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bocc.res.050.2011
6Y ti c APPROVED BY .. Cn ���ICS / FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY RESOLUTION (Section III pi Section IV must be completed) ,02Qor -' h ei Every petition for abatement or refund filed pursuant to § 39 -10 -114, C.R.S. shall be acted upon pursuant to the provisi of this section by the / Board of County Commissioners or the Assessor, as appropriate, within six months of the date of filing such petition, § 1- 113(1.7), C.R.S t,1top h Z Section III: Written Mutual Agreement of Assessor and Petitioner 7 (Only for abatements up to $10,000) /OT / The Commissioners of County authorize the Assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of $10,000 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 abatement/refund of: Tax Year Tax Year Actual Assessed Tax Actual Assessed Tpx Original Corrected Abate /Refund Note: The total tax amount does not include accrued interest, penalties, and fees associated with late and /or delinquent tax payments, if applicable. Please contact the County Treasurer for full payment in formation. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners (Must be com leted If Section III does not apply) WHEREAS, the County Commissioners of County, State of Colorado, at a duly and lawfully called regular meeting held on 6 / 6 / / at which meeting there were present the following members: - on h •ay Yea' / / f /l / // /. fit /.. l / ✓..:d � : ' d;.� /.,.. ._l. =lL,.i lr °. ✓ /i /./ • with notice of such meeting and opportunity to be present having been given t• • - - etitioner and the Assessor / of said County and Assessor AVy G,'r'e_, not present) and Petioner}4µl ti h Akit 4QQPSpi17s -nv a ,being present of present), and WHEREAS, the said / Wake County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, that the - • s -jfoes not agreawith the recommendation of the Assessor and the petition be (approved . • enied) with an abatement/refund as follows: 2Y__ 1St CDO 0 7.00 1%t SOU (, Year Assessed Value Taxes Abate/Refund Year / Assessed Value es b21p / t- Chairpe -on of the Board of County Com issloners' Signature I, n dit Mgr /< /c County Clerk and Ex-officio Clerk of the Board of Co my Co L `ii • i n n r the a ore entioned county, do hereby certify that the above and foregoing order is truly co ?;`•—• • 111'1/2' , recd d of the proceedings of the Board of County Commissioners. 14. (' as. T •-',, S/YV IN WITNESHEREOF, I have hereunto set my hand and affixed the seal of said County , t SEAL is t h i s �t, day r ' / P y of 7 /l t N __ M Year / / / , pu NC O • ; e I - o r epury County Clerk's : .•.•' Note: Abatements greater than $10,000 per schedule, per year, n,ust .e submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than $10,000) The action of the Board of County Commissioners, relative to this abatement petition, is hereby ❑ Approved ❑ Approved in part $ ['Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15- DPT -AR No. 920 -66/11 PETITION FOR ABATEMENT OR REFUND OF TAXES County: Pitkin Date Received (Use Assessor's or Commissioners Date Stamp) Section I: Petitioner, please complete Section I only. Date: April 18. 2011 Month Day Year Petitioner's Name: Creeks G, Inc. Go Hal S. Dishier, Kaufman, Peterson & Dishier, P.C. Petitioner's Mailing Address: 315 E Hyman, Suite 305 Aspen Colorado 81611 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY 273301307026 Woodrun Unit One, Lot 7 Ra ( 'Y ' Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the above property for property tax year(s) 2009 and 2010 are incorrect for the following reasons: (Briefly describe why the taxes have been levied erroneously or illegally, whether due to erroneous valuation, irregularity in levying, clerical error or overvaluation. Attach additional sheets if necessary.) Please see attached Addendum to Petition document. Petitioner's estimate of value: $ 3,800,000.00 • ( 2009 ) and $ 3,800,000.00 ( 2010 ) Value Year Value Year I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been prepared or examined by me, and to the best of my knowledge, information and belief, is true, correct, and complete. Daytime Phone Number f 970 ) 925 -8166 Patitioner's Signature Kaufman, Peterson a Diehler, P.C. By /t _ " Daytime Phone Numberf 970 )925 -8166 gent's Signa ure" "Letter of agency must be attached when petition is submitted by an agent. If the Board of County Commissioners, pursuant to § 39 -10- 114(1), C.R.S., or the Property Tax Administrator, pursuant to § 39 -2 -116, C.R.S., denies the petition for refund or abatement of taxes in whole or in part, the Petitioner may appeal to the Board of Assessment Appeals pursuant to the provisions of § 39 -2 -125, C.R.S., within thirty days of the entry of any such decision, § 39-10- 114.5(1), C.R.S. Section 11: Assessor's Recommendation ''((//�� (For Assessor's Use Only) Tax Year000- (F` Tax Year ZbI.O Actual Assessed Tax Actual Assessed lax Original — l,etfto,600 7 npm 6 6,14).H% 1 1 6 69 44%.3 Corrected L,75D.tm 1 Tit .SOo ss Rg9.16 6 1.Q41 { 0 Abate /Refund (-SO (1(Y,� 1�$SOD ( X 4 \ .1? to nx I %Q,Sbo N X44 %1b ❑ Assessor recommends approval as outlined above. If the request for abatement is based upon the grounds of overvaluation, no abatement or refund of taxes shall be made if an objection or protest to such valuation has been fled and a Notice of Determination has been mailed to the taxpayer, § 39- 10- 114(1)(a)(I)(D), C.R.S. Tax year: 151A Protest? cif No ❑ Yes (If a protest was flied, please attach a copy of the NOD.) Tax year: 2.0Ih Protest? [ No ❑ Yes (If a protest was filed, pp attach a copy of th NOD.) Nitss ssor recommends denial for he followin reason ): Y I as b, sae 1 t4 � lW G w)2 ok ik 906 - av8 Sa Pori ' ambit t. � tot 6 Pet:f . t it u t2JA 141, hint a dios w� • S1- �S a Sn 4 enter, Et? ✓i fte sl1-1 /lt a fi ►L+ 14r'ea a e, fort Asse so s s ature 15- DPT -AR No. 920 -66/11 Appraiser Recommendation for an Abatement Assessor Generated ❑ Taxpayer Generated 1l To: Tom Isaac, Pitkin County Assessor From: Scotty Giddings Date: 5/11/11 Petitioner: Creeks G. Inc. c/o Hal Dishier, Kaufman, Peterson & Dishier, P.C. Schedule #: R020009 Parcel #: 273301307026 The appraiser has completed a review of the referenced property, as of this date, and hereby submits a recommendation as stated below: EL Deny ❑ Approve as Submitted ❑ Abatement/Refund Different than requested Abatement for Year: 2009 Abatement for Year: 2010 Data collection period July 1, 2006 to Data collection period July 1, 2006 to for year #1: June 