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HomeMy WebLinkAboutdaniels.abatementABATEMENT PETITION FOR DAVID DANIELS AGENDA ITEM SUMMARY REGULAR MEETING DATE: August 11, 2004 AGENDA ITEM TITLE: Abatement Hearings STAFF RESPONSIBILITY: Carol L. Foote DESCRIPTION OF ISSUE: Attached are petitions for the abatement of taxes. The abatement should be viewed as a due process procedure wherein the taxpayer is given the opportunity for tax relief if you judge that the taxes were levied "erroneously or illegally. PROCEDURE: The controlling statute, C.R.S. Section 39-10-114, provides that: "If taxes have been levied erroneously or illegally, whether due to erroneous valuation for assessment, irregularity in levying, or clerical error, the treasurer shall report the amount thereof to the board of county commissioners, which shall proceed to abate such taxes in the manner provided by law." The "manner provided by law" is set out at C.R,S. 39-1- 113 and requires a hearing before the BOCC at which the assessor has an opportunity to be present. If an abatement request of $1,000ior: more is approved by BOCC, it is then submitted to the state prpperty tax administrator for further review and approval or disapproval. If the BOCC or the property tax administrator denies the abatement then the taxpayer has the fight of appeal to the state board of assessment appeals pursuant to C.R.S. 39-2-125 (1)(b) and (i). ASSESSOR'S OPINION: The assessor may choose not to attend your meeting but has indicated his opinion in the space provided on the back of the abatement petition. 1. The Assessor recommends Approval on the following: Gerbaz Enterprises, and David Daniels. A full copy of each abatement petition with its supporting documentation is on file with the Pitkin County Board of County Commissioners Records Manager of the Pitkin County Clerk and Recorder's office. ALTERNATIVES: Approve or deny the request. RECOMMENDED ACTI(~N: Your judgment based on the attached information and any presented at the hearing. agendsum.doc RESOLUTION OF COUNTY COMMISSIONERS ~ Resolution No. ' I)j~t~j ~ L ~.~ section h In accordance with 39-1-113('L5), C,R.S., the commissianers of Pitkin County authorize the assessor to review petitions for abatement or refund and to settle hy written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or tess per tract, parcel or lot of land or per schedule of personal property. The assessor and petd~oner mLttualiy agree to an assessed value and tax abatement/re,und o: Tax Year Value Taxx Original Corrected Abate/Refund PLEASE NOTE: THE TOTAL TAX AMOUNT DOES NOT iNCLUDE ACCRUED INTEREST, PENALTIES, AND FEES ASSOCIATED WiTH LATE AND/OR DELINQUENT TAX PAYMENTS, IFAPPLICABLE. PLEASE CONTACT YOUR COUNTY TREASURER FOR FULL PAYMENT INFORMATION. Petitioner's Signature Assessor's or Deputy Assessors Signature Date if Section I is not complete and/or if petition is for more than $1,000, Section I[ must be completed. Submit an or gna pet t on and a copy to the Division of Property Taxation. Section Il: Assessor's recommendation: ~,,Approved or Approved in pa~.[ ~f s protest was filed, please a~tach a copy of NOD.) ~qo protest filed in E Denied for the following reason(s): Assessor's or Deputy A~ssor's Signature Section IH: WHEREAS, The County Commissioners of Pltkin County, State of Colorado, at a duly and Iawfu[ly called regular meeting held on / / __, at which meeting them were present the following with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor Tom isaac (being presen~/notpresent) and Name petitioner .(being present/not present), and WHEREAS, The said Name County Commissioners have carefull~(~.QDA[dered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, T_~J. tJ3~oard g~_~does not agree) with the reco~ndation of the assessor and the petition be ~_~.