HomeMy WebLinkAboutbocc.res.045.2010APPROVED ~~ S`-t°^'~, ~-NZ a^'b /1T~i~i~v
RESOLUTION FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY
~ ~~'~~ /~ (Section III or SecUon IV must be completed)
Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the
commissioners or the assessor, as appropriate, within six months of the date of filing such petition, § 39-1-113(1.7), C.R.S.
Section ui: Written Mutual Agreement of Assessor and Petitioner
(Only for abatements up to 51,000)
The commissioners of County authorize the assessor by Resolution No.
to review petitions for abatement or re nd and to settle by written mutual agreement any such petition for
abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule
of personal property, in accordance with § 39-1-113(1.5), C.R.S.
The assessor and petitioner mutually agree to the values and tax abatemenUrefund of:
Tax Year
AcWa1 ssed Tax
Original
Corrected
Abate/Refund
Note: The total tax amount does not indude acaued interest, penalties, and fees associated with late and/or delinquent tax payments, if
applicable. Please contad the county Veasurer for full payment infortnation.
Petltioner's SlgnaW re Date
Assessor's or Deputy Assessor's Signature Date
section iv: Decision of the County Commissioners
(Must be co ple~ed if Section III does not apply)
WHEREAS, The County Commissioners of /71ZC/~t1 County, State of Colorado, at a duly and lawFully
called regular meeting held on ~/~_/ /~ , at which meetning there were present ~Ae following members:
n/ ' • ~pnth Day ;jear .~/ _ /f /1 ~ - -- // . _ •~y,
notice of such m~eting and an opportunity to be present having been given t~ and the Assessor
of said County and AssesEor ~~L~ ~~.5~- eing present-- ot present) and
Name
petitione~~~Al~ ~-~A./~6J~ .~t'b7V ~ (being present- ot presen~, nd WHEREAS, The said
Name
County Commissioners have carefully consider he within petition, and are fully advised in relation thereto,
NOW BE IT RESOLV , he Board agrees-- oes not agree) with the recommendation of the assessor
and the petition b approved pproved in paR--deniea~ with an abatemenUrefund as f~llows:
z~ ~ b~ ,4~0 ~ ~ Z,~_~ ~
Year Assessed Value Taxes Abate/Refund
Chair~leTSOn oT tne tsoa~a or counry omm~ss~onera a~ynaw~e
~, Q . County Clerk and Ex-officio Clerk of the Board Counry Commissioners
in a or the a orementioned county, do hereby certify that the above and foregoing orde is truly copie~$~
record of the proceedings of the Board of County Commissioners. ~` ,, „: q1,
~~ 1
IN WITNESS yVHEREOF, I have hereunto set my hand and affixed th seal of said unty {*' ~. -°~
4G 1 c ,~~~
this ~ day of ~D/d • .~ ; € =..-..
onth Year
F,~ ~nw -iar~ s or Deputy County rk;s SignaW re}
Note: Abatements greater than $1,000 per schedule, per year, must be submitted in duplicate to the Property Tax
Section v: Action of the Property Tax Administrator
(For all abatements greater than E1,000)
The action of the Board of County Commissioners, relative to the within petition, is hereby
^ Approved ^ Approved in part $ ^ Denied for the following reason(s):
Secretary's Signature
Property Tax AdminisVators Signature Date
ta
~
.s~,_
PETlTION FOR ABATENIENT OR REFUND OF TAXES
~~: ~ ~
(iJae aaesssor~nr com~i«~ee~ om. s~mp)
oa 1: PeBtloner. Piease comPlets Secxton i ortly.
p~ Febsuary 26, 2U10
hWnlh O~qr Yeu '
p~~,a N~~ Frans aad Maig3a Stone
!'etltkneYslNal!'mgAddress; ~nnn no~T RidQa $qad. $asdlt. CO 83.621 .
q~ arT01An 9~ele 7.1~ COde
SCHEDUIF OR PARiCEL NU9LBER(&)
246536200003
PROPEk1Y ADDRESS OR LFCiAL D6St~tIPClON OF PROPERTY
2000 Bear Ridga Hd, Basalt, CO 81621
Pe~ staEes that the fezes ~ agaGist the ebove properqr fo1' 1he ptoper~y ~c year 2069 are
k~correct fa tl~e fo0nwing reasons: (SrieBy dasctibe the ci~nces sim~oundIng the Incortect vatue a~c
~~~~~~¢~) Please see 2/26l2010 lettar from Patrick McAllister
attorney for Petitionar, which is=attached hereto and incorporated hereia by Lhis
_reference.
PetiSiw~er's estimabe of value: ~1. 25U.000 20( 09 )
, Value Yeat
Petitioner reques~ an abaGamerrt or refund of the sppropriaEe tazes-
I declare. under p~ ad' perJury in the seoond ~gree. that tl~is peh~on. bo8etlter with erry e~caornpatryit~p e~its
a s~nems, h~ been prepared or exc~mUied by me~ mid ba the best of e'ry Imourled9e, irtfommtion and beliaf, ls
Dap~ime Pfione Number M f~/ ){'~ f~ J~~~3
Daytime Ptwne Number. C~0 L25 8166
of agonoy a~t t» aNUJ~sd vrtwn pWCon ia auonumad by ~ aga~L
tf the board of couMy conrt-iasioners, pursuaM to sectlon 39-10-014(7}, orthe properly t~c administia6or,
tnna~ant to aectiort 39-~7 i6, danies the pebtlon 1or refusW or abatemsat of taxes tn wtwle or fa~ part, tbe
pe~tioner may appeaE fio tbe baaM of assessmer~t appeals pu~susnt to the proviaions af secHon 38 2-126
wfthin i'hirly days of fhe ec~r of a~ry aach decisian, § 39-4M'194~5{1),. C.R.S•
Sa:n°n tl: " Assessor's Recommendation
(Foraseaasots uae Onqr1 .
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~ AB~sor rewmmends approval ss outltned above.
NO pf~O~BSt W88 filed fOe fhe ye¢1i: ,~_ (lt n ptomsiwae flod, pkasa amch a oopy oftlre NODJ
0 Asaessor t~omntends denfaf for~fhe following reason(s}:
R~CEIVED
FEB 16 2010
Pitkin ~~
~esaor
~
GIDEON 1. KAUFMAN•
HAL S. DISHLER "*
PATRICK D. MCALLISTER
• ALSO ADMt7TED IN MARYLAND
•• ALSO ADMI7TED W lEXAS
Pitkin County Assessor
Attention: Steve Miller
506 East Main Street
Aspen, Colorado 81611
LAW OFFICES OF
KAUFMAN, PETERSON & DISHLER, P.C. BR~~ OF COUNSEI,
TELEPHONE
315 EAST HYMAN AYEIVUE (970) 925-8166
SUITE 305 FACSIMILE
ASPEN, COLORADO 81611 (970) 925-1090
February 26, 201o RECElVED
FEB 2 6 2010
A~ssesaor~~
Re: Franz and Maigin Stone ("Taxpayer"), Account No R007140, 2000 Bear Ridge
Road, Basalt, Colorado - 2009 Petition for Abatement or Refund of Taxes.
Dear Steve:
This Law Firm represents the Taxpayer. Enclosed herewith please fmd:
1. 2009 Petition for Abatement or Refund of Taxes which had been completed and
signed by petitioner and petitioner's representative, Patrick McAllister;
2. Letter to you from Petitioner authorizing Patrick McAllister represent them;
3. 2/26/10 letter from Patrick McAllister along with appraisals attached thereto.
After you have reviewed the petition please feel free to contact me. We are available to
meet with you at your convenience to discuss any questions you might have.
Sincerely,
Kaufin Peterson & Dishler, P.C.
By:
atrick D. Mc llister
3
GIDEON L KAUFMAN*
HAL S. DISHLER w"
PATRICK D. MCALLISTER
• ALSOADMI7TEDIN MARVLAND
•• A1S0 ADMflTED IN TEXAS
RECEIVED
FEB 2 6 2010
Piticin CouMy
LAW OFFICES OF A~~~
KAUFMAN, PETERSON & DISHLER, P.C. BROOKE OF COUNSEL
TELEPHONE
315 EAST HYMAN AVENUE (970) 925-8166
SUITE 305 FACSIMILE
ASPEN, COLORADO 816ll (970) 925-1090
February 26, 2010
Pitkin County Assessor
Attention: Steve Miller
506 East Main Street
Aspen, Colorado 81611
Re: Franz and Maigin Stone ("Taxpayer"), Account No R007140, 2000 Bear Ridge
Road, Basalt, Colorado - 2009 Petition for Abatement or Refund of Taxes.
Dear Steve:
This Law Firm represents the Taxpayer. With regard to the above referenced property (the
"Taxpayer's Property"), this letter is intended as part of Taxpayers Petition for Abatement or
Refund of Taxes for year 2009. The 2008 year actual value was $1,037,500.00. The 2009 actual
value is shown as $2,272,400.00. This is an increase of $1,234,900, which is approximately
120%. We respectfully submit that the increased valuation can't be supported. Following,
please find the reasons for our opposition.
Enclosed herewith please find a copy of the September 24, 2007 Appraisal of the
Taxpayer's Property performed by Aspen Appraisal Group, Ltd. The appraised value of the
Taxpayer's Property at that time was $1,400,000.00. It's commonly accepted that the area in
which the Taxpayer's Property is located had stopped appreciating in value by October 2007 so
there should be no upward adjustment for time value. The appraised value was arrived at in large
part based upon the sale of 1909 Bear Ridge Road, which the Taxpayer believes is not a valid
comparable. The 1909 Bear Ridge Road Property sold on July 25, 2007 for $1,500,000. The
Taxpayer submits that this sale was inflated well in excess of its true market value and should be
discounted as a result. On information and belief the purchase was made "sight unseen" by a
buyer who was not from the area not familiar with the market. The buyer was apparently led to
believe by the seller, his "buddy", that the property was worth more than it really was and that the
buyer could re sell it immediately for considerable profit. We understand that the seller never
lived in the house and neither has the buyer. However, the buyer did not learn that he paid way
too much until he tried to resell it shortly after he bought it at which time he learned that he made
a bad deal. To date, we understand that the property still has not sold and we believe that it's
currently listed at $1,100,000. The circumstances of the sale were certainly unusual and were not
in my opinion done at arm's length or under normal conditions.
~
Pitkin County Assessor
Attention: Steve Miller
February 26, 2010
Page 2
I have also included herewith a copy of an appraisal dated effective 5/30/08 of the property
located at 3200 Bear Ridge Road. That appraisal came in at $1,261,500. The appraisal for 3200 Bear
Ridge Road did not use the sale of 1909 Bear Ridge Road as comparable and for good reason. The
validity of that transaction for comparable sale purposes is seriously brought into question for the
reasons I have discussed above. The findings in the 3200 Bear Ridge Road appraisal reflect a more
accurate valuation of that property and the 3200 Bear Ridge Road is without question more valuable
than the Taxpayer's property.
We would also note that the assessor's web site shows a time adjusted vatue for 1409 Bear
Ridge Road at $1,753,500.00 which is $253,500 higher than the current actual value. It would appear
from that distinction that even the assessor acknowledges weakness in that sale.
Based on the foregoing, the taxpayer submits that the correct actual vaiuation for the
Taxpayer's Property is $1,250,000.
Other properties in the neighborhood of the Taxpayer's Property were valued excessively and
a significant number of those valuations were reduced after protest/appeal. By way of example:
1. The valuation for the property at 4707 Bear Ridge Road was increased by the assessor
to $4,702,900 for 2009. After protest, the valuation was reduced to $2,600,000 which is a reduction
of $2,102,900.
2. The valuation for the property located at 500 Bear Ridge Road was increased by the
assessor to $1,958,500 for 2009. After protest, the valuation was reduced to $1,658,000 which is a
reduction of $300,500.00.
3. The valuation for the property located at 3200 Bear Ridge Road was increased by the
assessor to $1,746,200 for 2009. After protest, the valuation was reduced to $1,300,000 which is a
reduction of $446,200.
4. The valuation for the property located at 5000 Bear Ridge Road was increased by the
assessor to $4,845,600 for 2009. After protest, the valuation was reduced to $2,500,000 which is a
reduction of $2,346,000.
At a minimum, these reductions tend to show that the entire azea was seriously overvalued for
tax purposes.
The market value revealed by the comparable sale described above is the equivalent of
~
ii
Pitkin County Assessor
Attention: Steve Miller
February 26, 2010
Page 3
the "actual value". We are not aware of any evidence to the contrary. "Actiial value" and
"market value" are synonymous. We have seen no evidence which supports the approximate
120% increase in valuation. We respectfully submit that the assessor's determination of an actual
value for 2009 in the amount of $2,272,400 for the Taxpayer's Property is grossly excessive and
way out of balance with the value of other properties in the area. As a result, it's fair to say that
the Taxpayer's value is "Unequalized" and the Taxpayer will bear a disproportionately large
share of the overall property tax.
For the foregoing reasons, we believe your increase in valuation was in error, and submit
that the correct valuation is $1,250,000.
Please feel free to contact me with any questions.
Sincerely,
Kaufin eterson & Dishler, P.C.
By:
atrick D. cAllister
~
t~
F~-xz & ~tanv sTOr~
2U00 Bear Rid~e Raad
Basalt, Colorado 8162I
February 26, 2010
Pitkin County Asaessor
Attention: Stcve Miller
506 East Main Street
Aspen, Colorado 81b11
RECEI VEp
FEe 2 6 2010
Pltkin ~
qs,~~^h'
Re: Franz and Maigin Stone, Accouat No R007140, 2000 Bear Ridge Raad, Basalt,
Colorado - 2009 Pctition for Abatement or Rcfund of Taxes.
Dear Steve:
This is to confirm that Patrick McAltister is authorized to represcnt us in our 2009
Petition for Abatement or Refimd of Taxes.
Thank you.
~
Zy
Appraiser Recommendation for an Abatement
Assessor Generated ^
Taxpayer Generated ~
To: Tom Isaac, Pitkin County Assessor
From: Steve Miller
Date: 3/5/2010
Petitioner: Franz T, V& Maigin L Stone
Schedule #: R 7140
Parcet #: 246536200003
The appraiser has comp/eted a review of the referenced property, as of this date, and hereby
submits a recommendation as stated below:
^ Deny
^ Approve as Submitted
~ Abatement/Refund Different than requested
Abatement for Year: 2009
Data collection period
for ear #1: 7/1/2006 -
6/30/2008
Assessment Rate: 7.96 %
Tax Area: 016-JT1-WZ-
016
Mill Lev : 53.460
Actual Value this ear: $2,272,400
New Value: $1,500,000
Abatement for Year:
Data collection period
for ear #2:
Assessment Rate: %
Tax Area:
Mill Lev :
Actual Value this ear:
New Value:
Assessed Value Tax Amount
Assessed Value Tax Amount Original value: $ $
Original value: $ 180,880 $ 9,669.84 Corrected value: $ $
Corrected value: $ 119,400 $ 6,383.12 Refund: $ $
Refund: $ 61,480 $ 3,286~2
The basis of this recommendation is: Property owner submitted a valid fee appraisal dated September
24, 2007 showing a value of $1,400,000. Adding the time trended appreciation rate of 1.43% per
month to June 30, 2008 yields a value of $1,500,000.