30, 2008 for year #2: June 30, 2008 Assessment Rate: 29 % Assessment Rate: 29 % Tax Area: 004 Tax Area: 004 Mill Levy: 32.582 Mill Levy: 34.211 Actual Value this year: $ 7,000,000 Actual Value this year: $ 7,000,000 New Value: $ N/A New Value: $ N.A Assessed Value Tax Amount Assessed Value Tax Amount Original value: $ 2,030,000 $ 66,141.48 Original value: $ 2,030,000 $ 69,448.32 Corrected value: $ N/A $ N/A Corrected value: $ N/A $ N/A Refund: $ N/A $ N/A Refund: $ N/A $ N/A The basis of this recommendation is: Property was a sale in the time frame combined with Lot 6 next to it for a combined sale price of $8,300.000, time adjusted to $11,601,900. It is a ski in /ski out lot on the Adams Avenue ski run at Snowmass Ski area and is currently listed for $12,500,000 with Lot 6. Current value of $ 7,000,000 is for Lot 7 supported by comparable sales. Both lots are listed under MLS# 106434 for $12,500,000 and listing states "only offered together ". Chief Appraiser Approval: Assessor Approval: Comparable Land Sale Sale # 1- 511 Edgewood Lane, Woodrun Unit One, Lot 61 Sched # R001926 Sold 04/18/2008 $5.9M Time Adjusted Sales Price $6,124,200 Lot was sold with an improvement that was demolished after the sale. Land values in that area were derived from this sale as it was considered a vacant lot because of the demo. Since the sale a new home of 4921 square feet has been built. This lot is considered inferior to the subject because it is no accessible as a "Ski In" lot. Using Appraisal Institute Extraction of Improvement Method *1 Sale # 2 -1061 Wood Road Lot , Woodrun Unit One, Lot 56 Sched # 2715 Sold 04/07 $10M Time Adjusted Sales Price $11,011,000 House 5100SF 13+ Construction Quality (6) Built 1986 5100 X 750 /SF = $ $3,825,000 Residential land value + $11,000,000 Total Sale Price ($3,825,0001 $7,175,000 Sale # 3 - 1779 Wood Raod, Woodrun Unit Four, Lot 5 Sched # 8975 Sold 05/07 $10:5M Time Adjusted Sales Price $11,600,000 House 53995F 13+ Construction Quality (6) 5399 X 750 /SF = $4,049,250 ( *1) Residential land value = $11,980,000 Total sale price ($4,049,250) Improvement value $7,930,000 (Rounded) Footnote *1 Exhibit : The Appraisal Of Real Estate Extraction: Land value is estimated by subtracting the estimated value of the improvements from from the known sale price of the property. This procedure is frequently used when the value of the improvements is relatively low or easily estimated. 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CO 0 1) 1 • f n ) a N- p W W 0) - CO 0 "co VD co 1 t0 o O 0 0) 01 O O N t 01 0 V 0 1 Ul to u. ) p O C cn en ia, THE APPRAISAL OF REAL ESTATE ,, II Tenth Edition I ! ji 1 I Appraisal Institute 875 North Michigan Avenue APPRAISAL Ch Illinois 60611-1980 i p I I y � f 78 ■ The Appraisal of Real Estate The second reason to analyze the property's highest and best use as though 2. Allocation. vacant is to identify the use that would produce maximum income to the land cated betwi after property income is allocated to the improvements. In the cost approach and ways: to es some income capitalization techniques, a separate land value estimate is required. cable to till Estimating the land's highest and best use as though vacant is a necessary part of ther the lar deriving a land value estimate. 3, Extraction. There are also two reasons to analyze the highest and best use of the property provements 1 ' as improved. The first is to help identify comparable properties. Each improved quently use property should have the same or a similar highest and best use as the improved estimated. subject property. 4. Subdivision. The second reason to analyze the highest and best use of the property as the land wt { improved is to decide whether the improvements should be demolished, renovated, costs, and or retained in their present condition. They should be retained as long as they and the net have some value and the return from the property as improved exceeds the return market abs that would be realized by a new use, after deducting the costs of demolishing the 5. Land reside old improvement and constructing a new one. Identification of the existing prop- best use A erty's most profitable use is crucial to this determination. of producti The highest and best use conclusion should specify the optimal use, the time { to derive at or date that the property will be put to this use or achieve stabilized occupancy, plied by val and the market participants whose involvement in the property is a function of this use —e. an owner -user of the property, an a uit investor in the property, provements g• equity value. or a debt investor in the property. 6. Ground rer i zation rates LAND VALUE ESTIMATE the net am( Land value is directly related to highest and best use. The relationship between divided by highest and best use and land value may indicate whether an existing use is the 1 talized usin highest and best use of the land. seen as an Land value may be a major component of total property value. Appraisers a specific u often estimate land value separately, even when valuing properties with extensive building improvements. Land value may change at a different rate than building APPLICA1 value. Improvements are almost always subject to depreciation after the effects of inflation are removed. For many appraisals, a separate estimate of land value is The valuate required. value based Although a total property value estimate may be derived in the sales compari- estimate pr I son or income capitalization approaches without separating land and improve- tint meth() ment values, it may be necessary to estimate land value separately to isolate the tion. One c I value the land contributes to the total property. In the cost approach the value of approaches the land must be estimated and stated separately. and the qu. In the valuation process land value estimation is a separate step, which may All thre be accomplished applying six different techniques. The most reliable way to esti- t more of the 'mate land value is by sales comparison. When few sales are available, however, or Y P example, tl when the value indications produced through sales comparison need additional i improvemet i support, other procedures may be used to value land. Six procedures can be used ration, func to obtain land value indications —sales comparison, allocation, extraction, subdi- estimate. T vision development, land residual technique, and ground rent capitalization. properties s available. T 1. Sales comparison. Sales of similar, vacant parcels are analyzed, compared, and occupied