I '. 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I . .• ,:.,.. .......I 1 ', .[11:..-... -:-%-.--.:.3.-.•.-.?-.-.-_.--.—:._.,"_-...,'rr..,7...-J_•. -. . .;. .7;A: i,>• \\.\ .. \...7f;:'a,-.4v:;'P?/E4iW•:6..-.-.-.,„/.,. 47 69 Mv? , 1 7 -e :1NG:' E .1le/k....i..‘—i,,A'/•' ; ' •'4 .•.4 •,• ,• :....NI........11.1... ...- j... ..•,......, '• - 4 . .....-......... .... --- -- - . . • • - ,. ,:..-. - . 7,!...7! - - ---... .:;. • ••-._ ”. 07/1:;E:3 -112111- ( Plat Map ] The Northwest Quarter of the Northwest Quarter of the Southwest Quarter Section 35, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona STATE AND CITY OVERVIEW • The State of Arizona ranks sixth in the nation in terms of land area(113,417 square miles). It has 347 square miles of water, consisting primarily of man-made lakes. Located in the southwestern region of the United States, Arizona is bordered by California and Nevada to the west, Utah to the north, New Mexico to east, and the Republic of Mexico to the south. Approximately 3.7 million people called Arizona home in 1990. This represented a 34.7% increase from 1980. Projections indicate a population of about 4.8 million by 2000. The City of Tucson is situated in the south-central portion of the State, about 120 miles southeast of Phoenix, the State Capital. Tucson is the county seat of Pima County and the second largest city in Arizona. The City and surrounding unincorporated area comprise approximately 495 square miles. In order to allow for future growth and development, the City of Tucson recently announced plans to annex about 268 acres just south of the Town of Marana. The acreage involved runs between Interstate 10 and Shannon Road from just south of Orange Grove Road and south of the Sunset Road alignment. This property is currently in the boundaries of Pima County. 12 DEMOGRAPHICS Tucson'sp p o ulation has grown about 23 percent in the 1980's, moving it from the 45th largest cityin the U.S. to 33rd. According to the U.S. Bureau of the Census, the 1950 g population of the City of Tucson was 45,454. In the 1985 mid-decade census,the population hadg rown more than eight times, to 377,546. Tucson's rapid growth continued until 1989. From 1989 to the early 1990's, there was a downturn in population growth from 2 to 3 percent,to less than 1 percent. According to City officials,the 1990 population was roughly 405,000. By 2000, it is expected to be 446,000. Total population for the Tucson Metropolitan Area(TMA)was about 647,000 in 1990. This figure is expected to be about 850,000 in 2000. About 24% of the TMA's population are retirees. Accordingto the Drachman Institute's Metropolitan olitan Land Use Study(MTLUS), as of the p first quarter of 1999, Pima County had a total population of 838,545 residents. This represents an increase of 23,779 people, or 2.9% from 1998. This increase compares to population gains of 2.5%and 2.7%for 1997 and 1996,respectively. Of the total population, 822,612 (98.1%) lived within the Tucson urbanized area. Below is a table illustrating Pima County and the Tucson Urbanized area population growth from the first quarter of 1990 through the first quarter of 1999. 13 POPULATION GROWTH Year Tucson Urbanized Area Pima County 1990 646,808 668,501 1991 655,773 676,508 1992 669,755 689,651 1993 688,932 707,322 1994 708,732 726,904 1995 731,130 749,877 1996 754,337 773,679 1997 775,059 794,933 1998 794,396 814,766 1999 822,612 838,545 Retirees represent one of the area's fastest-growing population segments, with Arizona ranking fourth in 1988 among the 50 States for population growth in the"over-65"category. Tucson's mild winter climate has fostered its reputation as a retirement haven. Retirement communities including Green Valley, Sun City Vistoso and Saddlebrooke cater to an active senior lifestyle. An abundance of sunshine and golf courses has also encourage many visitors to establish residences in the Tucson area. 14 ECONOMY The Tucson economy, like that of other Sunbelt cities,has benefitted from the relocation of businesses and people form other sections of the county. Corporations relocating to Tucson are attracted by its climate,quality of living,working conditions and right-to-work law. Over the last eighteen years, Tucson's work force has grown from about 161,700 wage and salary employees in 1978 to about 396,800 as of the second quarter 1999. The year-to-year job growth pattern has been erratic since 1991. Some of this variation is a result of the sporadic arrival and departure of employers. According to MTLUS, as of the fourth quarter of 1997, the largest employment sectors for Pima County were as follows: Employment Sector Number of Employees Services 100,500 Government 71,800 Wholesale and Retail Trade 69,700 Manufacturing 29,000 Mining 2,300 Construction 20,700 Transportation, Communications 26,600 and Public Utilities Finance, Insurance and Real 12,500 Estate The manufacturing segment of the local economy experienced a rebound on the number of jobs during 1993. The continuation of the rebound is expected due primarily to three 15 announcements by Hughes Aircraft. During the fall of 1992, Hughes announced the consolidation of all missile development and production in Tucson. This alone added more than 2,000 jobs to the work force. The second announcement,in March 1993,was a decision to relocate all engineering work to Tucson, which added about another 2,000 jobs. In addition, Hughes Missile Systems Company(now Raytheon) won a$421.7 million contract to build new air-to-air missiles. This solidified 500 jobs in Tucson, including new hires and existing staff. Manufacturing employment is considered vital to the local economy, since these people are generally paid higher-than-average wages. Another reason for an optimistic outlook for Tucson's economy is the burgeoning high-tech optics industry. With more than 50 companies working in this field, Tucson has sometimes been called"Optics Valley." Collectively,the city's cluster of optical science firms and their suppliers employ more than 1,000 people,with employment growth anticipated to continue. Another bright spot in the local employment picture is the relatively recent addition of regional and/or nationwide telephone reservation centers and credit operations. Some of the firms now located in Tucson included American Airlines, Qantas Airlines, Sears parts and service telemarketing center,American Express credit card center and America On-Line. In addition to these companies, ChipSoft Inc., formerly of San Diego,a leading producer of tax preparation software for personal computers,chose Tucson over Albuquerque,Houston and Dallas to expand its operations. The company plans to hire 200 to 400 people over the next five years. ChipSoft is leasing 70,000 square feet of office space at the Wylko Corporation 16 building,2650 East Elvira Road. The Omaha-based company expanded into Tucson in 1990. Recently, Microsoft Corporation technical support center relocated to Tucson. Located at the University of Arizona Science and Technology Park at Rita Road in the old IBM facility, Microsoft is projected to employ about 1,200 full-time people by 2001. One of the primary employers in Tucson is government. Employment for the City of Tucson, Pima County,Tucson Unified, Sunnyside and Amphitheater School Districts, the University of Arizona and other governmental agencies has typically increased at rates in excess of population and employment growth in the area. Based on a study recently completed by Community Affairs and Economic Development,the University of Arizona has a$1.8 billion impact on Pima County's economy. This same study indicated that the University is responsible for 39,500 jobs, including full- and part-time employees. The recent study showed the University's impact has increased slightly compared with 1990-91 in which the University's economic impact was at about $1.5 billion. In addition to the monies derived from the University itself, the student body added about another$450 million to the local economy in 1995-'96, including tuition. According to an annual study published in the Arizona Daily Star, as of March 1998 (latest available), the 10 largest employers for Pima County were as follows: 17 Employer Full-time Employees Industry University of Arizona 10,416 Education U.S. Army - Fort Huachuca 10,321 Military State of Arizona 9,763 Government David-Monthan Air Force Base 8,362 Military Tucson Unified School District 8,115 Education Raytheon Systems Co.(Hughes) 7,700 Manufacturing Pima County 6,686 Government City of Tucson 5,420 Government Carondelet Health Care Corp. 4,041 Health Care BHP Copper Co. 3,679 Copper There is continued concern as to the future of the military installations, as both Davis- Monthan Air Force Base and Ft. Huachuca Army Post have a significant economic impact on Tucson. The latest plans by the U.S. Department of Defense call for the transfer of the 12th Air Force Headquarters from Austin, Texas to Davis-Monthan. The decision translates into a net gain of 355 military and 412 civilian personnel and 24 million dollars to fund supporting construction. The Raytheon transfer and changes at Davis-Monthan Air Force Base will cause a net increase of about 3,000 defense jobs in Pima County. Although the Tucson economy has experienced problems during the last few years, population should increase due to in-migration, and short-term economic growth is considered likely. The strong national economy has helped to improve the local residential and retail real estate market. It is expected that the growth of the overall economy will have a positive impact upon the real estate market sectors in the near future. 18 HOUSING Growth in the housing market has been cyclical due to changes on the national and local economy and the availability of financing. Single-family development was most active in the late 1970's due to Tucson's rapid population growth. High interest rates and lender insolvency in the `80's reduced the amount of single-family development. The 1990's have brought lower interest for single-family lending. The Resolution Trust Corporation,a federal agency created to manage insolvent lender real estate holdings,returned numerous unfinished residential vacant subdivisions to the private sector, with varying degrees of infrastructure. It was a boon to developers and has brought renewed activity to this vital sector. According to the MTLUS second quarter '99 report, 2,050 single-family permits were issued. This represents an increase of 27 percent since the fourth quarter of 1998. MULTI-FAMILY HOUSING As with single-family development,multi-family development is also cyclical in nature relative to national and regional economic factors. The majority of newer complexes in the Tucson Metropolitan area were built between 1982 and'86. This surge in construction was the result of favorable tax laws and below-market financing. This combination of factors made even normally unprofitable apartment complexes desirable for building. In 1987,due to the change in the real estate tax laws and the savings and loan debacle, the surge in apartment building came to a halt. There was an oversupply of product and a limited demand for apartments as 19 indicated by highvacancy rates. Due to the surplus of product,rents remained flat for several Y years, with some rental decreases and concessions noted in order to attract tenants. While the apartment market is recovering from its over-built conditions,the majority of new construction has been for units at the upper end of the rental market, commonly referred to as"luxury apartments." Construction for luxury apartments has increased,since this segment of the market can now support it, based on existing rental rates. As of the fourth quarter 1998,there was a total of 842 multi-family units under construction, down 19%from the third quarter 1996. It is noted that the latest information indicates that the luxury apartment market is beginning to feel the effects of over-development. Overall, as the luxury apartment market feels the effects of over-building,and rents for the mid-to-low segment of the market begin to rise, and existing units continue to be absorbed, it is anticipated that construction of apartment units targeted toward the mid-to-low segment of the market will occur. COMMERCIAL/RETAIL The commercial segment of the real estate market is comprised of office, retail and lodging uses. The office and retail markets turned in an upward direction in 1996, but vacancy rates increased in portions of'97 and '98. See the charts below. 20 STRIP RETAIL CENTER VACANCY RATES Quarter Vacancy 4u"95 7.9% 2nd '96 7.1% 4th '96 6.6% 2nd `97 7.7% 4'97 97 7.6% 2nd `98 8.6% 4d' '98 9.1% 2nd '99 9.3% 21 SHOPPING CENTER VACANCY RATES Quarter Vacancy 4d' `95 12.1% 2nd '96 14.7% 4d' `96 13.2% 2nd '97 13.0% 4'97 11.3% 2nd `98 11.3% 4d' `98 11.8% 2nd `99 11.6% The irregular pattern of shopping center vacancy rates is due in part to the closing and/or consolidation of many of the larger retail tenants. It is anticipated that shopping center 22 vacancy rates should decline, as many of the large national retailers continue to move to Tucson and occupy the vacant spaces left by departing tenants. The following tables illustrates the historic trend of commercial strip and shopping center inventory growth since the second quarter of 1993 through the second quarter of 1999. Total Strip Retail Center Inventory Tucson Urbanized Area Quarter Year Number of Total Square Change in Facilities Footage S.F. 2nd 1993 4,977 14,13 8,670 ---- 4th 1993 4,935 14,118,921 -0.1% 2nd 1994 4,904 14,112,724 0% 4th 1994 4,910 14,259,328 1.0% 2nd 1995 4,925 14,527,373 1.9% 4th 1995 4,949 14,620,042 0.6% 2nd 1996 5,135 15,158,650 3.7% 4th 1996 5,175 15,406,185 1.6% 2nd 1997 5,254 15,626,382 1.4% 4th 1997 5,276 15,788,660 i 1.0% 2nd 1998 5,264 15,815,914 0.2% 4th 1998 5,263 15,941,002 0.8% 2nd 1999 5,260 15,981,648 0.3% Source: MTLUS, The Roy P. Drachman Institute for Land and Regional Development Studies and the Department of Community Affairs and Economic Development, University of Arizona 23 Total Shopping Center Inventory Tucson Urbanized Area Quarter Year Number of Number of Total Square Change Centers Facilities Footage in S.F. 2nd 1993 163 3,751 17,574,130 4th 1993 167 3,712 18,074,850 2.8% 2nd- 1994 4 169 3,695 18,311,969 1.3% 4th 1994 174 3,670 18,877,711 3.1% 2nd 1995 174 3,673 18,968,723 0.5% 4th 1995 176 3,686 19,285,297 1.7% 2nd 1996 176 3,722 19,393,305 0.6% 4th 1996 176 3,703 19,368,429 -0.1% 2nd 1997 175 3,715 19,343,031 -0.1% 4th 1997 175 3,649 19,447,968 0.5% 2nd 1998 176 i 3,662 19,469,917 0.1% 4th 1998 180 4 3,648 19,521,761 0.3% 2nd 1999 185 3,714 19,871,692 1.8% Source: MTLUS, The Roy P. Drachman Institute for Land and Regional Development Studies and the Department of Community Affairs and Economic Development,University of Arizona As illustrated via the tables above, over the last several years the retail market has been experiencing a downward trend in vacancy rates, with increased absorption and limited owner-occupied construction. In total, about one million square feet was added