Chief Appraiser Approval:
Assessor Approval:
~
ZS
03/04/2010 11:14am ASPEN DIGGER 9107Q49633 #515 Page 0]/O1
PITKf N COUIVTY ASS~SSQR
506 E NIAIN S7 STE 202
ASP~N CD 81619
PHONE: (970) 920-69 60
FAX: {970} 920-5174
P~TITIONER: ~''~~'N ~ 7' ~,~ ~ /Y1 ~ GT'~I L , 57~i'U~
SCWEDt1LE #: ~ ~ I ~ Q
The Pitlcin County Assa~sor and the above mentioned petitioner, stipulat~ ta the tErms and va~ues I'isted
below:
ABATEMENT STlPU1..AT~UN AGREEMENT
For the t~tx year of ,Z ~ ~~
7he Assessor and petitioner mutually a~ree to an actual value of $ ~, ~u o,o ~°.,
for a total tauc amount of $~O 3 S 3.!~- , resultin9 in an abaEementlre#und of $_ ~.~ $b ~ 72 .
oo~w~T~• .~ r~w~w~w...~~..~.~r.rrrw~~rYAA~I117A~~~~~Y~YNM~Mr~~Tw~~~~ ..~rrrw~Mrwww~~
For the tax year af '
The Assessor and petitianer mut~al(y agree to an actual valua of ~ ,
for a tatal tax amount of $ , resu~ing in ~n abatement/r~tund of $
PLEAS~ NQT~: THE TO~TAL TAX AMOUPl7 OES NOT INCLUnE ACCRUED INTEREST, PENALTIES,
ANblO~t FEES, iF APPLICABLE, AS THESE IT~MS CAN N4T BE ABATEpiRE~UNDED. PLEASE
CONTACT YOUR C4UNTY TR~ASURER ~OR FUU. PAYMENT INFORMATION. ~
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`-. 02/~3~2010 11:03am ASPEN DIGGER 9707049633 #484 Page O1/29
~ ~,+
APPRAI$AL 11F ~NL PR~-P'~RTY
LOCATED AT:
zaoo e~r ~a ~d
~B Sopra Greatc Lot 9 3aC,Tw~4 R-~ 38~-07
9asa~L CO tl~6t1
FOft:
-u nA~ntain Mo~tpap.
175 IA~tNtl Avpnu6 ~'1
OmsaY, GO 81621
A$ OF:
Ssptember a~4. ZaD7
BY:
Edvwnf H, uo~u~
a~+tN a1+F'~3AISnt. dROUP, LTD.
300 Ese1 Hyman A~en~, Suile A
Aspen, CO 89611•1947
fam 6A1- "WGIIdTAL• edkr~isal 9oANrere bU ~ m mple~ inc. -1-906ALAllODE
~~
`-~ 02/~3'~2010 11;03am ASPEN DIGGER 9707049633 #484 Page 02/29
~
A3PEN APPRNSAL (3ROUP, LTU.
30o Eaet Myman Avax~e, SuAe A
Aspen, Cq 81 61 1-7 947
Sevlembar 25. Z007
Ai A~lourrteh /~9e~tgege
175 Midlend A~enua #1
BasaA, CO 81621
Re: Properly. 200C) ~ear R~ep~ Road
BaSah, 00 8/821
SO~OG Frarxand NFipin Sione
F~e No.: 22998
70 +Nnom ~ may oa,wrrx
a Your r~4lws4 I i~padod iha ir~riorand e~rlor o10~e auh}ect prapeify on SEP7YA+I~R 24, 2007, aroi ha+e
erelyzed ePPtlrsbb msncet eata far the P~p~ o( PNViQi19 ~Y~I~1ion af the sul~jed's Merket YaMre (moat proDabb
aeAig qi~e} sa defned hereit Thls va~atlon Is a'Complete Apprelsal" a(Iproa in a 8u'Tnt~ry Rvpwt Fortnel. The
anatysis, opi~ions and aon~sions smled In n~5 report v~ere preparad tn aceoraenoe wM~ n,e lfAndaltls ana rooortirt~
reqweruw~ta of the Uniorm S~m~ ot Prafeeaio~! A{~qeeal Wa~.~ anti tl~e Cade d~I ~UNCS Of ~M6
App~l pqtiWle, VVFxIv I have ut~ad C~e FNIM Furm aia perl v( ih~ report. This appraiea4 is nat aomplele vuRhout Vie
a~^tiDa'fY~6 rtAnilive wmmenk~ whiah awiKle pvrtirprA assunplioru srd firniting oond'lione. Thls appreaal
i~ipmiant w.a not besad on s raquasled mcwmun vaNstbn. s apedno ~llon, a a+s aDV~oYAI of a ivan.
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fhis appra'isal ivr a morl~ge fmanw ~armec6on. Bubjec! b Oie smmit 3cope ot wak, purpo9e af u+e app~qa4
mporMn~ ruquinnu~rl~ uf VRS ays~cil kxm~ :x~d Iln~ Urslriion of lRuket Valua. Nv eddi6onal Iniended Users sra
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• 02~23%2010 11;04am
ASPEN DIGGER 9707049633 #484 Page 04/29
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R aukf aa ~d In 24041kr . See • ln - yq
OF''.~ie6 SIIf.E$ 4- ~S Sbids 4bm rison mmi~ in addendurn.
hMaua+rar s~NS s, a onn
Ndle~ pue S~ S 1~OG aoo Cat = 1366230 Ixawe i WA
Pisaf tnn :Abdrid rnrnnrxts.
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',. 02~2~/2010 11;04am ASPEN DIGGER 9107049633 #484 Page 05/29
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ToG1 aaaa of udK rr,~a Tonf nurber of unios Ia a~e Dati wioe ._.., ~ ---
the " r+eqlAd 1119 ounr6~sion ol 01~ hlll~ Ind ~ PUC? Yes No A YeR dYd d eafve~eian.
Oo16 tlM " c~ln mt~FEMIiR IWR1 YW tb 06u Ce
Att eie comrton ~enNme. ~nd ~6C~40n 1owT~ese ? Yes No M Nu de9a~le Ne ~ua d
An me eae~rtrm daf~ans Ie~ed lo a tl~e ~nw~es~ tr~sacornn? Yas ~a N rec a~er reml emn ~d
~serlhe ~areinsandieC~aafdolt30f9aC.
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Fa~B Mae Form 10~ MirC~ 2Q05
krm 1004 -'W~TOfAL` ~pai5/ soRN7R bY i h nro0a, bIC. -1 ~4A11JA0~E ~
I
~ 02~23%2010 11;05am ASPEN DIGGER
9707049633 #484 Page 06/29
This repwt form Is deslpned to repart an aDD~ a a~-~ P~PgnY or a one-unit proparty w~N an aceessvry unA;
InCludinq 8 Wl~l ql 8 p18AnCd uNt development (p'UO). 7his repod fwm is not deai9ned tv report en appralse! of d
manu#acwred home ar a un~ in a vondomin'mm or eooperatlve proJetx.
Thts aqpreieaJ repoat fs sab~ect to the toko~ing sca~p~e o1 wo~x, o~0ended u9e, I~ended user, dettnplon of market valua,
s~oernent of assumptions and limtinp vondtio~, and ce~katlans. Modil'calions, addfianx, nr ~rfetbn5 to dte Intended
use~ i~t0endatl user~ defldtlan af market value, or asr.~m~tionE ~ntl runiunD oondqfons are nar pcrmidcd. 'I'tre ap~r+ser mar
4xpand ihe r~e of wo~k Ua imclude any atldidortal researoA or ~adYSi~ neoes9nry based m tlie c~mplexlry of thls appraisal
assignrne,~t. Modifica6ons ar delegons to 1he ce~ations aze al~o not p~tiilted, However, addpional eertificalia~s Ilial tlo
npt cvnstlune matedal aNar~tinas Ep this apprai~a! ropod such as tltose teQUirefl by law or tllose rehtad 6o the appralser's
coMim~inp educadan or membetshlp In an appraisal ory~ankaSbn, are pcmllted.
SCOPE OF~ORK 7Ae scOp9 Of wvrlc for ihis app[ataal Is defN~ed dY th9 COmple~r Of ttils appralsa! asaignment ane the
~PO~t+n9 reuuiremerrts at ihis apprais8) IeADrt fGm1~ Incl~l~ Ihs }alawinp eefinitnn af market velue~ slelement of
aa3ump~ionb imd Ilmftlnp o~dtians, ane certifiifica~ti4ny. The appraiser mu~t, at a minimul»: (1) peACnn a compleee visual
I~paetlon of ine inmAar and exiedor areas of I~e sub~ect ProPelttt, (2) i~BpCCt Ufg nei0l~barhood. (2) inspect eddl Of dte
comparahde sales from at least ~fe sb'eet, (4) research. rsrHY, ana ana~ne data fiom reliable pudic and/or PdvaDs sou~Cea,
and (5) ~eport his or ner ar~fysis, opuniw~s, m~d cond~ons ~n ~his aqporaiasi repart,
WI@~Ed (~SE: TAe b~Eended use af this appeacal repqt iS for 1he kndedelient to evalua~e tbe propelty U18t i8 UIe
sub(etx o( M~ appraisal tar a ma~ape f~rance henasctlon_
~ 11$ER; 'T11A pliended asar of th;s appraisal rapoh is the lendeyclk~k
b~I1A110N OF MARI~T VALU~ T1~e most pYO6able prlce which a p~nperty s~wdd bring i~ a eanaeh~ve and open
R78YkAf YIfOCf 8!I Ca11dId00E 1'9qui6ile !0 a f3Y 601p, e,e buyer and seller, 28CA eCtll~ pNdP~1tlY, IOfI0W19Q0~lNY 8110 83SI1l11k1p
Ihe p~5ce is not aflecled hy undue ~tfmulus. Implwlt In thls drlinition ia Cie CpnBUmmadon ot a sale as af a spec;6ee eate and
q1e passep af 1~fe from Seller tD buyet vndet' Cortd~4ns wl~eCeby: (1J buyer arb sellar are typiC~lly ma6va~ed; (2) botlt
piAies a~ weq Mortned or wrell aer~eq, dr+tl e~ av~p n ~vhst ha or she co~lds~ MS ot~ h6~ Own Dest Inl~~CS~ (3) a
reasorrab~ bme w~Ilewed fo- exPosuR h the open markeC (4? PaY~t fa ~t~ede in terms ot casn in u. 8. mllars a ip berms
ot ilnandal prr.9f1pBnlellt8 COmp~rable thereto; and (5) lhe p~ica represents ihe nurtnal aan9ideration for fhe property sald
u~rsctea ay specia~ ar cr~tive f~nanciny vr selea eoneessbns^ yranleU Dy anyoll9 8V884Cfet80 vrNh the sale.
"A4u~briCnts b ths comp~ra6tas must 4e made fOr 5pec~l or creative finaneGip ar sves eonCessiOne. No ed"Iuetrnents are
necessary tvr q~vse aesls whlGi are namally pald by seUars aS 8 Y98ult OF trddKiOn w law In a market area; u~ese costs are
reaApy i~nifiable WnCe 1he seller pays tl~ese cosls in rirh,ally all Sales trdnS;i~Gvns. Spedal ar crt~We flnanclnp
adp~tme~ks can be made b Ihc comparaDlc proNerty Ly ~ompKnsvns to fsia~inq lerms affaed by a tl~'a~d party inatAutinnal
lender thet s not akea$~ 6rvoNed h ris prope~ryr ar fixnr.~:tian. Any adnstr-~eni should not be calc+,latep at a rtieCl~niaal
ddlar for doMar eoRt rif Me findniCinp or cancession Mrt the ddlar arr~ount ol any ~ustrneM shouW appro~dmate the rnarkeYs
rrectiqn lo the flnancino ar cance.ssians pased an tna appreiser's ~udOment
STAT9AEilf OFASSU11P110NSAND LWtYNB CQNO~i101i~ The appralser's cerUlECaaan in p~is repod Is
subject to fhe fallowlnp assumptio~ and IrilRitq condltlona:
'I. 7ne apprdi5er will irot be respansible for matle~s oi ~ Ippal ~plfB tlldt efif9ci 8iU19t U1b ptnptrty being appralsed or ths b'tls
Oo ~, 8%C6pt tOr itfbfm~an Htat hs or she becama a~ware at during t~e re6e~r involved in perfarmiRg this appraFaal. The
app~akur assun~es tlwt tha t~l~ is gpotl arn~l merhelatde ~rtd wdl rrot render any opYibns aba~t the tiqe.
2. Tf10 9DD~er has provlded a sketch in fhis appraisal ~eport to show the approximete dar~ensions of tlie Improvm~ents.
7ha skelch is ieoluded nnly 1a a5sist tl~e rea~r in vfsual~rrq the prape-ty and uridemt~ndltp tfYe apDiaiBef S determkwtlon
vf is s¢e.
3. 'Th~ dppraiser has examined tl~e aveilabk flood maps Ihat are pmvided by fhe fBCefa{ Em~perlCy AlmapemeM Agency
(ar ather da~ soul~ceb) anQ t1R8 notOQ in tht8 Bpp~I6a! report whelher any pautlan m Cfe subjact aite 6 lorated ~n an
lder~lfled 3pedal Rood Hazard area. eecausa ina apprdiser i5 nvt a 9urveyw~ he w she makes no punran~ees, e~iProea or
irnpHed reqerdlnp thls detertnhatlan.
a. 'fhe 2ppr~sar wal eat give te5dnMny Or a~ in cau[t because he m she made an appralsal pf p19 pf~Op9t~ ilt puBBtlbn,
un~ess spednc arrar~gemen~ co do so nave been made batorehana, or as alhenxlse requlred by ~aw.
5. 7ha appraiser has np4~d in this dpprais~ reRwt any adrerse eaidilbr~s (sueh as needed rep~lrs, deteriasdOn, tlfe
preasnce of htuardous wast98, toxiC Bu0ek~lCes~ ~.) 4bserv~d duiny the inspeclion oI uw suejeci propeAy ar qrat he or
ShB becimB BMala M dutfilp d18 res~rCh 'al~olv2d in Pe~fOnnirW tlte epprAi9yl. Unless oQlerwtse sffi~d h Ihis sPpraiSal
rePWt~ d~e sDGraiser hes no knowledpe of any hldden or urraPpat~ent phYsPeB~ dOfiCienC~e Of ea9t8E cCndltbns of the
P~nY Isuch ~5. Dut not fim~ted 10~ ~9tl9d teG~B~ d6l~iu~atlan~ Iha P~ence a1 ha~ous wasMs, eoxic substance6,
adverse enriionmcnYal con6tions, clo.) Urat waukl make Aie properb Iws vuluable, and has a9sumed tl~at there are rto such
condiiorts ana makes np guuranDpes or wartunfies, express vr implled. The appralser vrA! nat be reaponai6M far any sucA
condltla~s lhat da axist or far ~y anpanasAnp or te~finp mat mi~ht be required to discover whetl~ex such cundlia~s c.,ast.
Because me appralser ~ not an cxpert irt I~e 1~1a d envirorxt~ectlal barrrcho, 1hm aNpraisal r~vit must not ba oonslde~ed as
an envimnmeMal 8ssessme~rt af the praperry.
6. Th4 aDPfai56f hd5 D8860 Ai8 Ot {19r 8p~f9188! t6pOd 8hd vQlue~cn cvnCluslon for an appralsal tliai is subjsct tn satisfacCay
cempletion, ~spaira, or alMraGons on Ine assunpt;an tirat tne ~ompdgtion, repairs, ur alleralio~ ot the subject proDerbf wAl
de perfv~med in a professiortal marmer.
Fradae Moc iorm 70 Merrn z005 Pa9e a d B FamYe Mae Fam 1000 Marcn z~5
Fam 7oa~ - wu~vrnt~ ~va~+ie~ eo~nra~e t~ ~~, mode, mc, - r~eaa~ ~
~
'. 02~23/2010 11:05am ASPEN DIGGER 9107049633 #484 Page 07/29
~~
UR~OrY11
APpRAIS~[i'S CERTIFiCAT10~it The ADD~ser certiesa and e~rees mat,
1. I nave, al a minimum, de,reloped and iepurted tl~i~ app~aisal in aecadance wNh the 9cope ot work requlrements stated In
mis appraisal report
2 f perfOnrmA a r.qmpeta visua) inspection of I~c inlcrSor ana cxtcrior a~eas of tRC sunjcct prop¢~ty. 1 rn{wrted the anndaion
o( the improvements in iact~af, specirc terms, 1 idenUfied 811d fEp0lt2d ~hC pI1~+9IC81 dC(ICIC~ICI@S blit COUId aflect the
B+rab~, soundness, or strucuual inteprky of Ihs pmperry-
9. I pertam~ed thia appraisal in accmdance witli the reuueeements oi ~e UnRorm SlnndaNs p1 Prptessional Ap~praiBal
P~acdce Ihat were adopted and pramulga~ted by tl18 Appraisal Stbttlffids 8oerd af The ApQraissl FouiMadon and that were in
place at pre time tlrie appralsal report was prapared.