re adjusted to provide a value indication for the land being appraised. come capita COO OS4 s 1 The Valuation Process ® 79 I I I 1 II ■ Allocation. Sales of improved properties are analyzed and the prices paid are allo- cated between the land and the improvements. Allocation can be used in two I ways: to establish a typical ratio of land value to total value, which may be appli- I I 1 1 cable to the property being appraised, or to isolate the value contribution of ei- ' , il ther the land or the building from the sale for use in comparison analysis. i I : f ExPact,on I and value is estimated by subtracting the estimated t'alue of the im- : ' I provements from the known sale price of the property. This procedure 1 Ire- I : , I' quently used when the value IA the improvements is relatively low or easily I I I est imated. I �! I , Subdivision development. The total value of undeveloped land is estimated as if j , • the land were subdivided, developed, and sold. Development costs, incentive I „ I I' costs, and carrying charges are subtracted from the estimated proceeds of sale, ' I ;I' �', and the net income projection is discounted over the estimated period required for I! 1 market absorption of the developed sites. b '`1' i i` Land residual technique. The land is assumed to be improved to its highest and II ;I; ; ;' ' 1 best use. All expenses of operation and the return attributable to the other agents ! I I of production are deducted, and the net income imputed to the land is capitalized ,, 'I!:I'1 1 Ii 1 nd value. An alternative land residual technique is ap- �. I'I to derive an estimate of a I! i • plied by valuing the land and improvements and deducting the cost of the im- ,I : l • provements and any entrepreneurial profit. The remainder is the residual land • •y value. I Ground rent capitalization. This procedure is used when land rents and capitali- i, , • , N f zation rates are readily available such as in well - developed areas. Net ground rent, , 4 ' 1 the net amount paid for the right to use and occupy the land, is estimated and I,i i ' '1 • divided by a land capitalization rate. Either actual or estimated rents can be capi- 1 III I,,, 0 talized using rates that can be supported in the market. This procedure may be '; I !, i • seen as an extension of direct sales comparison but, where applicable, it provides 11 ; !• a specific unit of comparison. . i • 1 ,, (; APPLtCATBOI I OF 1F1E TI= EE APPROACHES :II , ,0 The valuation process is applied to develop a well- supported estimate of a defined I I I r ;�', • value based on consideration of all pertinent general and specific data. Appraisers I I I 1 1 1 1 . estimate property value with specific appraisal procedures which reflect three dis- 11 . tinct methods of data analysis —cost, sales comparison, and income capitalize- • 1;, tion. One or more of these approaches are used in all estimations of value; the . I � IRS approaches employed depend on the type of property, the use of the appraisal, I l III: and the quality and quantity of data available for analysis. All three approaches are applicable to many appraisal problems, but one or 1 , . more of the approaches may have greater significance in a specific assignment. For example, the cost approach may be inappropriate in valuing properties with older I I improvements that suffer substantial accrued depreciation due to physical deterio- I 1 II , ration, functional obsolescence, and external obsolescence, which are difficult to , estimate. The sales comparison approach cannot be applied to very specialized I • properties such as garbage disposal plants because comparable data may not be I i� I I, available. The income capitalization approach is rarely used to value owner- I I I • ccupied residential interests, although it may be used with market support. In- :ome capitalization can be particularly unreliable in the market for commercial or I ' I .' I I' I • II Snowmass Village Market Derived Improvement Value sch# nbhd qual heated area sale date time adj pr. land val imp val $ /sq ft R001520 107041 3 2132 10/4/2007 $1,774,665 $1,600,000 5174,665 582 R002107 107041 3 2924 9/17/2007 $2,392,486 $1,500,000 5892,486 5305 5194 R002773 107041 4 2452 2/21/2008 $1,901,101 $1,500,000 5401,101 5164 R001914 107041 n 3140 5/6/2008 $1,762,075 $1,000,000 5762,075 5243 R013573 107061 3043 1/18/2007 $2,919,590 $2,100,000 5819,590 5269 R013579 107061 4 3062 3/28/2007 $2,737,934 $1,800,000 5937,934 5306 5327 R001772 107041 3188 4/17/2007 $2,609,496 $1,500,000 51,109,496 $348 R001708 107031 2643 5/9/2008 $2,920,010 $1,800,000 51,120,010 $424 R001781 107051 2552 9/28/2006 $3,696,960 $2,500,000 51,196,960 $469 R002702 107041 4 2359 . 11/15/2007 $2,555,045 $1,400,000 51,155,045 $490 R002431 107021 5 _ 3700 11/30/2006 $3,508,372 $2,750,000 5758,372 5205 R013602 107061 3937 4/25/2008 $3,315,126 $2,500,000 5815,126 5207 R002611 107041 6433 12/20/2006 $5,087,441 $3,750,000 51,337,441 5208 R002989 107021 5 3387 2/15/2007 $3,495,023 $2,750,000 $745,023 $220 R002195 107021 5 3304 5/23/2008 $3,775,875 $3,000,000 $775,875 5235 R002274 107021 5 4768 1/26/2008 _ $4,031,325 $2,750,000 51,281,325 5269 R008986 107031 5 I 4648 1/18/2007 $3,591,180 $2,300,000 51,291,180 5278 R003046 107031 5 2476 8/9/2007 $2,622,297 $1,800,000 $822,297 $332 _ R013623 107061 4911 2/5/2008 $4,985,315 $3,200,000 51,785,315 5364 R013614 107061 3584 6/4/20071 $3,828,150 $2,500,000 51,328,150 5371 5371 R013619 107061 3479 12/7/2006 $3,791,530 $2,500,000 51,291,530 5371 R013620 107061 5 4533 10/27/2006 $4,589,600 $2,750,000 51,839,600 $406 R003021 107031 5 4498 4/22/2008 _ $3,644,611 $1,800,000 51,844,611 5410 R012865 107081 5 5630 5/11/2007 $6,559,906 $4,100,000 52,459,906 $437 R009004 107031 5 4467 ' 3/19/2007 $5,266,325 $3,250,000 52,016,325 $451 R001633 107041 5 3849 9/28/2007 $3,776,490 $1,900,000 51,876,490 5488 R001552 107041 5 3440 7/2/2007 $3,392,197 $1,600,000 51,792,197 $521 R001790 107031 5 4261 6/27/2007! $4,615,500 $2,300,000 52,315,500 5543 R002277 107031 5 4600 11/11/2006 $4,524,212 $1,600,000 $2,924,212 $636 R002017 107021 5 4465 _ 7/14/2006 $5,915,065 $2,750,000 53,165,065 5709 R011776 107011 5 3807 9/22/2006 $6,642,975 $3,600,000 53,042,975 $799 R013645 107061 6 5192 i 1/15/2008 $5,422,679 $3,200,000 $2,222,679 $428 R002136 107021 n 3699 2/23/2007 $4,576,830 $2,750,000 $1,826,830 5494 R013641 107061 5334 6/11/2007 $5,723,220 $3,000,000 52,723,220 5511 R013622 107061 6 4636 1/18/2007 $5,440,160 $3,000,000 52,440,160 $526 R012870 1070811 6 i 5479 10/16/2006 $7,802,320 $4,750,000 $3,052,320 $557 