since the second quarter of 1995. The additional space includes the Albertson's at Harrison Road and Broadway Boulevard; the Target stores at Thornydale and Ina Roads and at Grant and Tanque Verde Roads; the Super K-Mart stores at Valencia and Midvale Road, and at Ina 24 Road, west of Thornydale Road; and the Home Depot at Irvington Road and I-19. These projects alone added roughly 500,000 square feet of space, and reflect the trend towards "power center" retail development. Power centers offer a variety of goods and services including banking, restaurants, clothing, movie rentals and groceries. Regarding lease rates, the market remained stagnant during 1993 and '94. Starting in 1995, due to the absorption of existing space and lack of construction, rental rates began to increase. Today, retail lease rates range from$8.00 to $12.00 per square foot for anchored centers, and from$15.00 to $17.00 for power centers. Overall, the retail market should continue to experience further improvement for the remainder of 1999. Rental rate concessions should remain relatively flat,with overall vacancy rates expected to continue downward. The new retail development is expected to put pressure on older, marginal retail space. However, with continuing population and employment growth, the retail segment of the market as a whole should see improvement. LODGING Rapid development in the hotel/motel market occurred in Tucson between 1982 and '87, causing an oversupply of first class businessmen's lodging facilities in the Tucson Metropolitan area. However, according to an article published in the MoneyPlus section of the Arizona Daily Star, August 12, 1996, unlike the over-building of industrial and office 25 space and the recent over-building of luxury apartments, Tucson has not added many hotel rooms over the past 10 years. When one considers the hotels under construction,announced or in various planning stages, if all were built, there would be a total of 2,300 rooms added to the existing inventory. The majority of the new facilities tend to be smaller 75-to 125- room limited service and suite hotels that ask generally lower room rates. Some of these are the Tucson Marriott University Park, a 250-room hotel that opened at the edge of the University of Arizona campus; Tucson's La Quinta Inn & Suites, a 143-room hotel to be located in proximity to the Tucson International Airport;and the 62-suite Varsity Club at the northwest corner of Speedway Boulevard and Alvernon Way, which opened in 1997. In addition, the Butterfield Business Center is adding a total of 376 rooms in four hotels, including a 65-room Fairfield by Marriott opened in 1996; a 66-room Shoney's and a 120- room Micro-Tel hotel. In addition to catering to the business person,mid-size conventions look at Tucson as a viable alternative to the Phoenix and Palm Springs hotel markets. There are three destination resorts in the foothills of the Santa Catalina Mountains; the Sheraton El Conquistador, Loew's Ventana Canyon and the Westin La Paloma. Each of these resorts is equipped to handle functions of all sizes. In addition to these resorts, Canyon Ranch has established itself as a world-class health resort. Overall, due to Tucson's improving economy and attractiveness as a destination resort city, the outlook for the lodging industry in the area is for continued improvements. As the 26 Tucson area continues to grow, it will enjoy an increased ability to attract tourists and conventions, and demand for lodging will increase. This will eventually result in the development of additional business/tourist class facilities. OFFICE The table below shows the status of the office segment as of second quarter '99. The inventoryof leasable space amounted to 8 million feet in June of 1999,having increased about p 300,000 square feet in two and a half years. Total Office Space Inventory Fourth Quarter 1998 Number of Complexes 407 Total Square Footage 10,733,477 Owner-Occupied Space 2,730,108 Leasable Space 8,003,369 Vacant Leasable Space 950,448 Percent Vacant of Total Space 8.9% Between 1982 and 1987, a total of about 3,000,000 square feet of leasable office space was added. The large amount of construction greatly exceeded absorption,resulting in significant increase in vacancy rates. Since 1987 to the present, there has been a decrease of about 27 150,000 square feet of leasable office space. Absorption increased during this same period, which resulted in the steady decline in vacancy rates from 32% to 10%. Analysis of the office market indicates that it won't experience any speculative building until existing surplus is absorbed and lease rates increase. Lease rates for Class A and B office space average between $12.00 to $14.00 per square foot. Additionally, larger contiguous space (over 10,000 square feet) will become increasingly difficult to locate. It is also anticipated that build-to-suit facilities will become an important option as remaining"rehab" opportunities are exhausted by owner/users. INDUSTRIAL During the period from 1984 to 1987, the Tucson Metropolitan area industrial market experienced unprecedented construction, with nearly 6.8 million square feet added to the inventory. This increase reflected a 33.5% addition to the existing base. The growth during this period was largely attributed to several factors; 1)rapid population growth and economic expansion throughout Tucson; 20 financing for the development of industrial projects was readily available, allowing developers to secure loans with favorable terms; and 30 new tax laws favoring industrial ownership over alternative investments. This rapid expansion resulted in over-building,with supply far exceeding demand. As the market began to fell these effects, many of the projects failed, with the lending institutions finding it necessary to take back the projects on which they had lent. 28 According to MTLUS, as illustrated in the table below, from the third quarter 1990 through the third quarter 1993, industrial vacancy rates ranged between about 29 to 38%. From the first quarter 1994 through the third quarter 1996, the vacancy rate began to fall, down to 19.2% as of the third quarter 1996. It has been fluctuating since that time. Industrial Space Vacancy Quarter Vacancy Rate 3rd 490 38.2% 1" 491 35.1% 3rd 491 37.7% 1" `92 38.1% 3rd 4 92 32.8% Pt `93 28.9% 3rd 493 31.1% 1.' 494 23.4% 3rd494 17.8% 1" `95 18.6% 3rd 495 17.5% 1St 496 18.6% 3rd 496 19.2% 1St 497 17.9% 3rd `97 18.4% lst `98 19.1% 3rd 498 17.6% 1s"99 7.2% 29 As of the first quarter 1999, the inventory of leasable industrial space amounted to 14.1 million square feet, an increase of 900,000 square feet since September 1996. In summary, while the industrial market place has been improving over the last several years, it has not reached a point in terms of rental rates and availability of financing for wide-scale speculative development. However, increased demand for industrial space should continue to create an upward pressure on occupancy levels and rental rates. Based on this factor,coupled with the availability of vacant land suitable for development, the outlook for the industrial market appears to be favorable. TRANSPORTATION The Tucson Metropolitan area (TMA) has two major interstate freeway, Interstate 10 and Interstate 19. These highways provide access to many of Tucson's major east/west and north/south arterials. I-10 extends diagonally across the TMA from northwest to southeast. It is the primary roadway between Tucson and Phoenix. 1-19 extends south from its intersection with I-10 in southwest Tucson to Nogales, Arizona on the Mexican border. In- town traffic is serviced by numerous transportation corridors, including Kolb Road, Golf Links Road,Kino Boulevard and the Aviation Corridor. Two state-maintained highways also serve the TMA,Oracle Road(Route 77),which serves communities north of Tucson,and Ajo Way(Route 86), which runs west to rural communities. 30 GOVERNMENT The Tucson Metropolitan area is under the jurisdiction of two separate political bodies, the City of Tucson and Pima County. Both entities overlap one another in many of the public services provided to area residents. In addition to having separately-administered zoning ordinances, both governmental bodies have adopted regulations relevant to land uses, flood control, air quality, noise and water pollution. Water and sewer service are proved by the City and County, respectively. SUMMARY Tucson's short-term outlook is enhanced by improvement in several sectors, including housing demand,job growth,and discount retail outlets. 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' �_ ; - .. .-:1 i ARIZONA --,._„7,.... ,.. , ,....., , ,.,,, ....,.... :d.„,..... ,,...,,,,,. ., „.. . _ . ...„,-• -4,1e..-'•1•••,,,ji_,40‘c , , Seel "..r"Ili Solna 1..;-,'• ,..:. • a ..iii.......p, , LEGEUD >~.. . 0 • mC CHIS ,*� rams ar..o. •�TEP•v►*E Pov*cs ' `�� '.." 11i• --v3.31,��. • • • Y. { 0 anis ooa�+*v user N u s woura• Y "1 1 S"1") -- • .1:- • ea.Ow.rook ® .Rn POUTS* i •` f --' 1. •• ':94E4' © s•;i_ I.M ©-7., !-• A C ''.:.••[...•,-:=•-•::::- -1'' .It'':', II ,„,.-.. g-i----t,„-, ...4"sd,..- rut.i. ,. • a.ammk a•MP ...t�—�— M144WIT1OMAI•Q..00.1r• O K/�.! r. ..,f~ • • tt ..-.i ' �.,�'-�-- - IN '�� MCMI I.��Oel mow--- •repel Oo{w+ww., ` • T HPI~n i1!tw-_• �� •t{t,. -•- lin{M PnefO OM .1M Ott 414.14.144114. Co,w..ti.o..+wwv Q + Ulf •ati r• . ,g 30 Was. ammo* ..t[r••D•0.l►•w wPtwf � q 1-turiEnta - --i Mia MINIM SP 4441014111114 „+•- tt1 N S 1 10 la )0 10 SO k1..r{en ttM•T�•q-�. 1�---' - - Note: Not To Scale NEIGHBORHOOD DATA The subject property is located in an unincorporated area of Pima County, adjacent to the Town of Oro Valley to the north, south and east, in an area also commonly known as the extreme northwest portion of the Tucson Metropolitan Area. The general neighborhood boundaries are considered to be Lambert Lane to the south, Oracle Road to the east, Interstate 10 to the west, and De Havilland Way/Earhart Way to the north. These boundaries are considered appropriate due to physical divisions, land use, and general social and economic characteristics. The majority of existing development is in the eastern portion of the neighborhood, with the western portion being largely rural in nature. It is anticipated that there will not be any major change in the neighborhood's character in the immediate future. Residential Development The majority of newer single-family homes in the area are found in subdivisions in the east, with older homes, mostly ranchettes, in the west. Some of the subdivisions include Coyote Ranch, Monterra and Quail Crossing. North of Tangerine Road, about five miles west of the subject, is located the Dove Mountain subdivision(formerly known as Red Hawk). This project also includes the Heritage Highlands Golf and Country Club. In the northeast portion of the neighborhood is La Cholla Airpark, which includes homes on 32 (about lots large 4 to 8 acres with runway access). Homes in the area range in value from about $200,000 to $600,000 depending on age, quality, location, and acreage. Generally, homes range in age from new to about 30 years. Due to the availability of vacant, developable land, it is anticipated that the housing inventory will continue to increase. Based on proximity to shopping, schools, employment centers and transportation networks, it is concluded that future development will occur in the eastern portion before the western. In addition to the above-mentioned residential developments, there are numerous mobile homes scattered throughout the area on lots from about four to eight acres. Commercial Development Commercial establishments are extremely limited in the area. Residents of the area must travel to Oro Valley, in the eastern portion of the neighborhood, to find such development. However, access to Oro Valley via Tangerine Road is good, and those commercial facilities appear to adequately satisfy the neighborhood's residents. Transportation Access to the neighborhood is considered to be adequate via major transportation systems. The major east-west arterial is Tangerine Road. Lambert Lane and Moore Road also provide 33 east-west access through portions of the area. Themain main north-south road is Thomydale Road, along with Camino De Oeste, Shannon Road, and La Cholla Boulevard. Governmental and Services Most of the southern portions of the area • are situated within the Town of Marana, with the northern and eastern portions under the jurisdiction of Oro Valley or Pima County.y Those portions located in Marana or Oro Valley are provided all municipal services includingpolice p ce and fire protection, and refuse collection. • Those within the County arero vided police p protection by the Sheriff's Department,with ' fire protection and refuse collection available by private contract. Utility services are • intermittent since much of the neighborhood g is undeveloped. Water is typically provided by private vate wells or private companies,p ,as no public utility provides water service to this area. Electricity is by Tucson Electric Power,telephone service via U S West Communications and natural gas by Southwest Gas Corporation. rporation. Wastewater treatment is bytic septic systems in most areas, but Pima County Wastewater Management does service aortion p of the area. Summary The eastern portion of the neighborhood g od has experienced increasedrowth over er the last several years, while the westernonion has • p remained relatively undeveloped. The p pace at which future growth occurs in either ' portion of the subject neighborhood is highly g Y 34 p dependent upon the general market conditions such as availability of higher-salaried jobs p to support housing demand, consumer spending, and the ability of the local economy to attract non-military industry to the Tucson/Oro Valley/Marana area. 35 °40r- ''. r' Ate: SAD U) ARK - - - - _ - - m> 5c - RP RD PINAL - _ - PINAL l ST 2 m W a , • -c - - - - - - -- - -- - - -T.. : 41 »> MAINSAIL (BLVD-� \. PIMA ,"' , • O RD IN N\ • �. : � .' GOLDER RANC y\ -o 0,KIRBY- �; OF` IWILOs 0 ` RDaiHUGHES RO�k * p I,yeofl _\ • cP FtANA RDa • �- �. `{ TURTLE DOVE Q LN "� 07s:_17,2_, GRIER, RO •� �� �.. 0 w ^�.BARNETT RDLA) •. '1 A t. ~1 13 L1 Cho//a0 c--- z << • : .. % U ... `ti Ai- 2 /-�.- 7Z U1 Mt:`l.E 0 `�'•,, MOOREr <..RQ \-J MOORSSUbi RD LOC' -, s �;� ;, o zject Otni o o k ) ! P ( - cr • LF,Q \ a0a ' TANGERINE T NGER :.' A ,QO <2F-, © • - - - - - - - I N • Z A vra Valley'' Z7 ` _ Q /Airpc,iey �•` D w a a \/ '' : •_ `,f , \, p~ p O NARANJA DR �` . .� r r 4 **%111144,--: c-'*-:-..,44'• W r > Z, p s � RDf. Z LAMBERT \___ ° - LAMBERT LN < / ,.4,.. . s;t- .�\, OASIS Q RD cr Q w f ". TWIN PEAKS, QRD v. LINDA VISTA U.', > i �`'" E1.14''' ' C BLVD OVERTON CONCORDIA/ ,ft-re ,E;VIIGH RD o Q RO < HARDY 'RD 1; ..,s, •-• PIMA U FARMS'Pr, CORT ARO}FA Z !` • "� MAGES RD w' RD F. a ,p w ,.4.� 40 '.., ,. w e 0 o s ' M�AGEE _ ;`RD .r1 U.S.,, . • jug u4 d4 ?_ `s ANTHONY DR O p << ►- _, ,»-- ....,, ,,.a- ;, INA RD ,.. i a I �� wirdft‘' , ;'U S H i •- ', I': -1------ z U fl >f 'fes ..0,. 