4. I developed rtnl opinian af tbe rt~arNe~ valu6 Of tha ~oal propelty ~1af i9 tl1e SuDjCCt Df UNS report 6ased an the sales
eompetison pp~prGpCA t0 veluA. I hnvC adequate camparahle markat data to earelop a reliable 6a1e6 cwnpariaon approaeh
for this appraisal assignma~rt. I iurthar oeRify U~at i cvnsidered U~e cost and Income approaches tp v6JUe but dtl nOt Aevelop
ihern, uMesa vtlterwise Indlaated In (hlg repotl.
5. I re89arCh9d, v91Sfie0, 81151yzCd, 8nd /6por[Cd on any cuRan[ 2gre91Ne11t for sale for tna sueject pmpedy, any aftenng ivr
sale of tNe aueject prapeRy in the twelve ma~ths Rrior to ihe effectpre dale of ihls appralsal, and tl~e pdor ~Iss pf H-Ig BuDiect
properiY tor a minimum of ihree yea~s prbr w the effecnv6 dais oi this appf8is~l. udees olheiWise in~icated ~ ihis repat.
8. 1 res8~'CIroO, vedfietl, anslYjed, 8nd teporoed on the prlar sales o! ihe comparade sa~es tor a muumum aF ane year prior
ro~e date of sala of tlie comParaCile sale, ~~ss cmervvisa indcated in this repu~t,
Y. ~ seieded and used comparable sales Itrat ere lor.ativnally, physicaYy, and tamtionally Ne mast slmNu to the 8u4jeCt prop9~.
8, t have ~rot used compereble sales tt~~ rvere !he result af combk~ a land sale vrkn ine C~rMraCt DurChBSe p6Ce ai 8 home thgt
has been buNt or will be D-alt on Ma iana,
9, f haua ~eparlad ac~ustments m the eemPa~abie seles that reflect me ma~aePS reaetfon ta the dlfferences b~rvesn the su6{ec~
properry and Ihe camparable saies.
io. I verified, trom a disi~e9ted aou-ae,,ail irdomiaUon in ths report thffi was provlded by partles who havc a fkiancial in0arest i~
Ihe sale or flnanc(ng Df th8 subjeCt pro06itY•
11. ~ hnve imrnrledgr. qnd p~p~rle;nr,e fn apprellSlnp thh typC o} propeKy in thu maMCt arca.
12. I am awar~ of, and nawe access w, ~nc neCessary arta appropiale A~~~C ~Q Arn~te data soun;ey. suah as multiple i~tinq
servsoes, ~x assessme~ recards, publlc land recoNs and oTher such data sour~ss for the area in wnich tne pmpe~ry is kreaMd.
13, I abtaqied ifie Morm~lo~, estlma[ss, and apinians Nmishse by other paAiea ane mcprease~l in tAis ap~raisal report irnm
relisble sour~es that I bef6~we Oo be we and correct.
14. I have taken inW eortai0eration V~e faetora that t~ave a~ impeet on value w~h resae~f ta the subJect neqh6orhaad, subjec[
property, and the praxlmlry ai the sub~ect praperty ta aAuerse I~uenc~ a~ ma aeveiapment af my opinion of man~at vaiue. i
have noted in this appraisal rel~rt any advetse condlGons (such as, but not iYnked ta. needed repairs. deteriDrpSon, th9
pres9nC8 of Aez8ltlous wes~eA, bxlC 1ubSt8nCes, ~dver9e emrliatmen~i candltlons, ete.) ahseroed duriip the inapection of nre
subject pmpedy oC that I beCame aware aF tlurirrig the r~seanc-~ invW+red in perfvrtnin4 ttiis apprai5al. I have ~onsidered tltese
adrarsa catd~tions in mY 8n81yei8 of ttlB ptODeitY vAlue, dn0 Aare reqOd64 on the e#fBCt of the con~tlona on the rafue and
msrketabAlty of the suMact P-openY-
15. ) hare not kitOwingly witld~hld any 6ignifiednt inTOrtnation f~pm ttiis appraisa4 report and, to lhe best vF my knowkdpe, 811
sraaements and inioima5on i~ mis appraiaai report 4re tiue artd correct,
16. t atatetl in this aDDreisai re0at my awn persanal, unDiasea, ano profesaional erreiysis, opinions, antl ooncius~ons, whmh
a~a suDject only oo tne ass~mptions ane limitinp~ emiaitions in mis appraisa~ report.
77. 1 have nu Wesent or vrvsPe~tive interest in dre DroDerb tt~a~ is ihe subje~t of ihis report, and I have no present ar
pRls~eCtfve pCISW181 f~fESt ar bl8s wNh rCBpe~t io 1he partldpaMS fn tltC tr8nsactfan. I dld not base. either partlally ar
completely, my analysis and/or api~oa af market valu2 in this appraisal repa[t on 1he raoe~ odor~ ceiroivn~ sex, ape~ mafia{
slamua, ~a~icap, famifiel atatas, a n~tio~al ai0in of edher Me proapective ormera or occupants at tne ~,Diect prope~ or of q~e
presant owners or occupartts a} tne propeRies in ths vciniy ai tns sub~ect property or an a~ry atRer easis pmnibitee by law.
1S. My employmer# arfd/u cwnpensatim~ ior perfarming uus apPraisal or a:,y fu4,rt or arficipated ~piaisala was not
wndUoned on eury ayreement w undersCandn9, mftEen or dherwise, 1~ I would report (or pre9eiR anaysls supporlNp) a
predeosrmk~ed speclflc v~uQ. a predetermined mhlmum value, a iange ar dtectl~on h value. a valua ~at lavms the cause of
3~1y paRyr, pr the ~1taiRnent of a sp~itic rewR or o~currenc~p bl a specifiC subsequed ered (au~h as apprwa) aF a pendiiW
martpage ioan appl(caflon).
19. I De+sanaUY vr~Pared ~l conalusians and npinio~s aba,t the re~l eEtakP that were set Po~ in thi;, aDUraisal report. If 1
rgli64 on ai9nitiC~tt rea~ ProPeKY ePP~~%a~ assls~ce tram any Inqwleual ar mnw~a,als in me persormance a Inis apprai~al
ar the preparatbn of th~ appralssl repart I have named such fn~rldual(s) 9rid disclaged the speclfk tasks pertortned k~ thls
aDPrai9al reDat, I certifY tlxit anY Mdividual sa narted is qualitied ao peria~m inp fasics. [ ha+re nat auBrorvxd anyqne ta rnake
a cf~npe ta any i~m in tlria appraisal rapoA; therefati, anY cnan0a ma0a m U-is appra~isal is unauparae0 w-tl I wiN take no
respon5~l'dy for ~.
20, I identified the lender/clie~ in Uns apprai9al repod Nha is ihe indmdudl, v~ganixadon, crc agerrt for the v-ganization qiat
orde2d dr+d wal ~ec~i~e this appraisa! repo~t.
FreA6e Mx Fnrrn 70 Ma~ch 2095 Papa 5 af 6 Panrao Mae Fortn 1 wn n~suan zvo5
Form 100A -"WinlOfAl' apprmsA wM~e b~ ~ k nodA. inc. -1~&DO-AUWOOE
i~
02~23y2010 11;O6am ASPEN DIGGER 9707049633 #484 Page 08/29
Unl~rm
21. Ths lentler/di9~ mey diBdoBe Or 4isl~Dute ttiis dPp-aisal r9pat m: dte barawsr, another lender at the request oF the
barmwer, tne m~ort~p~ ar As succassars ane assipns: marpa{~e EnsuRrs; povemment spanta'etl ente~prieee; otner
secundsry market partklpants; deta eollestiun or repvrtmp servica; p~vtessiaial apprdisai or~anadtions; a~ eepartment,
a99fICY, cr i~ume~ity os me unitea 5teoos; eIW ltny 3teAe, }he DlaVSct al Calurnb~a, ar otlter WrLsd~tlmts; wRlwut havinq t~
p6ktin Ihe 6PD~iser's ar suverrism ~vw~iser's f~ aPP~~caway consenc. S~cn conseM must be obtained bs(ore ihis appralsal
tsppR may be diaclosed or det1lbuMd Eo eny ather Pury (Includinp, but nat IknRed 1a. iha publk throuph advertls(np~ Pi+blic
relatians, neNS. sales. or Wher me~is).
2Z. I um aware q~t arry dis~iusure or disblbubion ut Mia aAOraisfd -~pOR by me nr me lEntlerldierlt may Dc subjccl ta certain
laws and repulatiwis. k-nhsr, I am alao subJect tn the pmvklans o! Uie UnMortn Standabs af Pralesslona! Appraisal Practioe
that pedain tv disclosure ~ dishbuuFon by me.
23. 7Ne barovrar, anomer lenaer at 1he reQuest of Iha bomower, iha martDaOee or ns successws and assbpns. maqape
Inaurers~ govemment appnsared eMerpAses, and ~er s~~Y ~ P~~~ -~Y ~h- on thls appalsal npo~t as part
of any mor~ape flmr~ce transactlon ihal Involues any ane or more o1 Ihese partles.
24. IT thie appreisal reOOR was OrnamdOed as an `e~cbonic ncvrd" comaunin9 ~"s~eclronic abnaUre,~~ as drose ~ms are
defx~f in appltraela Satlaral anNor atate laws (e~lud~g audio and vldao re~ard+ps). or a facslmle oaosmissloa af ttrls
approusal repwt co~tiafnnp a eoplr w reflrese~r6atpn af mY 9ignitbtRe~ 1he aPPra~sal reppot sh~ll Ge as effeciive, enfdremdbla and
vBAd aS ff a pSpCf vCYSbn af fhls BPRtafS81 YEqCft vrEYE dtlhrd'd! COYiiiB~linO mY dfqifl8l 118f10 Wf~Bfl 8ip~61uf9.
25. Any inlenGonal or nsgliaent mistspnsentatlan{s) canlalnsd ln tfiis appralsal repat may re8ult h elv~ Aab~ yndl0r
criminal P~ nGudn4, but nvt fpn~d ~o~ fne vr impn9onmmt or hvth und~ the P~~S oi Title 18, Un,'~e States
Cad& Secllan 10b1, et seq., or slmlar Sa[e lBwS,
SIiPBiVISORYAPP11A16ER'St~tilAiCATIO~k The Supervlsory Aaural~er ee,~s an~ a0rees tnat:
y. 1 ditectly suhervisee 1na apprsser for tnis appraisa! assignme~, ha~e read ~he apprais~ re~on. and ayree wltl~ ihe appralaefs
ana-ysis, opmioes, atatanents, conclusions, and 1he app~es's ceitllieatlon,
2. 18CCept iull Feepon8ibil~y fOr the Con6Bnt8 of this BDpIdiSS~ r9port InClt~dinp, but nat IlmNed to, the appaafse~'s arralysia, opfnfons,
slab~rr~e~,ts~ oa~clusio~, ane tl~s appraiser's certif'~catiort.
3. The appralasr MemEfled in th~ apprafs~l report is eilher a 9ub~wn4a~r or an empioYee ot tlie s~en~isory appraiser (ar tAe
appra(sal ikm), is qusll~ed ta pertOrm ihi6 epDr8ie81, 8rtd is aCCeP~~e to P~ lhis aPP~~I widrr tl~e appAcable state faw,
q, 'Ihis app~aisal report oomplies wiM tne Unitorm StanGartls ot Pro~essianal Apprafaal PraotleR tt~ were Rdn~tr.d And
prorrwlqeled by 1he Appralsal Stand~usf9 6os-d ut The ApP+~~ ~^~~ ~~~ "~~ h~ placc al Inc time ms appraisal
repat xas prepared-
5_ ~f tnis appr~sa~ report was transmluea as an "eledronic recatl" ~onlaininp my "eleehunio si~ah~re; ' as tnase ienns are
detkied ~ appliC~lfe feGerml 6utGlo~ state laws (exeludlnp audb and vWeo recor~npa}, w a facsanik t~ansm~ssivn d this
dPpr~i5~1 repo~t cnnta:~inp a capy ar repraser~tatlon af my slpn~re. the appr~1881 fepOrt Shall be 88 aff9c6ve, enfOfC9abIB arld
vsfiG ae ~ a DePa' version oi thi6 aADralsat report were delNered canlafnfnu mY anuinal ha~ wrilten signature.
APP'RAISEA ASPEN APPRPU$AL C~i4UP, L7U.
$1~118111~~
hlatTre „_, H ---
CampanyHsme
Company Address so0 F~rt Elwrren A~e~n+e. Asaea S~o 81471_
7elepno~ Number j~o1 ~.m,_.,,_s~- ,
Ert~~Address ~~ --
pste of Slpna6xe and RePOtt 9eotember 25. 2007 -- -
~ffBCdvlDdteR1+4DPB~sal S4onme~r~a.2orn
~ ~ification # CR400te_B40
or $qts l.bense ~
or Otlfr.r (desCdbel _~ Siate ~1-
S~le CO
Exppatlon Date af Certiifcation vr Lice~e 7~~~8
ApDR~$S OF PApPERTYAPPRPJSED
~o en„r waae ~,a
~e~co s~az~ ---
pPPRA15~VALUEOFSUBJECTPROPEli7Y5 ?,.,~~~
l.~t~EWd-~B~fl'
Name Qowxe ~vrrie
Campany Narne lu AAw+ntaln u~s
CoR1pally AddIC59 175 I~m~d Avens #1, Basall ~C1~1621
6ri2~ AAtlress wnnie~illlx~unqgxnort~aste.
eUF~ERVIBORY JlP'P'RAIBER (~iY F it~qNR~)
Sb~~n
NSTC18
Caanpairy Nama
Carnpany ad~ess
TelepBOns Namber
Ema~ Address
Ua~ af Slgnamre
Statp CertiBcatinn ~
or state Ucense #
~
£xplrafion Dade af Ce-tificairon vr License
suBrECr~aO~rr
^ Oi0 not inspect subl~ ProPgnY
~ Dldinspectex~riorofsubjectP~oDeRYlNmslrect
f]aie oi InspecGan
^ Did ~spect intcrior and exlerior af sablect Drov~1Y
OaLe of Ictspecltan --
COMPARABLE SAIES
p Dld not NepeCt m~9rior ot ComDarabla aales from street
~ Did'mapect e~de~for of camparable sales hom stree!
Date of 1r~oec6on
FIeOQN NfiC Farm 70 MarCb 2005
Pape 6 a !i
Fam 1004 -'YNd101'A' appra~l SolMxe Ef~ i~ mo0e. Ine, ,1~OfFAI,A1q0E
ranrxv ~ens rW m ww .~s~4~ ~ s+~
'~
.. 02~23/2010 11;06am ASPEN QIGGER 9707049633
#484 Page 09/29
~
tN
~19,ECT IRORIi H9SIOB~G81
Cp1~AqqBlE +w4 #1 r[
SAlEM5 ~er zze~
E;16
Atla9is ,'ZO4p ~ RfOpa Road
M&B ' C~eek Lat i See.36 Oqe1 AN~itlK Avwwo
Lhb F2 Lot 1 B 7(I Cheny Larre
Orchentl EsWe+ Lot 1 TS CapMd Crqak ~
1~8 Crk Trct 82 Sec ~4
l0 3.2 mllss S~ 4
Sd. Pdce
Sole ' U~. AIeN
D,C SOU
YeyIC7lipn
VALIEMp~4'nA~Nrfi t Nr
f .tt
DE5CRIPfIW1
9B
Fsrdcedll.31PR
on Nr~icid
~6SCRIPflplt S i
• 98
a t slmt
198.04 tt
Rml~edM,31PR
on Merket
U[SCRIPIiON_, 1
110
+(- ~Ad' T ~ n
.R
Bed~
(1t~IUrr~- + i .~mad
SakG a t~rciq
CWI011i1oe6 CaihAh~(um
110 oor~n 'l.iet t~rs
ikder Cantrad "Lisl Priw
Curart
ol Sildtlrtq uc LiSTED 08107
Lxitlon V f~me C'~aod V Oood OOD
SI Fee 9' la F Fae Sin 1a
SRe ~ eaae 1 D6 aues 1~re + 2 aaesh~edndc
uew ~ c~ood c~ood-v.~ood +90 +,sn +5oooa
a ca~
oom
+sa o0o aood
t~od cooa
Hplil 2000 1976/~anod. t997
• a25 V Gbod +
RC7Ye6'Md! TOAI 9dms. B~ Tahl Bbrte. mla Trbl eQm9. RMit Td/ 9Qrte
AOOIII CoWt S 2b B 3 2 +14 8 8 B 4 3
&o~ 'e uei J1. 7 870 .1L +71 596 .1L -38 72 .iL -19
~n18 H~hed
ROOllli B11on Br~O No b6m1 Nv baml fJn barnt No lri~M
HIACiOrCI
fllqf
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NC. S.