R013567 107061 6 3566 12/21/2006 $4,017,890 $1,800,000 52,217,890 5622 R014872 107083 6 5598 2/5/2007 $8,260,620 $4,400,000 $3,860,620 5690 R014869 107082 6 5817 i 10/31/2007 $10,566,000 $6,500,000 54,066,000 5699 R012861 107081 6 5489 3/27/2007 $7,250,898 $3,200,000 $4,050,898 $738 5750 hea. R013563 107061 6 3485 3/15/2007, $4,412,626 $1,800,000 $2,612,626 5750 R002715 107021 6 5100 4/9/2007, $11,011,000 $7,000,000 54,011,000 5786 R012892 107081 6 5079 11/28/2006 $7,661,530 $3,600,000 $4,061,530 5800 R008975 107021 6 5399 5/15/2007 $11,481,750 $7,000,000 54,481,750 5830 R014911 107083 6 5769 2/6/2008 $9,451,540 $4,600,000 54,851,540 $841 R003113 107021 6 4644 , 6/19/2008 $6,975,000 $3,000,000 53,975,000 5856' R008992 107031 _ 6 4595 2/27/2007 $6,692,218 $2,300,000 54,392,218 5956 R002944 107031 6 3931 5/7/2007, $6,008,782 $2,100,000 53,908,782 5994 R012889 107081 6 5606 2/1/2008. $12,124,080 $5,500,000 $6,624,080 51,182 R014916 107083 6 5328 3/17/2008 $11,484,000 $4,600,000 56,884,000 51,292 R013009 107091 7 7291 11/3/2006 $13,014,232 $6,250,000 $6,764,232 5928; R013781 107080 7 12859 4/29/2008 $36,370,075 $20,000,000 $16,370,075 $1,273! 51,100 • 532636 TRANSFER DECLARATION RECEIVED 12/22/2905 �I 1 IIII Jll !6 t42 3236 JMIICE K VOS CAUDILL PITKIN COUNTY CO 21.00 0 030.00 WHEN RECORDED RETURN TO: Name: Creeks G, Inc., a Colorado Corporation Address: c/o Kaufman Peterson & Dishier 315 E. Hyman Ave, #305 Aspen, CO 81611 bF c6 0. SPECIAL WARRANTY DEED THIS DEED, made this 22nd day of December, 2006, between Woodrun Ventures, LLC, a Colorado limited liability company of the said County of Pitkin and State of Colorado, grantor, and Creeks G, Inc., a Colorado Corporation whose legal address is c/o Kaufman Peterson & Dishier, 315 E. Hyman Ave, #305, Aspen, CO 81611, of the said County of Pitkin and State of Colorado, grantee: WITNESS, that the grantor, for and in consideration of the sum of Ten dollars and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm, unto the grantee, its successors and/or assigns forever, all the real property, together with improvements, if any, situate, lying and being in the said County of Pitkin and State of Colorado described as follows: Lots 6 and 7, WOODRUN UNIT ONE, according to the recorded plat thereof recorded December 21, 1966 in Plat Book 03 at Page 116 as Reception No. 126197. COUNTY OF PITKIN, STATE OF COLORADO also known by street and number as: 611 Edgewood Ln., Snowmass Village, CO 81615 TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the grantor, either in law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances. TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the grantee, its successors and/or assigns forever. The grantor, for its File Number: 45136 -C4 Stewart Title ofColorado. Inc. - Aspen Division Special Wartanty Deed (Extended) Page 1 oft • o QQ °60 g 41 20009 u �� -- 532636 ..rT_ — .TION RE A TT TRANSFER DECLARATION RECEIVED 1212212006 GENERAL 1NFC Purpose: The Real Property Transfer Declaration provides essential information to the county assessor to help ensure fair and uniform assessments for all property for property tax purposes. Refer to 39 -14- 102(4), Colorado Revised Statutes (C.R.S.). Requirements: All conveyance documents (deeds) subject to the documentary fee submitted to the county clerk and recorder for recordation must be accompanied by a Real Property Transfer Declaration. This declaration must be completed and signed by the grantor (seller) or grantee (buyer). Refer to 39-14 - 102(1)(a), C.R.S. Penalty for Noncompliance: Whenever a Real Property Transfer Declaration does not accompany the deed, the clerk and recorder notifies the county assessor who will send a notice to the buyer requesting that the declaration be returned within thirty days after the notice is mailed. If the completed Real Property Transfer Declaration is not returned to the county assessor within the 30 days of notice, the assessor may impose a penalty of $25.00 or .025% (.00025) of the sale price, whichever is greater. This penalty may be imposed for any subsequent year that the buyer fails to submit the declaration until the property is sold. Refer to 39- 14- 102(1)(b), C.R.S. Confidentiality: The assessor is required to make the Real Property Transfer Declaration available for inspection to the buyer. However, it is only available to the seller if the seller filed the declaration. Information derived from the Real Property Transfer Declaration is available to any taxpayer or any agent of such taxpayer subject to confidentiality requirements as provided by law. Refer to 39 -5- 121.5, C.R.S. and 39- 13- 102(5)(c), C.R.S. 1. Address and/or legal description of the real property sold: Please do not use P.O. box numbers. Lots 6 and 7, Woodrun Unit One, Pitkin County, Colorado 2. Type of property purchased: Townhouse Single Family Residential Multi -Unit Res Commercial Condominium Agricultural Mixed Use Industrial Other: X Vacant Land 3. Date of Closing: December 22, 2006 Date of contract if different than date of closing: N/A 4. Total Sale Price: Including all real and personal property. $8,300,000.00 5. Was any personal property included in the transaction? Personal property would include, but is not limited to, carpeting, draperies, free standing appliances, equipment, inventory, furniture. If the personal property is not listed, the entire purchase price will be assumed to be for the real property as per 39 -13 -102, C.R.S. Yes X No If yes, approximate value $ Describe File Number: 45136 - C4 Stewart Title of Colorado, Inc. - Aspen Division Real Property Transfer Declaration — Buyer (Extended) Page I of 3 REAL PROPERTY TRANSFER DECLARATION (TD -1000) 6. Did the total sale price include a trade or exchange of additional real or personal property? If yes, give the approximate value of the goods or services as of the date of closing. Yes _ X _ No If yes, value $ If yes, does this transaction involve a trade under IRS Code Section 1031? Yes No 7. Was 100% interest in the real property purchased? Mark "no" if only a partial interest is being purchased. X Yes No If no, interest purchased 8. Is this a transaction among related parties? Indicate whether the buyer or seller are related. Related parties include persons within the same family, business affiliates, or affiliated corporations. Yes X No 9. Check any of the following that apply to the condition of the improvements at the time of purchase. New Average Poor Excellent Fair Salvage Good If the property is financed, please complete the following. 