4,, - .ORANGE GROVE 1CTUR� '" -, Z ORANGE GROVE `: RD; NE DR �0 4 '-'•-'',• . Q Q ! < a RD - = RUDASILL ;'RD , m z J cc; i ' SUNSET RD J;,'` `n icoASTER o O a �' ��J - :_, ct SUNRISE DR Z Ro ' ,�, v o �-i �a Q o a '.cx �� RIVER cn ,~ Q O cc TERRt�p U a • W Saguro , CAMItO DEL o, •.. t- , ,_ C BARB L Q- SNYDER Qf `GOt-D GPS GPM �CERRO �� WETMORE IRU Rp �- ,;I ;, O 1 • z , E W vJ ATER ROGER R O ! Qi National' O PRINCE , ---: DR c,�� •�-' ~- CLOUD f w' GORET ;.,•, FORT LOWELL RD `" r • -.,;;.:1* r O. Rp MIRACLE E> J , E � TANOU EMILE WIDE � O IRONWOOD GRANT aRD - RD y� :'' - HILL DR fl -N a 1-' UJ 'PIMA ST • cr 4 F'C % ,- O 0< U SPEEDWAY I- %Ix, cciD , ANf;SQO 8RD 6TgHROASDTWA } < < S-T • _ 2., :1)RDc,(.Thc..,:-.,-;:<s,,, �`TZ :`O '),SSS ` E'� GATES , G •4 Q• ' ' • Da a 0 - QLU �t STARR PASS i U > 22ND 51 0 cBLVD A T _ C. 1 / a 29TH ST� C 36TH I , STC y GOLF LINKS 2 a G w F''. t" Z o F- CS (n - z u BOPP w RD w� 'HIGHWAY AJO _ WY D G= s , -. ESCALANTE cc A�o C);86 -- -- O W \.•__ > IRVINGTON Q ' �2S > IRVINGTON 0 RD � Y '�'L�rI' Z r Davis-Monlha/ a Q Ryan w , D R E X E L Y Q RD 0 0 o*ANA co Q a - Airfieldo 0 < T a U> o A, /� VALENCIA 2 Y RD D `- a cn r i Q Q • •_ . ao < 0 < > Qa P�. 186; U g 2 U ~ O N 2 �\C/ �N - PA.PASCUAU.LOS REALES . 2 f --\�k t_OS REALES RD a tYAQUI RD t r'P�.�O t TUCSL'J TRIBE !SAN ; /nteril5tiOnii/ _ �, HERMANS RD ' ' O i Airport HUGHES ►- cc Tohono . . . ACCESS RD O 2 _J J 0 Tohco G S r Q ,.., 1 liglillr'- [ Neigt.borhood Ma p Note: Not To Scale SITE DESCRIPTION The subject site is a rectangular-shaped parcel that is located on the south side of Sunkist Road, and the east side of the La Canada Drive/King Air Drive alignment, Pima County, Arizona, It is identified by Pima County tax parcel numbers 219-51-0010 and-0020. Since no survey has been provided, the size of 10.00 acres has been derived from Pima County Assessor records. It is assumed to be correct and reliable. Topography The topography is generally level and at grade with surrounding properties. There is evidence of some minor storm runoff in the westerly portion of the site. The site has natural desert vegetation. These characteristics are typical for the area. Soil Conditions The actual soil conditions are unknown; however, they appear to be typical for the area. It is an assumption of this appraisal assignment that the subject site has no chemical and/or hazardous material nor any violation ofthe Environmental Protection Agency regulations that would prohibit the development, or inhibit the utility, of the site. If the opposite is true,the value ascribed in this report may be subject to change. 36 Flood Plain According to the Federal Emergency Management Agency Flood Plain Map, Community panel 040073 1040 D, dated September 30, 1992, the site is located in Zone X, an area designated as being outside the 100-year flood plain. According to a Flood Hazard Information Sheet completed June 11, 1998 by Pima County Floodplain Management, a portion of the site "is cut by a regulatory wash with a 100-foot setback requirement." I confirmed this on September 24, 1999 with Mr. Henry Goglin, a hydrologist with the Pima County Floodplain Management Division. Due to the fact that this wash is situated in the northeast corner of the property, more than 100 feet from the improvements, and the fact that the subject comprises 10 acres, it is not considered to have a negative impact. Access Access to the site is via Sunkist Road, a two-lane dirt roadway. This road is situated approximately equidistant from Moore Road on the north and Tangerine Road on the south. It begins at La Cholla Boulevard, one mile east of the subject, and terminates at the subject. It has no curbs, sidewalks or street lighting. 37 • • 1 • 1 34 ) 35 • ,tSubject . ,., ELEVATION REFERENCE MARKS REFERENCE ELEVATION MARK (FT.NGVD) DESCRIPTION OF LOCATION RM8 2436.41 Twin 40 D spikes in most northwesterly one of a group of three powerline poles, located approximately 75 feet east of centerline of La Canada Drive approximately 0.4 mile north of its intersection with Linda Vista Road, near section line between sections 14 and 15, T. 20 S., R. 13 E. Established by Kucera and Associates Inc. RM9 2499.36 A 0.625 inch iron pin with aluminum cap stamped "K-29 1976", set 1 inch above surface between two powerline poles, located approximately 100 feet south of centerline of Lambert Lane, 1.4 miles west of its intersection with 1st Avenue, near center of section line between sections 11 and 14, T. 12 S., R. 13 E. Estab- 30 lished by Kucera and Associates Inc. RM10 2525.71 Railroad spike in powerline pole, located on southeast side of Lambert Lane, 0.5 mile west of its intersection with 1st Avenue. Established by Kucera and Associates Inc. • RM11 2575.41 U.S. Geological Survey (USGS) standard tablet stamped "1MDC 1976 2575", set on 0.625 inch copper-coated rod encased in a 6-inch drainpipe, located 10.35 miles north of Tucson, along U.S. ZONE X Highway 80, 89, State Highway 789 and Tucson-Florence Highway from intersection of Miracle Mile and North Oracle Road, approxi- mately 0.4 mile south of milepost 80,at private driveway northwest of Canada del Oro Ranch. RM12 2615.07 Railroad spike in powerline pole northwest of U.S.Highway 80,89, State Highway 789 and Tucson-Florence Highway located 0.45 mile south of Canada del Oro crossing, one pole south of angle pole where powerline crosses highway, near northeast corner of section 7, and northeast corner of section 8, T. 12 S., R. 14 E. Established by Kucera and Associates Inc. RM13 2640.38 Arizona Highway Department 2.5 inch brass disk vamped "2640.96 +679+56.6 1946", located at concrete bridge over Canada del Oro, on curbing at southeast edge of northwest concrete sidewall of bridge, 11.5 miles north of Tucson, along U.S. Highway 80, 89 State Highway 789 and Tucson-Florence Highway from intersection of Miracle Mile and North Oracle Road. RM29 2678.89 Iron pipe projecting 1.7 feet above ground with cap stamped "O.T. IR.N.W. COR.SEC.32",located at fence corner,0.2 mile west along dirt road from ranch buildings, southeast quarter section 31,south- west quarter section 32, T. 11 S., R. 14 E. Established by Kucera and Associates Inc. i RM30 2715.44 A 0.625 inch iron pin with aluminum cap stamped "K-35 1976", set 1 inch above surface, located at west tip of triangle formed l by dirt trails at west-central part of section 31, T. 11 S., R. 14 E. 3 Established by Kucera and Associates Inc. 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There is no natural gas service to the subject. Wastewater disposal is by a 1,000-gallon septic tank. According to the property owner, there is a 600- foot-deep well on the property that provides potable water. Surrounding Uses To the north, south and east are vacant desert land. To the west is a single-family residence on a parcel of about 12 and one-half acres. Single-family homes on large lots(four or more acres) are common in the area. ZONING The subject site is zoned SR, Suburban Ranch, in accordance with the Pima County Zoning Code. The SR zoning permits single-family residential development on large lots. Commercial agricultural uses and some conditional uses are also permitted. The minimum site area is 144,000 square feet. The front and rear yard setbacks are 50 feet, with the side setback ten feet, except when adjacent to a street, when it becomes twenty. 38 , . ,, 1 SR ,.., 1 .. , , , . „ , ,1 ,: !I ?: i ., . C , . S 1 , I is 1' c ski- "•=-1•' i r ........---: tl 1 Vd,r,,I, 1 t , 'V 4 411 1 1 SR i3 1 . . ,4 1.' i 1� ai • . .. ____..._... _________________ 1 L 3,,,,,5.— _ 6)_:-,_< ;I,4:,:t c-'7,,,,,. --------- •- ; Subject - v if tla Pk . j .. , . 0 i ', I $ {{ i1 , 4 1!, I � 1 III ! . . i I -- - . I la ff z 1 . .a } --.--- .. -. 1 1 + r; I 4 ._.; ..-.77 -. i- - Note: Not To Scale 1 • � i- 1 • .. ZoningMap , � ' A copy of the SR zoning ordinance may be found in the ADDENDA of this report. REAL ESTATE TAXES The subject property is comprised of two parcels. Parcel 219-51-0010 is taxed and assessed as a single-family residence. Parcel 219-51-0020 is taxed and assessed as vacant land. The combined 1999 Full Cash Value is$138,207. The Limited Property Value is$133,010. The 1998 real estate taxes are$2,623.66. According to the Pima County Treasurer's office, the 1998 taxes have been paid. Full Cash Value has no relationship to fair market value as defined in this report. Full Cash Value is set by State law and is for tax assessment purposes only. It is a percentage ratio of the fair market value and does not consider the future potential use of the property,and is not always current with market transactions. DESCRIPTION OF IMPROVEMENTS The subject single-family residence was constructed in 1983 and comprises approximately 1,260 square feet. It is a two-bedroom, two bathroom home. It also has a living room, 39 dining room, kitchen and small utility room. It is made of frame stucco and has evaporative cooling and electric heating. There is a pitched roof with shingles. The home is in good condition and exhibits pride of ownership. The interior of the home is carpeted throughout, with the exception of the kitchen and hall bathroom. The kitchen has Mexican tile and the hall bathroom has vinyl tile. The interior doors are hollow wood, and the windows are sliding aluminum. There is a stone fireplace in the living room. Adjacent to the kitchen is a small utility room where the washer and dryer are placed. There are ceiling fans in both bedrooms,living room and dining room. The home has an alarm system that is not being used at present. The back porch is accessible via a sliding glass door offthe kitchen. The back porch runs the entire length of the house (48 feet) and has a ceiling fan and four floodlights. A portion of the rear yard (about 30 by 60 feet) is enclosed by a split-rail wood fence. There is a brick walkway from the rear porch to the fence. This is a distance of about 30 to 35 feet. Landscaping on the property is minimal, and consists mainly of natural desert vegetation. There are some bougainvillea plants at the rear of the home. To the east side of the home is an asphalt parking pad, about 12 by 20 feet. The driveway is dirt. There is an RV hook-up just beyond the rear yard. The entire site has perimeter fencing. 40 `;i C/ I' r 2/V/4/6 ' i 2////, !-= c'/?1 11 zi// -3,• 1 1 /4//vz e4-7,/ 1 1,7/.(-_-.--*-7- /r__... "7,-57-?-4- /0 cy-/f:/V 1 1 ,(4 _7'7p7.7. 0/v-? .7/f„ ,--/7 v.- /.fy 1 ,7z9,_27).7 i 44,7 i 1 .................."......1 1 I1 i /1.(-- ' ze:,,c7z - -=-e-6 /. 1 i i z.7.F. ' a(P‘ /•_ 7 3 /te.f- -- -,_5--/V4// 0 "-:/e A) / 6')69 0 / , ,_..7/, ..,t- 3 i FloorPlan HIGHEST AND BEST USE Highest and best use is the basic premise of value and,as such,reflects an appraiser's opinion based upon an analysis of prevailing market occurrences. Highest and Best Use, as used in the analysis of the subject, as vacant, is defined as: The reasonable 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. The use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and that results in highest land value (from the Appraisal of Real Estate, 10th Edition). The definition applies specifically to the highest and best use of the subject property as vacant. The purpose of estimating the highest and best use of the subject parcel, as vacant, is to identify the uses that cause the subject to have value. The use of the subject parcel found to be physically possible, appropriately supported, financially feasible, and that results in the highest present land value is considered to be the highest and best use, as vacant. In estimating the highest and best use of land there are essentially four stages of analysis: 41 Physically possible use- the uses of the subject that are physically possible; Legally permissible use - the uses of the subject that are permitted by zoning, existing leases and/or deed restrictions; Financially feasible use-the uses of the subject which are possible and permissible which will produce a net return to the owner of the subject; and Maximally productive use - the use of the subject site among the feasible uses that produce the highest net return. The use is essentially the highest and best use of the subject. The previous stages of highest and best use analysis have been applied to the subject parcel. HIGHEST AND BEST USE OF SUBJECT SITE, AS IF VACANT Physically Possible The immediate subject area is largely undeveloped. Scattered throughout the area are many tracts of vacant land. Existing development is mainly residential, either on acreage or in one of the subdivisions in the eastern portion. Residential development in the immediate vicinity of the subject consists mostly of ranchettes (one- to four-acre parcels typically with horses, 42 etc.), and mobile homes. The subject site is a rectangular-shaped parcel that is located on the south side of Sunkist Road, and the east side of the La Canada Drive/King Air Drive alignment, Pima County, Arizona., It consists of approximately 10 acres of land and a 1,260-square-foot home with horse facilities. Access to the site is via Sunkist Road, a two-lane dirt roadway. This road is situated approximately equidistant from Moore Road on the north and Tangerine Road on the south. It begins at La Cholla Boulevard,one mile east of the subject, and terminates at the subject. It has no curbs, sidewalks or street lighting. The topography is generally level and at grade with surrounding streets and properties. It has natural desert vegetation. These characteristics are typical for the area. According to the Federal Emergency Management Agency Flood Plain Map, Community panel 040073 1040 D, dated September 30, 1992, the site is located in Zone X, an area designated as being outside the 100-year flood plain. According to a Flood Hazard Information Sheet completed June 11, 1998 by Pima County Floodplain Management, a portion of the site "is cut by a regulatory wash with a 100-foot setback requirement." I confirmed this on September 24, 1999 with Mr. Henry Goglin, a hydrologist with the Pima County Floodplain Management Division. Due to the fact that this wash is situated in the northeast corner of the property, 43 more than 100 feet from the improvements, and the fact that the subject comprises 10 acres, it is not considered to have a negative impact. Therefore, based upon a review of the physical characteristics of the subject, it is concluded that there exist no physical conditions that restrict potential use of the property. Legally Permissible The subject site is zoned SR, Suburban Ranch, in accordance with the Pima County Zoning Code. The SR zoning permits single-family residential development on large lots. Commercial agricultural uses and some conditional uses are also permitted. The minimum site area is 144,000 square feet. The front and rear yard setbacks are 50 feet, with the side setback ten feet, except when adjacent to a street, when it becomes twenty. Based on the above discussion, it is concluded that there are no conditions of a legal nature that limit the highest and best use of the subject. Financially Feasible The physically possible and legally permissible uses for the subject will now be analyzed in order to determine which, if any, are financially feasible. 