HomeMy WebLinkAboutbocc.res.046.2013 [� FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY /1 j A
APPROVED BY (Section III or Section IV must be completed) r//
p�J(1�YpT(p a atement or refund fled pursuant to§39-10-114,C.R.S.shall be acted upon pursuant to the provisions of this section by e /
RESO . of mmissioners or the Assessor,as appropriate,within six months of the date of tiling such petition.§39-1-113(1.7),C.R.S. R,56-((6
# 0116- Oauz Written Mutual Agreement of Assessor and Petitioner
(Only for abatements up to$2,500)
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$2,500 or less per tract,parcel,or lot of land or per schedule of personal
property, in accordance with§39-1-113(1.5),C.R.S.
The Assessor and Petitioner mutually agree to the values and tax abatement/refund of:
Tax Year
Actual Assessed Tax
Original RECEI ED
Corrected ���iii yC IV
ED
14 ?073
Abate/Refund �y�
Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent tax paylheM��.l,014H(sf�)ta�•a.
applicable. Please contact the County Treasurer for full payment information. ER
Petitioner's Signature Date
Assessor's or Deputy Assessors Signature Date
Section IV: Decision of the County Commissioners
(Must be completed If Section Ili does not apply) //�f — -
WHEREAS,the County Commissi ners of / I`1l<//3 County, State of Colorado,at a duly and lawfully
called regular meeting held on /p / is i /3 , at which meeting there were present the following members:
•
•nth Day ear / / / 2 /
Skit/ L 'i.. 1/ I 1 r IA/A, 4 a/L'A . 4. /.-
with notice of such meeting a r• an opportunity to be present having seen given to -' ner and the Assessor
of said County and Assessor Qi i*tL _. ��lit5, eing present of present)and
/�' /// Name
Petitioner PP TE.Q (Q 4O, (being present of present and WHEREAS,the said
Name
County Commissioners have ca fully onsid red the within petition, and are fully advised in relation thereto,
NOW BE IT RESOLVED that the Board(222.S-does not a•ree)with the recommend- ion of the Assessor,
and that the petition be(approved--approved in part dent with an abatement/ref ■ as follows:
•
Year Assessed Value Taxes Abate/Refund /
a_ A.—. A A L A S
.> Ch• •erson of the yard of Coun Commissioners'Signature
I, /y4Jhee f. c1 71) County Clerk and Ex-Officio Clerk of the Board • County Commissioners
in a for the aforementioned county,do hereby certify that the above and foregoing order - truly copied from the
record of the proceedings of the Board of County Commissioners.
IN WI/ES ES$WHEREOF,
Of I haa�� �to set my ha��nd affixed the seal of said County
this �� Month Year // / / `
/ -dun Clerk's •' •eputy County Clerk's Signature
Note: Abatements greater than$10,000 per schedule,per year,must b -•bmitted in duplicate to the Property Tax Administrator for review.
Section V: Action of the Property Tax Administrator
(For all abatements greater than$10,000)
The action of the Board of County Commissioners, relative to this petition, is hereby
❑Approved ❑Approved in part$ ❑Denied for the following reason(s):
Secretary's Signature Property Tax Administrators Signature Date
15-DPT-AR No.920-66/11
NOTICE OF DETERMINATION
ON PETITION FOR ABATEMENT OR REFUND OF TAXES
BOARD OF COUNTY COMMISSIONERS
PITKIN COUNTY, COLORADO
Date: June 19, 2013
Petitioner: Peter Gregory Schedule No. 3566
42 Hillcrest Avenue
Mona Vale, NSW 2103
Australia
Dear Petitioner(s):
Pursuant to CRS 39-10-114, you have requested that the Board of County Commissioners (BOCC)
consider your petition for abatement or refund of taxes
• At a meeting held on June 18, 2013, it was the decision of the BOCC to :
Approve abatement as requested
Approve a partial abatement
Deny the petition for abatement— Resolution copy attached
Further appeal procedure_ If the Board of County Commissioners (CRS 39-10-114(1)) or the
state property tax administrator(CRS 39-2-116) denies the petition for refund or abatement of taxes in
whole or in part, the petitioner may appeal to the Board of Assessment Appeals (1313 Sherman St, Room
315, Denver, CO 80203, 303-866-5880) pursuant to the provisions of CRS 39-2-125 (f)within 30 days
from date of the BOCC decision. For further information regarding the Board of Assessment Appeals
you can visit their website @ http://www.dola.colorado.gov/baa.
• Refund, if applicable: If an abatement petition was approved in full or in part, the assessor will adjust
his records accordingly and the treasurer will process a refund if the taxes were previously paid.
g\bocc\boe\abatementdenialnotice2010.doc
PETITION FOR ABATEMENT OR REFUND OF TAXES
County:Pitkin Date Received
(Use Assessor's or Commissions stn
Section I: Petitioner, please complete Section I only. �I�lj�j pM31 HD
Date: February 14 2013 i ft
Month Day Year Maley
Petitioner's Name: Peter Gregory
Petitioner's Mailing Address: 42 Hillcrest Ave
Mona Vale NSW 2103
City or Town State Zip Code
SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY
Q 3424 91 Solar Way Aspen 81611-9631
Petitioner requests an abatement or refund of the appropriate taxes and states that the taxes assessed against the•
above property for the property tax year 2012 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.)
Petitioner's estimate of value: $862500 (2012 )
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(02 ) 99996865
Petitioner's Signature
By Daytime Phone Number(
Agent's Signature*
`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 II: Assessor's Recommendation
(For Assessor's Use Only)
Tax Year
Actual Assessed Tax
Original
Corrected
Abate/Refund
❑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 filed and a Notice of Determination has been mailed to the taxpayer,§39-10-114(1)(a)(I)(D),C.R.S.
Tax year: Protest? ❑No ❑Yes (If a protest was filed,please attach a copy of the NOD.)
NI Assessor recommends denial for the following reason(s): `5 'a Gl l h E'`e A
•
Inslav a
Assessors or 4. Assessrs Signature
iLDPT-AR Nn 990-66/11
•
Appraiser Recommendation for an Abatement
Assessor Generated ❑
Taxpayer Generated lit
To: Tom Isaac, Pitkin County Assessor
From: Scott Giddings
Date: 4/30/2013
Petitioner: Peter Gregory
Schedule #: R003566
Parcel #: 264328203001
The appraiser has completed a review of the referenced property, as of this date, and hereby
submits a recommendation as stated below:
't Deny
❑ Approve as Submitted
❑ Abatement/Refund Different than requested
Abatement for Year: 2012 Abatement for Year:
Data collection period 7/1/2008 to Data collection period
for year#1: 6/30/2010 for year#2:
Assessment Rate: 7.96% Assessment Rate: ok
Tax Area: 041 Tax Area:
Mill Levy: 47.777 Mill Levy:
Actual Value this year: $1,167,800 Actual Value this year: $
New Value: $ N/A New Value: $
Assessed Value Tax Amount Assessed Value Tax Amount
Original value: $ 92,960 $ 4,441,36 Original value: $ $
Corrected value: $ N/A $ N/A Corrected value: $ $
Refund: $ N/A $ N/A Refund: $ $
The basis of this recommendation is: Petitioner requests value be set to what their purchase price
was on sale date 3/1/2012. Value of property as of date of purchase was set using sales collection
period 7/1/2008 to 6/30/2010. The sale of this property will be used for values as of 6/30/2012 for
2013 and 2014. Petitioner submitted an appraisal as of 1/5/2012 which is outside the market sales
period and therefore not useable for the time frame where value was set. Comparables were
pulled for the market sales period of 7/1/2008 to 6/30/2010 and the value of the subject falls within
the range of the comparables after adjustments were made for size, effective age, location/views
and construction quality. Therefore, no adjustment in value is recommended.
Chief Appraiser Approval:
Assessor Approval:
Pitkin County Assessor's Office
June 10, 2013
Peter Gregory
43 Hillcrest Ave.
Mona Vale, NSW 2103
Austrailia
Re: Sch# 3566, Brush Creek Village, Block 3, lot 10, Filing 3
Dear Mr Gregory,
The Board of County Commissioners will consider your petition for abatement of
taxes on the above listed property at a hearing scheduled for June 18, 2013 at
10:00 A.M.. The meeting will take place in the Plaza One meeting room located at
530 East Main Street,Aspen, Colorado. There are several taxpayers being
scheduled for hearings at this lime. We are attempting to allot 30 minutes
hearing time for each abatement petition. While we can't guarantee exactly when
your hearing will commence, a list is enclosed to show the order in which the
abatements will be heard.
The Pitkin County Assessor is recommending denial of your abatement requests.
Enclosed for your information is the material that is being included in the
commissioners' packets for this hearing. Please call me at 920-5160 if you have
any procedural questions. a t
!! (
Since the Assessor is recommending denial of your petition, you may want to ?a�1
appear to state your case. If you can't be here in person, you may request to \ '
present your case by conference call. The Board may not concur with the 14
recommendation made by the Assessor.
!
p \\ 1 1 i '
Cordially, 11Q&se C/�1 �t •�'i h {1neSlOt^S st
Larry Fi r)
Chief Appraiser a''" e- tea•∎ ,
Pitkin County Assessor office ` ( Q t.1
r
/*:
'xY*
Tom Isaac, Assessor }� 4 r;
506 E.Main Street,Suite 202 Aspen,Colorado 81611 2 !• ' :?.a
(970)920-5160 fax(970)920-5174
•
III .Q; 'Pi'
` 17 -.
tIl re`s c!-;;;: "� __ !.
P dab raw fEtt! i
om l , ,:a i __. �.� ,.
Account Number R003566 Comparable:R003702 Comparable:R002490 Comparable:R002187
Parcel Number 264328203001 264321308003 264536404038 264536104001
Situs Address 91 SOLAR WY 473 MEDICINE BOW RD 157 MEADOW LN 167 SINCLAIR LN
City ASPEN ASPEN SNOWMASS VILLAGE SNOWMASS VILLAGE
Sale Date 05/01/2009 08/01/2008 09/17/2009
Sale Price $1,892,500 $1,843,000 $1,585,000
Sale/SqFt $513 $535 $505
Time Adj.Price $1,660,668 $1,477,348 $1,447,897
VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST
Acres 2.721 2 $0 0 $0 0 $0
SOFT 0 0 $0 20014 $0 22841 $0
Land Value Code BCV PINK BCV PINK $0 MELTON RNCH $0 MELTON RNCH $0
AV +
Actual Year Built 1978 1975 $0 1973 $0 1988 $0
Effective Year ' 1981 1995 ($160,000) 1982 $0 1993 ($140,000)
Built
Live Area 2684.0000 3236.0000 ($27,600) 2481.0000 $10,150 2777.0000 ($4,650)
Finished 0.0000 0.0000 $0 279.0000 ($9,750) 91.0000 ($3,200)
Basement Area - . -
Construction AVERAGE GOOD ($247,200) AVERAGE $0 GOOD ($233,900)
Quality
FINISHED $0 473 ($25,000) ($25,000)
GARAGE
HEATED
FINISHED $0 $0 552 $0
GARAGE
Value $1,167,800
Value/Soft $435
Adjusted Sale $1,225,868 ($434,800) $1,452,748 ($24,600) $1,041,147 ($406,750)
scottyg @ May 1, 2013 9:37:34 AM Pitkin County Colorado Assessor Page 1 of 2
illy OS:40 let \
2
11,0
AVISS.Alit I ti t
illM. . I'll% "4
.1 a���i1, et
Nnit a#
av 4toi
rat
it, 0
.ay..pi
Ii$ '.
r C i
aro r•
lint t,
11,4416. ir
EVipt
cis II
'#:4 4.IA_ 15\
1
)
ti I \ )
scottyg @ May 1, 2013 9:37:34 AM Pitkin County Colorado Assessor Page 2 of 2
(Main FUe No.1201021 Paoe#11
RECEIVED
FEd 14 .2013
p COUNTY
ASSESSOR
,4 • l r
• ii"+Ci:ir: it K" i • e -ss .. ff
. r
� : s 4
kit :
Ma' Fle No 1201021 Paoe#21
Elizabeth A.Newman,SRA
Newman Appraisal Network,LLC
P.O.Box 1713
Basalt,CO 81621
January 10,2012
HSBC Bank USA,N.A.
2929 Walden Ave
Depew,NY 14043
Re: Property: 91 Solar Way
Aspen,CO 81611
Borrower Peter Gregory
File No.: 120102
To Whom It May Concern:
At your request,I inspected the subject property and have analyzed applicable market data in order to provide my
opinion of the subject's Market Value(most probable selling price)as defined herein. The analysis,opinions and
conclusions stated in this report were prepared in accordance with the standards and reporting requirements of the
Uniform Standards of Professional Appraisal Practice,the Code of Professional Ethics and the Certification
Standard of the Appraisal Institute. This appraisal assignment was not based on a requested minimum
valuation,a specific valuation,or the approval of a loan.
This appraisal report is for the sole and exclusive use of the appraiser's client for asset valuation for a possible tax
protest. Parties who may receive a copy of this appraisal do not become intended users unless specifically identified at
the time of engagement. Anyone else who relies on this report without the appraisers written permission does
so at his/her own risk.
CERTIFICATION: I HAVE NOT appraised the subject property in the last 3 years.
The subject property currently suffers from deferred maintenance in the form of worn siding and outdated single pane
windows,and appears in"below average"condition. At the client's request,I have appraised the property based on
the HYPOTHETICAL CONDITION that the property Is in"average"condition as of the date of value. A
Hypothetical Condition is defined as:"that which is contrary to what exists,but is supposed for the purpose of
analysis." (Source: Definitions Section and Glossary of USPAP 2010-2011 Edition). I note the property is under
contract in its current"below average"condition. I have also provided an"as is"Market Value as required by both
FIRREA and USPAP.
The appraiser is not a licensed property inspector. This report should not be relied upon to disclose any conditions
present in the subject property and does not guarantee that the property is free of defects or that it conforms to Building
Codes and requirements,including those for carbon monoxide detectors. If this is of concern to the reader,a
professional home inspection is recommended.
The value conclusion reported is as of the effective date stated in the body of the report,in the property's"as is"
condition and on an UNFURNISHED basis. II is expressly contingent upon the certification and limiting conditions
attached. The value is based upon a cash or cash-effective transaction. I estimate a 12 month exposure time for the
subject property,which is typical for property in this segment of the market,1 it had been listed for sale at or near the
appraised value. In this analysis,exposure time and marketing time are considered equal.
Attached is my report containing a description of the market data on which I have based my opinion. If I can be of any
further assistance in the interpretation of this report,please do not hesitate to call.
Thank you for this opportunity to be of service.
Sincerely,
MeekQ"318currrR.a/
eth A Newman,SRA
Certified Residential Appraiser
Colorado#CR1314147
Main BI No 1201021 Pa #3j
Appraiser Qualifications File No.120102
Borrower Peter Gregory
Property Address 91 Solar Way State CO fin Coda 81611
City Aspen County Pitkin
Lender HSBC Bank USA,N.A.