10. Total Amount financed. $ 11. Type of financing: (Check all that apply) New Assumed Seller Third Party Combination; Explain 12. Terms: Variable; Starting Interest Rate Fixed; Interest Rate o /a Length of time years Balloon payment Yes No If yes, amount $ Due Date 13. Mark any that apply ❑ Seller assisted down payments, ❑ Seller concessions, ❑ Special terms or financing. If marked, please specify: File Number: 45136 -C4 Stewart Title of Colorado, Inc. - Aspen Division Real Property Transfer Declaration — Buyer (Extended) Page 2 of 3 - . ° r' . i 1 —,,.. 7 REAL PROPERTY TRANSFER DECLARATION (TD -1000 For properties other than residential (Residential is defined as: single family detached, townhomes, apartments and condominiums) please complete questions 14 -16 if applicable. Otherwise, skip to #17 to complete. 14. Did the purchase price include a franchise or license fee? Yes ___ No If yes, franchise or license fee value $ 15. Did the purchase price involve an installment land contract? Yes )( No If yes, date of contract 16. If this was a vacant land s� was an on -site inspection of the property conducted by the buyer prior to the closing? Yes No Remarks: Please include any additional information concerning the sale you may feel is important. 17. Signed this 22nd day of December, 2006. Enter the day, month and year, have at least one of the parties to the transaction sign the document, and include an address and a daytime phone number. Please designate buyer or seller. BUYER: Creeks G, Inc . Col o • •1� ' By: /1II�� Alejandro Garcia, Presiu p '= 18. All future correspondence (tax bills, property valuations, etc.) regarding this property should be mailed to: c/o Kaufman Peterson & Dishler 315 E. Hyman Ave, #305 Aspen, CO 81611 Phone: 9 70- 925 -8166 • File Number: 45136 -C4 Stewart Title of Colorado, Inc. - Aspen Division Real Property Transfer Declaration – Buyer (Extended) Page 3 of 3 Assessor • Account 8070009 _ I = IIoI '�r Appraisam.. Working Day May 6, 2011 • is / r _ P - Home Menu I Account Search I Account P001569 I X Account R020009 I Proc..- As of Dec 31, 2009 d Summary 3'±Account : Owners Models y Documents L. Account r N • ■ » ia i Active since Nov 15, 2008 . u ,, aces 1 C t 4 1 Document # Deed Type Location �� 532836 SWD - SPECIALWARRANTY DEED D 1071 - smass village D Lists Sale Date Inventory Dale Property Type I 1 212 212 00 6 O V- Vacant Verified Validity Reason d APO true - VenOed D UI - Unqualified/Invalid D 64 - SALE INVOLVED MULTIPLE PROPERTIED C d, Sale Prlcs / Adjusted Sale Price 5 } at 58,300,000 - O Q 1 11 or 1 $9,300,000 °' Adjustments • -' Sale Personal Property Other c m Pro... 50 60 $0 - - -- - - -- o .Reason Reason Reason D J — — J Grantor Grantee Time Adjustment Factor Time Adjusted Price ~ WOODRUN VENTURES LLC CREEKS 0 INC 1.3983 ll $11,605A90 � S Arco... Additional Sales Information kQT� 0 • o L Favorites Remarks I Loan Information I TDlConttrmed 1 Q a Main Menu Appraiser Private Remarks o 0 Docume... CASH SALE UNQUALIFIED PER MULTIPLE PARCELS PER TD, MLS *96508 AND DEED. TD SCANNED ON R20008 _ Utilities 1.7 Vacant land values, as well as improved real property values, must reflect the appropriate level of value as stated in the following statute. Valuation for assessment. (a) Except as otherwise provided in subsection (12) of this section, beginning with the property tax year which commences January, 1, 1989, a reassessment cycle shall be instituted with each cycle consisting of two full calendar years." At the beginning of each reassessment,cycle, the level of value,to'be used during the reassessment cycle in,the determination of actual value of real property in' any county, of the "state as:reflected in the abstract, of: = "; assessment for each year in the reassessment cycle shall; advance, by, two:.years over What was used in the previous. reassessment cycle �; except that the level :of'value to be used . .for.. the years 1989 a`nd;1990 Y: shall be the level of_value;for the period of oneand one -half years t ; - immediately prior; to' July 1 :1988; except that; if comparable valuation:': :: data;,is not 'available from, such '' one, and one -h'alf -year, period: to ffiii: a;..' adequately determine the level of valuefor'a class of property ' Er period.of five ;years .immediate(yprior. to July 1 >1988; shall be utilizedz : to determine the Jevel of value -Said le of shall be adjusted to the final of the data`gathering period r `� ; W � F `'i�n, 4?-4"+`; l :y (d) FOf the purposes of this article, and article 9 of this title, 'level of value' means the actual value,of taxable real property as ascertained A by the applicable factors enumerated:in section,39 -1- 103(5) for the' :y one -and- one- half period immediately. prior to July immediately £': preceding the assessment date.:forwh ch the administrator IS ; required ' :. by this article -to publish' manuals and associated data :;?;Beginning vith*: the propertytax "year commencing: January <.1 �f comparable .�':tifr: ! � W J ^.r 4 Tl f valuation data:is: not a vailable from such : °oneand =one half- year to'adegliately determine.such actual value fora cl cA: �F;fi,};_� "level of value " the actual value of taxable :real; property °as , f�„ ascertained bysaid. ; applicable factors for Such one ;and - one -half year; period ,`' six- month Period �irrmmediatel preceding :such :one and -one half - p and as many . . preceding ix - smonth' periods;within_the i five -year. period imrnediately prior to July:,1 immediately preceding the assessment date as;;are necessary t•obtain adequate: comparablel 1 valuation` data Said level of value shall be adjusted to the final day o '. Nn `CYC the g � p data atherin('� period . =1:''i :.4fi ` ?:rita .Fi, . ±�� ".. .Y�,; 5 1'ts, l.•... � !i'h i w ygfi`! tr`7 � �., 1 .�.�t�i.o. 39- 1- 104(1 This statute and current Division policy require assessors to gather all sales and confirm all qualified sales within the eighteen months through June 30 of the year prior to the year of change in level of value. 15- DIVISION -AS PUB ARL 3 1 -89 Revised 1 -03 )614a- :; f 1 _ RA. «'o 2009 Time Trend Rates lit r3 Single Family Residential Sales ,'; ^ M nI Aspen and Surrounding areas 0.74% / month C�/Y� Snowmass Village and Brush Creek 0.69% / month Old Snowmass and Basalt 1.43% / month Crystal River Valley 1.04% / month Condominium Sales Aspen Area Condos 1.34% / month Snowmass Village Condos 0.8794 / month Basalt condos 1.25% / month Vacant Land Sales Upvalley Nbhds (incudes Aspen and Snowmass Village 1.88% / month Downvalley Nbhds 0.25% / month (Basalt and Crystal) flexmls Web Page 1 of 2 C lt •\- ZO k; 5 IIN Address: 611 Edgewood Lane Snowmass Village, CO 81615 Status: Wi drawn Asking Price: $12,500,000 List 106434 List Price Per /Acre: 6,684,491.98 \... Number: Auction: Type: Single Family Lot FAR: Yes 1 y v'` . ' Area: 02- Snowmass Village Taxes: 84,419.32 S I Major Area: Snowmass Village I Sub /Loc: Wood Run Tax Year: 2009 ., I County: Pitkin Transfer Tax: Yes l■ t 1 ! 