44 As noted,the subject's zoning is intended for single-family usages on lots of at least 144,000 square feet (3.3 acres). Since the subject contains 10.00 acres, it is concluded that the financially feasible use of the subject is for development of three 3.3-acre lots with single- family residences, possibly with horse facilities. Maximally Productive The physically possible, legally permissible and financially feasible uses for the subject parcel have been analyzed. The maximally productive use is that use which has met the first three tests of highest and best use,and which will result in the highest land value or,in other words, the highest net return to the subject. The subject is located in a rural residential area. It has fair access and electric and well water available. Therefore, it has been determined that the maximally productive use,and the highest and best use of the subject site,as if vacant,is for development of three 3.3-acre lots with single-family residences, possibly with horse facilities. 45 HIGHEST AND BEST USE, AS IMPROVED There is a 1,260-square-foot single-family residence, erected in 1983, on the subject site. Additional improvements include a horse barn, horse corrals, hay barn and RV hook-up. Physically Possible: As mentioned, there are horse corrals and other improvements that are utilized as a horse- riding facility for handicapped persons. As presently improved,the property is best-suited for its current use as a single-family residence with a compatible complementary use. Legally Permissible: As noted in the "as if vacant" section, the current zoning permits residential and certain conditional uses on a minimum lot size of 144,000 square feet (3.31 acres). The current usage of the property complies with legal requirements of the Pima County Zoning Code. Financially Feasible: Since all of the surrounding land use are single-family dwellings that allow horses like the subject,or vacant land zoned for such use, it would not be financially prudent to develop and 46 alternate use on the subject site. Maximally Productive: The maximally productive use of the subject improvements should conform to neighborhood trends and be consistent with existing land uses. Considering the above analysis, the maximally productive use of the subject site, as improved, would be three 3.3-acre "ranchettes". VALUATION METHODOLOGY The three traditional valuation approaches,cost,income capitalization,and market data,have been considered in the appraisal of the subject property. After an evaluation of each approach, I have concluded that only the cost and market data approaches are applicable to the subject. I am appraising a single-family residence with horse facilities on approximately 10 acres of land. Single-family homes are not bought and sold on the Income Capitalization Approach. Although the valuation of the subject site, as if vacant, is actually a component of the cost approach,for organizational purposes it has been separated and employed prior to application 47 of the cost and market data approaches. The land valuation also serves as a test of the highest and best use of the subject as it its presently improved. LAND VALUE ESTIMATE In order to estimate the market value of the subject property, as if vacant, sales and listings ofro erties comparable to the subject were gathered. This approach to value, the Market p p Data Approach, is an application of the principle of substitution, which affirms that, when a property can be replaced, its value tends to be set by the cost of acquisition of an equally desirable substitute property that can be acquired without undue or costly delay. This approach is used to estimate the market value of the subject property by comparing it to properties similar with respect to buyer appeal, environmental, economic and physical characteristics. Sales information is confirmed with a party to the transaction or via public records. All information is assumed to be accurate and reliable. Since properties vary in characteristics, which influence value, adjustments are made to compensate for differences between the comparable sales and the subject. The price of each comparable property is adjusted to the subject property to reflect differences in an effort to estimate the market value of the property appraised. The subject is analyzed on the sale price per acre of land area. Dividing the sale price by the 48 acreage of the land derives the sale price per acre. Both buyers and sellers in the market place use this unit of comparison. The comparables utilized were deemed the most appropriate after researching the northwest Tucson area, particularly the subject's environs. In the analysis to follow, adjustments are considered in the following sequence: interest conveyed, sale conditions (motivation) and financing, and market conditions at the time of sale. Following these, adjustments are also considered for location,physical characteristics including size, availability of utilities, zoning, site utility(which considers shape and usable land area), and other factors that influence price and value. 49 Comparable Land Sales Analyzed No. Date Location Sale Price Acres Price/Acre Zoning 1 1/98 East of Teal Blue $140,000 10.06 $13,917 RH Trail, north of Moore Road 2 5/98 North side of $85,000 6.08 $13,980 SR Oasis Road, east of El Camino De Manana 3 3/99 East side of Como $84,000 6.06 $13,861 RH Drive, north of Cougar Canyon Trail 4 4/99 South side of $153,000 10.00 $15,300 SR Sunkist Road, east of La Cholla Blvd. 5 5/99 North side of $284,700 13.53 $21,041 SR Sunset Road, East of the Saguaro National Park 6 8/99 West side of Hawk $395,000 19.53 $20,225 RH Canyon Trail, north of Turtle Dove Lane 50 \ <C. 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BLVD .,c F U ,. zt .. = Nt; Z U T STN < ST`-` __1 i 0 - v -1 ES O (.� 0 4 > 6�H ST - --� c• t �- M oRD ` • �� �' BROADvvAY z cf BLVD Z L`F'•'�� GATESL1/45P-,S5 Q _ o cu ,`. z < i- 0• - z >� Z - (.) i Z •.7.. S T A R R Q PASS ' `11 u > •22ND J 5 1 0 ti) S,o L. W BLVD "3/7:, �'T/ Q I�- H 5T 5 < �ti/S 'i: C� >- i, /Of ►- R D ti -s ck ;_:_ �0 36TH 1 �_ S T �y GOLFLINKS Z 0 ZO O z G cn = RD 0 .HIGHWAY AJO - .'Y J -_-- ESCAL.ANTE z BOPP i RD u��` . - -- - G `� Q < 0 ASO- 1„ ---- `1' Q Q < �F�✓ IRVINGTON (2 I RD I .- > IRVINGTON Q RD y 0 - Y �v j Da vis Monthaf ,,, Z CD Qvan ,, DREXEL RD cCn o 0,6144 O A FB 0 o Q C T U < Y Z ? r c a RD VALENCIA 2 Y J Q < 0 Q •'zI- 0 U , , VALENCIA RD PA.PASCUA° LOS R E :YAQUI Comparable LSales ---alik--- TRIBE --, ' girpoll Note: Not To Scale E1,'.,riES Land Value Analysis: Six comparable sales of vacant sites with potential use similar to the subject have been utilized in order to estimate the fair market value of the subject site, as if vacant. The sale price per acre of land area is the typical unit of comparison for properties like the subject and therefore has been utilized in this analysis. The subject property contains a total of 10.00 acres, more or less. The sales utilized in this analysis range in size from approximately 6.00 to 19.50 acres,and in sale price per acre from about $14,000 to $21,000. Consideration for adjustments to the comparables are necessary for differences in terms of sale, time of sale (market conditions), property rights conveyed, conditions of sale,traffic exposure(visibility/access), utility availability, size, zoning, shape, topography, flood plain status and location. Here follows a discussion of each of the adjustments considered. Property Rights The first adjustment to be considered in the analysis of the comparable sales is for differences in real property rights;the degree,nature,or extent of interest a person has in real estate. The subject has been analyzed on a fee simple basis. All of the sales analyzed were purchased on a fee simple basis. Therefore, no adjustments for this element of comparison are warranted. 51 Conditions of Sale Inherent in the definition of fair market value is that buyer and seller be typically motivated. The comparable sales have been analyzed with respect to the motivation of both buyer and seller. Often, the conditions of sale impact the final purchase price of a property. For instance, a property owner with a need to expand an existing property holding through assemblage would typically have a higher degree of motivation to purchase an adjacent property if it were available than would the general public and, therefore, could be inclined to pay more money. Conversely,a seller who was distressed for financial reasons, might be inclined to sell a property at a level below market. In analyzing the comparable sales with respect to sale condition,I consulted either the buyers, sellers, public records and/or brokers who were involved in each transaction to determine if any undue pressure existed, either from a buyer's or seller's perspective. Available information indicated that the sales analyzed sold under normal market conditions. Therefore, an adjustment for conditions of sale was not warranted. Discount For Cash The sale price of one property may differ from that of an identical one because financing arrangements vary. For example, if the buyer of a property received a seller carryback at a 52 favorable (below current market) interest rate, or made a small down payment (less than 20%), a higher purchase price may have been paid in relation to an all cash purchase. In g order to determine an appropriate discount for cash, I have analyzed recent sales. Of the six closed sales utilized in this report, four sold for all cash, and two sold for typical terms. I have discussed the effects on purchase price with brokers and investors in the area, such as Mick Cluck of Roy Long Realty. Based upon these discussions, a discount of about 5 to 10p ercent for cash was indicated. In general, the amount of discount depends on the location of the property and its probable development timetable. The longer the period of time until the property becomes suitable for development, the greater the discount for cash. As the subject is being valued on a cash basis, no adjustments are needed. Time (Market Conditions) The sales occurred between June 1996 and March 1999. Based on my discussions with the above-mentioned brokers and my analysis of the market, there has been an upward trend of about 5 percent per year in sale prices over the last two to three years. Hence, Sales One and Two require a 15 percent upward adjustment,while there is no adjustment for the remaining sales. 53 Access Access to the site is via Sunkist Road, a two-lane dirt roadway. This road is situated approximately equidistant from Moore Road on the north and Tangerine Road on the south. It begins,at La Cholla Boulevard, one mile east of the subject, and terminates at the subject. It has no curbs, sidewalks or street lighting. Sales Three, Four and Five have similar access and require no adjustment. Sale Two is situated on a paved road and must be adjusted downward. Sales One and Six have inferior access and require upward adjustments. Utility Availability The subject has electric and telephone service available via lines along the north side of Sunkist Road. The property has a well for water, and a septic system for wastewater disposal. All the comparables have electric available. Sales One, Four and Six do not have water available, and thus require upward adjustments. Size Generally, smaller parcels will sell for more per acre than larger ones. This is due to the 54 greater number of buyers with then financial capability to purchase smaller parcels. The subject comprises about 10.00 acres. The comparable sales range in size from about 6 to 19 and a half acres. Since the two smallest properties actually sold for less per acre than the two largest ones, the sales utilized do not indicate a size adjustment. Zoning The subject is zoned SR, Suburban Ranch Zone, in Pima County. Sales Two, Four and Five have SR zoning, and therefore, no adjustments were noted. Sales One, Three and Six are zoned RH. This zoning is superior to SR in that certain uses that are only conditionally permitted under SR (which, in fact, can be denied), are openly permitted under RH. Thus, these three sales receive a downward adjustment. Shape The shape of a parcel determines its ultimate developability. A rectangular or generally rectangular site will be able to be more fully developed than an irregularly-shaped one. Sales Three and Five are irregular in shape and thus are adjusted upward. 55 Topography Sites that have a rugged or sloping terrain will either have less usability than level sites, or require additional costs for development. The subject has a generally level topography, whereas Sales Two and Four are also generally level. Therefore, no adjustments for topography are needed for these sites. The rest are adjusted upward for inferior topography. Flood Plain Sites situated within the 100-year flood plain would require additional development costs. The subject is outside the 100-year flood plain. Sale Four has two small washes that traverse it, and thus requires an upward adjustment. Location/views The subject is located on the south side of Sunkist Road, and the east side of the La Canada Drive/King Air Drive alignment. It has a rural setting with mountain views, as do all the comparables. Therefore, no adjustments are needed. 56 UNIMPROVED COMPARABLES/ADJUSTMENT GRID ONE s:�^nr^�Si:';:,:,:',-..7,1P,„, , a 2 y;r. f£ 'yr e. r.. "fir r et s""�37 r u?;Pc.,4 ,�wrt,�,,.f. ��i9.sv,1 :` �,�r�1. .: Mfr°`},�•: s•er"'�i c` �`o"_ f -roµ:_y i a '',. t r r.a .. , f�,... ,.,. "�S",.0,,{e,}.�, },,.,z+,� ,,,. �"'x'��'''''''.1'''-'' 4��'� J�� �� „�, �'e w. �d"rSp"� 2i ��...ay a .l,� • �'�U�O !; �a� te rice Acre� , '....'2,-'.,,,:,'.:47,,,,,,,,,,,4,:`' Conditio s Financing lV arket y 1 , DRi fits of Sale r-_ � � Conditions 1 1/98 $13,917 ----- +10% 2 .5/98 $13,980 +10% 3 3/99 $13,861 4 4/99 $15,300 , 5 5/99 $21,042 6 8/99 $20,225 UNIMPROVED COMPARABLES/ADJUSTMENT GRID TWO ra ttir+3 n,+'t .G• f -ryi az , }3r„m. '4:4,4";•;.:,, ,``,„ +� n.i g'Y"+f?C .S: .t., a,.. r"'C�'r4,�.,�^`+�} f_'ca.ys"°;�/'�.. t 1 f .�J?loe 3 '-"S''iYs �'�>.ti'ti.�°f'�BYJ�kk T 6�_ oo'` Price/acreZoning Size Utlhti yz� �o Ts;k •r �?i .t.„.„,_,,„,,,,._._.,..,._,,,,,,,,„..:,.„•..,,,,..,..::„::-..,;....,,,,,, , "4.1 yy >o4.” i ;''t''�`f`�a£�. �,7b ,Sa } '_ .yaa faw - 4 i,4,: r 7 f ,- ',,r^. . y:, 0- - Mx r}er.::,,.*,,,,,,,t,".„,.,:' ..v F"t".„,.�7 .,-,,;-- 1 _. -E';:1 '+ _ , u` _ �4":1-4.,'„,., -,*-.Y:. 1 $13,917 +5% +10% +10% 2 $13,980 3 $13,861 +5% +10% 4 $15,300 +10% +10% 5 $21,042 +10% 6 $20,225 +5% +10% +10% 57 UNIMPROVED COMPARABLES/ADJUSTMENT GRID THREE ,... _ _ ..... �. .,.�....,...: n :..,..�.. ,..y-.,.,-....,,. ...t. .� :.�.• ay...,i: .aZ.. ':*>•, E,.•r+?. "r.•�.". "fit .a ii:�'.'' y'� i'��'�� �,.e��•'w�'p ..;y�p`yt ,. •rr, ��,rtv.Gr.•.v.•t v.- ..1v: d. �;{4. 4 t '.>c.' ��v`(�-� •.[- m1';-.,`F.':"r y "� �'¢:.L's; .�'�.�.�..!-t �-•: �S ,y '�;�• i.. �h'.J ti`;'TMJ?1,. L.`2 .b d •�' d: .�'� 'h �:i++".Y �.-5:.•• 1 .�w .� ..t. },�;. �„.,. .-ti, .LRS^"•.�� r.. s;' �'ct;�'.'rr. ��' �" �.