RadianYlVo A~C
EfAddit tAm6 VG No
2~ 1 Cer ~?S 2 Car No s +Sa 000
Paf Par~hec Pat
fl 7 FP 1 FF 7 FP 1 WS
Sbem +6 Sleam •
petHp
Mp6i~0 5Y9 PiiE6
a
~e RsYb R~ICA
liE1l
1p d 1AF
SU ~
Np !~'j, ~.0 x
sraas ae~ ~.e ~ , s:~s
Of q110r Va~rtfN ' W tltl '
fl~T CDhIPARi59LE SA t • S
I~tot lld~ 68 ~
ao~s Y ~
aM eala~a r 70Qti
LE N{ COIIPAdiNU,F Shlf ~ + •
tkt Ap, 7~,5 s
Gross ~.~ x
0rKtl ' S~ On
COMPAN S - s00
,
~BI.ESALE i
D11C ol Prior So~frvrmier
P~ke ol Rivr 07117/D8
{ard No sela 3
Re-Li~d 911~1/67 1.77a 1~ No :nln 3 No sele 3
~ RoCVRJs dL5/Pub~ Reooide ALLSIPub1e Reeords Rewrda
FMe~a D~e d 01W Q9IaU6Y 7
' d' sele ar tu~la d pe ~I1d sWS
tor
ardlor ' d ~e com rohle Q924107 OO~A+b7
I~ not aold or bean feled far ~la h tl+e Im~ 1Mee
~%
lum db~0~ Also see SALE81 - 3 as we9 ~ alleched 9elae G mm
keddie Mac Form 7[t Ma2h 2005
iannle Mse Fam 106~ M~n;h 2005
Wrm 1004.~AC) --'YNn70TR' ~PndiHl itAlwAre q~ r q mo00. IIIC, --1~800~Al.AMdDE I D
.. 02A23~2010 11:O7am ASPEN DIGGER 9107049633 #484 Page 10/19
'~
Farm HJA l6 -'4NnTOfAL' apprdimi 9dhqre hy a q made, i~rc, -1~000~MNAOOE
~ 02,J23/2010 11:07am ASPEN DIGGER 9701049633
#484 Page 11/29
~
Su lernie~al Add~ndwn r,~ w. zzv4s
BDnor~er ' Fraia mid
AEAra6s Rosd
~q Se4e Cb Ocde
AN bbuntain
lYei~I~bor6ood ~Commeutx:
The subject pmperty is locnbed off ~-st $opri~ G~vc~ Road m~nco~wrated C'itkin C.amiy,
npproximaicly S mitcs southwest of downtown 4asalt where religio-~a insCitutions, s6oppmg and
~crlainmeat are availahlc, F3~t tis co~idered 3 bedcaom aomnnuniry jq tkle Midvullcy ~ca,
a~~oximetely haifway betavecx- tb,o xcsat ~TeBa of AspedSnowmaxs and Glenwood Spra~~m, each
app~oximately ZO-25 milee aWay. The subject propeity is lacamd i~ Sts arvn "mini neighboshood", also
]m~own as Section 36, characteriz~l by 16 lu~e tra~ of Lnd of approximstely 35 aeres eae~ ~md
ley,alfy described by Metes and Houads. Bu1'esu of Lmnd Mamagemeflt ($1.M) laad sIIrrou~~le t~
sabject neigbborbood, ~d tht ne~by Maroon [iells Wildemess area se ]ptat~d tv the south. Thae is
liCGe new tle,wel4pment ia the bvbject's iawnedi~e,aeighbo~ood doe to strict W'owtb Management in
Pitkin Caunry. ~age mnches, modestly priced end hixury homea an large tt~cts m~e acattc~red along
Ebet and West Sopris Crac;k Rosds, W the north, east and west of the subject pmperty. The ~runaa
meighborlwod, Iocated appcoximaDGiy 3 miles north, has been a ranching an~ clo9e to Slaba Highway
8Z where io~ are geaera[ly 1 acrc ar la~r, Banvpnded by workmg raneh~.w end apen space, Vsluetl for
siagle ~'~y hames in th~e Sop~is C~'eelc mea iange frorp approximately $750,D00 for a very modest
bame to o~~er ~4,OOQ,000 ft1T i~ew luxuty homes. New homes af gpod ta vcty good 9uslity wnstivction
snd desiga seem to have a paaticvJer~y sh'ong appeal, vrith bath pamanent:esid~w e~d sxand hame
awnexei attraCtcd by t~a ieJative proximity to Aspen and mueh lower p~ices Por h~xury etyle resideaces
on large tracts of 1and,
The pro~perries in c'6e s~bj~a's imm~~ate ~ighboa~hood ~e s;tuatcd along rotl~-g hullaides and eomc
~e haavily treed sites. Soction 36 ~ eccea~ed fiom East Sop~ Cretk Road, s publicly mamtamad
county road appcoximsiely 2 rosd en7cs~ downhill to t~e noltheast Sectian 36 has is~ owid private
acc~ gate approximately'/, mile fram t~e Gowriy IWad. T~ 9Ub]2C1 SlIB2~ ImOWII SS T~'9Ct ~G ~OS~
or Bear RidgC Rpad, is p win~mg ~irt and g,~avcl road tha~ is priv~ely oarned and mait~inex! lyy the
a~sociation I lomenwme~x in Sectior 3F ~aY ~Ppt~ti~ste~}' $G00 Per Year for muinte~ce af t~x; mud,
which i~cludes the c~t 0~ 9nuw ri~mtrvul dtQ~ thc wintta' m~nt~ w'hen access to the nei~hbarMsc~d
~ be somewhat d~ilt. Tha imme~ate nceghbahood is popiilar fac itF prir+acy ~md ~p~sive
viewvs, while being in atoao pmximify to tlia smemities of $asa8, Aspen and Glcr~wood 9prntg8.
~oning Cumlm~ents:
'~'bc subjec~t pcvpeity is za~ed RS-30, s Pitkin Co~mty zoniag cate~ary ouiside t~se Urb~n Crmwth
Bound~y whieh pemtits one si~gle family residtnee an 30 ac~b. D~velopment is restricted w single
family ~esidential The subjed site coffiaane epproxiumste~y 35 at,zes, scwi~g to the ~cards af t1~e
C:nunry A~eac~aar, and it c~not be fuither subdivnded. 12us site size is pat uncommoa in tLis madcet,
vuherc m~ly puxCbt~sers ez~e eeeking a PTeeLem Hfesryle with pCi'vgcy ~d views, ~d there has been a
ate8dy demand far these prnpeirties_ Based upan the corrent ~ouaty lend code, which was ~-written m
Jwrt~, 7.006, tLe R5-30 zone allaws for a maximum house size or FA R(C'loot A~- Ratio) of up W
5,750 Aqum~ foet The PA,~i iuadudes all encloscd improvemems on tl~ pm~crty* includ'mg prage and
basemeat spaca. FAR regulatiams iaclude a fimitauaa on decks ~d o~e~benga, p~lt~ough alI #'oimuise
are subject m c}mngC. AnY i~tprav~mmts wustnw-md in awvxdt~co with xo~g requ~ements mny 6e
mbuih if dxmaged ar des~oyed by fue od' athe¢ bazm~d.
Tha 5,750 squa~e fiook limita~ioa om a home can be increased through the purchs~;e of u Txansfetable
pcvClapmcnt Riglyt (TDR) 4'or ~ additional 2,500 squ~e feet of hause sizc pcr Tr1Tt. Qthcrwise, a
property owner ca~ elect to compae imder the Growtb Mana~eme~t Quata 5ystem (OMQS) for
additional squa~ £oot~e, Althoug~ FAR cakaiabons aze a$en cotQplex aad dn ~ot x,cc~~sriay
w~,'~pund to bving tQ~~ ~ul~vlationa, thc cxi~g ht>mc at 2,330 ~u~uc fe~.-t ~lus s gma~ of 670
sq~are feet a~ears to meet tfie r~eqvinti»entx o#the Code in terntis af ~ize smd conld be suba~'antially
expanded.
Site Commeatx:
As noted abave, the subject site conta~s epp~uximately 35 ac~ea, aoeord'mg to the ~axda of ttie
Counry Assessor. Ii is mostiy undulating in tapo8raphY, covercd with ~eivb oak trccs, sag~brush,
J~P~~ and nativa gca~aea. Tbe proga~ty abuca govemnn~at land controIlad by thc I3ureau of Land
Msasg~ to tbe oart~ eIICi we~t, aa ~t oo ncw hvmcs will bc buitt ~r riaibic firoxn the eite. 'I'~ere is
Form TAOD -^M~fiOTAI~ ~ sonware by a b oroaa I~, -1~OO~alP~M00E
~O
. 02l23/2010 11:08am ASPEN DIGGER 9701049633 #484 Page 12/29
Su leme~al Addc~dam r;~-~.zxeas
eo 'ent Franz ane
ROdfeG6
8~~ C Sm11 b Co~ 81 1
LOnd9r Ap AAounlain
a nuturel Anrram knowu aa Dry Craek, we11 removvd from and nat visible from tbe building envelop~,
which nms through thc we~tcm po~rtion of t~c site for parts of thc year. 'fhe subject hamc ia ~exessod
by A dixt and g~uvcl dziveway firom the main road, lea~ng Uo a spaciais g~avel parldng a~a. The site
hes been attr4ctivc~y l~udect~pcd-~nrwanl tLc humc, m~:ludin$ a~ ytm1, sc~ti~-n~ uf fluw~T b~;~civ
and pLu~ters, Yo~ spmce tc~ees, and a houlder netaiciing wall affthe parl~ing area. The area
immediately aro~md the home app~cs well ircigated fcom the owner's private water well. Although the
winding aa~v~sa road w t~e subject neigl~ochood and site cen be aomewhat bothersome and difFcult
dYrti~ Lt~e winter montt~s and may aot agpeal to all b~ers, tt~e subject site is very private and offers
very good viewr tow~d the nurtnunding mou~inn t4 the nQrth, west aad e4trtb. It Rhould have a
shvc~g a~peal to We mmricet.
Demcriptioa of t6e I'mpror~em~nts'
Thc subjcct hoanc way buitt in Z005 of goad quality meit~ials emd design. It ia in easentially new
canditioa. It feaun+es a simple yiet contecnporary two~dary desigi, all abave grade, with 3 be~npocns
and 2.5 tmihs m approximstely 2,330 squm~e feet, plus s built-m 2-csr bcatad garage of 1570 squarc feet.
T'he exterior is stucca with adar posta and aooent~. The mof is carrugated metal with mctal guttera
aad dowaspouts Tl~e bw~er (mtry) levet is acces~ed by a hAdck paver w~afkaray aad covered enuy
po~h. Tms level mcludes the foyer hall, 2 gaest badrooms whiah shffie 1 battuoom, a laim~y alcwe,
and aceess to the 2-car ~e with stoiage tmd meehanicat closets. Each guest bet~hoom provicles
exterior acer,~s to the waat side oft~e home. Tbe upper level features the tiving room, dining ~rt;~,
lritchen, powdcr room, end mast~ evite. The living room, dining at-d kitchen anxu: arc wu11 dc~i~
~d open. The vaulted cx~lmgs aod n~erous wmdows fiam tbese rooms sc~te a~satcr sense of
volume and al}ow fa plenty af natural ~wtnlig~t, whik taking advantage af vieas ta thc narth, weRt and
r,butb. Dcyubl~ gla~as doiar~ pruv;d~ ecxesx roa thc rcar stox~c tcrracc, y~rd arce m,d hor h,b, crrating vcry
at~activc cxtcrior living ~cag to thc homc. Thc ~g roam, kitchcn +md mastcr 6cd~oom ~ae a9so
pmvide ac~es~c to a covered. wrap comisoxite deck offthe wext and rartfi sides of the hnme.
Interior finishes of the residence includc sla~e n~.c nad uek tlooriug, as wel] ea cnrpcc ~n ~c b~drewma.
Walls aad ceiliags are texumed drywall; ceifings are vaulte~ drywall on t~e upper 3eveL t)oors a~e
2-paael solid coLe pme or similar with cast iron ar 6son~ hardware; windows azr theamopane and/or
doubtc pene with atained wood trim. 'I~e living room/dining/kitchen areas feature steel suPP~ P~sts
fin.ishcd with stamcd mclai~cc! wood; and thC c;~iling hss halugen track lightin$• The kitChCn includea
8~ ~N~Y commsR:isl girade len~o t#ff,lti~rxiudor, ~d ~G a'ta~nlcaa st~c1 eppliencoe, $c~nitc slab
cpuntertops, and steined pme and/or veneer cabinetry. The guest bathroom is fmished with slate tile
floots, ceramic tile lub/shower suuz+DUnd, ~uM nmtbk slab v8rriry wiih ICo111er sink and pine CabineGy.
The ma4ter bathroom fastuies travectine n~rbk ri'lo flaars und ahoacr aurroum~, tumlrled marble floors
in the stc~m sh~ower, Eiuopean glsss doaas, a~] double v~ity with light wovd cabinetry and marbie
slab couutcrtops. Spuciai faatturat includc a ges firepl~ in tl~ tnaste~r bddaootn, radiuut tloox heut
tmwghout, owlmg fane, waiec ~oRencr, Pta+m ~chuwtr s~nd hot tub. Ovcrall, the layuut is well desi~~r,ed
with ~ adeqaate rnimber of bed~ooms and bathe, a~l iYa mtcrior $niahcs udoqu~tcly micet c~xc~t
mtni[et expeCtations im tesma of qwait3', aDpcal sAd ~pociel fc.reiw+ey for new homr.y in fhe middle to
upp~r pric~ raxsge (~on-lva~ery) single family market far the Midvalley.
Special Conaiderstlone:
Domestic water is supplied by a private well in the fruut yaxd a~a tu thc nurtb of thc homc, fmd ~e is
an individual septic system near the edge of the gravcl padcmg erca to the eust of thc home. Ttris
a~praisaI is ezpre~ly eurRingtnR ujwn there besog su$cfeot potab~e water for dc~mefltic use and the
indivxlual ~:pcic sy9tcm bcing fully operauanal.
Commcnts ou Sales CompArison:
'Y'he $ales ComQarison Apjm~sch is ba~ed on the prmvipl~ of sub~titution wlbch sietes that the
infc~med buyer of a property will not pay moze foT a homc th~ he or shc would hAVe to pay to
pwcLasc a si~lar home of equal uhlity and desiixability_ M the coutise of aaalyziag market data from
tha Rales of compa~abk properties, m~rlcet-deri~rad adjustmcats are made to mduoe di~imiiarities
behwcett salea m~d the subject praperty, ta "equalize" utility and de~s[abitity. Aithough sales in s given
a~ea may Gxb1'bit inequalilies on o faoo-twrace camparist~n, the vtilixatinn of this adjusnn$at procedm'e
fam TpOQ --11rmTDTAI• epprala~ solNrarc by ~ Y mooe~ Inc. -1~904ALAMODE n, I
l
. 02~23/2010 11;08am ASPEN DIGGER 9107049633 #484 Page 13/29
~
B~~Y Texults~ in a g4rong imdic~tioa of tbe subjecee Ma~et v~lue,
Tl~ere lmv~ lx~r~ fic.wv !uile.v uf lxuly con~tuablc ric.~vv hotrx:s cm 1~c: h~u:tx of ~uid it~ thu subjeci's
immcdiatc ~ca becauac i~c merkct supply haw bcm v~y limitcd. It i~ aLvv import~t io nvtc that wiW
praqsertie~ involving a,cr~a~e aucb a~ the anhject, e~ adjacent iandnantar'F homess can be 1 mile at-art.
Although soa~c of noy ~aks axe 3 to 6 milca fro~ the subjcct, th~y u-~ till m t~c S~a1t/0ld Snow~s~
a[u~s and 16clicvc wnuld appoal to simi[ar buyewa in this market, who wouid exglore ihese al#ematives
wbeu speking ~ home in tLe Midvalley a~ea. It is not ~musus! for g~hasers to commute from variovs
partv of the Midvalley a~ea to Aspcn or $nowmass Vi3lage far employmemt aa~dlor recre~tion
appa-tumties.