~/denied) and an abatementJmfund be ~'~pj3rove~deniad) for property tax year ~. The taxes to be abated or refunded are $ ~ o~-1~- . ~1~ ~--'-~h represents an assessed value of $ ~q ;</,[,0 . , County C~erk and Ex-officio Clerk of the Beard of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have.hereunto set my hand and affixed the seal of said Count7 at __, this day of ACTION OF THE ~RO~Y~AX~~ Denver, Colorado The a~Hon of the Board of Ceun!y Commissioners, rslativ~ fu Ih~. within petition, IF; hereby uApproved; U Approved In part $_ ; [I Defiled fur the fullowlng reason{~): Pltldn County PETITION FOR ABATEMENT OR REFUND OF TAXES Please submit In danllcate oopiss and answer all questions, Date Received PETITIONER: Complete Qeotlan I on thio side only Bsctlon II Petltloner',MalllngAddmea: I~q To. ~p~ N,'i[ PstlOoner states that ~o taxes assessed aga[nst.~e above prepe~ for pmpe~ tax year~ ~OO ~ are incorrect for the fo~[ewJng reasons: (Briefly describe the cimoms~nces surrounding ~e incorrect vaJue or tax. AEach add t]onal shee~ If necessa~. The petiOone~s estimate of ac~ua] value mus~ be Included.) Petitioner's estimate of actual value $ /:'9/.~-0, OC20 (,~ 005) Petitioner requests an abatement or refund of the appropriate ~axes associated with a reduction in value, I declare, under penalty of perjury in the second degree, that this petit on, together with aha/accom~3~nying exhibits or statements, has been examined by me, and to the best of my knowledge, nformatJon add balief, Js tnJe, correct Daytime Phone N umber (~'/"~ 1 By Daytime Phone Number ( Every petition for abatement or refund filed pumuant to section 39-10-114, C.R.S., aha, be acted upon pursuant to months of the date of filing such petiUon. 39-1-113(1.7), C.R.S. Section ti: Assessor's Use Only Ta~ Year Assessed Value Tax Original I<~ q: '7.J,,D '~ ,'~"~. ~.~. Corrected · qUMMARY APPRAIgAL OF THE PROPERTY LOCATED AT 1 ~gg J[~fllper Hill Road Aspen, CO 81611 as of August 29, 2001 for Wells Fargo Home Mortgage 119 South Mill Street Aspen, CO 81611 by Aspen R.E. Appraisers, Ltd. P. O. Box 7639 Aspen, CO 81612-7639 ~itkinCcanty Assessor 506 E.~ iain, Ste 202 Aspen, COS1611 Phone: 970-920-5160 R003995 Fax: 970-920-5174 i0:00 a.m. to 3:00 p.m.,~ ---. 05/01/2003 ----~-20~03~ 041 .... ....... [ 264320101002 ............... DANIELS DAVID A & JONN-E K 1599 JUNIPER HILL ILD ASPEN CO 81611 SUB:BRUSH CREEK VILLAGE BLK:3 LOT:8 DES C:FILING 2 RESIDENTIAL 1297900 1937900 640000 PLEASE REFER TO THE BACK OF THIS FOBP, g FO~ 16~'~F~RIVl,~-TIOg C(I~tC[fR['~iNG yl.qj ~AY ELECT TO COMPLETE THE BACK OF TXiS EOfi[~ T~ ~'RGTEST YOUR RESIDENTIAL 1297900 1937900 ~640000 1297900 1937900 j640000 Aspen st,m CO ___ZrpCod, .816!1~_ .-- ~"~ N/A c, ,,u ,~ 9629 .,..,.,,.,,.,,.... , .,., ~]]~tLeJ~J~:a~OL~[~qJg,~E~lch should affect lhQ ~U~lJ~c~[q marketability. Nelgj~bQrheode~wjlbjQ t~ls Rg~ELrlfl Ferl~_q~ aonllnaallv qllg~ 13rowth and Dried Increases duQJg_ the ~r~L!ZlJjy_ef the r8~lo~]~l[ic~ epqplovmenl iqrE~_oj~ 8~Q~ ~.~owmass VI[I~9. The subJ~c~jiaa good access lq qfl ~ecessary ~pDDortlna facilities ~ciqcplf~q schoo s shopCn_g,_ emelo¥~l]t al~d open space. The area offers excellent vJewq end recreational ooDortun[Ues. The As e · s o to andste aketa eal. s anl t sk re ct well sth mainp~me center for the Roarln Fork Valle . See Corn ants on Sales Co arfson A al sis tn the attach d Addendum to~e~ A raisal, re erties in the area are se~ll well or cash or wit conventional financin wfth the t Ical bu er in 0- Dinem~,4 Surve Net Provided for Review silo moa ~2.37 M/L Acre cocn~r cot 6. [] C~DUU.