}.rt` �r ,+a .a' +s., ;t� .. a° �.. .'•1,•,�5tr+.e`x..'. - .t •4�':' h.,;5` .�„'... 'r .. ..'w... �'�+�-Y, �� '£���. .,c- �51` -S.�'� r ci�,.�Tcc';x'� � �c .? 3�, f..s x :u .T���,�(s ,D. '�• 'r'+�y+� ^X:�J m.hi''„`�Y�J Y�L- .•..rq• '<' t =N�� �/ N .J��-yrA=v. �.. .},y t`>-ATTyt+- GE^,)3 W..:fo `^:'.:� '�`. �.e FF"N'• r_S.�" 5'�.�;_ R�"_�y,. Y1� \ �' � •; `&�y/(: �Tct�.. � L j� %is�?.€I�"h��.�K� � A It < "''�`..� 1 P-. 1� . 1 ,'. 4=`y�:73.x; • .��%'r. .-'S` £ .� /',3i,.-th•,.•r '.wa- i iv.... Vi �'4 �1• ,.. `#: -!. � • �57?'`'v ...�,..T,'p:;..n("•.�`:Y�.,a�•iEti�.� >•,�...�...�wt�ti- .�` fti-. ^�t f:4•. }: ...�.,..� �:t� � �'S. .L. . .T,f•-. ':'3'�t' � , .t'1 h � � �..F. �A�nr�Y�r.'.f u. ^�. ` a.� ±_ •'�, ''� , � .'.;y•xrJ;.��•4..f,�-.,Y+Y:...�strjJ`.�,o._`"+a s;j:.,,'.',':'.+r+:'�...:.�r'�_r�p''F�'.,..i--r�a.Yr`.':.t<.'v...,..C:.ra•..k...:r..i-3}F r.1..�Nw..:r„:y�,••,�r�'.,R��_•x.�e�4-.r���1.ti?l}.•�-R,�'*:,'.,�4�tit��,tir.1i•r!'v+.�',:;.�eji+k�ye..Rro,„Y:...7'1�'•&`.”,:.��..,�.,33,G�r:";''#+•�+.c:'.+.vr",�...f..._,.;.3r�.+.r>�'y.'.���•#..,:Y.:9-,.A'asrx�AsrC4.,.:,f,^�.^.,tif',���3"va`:s�,ik,�..,.'�'k:-Y,n,ti`+.":._-.,;n.r�3x-�.,.'..�.:•,�xr<�:�w��-:'�rix.?a',�'��'4-s•j"'"'�p.{.�,.��r:" 'o•:��.�.•..1''�:�.���,JL1ocation +'fgyes 7...mY''4 ;:•'��=w"ha'xrte.r p"e�e 7z.V, S•e: •h ,.�44.f:.,_<F�TY.•�,_:,,',,:•;T�i•'.•�`y�.•,'��y��'.���fi�7'-`�.L_.iY4,;.�,a�tfi.:K,:c.,.•.�I.••e`-.tr:,.`.•rN••,}4F��-t1�.•`�,�{+F7' c�' nee ee..•.,>. tt���..•.x .,esfi":.qr�•. :. ?. r••':;i. 1 $13,917 +5% +30% $18,092 2 $13,980 -10% $13,980 3 $13,861 +5% +10% $15,247 4 $15,300 +20% $18,360 5 $21,042 +5% +15% $24,198 6 $20,225 +5% +20% $24,270 The indicated range of value for the subject after adjustments to the comparable sales is from approximately$14,000 to $24,300 per acre. Greatest weight in this analysis is given to Sale Four, which is located on the same street as the subject, has the same zoning, is the exact same size, and sold less than six months ago. Based on the comparable sales,and after adjustments for differences in the above-mentioned categories, it is my opinion that as of September 21, 1999, the fair market value of the subject, AS IF VACANT, is $19,000 per acre. Hence, 10.00 acres, more or less, times $19,000 per acre, equals $190,000. ESTIMATED FAIR MARKET VALUE OF THE SUBJECT PROPERTY, AS IF VACANT $190,000 58 IMPROVED SALES COMPARISON APPROACH In order to estimate the fair market value of the subject property, as improved, sales and listings of properties comparable to the subject were researched. This approach to value,the Sales Comparison Data Approach,is an application of the principle of substitution that affirms that, when a property can be replaced, its value tends to be set by the cost of acquisition of an equally desirable substitute property that can be acquired without undue or costly delay. The sale price per square foot of improvements is the typical unit of comparison for residential properties such as the subject. The comparables utilized were deemed the most appropriate after researching the northwest portion of the Tucson Metropolitan Area, particularly the subject's environs. Sale One represents the purchase of the subject property in 1996. As such,this comparable sale will receive no adjustments other than for market conditions(time since date of sale),and "extras"(improvements made to the property since the date of sale). I also researched active listings of comparable properties. However, these listings were not considered in the discussion to follow. I have considered them as a means of tracking market activity and values in the vicinity of the subject property. On the following page is a chart of the sales utilized in this analysis. 59 Improved Sales No. Date Location Sale Price Bldg . Site Size S P/S q F t Zoning Size SqFt (Acres) Bldg 1 4/96 1373 W Sunkist $220,000 1,260 10.00 $174.60 SR (Subject) 2 11/98 13910 N Seifert $295,000 2,103 10.04 $140.28 RH Estates Drive 3 5/99 1830 W Hardy $271,000 2,153 5.00 $125.87 SR 4 7/99 14090 N Lago $242,000 2,000 5.00 $121.00 RH Del Oro Parkway 5 8/99 8900 N Camino $274,800 1,942 4.10 $141.50 R1- De Anza 144 Adjustments for Property Rights The first adjustment to be considered in the analysis of the comparable sales is for differences in real property rights;the degree, nature, or extent of interest a person has in real estate. The subject property is appraised in fee simple estate. All of the sales analyzed sold in fee simple estate. Therefore, no adjustments are warranted. Adjustments for Conditions of Sale Inherent in the definition of market value is that buyer and seller be typically motivated. The comparable sales have been analyzed with respect to the motivation of both buyer and seller. Often, the conditions of sale impact the final purchase price of the comparable 60 PIMA , 'I Ill ' i \'-)i V .. 4 , ,.,5 s.,,,.; 6 .i:N:' ( . '• 4 4,.. ,:,,,'',`• ,,.,.4',. GOLDER) RANcii . F jWILD ? / RD ,, a we rx cp , 'i .' • ' TURTLE DOVE Q— LN co Corp ' � 4 .N 4A Cori cr co a 0 r-/ L-t Cho//a 0 z w . �p A�rpar -\ 0 )RE Q RD ��- M O O R E • R D O.cn = \ I�# t ) • -., ( , .�� ~cf) z i t .,: t Subject Comp 1 ! it, - ___ 0-°C 1 a:,, : TANGERINE `L TANGERINE RD _ _ _ _ %.,2?--A. _ Valley - w r-- s 3 ' ' � D 11J �-- Q DR 1� � -r.1�_ - -'�Airoorr _ ;\� O 0 N A R A N J A 7 -------•,- .- 7 cr • ; ., 0 0 m 0 > f w! `!`1. 0 Z` LAI ERT LN <Z LAMBERT `�,_- o ---- �` CC LN : property. For instance, a property owner with a need to expand an existing property holding through assemblage would typically have a higher degree of motivation to purchase an adjacent property if it were available than would the general public and, therefore, could be inclined to pay more money. Conversely, a seller who, for financial reasons, was distressed might be inclined to sell a property at a level below market. In analyzing the comparable sales with respect to sale condition, we consulted either the buyer, seller, public records and/or brokers who were involved in each transaction to determine if any undue pressure existed, either from a buyer's or seller's perspective. Available information indicated that all of the sales sold at market conditions. Adjustments for Terms of Sale (Financing) Adjustments for terms of sale have been considered in this analysis. The estimated market value of the subject property assumes a cash or cash equivalent sale price. All things being equal, the transaction price of one property may differ from that of a basically comparable property because the financing arrangements involved in the sales vary. For example, if the buyer of a property can assume an existing mortgage at a favorable interest rate, they can afford to pay a higher price than purchasers of a basically comparable property, which does not have the benefits of existing assumable financing. 61 Additionally, while the interest rate for a sale may be representative of market rates, the conditions of the loan arrangement may be favorable(e.g., long amortization period, minimal or no down payment, etc.), resulting in a higher purchase price. All of the sales analyzed sold for cash or cash to the seller. Thus, no adjustments were warranted. Adjustments for Market Conditions (Time) The sales analyzed occurred between April 1996 and August 1999. Adjustments for market conditions (time) were considered, as market conditions may have changed between the time of sale and the date of appraisal. Under such circumstances the price of the comparable property would require an adjustment to reflect current prices. Based on my discussions with the above-mentioned brokers and my analysis of the market, there has been an upward trend of about 5 percent per year in sale prices over the last two to three years. Hence, Sale One requires a 15 percent upward adjustment, Sale Two a 5% upward adjustment, while there is no adjustment for the remaining sales. Adjustments for Location/Views The location adjustment takes into account general as well as specific locational factors. In terms of location, Sales One and Four are considered similar and are not adjusted. Sale Two is considered slightly superior and was adjusted downward by $5,000. Sale Five is 62 also superior, and thus was adjusted downward by $10,000. Sale Three is inferior locationally and thus was adjusted upward by$10,000. Adjustments for Size of Improvements Analysis of the residential market place indicates that larger homes will sell for more than smaller homes, all else being equal. However, the premium paid is not dollar-for-dollar. Research indicates that, on a per-square-foot basis, the additional square footage sells for about 50% of the base price per foot. For example, if two homes are identical other than square footage, and a 2,000-square foot-home sells for $200,000, or $100 per foot, a 2,100-square-foot home typically sells for $205,000. Thus, the additional 100 square feet is considered to have sold for only$50 per foot, as compared to the $100 per foot for the "base"2,000 square feet. The comparable sales all have more square footage than the subject. As the subject is estimated to have a value of$50 per square foot, 50% of this figure is $25 per foot. Therefore, all the sales, being superior in size, receive a downward adjustment of$25 per foot times their additional square footage. 63 Adjustments for Condition of the Improvements The subject improvements are considered to be in good condition, as are all the comparables. Thus, no adjustments were noted for condition of the improvements. Adjustments for Design and Appeal The subject is a bungalow-type home with fair to average design and appeal. All of the comparables exhibit a higher degree of architectural design and, therefore, curb appeal. So, they are all adjusted downward for these factors. Adjustments for Access Analysis of sales demonstrates that the ease or difficulty of access to a home influences the sale price, to a small degree. Sales Two, Three and Four have inferior access and are adjusted upward. Sale Five has superior access and is thus adjusted downward. Adjustments for Site Size This adjustment is very similar to the one for size of improvements, in that additional acreage sells for about 50% of the "base" price per acre. Sale Two is the same size as the 64 subject and is not adjusted. Sales Three, Four and Five have less acreage and receive an upward adjustment of 50%times their lesser acreage. Adjustments for Extras Extras include such items as a fireplace, horse facilities, workshops, and swimming pools. The owner has added improvements to the property since the purchase in 1996 (Sale One). These include, but are not limited to, a horse barn, a hay barn, and horse corrals. Since the purchase of the subject did not include these items, it is considered inferior to the subject (as of the date of this appraisal). Therefore, an upward adjustment is made. All the other comparables, except Sale Five, have horse facilities, though not as extensive as those on the subject. Sale Five has no horse facilities, but does have a swimming pool. Thus, they all require upward adjustments accordingly. Following are grids illustrating the adjustments just discussed. 65 IMPROVED COMPARABLES/ADJUSTMENT GRID ONE i Q nv r _ er , Yh xj�:, - _ :r ..., •. � Y � � No Date of Sale Price Property Conditns Financing Market '.-. � ;. Sale .:: Rights of Sale Conditions 1 4/96 $220,000 +$33,000 2 11/98 $295,000 +$14,750 3 5/99 $271,000 ---,-- 4 7/99 $242,000 5 8/99 $274,800 IMPROVED COMPARABLES/ADJUSTMENT GRID TWO • '''''V'A��. � �'r> t�..l.q.1 f'-giies�i' .>-.tq°�,- No, Sale Price: Locatio• . ;�� m Age/Con- Design! f�+3w x. 5 r yrr;� �c 4,.,,,,____?.,,,,„,,,,,,,,,,..„,,,..,,,,,,,: ., x i y`,,,, u;, '{,,;J - -- :f.�XC moi"£kR�Y ,.,,,,o,44,,,,,,,,,,44,4,..:_:.,,,, ��i�ZA Y"'' L.., "Sc�Cf�L\L?+F4� �`S • �f �`; °� dation Appeal View ,, .rr :,,r,-..":1-, ',^z4u. , 1 $220,000 2 $295,000 -$5,000 -$21,075 -$10,000 3 $271,000 +$10,000 -$22,325 -$5,000 4 $242,000 -$18,500 -$5,000 5 $274,800 -$10,000 -$17,050 -$5,000 IMPROVED COMPARABLES/ADJUSTMENT GRID THREE No. _ Sale Price Access Site Size Extras Total(All Adjusted J 3 grids) Price/SqFt 1 $220,000 +$60,000 +$93,000 $313,000 2 $295,000 +$5,000 +$10,000 -$6,325 $288,675 3 $271,000 +$5,000 +$40,000 +$10,000 +$37,675 $308,675 4 $242,000 +$5,000 +$40,000 +$10,000 +$31,500 $273,500 5 $274,800 -$5,000 +$45,000 +$15,000 +17,950 $297,750 66 The indicated range of value for the subject after adjustments to the comparable sales is from approximately$273,500 to $313,000. IT IS NOTED THAT THE SUBJECT PROPERTY WAS LISTED FOR SALE FOR $325,000 IN 1998. THE LIST PRICE WAS SUBSEQUENTLY REDUCED TO $299,000. Based on the comparable sales, and after adjustments for differences in the above- mentioned categories, it is my opinion that as of September 21, 1999, the fair market value of the subject is $310,000. ESTIMATED FAIR MARKET VALUE OF THE SUBJECT PROPERTY VIA SALES COMPARISON APPROACH $310,000 67 COST APPROACH The Cost Approach is another application of the principle of substitution, in that no person will pay more for a property than the amount for which he or she can obtain or purchase, without undue delay, a site and construct improvements with equal desirability and utility. The steps in the procedure are to: 1) estimate the cost to reproduce or replace the basic improvements, new; 2) estimate the dollar amount of accrued depreciation due to physical deterioration, functional obsolescence, and adverse external influences; 3) deduct the total amount of deprecation from the cost, new, to arrive at the present depreciated cost of the basic improvements and, finally, 4) add the land value estimate to the depreciated cost of basic and other improvements to arrive at a value indication by the Cost Approach. Under ideal conditions, the estimates noted above provide a reliable indiction of value. However, unless the property is relatively new and unaffected by significant functional or external obsolescence, the cost approach is not generally reliable. Also, the reliability of the approach is impacted by the sources of construction cost data, as well as the overall reliability of the estimated land value. 