1;11 r t ; l . Lot Size: Refer to Acreage List Price Per /Acre: 6,684,491.98 Lot SgFt: 81,282 • ` ! , i :.. . Acreage: 1 - 3 ,, , . -Y�.w 1 Nbr of 1.87 Payment Per: Year C. Acres: Special none Zoning: sf Assessments: ~° Legal: Woodrun Lot 6 & Lot 7 Public Remarks: Two gently sloping contiguous ski in /out lots, an absolute one of a kind opportunity to create a private compound. Surface water rights for ponds and water features. Adjacent to open space for added privacy. Low in subdivision for easy access. Only offered together. Directions: Wood Road to Lower Edgewood Short Sale: No Gas: Natural Gas Sign: Yes REO: No HOA Amenities: Showing Instructions: Vacant Foreclosure: HOA Fee Includes: Road Maintenance Sanitation: Sewer Access: Paved Lot Description: Terms Offered: Cash Agency: Mineral Rights: No Water Rights: Irrigation Crops: No Possession: Water: City Documents on File: CC & Rs; Survey Possible Use: Single Family Disclosures: Member Association: Aspen Association Electric: Yes Extras: Pond System, Ski In; Ski Out; Underground Utility I Sold Price Per /Acre: 0 DOM: 979 ADOM: 979 Original List Price: 13,850,000 Larry Fite Larry Fite 506 E Main St Ste 202 Aspen, CO 81611 970 - 920 -5160 larryf@co.pitkin.co.us Information is deemed to be reliable, but is not guaranteed. © 2011 MLS and FBS. Prepared by Larry Fite on Thursday, May 12, 2011 9:53 AM The information on this sheet has been made available by the MLS and may not be the listing of the provider. http:// ags. flexmis.com/cgi- bin/mainmenu.cgi 5/12/2011 flexmls Web Page 2 of 2 + MLS # Status Price % Change Date ADOM Address - 120210 Active $12,500,000 0.0% 03/21/2011 50 611 Edgewood Lane + New $12,500,000 03/21/2011 - 106434 Withdrawn $12,500,000 50.6% 03/16/2011 979 611 Edgewood Lane + Status $12,500,000 03/16/2011 + REO $12,500,000 03/16/2011 + Text, etc. $12,500,000 02/03/2011 + Text, etc. $12,500,000 09/30/2010 + Extension $12,500,000 08/04/2010 + Price Change $12,500,000 -9.7% 08/04/2010 + Extension $13,850,000 07/02/2010 + Expire Date $13,850,000 07/02/2010 + Status $13,850,000 09/08/2009 + Expire Date $13,850,000 09/08/2009 + Status $13,850,000 07/10/2009 + Geocode $13,850,000 02/12/2009 + Status $13,850,000 07/18/2008 + New $13,850,000 07/10/2008 - 96508 Closed $8,300,000 12/28/2006 134 611 Edgewood Lane + Status $8,300,000 12/28/2006 + Selling Office $8,300,000 12/22/2006 + New $8,300,000 08/10/2006 http:// ags. flexmis.com/cgi- bin/mainmenu.cgi 5/5 /2011 Sep, 19. 2006 12:35PM BRANDT FEIGENBAUM No. 3804 P. 2 BRANDT ♦ FEIGENBAUM, P.C. ATTORNEYS AT LAW OtujaT. BRAtasr (1939-2001) Mmtno MALL ASPEN CONFERENCE ROOM: 132 MIDLAND Avmur, Sure 4 US BAtst Manna GAaarS. BRAWT BASALT COLORADO 81621 420 ass MAIN, 2 Fume Moc wa. FEIGENBAUM TEU3MOaE: 970.925 -5196 , Asra, Caopaao 01611 51X: 970.925A559 LOUSDEO, ASSOCIATE ____ DRITGEEDIXELEIMEREE Gar S. BRANDT PETER P. Damn, PAactunt g ®a amnia September 19, 2006 VIA FACSIMILE Kim Tarver Pitltin County Assessor 520 East Main St. Aspen, CO 81611 is R'ef cr Lots 6 and 7, Woodnin Un it One Subdivision, Snowmass Village, CO ('Property"); • Schedule No. 8002875 Dear Ms. Tarver: This firm represents Woodtun Ventures, LLC in connection with the abovereferenced • • Property. As Peter Delany from my office discussed with your by phone, Lot 6 and Lot 7 have previously been assessed fox county real eetate.taxes together, under Schedule No. R002875. This letter is to confirm out client's request drat the two lots be assessed for taxes separately, each under a swat= Ma account and schedule number. • Than you for your assistance. S' e+� Garret S. Brandt for BRANDT • FEIGENBAUM, P.C. cc: Jim Cox Katie Grange, Snowmass Real Estate Co. Luny Jones, BJ Adams and Co. R 2v�$ n&w : K20Uo8 I,t c' 01 "es R7.00vq Gal vQCt,nt • 3 7;'*r v: • r . IL' as P 1" :. t � . � b.k S . • r r � . � � . � Y? o .1 M .„ it d d `. ;; - C . " A It 1 • • . . h, - -al •••J . i ,alp -o Na 1 _ s, . C a Qty -9 . 'd, a. g� �' 61 `,IN • S . ..N . r r o C © ems:- / c. o w' N F 0 trt M* N . .4q ` e M, 01 © r N • V f . • . t D :1 . 1 . w to w _ .. 4 Ss i it tn u ;..3I a Nth 'e a $ (a � ® r'1 -� S .. w kw OIDEON I. KAUFMAN• LAW OFFICES OF HAL S. DISHLER ° KAUFM Dp AN, PETERSON & DISHLE P.C. BROOKE A. PETERSON PATRICK D. MCALLISTER `y OF COUNSEL 315 EAST HYMAN AVENUE TELEPHONE SOADMITTTEO IN YLLANO SUITE 305 (97 FACSI MILE • ILE FACSIMILE ASPEN, COLORADO 81611 (970) 925 -1090 RECEIVED May 2, 2011 MAY 0 2 2011 PI(K1N COUNTY Pitkin County Assessor $OR 506 East Main Street Suite 202 Aspen, Colorado 81611 RE: CREEKS G, INC.; LOTS 6 AND 7, WOODRUN UNIT ONE, ACCORDING TO THE RECORDED PLAT THEREOF RECORDED DECEMBER 21, 1966 IN PLAT BOOK 03 AT PAGE 116 AS RECEPTION No. 126197, COUNTY OF PITKIN, STATE OF COLORADO; PETITION FOR PROPERTY TAX ABATEMENT To the Pitkin County Assessor: Our client is the owner of real property more particularly described above. Please allow this letter and contents enclosed herewith as a formal Petition for Abatement for the above referenced property in Snowmass Village, Pitkin County, Colorado. Sincerely, Kaufinan, Peterson & Dishier, P.C. A Profes ' nal Corporation By. °.t. Hal S. Dishler RECEIVED BY: Pitkin County Assessor's Office Pc: Alejandro Garcia, Director, President and Secretary of Creeks G, Inc. Larry Jones, Morris & Frywald Sotheby's International Realty PETITION FOR ABATEMENT TABLE OF CONTENTS CREEKS G, INC.; LOTS 6 AND 7, WOODRUN UNIT ONE, ACCORDING TO THE RECORDED PLAT THEREOF RECORDED DECEMBER 21, 1966 IN PLAT BOOK 03 AT PAGE 116 AS RECEPTION NO. 126197, COUNTY OF PITKIN, STATE OF COLORADO 1. Authorization Letter from Alejandro Garcia, President, Director and Secretary of Creeks G, Inc. dated February 11, 2011 2. Petition for Abatement or Refund of Taxes for Parcel No. 273301307025 i'C a u 36 P 3. Petition for Abatement or Refund of Taxes for Parcel No. 273301307026 fr 06 r of 4. Addendum to Petition 5. Opinion of Value Letter from Larry Jones of Morris & Frywald Sotheby's International Realty 6. "Snowmass Village - Vacant Land Sales" Spreadsheet 7. Pitkin County Assessor /Treasurer Parcel Detail Information for Parcel No. 273301307025 8. Pitkin County Assessor /Treasurer Parcel Detail Information for Parcel No. 273301307026 CREEKS G, INC. 281 PINE CREST DRIVE SNOWMASS VILLAGE, CO 81615 (970) 456 -9058 February 11, 2011 Via email to assessormaiWeo.vitkin.co.us Pitkin County Assessor 506 East Main Street Suite 202 Aspen, Colorado 81611 RE: CREEKS G, INC.; LOTS 6 AND 7, WOODRUN UNIT ONE, ACCORDING TO THE RECORDED PLAT THEREOF RECORDED DECEMBER 21, 1966 IN PLAT BOOK 03 AT PAGE 116 AS RECEPTION No. 126197, COUNTY OF PITKIN, STATE OF COLORADO; PROPERTY TAX ABATEMENT AND AUTHORIZATION FOR REPRESENTATION To the Pitkin County Assessor: The undersigned is the owner of real property more particularly described above. Please allow this letter to serve as authorization of Hal S. Dishler of Kaufman, Peterson, & Dishler P.C. and Larry Jones of BJ Adams & Company to act as my representatives concerning the Petition for Abatement for the above referenced property in Snowmass Village, Pitkin County, Colorado. The address and telephone number of my authorized representatives is as follows: Hal S. Dishler, Esq. Kaufman, Peterson & Dishler, P.C. 315 East Hyman Avenue Aspen, CO 81611 (970) 925-8166 (970) 925 -1090 (facsimile) Larry Jones BJ Adams & Company PO Box 6699 Snowmass Village, CO 81615 (970) 379-8757 Sincerely,/ Alejandro Garet., P'.. ter dents • -retary Morris & 415 East Hyman Avenue Fyrwald Aspen, CO 81611 t 970.925.6060 Sotheby's f 970.920.9993 aspenslcihomes.rom INTERNATIONAL REALTY March 28, 2011 Mr. Hal Dishier Kaufman, Peterson and Dishler • 315 E. Hyman Ave. Aspen, CO 81611 Re: Opinion of Value for Woodrun 1, Lots 6 & 7 Dear Hal, As requested this is to provide an opinion of value for the Woodrun 1, Lots 6 & 7, located on Edgewood Lane in Snowmass Village, CO 81615 for the evaluation period ending June 30, 2008. As background, I have been a real estate broker specializing in ski in /out properties in Snowmass Village for the past 16 years. I have been the listing and selling agent in approximately 22 transactions in The Pines and Two Creeks areas, all ski access properties. Additionally, I was the selling agent when the current owner of Woodrun Lots 6 & 7 purchased the land and I am therefore intimately familiar with the site. The current owner purchased Lots 6 & 7 together as a package and paid $8,300,000. Lots 6 & 7 are two side by side single family building sites located next to the Adams Ave. ski run on Snowmass Mountain. Lot 7 has direct ski in /out access but Lot 6 is not direct. Lot 6 will require walking down the street a short distance to access the run. There is a small apartment and garage structure on Lot 6 that was built in 1980 that is in poor condition and not considered its highest and best use. Based on my experience of selling ski access homes and lots, there is a large variance in value between homes that have direct ski access versus homes where you must cross the street or have a short walk to the slope. Lot 6 has an FAR of 4,650 sq. ft. and Lot 7 has an FAR of 4,500 sq. ft. By comparison, Lots in The Pines and Two Creeks which are ski accessible, have FAR's of 5,500. This variance makes the difference of either a 5 bedroom or second family room or both depending on the design of Each Office Is Independently Owned And Operated the potential home. This difference like ski accessibility detracts from the value of the lots as the market prefers at least 5 bedrooms. Many of the foreign buyers with larger families require 6 bedrooms. The two most comparable sales during the review period were Woodrun Lot 4 2/13/07 for $2,800,000 (time adjusted value of which sold on Woodrun Lot 5 sold on 8/14/07 for $ and has an FAR of 4,334 sq. ft. FAR Woodrun Los $3,025,000 (time adjusted value of $3,644,217) and has an sq. ft. Both of these lots are in close proximity to the lots in question. Neither has direct ski access and both of these lots would require a short walk to the slopes very similar to Lot 6. Based on the above considerations, it is my opinion that the value of Woodrun 1, Lot 6, as of June 30, 2008 would have been very similar or the same as Lot 5 which was valued at $ It is also my opinion that Woodrun 1, Lot 7 would have been valued at $3,800,000. Sincerely, ri-I Larry Jone Broker Associate, GRI, CIPS Morris & Fyrwald Sotheby's International Realty 0000000000000000000000 m 4p a0 m e 5O a m W' o m 01 rn'0 0 o 1 i v - . rn a rn N v o W V (11 Om) V V m oO 0 i ( (t/ as ((0 JJ %4 0' o r 4 N c� c m w c c . C C C c c c a c c a c c 0 ( p 4 ( 0(( N N C(1 C p pp� p' p pp� 6a. aaaaaa66aa.aaaaaa.0 Cana. a 0000000000000000000000 .. .. .. .. .. .. .. .. .. .. .. .. - - .. .. .. .. .. .. .. .. m mzm mz1�1 rn j� {1 m `�000O rQO f' O�OO[���jj� V)N{nNm Q�11ompm p m x .. Z�+ y)(n r z00 zzz Gc S S S S S ( , �_ , 1 ��j1 { -'' 1 M 2 W `q' 2 2 �p 1 I N m C rr_I - fl O s oq-1 Am lgh� a.4p. ..zmww n rpsnJzgSSSS wo -4 Wfn rrr ss .. r:.. G)on X. FW 1+ ” . 1- Ea . ... w O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 m 0 m m m m m m m 0) tP O) m a W W W N N N 1+ a . W W W W W N N N N flN µ i %J 01Na 0p m a-.b.0) 1 N V t0.0 O N-O t 01 h .1+001 V P4 -P W A a W A 10 F+ v vvvvcn t W4nmpfn mmoD mmm N mnreg zzzza �j rA' c�f Sfnami�majer r a f a n m p m a m o m m to m > O m O >70 V O c D m 0 0 0 0 A a A a 07333x, n m m a ma- C <-C -[ r .c O �L CG 1p 1 Z Z Z n> a z O O O F+00 r I+ N.- W W N W W 1 N O • 4)1. 4 030362 {mJ • N V m O I W o. - t- W a D W m N m m m a �A N h O O) V m" m V N y z W G N D co .1 co .) m co on .-.. 4o w m a d m - . N N N N N N N N N N O N 0 N N p O N N d 0000000000000000000000 V Q100 V V V V 0)0) V V G GG V V o V N 0 m V 0 . 0 0 �q W in W W W N 1 W 1J A L) .P W N �1} p 4 �1 N r r N N I. W UI N N m V t o ur tn N 141 0 t 0 0 VI 0 m o 4 V 0 1 O 1 N o 0 ((1) m on o 0 0 0 0 0 0 0 0 0 o a o m 0 0 o m o 0 0 . o 0 0 0 00000 0000 640000 0 000 0 00 ce 0 0 00 C O O O oo000000000000000gwS$ -I 3 yy}} �pp {p m A C .A ' ? O 11 .N.11 W : 1-. N N . ME �-• N W $4 �1. q W p � O W N . W V V V 40 0 V N 0 t 00% N N N O a t .A N V V 9 W OONO)01HN r omm V W N aoa..aNm V mi +di+ W co4 oO 0)C) V O ) OO N p N p . m -.i+0 co V 1 OON00 000a W V 0 00 V 0001 .0 A .0 .O Q Q Q Q Q Q y Q_ A & A A A .D p p Q A _ p 2 C d N 0) at 03 01 5 >. 