~ N~one r~epephy ~Slopes Moderately Southeast size Twical of Area Sh... T~al/irreqular Dr~age NO Problems Noted FEMA Zorm X ~Map Dale 06/04/_87 Aspen R.E. Appraisers, P. o. Box 7639 Aspen, CO 81612-7639 970-925-1849 Ltd. August 31, 2001 Wells Fargo Home Mortgage 119 Soulh Mill Street Aspen. CO 81611 Property - 1599 Juniper Hill Road Aspen, CO 81611 Borrower - Daniels, David & Jonne File No. - 21465 Case NO. - Dear Ms. Caoper: In accordance with your request, r have made a Complete Appraisal Analysis and prepared a Summary Appraisal of the real property located at 1599 Juniper Hill Road, Aspen, CO. The purpose of the Summary Appraisal is to estimate the market value of the property described in the body o~' this report. Enclosed, please find the Summary Appraisal which describes certain data gathered during our investigation of the property. The methods of approach and reasoning In the valuation cf the vari~3us physical and economic factors of the subject property are contained In this report. An Inspeclion of the property and a study of pertinent factors, including valuallon trends and an analysis ~)f neighborhood data, led the appraiser lo the conclusion that the market value, as of August 29, 2001 is $1,500,000 The opinion of value expressed In this report is contingent upon the Limiting Conditions attached to this report. It has been a pleasure Io assist you. If I may be of further service to you in fha future, please let me know. Respectfully submrtled, Aapen R.E. Appraisers, Ltd. Ben Manroe III Cert. Res. Appr. CO License #CO CR01314281 Exp. tg/31/03 ITEM CQMpARABLENO5 1,208 Sq. FL Gross 29,8% :Tub Gross 37.8% See attached comments. Aspen R.E, Appraisers. Ltd. Gross 9.8% ,,,,u,Hp~u,,e ~,, -'"~sal Analysis - Summary Appra' "Report "~aluatlon Sectlor~ UNIF RESIDENTIAL APPRAISAL REPORT I Fireplace. Deqks 861 SF 17.915 based on local buildinq costs of similar homes in the O*r,g~c,r,~ 606 sq F~$ 75 = 45.450 area. Physical depreciation is fiqured by the aqe/life 1599 Juniper Hill Road 55 Horse Ranch Drive 135 Baby Doe Lane 111 Maroon Coud Hot T~d, ~ -5,000 ~one _comparable PrO~~e than OQe year a~ c~,,~,,,~,,,r Ho~ to be In ve~Dd Cg~d on and Is ~~a~on and~atemeld o[ Aspen R.E Appraisers, Ltd. ADDENDUM TO THE APPRAISAL (1) NEIGHBORHOOD: Tile sl~bjecl is locate,:] II1 tile EIrLlsh Creek Village ~]ubdlvlslan, B.6 miles Iloltllwesl of Ihs City of Aspen and 3.§ miles nodheast of the Town af 8nowmass Village. All amenities can be [ound In Aspen with convenience shopping [ound In 8nowmasa Village. Views from pmpedles In this ama am excellent. The neighborhood boundaries are Aspen to the southeast, Snowmass Village to the southwest and Woody Creek to the nodh. The subdivision offer high-end second homes as well as homes for many Aspen/Snowmass employers and employees. Most properties are approximately two acres in size. The neighborhood contains a mixture of land uses dominated by 10 to 25 year old single family residences. Other uses include some small ranches. The neighborhood offers close proximity to town and rural atmosphere. The trend is upward in the neighborhood with many properties undergoing remodeling and upgrading with scattered new construction replacing vacant land. Transportation is provided at the base of Brush Creek Road by the Roaring Fork Transit Authority. The neighborhood is located in the Roadeg Fork Valley, a 40 mile long valley running from Aspen/Snowmass resort to Glenwood Springs. A strict growth management plan in the resort area has resulted in ve~ high property values throughout the valley. Properties in the subject price range and location are showing good demand currently. ANALYSIS OF VALUE INFLUENCES IN THE SNOWMASS VILLAGE AREA SOCIAL CONSIDERATIONS: Residents are typically attracted to a community for reasons including status, physical environment, services, affordability and convenience. The Aspen/Snowmass Village area is a world renowned ski resort and has been a popular destination resort for many years. The Aspen/Snowmass Village area features many annual cultural events including the Aspen Music