68 COST APPROACH SUMMARY HOUSE: Cost per sq. ft.: $50.00 Building sq. ft.: 1,260 Total cost: $63,000 LESS ACCRUED DEPRECIATION, ALL FORMS: (25% of construction costs) Total depreciation: ($15,750) DEPRECIATED REPLACEMENT COST: $47,250 SITE IMPROVEMENTS (DEPRECIATED): Fencing: $ 3,000 Horse Barn (incl. Electrical, etc.): $55,000 Horse corrals: $ 5,000 Hay Barn: $ 6,000 Well: $15,000 RV hook-up: $ 2,000 Total Depreciated Cost: $86,000 LAND VALUE: Cost per acre: $19,000 Acres: 10.00 Total cost: $190,000 INDICATED VALUE VIA THE COST APPROACH• $323,250 69 INCOME APPROACH Since homes are not bought and sold on the Income Approach, I have considered it but deemed it inappropriate for use in this analysis. RECONCILIATION AND CONCLUSION The purpose of this assignment is to estimate the fair market value of the land and improvements located at 1373 West Sunkist Road, Pima County, Arizona. In order to estimate the fair market value of the subject property, I have attempted to employ the three traditional approaches to value. However, while considered, the Income Approach was deemed inappropriate. ESTIMATED FAIR MARKET VALUE OF SUBJECT PROPERTY VIA SALES COMPARISON APPROACH $310,000 ESTIMATED FAIR MARKET VALUE OF SUBJECT PROPERTY VIA COST APPROACH $323,250 70 The Sales Comparison Approach to value is considered the most reliable of the two. This is due to the fact that the Cost Approach involves estimating accrued depreciation on a structure that is 16 years old. Therefore, based on the analyses and discussions contained within this report, it is my opinion that the fair market value of the subject property, as of September 21, 1999, is $310,000. ESTIMATED FAIR MARKET VALUE OF SUBJECT PROPERTY . . . . . $310,000 This valuation of the subject site to be acquired is subject to and assumes the following conditions: 1) cash terms of sale; 2) the size of the subject being 10.00 acres, more or less, as abstracted from Pima County Assessor's records, and; 3) the size of the improvements being 1,260 square feet, more or less, based on my measurements. CHANGES IN ANY OF THE ABOVE CONDITIONS MAY AFFECT THE ESTIMATED FAIR MARKET VALUE OF THE SUBJECT PROPERTY. 71 APPRAISER'S CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY 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 are my personal, unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction of value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated event, or the occurrence of a subsequent event. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. My analyses, opinions and conclusions were developed, and this report has been prepared, 72 in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). I have made a personal inspection of the property that is the subject of this report. No one provided significant professional assistance to the person signing this report. I have no responsibility for legal matters, questions of survey, opinion of title, soil or subsoil conditions, engineering, or other technical matters. Any sketches prepared by us and contained in this report are included solely to aid the user in visualizing the property and its location, and are not necessarily to scale. Each finding, prediction, assumption or conclusion contained in this report is my personal opinion and is not an assurance that an event will or will not occur. I assume that there are no conditions that are not apparent relating to the real estate, subsoil conditions, or structures located on the real estate that would affect my analyses, opinions or conclusions with respect to the real estate. The data gathered in the appraisal process (except data furnished by the client) and the appraisal report itself remain the property of this firm. With respect to data provided by the client, I shall not violate the confidential nature of the appraiser-client relationship by improperly disclosing any confidential information furnished to me. I am, however, 73 authorized by the client to disclose all or any portion of this appraisal report and the related appraisal data to appropriate representatives of the Board of Appraisal, if such disclosure is required, to enable me to comply with the bylaws and regulations of said Board now or hereafter in effect. This appraisal report shall not be quoted or referred to in any report or financial statement of the client or in any documents filed with any governmental agency without my prior written consent, except for State or Federal income tax purposes. Neither all nor any part of the contents of this report (especially the conclusions as to value, the identity of the appraiser), shall be disseminated to the public through advertising media, public relations media, news media, sales media, or other public means of communication without my prior written consent and approval. Therefore, based on the preceding analysis, it is estimated that as of September 21, 1999, the following is indicated: ESTIMATED FAIR MARKET VALUE OF THE SUBJECT PROPERTY..$310,000 I • gg' 1 GEO'GE H. GARCIA ARIZONA CERTIFIED GENERAL REAL ESTATE APPRAISER CERTIFICATION NO. 30297 74 ACKNOWLEDGMENT Credit should be given to Mr. Bill Bugglin, Senior Appraiser, a staff member of the firm. Mr. Bugglin assisted in the gathering of data, inspections, completion of exhibits and in general, acted as my assistant throughout the entire duration this assignment. The value conclusions, however, are my own. .44 if/ az/ GEO'GE". GARCIA ARIZONA CERTIFIED GENERAL REAL ESTATE APPRAISER#30297 75 ADDENDA 76 Nx A4 1 „ H a � ,yik.w1 '• r 1x1. • 1 °I•• jadet., L • _ - • � °fie .x, , ,., � AL. K � 1) VIEW LOOKING NORTHEAST Al'" REAR ELEVATION OF SUBJECT RESIDENCE • +t` N GL d MT • a , e y*-4 hazy,� .3 ✓: PAx Y 1fi$ ,x r p 2) VIEW LOOKING NORTHWEST DOWN DRIVEWAY TOWARD ENTRANCE TO PROPERTY 77 iiili::.'' ; x,,,i , x1 1 4, ;,tea ...: ,4 i 1 R.• , R1 .,....„.. :, :. . — ../ ,. • ;' 8". Y,,,t . i °A „.,,... .— , 3 .,,,;,„_ , , ir .,„.._ , ...-,-,,,-,, .., ........„.. —,,......:,_.... iri , — , .,„,,,,, ,. ..,,,. ..., .-....,.....„ . ', — — ,,.,;:ti,. ,..,,,,,;,,c,,,,, t ..., .,..„,,, ..,,...,„....„,,, a 4 e'.M u,.. airy_ y 3) VIEW LOOKING WEST ALONG DRIVEWAY (FRONT ELEVATION OF RESIDENCE AT EXTREME LEFT) - ... ' ------- it, . ..,,,,_..._,„..,11#, ' -:::::..,_::::„.4,11;1441.,,,,,,,,-,., ..,,g,,,,:;7ipi,. , ,.:-.,,,,,, ,,,,,„,,,,,„,,,,,,,,,,,,...,,,.,,, , ., .. , , .y.„,„„„„„),.,,i,,,:rit„..,,,,,,,„-,4,4„,:,. ,_,. , ,,,,,,, .,„.„,,..,,„,,„„,., , ,.,.,,,,,,„.,, `f3'�J`�€�'�� py�ay �t�",�'�ga ua H��` x,r,s✓+al �. *, --1 1 i i 0 il 1*.,,,,,,T.,,,,,_:,,,,;. ' ' — -—— ._ ,..-- .. , . , fl i, A w1 ' 11°11 , lli - .% ,'-....._ , ,; ,' 4) VIEW LOOKING EAST ALONG DRIVEWAY WITH METAL SHED IN RIGHT FOREGROUND AND RESIDENCE IN RIGHT BACKGROUND 78 ,',,,,. i ,1...._,1..:-i,.i b-) .: . , i , ,, ,:::,.., , , , , , „ .„. ,, ,,, ,, ,.t 4., , L. rd -,,, 1 1 ; .. 1 L ".sPl ii '' Ei i h .ta. 1, j„,........, ,:iiiii.,,,,,,,,, , _ � E . ,�.,y .A „may.."MI �h. -' . Y 3i ;' -;-',:i---:.::-.7,:.,:,-..,.,,, , ,,,:::.-,".:,.,-.., -., y ., ; ',,, .''' - ' ' ' r- 5) VIEW OF KITCHEN '. k,..,„.1. 4. 4, 16it i 111.."d<. x --/'0-`,.,06,,,,..'1,t,„,:,,...i_ al'''' fid* ..., eismii It,. .1111°' ,,'4:,,,,,,,-','-, li ;All 1! „,,,,, , ,•.'$eil„,,,,, I'''''' .. ' --* ''' - ' '''''''''Et 6.'''''''f::!.,'-,"‘.,;';5$ ...1-6 1 ' ''''. .'"- '''''';i'l''''''''' S 3 r 101 am a.: •� .apt / „.L. Y i '''''''- ''';'1!'-',.,!''''',4 r� 'k ,. ,<.° x.41%;. ,i x 6) VIEW OF ROCK FIREPLACE IN LIVING ROOM 79 wIf '-:11V7---'''.1,7 - ,.' ti „. imolai } t}i a ft: A4u v 1t'2°ri•'be s. 3� �.,.!"4.::,,4• mfg eY: 4n 7) VIEW OF FRONT BEDROOM h Imo~ .-.. .... Y r M. Z i ,A4 4/,, . 4 ,.'.:i,, ' i i A *° i.40t ,* F '' .^, 5 V; ,0 0 41/4 k'' agf4 s 0 i -O/:; 14 S , itlki, It 't'l., 0 '' ,, . *.ii,i, .I:‘ 8) VIEW OF MASTER BEDROOM 80 eg Yi‘ c i... -i,,Ai, i- 1 ,II 1,1i t l' 'l i ,Il 1,111, 111 E 7 ,,, , Illi M\' I . 4, *iiiiH.-''' ,„._ _ - 4 e 0 i'...-it' so :, 0-e4iaill.11111 li 1 'll h 9) VIEW OF DINING ROOM ',..,-',:i.';',1,''''-':�(4i � h. b ;S M �: Y-?y � D f �v . i i 4 ,;;'—: ; '-, , , 1 : : : i 1 ,-.: } Li S '..,:q 1 ; 4 ; 1 $ 1 -i--i.—:-4,';„ , 5 'R ' k, 3 � £ 4' r,p � -5 .n,, { ✓sem^ 9: r .440011100.°111*.„.. ---, 10) VIEW OF HALL BATHROOM 81 wyy w.- ', Ili 4 • 1,, 1 , - ......___..,_ : , _ ,...... ri' t , li is' ' _, .. _ _ ...„--- i — .. ._ . , , ._ . . ,. ,, ,,,,,,; , , — , .ii , . , s w ,.. ....-- ,, " 0--' .. j:r--r 11) VIEW OF LIVING ROOM ;; x� yk i'01 111-*11111'..11113 f , i,,,,,, ,,,,,,,,,,....,..:44, ,y 1 1g !:,, .4, • --- - .,i, rill : _ _. 1 . .. : , ,., V , ' 1 , , , 1 pow i \ *'*. 12) VIEW OF UTILITY ROOM 82 P n s :-4'q! : - ,; wi • •• .. ,:..r i✓s r.r."�•.a a•a:w-;,.-1'.";.',..'°;',.'.'.:�c a s a e w°,°;.,,,,:::,..,' T. : . , ,,,,,,,: 4 Wx _ w,. < 17 A / , k '-: °4- , Pli, ,,,., - < ... ! 14 ' � {. i T� mo . � , ' I'' .-•e-....,..,,� _ giii, i,10,,,,.! -‘111.0#;.*: 1, , ,, ' ''L.______ ' _..............,_. ., r —1—11 .. i ... . 11 4n *t*I"i'lm''''' ' ' - ,-7,—.......... _______ ,,,,,... : ....,_ ._____............._,...... ,,-_, ...4., .,.......----- - ..„. , .„... _ ....,,- '..--.--'..-.--- ' _.,....,., ....„ ....., ....., .. ,... ....... , - , - , , _ _ , — ,„,,,,,,,,,,......., --;- -- . , , ..,,,,,,,,,.... - .- . . - .- .... _ . . ..,,, . . .. ',...:;Iti!-- - ,a, , . ,,,,,,.., , .- , . „ 13) VIEW LOOKING SOUTH AT HORSE BARN iii, } , il f 44 4 i, Y I w y , Int ; , xr yam. 14) INTERIOR VIEW OF HORSE BARN 83 x w y r k ••�-!• Lc is . r.. 1} w i� Y-- r x � n P. i -,e .,,„,„ ,, . I ti ,..,„, - , __,...4,..... f-t= 1 j-- ..,:: -tr....,- - „,,,, -- — -- r Y /•-•'::, � • �, �w LT'ii� �I�" ;e e .IM.tri `a t'!�=.. ' iii • yet '"".."it M 7-- . ' �,, if iii mi 1 la .,jok... .!ip.., iwisi.....--.x . „ _ ip,,, h , iivsi- iiiii 1 '..-w,-.„,... -._.......,.. ..._,..... ... . - . ... -„...., . ... ,. { ...._ „ _ - - .. . ... .. ,„. % , >a:,„list. , , sa'&rs, .... , , ..„. . .,, 4 4,, ,,,, . • -' - - -,_,,i„;.-:..-„,r,;,..w#,y.,-.,.4;..74., . -- ...... . . ...,,, .,,,..,,,,..,,,,,,,„„ ,,,,.t,-. ,,,1„,,,,,.,,,,,%. ,,,„. ....„.4 ..,„.„. , . . , ,...., -,..-.‘,, :. viett...,--.--- . - $4, . ., . i,.'S42'` _ .i +w .Sf`fie'”. r .. ti � >p...4.., . ... f>;'401.4. �y� M,'}' kr,,,:f $ "'dam" Itt .c.,,t<f ,:,- m' 15) VIEW OF HORSE CORRALS ff -k . ' .r,.....q.. :7— 11011ffirialinilaill# r 4 {fid {:rte at / -... f _rr riot ' _�...�++.�ss fit• �N�# 1i se) .��'. _.,�— � .• ,... Fri '_....c . 'r+ ���try ..�. � 4� 4. a t to�4. k •.r r y x a 16) VIEW OF HORSE CORRALS 84 T ; � - ).< • lir F� ( . _ Ate- 17) INTERIOR VIEW OF HORSE BARN y r'=:M 4 18) INTERIOR VIEW OF HORSE BARN 85 . .--- -•:'-'-yi , ,•17,,,-,,,,,,,-,, ‘,. ,„,,,,, ,..,-''''' ' ,.._-.„ -' i '; ... .. . . . !A. -- , . . • --- - . ism,. ...atm ..,,., ,,,,, gi, --'-- , . .:.,_..- .. „..............- ;,*:1::','„4',,,,tt„,`,1: - '''''''*"*..'''. • .........,,........... „ . ...............- ....„....................,.....,........-....................- , MO 19) VIEW LOOKING EAST AT RANIADA , , .,,-- ':'' .• , - . a, t ; 4111aillillt fik"---"--- , • _, _.,,,,:,„ .., . , . IF , , - - -4 , ' 0... ' - I ' , ,,, ..: 4- 7-$:,i ' .., , . 20) INTERIOR VIEW OF HORSE BARN 86 COMPARABLE UNIMPROVED SALE ONE Location: East of Teal Blue Trail, north of Moore Road, Pima County, Arizona Legal Description: Portion of Northeast Quarter of the Northeast Quarter, Section 29, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 219-29-002A Records: Deed recorded April 1, 1998 in Docket Book 10765 at Page 980 in the Pima County Recorder's Office Seller: Ali and Eleni Moshtaghi Buyer: Thomas G. Schramski and Mary Lou Damian Sale Price: $140,000 Terms: Cash Site Size: 10.06 acres Sale Price/Acre: $13,917 Zoning: RH, Pima County Topography: Rolling Highest and Best Use: Ranchette(s) Confirmed With: MLS #9715482p; Public Records Comments: This site is located about 2 miles northwest of the subject. 87 COMPARABLE UNIMPROVED SALE TWO Location: North side of Oasis Drive, east of El Camino De Manana, Pima County, Arizona Legal Description: Portion of the West half of the Southeast Quarter of the Northeast Quarter, except the South 30 feet, Section 14, Township 12 South, Range 12 East, G&SRB&M, Pima County, Arizona Tax Code Number: 216-32-058G Records: Deed recorded July 8, 1998 in Docket Book 10833 at Page 2981 in the Pima County Recorder's Office Seller: Seymour Mayer and Howard Rosenberg Buyer: Richard Pfeifle Sale Price: $85,000 Terms: Conventional loan(cash to seller) Site Size: 6.08 acres Sale Price/Acre: $13,980 Zoning: SR, Pima County Topography: Level Highest and Best Use: Ranchette Confirmed With: MLS #9712750; Public Records Comments: This property is located about 5.5 miles southwest of the subject. 88 COMPARABLE UNIMPROVED SALE THREE Location: East side of Como Drive,North of Cougar Canyon Trail, Pima County, Arizona Legal Description: Irregular parcel in the Northwest Quarter of Section 21, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 219-11-0070 Records: Deed recorded March 26, 1999 in the Pima County Recorder's Office. Docket and Page not yet available. Seller: Jon H. Pederson and Glenn K. Keely Buyer: Unknown Sale Price: $84,000 Terms: Seller carryback Site Size: 6.06 acres Sale Price/Acre: $13,861 Zoning: RH, Pima County Topography: Rolling Highest and Best Use: Ranchette Confirmed With: MLS #9819645 Comments: This site is located about 2 miles northwest of the subject. 89 COMPARABLE UNIMPROVED SALE FOUR Location: South side of Sunkist Road, east of La Cholla Boulevard, Pima County, Arizona Legal Description: Northwest Quarter of the Northwest Quarter of the Southeast Quarter Section 24, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 219-47-0010 Records: Deed recorded May 25, 1999 in the Pima County Recorder's Office. Docket and Page not yet available. Seller: Giuseppe Cavallaro, et al Buyer: Unknown Sale Price: $153,000 Terms: Cash Site Size: 10.00 acres Sale Price/Acre: $15,300 Zoning: SR, Pima County Topography: Level Highest and Best Use: Ranchette(s) Confirmed With: MLS #9903699 Comments: This property is located about .5 of a mile west of the subject. 90 COMPARABLE UNIMPROVED SALE FIVE Location: North side of Sunset Road, east of the Saguaro National Park, Pima County, Arizona Legal Description: Irregular parcel in the Northwest Quarter of the Southwest Quarter Section 15, Township 13 South, Range 12 East, G&SRB&M, Pima County, Arizona Tax Code Number: 214-36-001B, -001C Records: Deed recorded June 28, 1999 in the Pima County Recorder's Office. Docket and Page not yet available. Seller: Rolar Investment Company Buyer: Unknown Sale Price: $284,700 Terms: Cash Site Size: 13.53 acres Sale Price/Acre: $21,042 Zoning: SR, Pima County Topography: Rolling Highest and Best Use: Ranchette(s) Confirmed With: MLS# 9902928p Comments: This site is located about 8 miles southwest of the subject. 91 COMPARABLE UNIMPROVED SALE SIX Location: West side of Hawk Canyon Trail, north of Turtle Dove Lane, Pima County, Arizona Legal Description: North Half of the Northwest Quarter of the Northwest Quarter, except 30 feet for road, Section 22, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 219-15-0060 Records: Deed recorded August 19, 1999 in the Pima County Recorder's Office. Docket and Page not yet available. Seller: Kenneth W. Cheeseman, et ux Buyer: Unknown Sale Price: $395,000 Terms: Cash Site Size: 19.53 acres Sale Price/Acre: $20,225 Zoning: RH, Pima County Topography: Sloping Highest and Best Use: Ranchette(s) Confirmed With: MLS #9914116 Comments: This property is located about 2 miles north of the subject. 