Although properties may vary m dista~ce to Aspen, views and/ar lot sizE, I have selec.ted ~ea bavod
farer on simitarniea in land value where poa9ible, and then on c~ualiry of oonstnxxian. Distan~ ahawn
on tixi form have ba~ computed by GIS mapping "as the cmw $ies"; the driving distaace by mad may
be ~neatrx. La~rd ~slue adjnetmept~ }~evc batr~ msdc tm~r Lacatioo, SitG, and View, a1,;cb b6et rak~~ct
the differ~ces m laod values for We competing ~ties. Size adjustments ue msde ad
aPt~ximartely ome~alf tha ssbmated repraluction cost. Garagss are adju~ted ai SZ5,00~ Per g~ua~e
hey. '['he xemairring adjupeme~ a~a baa~+d tx~ ePP~r)~Sment, eo~azdering tba ca~t ta repamduca
cc.~rtain items, as well as the merket's willin~ess to pay for tlo~em.
AI] of the camparabte closed sales ~sed 'm this analysis bave closed ia tbe past 6 moaths and although
t~+t ~uarkct bae bcx,~rt ~pr~xietiag, E d4 npt bclicve orljuErtme~vtF far time src werranted for salea U
months oki or less. Bece+~c srnnc of the xales used 'm this ~alysis ~e f~thcr away eud/or ~u~:
more adjostmenis than tmderwritmg guidelmes ty~ically siiow, l tiavo inCh~dcd G sa1eR in tbc mm~eet
grid, including ] pendmg salc ~md 1 c~u~at listinx.
Sale 1 invalves the very recent privnte sde of 19D4 Be~r Ridge Road, which sold on Ju2y Z5, 2{107
fur S1,SOO,U00. it wau nol ~tc;d in t6c Mx.S, suud t~x: RculWr involval in thc rpalc wpuki not diy~:lo~:
the boyer's motivation and g~ve me very few details of thix transactian, although Rhe said it wss
arms•lengt~ ~d inctuded fiill real estate aommisaion This home ie on the adjacant praperty ~lyto
dse east uf Shc subjecS. It has appro7ciroiately 36 actes of similar mllin8 ~P~9~PbY~ cove:ed witb
mostly natural ~crub oak and sagebraeh, althoagh ihe area of the building envelope is more gently
alppi~g than the subjact. Views and privacy are comparabk. h is impmved witb a kit log bome, bmh
iu 2001 ofaver~gc to good quality, mferia~ 1o the subject. It bas a smalier tcvo-story layout and ~e ie
no ~age. Inie~ior fmislrc~a inch~dc log and Cryaroil, vanlted ceilin~ on tbe tipper leveI, tiled buths,
and a wovdstvvc iti the livi~g room. 1 aote the pzapesty pi+evion~sly snld in January, 2006 for 5650,Q04,
having becn listed in the MLS for appmAma4ely 5 mo~hs prieed at 5675,()00. 'J'~is previoua eala sleo
mvolvui thc eame Realta ne ihe more rece~t priv~te sale, and abe did say tt~c bome waR remoae]ed in
bctwcen tbc two selr~, includ'rng tha fmishiag of t~e ]nwar ]evel whicb had greviously been an
unfinished "shell" st t6e tim~e ofthe 2006 sale. Simce dt~ privatG eale ;p lu1y, ZOU7, the hatne wnn
re-listCd for ~1,995~000 on Augyst 9, 2007, in ttre sena~ wn~tian• '1"h~: new asldug pricc app~a~s very
aggs+essive- Akhangb much coasideration }~ been givtu to this t~aie in tbe subjeet's immediate
neighborhood, tbe validity of the buyc~'s cnntivatian in this most recent transaction is ia questian, Afler
spealv~g to ot6er locsl Real.tais m tLa ~ea, it ie Rvsm'bIo th~~ seh: roay h~ve been lrip~t ss bvye-g
somcximas purchaaepurety am ••emation" iu ou~ ma~)cet. As a result, this sale sets the exfreme upper
x~ge of value for the subjasx.
SsiC Z(l350 Uld Polpd Wa~ slcx {iabbit Wny) is loeated on a 19.1 acie siUe of mIlmg topography in
t4e Strield O Mess neighborhoad of Old Suowpaaea- 'This area is appraadmgtely 6 road miles southeast
nf thie su}~ject, cb ~er m Aspen, slthough I believe iL appcalss to a rim~ buyrr ay thr aubjc~;t. Thi~
home sits high on a mosa, offcriug sup~1'icfr p~ram~c views which include the Snowmars ski area to
thc avuth. I.ttt~d veiluc here is much hig6er thsn the subjeGt. Tt~e h~bme ib ioimil~r it~ size, bet~lt in 1982
of log constn~ction but superiar to 5slc 1. h was remodeled ia 2005, itmcluding an npd0ted ldtchea amd
t6e addition of a dinmg ~ end sunmom. Mt~io* finiRhes includtt hardwaod floo~, ~mitc
cou~tettops, and commercisl g~adc applisnc~~• 9p~1 features include a fireplace, woodstove, and
gantgC With l~atCd etudi8 8Dd lOR etOra$C 3psce. The bvme was listed for approximafaly 7 mvnthg
bCfoxC it went u~der coatract It was priced initislly At ~Z,399,000 befare it wNe lowel+~d to $2,199,OOU.
It sald 'm very good condition.
FormTA00 J- "YI~nTOTAL' aPD~~aI ecllNl~r/ b~' i 19 f~& inC. -1.900 AIAIIODE ~/~
• 02,~23/2010 11;09am ASPEN DIGGER 9707049633 #484 Page 14/29
~~
Srlc 3(~I1 Vyead Sopria Crc¢k Ro~d} is lacatod approximately 2 miles aarth of tlae sqbject, b~c]Ctng
up to a hiUsicie a~1 the nord~ side ofthe Coualy ~toad Titis ipt is much smatler wit~ 3 ac~es of mae
slapi~g topo$taplfy tmd 1Cxi l~+vul ~ca Zhe home sitv close ta the L;ovnry Raac4, offcrittg [es,a privacy
but hmt p~lial views south up tf-e Sapt'iA Ci'~ck valley toward Mauffi Sopris. Im~d vuluc'lx:r~c: i8lowc~
than the su]tiject. It wsB birilt m 1996 of oontempo~ixy ytuocv vomtruction s~d dssign. Tt ix targer in
aPP~mately 2~500 syua~e i~tet but has no gar$g~ ihexe ic howev~er, r~-cgr c~port. 5pe~ia! fieatiaes
include ~aivc ~olar bea~, cedar and lag acrxnre, xnd ha~dwrood $oocs; bowevcr, ~vc~1 interior
fi~ishes aee macti mos~ ndudest than the subjeck This Mm~c wcnt undcr contract'witFtin 3 wvdss of its
liating, and sald ~r ita full Aslciog price of S 1,100,000, ~fumished. ft sold in guod c:pnditivn, stitl
infcrior to the subject.
Se1e 4 ia tbc very t~eCent 88ie of 91 Alexander Lane, which closed on $ep~cmber 12, 2007 for
S 1,600,000, caeh. Thi~ p~rty is bcated ia tlte Lsttle E~1c (;x~ck Subdivisian of OId Snowmass,
appmximxGely 3 uu7r~ uouthvast of the subject off Eu~t St~pxis G5'eek Road. This locatiur, i~ com~idered
superim' ~o the 5ubject in t~,xms of aeCess and beim$ Clo9er tu Aspas-. This subdivision is c2mrectr;rired
by level tots with app[oximately I sc~e e8ch, of'FC~iqg gbod to very gaod views of thc s~utnuxtdin,g
peaks. This Iat has aa iatcriar lacatiaA vn the s~eet, bacldng up to rench lend ta the west. Land valpt
is hKgher. 1m9 bvme was built in 20Q0 of more mvde~t qut~iity, fe$tttring 3 bct~oams mad 2 baths in
t,810 9qume feet plus a 1-cargarage. Speeial feahaes are bmitadto a firaplace and deck. 'Il~is bamo
wes 128tod'for spp~+oximateIy 1.5 moatLs be~fare it sold fqt its fi~l] a~knag price of ~ 1,600,000. Altl~ough
infe~,or ~ uvca~ll quxlity, it was weII maml~uiued by the fisst ownea' erfd sold in vc~y gnod eondition. 1
aatE tbiat 2 days after this closing, t6c new awner immieds~tely t+e-lisCed tht hcme for $1,725,000, in the
same cendition.
SaEc 5~valvea 70 ~heiry 1.~ne, wpieb ~ currcntly i1M)ER CO.NT.RAGT. As it has not c]ased, i
arn dbliged to ke~ the details of this pending srele confick:uti~1, uncl I}urvc includcd its askmg pric~e as
sbouvn iq cha mw~C~i grn,i. Thiy pa-opctty is luc~ted 'm Orehard 8slate.c, a sobdivi siim af 3 ac~'e aitc~ ths~t
m~c all ]cvc! and include a cammunity water Fyrtem and very giM irri~tion water rig~tS Its lo~adoa
'rs caASide-~d supe,riar., ap~uoacimately 3 miles mrtlrwest of the subject, o~eRiiag !~osy eccess to Ntghway
82 ~nd much closer to dow~own Basalt '~is bn-m; is locatad in a cul-de~ac bnt offcrs mficrior
privecy and viewa. lt was built in 1976 but hag been rcmodcicd a fcw ti mes aver tbe last 10 years_ h
6as 3 6edrooms amd 2_5 6aths in 2,595 s~qaave feet on twa lnvcls. It was updated most recently iu 2006,
iucfidmg a new stuceo and wood exterior as we11 as ncw '~r~x d~c. Interior fittishes inelude hardaapd
tYoo~s, e~epet end slate tilq veultetE ccilia~s in the living room and ctiming a~as, fireplace sa~d
woodstove, REC9u1 t110'OVCTiqi't~C Q18StCi'~ f~f~6II1 SA ~IOOII13~ SW8Q1P COOICT~ dculof6ce,
~d datached 1-caz ga~age. It is selliqg in vay good oonditipn, unfiazrished,
S~Ie 6 le l~~ CURREPFt L4STIIVG oi75 Ca~ital Creek Ro~d, located ck~se ta Sale 4 at the
intersectioa af Snowuoass Creek and Capitu3 ~~C Rqa~. This aite has 2 aares of level to slaping
+c~w~aphy whicb ine]ud~ most]y wet]ss,ci.v ~res behina #be cacisting homo as wcu as Capitol ereex
fxaatagc. '~he hotne aits very cloae to tfie roacl aad ircs privaoy is mane impacud by road naisc, Still, it
ofl'crs s superior lacatiaa c3oser to Aapen and land walue ~ese is higbe~. 'X'b,e ]ap~ w~ 6uilt m I997 bf
good quatity $nd appeai. It hss a ta+o-stary layou# with 4 bcdrooms aoci 3 batbs in 7,47Z aquaa~e fat.
~nferior ~iahes i~n,ctada granite alab couatertopa, lmotty Pine eabinetry and cboru, Sul~v.mo and Vy7dng
$FPliar~ces, marble h7e in the master balhmouS steam s6ower aad Jacuzzi tnb, vaultcd oeY'ki~ags an~d a
atoqc fircp~ucc. '~ bom~ hue been ae11 mumi~invd and is a$'ered 'm vay goad camditian C notc thea~e
is no g~age ~d the c~arent ownerhas a dict p~kmg a~ea offtbc w~t sidc of thc hum,e. k-le h~s apphed
for a build'mg permit with the C~mty W amemvct a garagc on this sidv ofthe homs, aIthoug6 aay
cxgaasiox-. to t]ac hou~ at this panut may be difficult dae to possihle wE~tltmds und endanAed wildlife
i~ucs.
Liaiings;
tn additian ta the mbave salea, r have alao co~eide~ ~ur~tet 1iReinga im thiA ans~ysi~. ~9U9 Be~r Itid~e
Ro~d (mcntloncd abovc as 3~1c 1) has been re~listed at $1,995,000 in the same conditian as its
previovs sale. lt has been barJc on the market far appc+nximately i S maaths. 'fhe askiag price a~eana
very aggessive. 4$1 West Sopris Creelc Rasd is ava~able 3ar ~995,000. TLis site is bcated near
s~le 3 but is much smaller than the ~bject aod offe~a inferior views aad pa~ivACy. It ia impmved with a
much older and infenor hbmc, built m 1989 of ~ver.qga yuati~,y and appeaL It Las 4 bcdrooms and 2
Farm TAI~ -"fIYMTbfAL' 2ppraleal 6olhan Oy ~ n moGd fnc. ~-1~ALAMO~E ~j ~
• 02,°23/2010 11:09am ASPEN DIGGER 9707049633
#484 Page 15/29
$uuolen~eatal Addend~ r~.,~.r,~w,
Ho Frar¢ and "
Ildditss 9ear Read
~ BewR PWsln Sp11 00 b 89~1
tx~tha in 2,548 aqusme feet, pius a Z-car g~tsge. 86 Harxea6oe l7rivc is listed for ~ 1,995,i1b0. h is
locahd aesr S~le S an s levEi Rite th~tt b~cks dp tv t~mc6 l~ad. A1dto~gh this property is mu¢h oloser to
B~ttlt, vit;~ amd ytivecy Fu'e it~.fcrior. 'Tlre hame was bnrilt in Z001 and. feafwn,R 3 becfmntqe antl:i.5
baths m 2,996 rquare feet, Plug a 3-ca~ Amage. 97 Ixwis Lanc i~ t~vai3ttblu for SI,550,000_ This
property is located ne~r ~e W~~its PUD m~l )eheF, and backr up to tanch la~d., The home was b~olt
in 1995 witti 4 t-etfrooms ~d Z.5 bsd~~ m 2,359 equsre feet, plus a 2-car gt~rage. &rtb of t~ie sbove
hnrocs sro aft~n~d in gond m very good c~ndition. There are 5 otder but remodeled homos av~lbble
m Lit#ie El1r CYOek in pld $aowmsss, priced from $1,Z49,004 t~v $1,785,~00, wh~ch iach~des 41
Alexand~ C.Yne (mr,ntiomed above as 5sie 4). Ttycsa sitcs oi~r similm~ I~md 3vx, vic~ emd pti'v~cy ~s
Sale 4. Th~e twa Iower priccd 3~oaucs st ~ 1,249,OOp aad S 1,275,DD0 aie ~alles than the sobject witlt
1,700 snd I,80U squ~rc fCet, ~tively. ?wo of the bigh~ griced homc~ at ~ 1,695,4W aaad
$1,785,000 are ]ar~er witb 2,400 to 2,T00 squaee feet. 1011i~ht Hill Rosd, loCated im tbe Gateway to
Snowmass 1vlCSa Subdivlaion ~ear $ale 6, {s listed for S J,SW,U00. 8 l18s 4 bComome end 2 ba[he iu
2,55Z squsro fe~, plt~r a 1-c~' gantge. It wes bralt m 19$1 and baa nvt beca~ Cxtc~leively ttimudeled.
Tlye lowest pciced home of a compaixblo propeRy iu the Shfeld O IIeighborbiuod a~'Old 5mwmass is
p~iced at xZ,150,U00. Tt wea berik m 1969 and remodeled in ] 980, aad ha~ 4 beclt+oama 8nd 3 batlls in
3,67i sq~u~ fcet. Location smd view8 a~e superior. 'Y`hc.wc iistings have sll been l~elpful in estab.li~hi,ng
a raage ofvah~e far the sub,ject.