ELIZABETH A.NEWMAN,SRA
Newman Appraisal Network,LLC
P.O.Box 1713
Basalt,Colorado 81621
(970)927-6642
liz(alnewmanappraisalnetwork.com
Professional Affiliations
SRA Designated Member,Appraisal Institute Real Estate Broker(inactive),State of Colorado
Certified Residential Appraiser by the Member National Association of Realtors
State of Colorado #CR1314147 Member Colorado Association of Realtors
Member Aspen Board of Realtors
•
Education
University of New Hampshire,BA,Cum Laude
Appraisal Institute/Appraiser Continuing Education:
Real Estate Appraisal Principles Business Practice and Ethics
Residential Valuation Internet Search Strategies for Appraisers
Basic Valuation Procedures The Appraiser as an Expert Witness
Condemnation Appraising Standards of Professional Practice,A&B
Appraising from Blueprints and Specifications Residential Design and Functional Utility
Residential Property Construction and Inspection Appraisal Consulting
Scope of Work:Expanding Your Range of Services 7 hour USPAP Update
Real Estate/Continuing Education: •
Real Estate Law Water Law I&II
Real Estate Practice Broker Transition Course
Colorado Real Estate Law&Practice City of Aspen Zoning Regulations
Fair Housing
Real Estate Construction
Experience
NEWMAN APPRAISAL NETWORK,LLC,Owner/Certified Residential Appraiser,2007—present
THE ASPEN APPRAISAL GROUP,LTD.,Certified Residential Appraiser,1989-2007
ASPEN SAVINGS&LOAN ASSOCIATION,1975-1989:VP Loan Processing&Secondary Marketing. Chief underwriter
and review appraiser. Compliance officer. Delegated Underwriter for FHA,FNMA and FHLMC.
Major Clients
•
Alpine Bank JP Morgan/Chase First Republic Bank The Private Bank
Gibraltar Private Bank&Trust Fifth Third Bank American National Bank
Solidifi First Colorado National Bank Vectra Bank Timberline Bank
•
Appraisal Experience
Condominiums Single Family Residential Vacant Land
Luxury Townhomes Proposed Construction Market Rent Analysis
Purposes
Mortgage Financing Estate Planning Listing Acquisition
Marriage Dissolution Expert Testimony Tax Appeal REO/Foreclosure
Statement of Certification
I have completed the requirements of the continuing education program of the Appraisal Institute. My certification runs
through December 31,2015.
Form TADD—WiTOTAL•appraisal software by a la mode,inc.—1-80OALAMODE
IMa n Ale NO 1201021 Paae#41
STATE OF COLORADO
Oeyam aM of RNM:fif iyAjeMt
rfi"(Divislon of Reel Estele'a �
'Pt.rD
Carve PRINTED ON SECURE PAPER
Cart ReaiEnuel Appsxr. • , rJ t
1314147 4 i%.' Jan t 2010' "' ac 327'1)112.
fwme✓tl l'+T 4i.UN•. I �'E:pr
eeYLT.mnvf
( i.-eg____, r 7 f'eetnewman.-
poTnre.lw..v lams Swan
•
•
•
•
•
•
•
Form SCA—WinTOTAL'appraisal software by a la mode,inc.—1.800-ALAMODE
Newman Appraisal Network (Main File No 1201021 Pace#51
. FIRREA/ USPAP ADDENDUM
Borrower Peter Gregory File No. 120102
Property Address 91 Solar Way
City Aspen County Pitkin State CO Lp Code 81611
Lender HSBC Bank USA,NA
Purpose
The purpose of this appraisal is to provide my opinion of the Market Value(as defined by the Uniform Standards of Professional Appraisal
Practice:USPAP)of the"fee ownership"of the subject property based on the HYPOTHETICAL CONDITION that the property is in
"average"condition as of the date of value. I have also provided an"as is"value as required by FIRREA and USPAP.
Scope of Work
This appraisal report utefzes the standard URAR form but is not complete without the accompanying narrative comments.which include pertinent assumptions and
limiting conditions. This report was prepared In conformity with the Uniform Standards of Professional Appraisal practice(USPAP),the Code of Ethics
and the Certification Standard of the Appraisal Institute. The methodology employed in arriving at the value indication is based upon two of the three traditional
approaches to value:the Cost Approach and the Sales Comparison Approach. The Income Approach is not considered relevant for residential properties since
income is seldom the primary motivating factor in a purchaser's decision to buy.At the request of the client,this appraisal report complies with the Uniform
Appraisal Dateset(UAD)currently required by FNMA and FHLMC,which dictates standardized responses including specific formats,definitions,abbreviations and
anonyms. See Uniform Appraisal Dataset IUAD)Definitions Addendum and UAD Scope of Work Disclaimer.
Intended Use/Intended User
Intended Use; The Intended Use is to evaluate the subject property,subject to the stated Scope of Work and Definition of Market Value,for a
possible foreclosure action. No add0onal Intended Use has been identified by the appraiser.
Intended User(s): The Intended User of this appraisal report is HSBC Bank USA. No additional Intended Users have been identified by the
appraiser. Parties who may receive a copy of this appraisal do not become intended users unless specifically identified at the time of
engagement. Anyone else who relies on this appraisal without the appraiser's written permission does so at his/her own risk.
History of Property
Current 1st nq information The subject property has been listed for sale since June 29,2011 priced at$975,000,unfumished. It went under contract
on December 9,2011 for$862,500,unfumished.
Prior sale: I am not aware of any activity invownq the subiect property during the past three years. According to the Assessor's records,it last sold
on June 15,2005 for$800,000. I understand this sale occurred with partial real estate commission since the buyer(current seller)is a local real
estate agent.
Exposure Tare/Marketing Time
Marketing time is defined as a prospective estimate of how long it would take to sell the property if a fisting began as of the date of the value
estimate. Exposure time is retrospective and estimates the length of time the property should have been listed to achieve a sale at the appraised
value as of the date of the value estimate. Based on my analysis of recent sales and listings as well as annual MLS statistics,marketing time for
the subject property,if the completed home were listed for sale at or near the appraised value,is estimated at 12 months.
Personal(non-realty)Transfers - - -
This appraisal considers the subject property on an UNFURNISHED basis.
CERTIFICATION: I HAVE NOT appraised the subject property in the last 3 years.
Additional Comments
I personally Inspected the interior and exterior of the subject property as of the effective date of the appraisal. Gross living area size was taken from
dimensions provided by the assessor's records and my own inspection. Additional information on the property was obtained from the records of the County
Assessor. In the course of verifying the comparable sales data utilized in this analysis,I have discussed the transactions with the seller,buyer,or sates agent
(the real estate broker or associate). I have also confirmed closing data when possible in the records of the County Clerk&Recorder's Office. Multiple Listing
Service publications have been used as another source.At least two forms of verification have been completed on any dosed sale considered in this analysis,and
exterior inspections have been conducted. Where'Inspection'is listed as a data source on the appraisal,an INTERIOR inspection has been performed.
PLEASE NOTE:I am not an environmental professional and I have not received an environmental study of the subject property. I have performed only a cursory
inspection from an environmental standpoint.It is my assumption that there are no negative environmental influences affecting the subject property. I do
not believe the property has ever been used for other than residential purposes. I assume all construction and remodeling of the hone over the wars was done
with the proper permits. I do not believe any toxic materials were used in the construction of the improvements,nor am I aware of any problems with mold. I note
the home was bull in 1978 according to the Assessor and as a result,lead paint may have been used in the original construction. I am not qualified to render an
opinion on this but assume there are no health concerns relating to the use of lead paint or asbestos. I have not seen a radon study for the property. Radon is
common in our area,but when present can usually be mitigated at relatively modest expense. I assume the property complies with requirements for carbon
monoxide detectors. I do not believe the property was ever used as a methamphetamines lab. I have not researched the title,interviewed current or prior
owners,or done any research beyond that normally assocuted with the appraisal process unless otherwise stated'this report. I am not a licensed property
Inspector. I note sections of exterior siding are in need of replacing and a balcony has been removed:I assume this does not present any health or safety hazard.
This appraisal does net guarantee that the home is free of defects,Including Code violations.
Certification Supplement
1. This appraisal assignment was not based on a requested minimum valuation,a specific valuation,or an approval of a loan.
2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value
estimate,the attainment of a stipulated result or the occurrence of a subsequent event.
3. The reported analyses,opinions and conclusions were developed,and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Appraisal Practice of the APPRAISAL INSTITUTE. The use of Ws report is subject to the APPRAISAL INSTITUTE relating to review by its
duly authorized representatives. I have personally inspected the subject properly and have contributed materially to the value conclusion. As of the date of tlis report,I have
convicted the requirements of the continuing education program of the APPRAISAL INSTITUTE.
�Q.,r�rirSfQi1/ Supervisory
Appraiser Eli bath A.Newman,SRA Appraise0
Signed Date: 01/13/2012 Signed Date:
Certification or License#: CR1314147 Certification or License#:
Certification or License State: CO Expires: 12/31/2012 Certification or License State: Expires:
Effective Date of Appraisal: 1/5/2012 Inspection of Subject ❑Did Not ❑Exterior Only ❑Interior and Exterior
Form RIA LG—'WUTOTAL'appraisal software by a la mode,inc.—1.800-ALAMODE
M FlIeN 1201021 Paoe#el
•
A011-254152
Ale No. 120102
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source:Fannie Mae UAD Appendix D:UAD Feld-Specific Standardization Requirements)
Condition Ratings and Definitions
C1
The improvements have been very recently constructed and have not previously been occupied.The entire structure and all components are new
and the dwelling features no physical depreciation.*
`Note:Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the
dwelling is placed on a 100%new foundation and the recycled materials and the recycled components have been rehabilifated/re-manufactured
into like-new condition.Recently constructed improvements that have not been previously occupied are not considered new if they have any
significant physical depreciation(Le.,newly constructed dwellings that have been vacant for an extended period of time without adequate
maintenance or upkeep).
C2
The improvements feature no deferred maintenance,little or no physical depreciation,and require no repairs.Virtually all building components
are new or have been recently repaired,refinished,or rehabilitated.All outdated components and finishes have been updated and/at replaced
with components that meet current standards.Dwellings in this category either are almost new or have been recently completely renovated and
are similar in condition to new construction.
C3
The improvements are well maintained and feature limited physical depreciation due to normal wear and tear.Some components,but not every
major building component,may be updated or recently rehabilitated.The structure has been well maintained.
C4
The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear.The dwelling has been
adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs.All major building
components have been adequately maintained and are functionally adequate.
C5
The improvements feature obvious deferred maintenance and are in need of some significant repairs.Some building components need repairs,
rehabilitation,or updating.The functional utility and overall livability is somewhat diminished due to condition,but the dwelling remains
useable and functional as a residence.
CO
The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety,
soundness,or structural integrity of the improvements.The improvements are in need of substantial repairs and rehabilitation,including many
or most major components.
Quality Ratings and Definitions
01
Dwellings with This quality rating are usually unique structures that are individually designed by an architect for a specified user.Such
residences typically are constructed from detailed architectural plans and specifications and feature an exceptionally high level of workmanship
and exceptionally high-grade materials throughout the interior and exterior of the structure.The design features exceptionally high-quality
exterior refinements and ornamentation,and exceptionally high-quality interior refinements.The workmanship,materials,and finishes
throughout the dwelling are of exceptionally high quality.
02
Dwellings withthis quality rating are often custom designed for construction on an individual property owners site.However,dwellings in
this quality grade are also found in high-quality tract developments featuring residence constructed from individual plans or from highly
modified or upgraded plans.The design features detailed,high quality exterior ornamentation,high-quality interior refinements,and detail.The
workmanship,materials,and finishes throughout the dwelling are generally of high or very high quality.
03
Dwellings with this quality rating are residences of higher quality built from individual or readily available designer plans in above-standard
residential tract developments or on an individual property owner's site.The design includes significant exterior omamentation and interiors
that are well finished.The workmanship exceeds acceptable standards and many materials and finishes throughout the dwelling have been
upgraded from"stock"standards.
04
Dwellings with this quality rating meet or exceed the requirements of applicable building codes.Standard or modified standard building plans
are utilized and the design includes adequate fenestration and some exterior ornamentation and interior refinements.Materials,workmanship,
finish,and equipment are of stock or builder grade and may feature some upgrades.
UAD Version 9/2011
Form UADOEHNE—WinTOTAL'appraisal software by a la mode,inc.-1-800 ALAMODE
(Main File No 1201021 Pao#71
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source:Fannie Mae UAD Append&O::UAD Field-Specific Standardization Requirements)
Quality Ratings and Definitions(continued)
05
Dwellings with this quality rating feature economy of construction and basic functionality as main considerations.Such dwellings feature a
plain design using readily available or basic floor plans featuring minimal fenestration and basic finishes with minimal exterior ornamentation
and limited interior detail.These dwellings meet minimum building codes and are constructed with inexpensive,stock materials
with limited refinements and upgrades.
06
Dwellings with this quality rating are of basic quality and lower cost;some may not be suitable for year-round occupancy.Such dwellings
are often built with simple plans or without plans,often utilizing the lowest quality building materials.Such dwellings are often built or
expanded by persons who are professionally unskilled or possess only minimal construction skills.Electrical,plumbing,and other mechanical
systems and equipment may be minimal or non-existent.Older dwellings may feature one or more substandard or non-conforming additions
to the original structure
Definitions of Not Updated,Updated,and Remodeled
Not Updated
Little or no updating or modernization.This description Includes,but is not limited to,new homes.
Residential properties of fifteen years of age or less often reflect an original condition with no updating,if no major
components have been replaced or updated.Those over fifteen years of age are also considered not updated if the
appliances,fixtures,and finishes are predominantly dated.An area that is'Not Updated'may still be well maintained
and fully functional,and this rating does not necessarily Imply deferred maintenance or physicaVfunctional deterioration.
Updated
The area of the home has been modified to meet current market expectations.These modifications
are limited In terms of both scope and cost.
An updated area of the home should have an improved look and feel,or functional utility.Changes that constitute
updates include refurbishment and/or replacing components to meet existing market epectations.Updates do not
include significant alterations to the existing structure.
Remodeled
Significant finish and/or structural changes have been made that Increase utility and appeal through
complete replacement and/or expansion.
A remodeled area reflects fundamental changes that include multiple alterations.These alterations may include
some or all of the following:replacement of a major component(cabinet(s),bathtub,or bathroom tile),relocation
of plumbing/gas fixtures/appliances,significant structural alterations(relocating walls,and/or the addition of)
square footage).This would include a complete gutting and rebuild.
Explanation of Bathroom Count
Three-quarter baths are counted as a full bath in all cases. Quarter baths(baths that feature only atoilet)are not
included in the bathroom count. The number of full and half baths is reported by separating the two values using a
period,where the full bath count is represented to the left of the period and the half bath count is represented to the
right of the period.
Example:
3.2 indicates three full baths and two half baths.