92 Comparable Improved Sale One (Subject) Location: 1373 West Sunkist Road - South side of Sunkist Road, east side of La Canada Drive/King Air Drive alignment, Pima County, Arizona Legal Description: The Northwest Quarter of the Northwest Quarter of the Southwest Quarter Section 35, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 219-51-0010, -0020 Records: Deed recorded on April 26, 1996 in Docket Book 10282 at Page 74 Seller: Edwards Buyer: Alden Sale Price: $220,000 Terms: Cash Size of Improvements: 1,260 square feet Sale Price/Sq.Ft.: $174.60 Site Size: 10.00 acres Zoning: SR, Pima County Confirmed With: Buyer, Broker, Public Records Comments: Home has rock fireplace, rear covered patio, horse facilities, barn. 93 Comparable Improved Sale Two Location: 13910 North Seifert Estates Drive - East side of Seifert Estates Drive, north of Jojoba Hills Drive, Pima County, Arizona Legal Description: Southwest Quarter of the Northeast Quarter of the Southeast Quarter Section 20, Township 11 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 219-10-019A, -019B Records: Deed recorded on November 23, 1998 in Docket Book 10928 at Page 2521 Seller: Ulmer Buyer: Pittman Sale Price: $295,000 Terms: Conventional Loan Size of Improvements: 2,103 square feet Sale Price/Sq.Ft.: $140.28 Site Size: 10.04 acres Zoning: RH, Pima County Confirmed With: MLS #9814887p; Public Records;Affidavit of Value; Terry Roper, Selling Agent Comments: Home has beamed ceiling, beehive fireplace, horse facilities, tack room, and 700 sq. ft. workshop. Access via dirt road. 94 Comparable Improved Sale Three Location: 1830 West Hardy Road -North side of Hardy Road, east of La Cholla Boulevard, Pima County, Arizona Legal Description: East Half of the Southwest Quarter of the Southeast Quarter of the Southwest Quarter except the South 30 feet, Section 22, Township 12 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 225-06-0460 Records: Deed recorded on May 28, 1999 in Pima County Recorder's Office. Docket and Page not yet available. Seller: Overton Valley Group Buyer: Robert L. Dycus Sale Price: $271,000 Terms: Conventional Loan Size of Improvements: 2,153 square feet Sale Price/Sq.Ft.: $125.87 Site Size: 5.00 acres Zoning: SR, Pima County Confirmed With: MLS #9901230m; Public Records; Hazel Forbus, Selling Agent Comments: Home has Saltillo tile, rear porch, horse facilities, tack room. Access via one-lane dirt road. 95 Comparable Improved Sale Four Location: 14090 North Lago Del Oro Parkway- East side of Lago Del Oro Parkway, south of Wilds Road, Catalina, Pima County, Arizona Legal Description: East half of the Southwest Quarter of the Southeast Quarter of the Northwest Quarter Section 22, Township 11 South, Range 14 East, G&SRB&M, Pima County, Arizona Tax Code Number: 222-47-0280 Records: Deed recorded on July 22, 1999 in Pima County Recorder's Office. Docket and Page not yet available. Seller: Ford Buyer: Langdon Sale Price: $242,000 Terms: Conventional Loan Size of Improvements: 2,000 square feet Sale Price/Sq.Ft.: $121.00 Site Size: 5.00 acres Zoning: RH, Pima County Confirmed With: MLS #9910035m; Public Records; Rob Lamb, Selling Agent Comments: Home has beamed ceiling, two fireplaces, horse facilities, tack room and waterfall/pond. Access via dirt road. Must cross Canada Del Oro Wash to get to property. Small rolling hills in area. 96 Comparable Improved Sale Five Location: 8900 North Camino De Anza-Northeast side of Camino De Anza, north of Hardy Road, Oro Valley, Pima County, Arizona Legal Description: Campo Bello Easterly portion of Tract 2, Section 26 Township 12 South, Range 13 East, G&SRB&M, Pima County, Arizona Tax Code Number: 225-09-002B Records: Deed recorded on August 23, 1999 in Pima County Recorder's Office. Docket and Page not yet available. Seller: Bengson Buyer: Moyer Sale Price: $274,800 Terms: Conventional Loan Size of Improvements: 1,942 square feet Sale Price/Sq.Ft.: $141.50 Site Size: 4.10 acres Zoning: R1-144, Oro Valley Confirmed With: MLS #9903428p; Public Records; John Croitor, Selling Agent Comments: Home has Saltillo tile, fireplace, dual cooling, covered patio, ramada and pool. Access via dirt road. 97 QUALIFICATIONS OF GEORGE H. GARCIA PROFESSIONAL EXPERIENCE: 1991 - Present; G. H. Garcia Consulting, Inc.; President; Principal Appraiser; Principal Consultant of Right-of-Way, Relocation, and Tax Appeal Departments. 1985 - 1990; Greenberg Garcia McCalley and Prosch, Inc., President; Principal Appraiser; Principal Consultant of Right-of-Way, Relocation, and Tax Appeal Departments. 1979 - 1985; Pima County Property Management Department; Chief Appraiser. 1971 - 1979; Pima County Assessor's Office; Principal Appraiser. QUALIFIED WITNESS FOR: Pima County Superior Courts. SCOPE OF PRACTICE: Mortgage Loan Valuations Taxation Valuation Litigation and Eminent Domain Appraisals Market Value for Private Negotiation Purposes Counseling/Consultation Property Management Officer for Pima County and extensive Right-of-Way experience. Vast experience in review appraising for the City of Tucson, Pima County, Arizona Department of Transportation, Bureau of Land Management, etc. Clientele includes governmental agencies, corporate organizations, financial institutions, and other public and private organizations. PROFESSIONAL AFFILIATIONS AND MEMBERSHIPS: ARIZONA STATE CERTIFIED GENERAL REAL ESTATE APPRAISER- #30297 Candidate for SR/WA Designation, International Right-of-Way Association(IRWA) President 1997 - 98, IRWA Chapter 73 Certified Appraisal Instructor for the IRWA Real Estate Broker's License for the State of Arizona 98 Qualifications of George H. Garcia (Continued): PROFESSIONAL AFFILIATIONS AND MEMBERSHIPS (continued): Member of the International Right-of-Way Association Member of State Committee for Appraisal Legislation Member of State Appraisal Task Force Arizona Registered Property Tax Agent #910090 Former Member of Minority and Women Business Enterprise Commission PROFESSIONAL EDUCATION: International Association of Assessing Officers courses completed and successfully passed, as follows: Market Approach- 1975 Cost Approach - 1976 Fundamentals of Real Property Appraisal- 1978 National Highway Institute courses completed and successfully passed , as follows: Appraisal Review on Federal Aid Highways and Related Programs - 1981 National Highway Institute Appraisal Policy and State and Local Acquiring Agency Assistance - 1982 Appraisal Under Eminent Domain for Federal Highways and Related Programs - 1982 Arizona State Department of Revenue courses completed and successfully passed, as follows: Land Use Appraisal - 1976 Income Approach to Value - 1978 Additional courses completed and successfully passed, as follows: Instant Mortgage Equity- 1976 Real Estate Appraisal- 1976 Income Appraisals - 1977 Easement Valuation- 1981, IRWA Advanced Communication Skills - 1982, IRWA 501 Relocation Assistance - 1985, IRWA Real Estate License - 1985 Construction Civic Blueprint Reading - 1985, Pima College Appraiser Licensing - 1990, National Association of Real Estate Appraisers. 407 Valuation of Contaminated Properties - 1996 99 Qualifications of George H. Garcia (Continued): FORMAL EDUCATION: Studied at the University of Arizona and Pima College. SEMINARS AND COURSES: 1984 Land Titles - International Right-of-Way Association. 1985 Income Approach to Right-of-Way- International Right-of-Way Association. 1985 Federal Home Loan Bank Board's Regulation 41b- Society of Real Estate Appraisers. 1985 Computer Appraisal Workshop - Society of Real Estate Appraisers. 1985 204 Group Communications, IRWA. 1985 101 Principals of Real Estate Acquisitions, IRWA. 1986 401 Appraisal of Partial Acquisitions, IRWA. 1987 Instructor's Certification Clinic - Appraisal, IRWA. 1991 The Uniform Standards of Appraisal Practice, State of Arizona, Department of Real Estate. 1991 Instructed 101 Appraisal Segment for International Right-of-Way Association. 1991 Certified General Real Estate Appraiser for the State of Arizona, Board of Appraisal- Certificate #30297; certified through August 31, 2000. 1992 Appraisal Skills and Theory Update; Hogan School/Don Baker;ten hours. 1992 Tucson Master Planned Communities; Tucson Association of Realtors;three hours. 1992 Litigation Valuation; Master Prep School; fifteen hours. 1994 Appraising Small Residential Income Producing Properties; Master Prep School; sixteen hours. 1995 Arizona Tax Conference; How to Be a Witness; Board of Equalization Dialogue; Arizona's Changing Property Tax Structure; eleven hours. 1995 Hogan School of Real Estate; Broker's license; ninety hours; passed state exam. SPECIAL NOTES: Twenty-seven years experience in both public and private sector Fluent in both Spanish and English 100 18.17.040 Development standards General. 18.17.050 Development standards Accessory buildings. 18.17.060 Cluster development option. * Prior ordinance history: Ords. 1985-82, 1985-111, 1985-152 and 1985-153. 18.17.010 Purpose. A. Suburban ranch is intended as a low density zone principally for single-family residences and associated conditional uses on large lots. A wide range of agricultural and ranch uses are permitted. The large minimum lot size requirement of this zone insures a considerable reservation of open space. (Ord. 1986-66 § 1 (part), 1986) 18.17.020 Permitted uses. A. Permitted Uses: 1. All uses as permitted in Section 18.09.020A (General Residential and Rural Zoning Provisions); 2. Temporary mobile home: For one year during construction of a residence on the same property. a. Upon application this period may be extended for an additional one hundred eighty days, after the property owner provides the zoning inspector with a valid building permit for the construction of a residence on the same property.The zoning inspec- tor shall notify adjoining property owners within one hundred feet of the subject property. If a written protest to the issuance of the one hundred eighty day extension is received within fifteen days of the date of mailing of notice, the board of adjustment shall hear the case in accordance with Section Chapter 18.17 18.93.040. If no written protests are received at the end of fifteen days, the zoning inspector shall issue SR SUBURBAN RANCH ZONE* the one hundred eighty day extension. b. The board of adjustment shall hear any re- Sections: quests for additional time extensions in accordance 18.17.010 Purpose. with Section 18.93.040; 18.17.020 Permitted uses. 3. Commercial agricultural uses such as field 18.17.030 Conditional uses. crops, truck gardening, berry or bush crops, tree crops, flower gardening, nurseries, orchards and aviaries; in accordance with Section 18.21.O10A3a (CR-1 Single Residence Zone); `Pima County 11-91) 18-46 18.17.020 4. Farm products stand, provided: e. Sale of lots be only for the subdivision not a. The stand does not exceed two hundred square separated by more than one street or alley, feet in area, f. A manufactured or mobile home shall not be b. The sale of farm products shall be grown or permitted for this use, produced on the premises, g. The zoning inspector may require appropriate c. There be a minimum of twenty feet to any deed restrictions to insure that these conditions are street line, complied with, d. There be a minimum of thirty feet to any other h. On or before the date of expiration of the per- lot line, mit period or any extension the real estate office e. A designated parking area be provided that is shall be removed from the premises, set back a minimum of twenty feet from any proper- i. This structure may continue to be used for the ty line, following purposes: f. A designated driveway, no wider than thirty 1) A water company office servicing that subdi- feet be provided, and vision, provided there is no outside storage of mate- g. All driveways and parking areas shall be prop- rial or equipment, erly maintained and approved by the department of 2) An office for a functioning nonprofit home- transportation and flood control district; owners' association, or 5. The raising and marketing of poultry, rabbits 3) Community activities center under the home- and small animals, but no slaughtering of other than owners' association. (Ord. 1991-34 § 1, 1991; Ord. those raised on the premises: In accordance with 1986-125 § 1 (part), 1986; Ord. 1986-66 § 1 (part), Section 18.21.O10A3a (CR-1 Single Residence 1986) Zone); 6. The grazing and raising of livestock, providing 18.17.030 Conditional uses. there is not more than one head of cattle, horse, A. Procedures. In accordance with Chapter 18.97 sheep, goat or other similar animal more than six (Conditional Use Procedures). months of age per ten thousand square feet of lot B. Uses Conditionally Permitted (Type 1 Proce- area; dure). 7. The raising of hogs,in accordance with Section 1. Library: 18.14.020A8 (GR-1 Rural Residential); a. Minimum site area: Ten acres, 8. Temporary real estate office on any subdivision b. Maximum site coverage: Thirty percent, of record, provided: c. All driveways and parking areas shall be prop- a. Any real estate broker licensed in the state of erly maintained and approved by the department of Arizona may apply for a temporary and revocable transportation and flood control district, permit for a real estate office from the zoning in- d. Screening: In accordance with Chapter 18.73 spector, (Landscape, Buffering and Screening Standards), b. Such use shall be terminated at the end of one and year from the date of the issuance of the permit for e. All outdoor lighting shall be arranged to elimi- said office, nate glare towards streets and adjoining properties, c. The zoning inspector may allow additional and shall meet all conditions of the County Light twelve-month extensions as long as sales activity is Pollution Code (Title 15 of this code); continued and ten percent or more of the lots remain 2. Playground or athletic field: unsold, a. Minimum setback to any property line: One d. It is located on a full size lot and meets all hundred feet, zoning requirements applicable to the lot, b. In accordance with Section 18.17.030B1; 18-47 (Pima County 6-92) 18.17.030 3. Veterinary hospital: b. Minimum setback from adjacent rural or resi- a. Minimum site: Five acres, dential zone for commercial kennel facilities: One b. Minimum setback from adjacent rural or resi- hundred feet, and dential zone for any structure: One hundred feet, c. Dog runs shall be within enclosed buildings; c. In accordance with Section 18.17.030B1 (sub- 4. Community stable: sections b, c, d and e only). a. Minimum site area: Ten acres, 4. Swimming school: b. Minimum setback from subdivision bound- a. Minimum setback to any property line from aries: Five hundred feet, the edge of the swimming pool: fifty feet, c. No more than one horse be kept for each ten b. No more than twelve students shall be in thousand square feet of land area, attendance at any,one time at the swimming school. d. Minimum setbacks for community stable facil- C. Uses Conditionally Permitted (Type II Proce- ides and fencing: One hundred feet, dure). e. All driveways and parking areas shall be main- 1. Commercial riding stable or school: tamed with a dust-proof material which will mini- a. Minimum site area: Twenty acres, mize the generation of dust and shall be approved b. Minimum setback for stables, barns, animal by the department of transportation and flood con- sheds or shelters: One hundred feet, trol district, c. All outdoor lighting shall be arranged to elimi- f. No amplifiers or loudspeakers of any kind nate glare towards streets and adjoining properties, shall be installed outside any buildings erected on and shall meet all conditions of the county Light the site, Pollution Code (Title 15), g. All outdoor lighting shall be arranged to