RecouclllAtton of S~lea Camparisan Approwch:
Once adjusted, thc must c:o~ble sales offrr a sange of valux for tbe subjoCt from approximateJy
s 1,3zo,oou to S ~,s90,oo0. 'f~ sutrject ig ~ece~cly ~oa~.~ced cans~ec~on af gooa quaucr aoa appCa~
amd is in essestially new r,ondition. It oi~ets ar,rea~, priv~e3+ ~d very good views ~owmd ~
sima~md'mg mamtaiir~s, whi~c bcing located agpmximstely 5 r~nlcs sotrthwcAt of downtaan l~a~alt
Ilnwever, the winding dirt ~ei gravclro~d acsx,~ W tbe eubject p~+nperty, bemg approximately 2 milen
soutbwest o1F Eis~nt 5o~ris (:reek Ytoad, nny nat aippcal to atl buyv~ m tlriat wr~t~cct Therefore, 6ased on
tL~ usoat Fecent sales and listings, I beHav~ s value f'ram nearthe bwer erd of the rxnge is mvst
appkicable at thix time. This results in a value ir~d~cxtion by ffie $alea Camparison Appmaah as is eA of
Scpkambe~r 24, 20tl7, of~tAb0.00~up~'~aa.,
F"wal RecooClLlatlan:
The [ncome Approach to Value ia nof applisable m the apptai.oa,) o!`r~tsidcmial prope~ties in aur market
as ihey arE generally owner~occupied, ~d it is not c~ol~idered rtlevant sinc:c in~ome is seldom the
p~i~mxry motivat~g faotor in a purcbetiee's decision to buy. The Cost Appioaeh is ~v+en a~me weigt~t
i~ this analysi8. However, tbe sho~rtage of truly eomp~able ivicetR laaad sa~les, the variability among
contcatW~~+ in aar mmicet, aud thc diffiwlty in determsning au~crued depreciation tead to undcrrrdne the
validity of this app~oach Mast weig~t is given to t6e aclic-ns of buyers of stmiltq~ ssngie fnm~y 6ames.
Ba~od upou au soialysia ofti~e sccumulate~t data, it ia ~uy opinion that 15e stsbjed propertyltas a Maaket
Value (mast probablo ~clliqg price) ~s ia on en u~'ornisLed basis, ae v£Sept~tmbcr 24, Z007, of
fll~FE M1i.LLO1V ~'dURHUNDR~D THbY1~1ND DQL~-Rc
SI,400,000
~'lease note ihis valu~ a~eumea a eash or casb-eff~tive traosection and iucludes real estace commi~sion,
f~Q~nnate an exposvre time for tht $abJ~ P~P~'~Y, if the completed homc were reasonablY I~~~ ~
epprvximately 6 to 12 ~aith~. Marlcedag time ia alRO t~ctiotated at appmxtrrmtcly 6 to 17 m+onths.
r«~,Taoo^~~rorAi ~are~au ~omraR a~ a a~+~de, ~~. -~-eoo-au~oo~ 2"i
'~ 02~23/2010 11;10am ASPEN DIGGER 9701049633 #484 Page 16/29
lawer Le+rei $'ketch
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. 02!23/2010 11:10am ASPEN DIGGER 9707049633 #484 Page 17/29
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Se~ect Ph~tas
L1vfa~ Itaom
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DiUry Room
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Sub~ect Pqotea
YB~tpr ~a1~001q
2000 fisar Rfdqo Road
Master Bathroom
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~ 02/23/2010 11;12am ASPEN DIGGER 9107049633 #484 Page 23/29
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Flood 1Nap
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Enw~ a sECnv~
'A'htt Aspen Appraisal Croap, Ltd.
3U~ Fa~st Hynyua Av~a4c, Saitr A
Aapen, CO 61611
edG@~Rpensanraisalsroua.rnm
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Appraiml histinetq:
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5mall Itoddvitial lmo~ne Prapmties
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Appsaisrs, Thc Aspen Apprsissl Cnwp, Ld., Febuary ZV02---Prva~nt
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use, YRanded ussr, eeflNtlan a~ manclt ralue~ 0~ iS6unPeans ane IrnMn~ condtlms an not penNtde. The 9ppraleer may
expand me s~qis of woik to fnclu0a arry sabCanal resear~h a analysls necessa~f baged an tha compt~iql of mis appr,~bal
a~slpnnent, Modmcatlont or ddcion~ W tM oa~o~a ere also not penr~. Hov+w-~r addNiorol e~~titiawons tt~c do
nd oonttld+te m~ siher~tloru m tNs ~pr~l ropait, wch as those ~aqiYrad by Isw ~ tho~ rN~ed m I~o apprabers
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&L`aPE OF WpRK: The ecop~ af work tar RYs appralsal is delhodby tlie com~Ie~y of th~ app~silsrl asstpnmae~ md the
ravafine roaui~emenb of dds apprafs~l repart farm. k+clu~119 me toYowl~ deANdan of ma~ket value. s-a-~meM of
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cat0ltlon mom Cour~, Otoss Miq are~ etC.) of the su6~eCt ProRerpr trom trte ettator-Only lnspectlan and relloble Dublc
snd/Q piMaE~ sourcas tn pufrnm 1Mis appr+cal Tha ~pPran~er o~aulC use 1~e saRrK rypo ot ddy sauroes Wt M ar aM uses
fa cm+paahls SalaS Sucp ~s, but nd Gmitad lo, multiple k9fug serviaes, boc ~nd es5s6lmeM roaordl, prior inspe~4w~s,
epp~ls~l flles. lntorm~lon proviaea or t~e p~apar~ ownsr, ete,
~(1'END~ U3E Ttw iro8naed u9a ot thla aipprai9at raoat is ror tM ~ender/ener~ eo evaWats tne prope~ty mat Is tne
subject af tlis appafaal far a~pe fl~nCe trannc~oa
INTENO~ USEA: TT1a Inta~~d uE~r Vf tNB appralG~ ~p~ IS ths iaAdeflGlhxit.
DEF~Y'TION OF IAAAKET YALkIE: Thv molt Robpb~e pAoe whlCh ~ ilmp~rtY ~hauld brlap k~ ~ eompeUtlve and apan
mu~cet uneer aA conebons ~aib to a far sale, tne euyer and sefler. wch ~cdnG pNd6tbll, W~ovrleQ0~A4i ?~d ~s~uNnO
Ih! pfiGE k n0! iffa~bd by w~dua ~m~dus, Nnpfiut io tl~ dsfiniGan Is u-e consunxnrion ~ a s~b as of ~ epectflld de0e ~nd
the pesafnp at ntte hom sei~er to buYer un~ canmqo~ whe~by: f 1? buy~ end ~erer iro bP~h' motir~b~ i2) hom aa~ea
er! WaN Ylfohned ot weA ~drlsed, snd each ac6~ la wYnee ~e ar ahe canNders Ala ar her own bat IrtemC (3) e msomble
unc ~s ~uKUu fur u+~ueuro n~ In~ wrGn ~rwW~: (4) a^ymwd ~s maGe b tams od aash m U- 5- do~~rs a ln nrtrns of 11nm~ciai
R-p~upllwf~b COIIWNf~b10 tilllll0i BI1d {~ 111! D~CO ~Bp~6lC~b ~ rnTntral cmk',U1aatlOh f0f tlIC WOP~1Y ~OIA U~NROC-Bd bY
sp~d~l ar ersatlw flnanelnp or a~lu eoneoralon6• prn~ed by myan~ assoel~d wiTh tl~s ~N.
"Adjulbnana ~o tlle cartp~hks muu be m~do far lp~dd or oresu~e Mrqneln0 or s~la cance~lons. No edlusbnods ere
reco:aary fa~ mosa coata wnicn irs narnf~N~r paltl Cy eelbrs as ~ re~ult of 1n~dMbn a 1tw ~n a ~n1rNCt xva: tlwie casts are
nad~y idordif'wbb snee M~e 9ouar p~ys tlwse co9b In +n~lua~v an~ s~~a Eransacuons. Sp~clal or a~ealke Ikanchp
adiustme~ ean be made te t6e aomparahle iIroP~W ~Y cortpensons to 1~nanc~9 t~ ot-.rrd hy a InW p~+ty NsdtWon~l
IM1der Mn If nat Yready Irwalved In tlie plapMy Or ~AiYCtlOf1. A~Y ~dl~atmert siwuld nat be dculMad on a macheni~al
eana~ tar eolu eost ot me flnant~ng ar conce:sian Cut the doliar amou~t af smr ~dMNbnpit fp0u0d apprmdrtnte the meckePs
reactlan m the Anmcinp ar canceseions based on ~he appraiser9 ludgmon+-
STATEMFM OFASSUMPTIONS AA{d LIMRIN6 CONDfTlONS: Tho ~qardsers c~rtlfbtllon ln tlils repat Is subiect
~V ~B fpHpwing 96SYi~ptfP~6 i~d d~rtitlng GOndllon6:
1. Ths avPr+~ser wAI not ba taevoncibla 1vr mapKS of a Ieqa1 n~ue thst dfec[ oltlNf 4~e propBlty Dqt10 ipD~liCC a I~a tltle
to h. exCept Por IMomWlon mai he or she beame awrre of durirx~ the rossatin trnd+r.d In paionrNnp thls apprabal. TI-e
'PPralsar atsumes that Ihe tltl~ is ~ad on0 markeT~ble and wil rwt rendAr 8~Y Op~NOM 6bWd tl~ tltk.
2, Tba aP4xa~ser nas eoom~ned ure arauanle ilaod mapo that a'o Provlae~ Dy tAe fedenl Emar~oncy Man^9~ Aem~r
(a atl~ d~ts oauree9) aad la9 nobd in thls ~ppnlsy raport whslha any panion a! tt1e 9uDie~t 8Ie li IOCited ~n 2n
Ide~pMd Soecb~ Flood Fi~zard Are~. 99CA1~ee Gw 9DD~Ser Is not a aurv~or, he a Sne rsnK~S n4 guuaYaes, a~r~ss or
impiNa. -+oaroino m~s aetertrrn~tlan.
3. The appraiaer wiA not ylve teslpnoiry a aDP~ In court because ho or aha mado an appralsal of tA. PmPeKy In quesfwn.
unhes sA~~c anangem~nfs m do so I~av~ boen matle befarehub. or q Othervrbe rtqidRd by Yw.
4. Thr apprak~r has nato0 In this approlsal ~eport anY adw~9~ CW~dane (sucd rs ~eodod~p B~~B~. dat~rlor+llm. tlf9
pre9w~ca ot h~dous was~e, ew~c cuhe~,~ac, atc.y observed durYg the Inspeetlo~~ a~ tl-e s~+qect P~P~ a~~ ~ a
~he 6eC8rtse i~rare ol dtrlnp the reseueh i~woMed in psrfo~ming thfa appraisal. Unless oClerwl99 1~td In l~13 ippr~lsal
~opeity {su~as, ~ut not umitadl~ ~ne~.e~d~np drc e«eter~l dl~on, thenp~saenooliclene~ba~iw~o condAb~~tences,
~dversu ~xnironmontai con~tlons. otc.) mat wuuld m~a the properqr less vaknbie~ ~u~d h~s a9'+Wnod ttF+t fh'x° ~ro ro such
condlti~ans md makes ao guwudaa o~ +~rarranth~. +aq,ross or inqled. 7ne app,akv w~l ~t be ~ssponsfble for any such
condltions Ih~t do ddst or tar any enpl~roeraq a te9fino tnet aupM oe reqared eo dacwx whetn~ sueh eondltlant mdat.
Because the apPralse~ i~ not ~n a~cD~ In tno fIaIE d a~rvimnmentsl IiSZO~Ee~ tMe ~DD~ ~n must not be consmxsd ~c
en Anv~ronmem8l assessment OF Ihe P~Ps~1'~
3, The appr~l6e~ dde DaitA 1Y5 or hef appraisal report pnd v~luatlon eoncluslan f~r en eppraled thi~ 18 91~IoCt Oo snlshctaY
wmPlotlo4 rePalrs~ or ~1~r~lana an the ~ttumpllon CM~c me aompletiian, repairs, ar aferati~one ot tn. S~pet prape~ty wllt b~
DOIfaR~ed (~ i D~h99~o~el mennor.
f+eddie Mu Fortn 2065 M1reh P005 Pwpe ~ W 6 ~+~+Ae ^~* ~~~"' ~
rvm po65- ~nn'rGru ~oons~ adnwe b• r~aa k. -~-eoo~uwooE
~~
02J24/2010 09:53am ASPEN DIGGER 9707049633 #489 Page 07/15
, ra: ~a r~na Pe~pe a x 17 2ooa~os-z~ o,:~rxi, (vA-T) ~ae~aasu F4am~ rsu ~~ero.
ExterforOn Ins 'on Residendal a(sal Re rt ,~r~co~,
APPHNSER's CEifir1~ICATIOM: 1'ne npprr~er nrofles ana apnea ma~
1. 1 heve. ~t a mMlimum, dwelo0~d MId fepoRaE tNs apC~ in aa~ofdptlca w4h Nw scape of wo~k requlremenla 9bad In
Ws sPP-Abx Bpart
2. I porformsd a vlsual Inapec-ia~ pi tlx eze~tor aryay d the sub~ct prapsrtY irom at Ieast Ihe areet. 1 n~arbd the ca~ittan
ot the Imwu+rCn+ctns in tactual. specfflt tertns. I Ider~lild an~! roP~ ~e PhYsi~rl dsMdenCies 1113t codd a~fect p10 Iw~brlfr.
saundna~. or otructw~l int~pfftyr m tho pioperqr.
9. ! pCrfirtrod Wa apprair~l in ucoN~nea wph tfle reqWremonta ~ the Unifocm 5hndsrd3 d ProRe~loNl Appreyat
Prs~tlce thit werl adap~d ane Pmmu~tod bY the aPPralsat Stan~rES 9oab ai i'Ir Appnile! Fa~nddion pnd !h~ vron in
placo at tlfe dma Mn aPPr9i9e~ r+PO~t wae PreRarsd.
4, 1 Uevelaped mY oOilUan ot ihe rtwket valu~ at Mf3 teg ProPertY t~2t ls me w6ject of tNS npoR bASed an tl~e siks
companson epproich ro vdue. I have adequite camp~r~ble n~lltet dab to develap z nNeb~e s~les cpmp~A~p11 appraach
tur Wi appraf9al ~sslpnm~t. I hatt+er ceroly ffiat ~ cm~slderW rie cost and ~COme appwche~ m va~ue but did nat davelap
tnarn, unJe88 atlfeiWi9e i~dlrafed 'n Wi lapart.
5. I resear~hed, verlflea, an~fyt6a, ~nd roported on rry curtent ~qfaement ior sale ta tl-e 6ub~ect poperty, w~}+ oflednp tor
saie d Ihe tuh~ect proporty ~ rie twelve rt~tphs prior tn me eftecuve dale of thic appraisN. and ~he prior silu of w. subfeet
ProPenY fa r m's~inum oi tlrrse Yeu~ Rhar m tha et~eC~re aata ot thts ~PP~~. ixdeas df1~u~1 indiq4d In e+k ~
8. t rasearvhed. w~klea, arwlytoa, ena teparhd on the prior ~les of t1~ eamprra6k e~ies tar a mlrMmurn a a-o yeu pda
to the d61I9 0! saN of tl10 Comparebk eWO, uNaaB olheNABe b~cated In dtb ropoft
T. ! sailc~d snQ used Camparable sates thit +rG IoC~on~r~ ahYSICiIY. ~rtd functianeuY tlm mas# slmAar to tlfe wb~ct ProPeRY•
B. I havA Aat used comperaple sates d~at vran tdt resut ~f CamblNng a ia~-e a91a w1t1~ ihe contaCt purchiae pdp Dt a home Ih~
ha8 been 1~uult or wIY be hulC on tM lind.
9. I hav~ n~aned adJustmanrs ro rne compxabl~ s~les tnat ron.ce m. mor)qt's reacdon bo me diteraneea beMreW+ ma suhi~t
pfoperly u,~ tt-e comparabl~ s~les.
10. I ve~illad, trom a dlalnteresead 9ouree, AJI InlannaHon N thla repoR tt+at wes proWded ay Dutles who havc a 8mr~h~ f~Aerest in
the :ve or ro~andnq m~ha sutrl~t praper~y-
11. I nwa knawbd~c +nd e+~ariena: In ~ppr~king thls typa ot prop~rry in ws mukst ~.
iZ I un wware p1, ane havo acCg9s io. i~e nsceS86rY artl appropriate pu61c ~ peivKe dptY ~aun.s, sueh ~ multlplA lsdnp
rarvicas, mt lssassmerrt records. pubBC I~nd fBCads ond other suc11 date sourFes ta tba rea in whfch ttle praperh is laxtce.