3 0 a ry d N d 0) 01 d 0) d 0 1 d a d d d d d d d d d d d d W d d d d d m. d d • E a. 0.a a aaa.aa a aaa a s aaa. aa.a ADDENDUM TO PETITION Creeks G, Inc., a Colorado corporation ( "Petitioner "), is the owner of Lots 6 and 7, Woodrun Unit One, according to the plat thereof recorded December 21, 1966 in Plat Book 03 at Page 116 as Reception No. 126197, County of Pitkin, State of' Colorado; Pitkin County Assessor Parcel No. 273301307025 and Parcel No. 273301307026 ( "Lots 6 and 7"). Petitioner files this Addendum in support of the Petition for Abatement of real property taxes for the collection year of 2010 and 2011 and thereafter filed herewith. Pursuant to C.R.S. § 39 -10 -114, "...if taxes have been levied erroneously or illegally, whether due to erroneous valuation for assessment, irregularity in levying, clerical error, or overvaluation, the treasurer shall report the amount thereof to the board of county commissioners, which shall proceed to abate such taxes in the manner provided by law;...in no case shall an abatement or refund of taxes be made unless a petition for abatement or refund is filed within two years after January 1 of the year following the year which the taxes were levied." The Petitioner asserts that it is entitled to abatement under said statute for taxes for the years 2009 and 2010 and thereafter and in support thereof states and alleges as follows: 1. Erroneous Valuation Caused by Clerical Error. The taxes for Lots 6 and 7 have been levied erroneously based on an apparent clerical error. The attached current online Pitkin County Assessor /Treasurer Parcel Detail Information record states that the Sale Date for Parcel 273301307025 was December 22, 2006 and that the Sale Price for that parcel was $8.3 million. The attached online Pitkin County Assessor/Treasurer Parcel Detail Information record also states that the Sale Date for Parcel 273301307026 was December 22, 2006 for a Sale Price of $8.3 million. These records appear to reflect that the transaction information was duplicated and that each said parcel was purchased by Creeks G, Inc. for $8.3 million (which would equal a sum of $16.6 million). In fact, both parcels were purchased together by Creeks G, Inc. on December 22, 2006 for the sum of $8.3 million. Additionally, according to the Assessor records, Lots 6 and 7 were respectively valued for assessment at $7.047 million and $7.0 million for the Tax Years 2009 and 2010. Enclosed with this Petition are copies of the 2010 tax year records, which are confirmed to be the same for the 2009 tax year pursuant to a telephone conversation with a representative of the Assessor office on April 19, 2011. The Assessor records also reflect that between tax years 2008 and 2009, following the evaluation period ending June 30, 2008, the actual and assessed values of both lots nearly doubled. To the extent that said valuations were based upon an assumption that they were each purchased for $8.3 million, that basis for valuation is erroneous. Therefore, the apparent clerical error is doubling the sale price for the relevant transaction is asserted by Petitioner to have led to an erroneous valuation. 2. Substantial Overvaluation. Lot 6 and Lot 7 are each substantially overvalued based on comparable values. The Assessor has provided a spreadsheet of "Snowmass Village - Vacant Land Sales" ( "Assessor Spreadsheet" attached), which was relied upon by the Assessor for comparable 1 values. The Assessor indicated that the only relevant comparable properties are those identified as part of the Woodrun subdivision. From the Assessor Spreadsheet, only two of the three Woodrun subdivision properties are marked as "valid" for comparison purposes. These two properties are identified as Lot 4 (0.77 acres) and Lot 5 (0.81 acres) and are valued at $3.77 and $3.64 million, respectively. Lot 6 (0.93 acres) and Lot 7 (0.80 acres) are similar properties, with the only significant difference being the existence of a small residential structure upon Lot 6, valued by the Assessor at $47,000. The only other Woodrun property on the Assessor Spreadsheet contains a dwelling of meaningful value and is indicated by the Assessor as "invalid" for comparison purposes, presumably because of the value of the improvement on that lot. Based on the foregoing information, it is apparent that the valuation of Lots 6 and 7 is nearly double the supportable valuation and inconsistent with the comparable values used in the Assessor Spreadsheet. 3. Broker Valuation. Please see the attached Broker's Opinion of Valuation prepared by Larry Jones in support of this petition. Taxes for Lot 6 and Lot 7 for the tax year 2009 were paid in 2010 by Creeks G, Inc. Based upon this Petition for Abatement for Lots 6 and Lot 7 for the tax years 2009 and 2010, a request is hereby made for abatement and refund of the taxes for Lot 6 and Lot 7 for the tax year 2009 and abatement of taxes for said lots for the tax year 2010 in accordance with the foregoing. 2 Parcel Detail http: / /www.pitkirrassessor.org/ assessor /parcel.asp ?AccountNumber... Pitkin County Assessor /Treasurer Parcel Detail Information Assessor /Treasurer Property Search 1 Assessor Subset Query 1 Assessor Sales Search Clerk & Recorder Reception Search Basic Building Characteristics 1 Tax Information Parcel Detail 1 Value Detail 1 Sales Detail 1 Residential/Commercial Improvement Detail Land Detail 1 Photographs Tax Area Account Number Parcel Number 2010 Mill Levy 004 I R020009 1 273301307026 34.211 Owner Name and Address CREEKS G INC C/O KAUFMAN PETERSON & DISHLER 315 E HYMAN AVE (ASPEN, CO 81611 Legal Description (Subdivision: WOODRUN UNIT ONE Lot: 7 Location Physical Address: 611 EDGEWOOD LN SNOWMASS VILLAGE Subdivision: WOODRUN UNIT ONE Land Acres: 0 Land Sq Ft: 34,813 2010 Property Tax Valuation Information Actual Value Assessed Value Land: 7,000,000 2,030,000 Improvements: I 01 0 1 of 2 4/4/2011 3:16 PM Parcel Detail lritp: / /www.pitkinassessor.org/ assessor /parcel.asp ?AccotmtNumber... Total: I 7,000,0001 2,030,000 Sale Date: 12/22/2006 Sale Price: 18,300,000 / n r V D Basic Building Characteristics Number of Residential 0 Buildings: /r Number of Comm/Ind 0 Buildings: t_ o f & \ No Building Records Found Tax Information Balance Due as of 9/14/2010 $0.00 Current Year Balance Due $0.00 Delinquent Years' Balance Due $0.00 !Total Balance Due Tax Year Due In Tax + Special Assessment Amount 2009 2010 $66,141.48 2008 2009 $36,303.20 2007 2008 $35,502.08 2006 ! 2007 ! $4,320.12 Top of Page Assessor Database Search Options 1 Treasurer Database Search Options Pitkin County Home Page The Pitkin County Assessor and Treasurer's Offices make every effort to collect and maintain accurate data. However, Good Turns Software and the Pitkin County Assessor and Treasurer's Offices are unable to warrant any of the information herein contained. Copyright O 2008 Good Turns Software. All Rights Reserved. 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