UAD Version 9/2011
Form UADDEflNE—WnTOTAL'appraisal software by a la mode,inc.—1-800.ALAM0DE
(Main File No.1201071 Pane#eI
UNIFORM APPRAISAL DATASET (UAD) DEFINITIONS ADDENDUM
(Source:Fannie Mae UAD Appendix D:UAD Field-Specific Standardization Requirements)
Abbreviations Used In Data Standardization Text
Abbreviation Full Name Fields Where This Abbreviation May Appear
ac Acres Area,Site
AdjPrk Adjacent to Park Location
AdjPwr Adjacent o Power Lines Location
A Adverse Location&View
ArmLth Anns Length Sale Sale or Financing Concessions
ba Bathroom(s) - Basement&Finished Rooms Below Grade
hr Bedroom Basement&Finished Rooms Below Grade
B Beneficial Location&View
Cash Cash ,Sale or Financing Concessions
CtySky City View Skyline View View
CtyStr City Street View View
Comm Commercial Influence Location
__d Data Date of Sale/Tim
Cony Conventional Sale or Financing Concessions
CrtOrd Court Ordered Sale Sale or Financing Concessions
DOM Days On Market Data Sources
e Expiration Date Data of Sale/Time
Estate Estate Sale Sale or Financing Concessions
FHA Federal Housing Authority Sale or Financing Concessions
Gl1Cse Golf Course Location
Glfvw Golf Course View View
Ind Industrial Location&View
in Interior Only Stairs Basement&Finished Rooms Below Grade
Lndfl Landfill Location
LtdSght Limited Sight View
Listing Listing Sale or Financing Concessions
Mtn Mountain View View
N Neutral Location&View
NonArm Non-Arms Length Sale Sale or Financing Concessions
BsyRd Busy Road Location
o Other Basement&Finished Rooms Below Grade
Prk Park View View
Pstrl Pastoral View View
PwrLn Power Lines View
PubTm Public Transportation Location
IT Recreational(Rec)Room Basement&Finished Rooms Below Grade
Relo Relocation Sale Sale or Financing Concessions
REO REO Sale Sale or Financing Concessions
Res Residential Location&View
RH USDA-Rural Housing Sale or Financing Concessions
s Settlement Date Date of Sale/Time
Short Short Sale Sale or Financing Concessions
si Square Feet Area,Site,Basement
sqm Square Meters Area,Site
Unk Unknown Date of Sale/Time
VA Veterans Administration Sale or Financing Concessions
w Withdrawn Date Date of Sale/Time
wo Walk Out Basement Basement&Finished Rooms Below Grade
wu Walk Up Basement Basement&Finished Rooms Below Grade
WtrFr Water Frontage Location
WV Water View View
Woods _ Woods View View
Other Appraiser-Defined Abbreviations
Abbreviation Full Name Fields Where This Abbreviation May Appear
agsmis Aspen Glenwood Springs Multiple Listing Service Data source for listings and comparable sale info
•
UAD Version 9/2011
Form UADDERNE—'WinTOTAL'appraisal software by a la mode,inc.—1-WO-ALAMODE
(Main F'Ie NO 1201021 Paae#91
•At the request of the client,this appraisal report has been prepared in compliance
with the Uniform Appraisal Dataset(UAD)devised by Fannie Mae and Freddie
Mac. The UAD requires the appraiser to use standardized responses that include
specific formats,definitions,abbreviations,and acronyms.
a
In the normal course of business,the appraiser attempted to obtain an adequate
amount of information regarding the subject and comparable properties. Some of
the required UAD standardized responses,especially those in which the appraiser
has not had the opportunity to verify personally or measure,could mistakenly
imply greater precision and reliability in the data than is factually correct or typical
in the normal course of business. Examples include condition and quality ratings
as well as comparable sales and listing data. Not every element of the subject
property was viewable and comparable property data was generally obtained from
third-party sources such as the MLS or Realtors involved with the sale.
Consequently,this information should be considered an "estimate'unless
otherwise noted by the appraiser.
Reference: The Appraisal Foundation, USPAI'R Adri.cnr Opinions, Edition
2010-11: SCOPE OF WORK RULE;Advisory Opinion 24: Normal Cum.cu nj
Business.
Please note: This appraisal report includes extensive Narrative Comments
including a description of the Neighborhood and current Market Conditions. The
format and delivery method required by the UAD may render these continents
unreadable. Please contact the appraiser if your report does not include all the
pages noted in the Reconciliation Section of the FNMA Form,or if legibility is an
issue.
Form SCA—'WinTOTAL'appraisal software by a la mode,inc.—1-500-ALAMOOE
Newman Appraisal Network (Main li N 1201021P #101
A011-254152
Uniform Residential Appraisal Report Fee#120102
The purpose of this summary appraisal report is to provide the lender/dent with an accurate,and adequately supported,opirion of the market vete of the subject property.
Property Address 91 Solar Way City Aspen State CO Hp Code 81611
Borrower Peter Gregory Owner of Public Record Mary H.MacArthur 8 Kevin McClure County Pitkin
Legal Description Brush Creek Village Blk 3 Lot 10 Filing 1
Assessor's Parcel# 2643-282-03-001 Tax Year 2010 R.E.Taxes$ 4,634
.Neighborhood Name Brush Creek Village Map Reference R003566 Census Tract 0001.00
Lu Occu'ant •Owner 0 Tenant ■Vacant Ssecial Assessments$ 0 • PUD HORS 930 0 per ear • rer month
Property Rights Appraised Fee Simple Leasehold Other(describe)
a Assignment Type 7]Purchase Transaction n Refinance Transaction n Other(describe)
Lender/Client HSBC Bank USA,N.A. Address 2929 Walden Ave,Depew,NY 14043
Is the subject properly currently offered for sale or has R been offered for sale in the twelve months prior to the effective date of tins appraisal? ®Yes ❑No
Report data source(s)used,offering price(s),and date(s). DOM 190;MLS listed on 6/29/2011 for$975,000,unfurnished.
I ®did ❑did not analyze the contact for sale for the subject purchase transaction.Explain the results of the analysis of the contract for sale or why the analysis was not
performed. Arms length sale;under contract for$862,500 unfurnished.
li
Contract Price$862,500 Date 0f Contract 12/09/2011 Is the property seller the owner of public record? ®Yes n No Data Source(s) Assessors office
2 Is there any financial assistance(loan charges,sale concessions,gift or downpaymed assistance,etc.)to be paid by any party on behalf of the borrower? ❑Yes ®No
8 B Yes,report tia total dolar amount and describe the items to be paid. $0::
Note:Race and the racial composition of the neighborhood are not appraisal factors.
Nei hbothood Characteristics . ' One-Unit Housin•Trends' • One-Unit Kousin• r Present Land Use%
Location n Urban ®Suburban ❑Rural Property Values n Increasing n Stable Z Deciding PRICE AGE One-Unit 50%
m Built-Up ®Over 75% ❑25-75% _0 Under 25% DernanNSuppy 0 Shortage n In Balance ®Over Supply $(000) (yrs) 2-4 Unit min%
o Growth n Rapid ❑Stable n Slow Markedrg lima n Under 3 nets n 3-6 mhs 0 Over 6 mths 600 Low 0 Mutti-Family 25%
z
Neilhbom m
ood Boundaries Town of Snowmass Villa•e and surround •uninco ••rated areas. 10,000 Hith 50 Commercial 25%
0 3,000 Pied. 25 Other %
m
Neighborhood Description The subject property is located in Brush Creek Village a mini-neighborhood located between Aspen and Snowmass
tu Village. Mail is delivered through the Aspen post office but the subdivision is actually closer to Snowmass Village. See Narrative Comments for a
se
complete description of the neighborhood.
Market Conditions frnmodng support for the above conclusions) Snowmass Village is home to Aspen's largest ski area and has long been popular with
second home owners and permanent residents. The market in both Aspen and Snowmass has slowed dramatically in the last 2 to 3 years
_compared to years prior. Loan discounts,interest buydowns 8 seller concessions remain uncommon. See Comments re:Market Conditions.
Dimensions Irregular Nea 2.72 ac Shape Irregular View B;Mtn;
Specific Zoning ClassificationAR-10 Pitkin County Zoning Description Agricultural Residential 10 acre minimum lot size
Zonint ComHiance 1 L.-.al •Legal NanccrlorMm Grandfathered Use •No Zori r • Illesal describe See Narrative Comments
Is the highest and best use of subject property as improved(or as proposed per plans and specifications)the present use? Z Yes n No If No,describe
Uteities Public ether(describe) Public Other(descnbe) Off-sde Improvements-Type Public Pe ate
m Dechtci 0 ■ Water li/ • Metro district Street Paved-as•halt • 0/
N Gas ❑ 0 None Sanitary Sewer n ® Individual septic Alley None n n
FEMA S'ecial Flood Hazard Nea ■Yes It No FEMA Flood Zone X FEMA Ma:# 08097C0069C FEMA Ma.Date 06/04/1987
Are the utilities and off-Ste improvements typical for the market area? ®Yes ❑No II No,describe
Are there any adverse site condions or external factors(easements,encroachments,environmental conditions,land uses,etc.)? n Yes ®No II Yes,describe
Subject lot is bisected by Solar Way,a private road used and maintained by 5 homeowners.I assume there is a legal easement and maintenance
agreement for the road,which has a chip and seal covering with several potholes. This is not unusual in winter weather but regular maintenance is
_required. The site includes a gravel driveway and parking area plus a small lawn around the home,otherwise it is steep and left largely natural.
General Description Foundation - . Exterior Description materials/condition Interior materials/condition
Units®One n One with Accessory Unit Concrete Slab ®Crawl Space Foundation Walls Concrete-AssmGood Floors Wood/Cpt/Vinyl-AG
#of Stories 2 • Fug Basement H Partial Basement Exterior Walls Frame/Concrete-Fair Walls PtdDry/Panel-AG
Type®DeL H An. ❑S-Det/End Unit Basement Area 0 sq.ft.Roof Surface AsphShgle-AssmAvg TrirryRrish PtdWood-Good
1�
Exist • • Pro•• :d •Under Const.Basement Finish 0 %Gutters 8 Do s spa Gutters-Good Bath Floor Vin -Good
Design(Style) Mountain ❑Outside Entry/Edt ❑Sump Pump Window T e wood-Avera•- Bath Wainscot Ceramic-A
YearBuilt 1978 Evidence of 1-1 Infestation - -
Effective Age(Yrs) 20 ❑Dampness ❑Settlement Screens Ade u a te >ri r
Attic I X)None Heating❑FWA if HWBB ( I Radiant Amenities r Drivewa Surface Gravel
■ Dro,Stair ■ Stairs O Other EBB Fuel Electric k3 Rre dace s # 1 • • None • r
• Floor • Scuttle Cool s ■Central Air Condition s r0 Patio/Deck 3 /6 Porch 2 •Ca sort #of Cars 0
0 n Hrlislled n Heated ❑Individual ®Other None n Pool None n Other None Att ❑DeL ❑Britt-in
wAppfances®Retrigerator ®Range/Oven ❑Dishwasher ®Disposal H Microwave 0 Washer/Dryer ❑Other(describe)
w Finished area above srade contains: 9 Roams 4 Bedrooms 4.1 Bath s 2 784 Scare Feet of Gross LNjm Area Above Grade
o Additional features(special energy efficient items,etc.). None known or disclosed to appraiser.
o.
x Describe the condition of the properly(including needed repairs,deterioration,renovations,remodeing,etc.). C4;Kitchen-updated-six to ten years
ag0;Bathrooms-updated-six to ten years ago; PLEASE NOTE: At the request of the dent, I have appraised the property based on the HYPOTHETICAL
coNDmON that the property Is in"average"condition as of the date of value. Subject home has been partly updated on the interim-but is actually in bdow
average'condition due to deferred maintenance on the exterior with most of the wood siring at the end of its life,severely dried out and buckled from the sun.
Windows are single pane with wood exteriors. It is likely a new buyer would replace both. See attached Narrative Comments.
Are there any physical deficiencies or adverse conditions that affect the livability,soundness,or structural integrity of the property? n Yes ®No If Yes,describe
NOTE:I am not a licensed property inspector and am not qualified to Identify construction defects. This appraisal assumes the subject
property was built and/or remodeled according to Code and with the proper permits,and that it complies with requirements for carbon
monoxide detectors.
Does the property generally conform to the neighborhood(functional utility,style,condition,use,construction,etc.)? • ®Yes n No if No,describe
At the request of the client,I have appraised the property based on the HYPOTHETICAL CONDITION that the properly is in"average"
condition as of the date of value,although condition is actually "below average". See Narrative Comments for a description of the property.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 1 of 6 Fannie Mae Form 1004 March 2005
Form 100411AD—WinTOTAL'appraisal software by a a mode,inc.-1-800-ALAMODE
IM' File No 1201021Paoe#NI
A011-254152
Uniform Residential Appraisal Report Fee# 120102
There are 12 comparable progenies currently offered for sale in the subject neighborhood ranging in price from$ 659,000 10$ 1,995,000 .
There are 8 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from$ 629,000 to$ 1,700,000 .
FEATURE i SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Address 91 Solar Way 84 Red Tail Ln 942 Juniper Hill Dr 42 Terrace Dr
Aspen,CO 81611 Aspen,CO 81611 Aspen,CO 81611 Snowman Village,CO 81615
Prodmty to Subject - 0.35 miles NW 0.46 miles N 3.20 miles SW
Sale Price $ 862,500 $ 1,287,500 $ 772,000 ' $ 1,045,000
Sale Price/Gross Liv.Area $ 309.81 soft.$ 410.16 soft. . $ 254.70 soft. ' $ 444.11 sq.ff.
Data Source(s) Broker/PR ;DOM 122 Broker/PR 2009;DOM 508 Broker/PR ;DOM 1051
Verification Source(s) LP$1.35-1.359 agsmis#122449 LP$1.675-1.l75agsmis#117046 LP$2.195-1.298 agsmis#105715
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRPTION +¢)$Adjustment
Sales or Financing ArmLth ArmLth ArmLth
Concessions •. CasNFurn;0 Conv/Fum;O Cash/CarCr;7 -7,000
Date of Sale?me s12/11;c09/11 s11/11;c09/11 s04/11;c02/11
Location N;Res; N;Res; N;Res; +100,000 B;Res;Mth -100,000
Leasendldhee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Site 2.72 AC 1.98 AC 0 2.23 AC 0 21,395 SF 0
View B;Mtn; B;Mtn; B;Mtn; B;Mtn;
Design(Style) Mountain Mountain -100,000 Mountain +100,000 Mountain
Quality of Construction 05 03 -100,000 05 Q5
Actual Age 34 21 0 37 0 38 0
Congo C4 C3 -100,000 C4 +50000 C4
Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Taal Bdrms. Baths
Room Count 9 4 4.1 8 4 3.0 +15,000 9 4 4.0 +5,000 8 4 2.0 +25,000
Gross Living Area 2,784 soft. 3,139 soft. -71,000 3,031 soft. -49,400 2,353 soft. +86,200
Basement 8 Rnished Osf Osf Osf Osf
Rooms Below Grade •
Functional Utility 4BR SFR 4BR SFR 4BR SFR 4BR SFR
Heating/Goofing EBB EBB EBB EBB,HWBB 0
Energy Efficient tens No Special No Special No Special No Special
Garage/Carport Parking area 2 Car Garage -50,000 Parking area 2 Car Garage -50,000
PorcM'atio/Deck Decks,balcony Decks,balcony Decks,balcony Decks,balcony
Fireplaces 1 FP 1 FP 1 WS 01 FP _
Special Features No special Jac,Steam -5,000 Indoor Spa -2,500 Indoor spa -2,500
Net Adjustment(Total) El+ ® - $ -411,000 ®+ n- $ 203,100 I1+ 0e - $ 48,300
•
Adjusted Sale Price Net Adj. 31.9% Net Adj. 26.3% Net Adj. 4.6%
of Comparables Gross Adj. 34.3% $ 876,500 Gross Adj. 39.8% $ 975,100,Gross Adj. 25.9%$ 996,700
I did l l did not research the sale or transfer history of the subject properN and comparable sales.If not explain 'Estimated land values for the subject and
Comparable Sales have been adjusted as a Lump Sum along the Location line. See Comments.
My research f did ®did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. •
Data Source(s) MLSICounty Assessor
My research I1 did ®did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale.
Data Sources) MLSICounty Assessor
Report the rests of the research and analysis of the prior sale or transfer history of the subject property and comparable sales(report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Date of Prior Sale/Transfer 06/15/2005
Price of Prior SaWTnnsfer $800,000
Data Source(s) MLS/Assessor MLS/County Assessor MLS/County Assessor MLS/County Assessor
Effective Date of Data Source(s) 01/05/2012 01/05/2012 01/05/2012 01/05/2012
Analysis of prior sale or transfer history of the subject property and comparable sales The subject property has not sold in the last 3 years. It is currently under
contract for$862,500 after being listed for 6 months priced at$975,000. None of the Comparable Sale properties sold in the last year. Comps 5
&6 are current ACTIVE LISTINGS and I show their ASKING PRICES in the grid:
Summary of Sales Comparison Approach The Sales Comparison Approach is based on the principle of Substitution which states that the informed
buyer of a property will not pay more for a home than he would have to pay to purchase a similar home of equal utility and desirability. In the course
of analyzing market data from the sales of comparable properties,market-derived adjustments are made to reduce dissimilarities between sales
and the subject property,to"equalize"utility and desirability. Although sales in a given area may edlibit inequalities on a face-to-face comparison,
the utilization of this adjustment procedure generally results in a strong indication of the subject's Market Value.NOTE:At the request of the client,
I have appraised the property based on the HYPOTHETICAL CONDITION that the property is in"average"condition as of the date of value.