Festival and School, DanceAspen Summer Festival, JazzAspen at Snowmass, International Design Conference, Aspen Food and Wine Classic. World famous speakers, musicians and artists constantly frequent the area to give seminars, perform and exhibit artwork. The area has close to fifty ad galleries and numerous Professional institutes, including the widely recognized Anderson Ranch Arts Center in Snowmass Village. The area offers an excellent public school system and several private schools including the Waldorf School, an altemative educational prOgram and the Colorado Rocky Mountain School, a private boarding school located in Carbondale, 30 miles northwest of Aspen. The schools offer excellent academic programs; Aspen High School has one of the highest rates nationwide of students continuing on to college. Excellent sports training programs are available with many retired well-known sports figures residing and coaching in the area. Colorado Mountain College, a junior college is located in Aspen and offers associate degree programs, excellent fine art department and n~merous professional and computer training courses. ADDENDUM TO THE APPRAISAL SI rE COMMEN rs: Fha subJet:t silo collslals afa 2.37 Mil. acre site which slopes modalalaJy southeast. The Site size Is typical of the Brush Creak Village 8LIbdlvl~l~. Views are excellenl of the ~urruunding area which Is als~ typical of most properties In Ihls area. Public utilities to the site include water, electric and natural gas. The subject has a septic system which is typical of the subdivision. Driveway surface Is Improved gravel. Landscaping consists of lawns, natural vegetation, mature aspen, spruce and juniper trees, scrub oak, natLtra[ grasses, split rail fence, gardens, flagstone walls, sprinkler system and railroad tie retaining walls. FEATURES OFTHESUBJECT: The subject properly consists of a 2,933 square foot residence situated on a 2.37 M/L acre site. Features include entry, living room, dining area, kitchen, 2 dens, office, breakfast area, mud room, laundry room, 3 bedrooms and 3.5 baths. Additional features include 606 square foot 2 car garage and 861 square feet of exterior deck/porch. The subject was totally remodeled on the interior in 2000 and is in very good conditiop at the time of inspection. Entry has slate floor, drywall walls, vaulted deck ceiling and guest closet. Living room has wood floor, drywall walls, vaulted drywall ceiling, stone fireplace with stone hearth and french doors to deck. Kitchen has wood floor, drywall wails, drywall ceiling, oak cabinetry with stone countertops and stainless steel backsplash. Appliances include Sub-Zero refrigerator, Gadand commercial range/oven with commercial hood, microwave, dishwasher and garbage disposal. Dining area has wood floor, drywall walls and vaulted drywall ceiling. Den has wood floor, drywall walls and ceiling and doors to deck. Half bath has slate floor, drywall walls and custom wood vanity with wood countertop. Mud room has slate floor, drywall walls and ceiling, built-in stainless steel cabinetry and built-in wine cooler. Bedroom 1 has carpet floor, drywall walls and ceiling and closet. Bedroom 2 has carpet floor, drywall walls and ceiling and closet. Bath 1 has limestone floor, drywall walls, custom wood vanity with wood countertop and ceramic tile shower. Den is open to den below and has wood floor, drywall wafls and vaulted dr?wall ceiling. -- ADDENDUM TO THE APPRAISAL (2) The full-time population of Snowmass Village is approximately 1,547 with numerous part-time residents and a tourist population which dses to 5,000 during peak occupancy. Employment opportunities are plentiful in the service and resort industries although like any resort community, seasonal unemployment does exist. The unemployment rates tend to be slightly below the national