elimi- d. Minimum setback from adjacent residential nate glare towards streets and adjoining properties, zones: Six hundred feet, and shall meet all conditions of the county Light e. No more than one horse be kept for each ten Pollution Code (Title 15), thousand square feet of land area, and h. Such permit may be revoked when the non- f. All driveways and parking areas shall be main- profit community organization ceases to function or tamed with a dust-proof material which will mini- when the community stable is not properly main- mize the generation of dust and shall be approved tamed, and by the department of transportation and flood con- i. Minimum setback from adjacent residential trol district; zones: Six hundred feet; 2. Club or lodge (private, athletic, sport or recre- 5. Minor resort: In accordance with Section ation): 18.07.030F (General Regulations and Exceptions); a. Minimum site area: Ten acres, 6. College or governmental structure: In accor- b. Minimum building setback: One hundred feet; dance with Section 18.17.030D3; c. All outdoor lighting shall be arranged to elimi- 7. Community service agency: In accordance with nate glare towards streets and adjoining properties, Section 18.17.030D3; and shall meet all conditions of the county Light 8. General aviation airstrip: In accordance with Pollution Code (Title 15), and Chapter 18.57; d. No amplifiers or loud speakers of any kind 9. Ultralight airstrip: In accordance with Chapter shall be installed outside any buildings erected on 18.57. the site; D. Uses Conditionally Permitted (Type III Proce- 3. Commercial kennel: dure): a. Minimum site area: Ten acres, 1. Museum: a. In accordance with Section 18.17.030D3(sub- sections a, b, d, e and f), (Pima County 6-92) 18-48 18.17.040 b. Minimum natural or revegetated buffer set- D. Maximum building height: Thirty-four feet. back: One hundred feet from any property line, and E. Maximum lot coverage by structures: Thirty per- c. Notification area: Six hundred feet; cent. 2. Private or parochial schools: F. Minimum distance between main buildings: a. Minimum site area: Ten acres, Twenty feet. (Ord. 1986-66 § 1 (part), 1986) b. Maximum site coverage: Thirty percent, c. Minimum setback for playground or athletic 18.17.050 Development standards—Accessory field: One hundred feet, buildings. d. All driveways and parking areas shall be main- A. Permitted coverage: Ten percent of the total area tamed with a dust-proof material which will mini- of the rear and side yards. mize the generation of dust and shall be approved by B. Maximum height: Twenty-four feet. the department of transportation and flood control C. Minimum distance requirements: district, 1. To main building: Seven feet; e. Screening: In accordance with Chapter 18.73 2. To front lot line: One hundred feet; (Landscape, Buffering and Screening Standards), 3. To side and rear lot lines if building is not used and for poultry or animals: f. All outdoor lighting shall be arranged to elimi- a. Not adjacent to street: Ten feet; nate glare towards streets and adjoining properties, b. When adjacent to street: Fifty feet. and shall meet all conditions of the county Light Poi- 4. To side and rear lot lines if building is used for lution Code(Title 15); poultry or animals: One hundred feet. (Ord. 1993-79 3. Residential substance abuse diagnostic and § 1, 1993; Ord. 1986-66 § 1 (part), 1986) treatment facility: a. Minimum site: Ten acres, 18.17.060 Cluster development option. b. Minimum setback: One hundred feet from any A. Purpose:The purpose of this option is to provide property line, a wider latitude of design, additional usable open c. Height: One story or eighteen feet, space, and more economical use of the land. d. Maximum lot coverage by structures: Seventy- B. Refer to Section 18.09.040 (General Residential five, and Rural Zoning Provisions) for the general provi- e. Maximum number of patient rooms: Seventy- sions of the cluster development option. five. (Ord. 1992-23 (part), 1992; Ord. 1986-215 C. Permitted Uses. All uses as permitted in Section (part), 1986; Ord. 1986-188 § 1 (part), 1986; Ord. 18.09.020A1 (General Residential and Rural Zoning 1986-125 § 1 (part), 1986; Ord. 1986-66 § 1 (part), Provisions). 1986) D. Conditional Uses: Community stable, in accor- dance with Section 18.17.030C4. (Ord. 1986-66 § 1 18.17.040 Development standards—General. (part), 1986) A. Minimum site area: One hundred forty-four thousand square feet. B. Minimum lot area per dwelling unit: One hun- dred forty-four thousand square feet. C. Minimum setback requirements: 1. Front: Fifty feet; 2. Side: Ten feet each; 3. Side, when adjacent to street: Twenty feet; 4. Rear: Fifty feet. 18-49 (Pima Counts S-94 10 ACRE Nili HORSE RANCH .• ,, .... , .., . .. , , ,..,........_.,....,... :.„........_. ,tk...,... ..,...,. •, . • .... ...,...,. ..,.....,_:,.......,_,......,,46,---‘4,‘ *-."- ' fir,.►.,4!:'?..;•, • -e , • s`# : ,t -��tti �. r -• ! G.1.: dy ;4 r V. y _ },fs .1, ., q _ f r.:.,;'-:7:.;,•; « ' i :-. r 1 fi .n .. �rY, 'fi ` t- - R6 kx. aT! • ..-,-,...1::,,--,,,,,..„,,- +rs„+ r • �r !+! tay,�`.sem�N.�.- ;.���.�_ ' .., "! �• 4 )L e !LIP,....5,4..--.-.:......_-.116. , ! 1 ' - =111"11:NNANtlil.;-Li..t....,....- _ r► __-- -• , Y .-. `•moi' :•.11 , ,,, ..... '�;4 1_ .• west,rt-licitea.,vitt*TAip...„, • . - - ..i�.r----4"--- � +i`--. .....,41.141,-,:". � •r _~ jp .•p a micetagiii,o, ii, • `` �` • . 7. . ". '# fes. _ +.� ,..,,,, _.-.,..-,--:.---..-,-.-.-- , c,-- ,-., ..,_,„.... , _._•,., 10 encsfl Acres II. Great Barn w/BOX Stalls & Runs, Ar •n e as 4. _ _._ • ► Private Well - ya.i . =:. �-_ ,.„1,_..;.4...... .,._ \r #.{au__ _ x�-Lush _ + ::,_ e . •%.i i f' hL ____ �_ Z.� *. . r-_-_-.711.,,:-..m..-.i ti 4' tr• '.� .I: .,:: :: 7 .,smizaut....t7,:ilz •1�' .1... ....„....„4... ' a6"�dil...., ... '-%w.-:._h• ms ' 3 i° Can t 3 Ways .__., gin----11 ,...... ...,,,...„..,,,,, ,___. ::/7„,i,.....ps „, . . , II :7 f I I .., oii. 2BR, 2BA 1 , , ...,, 6 ,,..,•• , :'>it- i .i.a : .. � Home w/Roc 1, k .,.... , . .,:. ,...„•.,..,,. .,......at,.4,... . . .. ,. . ,....... •_.-7.:F.' . ---i -- - fireplace. . ... _ ,., .,,,„. . . • . r. .. ... 1 . . .. . .. _ , ., 1 i , ,,-...---4. „,_,..... .. .., .. , ...:. :_,-,,,-".. , . , 7-. .. ..-_ -:- ,,,„..,-, . , -. ,.......„, 1/2,. , _ ,.:,-II. .,, '. _ ".4. r'......''s ,.- IIII°' a tY & Mill Views .... . ,..„ .,_... . • ,......... , ....,,,...,,,..... ..._ , 1 --i 41',......r.:,-,-•:`;'Y ff-hil-' '''/ - -1,,1 - ..'-. -"rifi: -1/4-0- '. '.---1,-' '-.-AL..' 0.....f., '..I.' • )113#981 0102 -- ,,,,,,,,-,_ ...-- r 1 I. ,;,,,' --- ' - ---, • .4, . . may/ - — ..___ _._ f _ . ' ;' • 41, . REALTY EXECUTIVES lell Hazel This information deemed reliable but not Quaranteed 6818 v Oracle Rd.,-t T-:1LSoR. .\ •-' FOL./-.USING v�:}}:::::r.. f.;••.{Y .:}••9til9NT::•{;x•.::'.wm••�::�,.••} .J.\'.: : :. . . :'?' �':'�J::': • ..}::' :::f::�ti?=:�:'. MLS 9810102pRES ACT Type : SFR LP : iniggiiiiiiiiM:v :::r::: .J� 8 7 + 1 3 FEE t . 8 .: f t YrB 9 :{•}};.,{:•:• }:tiv::r:i::•:•. ••}.w.::••.};:4} .{..f.1 :r:.:y..:?Y:•:.::Y.n\::•.w v::•}:::•:vr:::{tiY:•:'i'::}}:{•f. '•:?• Y:.•:{.Y::\:'::?':J::L':}::L':•::Y::;':1V•' ':J.}Y.•}...JJ}:.;.}•:.;.:::::....-:.f•;•}::'•:•::::}•:f::�.•{:::..Y::J' .J}.'..'.y'' }, IIIIINKKANiuiptiplageniNP:::;:ii::::-;k:erS51:1011ii;.::.�:?r::.�?:•:{?•::::::......:......... :}:::::::::::::::.} __ x;.. �..r?..{..�. Area. NW TR. 1113 Sec . 35 :•.5. :::.Y:J::::::{.:{:.}}}:•:{v::}J:r w.Y:::::.:::::}:::: ::r{• '?�{..;}.. r}`{:;;1:::.•.•.:... .h"{/'" .:N:}:•}:}:•.f::.:�:'.}...J •Y:J::::::: 'J.h ••}v'w:}fit';?:J.•?:.Y::::. ,.��:::' .:}:.}:.:.}:Y:r?.::'.:.}:?.:.}: COUNTY :�::::::::::: � ��::::�:::�:::::::�:::::� ..>}::.}:'{.:.. ..,..... Nun. PIMA Zoning: SR ,bin• :.Y}:}:{•::••::•.:::�:;; :?::tti%:kv:{?•i}:::i::C:}::::-?:::}: :.•... :.{v:•}?•:•:•:....r... ::}n'Q�• :.�:::•::}:•�:•. :.}:w::•::r.}}}}:•}??.}w:::::::{.;?Y'w:::::'Y:{r.ti:{:•Y'•.i::r:• 'SiF{k<'' }'' .rC\-..r..•.. • • r:..::.... f.......?... :....:s. PIMA :::::::::::::� .,..:.:' Count State : AZ rr:: ��/\ �J ::f :!C:•: .raw:;{: :fi:. v.:f• 1Ii'. IiiiiiggparQiitift:-:,..- .:.:::.,:11,010,iimegatimesidat.:"., '4�� ...::-:.}'.}:::..}:�:::::.}:.: :r.:..\:J..s}.<':Y}:}...YBlock 12400 N :�::>....} \..\ :'Y}:.}:. ..Y:::}::�:::..\\; Cross #.�r�'r: �•} ''1l.. liri'''"'i.:•;:"'-:* --:'-'1::.''''.'" .qiiiilagintigitiiiiir::'! C e 219510010.y ` Tax Code • '.'.1' «<`?: , :: ::: As smt • $0 Year/Taxes : 1997/2373 Fire Inc •N •����?�+ ' •. ..\. :...... : :. QOM\" :.;T'• r'--1--.1.----...-.....-JaNtIMMIeNri •� � :C(•: v }\:yrb� �Assoc Fee Mo . 0 Fre Paid/ qrtaiiiiiitw Y::.•: .? .... 1 Dist • AMPHITHEATER . ............... � .. School...................:: ..... ...:.....:..:::.Y::::::::.Y:::::::. DEL Y }........::.:. ::<:}::.::.::: ::.::••::•::•::::•::.:•::-:{•::::::. . CANYON ORO Ws : ? ;: .. 4 .: ! N :} }- 4 } : m : Jr Mid. CORONADO K 8 1011101110111MEMENNESINEME, Elem e ni • WILSON K-8 Lot Dim: 660 X 660 Acres+- : 10 . 00 Flood Ins : N Terms : CONV, CASH 1373 W SUNKIST RD Unit : Zip : 85737 Dr: NORTH ON LA CHOLLA TO TANGERINE EAST, THEN NORTH ON LA CHOLLA, EAST ON SUNKIST TO END OF STREET. Lg: 10 FULL ACRES IN NW4 ,NW4 , SW4 , SECTION 35, T11S, R13E, PIMA COUNTY AZ 85737 Subdiv: UNSUBDIVIDED 31560 Comm: Br: 2 P1 :NONE View:COMB Styl :RNCH FP : 1L LOANS Ba : 2000 Spa:NONE Evap :CENT Cons :FSTC Gr : 0 Bal : $265 , 000 Assm: N DR:AREA Pat : COVD A/C :NONE Roof :CSHG Cp : 0 Int : Pmt : FR:NONE Fnc :WIRE Heat : FAE FLan:NDST Wlchr:N Ql : Lvl : Bk:EATN Gst :NONE Gas :NONE RLan:NDST HrseA:Y Typ: CONY WC:STAY Lau:ROOM Watr:WELL FxUp:N HrseF:Y Lndr: NATIONS BANK FT :WM HPP:AHS Sewr: SEPT Athl :N LN# : Cable :Y Other Loans : $0 it„,cor : 0 OnGlfC:N RvPrk: SPCAV Cash Av Fin: $325, 000 SpltLv:N Gated :N DivdLot :Y Envir: UNKNOWN InStep:N DeedRs :N Sublot :N Secur: ALINST Bsmt :N SpltBr:N Paved :N XRoom: STOR Appliances : DW, OV, RF,AL Facil : NONE 10 LUSH AC-HIGH UP W/SAHUAROS, MTN/CITY VIEWS-COZY 2BR,OR CAN BE 3BR-BEAUTI FUL STONE FP. GREAT HORSE FACILITIES-CORRALS W/SHADE & WATERERS-NEW MD BARN W/5 BOX STALLS W/RUNS, 6 COV STALLS W/RUNS, TACK RM, OFFICE/FEED RM, 2 WASH RACKS W/HOT H20, 3 CEIL FANS, MISTERS-TERRIFIC WELL-PROP CAN BE SPLIT 3WAYS . LOTS OF OUTSIDE LIGHTS AROUND BARN, DRESSAGE ARENA, SOME EQUIP DOES NOT STAY, CK W/LA. 2 STORAGE BLDGS BY HOME. PROPERTY ALL FENCED ON PERIMETER. Occ: ALDEN FAMILY (520) 575-8567 Occ By: OWN Keysafe : N LO: REALTY EXECUTIVES-TUC (520) 297-7300 Shown: BY APPT. W/OWN OR LA LA: HAZEL FORBUS (520) 297-2656 ComSubAgt : 0 ComBuyAgt : 3 LA: Var Rate Com: N DOM: 21 Equal Opportunity Housing * All information deemed reliable, but not guaranteed Copyright : 1998 by Tucson Association of REALTORS M.L. S . , Inc . 06/23/1998 14 : 17 1 / 1 _,0fr4-.. 1 d'it' ''''' ' - ( 1 :,„ it ..,'id. --,„-., 44 _ ,,L. i )t /t)• ,1 ,- / f :•:tirivl}. •:i•: :}'• ;:v: {•:tip 4" .�. .1 .vT.\ti}?ti}tip .r 'h. :::• •:ti•:i•:i1.::1: ..•. h"titi ::ii. •:ti•: .......::{•:T::X•.i••:{�^4 i .....1........}:T}:•::•}: .w.:: t,:i ..........,:.:.:'•.:•:.::;: MLS 1 . # 98 0102 RES ACT Type :: �::��ti:t:.'< :: ::.: .}r.�:::::::.�:::::.:::::::.::. ...}.. :•... . SFR LP lifiTIIWOMMMMOMOWNWMMINNUMb :::::::. :•:•1:.. P299 000 .1.♦.1•'::• $ 983 :titi?v:ti•i:•:•i::i:•}:•::•}:•i}}:•:::•}}:•:}:::•}::•}:v:{v;.i:•}:•: ::;•}:•:':i•}:•}ii:•:•:•:•}: - •... :i%r:.iiiii:.::.i:.:i:{.:.ii:.i:.::.ii:.i:.ii:.isi.i:.i:.>is�:.::::%:<:::::::::::::::� ' 1287 rq , Ownershi . FEE YrBt . l.. : P �•, iti.r: ���:..:Y.. Ar:.:ti�... ea. NW1 TR.':Y..h. \. 113Se. . .:: :.. ::::.:.:•h}.♦.}.Y'•:�•• y��� :titi•{::•:i•::titiL•::i::�;:;}::•:.!J-:•:.Y \•: •• \:•:.Y:J.:•:;:�:l�J:•,Q,};;{r.V: V',.'-•.•••�':•:•,.�..,., Y.:{i•1'• .1. ''""•:L{r' :U• ••}Y:',•.}:titi : .X.}}:}::h}};:1,.y:1..{• '�{•: ${: •� •:{}C�111. rk {•: •:,•.•h .•}'}}:ti:}:•'•':. .i•}}.•::?.T..1:1• 1 .r. 1 :•}Y '1 t r �.. :... :{:.; :�1��::;:': T}':� Mu . PIMA COUNTY - .fi Zoning:i g SR e >. Count PIMA :.:i{{::::::f{:}::{:::..:::::.:.::.::::..:.:::::::.:.::::`` '��:::yy '•:.::.;-�47( •.� •. '�;. y State . AZ :t:7:7=::77=::1:::::::::: .:S!7{.::•}''.`�'•h.?h>:��'.v?:ti>.`<.;4:' :�'.i:}K:}}'r:•}}.YT.:7''•1•'�yy��•., .}'•.}jai.l•�:{,' '�i •::':; f'p�;\ :v'K•: :.fi? .,v:.}:$:::•':rt•>:7k:.<yy;.y. ::v.: :fw.. .6{v;;r,.}%y{ r.-1{Q�j�'vi`!'S}: }{}- .•.1•}:v:•::.i i9...., v 1::r. y;+���,..;..:..,>...{... C o s s II t o c k # . 12400Ni �}1� ''}'�}'•::'? J !ti'' :;{:;1..ti<,':•4�{r ..•r.;...} .;i{.,. .: :}.v.} .♦�gi 1�}r:{r{}• rt'j'.<:.}{1i JaC!! 'i. 'ti .1�::??• .. .Hti:•::?�'-ti':'A.1 rn. •: {x:.wi•wll,!`w. ��0.•\' �r.4:::::!r.�':i}:•:::.:Y:rfi}v}:v:r::^::• . .<.. i ::. ;{.;}::,.�;:.,:.:.�:1•:}}}::. Tax Code : 219510010* :11}..:' -'''''''':':' .;::'''' :''':'Y '':'''' '''''.':-' ''-'''' . :: >T�'�-;.:%�i'sY Assort : $0 Year/Taxes : 1997/2373 Fire Inc .N As F soc e M 1y�r� Freq o . $0 Fr q Paid ::�c':•::':::;•i::-::-::<:i:•i:•:i::•i:;•i::•::i:':•>:•:«<•:•i:•:•:•::.i;.i•;, ••r1::..T..v!h.;.;rt7 •::�;!:�: l �01 Sch 1 ..:::.:::::::::.'.::............... 0o Dist HIT �` ATE R :I.':!:..•h•. •:•:vii::•}:•::•::•i:•i::A•::?vm.::•.,:::ti•i}:v: � H� h • CANYON DEL..... g ORO .�.:.:.:.:;:. ..:.�::.: ".•:• i. ;i ..........X....?........v}:�..........%..}.:�:.)..:....•........:....$ :r.:i.:.}.:.�.i`.%.%.%.i.:vj..�.:{{..::..:.:...:..:.�.....:........ m ..i.: .i.i.•:.' ::•}}:•}l:iv :•:•. it Jr/Mid: r Mid. CORONADO K-88 orY :: T : . : .. . ,< � Elem . WILSON K-8 Y . . . i Lot Dim: 660 X 660 Acres+- : 10 . 00 Flood Ins : N Terms : CONV, CASH 1373 W SUNKIST RD Unit : Zip : 85737 Dr: NORTH ON LA CHOLLA TO TANGERINE EAST, THEN NORTH ON LA CHOLLA, EAST ON SUNKIST TO END OF STREET. Lg: 10 FULL ACRES IN NW4 ,NW4 , SW4 , SECTION 35 , T11S, R13E, PIMA COUNTY AZ 85737 Subdiv: UNSUBDIVIDED 31560 Comm: Br: 2 P1 :NONE View: COMB Styl :RNCH FP : 1L LOANS Ba : 2000 Spa :NONE Evap: CENT Cons :FSTC Gr : 0 Bal : $265, 000 Assm: N DR:AREA Pat : COVD A/C :NONE Roof :CSHG Cp : 0 Int : Pmt FR:NONE Fnc :WIRE Heat : FAE FLan:NDST Wlchr:N Ql : Lvl Bk:EATN Gst :NONE Gas :NONE RLan:NDST HrseA:Y Typ: CONY WC:STAY Lau :ROOM Watr:WELL FxUp :N HrseF:Y Lndr: NATIONS BANK Fl :WM HPP:AHS Sewr:SEPT Athl :N LN# : fr Cable :Y Other Loans : $0 ,. motor : 0 OnGlfC:N RvPrk: SPCAV Cash Av Fin: $299, 000 SpltLv:N Gated :N DivdLot :Y Envir: UNKNOWN InStep:N DeedRs :N Sublot :N Secur: ALINST ' Bsmt :N SpltBr:N Paved :N XRoom: STOR Appliances : DW, OV, RF,AL Facil : NONE 10 LUSH AC-HIGH UP W/SAHUAROS, MTN/CITY VIEWS-COZY 2BR, OR CAN BE 3BR-BEAUTI FUL STONE FP . GREAT HORSE FACILITIES-CORRALS W/SHADE & WATERERS-NEW MD BARN W/5 BOX STALLS W/RUNS, 6 COV STALLS W/RUNS, TACK RM, OFFICE/FEED RM, 2 WASH RACKS W/HOT H20, 3 CEIL FANS, MISTERS-TERRIFIC WELL-PROP CAN BE SPLIT 3WAYS . LOTS OF OUTSIDE LIGHTS AROUND BARN, DRESSAGE ARENA, SOME EQUIP DOES NOT STAY, CK W/LA. 2 STORAGE BLDGS BY HOME . PROPERTY ALL FENCED ON PERIMETER. Occ : ALDEN FAMILY (520) 575-8567 Occ By: OWN Keysafe : N LO: REALTY EXECUTIVES-TUC (520) 297-7300 Shown: BY APPT. W/OWN OR LA LA: HAZEL FORBUS (520) 297-2656 ComSubAgt : 0 ComBuyAgt : 3 LA: Var Rate Com: N DOM: 48 Equal Opportunity Housing * All information deemed reliable, but not guaranteed. Copyright : 1998 by Tucson Association of REALTORS M.L. S . , Inc . 07/20/1998 13 : 53