Subject home has been partly updated on the interior but is aduarN in"below average"condition due to deferred maintenance on the eAenor.The
contract price reflects the as Is"condition. Please see Narrative Comments for analysis of the"as Is"value.
Indicated Value by Sales Comparison Approach$ 995,000
Indicated Value by:Safes Comparison Approach$ 995,000 Cost Approach(If developed)S 1,103,046 Income Approach(B developed)$ 0
IMPORTANT NOTE:This appraisal report contains 32 pages.induding certifications,assumptions and funning conditions,photo addenda and exhibits. It is not
complete without all attachments. The value estimate represents a GROSS sale price and assumes a cash or cash effective transaction. If for any reason,such
as the UAD transmittal of this report,the Intended user should find any of these pages are not legible,please contact the appraiser.
This appraisal is made 0'as is', D subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, ®subject to the following repairs or attentions on the basis of a hypothetical condition that the repairs or alterations have been completed,or 0 subject to the
following required inspection based on the a traordimry assumption that the condition or deficiency does rot require alteration or repair. Updated exterior suing. Value is on an
unfumished basis,assumes a cash effective sale and represents gross(most probable)sale price,thus would include real estate commission.
Based on a complete visual Inspection of the Interior and exterior areas of the subject property,defined scope of work,statement of assumptions and limiting
conditions,and appraiser's certification,my(our)opinion of the market value,as defined,of the real property that Is the subject of this report Is
$ 995,000 ,as of 01/05/2012 ,which Is the date of inspection and the effective date of this appraisal.
Freddie Mac Farm 70 March 2005 UAD Version 9/2011 Page 2 of 6 Fannie Mae Form 1004 March 2005
Farm 1004UAD-WinTOTAL'appraisal software by a la made,inc.-1-800-ALAMODE
IM' Pie NO 1201021aaee#121
A011-254152
Uniform Residential Appraisal Report MP 120102
All of the Comparable properties used in this analysis are located in neighborhoods that would appeal to similar buyers in this market. Although the .
subject property has an Aspen mailing address,land values are more akin to those in Snowmass Village,which is closer to the subject subdivision.
The first 2 sales are in the subject subdivision and represent the most recent comparable transactions. Both of these sales occurred within the last
2 months. Sales outside the subdivision are older,but there have been few recent sales in the subject's'affordable"price range and there is
insufficient data to support a Market Conditions adjustment for these.Distances between the subject and Comparable properties is calculated by
mapping service"as the crow flies"and may be farther by road. Because some of the sales are older and/or require more adjustments than
lenders'underwriting guidelines dictate,I have included 4 closed sales and 2 active listings in order to give the reader a better understanding of
the market and the subject's relationship to it.I show the current ASKING PRICES for these active listings in the grid for comparison. There are no
comparable listings under contract at this time.Closed transactions include both the Sold Date(s)and the Contract Date(c).
NOTE: At the request of the client,I have appraised the property based on the HYPOTHETICAL CONDITION that the property is in"average"
condition as of the date of value. Subject home has been partly updated on the interior but is actually in"below average"condition due to
deferred maintenance on the exterior.The contract price reflects the as Is"condition. Please see Narrative Comments for analysis of the"as
is"value.
The most important adjustments relate to land value. Although lot size and views can play a strong role in land values in this market,accurately
allocating adjustments can appear confusing:because of this,I adjust for estimated land value for the subject property and each Comparable
_property along the line for Location in one lump sum. While quality,design/appeal and condition differences are also important,accurately
quantifying those adjustments is more subjective,partk:uariy where there has been deferred maintenance. In addition.homes in this market are
typically custom built and can be quite disimiar,so that adjustments derived from paired sales analysis are usually not meaningful. As a result,
these adjustments are based on appraiser judgment and regular discussions with Realtors,buyers and sellers of local real estate. Adjustments
have been applied on a lump sum basis based on the degree of difference among the properties. NOTE:in some cases,a comparable property
may merit the same LocationNiew descriptions or Quality or Condition ratings under the UAD format required by this lender/client although it
is nevertheless slightly superior or inferior to others with the same rating. Thus,adjustments may be applied even through the ratings are the
same.
Gross living area adjustments are made at half the estimated reproduction cost new,tempered slightly due to the subject's deferred maintenance.
The home was built in 1978 and the materials used are of a quality that is inferior to most homes built in the Snowmass area today.more similar to
more modest homes built in the Midvalley. Bathrooms in this price category are adjusted at$10,000 per full bath and garages at$25,000 per bay.
Bedrooms are adjusted under Functional Utility at$100,000 per bedroom. Special features such as fireplaces,hot tubs,etc.,are adjusted based
on appraiser judgement considering market expectations and the cost/benefit of the item. I note buyers in the current market have generally not
been willing to reimburse sellers for the cost of construction of a home,let alone the cost for special features. Instead,most have been hunting for
"bargains"in the face of strong supply.
See Additional Comparable Sales page and Narrative Comments for more discussion of Market Conditions as well as the Comparable
Sales and Listings considered in this analysis.
COST APPROACH TO VALUE(not required by Fannie Mae)
Provide adequate information for the lender/client to replicate the below cost figures and calculations.
Support for the opinion of site value(summary of comparable land sales or other methods for estimating site value) A vacant lot sold near the subject on lower Medicine
Bow Rd in July,2011 far$325,000. This was a short sale, The lit nest door was listed for$580,000 but the listing mired in March 2011. It last sold in 2005 for
$425,000. I also considered the e#radicn method far sales of outdated homes in the neighborhood. 1185 Juniper Hill sold in May,2010 for 5745,000;104
Sagebrush sold in March,2011 for$650,000;and 942 Juniper Hill(see Comp 2 sold in November,2011 for$772,000.
ESTIMATED F4)REPRODUCTION OR n REPLACEMENT COST NEW OPINION OF SITE VALUE ......................... =5 500,000
Source of cost data Appraiser's files,local architects/contractors DWELLING 2,784 SOX @$ 500.00 =$ 1,392,000
Quality rating from cost service Effective data of cost data 0 Sq.Ft.@$ =$
Comments on Cost Approach(gross living area calculations,depreciation.etc.) — _$
Land value is based on recent market activity. NOTE:Replacement Garage/Carport Sq.FL @$ ......_..... _$
cost estimates are based on data contained in my files and not to Total Estimate of Cost-New _.. =5 1,392,000
be relied upon for Insurance replacement cost purposes. This Less Physical Functional External
approach is based on the HYPOTHETICAL CONDITION that the Depreciation 663,954 150,000 =$( 813,954)
subject property Is In"average condition"which H is NOT. Physical Depreciated Cost of Improvements _$ 578,046
•
depreciation is calculated using the economic age/life method. Function Is-is'Value of Site Improvements _ =5 25,000
penalty is for lack of a garage. There is no extemal obsolescence noted.
Estimated Remaining Economic Life(HUD and VA My) 40 Years INDICATED VALUE 8?COST APPROACH =$ 1,103,046
INCOMEAPPROACH TO VALUE(not required by Fannie Mae). ' '
Estimated Monthly Market Rent$ 0 X Gross Rent Mudipller =$ Indicated Value by Income Approach
Summary of Income Approach pncluding support for market rent and GRM)
PROJECT INFORMATION FOR PUDs(if applicable)
Is the developer/builder in control at the Homeowners'Associates(1-10A)? ❑Yes ❑No Unit type(s) n Detached ❑Attached
Provide the following information for PUDs ONLY if the devdoper/builder is in control of the HOA and the subject property is an attached dwelling unit.
Legal Name of Project
Total number of phases Total number of units Total number of units sold
Total number of units rented Total number of units for sale Data source(S)
Was the project created by the conversion of iodating buildings)into a ND? n Yes ❑Na If Yes,date of conversion.
Does the project contain any multi-dweling units? n Yes ❑No Data Source
Are the units.common elements,and recreation facilities complete? n Yes n No It No,describe the status of completion.
Are the common elements leased to or by the Homeowners'Association? n Yes n Na If Yes,describe the rental terms and options.
Describe common ehments and recreational factiifies.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 3 of 6 Fannie Mae For n 1004 March 2005
Form 1004UAD—1WinTOTAV appraisal software by a l mode,inc.—1.800-ALAMODE
Vain F1 No 1201021 Paoe#131
A011-254152
Uniform Residential Appraisal Report Fue#120102
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project.
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
continuing education or membership in an appraisal organization, are permitted.
SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources,
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) bath
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's
reaction to the financing or concessions based on the appraiser's judgment.
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title.
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination
of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances,
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 4 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD—'WnTOTAC appraisal software by a la mode,inc.—1-e00-ALAMODE
IMaIn Fle No 1201021 Paoe#141
A011-254152
Uniform Residential Appraisal Report File#120102
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared.
4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report.
5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. I selected and used comparable sales that are locationally,physically,and functionally the most similar to the subject property.
8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
property and the comparable sales.
10. I verified,from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. I am aware of,and have access to,the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I believe to be true and correct.
14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I
have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap,familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application).
19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it.
20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 5 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD—'WinTOTAC appraisal software by a la mode,inc.—1-800'ALAMODE
(Main File No 1201021 Paae#151
A011-254152
Uniform Residential Appraisal Report Fie it 120102
21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
borrower; the mortgagee or its successors and assigns; mortgage insurers; govemment sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
23. The borrower, another.lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report was transmitted as an "electronic record"containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Tale 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment,have read the appraisal report,and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to,the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification.
3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. •
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report was transmitted as an "electronic record"containing my"electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
APPRAISER _�",� SUPERVISORY APPRAISER(ONLY IF REQUIRED)
Signaturf ��p//Newman,SRA U't1t02/ Signature
Name ��rzag�4thANewman,SRA Name
Company Name Newman Appraisal Network,LLC Company Name
Company Address P.O.Box 1713 Company Address
Basalt,CO 81621
Telephone Number (970)927-6642 Telephone Number
Email Address liz(@newmanappraisalnetwork.com Email Address
Date of Signature and Report 01/16/2012 _ Date of Signature
Effective Date of Appraisal 01/05/2012 State Certification#
State Certification# CR1314147 or State License#
or State License# State
or Other(describe) State# Expiration Date of Certification or License
State Co
Expiration Date of Certification or License 12/31/2012 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED ❑ Did not inspect subject property
91 Solar way ❑ Did inspect exterior of subject property from street
Aspen,CO 81611 Date of Inspection -
APPRAISED VALUE OF SUBJECT PROPERTY$ 995,000 ❑ Did inspect interior and exterior of subject property
LENDER/CLIENT Date of Inspection
Name Secured Lending Services COMPARABLE SALES
Company Name HSBC Bank USA,N.A.
Company Address 2929 Walden Ave,Depew,NY 14043 ❑ Did not inspect exterior of comparable sales from street
❑ Did inspect exterior of comparable sales from street
Email Address us.sIsappraisals(dus.hsbc.com Date of Inspection
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Page 6 of 6 Fannie Mae Form 1004 March 2005
Form 1004UAD—WmTOTAL'appraisal software by a la mode,inc.-1-800-AlAMODE
IMain Flle No 1201021 Pa #1 a BI
A011-254152
Uniform Residential Appraisal Report File#120102
FEATURE ( SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6
Address 91 Solar Way 303 Lemond PI 1560 Medicine Bow Rd 551 Brush Creek Rd
Aspen,CO 81611 Snowmass Village,CO 81615 Aspen,CO 81611 Aspen,CO 81611
Prodnuty to Subject 2.85 miles SW 0.40 miles NW 0.13 miles SE
Sale Price $ 862,500 $ 1,320,000 $ 1,195,000 $ 1,250,000
Sale Price/Gross Dv.Area $ 309.81 sq.tt.$ 478.61 5th. - $ 506.14 sq.tt. $ 488.28 sq.ft.
Data Source(s) Broker/PR 2008;DOM 57 Broker/PR ;DOM 321 Broker/PR ;DOM 532
Verification Sources) LP$3.950-1.45a•smis#118747 LP$1.4-1.195 agsmis#119853 LP$1.55-1.25 agsmis#117594
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment DESCRIPTION +(-)$Adjustment
Sales or Financing _ REO Listing Listing
Concessions Cash/Furn;0 Not Sold!;0 Not Soldl;0
Date of Same s01/11;c11/10 Active -120,000 Active -125,000
Location N;Res; B;Res;Mtn -200,000 N;Res; N;Resi +100,000
Leasehold/Fee Simple . Fee Simple Fee Simple Fee Simple Fee Simple
Site 2.72 AC 17,265 SF 0 2.5 AC 0 2 AC 0
View B;Mtn; B;Mtn; B;Mtn; N;Res; 0
Design(Style) Mountain Mountain Mountain Chalet 0
Quality of Construction 05 04 -50,000 04 -50,000 05
Actual Age 34 41 0 23 0 39 0
Condition C4 C3 -100,000 C3 -50,000 C4
Above Grade Total Bdrms. Baths Total Bdrms. Baths 0 Total Brims. Baths Total Bdrms. Baths
Room Count 9 4 4.1 8 3 3.1 +10,000 8 4 3.0 +15,000 8 4 2.0 +25,000
Gross Living Area _ 2,784 soft. 2,758 sq.ft. 0 2,361 sq.tt. +84,600 2,560 sq.ft. +44,800
Basement&Finished Osf Osf Osf Osf
Rooms Below Grade
Functional Milky 4BR SFR 3BR SFR +100,000 4BR SFR 4BR SFR
Heating/CooGnq EBB HWBB/Radiant 0 EBB/No AC 0 HWBB/No AC 0
Energy Efficient tells No Special No Special No Special No Special
Garage/Carport Parking area 2 Car Garage -50,000 Parking area 2 Car Garage I -50,000
Perth/Patio/Deck Decks,balcony Decks,balcony Decks,balcony Decks,balcony
Fireplaces 1 FP 2FP -2,500 1 WS 0 2 FP -2,500
Special Features No special Jacuzzi,Steam -10,000 hot tub -5,000 No special
Net Adjustment(Total) n+ ® - $ -302,500 ❑+ (4- $ -125,400 7+ ®- $ -7,700
Adjusted Sale Price Net Adj. 22.9% Net Adj. 10.5% Net Adj. 0.6%
of Comparables Gross Adj. 39.6%$ 1,017,500 Gross Adj. 27.2%$ 1,069,600 Grass Adj. 27.8%$ 1,242,300
Report the results of the research and analysis of the prior sale or transfer history of the subject properly and comparable sales(report additional prior sales on page 3).
ITEM SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE SALE#6
Date of Prior Sale/Transfer 06/15/2005 10/19/2006
Price of Prior Salegransfer $800,000 $1,900,000
Data Source(s) MLS/Assessor MLS/County Assessor MLS/County Assessor MLS/County Assessor
Effective Date of Data Source(s) 01/05/2012 01/05/2012 01/05/2012 01/05/2012
Analysis of prior sale or transfer history of the subject property and comparable sales See previous Comparable Sale page for analysis of prior sale/transfer
history. IMPORTANT! At the request of the client, I have appraised the property based on the HYPOTHETICAL CONDITION that the
property Is In"average"condition as of the date of value. Subject home has been partly updated on the interior but is actually in"below
average"condition due to deferred maintenance on the exterior. The contract price reflects the"as is"condition,but the above analysis assumes
"average"cond'ion. Please see Narrative Comments for analysis of the"as is value.