13. I ObtftrNd ttle IfltOrmabon, es1Yn~B8. and cPldons fUCN6heC bY omet p219os and ~resa~ in Ud6 aPDIDl381 (ipuR imm
reioDta souroes t~at 1 beoeva to be true and carect
14. I have 4ken 4~o can~ider~dan 1M tactors th~ haw an inpect on vawe w~itli n9poct to iho aub~Ct ndqhborhoad. wWaet
P~aAe~tY, and the prpx~ltY ~ tho aubleat A~oPerp~ ta adve~se MlunCee in ~J19 developneM Of my ~fnbn d m~rket vaku I
-Iive nobd in tN9 ~P~~ ~POR a~q' atlvwso COn4fons (zucn as, but qat Imlbd to, ik0ded ropah6, deheriO~Watt.1M
prassne~ aT h~arEo~s waates~ tmdc wbs~Cp~ edverse erwMonme~i cond~4o~. 6~C,) abcerv~ durln0 I~e Y~pec4on af 1ha
w6J9ct pt~per4y ur th~ I beqme awxe ~ during the reeeafCp lnvaNed in peROm~Yq tttls ~pp~ii~ii. l trave Considecld Utese
adv6lse tOnd~pne in my inalyS~s ot 111e prOperq~ w~luR 9nd hav8 I~pOrtld Of1 tha 6f1eCf of the COfI~lOn9 On tll0 Yiiu9 anA
mxketabYlly of tho sub)eCt ProP~Y•
15. I havs not Imowmply wi~l~etd elly ilpnMlcant Infortn8tlan irom th1~ rPDriteel report and. tn 1h9 6est et my lawrrledpe. al
~temanb aqd Monn~cn in tlM1 ~ppraiwi RpoR Ke fin and careCt
18. I et~ted in thi9 appre19a1 npart my OYm persanal, un6la;Cd, and prvtss~loml irwly~ls, apiNons. IV~d collclu6jo~a, WhId1
ue sub(ect ody to 1he assu-nutlons and I-mrony candltlona in th~a aq+~raia~l rlpart.
17. I I~&Ye nC pre5ent Or prvspac.~tMa irR~r9ft in the DroPerbl tl~9t ~ 1M wb~ect of thli cepar~ a~d 1(~v+ no prasent a
pr~p9Cdve poRartil IMereet or blrs WNh IsspeCt ta Tt~e pAltlClpatks m tlre Vu~i~Ctton. l dld not 6ifl~ lifier paeb~Y ur
competely. ny anelysis and/or opnlon ot m,rk.t v~tu. m th~ avanl~l r~po-t a, nw raco. epia, rarWon, s~, ~pC. nudd
snh~G, handlcaP, famili~f st~i, ar nationd arIQU1 af el~w aw prvspeCllVe cnnwra or accupiMe ot tha aub~ci pl0perty ar d tha
presellt vwners a acaupaMS ot 1ha propertlet In ms vlckYty a~ tho oubrrct property af an trryr dhx basb prvhibltoa by law.
16. My omplaymMt and/v~ ~ompetlsatlon ta Derfam~InA tlds apprdisal or airy Muo or intlelpatad aDDr+~ti~s rres nof
r.mdtioned nn a~tr aqroemen~ ar unaer~ndinq. wAiten or o~wwise. ma~ ~ waui~. ropat tQ Present a~ysls wAP~) ~
prede[Kmine,f spee~le vak+e, ~ prode~rmmed mi~nwn vatue, ~ r,~nqe or dracfon h v~ue, a r~iue tl~at fakus tnc c~wse d
u+y parN. Or the aCalriment Ot a ipecMlc result pr p~curreno~l M a:~QoCinc subsequ0nt eront (wch ~ ~pproval 0- a yendYig
+~E~9a lo~n epD~icatlaN.
f 9. I petsonelty prep~red aA oanClueion9 ~nd apiiians abaut the nal eotate tlWt wsfs sat 1oAfi le q1i8 eppr~Vsat rsport. M 1
reued on slpni~c~rt ro~ prap~fty app~atsi~ a~ls4nce ham amr indvldU7u Or IndMd~7ds in thb p9rfamuoCe of thl~ appr~
or the preperatlon or tf~i 8pp(aLtai ropaR, I baye 11wMd 5uch i+dIvl4Wi(sy and drorJasea 5118 apec111C ti~lo perforfneG In tivs
aADf8i8sl r~pmt. I celtlfy ffist a~y indlNdur 9o named i9 qutf~led m pariorm tl~e E18ki. I har~ no~ autllor~ed enyone m makC
i ch~nga to tny Retn In ~t5 apptelsol rapnr~ tl~otae. m1y oha~qa made to 11119 ~ppr~isil is unwtl10112ed antl i wll Wle 110
rospon9lbqky ior R.
Fretld~ Mu Fam 8455 Merch ~05 PtpB 5 oi 6 Farut Mee Maen 2o~i Mrch 2p06 ' .(~
I,~
~ IG55 -'N~n1QfAL• ql~l soR^n eY 14 mad~ hc, ,1-IOO+~I~rIWE
02/24/2010 09:54am ASPEN DIGGER 9707049633
#489 ...Page 08/15
20- 1 identlflee t1N IM-dar/cuent In this appr~i fep~t wha Is tl~a Indtvidwl, orpanlz~pn, Or pent far Ihe org~uudon 11qt
arderee and wiU rer.elvs mIG apw~l reROrL
21. TM kndeyceent may dlsclate Or di~trbulv tini ~pnlssl report tp; tUe Dorrower, annqpr Imdv et Ihe tequ9et af d~e
borrower, tha moRpapes cr irs wccasors md Lelgrio~ ma~e~s Insurcrs; ~ov~rame~u spon~a'ed in~erpdses: ~tNr
sC~ondary mar~et P~aa~S: dri calectlan nr nporknp scnACCS: Profese~awl ~ppryaol 0-9~nitatlans, inY dsPortrndt,
age~!cv, a nsuumcnt~iqr ot the unt»a 5tatas: ana amr shoe~ tl~e W.etct at Ccurmbla. or ana luri~tlms; wMha~A naving m
ntxam me apExa;aer'~ ar wpu~asar aaD~sers G- rPPlkahfe) consenr. SIJCh cauoi~t rtwst be abdlned e~Mre +his appa~5/1
rc~urt miY be db610ild W dilV~uted b a[ry otll~ PaKY (~ludln9, but not AmitCd to, me puhte u.ou9h advertlsin0. P~+bNe
rd~lotw~ news. aa~es~ or ama moAa).
2'1. I am aw~r0 ~at a~ryr elid0ilxn a~ AsMbution of Ihls ~PP~1611 repon by aa 0r the IenderM,liKlt m~Jl he we{eet to cact~h
laws and nyul~lOni. Fwtlser. I am alsv wbJcct to qle provielor~a ot ~a U~r(orm &arldMet of P~ot~eslarnl Appr~l Ptactica
~ D~Wn tC dlsdaoun or disGbutlpn by ry1A.
29. The bortawer. anottm~ lender ~ tlIC nquest af the horrowx, the mac~pepee ar q~ successa! end asslglq. ma~po
in8urera, povemm.nt sparsafetl qderprlsea. ~nd othe~ ~ecardary marNit p~rtlclpantc may rely ap thle eppra~f npat a5 pwt
~~^Y mo~889e Mance arerua~lon ihat imolvea anY one a mara d m~6a aarties.
24. If this aPP~ rePort -~s Vano,riMOd t~ ~n "aeCfRlnfa racard' aDnbido9 mY "aleCtr01NC alqr~n; ' ia t~ose temn ir6
dennee b epp~ceae re~ora~ andror u.~e Mrw (exc~udino auaa ana v~deo rxadlnpe). or a lacsrr~N tranomis9laa af ~Ns
~ppraieal mpat coMainlnp , copY or represertanon ot my slpni0ue, p16 Yppralsai roport sh~ be ia etfeCtlvC. ento~esea and
vaAe ao d a prper verslal of tNa ~ppwrical repoR were ediVered cor~lNng my uigirwl Mna w11Nd1 tlpnrUUe.
25. Amr iMandoml Of p8plfpellt misrepra6i11tiYOn(s) COiRiiflid In tllls appralwl repa~t mty retltl~ A1 Chll Ihdlny antVor
crun~ psnar~as mauan9, art na ~mReC [a~ tine a im~o~ment or ham unoa tM prwt~ana af ~n~ 1e, um[ed s~
Cade, Sacnon iDOt, ot xq„ or almipr stata ~aws.
Sl1PERY160RY APPAAISER'S CBiTNC11110H: Tne 5upervieory Apprals~r c.rtifie9 o~d a~reea C~pt
7. I dPecuy aupeNiseC ma aPP~s+r ta thls aPP~ill isalpnmeM. lmve t~ tt~ apptsisai reparC eI1G 9~ee witlt me ~pp~aiser'a
~Y~L~ O~IMOn6. 6tat9~9Rb~ CORCMIlIO~If. ~Id lh0 apprak~r'S C0~1lfiCLG011.
2. 1 e~ce~ full ~sponslhfllqr tar the Corrterus d ttYS apDraisal report Y~cludlnA, Du1 no[ Imftea to. 111E i~Ci16N''9 ~1y813, ~IldplS,
64~OR~N~, CDIICI~10116, illd C1~ ippri~3Br9 C~DII.
3. The eppralser ldardltfeA•in ms +ppryi~et repoR Is el~or a subtaroractor or an ~+nyuy~ d the wpervirory,~ppral6er (a I~o
app~afaal f4m}, i~ Q~Iitic~! tu quform thfi ~ppc~ls,y, and Is ~ccepfade W{rxtorm lhis ~pprfisfl unAr 1h. appbcable s~r Faw.
4. Y1rt app~arai report cac~e.:~ wlth the unuam sc~naaras of N-ot~.siu~i App~viwl Fha~eea tt~~c wcn ^eap-.q ~
P~u~9a4d bY ~ ADP~aleel Standards Board ot fic Apprals~l faund~tian rnd thn wK. M pa~e at tl~e tlme Ws ~O~+leal
~ooort was OreOared.
5. lf Cds ~PAnipl ~pat ww~ss eanwnilhd a m"elx1fp11IC roCOrd" coniak~lnp my "ale~tronic ~Ipnsdure;' ~6 dqdB tlmse ue
detkn9tl in applcaDlo hd~rN andrpr qpa 4wg (exdudr~ wtllo and video nca~nqsj. a a t9c81mUe Qanartdsalan d thia
~ppralaai report oarndntq a copy a represenbuan pr my si~naan, ~ho ~pprsbat roporc atW! b~ a~ sthethro, Mtorewde and
vaGd ~a ~t a pap0r vxWon ot IMS aPPraisal report wero dsNv6red r,orsfitrrn0 mY M~nal h~d written slqnaWre.
IPPRAI$~ ~ • ` :..: ' ' - •'- . '; .. SUPERVI50Rlf APPNAISBi (ONLY tf flEQUIR~}
.,,.,,~,~.. _ ~ ~;~`.~:•:~. ~15A ~•.'~,` •
Nan~e
Telephone Nurt~er t~7af ~ o~
Emal Ad~eas fad~ao~am_mn+
Oata ot Si~n~lure d-d Report as~wriaoo
Effactlw De~ ot Appnlad osrsazaoe
S~eA C~rtlflC~ion +K CR10000f1121
or 5tete L~enra s
or Olher (desabe? Strd ~
S4de CO
E7pirl~on Oate ot CertlFicaGoo a Uanae 77/~~r~an
AOORESS aF PROPEqTY APPRAISE~
3~00 Aeer Rmoa Rnatl
B~rt. CO e~62!
APPRAISEDVALilEOFSUBJECTPRUPEfiZY~ t.29t.500
LENDFA/GLIFNT
5ipnan,~e
N~
Carpiny N~me
CampanY AdCrCti
Telephdfo Num~ar
Enni~ Ad~oos
Dam ol Siqn~NR
Sr~te CertlAc~1lor- +~
a~ Sbro Ilcons. ~
stab
Fxpkatlon Dame ot G~dlficabon or Ucense
SUBJECT PROPERY`I
^ oianorinspeasuolcetnNn~xty
^ 1Kd InsPSCt a~dnnor ut w4Nzt prapurty han street
Dad: uf Inspu~tfon
OOMPARABIE SALES
Na"'° p Dle nat nsp~ a~brior af campu~We s~le~ trom slreet
Cpmpvry Name Pe9ar t~Y~e 0 pid inspoot e~data af Comp7r~bli 181N iran meat
C01fIpalqtAd~S8 3ZOOBprWdcsRoad.Bmak.COste41 Oit80flrlgp6CBw1
Elnal( Add'Ay9 _
Fre~~ie Mac Fam 7A55 Mird~ 2005 Pape A vi B Flrnk Mie fomf 2655 Mfrch 2005
~ ~oss - wamru~,~~„a,d~ue er ~ u n~. ~c.- »ao~uroae ~ ~
02/24/2010 09;54am ASPEN DIGGER 9707049633 #489 Page 09/15
Ya. wM-GIM Pap~ 1/ d 17 '~-~21 01:15:13 (OMT) 1~0619 Fro~+: Ted A, I~al~do
TF19 ptl~pOiY Of i~lf ipplili8l ib t0 phrialu :in upillw~ u~ lf~u r1L~rktlt v81119 OT fi! W GJ6c~ iXOy~~ly SB ~141~ ~d1n~~iw iLi4~ NI a lau
lMt~(~1 QS{~O,
scoo. of wort:
E~teane d the I-OP~I W Proa~s
Tha opinion of valua af Ihe wlf)e~t propwly fndudas a phyatwl abawvetbn d dU azt~rta d~ eutded prapsKy eianp wm ~s
date on Ala wMh tl~s Cew+tY A,ssa~wr ae d tlle deEs dlFis eppedsel. M enelyde d th1 RwkK beloM. ~roMt sa4 P~~t
trareer.~uats~ curtent eotlv~ d~. tw~ ~d Whet teiatlw tlala Owt roW0 potentlM(y INw ~n Yrpsat on h~ wOl+d R~P~Y
wan abo rNewad Salas d~{~ ~nd rolatad informatio~ utillrad In Y~is evport wara yafhwad fram lorat mulHpla iting wrvtoa~.
pubk reeofds an0 IoCSI ana build~rs whan ralevant If mr~lidinp date wa6 found. lhs eauroa daem~d moet wNehla we~ u~tl.
9ah~ data k cadlmied whanavr pasihla wth the Inwhwd prlisd Md salas an th~ bed avellehb and tl~ mo~ ncw+t
aals whir~ represent verioua eepsds of tha subJ~Ct+j nmA~et ~pesL Lpql nqriyt }appw ~n rm wrnWared bafae e flr~al
pplnlon ef vpl~p 1~ d~twmin~d.
Pro~rbl Obrwratlon
11q apprairsr compietad an ettaiw otra~vation of the eubJert PmpertY wFddi indudea ht~ not Intl~d to pho~agrapha. v~ihle
encroechmenta, aa~menty and atl~e- euROUIbMNJ i~t~nil hc~ors, Yt~~ ~9u~-o ~OOta00'o~3 ndYtl In Inf9 i~PP-a~9a~ rOP~
have been unN~d ~s a tool Ibr oomPon~on.
~P~t~Y
The eppral~er has tn~ eornpwncy snd ~ppr~opriau tcnw~ags, tr~irrny antl ~rlmn to eomplsl~ u~b pslqnma~L
6m.orele~ry~asun~otlons a H~rpotlatfcal Condtiau
Aln ENtra~,rd~ary Assumptio~ a F~ypoUieSol Cond'~lions were util¢ed in Ihi~ ~epal
D~MrNpen al Ysrket V~lu•
Th~ R1ost OrobabN pAd. is Of a~.c1fl~d dats. In wh. or tn ~frfl! N~Wafmt to Casl1. 0- R1001M Pr'~~NY I~vpNO Wm~. ~a
wliidll~a apea'fiad P-oP~Y ^Shfs chould sell aRer a rsacon~le a~powra m a oort~poUhiVO mi~kN INta~r al oondllolM rpwsu.
b a falr sala. witl~ Ihe buyar snd relix aed~ edirp ptudenlly. laiow~edpaebh. and for stlfant9nsC ard aswrnlns 11fat naltAr k
undar due dureea (fis Approksl al R~d E~fa T1veMth EdMon)
~iae.a r,n~.~~..