Analysis/Comments See statement above re:HYPOTHETICAL CONDITION. Comparable Sales 182 represent the most recent sales in the
subject subdivision. Comp 1 is boated higher in the subdivision,farther from Aspen but offering superior privacy and views. The home is newer
than the subject and built of superior quality and appeal. It had been very well maintained and sold in good to very good condition.This was NOT a
distress sale,but the sellers had moved to Hawaii and were motivated to sell quickly and priced the home accordingly. This price is considered low
for this home. Comp 2 is located on the other side of the subdivision,farther from Aspen but offering desirable views. The home is older than the
. subject and generally similar in quality although it has a more awkward design,set below the road. It was in dire need of updating and sold in
inferior condition(based on the subject's HYPOTHETICAL condition).This sale is helpful in determining land value and serves as evidence there
are buyers willing to take on a major remodel project. Comps 38 4 are located closer to Snowmass Village and the ski slopes. Although these
lots are much smaller than the subject,proximity to the ski slopes and village core are more than offsetting. Both of these homes were built earlier
than the subject but had been updated or remodeled. Comp 3 was partly updated in 1997 but could use updating again. It is smaller than the
subject with fewer baths and sold in average condition. The sale included a 1998 Jeep(valued at$1000)and there was a credit of$6000 to the
buyer at closing for inspection items. Comp 4 had been extensively remodeled following a sale in October.2006 for$1,900,000. It was re-listed
for sate in July,2008 priced originally at$3,950,000 but did not re-sell until the price was lowered to$1,450,000. By then,the property was bank
owned but it sold in good to very good condition.
Comps 586 represent current ACTIVE LISTINGS in the subject subdivsion.I note there are only 6 homes available in Snowmass Village under
$1,500,000:only 2 appear in the Aspen section of the MLS,but one is actually in Brush Creek and the other in Twining Flats across the highway
from Brush Creek. Comps 586 are the most competitive and I show their current ASKING PRICES in the grid. Both of these properties have
been listed for over a year,priced higher originally. Their asking prices were lowered to their current level in the summer of 2011;because I believe
they remain aggressive,I have adjusted each down by-10%to bring them more in line with the market.This suggests sale prices in the$1,080,000
to$1,125,000 range. Comp 5 is located higher in the subdivision,close to Comp 1. This lot is level and offers easy access with good views. The
home is newer and superior in quality and condition. It has been rented long term and has no garage. Comp 6 is lower in the subdivision,below
the subject directly off busy Brush Creek Road. The lot is nice and level with easier access but views are inferior to the subject's. The home is
older and smaller with fewer baths.but offers a two car garage. It is offered in average condition. Even after adjusting their ASKING PRICES,
these listings set my extreme upper range of value for the subject.
See Narrative Comments for more on Market Conditions,Current Listings and a Reconciliation of the Sales Comparison Approach.
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Form 1004 March 2005
Form 1 W4UAD.(AC)—WinTOTAL'appraisal software by a l mode,inc.—1-800-ALAMODE
IMaln RIe No 1201021 Pace#171
A011-254152
Market Conditions Addendum to the Appraisal Report File No. 120102
The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject
neighborhood.This is a required addendum for all appraisal reports with an effective date on or after April 1,2009.
Properly Address 91 Solar Way City Aspen State Co DP Code 81611
Borrower Peter Gregory
Instructions:The appraiser must use the information required on This form as the basis for his/her conclusions,and must provide support for those conclusions,regarding
housing trends and everdg market conditions as reported in the Nelghbomood section of the appraisal report form.The appraiser must fit in at the information to the extent
it is available and reliable and must provide analysis as indicated below.If any required data is unavailable or is considered uaelable,the appraiser must provide an
planation b is recognized that not at data sources will be able to provide data for the shaded areas below;it it is available,however,the appraiser must include the data
in the analysis.II data sources provide the required information as an average instead of the median,the appraiser should report the available figure and identity it as an
average.Sales and Gsti gs must be properties that compete with the subject property,defaming]by applying the criteria that would be used by a prospective buyer of the
subject property.The appraiser must explain any anomalies in the data,such as seasonal markets,new construction,foreclosures,etc.
Inventory Analysis Prior 7-12 Months Nor 4-6 Months Current-3 Months Overall Trend
Total#of Comparable Sales(Settled) 5 1 2 U Increasing M Stable U Declining
Absorption Rate(Total Sales/Months) 0.83 0.33 0.67 ❑Increasing Stable U Declining
Total of Comparable Active Listings 9 12 12 fl Declining Stable 0 Increasing r
Months of Housing Supply(Total Listings/AL.Rate) 10.8 36.4 17.9 ❑Declining I Stable ❑Increasing
MediianSal&List Price,DOM,Sale/List% Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend
Medan Comparable Sale Price 1,050,000 629,000 1,493,750 0 Increasing klaa Stable ❑Deckling
Medan Comparable Sales Days on Market 178 84 217 rl Nailing SE Stable ❑Increasing
Medan Corrnaaha List Price 1,450 000 1,452,500 1462,500 •brreae' • Cl Stable •Dec!
Median Comparable Listings Days on Market 311 263.5 224 •Destining CI Stable •Increasing
Median Sale Price as%of List Price 91 91 90 ❑Increasing Stable ❑Declining
Seller-(developer,builder,etc.)paid financial assistance prevalent? II Yes ®No' U Declining 0 Stable ❑Increasing
Bplain in detail the seller concessions trends for The past 12 months(e.g.,seller contributions increased from 3%to 5%,increasing use of buydowns,closing casts,condo
fees,options,etc.). Seller concessions are not common in this market. There are few if any developer owned units except in fractional
ownership projects similar to timeshares(not comparable to the subject). Nevertheless,it is important to confirm sales with Realtors involved
to determine credits or concessions such as furnishings,inspection items,etc.
Are foreclosure sales(REO sales)a factor in the market? ®Yes D No U yes,explain(including the trends in listings and sales of foreclosed properties).
Foreclosures and bankruptcies are becoming more common in Aspen but can be difficult to confirm. Although they are not particularly
prevalent,buyers in this market are sophisticated and use distress sales whenever possible in their bargaining with sellers. As a result, most
sales appear to involve signficant"discounts"from original asking prices(not always reflected in final sale price%of list price statistics).
Cite data sources for above information. Data in above chart is provided by the Aspen Board of Realtors FIexMLS and is limited to single family
homes in Snowiness Village SOLD in the last year or ACTIVELY LISTED today for less than$2,000,000. This is a relatively limited segment
of the market and not necessarily reflective of the market as a whole. See Note below.
Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form.If you used any additional information,such as
an analysis of pending sales and/or expired and withdrawn Gsiings,to formulate your conclusions,provide both an explanation and support for your conebsions.
NOTE:The FIexMLS system reports only CURRENT ACTIVE LISTINGS. Historical data for the number of ACTIVE listings as of any
date in the past that have since sold or expired/withdrawn is not retained in FIexMLS and thus is not included in the above tables under
Prior Active Listings. Only those ACTIVE LISTINGS that are ACTIVE TODAY are included,split out to show which of these were also
active 4-6 and 7-12 months ago. Thus,the data shown above does not accurately reflect historic supplies of units listed for sale:instead,
trends noted above for active listings are based on the appraiser's own experience working with the market.
Overall,the statistical measurements required by this form are not reliable Indicators of the market. See Narrative Comments re:this
appraisers analysis of current Market Conditions.
N the subject is a unit in a condominium or cooperative project,complete the following: Project Name:
Subject Project Data Prior 7-12 Months Prior 4-6 Months Current-3 Months Overall Trend
Total#of Comparable Sales(Settled) _ U Increasing ❑Stable U Dectning
Absorption Rate(Total Sales/Months) 7 Increasing j"]Stable In Declining Increasing
Total t s of Active Supply Comparable Listings Declining B Stable • B.Increasing
Months of Unit Supply(total Listings/Ab.Rate)
Are foreclosure sales(REO sales)a factor in the project? ❑Yes U No If yes,indicate the number of REO listings and explain the trends in listings and sales of
foreclosed properties.
Summarize the above trends and address the impact on the subject unit and project. See Narrative Comments re:Market Conditions and estimated
Marketing Time for the subject property.
Sigratir� ;1.761(,C/1,a.7lettiff2n" Signature
Appraiser Elizabeth A.Newman,SRA Supervisory Appraiser Name
Company Name Newman Appraisal Network,LLC Company Name
Company Address P.O.Box 1713,Basalt,CO 81621 Company Address
State License/Certification# CR1314147 State CO State License/CeNfication# State
Email Address lainewmanappraisalnetwork.com Email Address
Freddie Mac Form 71 Math 2009 Page 1 of 1 Fannie Mae Form 1004MC March 2009
Form 1004MC2—'VanTOTAL'appraisal software by a la mode,inc.-1-80OALAMODE
(Main File No 1201021 Paae#181
Narrative Comments File No.120102
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pitkin State CO Lp Code 81611
Lender HSBC Bank USA,NA
NEIGHBORHOOD COMMENTS
Brush Creek Village Subdivision is located approximately 6 miles northwest of the world famous ski resort of
Aspen,Colorado,and 6 miles northeast of Snowmass Village and its popular ski slopes. The two resorts are
known for their world class skiing,variety of outdoor recreational opportunities and cultural atmosphere. Over
80%of the land in the County is government owned(US Forest Service or Bureau of Land Management)and
strict growth management since the 1970's prevents over-development and controls rebuilding.
The subject subdivision sits in unincorporated Pitkin County and,although mail is delivered through the Aspen
post office(hence,the Aspen mailing address)driving time is actually easier to Snowmass Village,and land
values are more comparable to Snowmass as well. Schools,churches,shopping and entertainment are available
in Aspen. The area is popular with permanent residents and second home buyers,as it includes some of the
more reasonably priced homes in the Aspen/Snowmass area. Many of these homes were built beginning in the
1970's of average quality and appeal,although newer homes have also been built over the years,resulting in a
wide range of design and quality. Still,compared to prices in nearby Aspen and Snowmass Village,Brush Creek
Village can represent a bargain. The subdivision's relatively large lots offer privacy with proximity to the central
core of both Snowmass and Aspen that make it particularly popular with permanent residents.
ZONING AND SUBDIVISION COMMENTS
The subject subdivision is zoned AR-10,a Pitkin County zoning category permitting one single family residence
per 10 acres of land area. The subdivision was created prior to stricter zoning regulations,and lot sizes(average
2 acres)are considered legal,although substandard. There are over 140 lots in the subdivision but
approximately 11 undeveloped lots were never sold and are controlled by the Homeowners Association. It is my
understanding that these lots are not maintained,but are left as open space and do not contribute significantly
to the value of the individual building sites.
The winter of 1983-1984 was unusually wet for the Aspen area. Many consider this to have been the year of the
100 year flood. As a result of water saturation,a draw in the subject subdivision experienced a slight shift in
soils,with some small surface movements. There was little damage with the exception that one well was
sheared and two structures experienced minor foundation movements. I understand there was no major earth
movement,although authorities watched the situation carefully during the spring run-off in June,1984. It is
possible there has been continual"creep"in the draw over the years,but the situation is constantly monitored.
The homeowners have addressed the problem by diverting run-off from the area with culverts in order to
minimize any future slippage. The subject lot is not located in the area of concern.
In the past Brush Creek Village Subdivision was considered a PUD. When the area was originally subdivided,the
roads were owned and maintained by the homeowners association. Most have since been paved and deeded to
the County. In addition,water had historically been a problem in the area,with homeowners responsible for
drilling individual wells. To resolve the situation,the homeowners formed a Water District that was approved by
the Town of Snowmass Village and Pitkin County,and a public water system was completed in 1991. A
Metropolitan District was created to cover maintenance of the main roads and water system,as well as the debt
service for the water system. Homeowners'dues are now handled by the Brush Creek Metropolitan District and
are approximately$220 per month to cover water and common trash collection. Water usage is billed
separately. A nominal$50 per year is also collected by the HOA for common area and liability insurance.
COMMENTS ON MARKET CONDITIONS
Although mail is delivered through the Aspen post office,the subdivision's location at the intersection that leads
to Snowmass Village and the largest ski complex in the area aligns it more commonly with Snowmass in the eyes
of market participants. Thus,I have analyzed activity over the past few years for Snowmass Village in estimating
marketing time for the subject property. The residential market in Aspen was very strong between 2004 and
2007 but demand in Snowmass Village was delayed until 2005 pending voter approval of the Base Village
development. Inventories declined sharply and appreciation surpassed all previous levels until mid-2007 when
demand began to show signs of slowing shortly before the collapse of the sub-prime mortgage market and the
number of transactions fell. Although average and median sale prices appeared to rise in 2008,there were only
17 single family homes sold in 2009,a significant drop over previous years. The number of sales in 2010 and
2011 improved compared to 2009,and more high priced homes sold,thereby increasing the average sale price.
The following statistics are taken from the Aspen Board of Realtors Multiple Listing Service.
Form TADD—WnTOTAL'appraisal software by a la mode,inc.-1-800-ALAMODE
IM FIN 1201021 Paoe#191
Narrative Comments FileNo.120102
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pitkin State Co Lp Code 81611
Lender HSBC Bank USA,N.A.
Aspen Board of Realtors Zone 2(Snowmass Village)Single Family Home Sales
Year it of Average %Change Median %Change Average
End Sales Sale Price Per Year Sale Price Per Year Days on
Market
2004 59 $3,217,548 +45.9% $1,900,000 +17.0% 262
(58) ($2,479,919) (+12.5%) ($1,897,500) (+16.8%)
2005 69 $3,214,831 -00.1% $2,135,000 +12.4% 293
(+29.6%) (+12.5%)
2006 56 $3,576,833 +11.3% $3,155,000 +47.8% 220
2007 37 $5,545,486 +55.0% $4,100,000 +30.0% 243
(36) ($4,977,305) (+39.0%) (54,047,500) (+28.3%)
2008 30 $6,631,176 +19.6% 54,750,000 +15.9% 183
(29) ($5,607,252) (+12.7%) ($4,750,000) (+15.9%)
2009 16 $4,596,875 -30.7% $2,400,000 -49.5% 279
(17) $4,326,471 -22.8% $2,500,000 -47.4% 262
2010 27 54,325,735 No change $3,175,000 +27.0% 255
2011 25 $4,218,460 See below $3,075,000 See below 307
Please note:Neither the Aspen Board of Realtors nor its MIS guarantees or is responsible for the accuracy of
these figures. In addition.the MLS may not reflect all real estate activity in the market,since only those
properties listed with participating Realtors are included.
The table above compares annual sales from year to year. I note it is difficult to rely on MLS statistics at face
value. For example,there was 1 high dollar sale in September,2009,where 2 adjoining homes in Two Creeks
sold together for$18,500,000. These homes were not formally listed,but a Realtor was involved in arranging the
bulk sale and so it was reported as 1 transaction in the MIS. As one sale,it indicates an average sale price of
$4,596,875 for a total of 16 sales. Simply changing the total number of sales to reflect the actual number of
properties sold changes the average to$4,326,471 as indicated above. This also changes the median sale price
from$2,400,000 to$2,500,000 and the days on market from 279 to 262. Obviously,the%change in average and
median sale prices per year is affected as well.
In addition,there are some very exclusive properties just outside of Snowmass Village that appear in this section
of the MLS listings. Just one of these sales in a year can have a marked effect on the overall sales totals. For
example,one very high sale in 2004($46,000,000)skews the totals for that year,creating a negative trend
between 2004 and 2005(-0.10%),which is misleading as the market was generally appreciating at that time
(showing an actual increase of+29.6%without this sale). One landmark sale in Wildcat in April,2008 at
$36,325,000,involved a 14,000 square foot home on 200 acres. This is not your typical Snowmass Village home
and the buyer was a Russian billionaire. Likewise,2007 also saw one very high sale at$26,000,000. Taking these
sales out results in an average sale price in 2008 of$5,607,252 and an average sale price for 2007 of$4,977,305
(up 39%over 2006)and an average median price of$4,047,500(up 28.3%). This also changes the rate of annual
appreciation(based on average sale prices)to+12.7%for 2008 and for 2009 to-22.8%. These examples
illustrate how one or two very high price sales per year can affect statistics in a relatively small market like
Snowmass Village.
The number of single family home sales decreased rather significantly in 2007,but this could also be partly due
to a shortage of inventory on the market. 2008 started out strong with 16 sales reported in the first half of the
year,including 3 over$10,000,000. All 3 were negotiated and closed in 2008. There were 12 sales reported in
the 3rd quarter of 2008,ranging from$1,843,000 to$14,500,000. Two sales were at$10 million and above,and
3 were between$7 million and$10 million. However,the market shifted dramatically in October,2008,
following the failure of Lehman Brothers and subsequent Federal bank bail-out. There were only 2 single family
home sales in Snowmass in October(at$2,210,000 and$5,750,000)with the lower priced home having been
under contract with a lease/option for a year. There were,in fact,no sales of single family homes in Snowmass
Village between October,2008 and April,2009. The year 2009 ended with the number of sales down by-41.4%
and the average sale price down almost-23%from 2008 levels. The median sale price was down-47%. The
statistics fit with the general sense gained from local market experts that the overall Snowmass market has
softened between-30%and-50%since its peak.
Form TADO-W1nTOTAL'appraisal software by a la mode,inc.-1-800-ALAMODE
IMain He No.1201021 Pane#201
Narrative Comments HeNo.120102
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pitkin Slate CO Lp Code 81611
Lender HSBC Bank USA.NA-
There were 27 sales of single family homes in Snowmass Village in 2010,ranging in price from$800,000 for a
home on the golf course involved in a bankruptcy to$11,900,000 for a home on 11+acres on the Ridge at
Wildcat. This brings the average sale price to approximately$4,326,000. There were 2 sales at or above$10
million and 2 others closed at approximately$9 million each. Five sales closed between$5,000,000 and
$6,000,000;the remainder closed lower. All of these homes sold over$5 million were located closer to the ski
area and contained over 4,000 square feet,built or re-built of luxury quality between 2000 and 2009. The
average sale price for the remaining 18 sales drops to approximately$2,752,000 with a median price of
$2,900,000. Very few lower end homes or homes in need of updating have sold in 2010,other than
exceptionally good buys that were REO's(bank owned)or facing foreclosure. Thus,both the average and median
sale prices appear much stronger in 2010 than in prior years,but this is clearly a case of purchasers taking
advantage of upper end properties selling at perceived"bargain"prices rather than a reliable illustration of the
overall Snowmass Village market.
There were 25 sales in 2011,including 3 sales over$10 million: a celebrity's home with 1O,0O0Sf on 324 acres in
Wildcat sold in January for$17,750,000,fully furnished. It was listed for 8 months,priced at$27,500,000. 83
East Fork Lane directly on the ski slopes in Two Creeks sold in June for$11,000,000 and 916 Pine Crest Drive(a
brand new home with 8812SF,also with ski access)sold in June for$16,000,000,both fully furnished.
Meanwhile,8 of the sales(36%)occurred under$2,000,000. If I take out the 3 highest sale prices,the top sale
price drops to$6,400,000 and the average sale price for the 22 remaining sales drops to$2,759,614 while the
median goes to$2,575,000,illustrating the effect just a few high end luxury sales can have on a market.
Tracking the sale and re-sale of individual properties can yield more specific data on appreciation/depreciation in
a market. While ample data exists charting depreciation since the peak 4 years ago,there is little or no data to
rely onto adequately measure the change over the last 12 month period. For example,641 Two Creek Drive
sold in November,2010 for$5,300,000,furnished. It was listed for 18 months,priced originally at$10,700,000.
This home sold previously in May,2006 for$6,600,000,before the market had stopped appreciating. Before
that,it sold in May,2005 for$5,887,500 and it sold new in March,2001 for$4,700,000. 332 Branding Lane in
Horse Ranch sold in March,2010,for$3,000,000 but sold previously in March,2007,for$3,995,000(a-25%
decline). This seller had purchased a home in downtown Aspen at what he perceived to be a bargain,so was
willing to take a loss on the Snowmass home. 50 Pine Lane in Woodrun sold in May,2010 for$4,896,850 but
sold previously in September,2005(before the market had seriously appreciated)for$6,250,000(down-22%).
Again,this seller had purchased other property in the area at what he felt was such a deal that he was willing to
let this home go at a loss. Another home in Woodrun(72 Bridge Lane)sold in April,2010 for$3,175,000. This
home sold previously in August,2008,for$5,750,000 in the same condition. Its history is complicated but I
understand there was a foreclosure where the original seller took the property back for a deed recorded at
$4,750,000 during the time the home was re-listed for sale for almost a year,priced at$5,295,000. The final sale
indicates a decline in value between actual arm's length sales of-45%. 137 Stellar Lane sold in April,2006 for
$2,000,000. Following that sale,the home was completely remodeled inside and out,including all new interior
finishes,roof and siding. It re-sold in June,2010,for$1,750,000. This represents a loss of-12.5%,not including
the cost of remodeling. 385 Pine Crest Drive in The Pines sold in June,2010 for$9,000,000. It was listed for 6
months at$11,500,000:the same price it sold for previously in March,2008,reflecting a decline of-22%. 215
Maple Ridge sold in December,2010 for$1,875,000. This home sold previously in March,2006,for$2,125,000
before remodeling. The more recent sale reflects a loss of 11%not including the cost of remodeling.
In Brush Creek Village there have been a mixture of recent sales,with some at the lower end involving short
sales or bank-owned properties. 951 Brush Creek Road sold in September,2011 for$629,000. This home was
bank-owned and suffered severe damage from frozen pipes. It went under contract within 1 week of being listed
at$695,000. When it was deemed"uninhabitable"by the appraiser,the bank pitched in to replace all the water
lines and add a new boiler as part of the terms of the sale. This property last sold in June,2003(before the
market had begun to appreciate)for$600,000. 351 Brush Creek Road sold previously in December,2005,for
$2,000,000 before the market had stopped appreciating. It resold in October,2011 for$1,925,000(effectively
$1,875,000 after allowing for the trade). 1599 Juniper Hill sold in May,1999 for$1,100,000 before the market
had begun to appreciate. After the sale,the purchaser spent approximately$1,400,000 effectively rebuilding the
home. It re-sold under a lease option in September,2011 for$2,150,000 with$100,000 credited toward the rent
(effective price$2,050,000). 1226 Medicine Bow sold in May,2006,for$2,295,000. The market continued to
appreciate after that date. When it turned,the owner went into default and the property re-sold as a short sale
in June,2011 for$1,650,000.
Form TADD—'WinTOTAL'appraisal software by a la mode,inc.—1-B00-ALAMODE
Wain He No 1201021 Paoe#211
Narrative Comments File No.120102
Borrower Peter Gregory
Properly Address 91 Solar Way
City Aspen Canty Piekin State CO Lp Code 81611
Lender HSBC Bank USA,N.A.
REO sales include 33 Fairway Drive which sold in October,2010 for$800,000 after being listed for over a year at
$995,000. This home last sold in October,1998 for$750,000 and the assessor had valued it in 2008 at
$1,872,900. It is located at the entrance to the subject subdivision,but offers inferior privacy backing up to busy
Owl Creek Road. Although closer to the ski area,views are inferior and the home was in fair condition. 10
Martingale Place sold in October,2010 for$1,350,000. It sold previously in September,2005 for$1,600,000. It
had been completely remodeled on the interior in 2007 and had been listed for sale on and off since November,
2008,priced originally at$3,500,000. The difference between sale prices is-15.6%not including the cost of
remodeling,which appears extensive. The assessor had valued it just under$2,900,000 in 2008. I note the most
recent purchaser is a local Realtor. 303 Lemond Place(Comp 4)sold in January,2011,for$1,320,000. This home
sold previously in October,2006 for$1,900,000 before being completely remodeled in 2008. It was originally
re-listed for sale(before going into foreclosure)priced at$3,950,000. 147 Maple Ridge Lane sold in March,2011
for$955,000:it sold previously in August,2007 near the peak of the market,for$2,450,000.
There are currently 82 homes listed for sale in the Snowmass Village section of the MU,priced from$659,000
for a smaller home on a condominiumized lot in Meadow Ranch to$29,500,000 for a 12,000+SF home on 200
acres in Wildcat(it was originally priced at$36,000,000). The average asking price is just over$5,300,000 and
the median asking price is$3,772,500(both slightly lower than 30 days ago). The average days on market(so far)
is 336 days. Only 2 homes are priced under$1 million(including the subject property)while there are 32 homes
listed over$5,000,000(even though there were only 5 sales at$5 million or above in 2011). At the current
overall rate of 2 sales per month,82 listings represents over a 3 year supply of homes on the market(divide the
number of listings by the number of sales per year).
Of course,few of these homes compete directly with the subject;in fact,only 12 are priced under$2,000,000
(roughly half are priced under$1,500,000). This compares to 8 sales under$2 million in the past 12 months. The
comparable closed sales used in my analysis experienced marketing times from approximately 4 months to over
3 years. The subject property went under contract within 6 months of listing. Although it suffers from deferred
maintenance,given the chronic shortage of"affordable"single family homes in the Aspen/Snowmass area,I
•
estimate a marketing time for the subject property of approximately 12 months,if it were listed for sale at or
near the value estimate.
COMMENTS ON THE SUBJECT PROPERTY
The subject site is located on the corner of Solar Way and Medicine Bow Road,one of the main access roads
through the subdivision. The site is approximately%mile from Brush Creek Road,the main access road to
Snowmass Village and the fabulous Snowmass ski area,and less than 1 mile from Highway 82 where public bus
transportation is available to both Snowmass and downtown Aspen and points downvalley. The site rises sharply
up from Medicine Bow Road and is actually bisected by Solar Way,a private road that serves the subject and 4
other homesites. The road is improved with a chip and seal surface that requires regular maintenance. I
understand the homeowners pay for road work on an"as needed"basis:typical for other roads in Brush Creek
Village Subdivision. Although I have not been provided with an improvement survey or title commitment for the
subject property,the current owner is confident that this access road is governed by a legal access/egress
easement and/or a road maintenance agreement. This appraisal assumes there is a legal access/egress
easement in place as well as a road maintenance agreement.
According to the Assessor's records,the subject home was built in 1978 and,as such,lead paint may have been
used in the original construction. I am not an environmental professional and am not qualified to identify
specific building components. I assume there are no health or safety hazards in connection with materials
used in the construction or remodeling of the home. The floorpl an is laid out on 2 levels,with the main living
area upstairs,including the living room,kitchen,dining and master suite,enjoying high vaulted ceilings. All of
the guest bedrooms are on the lower level along with a family room. The south side of the home is built into the
hillside,typical for properties in this market where the topography is steep,and also common to comparable
sales used in this analysis. This area is considered above grade in this market. While the home's layout is
relatively simple,it remains functional for today's market:the only thing lacking is a garage.
The subject property currently suffers from deferred maintenance in the form of worn-out exterior siding and
outdated single pane windows,and appears in"below average"condition. At the client's request,I have
appraised the property based on the HYPOTHETICAL CONDITION that the property is in"average"condition as
of the date of value. A Hypothetical Condition is defined as: "that which is contrary to what exists,but is
supposed for the purpose of analysis." (Source: Definitions Section and Glossary of USPAP 2010-2011 Edition).
In this case,this would involve updating the exterior of the home with all new siding. Improving the home
Form TADD—'WnTOTAL-appraisal software by a la mode,inc.-1.800-ALAMODE
IMain File No.1701021 Pane#72f
Narrative Comments File N0.120102
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pitkin State CO Lp Code 81611
Lender HSBC Bank USA.NA
further could result in better than average condition,depending on how much work was done. I note the
property is under contract in its current"below average"condition. I have also provided an"as is"Market Value
as required by both FIRREA and USPAP.
I note the interior of the home appears to have been updated in the last 5 to 6 years,including new floor
coverings and interior paint. Some of the appliances appear relatively new and the owner/seller indicates he
opened up some of the walls between the kitchen and dining areas. I note an exterior balcony off the side of the
home(accessed from the kitchen pantry)has been removed and could present a safety hazard if this door is not
blocked off. I understand the purchaser may wish to add a garage with upstairs living area on this side of the
home.which could solve this issue. In the meantime,this exterior door should at least be nailed shut or boarded
closed(whatever complies with Code)to prevent accidental usage. I assume all remodeling of the home was
done with the proper permits and according to Code.
.The subject property has been rented long term. I assume it complies with Pitkin County building codes
requirements for carbon monoxide detectors.
LAND-TO-VALUE COMMENTS •
The subject has a relatively high land-to-value ratio of approximately 50%(based on the HYPOTHETICAL
CONDITION). High land-to-value ratios have been common in the Aspen/Snowmass area for many years. A
major downzoning in Pitkin County in 1973 and adoption of the Growth Management Quota System in 1976-77
severely limited the new subdivision of single family and duplex building sites. The result has been to drive up
the price of already existing sites,particularly in neighborhoods in and around Aspen. A relatively high
land-to-value ratio is by no means unusual in this market.
SPECIAL CONSIDERATIONS
The subject property is connected to the public water system but is on a private septic system,which is typical
for the subdivision. This appraisal assumes the septic system is operational and provides adequate service for
the improvements.
CURRENT LISTINGS
There are currently 10 homes available in Brush Creek,priced from$975,000 for the subject property("as is")to
$3,595,000 for a relatively new 3877SF home with separate caretaker unit at 1964 Juniper Hill. Besides Comps
5&6 described above,only 1 other is listed under$1,500,000: 1766 Medicine Bow Road is priced at$1,475,000.
This home is located near Comp 5,and offers 4 bedrooms(including a caretaker apartment)and 3.5 baths in
3550SF plus a 3 car carport. It was built in 1978 and remodeled in 2003 and appears in clean,average to good
condition,although I note some of the ceilings appear relatively low. The next in line for price is 225 Solar Way,
listed for$2,100,000. This home sits on a more private site with an attractively landscaped yard. The home was
built in 1980 and remodeled in 2000 but design and appeal are somewhat unusual. It has 3 bedrooms and 3.5
baths in 4037 square feet plus a built-in 2 car garage. 701 Brush Creek Road is an attractive log home listed for
$2,895,000. This home was built in 1979 and remodeled in 2003. It offers 4 bedrooms and 4.5 baths in 3932SF.
All of the remaining homes are priced higher.
In Snowmass Village,closer to the ski slopes,there are only 9 other homes listed for sale under$2,000,000. Two
of these are in Meadow Ranch,on smaller condominiumized lots,priced at$659,000 and$1,580,000. 5 are
located in Melton Ranch near Comp 3 and 2 are in Wildridge near Comp 4,priced from$1,350,000 to
$1,995,000. Most were built between 1968 and 1987,although all but 2 have been remodeled. The highest
priced home(896 Sinclair Road)offers sweeping views with 4 bedrooms and 4 baths in 3096SF plus a 2 car
garage. It was built in 1998 and remodeled in 2011 and appears in very good condition with superior quality
finishes throughout. These listings are all helpful in establishing a range of value for the subject.
Form TAO0— nTOTAU appraisal software by a la mode,inc.—1-800-ALAMODE
ikunliatd
Narrative Comments File No.120102
Borrower Peter Gregory
Properly Address 91 Solar Way Slate CO Lp Code 81611
City Aspen County Min
Lender HSBC Bank USA,N.A.
RECONCILIATION of SALES COMPARISON APPROACH
Once adjusted,the most comparable closed sales offer a range of value for the subject from approximately
$875,000 to$1,017,000,unfurnished,BASED ON THE HYPOTHETICAL CONDITION that the property is in
"average"condition. The lower end of the range is set by a home that was marketed for quick sale(although
there was no distress)and it sold and closed within 4 months. I believe the asking price was purposely low. The
upper end is set by the oldest sale,which was a bank-owned property. I am aware of the current contract for the
subject property for$862,500,unfurnished. It went under contract within 6 months of being listed for$975,000.