7hs appralsd a~elpnmsr+t wss not WNO upat a tpuMbd mMln~um vakutlae4 apacMc valuatlon or epproval oi e ban,
EmpbprNnt and mm{wruaban era ~ot cantinpant upon the reporGnp of a p-~MmM~d ralw~ a dirlwtbn o-Vh v~tw Ryi
fewra fhs ~auee o~ the dlpnt, iha Anqlnt d~e vslue ~mete, tl~a adeuman! d a atlpula~d valua or tAs aca+rrenca d a
^ibsequantevenL
Unlaas dharwlae sPedtl~+~h no4d ~•1h~ bodY af thb nPo~. ~ 1~ aa~umed: thst In~ ~ Itnprov~m~nu on m~ ProPertY a
qopsrtla befnp apprslt~tl ue etn~unlly ~ound. esbmkaAy ah end md~ wn-orr~rg~ that.l buBdrg oomponrnta
(mad~ani~ sy~lems. Plumb~p, dc.) ere in good workmp adx wih no major 4Kw'rrC mdnaA~llo~ or np~k HqWnd: tlS~t Ih~
-oof and e~derlor ~re In 9ood oondWon end froa kom inau~Wn hY the aNmentr Ihat Nu propa~ty or piop~rfis hara baan
en9lneentl !n such s manrar ~~t 1h~ Mprowenmts, as eurtwRN a~kih+ud, canform b~I appimble lo~al ~d atela buudiny
code~•
M1MIG's AppfNl~t COMplny prOfqtlOPMI! ~f~ RO! NlyrMelO !IW aro not mmp~hwd lo Judp~ ma1MRi of en ~iNarin9
nawre. Mfeltca'~ AppraMW CompanY na~ not Melo~d Ina~.naMt rfueWn4lM~qwNal~ Nwlclcal, of qNi r+gln..~ ln
ooNMCOon wp1 p11~ aPYr+IWI and. Ifl~rdon~ mskw no np~~ roVtlv~ b rfa cvn~llan of Mta+Ow~Ml~b; ~nd
Amwka'~ Apprelwl Compairy aas not fumlahad ~Y.r~kwvrtna ~udke oY ~s ownan er bY ~ Pero ~~ ~
appaleal. IF cp~aetlone Y~ Ihen aroes w critlcal to Ihe dadaion proaecs d Ihe iaad~r,11N adWa o~ C~pM~n1. a+0~h0
Contu~anb should D~ oWrn~d ~nd nA~d upon. (t l~ sWd~CaNlI nsunad lhet rny Ivwwladpsalile and prudant pur~heser
w0uld~ ss t p-~CAndlqOn OD d0rC19 i Miw Ob41n ~ s~dshcta7 siglneerhy ispat relativs b Iha sMUC41te1 inOpAb of ffro
proprty end 1he int~ity dhomss ~on~n oon+pon~nb.
9vu~ra~ probiama may not br visuahy datacmda. If onpirwarin9 ~onwlbMS rotslMed ~FIO~Ad rop~ ~e9ali+~ /e~lais af a
M~hYul n~~lUnti ar if ~c~dl rs9 L•AW tlI~00Wl~ad. rela6w m tl,e condiuon af inprovwrwrKS. weh Intbematlen eauld hsvs a
wbstsn6al n~gstiv~ imp~cl on tMr t~duyion~ rvDaM~ In 1M appraisal_ Acmrdi~y. ~ nsga8v~ linda~ys an npotlW by
011gIM~fl~$ Gofls1ltmlts~ AmNke'e App~mf Canpany reearvee 1ha rlpM lo anend tha appairal CcndudOrl~ f~pOCbrd hofoin.
~
nrt+erles~s Appral~ai CompanY wes a pa+~rd Profaded eled,on~ eipnaWra when s~malAnp appral~sf ~sporta. 7he alQ+swro
ie ca+dollea hy an pereansi IOarMMcation numbar and ths apprai6ar has wlv y~ttonMt~ed w~~~lol ot appM~p ~hs ~IM
Mqnelur~ es tl~lW~d by Unfarm SR~nd~rtle of Profsselonsl MP~last Predlv (USPAPy
~1
t~m rw~ ~- waaoru.~+o0rq~ aa~w~e w ~~maoe, i~. -t-eoo~uupo~
02/24/ZO10 09;55am ASPEN DIGGER 9101049633 ~~
, `°; "° '~'° ~°y° ,. ~.. # 4 8 9 P a g e 10 / 15
.,,
E~wtenmeMi:
Unlacs otflMwl~ ~talid in Ihir taport,lha ~dlENles of IkY•~t7DUi malMlal. whiah rt~y or msy ilOt bs prasenl on Mw pR~p/Ky
vwm „ot o6carnd b7 tl+e apprwsw, M~nrs's I4ppr~ied Campany has no Mnowledpa of Ub exabn~e p( such mo4xiaK on or in
Ne proQerty. 0.m~tip's Appraisil GanKteny howrwr. ls nd qua~bied ro d~t~t aud~ aubre~ntxs, 7Fw pNaae~ of m,twt~as
eudt as asbostpi, una Aofm+Wdlydo ibeM Inwhdort~ wRtamiiwt~d gtand rwW. o- wh~r potpntielly h~zif40us mabAal on or
in th~ poperly N1rt v~ouW aau6e a(os~ (n wAi~. Ne roaponsiWqty N aswned lor any wch oondtbns~ or for aiy ~oq~el4a~ or
a~yin~ellnp knowkdga requlred to Qecq~ar Ihem. TAe clsnt ia wyW m retYM an p~rt i~ INsTMid, lf Ee6lrad, h ik proreM
mndltlan Ih~ tubJect propNty Is sssumad Ip p~ sa(a Wpprdng fo tM tt&1aer~s pnleblktied by Cls EtIwOn111eRte1 Prota~tlOn
A9ertcY•
• UMR • NNarpeeMood Oeaalvqpn
11w papulstlon le~ak in Cw wbJeo[ e~l~o~hood haw yrown stwdtty In Iha 1900's mC 2000's. The modian nwr~e kvds M
N~ eubJ~et trolghbarhood us ipr Ih4 6a~it tnd Pitlcn Cour~ ares~. The Wh~ect prpp~fQi ha~ ~OC4~a m bus Grnl; Gntrd
8usinea OI~Cict aommu-er 6eedot insvmys, Ix~l parks, edroola ilospitW~. ~hoppi~p and ~A Iwid.nti8! supparl faa~la la
oon6idersd iV~raga fu fIN s-sd Th~ e~jvGCe Ifw~wdiid~ uan is IoWt~d atorq fhe ~ardr oI Ea9N apd PItkM Caunties.
Fbmes in Brs naighbo~Nwd m plllnariy wslo~n 4~9t homi~ of w-Yny quplnY a~41d an largw psrt7Ns af IirfA. 7he wbjecCi
8M~ is CMeldsed tural i~h! ~s mmpMAbk markst M deslnld wkhin a 5 it1M radlu~ CI h0 9ubJxt pfop~lcy.
• URAR : Neiahdathoad - Y/rket C~an~
Tht pYn~ral rtfifitel tan baet {» 11Hafib~d ~i ~taWa ~Ony wilh !h~ bCal ecanortry. AACORGfIp te 1oWl nswi m0~e. QUS W Job
ma~ka-condHforo, Iawer in~s~s1 r~tls, nww haid~~dal dvwlopr-rrN~ end comm~r4f~l a~r,~lono, hom~ r~fue~ IWs
remakwd ~4bia. Th- oY~ 9aa s~d aon WuCban h101ab~ae have brsn NstlMS In tlia strvnp4e wa~0eny of ths ws~4m Nop~ In
Colorado. Duv LD Ns UpMwM+9 d 6rnki~p ~BUlatla~s aC~nes !ha natlor+. Ins Odsntal haM 4uYe-s au+ 4uafih for ~ nome
~an ane mi ad~ trw~wmaa naw dow~d. Masc nanGy. sno~.mra vt~,te -+es b.en wie~r. yMtaMlc~on stsyswim
eevelopmerls oi naw aa,dominlwna. tners wsrs +F- tso raal +stete rm.~sa~trons In ms ccanomic ~rw o1 ea~edtAom
0l101/Z007 W OS130l2d08 oompar~E NMtI 189 b'eneacitan dYM1g th~ ptar 18 moritlf penod. Thw ere amph mor~j~ge eourws
aVeilede in 1ht WbJsct mtACll a fee a- ra`s Of about 4S% to a.SX. N~rka4n9 time ~ the ~~ad aros ie paneraqy 100.960
deYs aaordn8 b A~.9 NnAcvs.
• yRrtR • SaNs Cameriaon /wlrsla 5 mndrv er Sa1es eulso Aeereodti
MI of tlt9 Gatn{~6f9! et~d Rw su6Jsti at- IeCated wilhin Iha ec011~IC Ma~ uf Bacalt illd aro Y1e mne[ GmBJf kl Eerms af ~e.
appas~ end marK~taWAryr. Dc~lk~r ~syuar-~1q were b~-.c.! on pain0 ~Ne~ del:~- W he~ p~ed sdes axdu not ju~tily a
qwntitu6w adjusLmrlt In the firm d a doW r smamf. a pu;dtatiw sdJuapn+ent rws med~ lo Iklp ihe app'aiwr oairt ~ bwt~r
undratendnp af camp~rtbla prop~rtl.s Aftsr eaQwnlvs ~rwiket resei~h. the ComperaWr propaties u,~ at trn tlnN ofthb
Irpwt war~ tha Oeet avaflahi~ qqlCeO~XS of Ihe wbp~! P~P~Ys aumt mi~ket vMUl. The aPP~Nd veWb red~cMd M tMs
rapoR I~ c~nalNSnt w1h ~e most IrcNK mifket pondiYGA~, 'i'i~ sqW ra fcotiy~ yqqd M p~la repad I! ~qu9r? fodapa praNd~ by
1he au~s~orr oRfr;~. 'fhe cost aF cvnve0a In me euh~eaCs a+~ee b*/- ia00 per Sq. Yd.
Acrw9~ adjuctrnants ~e mrd~ Ytihe rete of St600 t~ eara Elhetlva a9~ x~+dmant~ were ~pled to pivpNtle~ wilh ~n
dfectfve ag~ varlanis y~tK lhan a ~qual lo Iyean at ih~ ro6e of S% pK efleah~e Yeer. Batl1 r0on+ utltlty tQuetad at the ra~a
d SZ.50 par 114 beth. AdJusfinenp m~do W can~tiElae for squsrs foolspe wvr~ st dw ota of l1pOfSF. 8awnwrt rquefa
foolay, aqJusfd.t Itle rMe d=10 pe11k~~ e4uare foot ~nQ 526 Oe- unfrn~Rrd sqwfe foot G~raye CsprCipt adJuc~d st
tha rare of 520.000 par ar mpauty. TM euhj~Ct W~~P~Y and mmpwaWee ar~ oonaidan4 In avrrrpa aondl6o~ for their
afkC4ve 89+. Dw 10 qmltad wrount of mmqerOblo Ml~s dala~ ns~w 9~~0~9~ bPo9~'~9' and low pnpu~110t~ ~~ R wea
naessery to s+~snd Iha sa~el+ e~s beyand 1 ndk ottM ~4ject pro~ty and 6 morNhs dths NP~etlve d~b. Tha ~n~t
re~eM eompera6NS wace usad in pra repoA. All sald oomparsab hwe V~nqe~rad wfn~inn tha Asemaw gWWlb+ee vi slpMSen
monthi ifld aN aompe~les are w~nl~dwo4 good india~Ors a? 1M aubJecCs aulfan! tMlke~ ~elua.
6an~rel adjusLna~tc W aamp~r146i Pr~as were made ior ec~~aCe, Mi~etl~a ape~ b~thtoom utl~ly. squere kot~o aA~
~~Oe ~~Y.
CompaqNw t fs ut actlua Hetinps I~et s~US~d acaortlJnply.
Ths ~ubjad's wlu~ ha~ lo~in ~econaled wIC1 wnlltlerelbn to RB Ix~tt9n. aFadiMr OOa ana t~cwd maAt~t mr~iwone.
•~11U1R • Imawemrn~ - s~ee- ftl, a~~ F.~n rK
Ths WbJe~ properLy h s raa~d rand~ ~tyte a4pla famYy cv~tam homs v+at hie +-1~nt~a~a1 Iloor piM1 and wxal{ Ne~ihib
avwaqv n-Mntw~mce ~evels. Th~ honwS teagrtec MCl W a a isiger fiarr» et0e mat b zorwd lor 1 nNSt~noe, 2 cer parope,
covwed pora~. decx and good vievK d a+a Raedrq Fax Vawy,
ra~m rnoo _~naon~~ aoar~-saaqn er i a moaa ~. ~ 7~eoo-AU~ ~(~
~~
02/24/2010 09:55am ASPEN DIGGER 970)049633
, ~v~~Y..~+w~ ~p..~~~..~ ~-~~~.~...~.._~__~
Locatbn Map
#489 Page 11/15
: ~..• •i~`i~.~l~ri.~..~.~.l~~l~: t ar~
c~
Atl6'~u 9 Beer R'
$wap Pltlch 544 CO ~i COtl1 6Z1
U~' htw 6i~a
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02/Z4/20I0 09;57am ASPEN DIGGER 9107049633 #489 Page 12/15
, T¢ PltCf fllRS Pspe 1~ d T7 ~ODD-OS41 01:44cD7lCSA1T) 1~0~0048 Fia1c 7Ytl A K91l910e
Sab~ect Pdoto Pa+~e
~ I..~~,IL_..IS~i-r'.Qk~
3ubjaet Frunt
9200 Sm.Y Rk~o qoad
Stlu Pna WA
Woq liul~p AR1 2,235
ToI~IRbAA !
Tpq~ Badroans ]
i~fB~a~m! x.i
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~ ~
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~b ~or6aocox~a
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$Y6~ACt R~ar
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02/Z4/2010 09:58am ASPEN DIGGER 9107049633 #489 P~age 13/15
To= i~eter C~ina Paye t5 cf 17 2CO~Or2101:44:07 (GMT) lsse5tsl['st7~1y M I t4 K R21E5K2
~ ~ ~..~ ~ •~. .~ ~ -I~~L~~E',..Ql]
Comparable Pdqta Patge
Comparatile 1
3~ 1 w~t soc~ c~~
Pr~ 6a Subject 2,2~ maas Nw
$8115 PACO 1100000
GCG9S lJMll~ Atli 1,801
TObI A0o1118 6
Taal Bedrnanc s
Tat~IBaCuooms 2,5
LqCe4pn Emma d~ Sopkls
Y~ew RaslMt
Site 3 Acrss
U118G1~ F~mISWCCdGaad
Ap9 13 AFt ! 4 FJf
Con~par~bls 2
720 Holland HBf6 lQoad
P~a~. lo SuDJect 8.85 mles NE
Seks PriCe 1295004
srass w~+q nraa z,~5z
Taf~l Raams 7
ToW Be~iroartia 4
Tbbi B9tllfoon-e 4
loqli011 Emma 8 Sop1'f~
Yter Res~Mt
Site .5 Acxee
~udFt~ FmUSidefGaotl
Ape 79 Act f fi EII
Camparable~ S
2g Plunr st~eet
Pr~. ~a Subi~ct 3.3z m ues N
SikS PriCO 1 t04000
6ro~a livinp AreA 2,~44
T0~ t~mc 7
Tub) &drppm~ 4
Tot~l B~throoms 2
~.OC~A ~110i18 8i ,~i`Cp~S
1Rew Rea/M!
Sitt 1 Acres
QusilY FrrtYSl~alGaoa
Ape 32 Act ~ 8 Ef~
yr
Fonn LPICPDL05% LTR - WinTQTAI.' apprai~al sallr-tre hy a h mode, inG -1,BOO~ALAMODE
02/24/2010 09:59am ASPEN DIGGER 9707049633 .____#489 ~ ~_Page 14/15
Comparabk P6oeo P#ge
RII GiM1'
3Z00 8aar Rid Noatl
Ba~aM ?Mkin ~h CO bt 1
LwitlOf P G(na
COn~psrabl• 4
7M }i+i~rd HN Reetl
Piv. d~qeel 3R9 mMs NE
SIM! AkA 799b000
6roNLMrql4rN 2,648
7aqlfiaaux e
ial~ Bidrapns 3
?aplBrMaaea 2
LOI~DA Emma t Sap1i~
YNrr Rear1~
Sb 1lkirs
Oulb FtnY~aelqooC
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