As noted in this report,the property currently suffers from deferred maintenance in the form of exterior siding
and outdated windows,and it is under contract in its current"below average"condition. Nevertheless,I have
been asked to appraise the property based on the HYPOTHETICAL CONDITION that it is in"average"condition.
Based on this analysis,the Sales Comparison Approach indicates a Market Value as of January 5,2012,of
$995,000,unfurnished,BASED ON THE HYPOTHETICAL CONDITION that the property is in"average"condition.
FINAL RECONCILIATION
The Income Approach to Value is not applicable in the appraisal of single family homes in our market as most are
owner-occupied. The Cost Approach is given little weight in this analysis. Recent sales in comparable
neighborhoods were helpful in establishing land value. However,variability among contractors in our market
and the difficulty in determining accrued depreciation,particularly for older homes like the subject,tend to
undermine the validity of this approach. Most weight is given to the actions of buyers and sellers,as illustrated
by the Sales Comparison Approach. Therefore,it is my opinion that the subject property has a Market Value
(most probable selling price)on an unfurnished basis,BASED ON THE HYPOTHETICAL CONDITION that the
property is in"average"condition as of January 5,2012,of:
NINE HUNDRED NINETY-FIVE THOUSAND DOLLARS
$995,000
"AS IS"VALUE
•
Although the lender has requested this appraisal be completed"subject to"repairs needed to bring the subject
property's condition to"average",I am also obliged by USPAP to provide an"as is"value for the property.
I note the interior of the home appears adequately maintained and in average but livable condition,but the
exterior siding has been neglected and suffers from deferred maintenance. Sun exposure in this dry mountain
environment can be intense,and the siding appears dried out and buckled in several areas:it is near the end of
its economic life. At the same time,although in better condition,most of the windows in the home are outdated
single-pane glass with wood exteriors,no longer popular in this winter climate. I would expect a new buyer to
consider the cost of new siding when negotiating a price for the subject property,and to add the cost of new
windows which would most likely be installed in the process. Although replacement siding and windows need
not be of the highest quality to fit a home in this neighborhood,I believe a buyer would negotiate more than the
anticipated expense to account for his trouble and any unexpected cost overruns.
Most buyers in this market continue to hunt for"bargains"and it has not been unusual for homes in this
economic climate to sell below replacement cost. Nevertheless,the supply of"affordable"homes close to Aspen
and Snowmass remains relatively slim. I am aware that the subject property is under contract for$862,500 in its
current"below average"condition. Based on my analysis,in my opinion,the Market Value(most probable
selling price)of the subject property,in its current"as is"condition as of January 5,2012,is:
EIGHT HUNDRED SIXTY-FIVE THOUSAND DOLLARS
$865,000
This valuation is based on the best data available at this time. It assumes a cash or cash-effective transaction and
includes real estate commission. I estimate a marketing time of approximately 12 months if the subject home
were listed for sale at or near the appraised value.
•
Form TADD—V inTOTAL'appraisal software by a la mode,inc.—1-800-ALANIODF
'Main File No.1201021 Pare*241
Building Sketch
Borrower Peter Gregory
Properly Address 91 Solar Way
City Aspen County Pitkin State CO Lp Code 81611
Lender HSBC Bank USA,N.A.
2o'
1 18' r
Balcony 6• 6' Balcony
18'
I ,4
Living
Room
le Master Bedroom Second Floor
then [1391 Sq ft]
FP
Book hi
Shriven I°1
i
JFoyer 4
No Pantry 1/2 Master
Balcony , Bath Bath
Dining Area
6• 30'
6' Entry
Deck
14'
9Qa m M
20' 18'
6'j Porch 6' 6• Porch l6
18'
Bedroom
Family First Floor
Room Hall a Bedroom [1392 Sp ft]
ry Clout)
• ata 1 g
enette E
Bath Bath Closet
ax Bath
6• Bedroom 30'
6' f ) 6'
O
14•
roiusumth a•a met**. Area Calculations Summary
Living Ama Calculation Details
First floor 1392 Soft 18x6 = 108
14x6 v 84
24x50 a 1200
Second Hoc. 1392Sgft 18x6 = 108
14x6 = e4
24x50 = 1200
Total Living Area(Rounded): 2784 Sq ft
Non-living Area
Bakony 1605pft 8x20 = 160
Balcony 1445gft 18x8 = 144
Deck 63.854 ft 7.5x6 = 45
0.5 x 2.5 x 5= 18.25
Porch 120 Sq ft 6 x 20 = 120
Porch 1085gft 18x6 = 108
Form SKT.BIBSkl—"NinTOTAL'appraisal software by a la mode,inc.—1-800-ALAMODE
Wain File No 1201021 Paoe#251
Subject Photos page 1
_Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pdkin State CO Lp Code 61611
Lender HSBC Bank USA.N
• n �s
t
,7";a
li `
Lg •n
4 ,. 1a
c " '� - mil
Subject Front Subject Side 1
note: missing balcony
I 4., I.
z
itL
112• "- Sri t=• �✓/r ro j ---- r _.
Subject Rear Subject Side 2
,rt r
��i irk"r ' i'tt '4.'‘,,,,i7—` '"rf` N }/e + 4•
Street Scene Close-up Siding Damage
Subject Side 2
Form PICS022—WInTOTAL'appraisal software by a la mode,inc.—1-800-AIAMODE
IMain Foe No.1201021 Pace#26I
Subject Photos page 2
Borrower Peter Gregory
Pry Address 91 Solar Way
City Aspen County Pitkin Stale CO Zp Code 81611
Lender HSBC Bank USA,N.A.
( • 1
I I
' in I 'V tY';', //
. 1 Li 4. i 8 hi. I' 4tek ;:114S•rt'3 t C.:. s . .■''". . , 11
riLiarlitia°771 14 31S-.....- . ■.% .., l• 4
...ily....- Nt..;.,‘---...—"‘f II- • •. fit‘L : L-r-lreare 'Vic:"V. ',- 4.- v•
........j., t. eNSI .' • kil: jri ..„4-71
ilott -''II r S .4.12443-AZ5. 'I ! S Oti Ait:s4Thr 7 1'' .1
il:r S eIs...iar r ..'`(V 4
.- .
'■• ' ... . .hr''''lei-• 0:/ir'A rf .1 If l't .••i
%.,-'
. , k'''s r. ._....--..a■t_f ...t. .1,tv, S., vi,..,-pi 4iO4`-
'
Living Room View from Living Room
. , , ,_- _—, Ir. ....,.--2_...---- —..2..-----
. .....
. ,. .-----r--5 —
• ..
s—---1
c,
'‘-q 1 .
,___I r. 114 ,C14, -, ,. ....,,,
- ' '
A •,r,_
, doe, . ■ _ i r I I 1 -•••,tie /
1
i ..1
"'a': 47774 :14 ite.., .. )",,;_‘,_.. .,
/ • . 'PI' ` 1.4 , ---7,....,.1---. -
, - „:, -1 -. 1 - /
r: ' . ' rra - -
f i ._I . r .
.
ns ., -.„....,..
/.: . / tl. , 'N . j
i \ . , Li
Kitchen Dining Room
.
El
1
„cc... il
. ._
i,
E. .
r , 1 C.
---224P
\ 1 El 4
, .
. .:
\ •
—..
Ti_.; ..... a
_
_ .
Master Bedroom Master Bath
Form PICSDO2—VinTOTALI appraisal software by a la mode,inc.—1-800-ALAMODE
(Main Flle No.120ID2I Pace j2.2j
Subject Photos page 3
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen COunly Pitkin Stale CO Bp Code 81611
Lender HSBC Bank USA,N.A.
' F
I
. i , '` ,,t . ,____ . ) .
..
. - za■E 7e
�
Bedroom 2 Bath 2
1
Bedroom 3 Bath 3
i! - f Ti II ,
1 iy
t
l
Its-1:- e;%- .A ,. ` It J ft.
Bedroom 4 Bath 4
Form PICSD(2—WnTOTAL'appraisal software by a la mode,inc.—1-800.ALAMOOE
IM Re Na 1201021 Pane#281
Comparable Photo Page
Borrower Peter Granary
Properly Address 91 Solar Way
City Aspen Cerny Pekin State CO LpCode 81611
Lender HSBC Bank USA,N.A.
- Comparable 1
84 Red Tail Ln
- • I Rear photo ho
a Rear of house
a not visible from street
\ti -r 3 t t �s
- a r7'`a�n,t `T: a 3
ti u:. sue `
,,2. # 4y. C .a
•. v3 '- !1.
vh s c , Comparable 2
r 4 la y t ^� crcr �`i 942 Juniper Hill Dr
9 N✓/
(
v f7 ff: • 1
t. r F
r *. r.. 1G 'ra .• s• -- ` }
- rb .y,ck .. e+ a -•.. a i-%1
F F.0 > f i n v 1 - tti
1 . ,1. J ' �+ V t 1
,. . ..y.� i ST ' w n'n � t t 7 Fti r k :c- , '+ F( Cd* ar -9 {
Comparable 3
Gg.
„9,—.1 42 Terrace Dr
1
r
pg - } i Fn . ' ,
n
u
im
Y • u run
l 7
_,.... � r
L
l�e;+ '
1 ",1* 'e S-i`4 r,j yr Y1.r j `�-, ..r
1
i1
! s 'L J Je6,: .'.ti.'.i."w: 5-".
.,__;i
Form PIC3x5.BC—WinTOTAL•appraisal software by a la mode,inc.—1-800-AIAMODE
manEtupipswaage929]
Comparable Photo Page
Borrower Peter Gregory
Property Address 91 Solar Way
State CO Lp Cade 81611
City Aspen County Pitkin
Lender HSBC Bank USA,N.A.
Comparable 4
•
{--.* 303 Lemond PI
rt .
"r .. : - ,.*-42.
... -..". -: 11
%,..1.1, ;:.4.::•>••••••,..:
' -...A
- .- :,.,4"..a•;:..',
”.
• .... •
-.: '-';•"--lica.;i1-..'i!.-,...-,i •I• . - . :5. N....,_, -'
r
rri, -- 4.' • '
• —
Alt
•
• „...—......„...- - ..
g61
1 ..r.
Comparable 5
.[0.-4.•,...t,ki: ''''../'',-; •.:-..: ",r;r::."V■ '. ti t: (-in.11. 1560 Medicine Bow Rd
P.. "
"." 03,cc." t.“
4.SA 1•••-‘,. '''‘ 11::.,er:In•-6." ' '
• •""C .7))
1141tA a'''.45..0 1 ' li • , -94 4-
40" ,
•.,_,4,-7,iks-Si' C.„‘,-,414.....;.■ '-__, - . •• ,cesip---t ft4
11
qtr1:-Mr 'C b"
:
°.
,,:s.,j', r',t'::.4x•ht‘ir.ilik-,,,--i ,.., .: 7.)4,-.1..,.;.-14,111r,'...-,......-4t.z.. 7,!:...,' ‘ _•—•
•. . : .. 0
0.e7C- 4'."' •
..'"'
F ; .' Comparable 6
--, ' :if. •.',:::---.1... '.... 7.72-;;-Th---
551 Brush Creek Rd
(glass front chalet-
s• "kir? $-TvP-%,---_! :, .,..1:., irr*--- - ' ` - • property does not inckxi
I
. . • ty-yr..)----.:---77."''.-. -if q,v4i,i,„.• _.,... .. ,___ •
home under constrcuon
•,. Ar'"41;;;;57,n'• - a-- - 4.ii•,.. ,........•-‘,..r.i.,, on separate lot in rear)
. '.." . eZ•11,IFIK:Ir..- ....' 1 --I,-
' . Iratt.,L,
...*".7.;■ rr i • 'a-1j 1.>i7'ern ''...- . '•
.41".:C;••••••t .„„);\ '4,1 :79.: •••... ..,;, .a. ..•
•••••• 1 •. lti Y.-7-r1 riVi n hi a1.4•al .1. >
r",• . ;I: ;d- jj . • Li LiDt43 T7:::ti. .-- ;7:::51 it
. ..... ,...„. >
1 ivis 1.-
i42%:"„fil• ``,...... i ....;•”.••• •nrec1161%,"1 Fte,:i . „It'
1/4'"'A 1 f' 4.f,";:..(1-7Vi.W-1;;I:i:le 40•;:;••• 4 I.'t IS 0•1,,,i'':14.%.`tpr.H.',.4.,:at 1
f..,;,.."‘7/'1 °Z) .'il• - ' ,. : '• j...-4 "...Tr ., A...v.;141-`7 alf 1,1,:4‘;41....r.• '•
4'.1".'.•!-61" - !.. ' t‘lj-. • -.' `.'1 2. :tLpinitqA .I.
c..•14''.;.1;-T.*, •• ,.......(4 .4 ..47,-2, • ..,.., ,. ,„,, ,Ik.,.i<..1.);.{..,;.:,1:);jt,,
E4*W-45.7::-'Thi:i'..4:'-.1!- :, .f -•-1'1*.?
41,.:1-\4,111.!.•"711• 0.';',1:S..t.141 LI VIVP.'4
" 1 CC-1 AnC;:lj::•.;1. 4"ieCti'll '4t •‘..b;:t1;A.'14',..1 :4•V;L:fit)‘.4-.(12.,0‘.1411;filit
rtr-"..fi.):"r .-- ', ..1;-,, .. ,tii .Aiit.',WI,*.1,1,r:,
• ,„4,.--,e,. ,cry •, -....„--,-:.:4;;-:.IA... ies, P, ,..1-...,-3-'_ -,-•,..
,4,1 t'lili,,Into.•;Stit-41"...... ,4 101-i qr".:` .... 143-1,-e■sii-4.fril
Form PIC3x5.BC—IWinTOTAL appraisal software by a la mode,inc.—1-800-ALAMODE
(Main File No.1201021 Paae#301
County GIS Map of Subdivision
Borrower Peter Gregory
Properly Address 91 Solar Way
City Aspen County Pitkin State CO Lit Code 81611
Lender HSBC Bank USA,N.A.
/ 1 I v
5 r �a c
ens
' i;
• A i 1 . '' " �i i i ' Y a.
J,�.� _e.
_ i` i a
..'
1 ion:1 .4 4.4,,,-; ..,.•'----A...7, '. 1^t}• ,rti , o. ,. 0 -.
`: of ! :1 / - ::40€ 1
AC
'x , ll.Alt. ..
� ' �/� ,, • , l
i :/ ton wect \ a . ,
•cit. a:Awe _ ., , a
Fonn MAP.PLAT—WnTOTAL'appraisal software by a la mode,inc.—1-800-ALAMODE
IMaln Fie No.1201021 Page#31j
GIS close-up of Subject
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pitkin State CO Sp Code 81611
Lender HSBC Bank USA,NA.- —
NOTE: Solar Way is a private road easement running through the subject parcel.
,,,,„.„....„ ..,
g I3
,...._
•, .
. .
.....,, ,
, .. u
O
f2 1 (D
it a
G�`e� \i. , - ..o V7
m R
kus..cm
.....r.....
• l ¢it
d i
yfi /
NNNNNNNN'.N,. .- / /7, , ///:/-
Form MAP.PIAT—• inTOTAL•appraisal software by a 9 mode,inc.—1-800-ALAMODE
Jain Re No 1201021 Pane#321
Location Map
Borrower Peter Gregory
Property Address 91 Solar Way
City Aspen County Pitkin State CO Zp Code 81611
Lender HSBC Bank USA,N.A. 11..la mode inc' }, „--
•
. \ %
J • yN \ /
Comp'1 \
_o - . r
r - :.— _ 1. \ B Comp2.. '
1560 Medicine Bow �I 'O46 idles
l
0:40 Mles . ♦ \ t g --_
�' Y rn — .1? 1 y Y Y�
coin pi _ffy, aYx. �. jl.�: Y
P,` w
3Ri Lomond PI
fi' �°�
2.85 iNles e,,y` •-- et,11
V i ill � IIr
42,Terrace D- ,i lr7'�' 551 Brush Creek Rd t,.\\40 r< V f G
..t," 320 ai s rte• ` o^`r° r 1.0.13 mBes' •11• �L
11 4r liYNiy � P'
1`Nipon
I:tl try, '^ ,—r A� \ � 1 \
a r ∎.
Snowman' 1- J''. -wiu a..__�` 6 k- F 1.
�' 4 ? r Sr�f I,`
T7 1 ,rh t•
4
•
.4:) s
• r
I . '
I
t
•,0 tonal;ora51
A
S
I.. . L®lej.
.rnw'�'._.2_--r•;.a.rc1a "a_ac.Sa.m:s-ss`S G-iniu�rtn Gu"i
Form MAP10C—'WnTOTAL'appraisal software by a la mode,inc.—1-800-ALAMOOE
VW;
�
c. i :',47
. .a ,r.*
�l u F'•' -.q5 I li : 'Trri� -/Y i r { •
1/141 IN 'I ,t" `A.4-'��,�,` ^ 'rt`.�i ;ixy „J;•—tr Msu••
,J �,�'.*ymc Rn t''eS1 ...----,-7-...-:-...w,i' r !. �' `-"I:
Account Number R003566 Comparable:R003702 Comparable:R003483
Parcel Number 264328203001 264321308003 264321303005 r�'� 6j1;l')
Situs Address 91 SOLAR WY 473 MEDICINE BOW RD 1185 JUNIPER IIILL DR fr 3 (J
City ASPEN ASPEN ASPEN l Al)
—Sale Date 05/01/2009 05/05/2010 go I S^� !`
Sale Price $1,892,500 $750,000
Sale/SqFt $513 $438311 -)
Time Adj.Price $1,660,668 $742,500
VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST
Acres 2.721 2 $0 2.47 $0
SQFT 0 0 $0 0 $0 /
Land Value Code BCV PINK BCV PINK $0 BCV PINK $0 ^"� to 3 5
Actual Year Built 1978 1975 $0 1977 $0 \ 0 ---/- ) �f-
Effective Year 1981 1995 $0 1981 $0 Gy-/1' `�' (/
Built .- -
Live Area 2684.0000 3236.0000 1/6,-a" — r�°)OW�l $0 1694.0000 4/C 1,-/611,0‘) $0 .`� �}.do 10�
Finished 0.0000 0.0000 $0 0.0000 $0
Cr al G'__ II{ U
Basement Area l��
Construction AVERAGE GOOD $0 AVERAGE $0
Quality
FINISHED $0 $0
GARAGE �1/A l
HEATED ff�� Uf, jJ /t/(�
FINISHED $0 $0y '" I o
GARAGE ______---__
Value / $837,200 /� 6 2 • 1 [i �`
Value/Sgft / \ $312 I fT v /
Adjusted Sale / $1,660,668 $0 $742,500 SO 9022 ��
scottyg @ Apr 30, 2013 3:37:09 PM Pitkin County Colorado Assessor Page 1 of 2
Scotty Giddings
From: Peter Gregory [peter @gregory.net.au]
Sent: Thursday, February 14, 2013 3:59 AM
To: Scotty Giddings
Subject: RE: Tax Assessment of Property R003566
Attachments: 1 yr abatement(2).pdf; 91 Solar Way appraisal.pdf
Hi Scotty,
I have attached the abatement request and the appraisal that was done for the purchase.
I would suggest that the value would have been the same in 2010 or less as the appraisal says.
You asked why I did not contest this valuation last year.
I was shown the tax that was payable but not the valuation upon which it was calculated other wise I
would have contested it last year.
Kindest Regards
Peter Gregory
J ..
If D, The Health g Happit ess Digest' , ° ?
The tatadiModical Rematch Digoded tonY
1 I
www.healthhappinessdigest.corn
"Whatever you can do or dream you can,begin it! Boldness has genius,power and magic in it."
Email Address: peter@a,gregory.net.au
Contact Phone Numbers
Ph 02 99996865 Skype: bigbungan
Mobile 0412116545
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHICH IT IS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL,AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If the reader of this message is not the intended recipient,or the
employee or agent responsible for delivering this message to the
intended recipient,you are hereby notified that any dissemination,
distribution, forwarding,or copying of this communication is strictly
prohibited. If you have received this communication in error,please
notify the sender immediately by e-mail or telephone,and delete the
original message immediately.Thank you.
1
From: Scotty Giddings [mailto:Scotty.Giddings @co.pitkin.co.us]
Sent:Thursday, 14 February 2013 2:04 AM
To: Peter Gregory
Subject: RE: Tax Assessment of Property R003566
Hi Peter,
It may be, but the time you bought your house is in the 2008-2010 sales collection period. So what you paid for it may
not be an indication of what values were back in that time frame and those are the sales we have to use. Attached are
documents for you to use for your abatement.
Note that you purchased the home 3/12/2012. You had a chance to appeal the value last spring, is there any reason why
you did not appeal it then?
Your closing documents would have had an estimate of taxes, so you should have been aware of what the tax bill might
difference have been. The only
t xes are $4,441,36.That isa difference of$63.60. which
The m ll levy for201 1t was 47.093,, and the mill levy for 2012 is
2012 s
47.777. Hence the difference of$63.60.
Also I want you to be aware that when we put these abatements through to the commissioners for approval they will want
to know why you didn't appeal last spring and they typically will not approve an abatement that could have been
previously filed as an appeal in the spring.
Please review the documents and fill out the abatement form and return it if you want to go through the process. We have
six months to put the abatement before the commissioners from the date we receive it so you'll have to pay your taxes
anyway, then if they approve it,the Treasurer will refund the difference.
Best regards,
Scotty Giddings
,th_I h t:V
Cott Nt•
;t$)n_
Pitkin County Assessor's office
506 E Main St. Ste. 202
Aspen, Co. 81611
970-920-5165
Website: www.pitkinassessor.org
From: Peter Gregory[mailto:peter @gregory.net.au]
Sent:Tuesday, February 12,2013 4:19 PM
To: Scotty Giddings
Subject: RE: Tax Assessment of Property R003566
Is not the price I bought it for a very good indication of the condition it was in and why there should be an
abatement?
Kindest Regards
2
Peter Gregory
t r —
D] The Health a Happiness •Digest" a r .,
iti ! J The Iota Mcdicot Rcccarch Digodcd for ,'III 2 j t
www.healthhappinessdigest.com
"Whatever you can door dream you can,begin it! Boldness has genius,power and magic in it."
Email Address: peter@u,gregory.net.au
Contact Phone Numbers
Ph 02 99996865 Skype: bigbungan
Mobile 0412116545
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHICH IT IS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If the reader of this message is not the intended recipient,or the
employee or agent responsible for delivering this message to the
intended recipient, you are hereby notified that any dissemination,
distribution, forwarding,or copying of this communication is strictly
prohibited. If you have received this communication in error,please
notify the sender immediately by e-mail or telephone,and delete the
original message immediately.Thank you.
From: Scotty Giddings [mailto:Sco ttv.GiddinasQco.pitkin.co.us]
Sent: Wednesday, 13 February 2013 9:58 AM
To: Peter Gregory
Subject: RE:Tax Assessment of Property R003566
No worries, I'm happy to explain the process.
If you want to file an abatement you can do that. I will use the sales form 2008-2010 as comparisons.
You never know but you'd have to file the abatement, then look at our sales on the web site ,explain why your value
should be lowred based on the sales information.
I'll send you the information tomorrow on our web site and the form.
Scotty Giddings
3
,� .1 1N
/ 1CouNTt
ASStS
Pitkin County Assessor's office
506 E Main St. Ste. 202
Aspen,Co. 81611
970-920-5165
Website: www.pitkinassessor.org
From: Peter Gregory[mailto:peter @gregorv.net.au]
Sent: Tuesday,February 12, 2013 3:53 PM
To: Scotty Giddings
Subject: RE: Tax Assessment of Property R003566
Thank you Scotty,
The reason I am asking this is one I am from Australia and do not know how things work over there.
So sorry for me asking so many questions.
Secondly the house I bought was run down and needs a lot of work so the other houses in the area are much
more valuable than mine.
Is there any way I can have my valuation reviewed?
Kindest Regards
Peter Gregory
4
j'/f'J] f The Health t?Happiness Digest"
J D The Lalort'Medfcol RdtBarch Digested far.Yd i ""�"r` + "
www.healthhappinessdigest corn
"Whatever you can do or dream you can,berm it! Boldness has genius,power and magic in it"
Email Address: peter@a,gregory.net.au
Contact Phone Numbers
Ph 02 99996865 Skype: bigbungan
Mobile 0412116545
4
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHICH IT IS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL,AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If the reader of this message is not the intended recipient,or the
employee or agent responsible for delivering this message to the
intended recipient,you are hereby notified that any dissemination,
distribution, forwarding,or copying of this communication is strictly
prohibited.If you have received this communication in error,please
notify the sender immediately by e-mail or telephone,and delete the
original message immediately.Thank you.
From: Scotty Giddings [mailto:Sco ttv.Giddinas(a,co.pitkin.co.usl
Sent: Wednesday, 13 February 2013 9:27 AM
To: Peter Gregory
Subject: RE: Tax Assessment Of Property R003566
Hi Peter,
When the county assesses values for properties we use a mass appraisal methodology which is audited and approved by
the state.
We typically value the land first using land sales in the area or subdivision, apply that to the total value, then using sales
of improved properties in the neighborhood determine the median sales ratio to be applied to the properties. It's more like
a broad sweep of the brush so to speak. The properties in a neighborhood, Brush Creek for example, are then narrowed
down by location,quality of construction of the home, square footage etc. It is only in the appeal process where we pick
specific sales to compare the subject property to then make adjustments using the quality, location, size etc.
Below is an in-depth description of the mass appraisal process we all use in the state of Colorado. This is more than you
probably want to know but it shows the length to which we go to get through the mass appraisal for the county every two
years.
Statistical Tests:
1.Median Sales Ratio.. Calculation of median sales ratio is a fairly straightforward technique. First,a Sales Ratio is
calculated for each sale in the sales base. This is done by dividing the Assessor's Actual Value by the Adjusted Sales Price
(for example, if the Assessor's Actual Value for a property is $95,000 and the Adjusted Sales Price is $100,000, the Sales
Ratio for that property would be .95). Sales Ratios for all qualified
sales in the sales base are then arrayed from lowest ratio to the highest and the Median Sales Ratio is calculated. Colorado
assessment regulations require that the Median Sales Ratio for vacant land, commercial property, and improved
residential property must fall between.95
and 1.05 for each class of property, within a county..
2. Coefficient of Dispersion. The second statistical test that is applied to a sales base is calculation of the Coefficient of
Dispersion
(often referred to as COD). After the Median Sales Ratio is calculated, it is subtracted from each sold property's Sale
Ratio.The result is
called the Absolute Deviation (ignoring a positive or negative sign of the sum) for each sold property. For example, if a
property's
Sales Ratio is 1.05,the Absolute Deviation between it and a Median Sales Ratio of 1.00 would be .05. The Absolute
Deviation
between a Sales Ratio of.95 and a Median Sales Ratio of 1.00 would also be .05. After all Absolute Deviations are
computed, they
are added and an Average Absolute Deviation computed. The Average Absolute Deviation is then divided by the Median
Sales
Ratio.This equals the Coefficient of Dispersion.
5
The goal is to achieve assessment equity for the largest number of properties; that is,that a computed value approximates
the actual adjusted sales price for the largest number of cases. Such a model can then be applied with confidence to the
unsold properties in the county, While these tests are applied countywide to classes of property to insure compliance with
state assessment guidelines,they are often also applied to
subclasses of property(i.e..neighborhoods,building types, construction qualities, etc.)to test the CAMA model's
prediction of value. While this
appraisal methodology differs considerably from a market approach fee-type appraisal, it is similar in its intent in that it
utilizes market information to estimate value of subject properties.
I hope this helps you understand the process. This is how the assessed value is derived.
Regards,
Ms. Scotty Giddings
.VT1 KIN
•
Cnt.Nts
A t'
Pitkin County Assessor's office
506 E Main St. Ste. 202
Aspen, Co. 81611
970-920-5165
Website: www.pitkinassessor.org
From: Peter Gregory[mailtometer@gregory.net.au]
Sent: Tuesday, February 12,2013 2:50 PM
To: Scotty Giddings
Subject: RE:Tax Assessment of Property R003566
Dear Mr Giddings,
Thank you for your email.
Am I permitted to see the data upon which my assessment is made?
Kindest Regards
Peter Gregory
D1 The, t Happiness cOigest" ,f
M. l .
J The blast Medical Research Digested far �. 3 t
J • f
r i'
www.heaithhappinessdigest corn
"Whatever you can do or dream you can,begin in Boldness has genius,power and magic in it"
6
Email Address: peter@a,gregory.net.au
Contact Phone Numbers
Ph 02 99996865 Skype: bigbungan
Mobile 0412116545
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHICH IT IS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If the reader of this message is not the intended recipient,or the
employee or agent responsible for delivering this message to the
intended recipient,you are hereby notified that any dissemination,
distribution, forwarding,or copying of this communication is strictly
prohibited. If you have received this communication in error,please
notify the sender immediately by e-mail or telephone, and delete the
original message immediately.Thank you.
From: Scotty Giddings [mailto:Sco tty.Giddings@co.pitkin.co.us]
Sent: Wednesday, 13 February 2013 3:46 AM
To:peternogregory.net.au
Subject: FW: Tax Assessment of Property R003566
Hi Peter,
The assessed value for your property for the years 2011 and 2012 is derived from market sales of homes in the area from
July 1, 2008 to June 30, 2010. The tax notice you received is for the taxes for 2012. We are currently working on the
revaluation of properties for the next two years , 2013 and 2014 using the property sales from July 1, 2010 to June 30,
2012. The state of Colorado uses market sales going back two years to determine values.
Your property will be used as a market sale for this next reappraisal since it was sold 03/01/2012, and that date is part of
our data collection period (market sales) of July 1, 2010 to June 30, 2012. You will see a change in the value of your
property when the notices of value are sent out this spring. If, at that time, you feel your property is overvalued,you may
appeal.
If you have any further questions please feel free to contact me directly.
Best regards,
Scotty Giddings
,��11't:I N
•
CO
k.
Asstssc;
Pitkin County Assessor's office
506 E Main St. Ste. 202
7
Aspen, Co. 81611
970-920-5165
Website: www.pitkinassessor.org
From: Peter Gregory [mailto:peter(cigregorv.net.au]
Sent: Tuesday, February 12,2013 2:40 AM
To: assessormail
Subject: Tax Assessment of Property R003566
Dear Sir,
I have received a tax assessment from you office for property R003566.
It states that my property is valued at 1,167,800 which is incorrect it sold for 862,500 last year.
I do not know how the assessed value is derived at but if there is a calculation related to the actual value then
the tax I am being asked to pay is too high.
Can you please let me know how the assessed value is calculated?
Kindest Regards
Peter Gregory
•
42 Hillcrest Ave
Mona Vale NSW 2103
Australia
•
•
www.healthhappinessdigest corn
"Whatever you can door dream you can,begin it! Boldness has genius,power and magic in it."
Email Address: peter@gregory.net.au
Contact Phone Numbers
Ph 02 99996865 Skype: bigbungan
Mobile 0412116545
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO
WHICH IT IS ADDRESSED AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If the reader of this message is not the intended recipient,or the
employee or agent responsible for delivering this message to the
intended recipient,you are hereby notified that any dissemination,
distribution, forwarding,or copying of this communication is strictly
prohibited. If you have received this communication in error,please
8
notify the sender immediately by e-mail or telephone,and delete the
original message immediately. Thank you.
9 II