average during peak tourist seasons and slightly above the national average during off seasons. Snowmass Village is fully accessible with numerous commercial daily flights in and out of the Aspen/Pitkin County airport to Denver International Airport. Privately chartered aidine service is readily available. The area features several ground transportation companies with daily service available to both DIA and the airport in Colorado Springs. The local bus system, the Roaring Fork ~-ransit Agency offers excellent free local transportation within Aspen and fee service to Snowmass Village and all communities in the Roadng Fork Valley to Glenwood Springs. The Aspen/Snowmass Village area offers plentiful recreational and cultural opportunities, good school systems, absence of violent cdme and overall quality of life. The population in Snowmass Village has continued to increase, if only slightly, each year for the past 14 years. ENVIRONMENTAL CONSIDERATIONS: Snowmass Village is located in the heart of the Rocky Mountains, elevation 8,500. The climate is cool and dry (Iow humidity) with average annual precipitation of 24 inches and average snowfall of 200 inches. High temperatures range from 68° to 85° in the summer to 20° to 40° in the winter with Iow temperatures ranging from 50° and below in the summer and 30° and below in the winter. The town is surrounded by mountains and National Forest. The Snowmass Ski Area, Aspen Mountain Ski Area, Aspen Highland Ski Area and Buttermilk Ski Area are located in and within thirteen miles of downtown Snowmass Village. The Sunlight Ski Area is located 40 miles west in Glenwood Springs. The Maroon Bells, two peaks said to be the most photographed in Colorado, reaching an altitude of 14,126 are located southeast of Snowmass Village. Downzoning has resulted in a great deal of open space in and around the Aspen area. The Roaring Fork River Which flows through Aspen as well as many creeks and high mountain lakes provide world-class trout fishing. Excellent views abound throughout the area. Public utilities Including gas, electrlclty, water, sanitation, telephone including cellular service is available In moat neighborhoods. In those neighborhoods which do no have public water, excellent community water systems genera y fed by underground spring sources are typical Four radio and three television stations originate In Aspen. Cable television offers 42 channels Including six Denver stations and five national pay T.V. channels. COMMENTI!i ON ZONING COMPLIANCE: The I~ubJeut properly la a 2 3? MIt acre Bite which I~ t~lfueted In e AFR-ttI (^~HuuItural/ForestrY/Resldenllal zoning dlslr cl. 1 ~e it llln um ~1 e ~lze fur t m AFR ID mcr e d s r ul I~ tD acre~. Tle aubdJv e ur~ wa~ bulll befme lite uurfelit C[l~'[uma~ ful the area and tberufu~ h~ rid adverse effecl on file value o~ marketability el Ihs ~ubJect prepay If the property were destroyed, It could be rebu It. ADDENDUM TO THE APPRAISAL (5) C(~nll]allnG Ihs l]acellll]ar .11, 20l}1] dais lu Ilia AUGusl 21, 21]1]I dula ~lllGIJa~ls the fallowing; Ilia tulal number ~[ 8ale8 18 dewll 3~.5'y., Ilia l~lal 8ales dullar vUlllm818 d~)Wll ~2.9%, the aveFag6 8el~8 pdce 18 dUWll 2~.3%, the average days 1.7%. Comparing the AuGust 8, 2000 date 1o the August 21, 2DDI data suggest the following; the total number of sales Is down 25.7%, the total sales dollar volume Is down 47.7%, the average sales price is down 29.8%, the average days on market Is up 34.2% and the percentage of Ilsfing price to sold price is down 1.6"/.. All data wilh the exception of days on market suggests the real estate market is slowing at this time. We do-not feel the market in the area Is declining at tiffs point, Sellers in the Snowmass Village area typically have the holding power to force the market sideways until market conditions improve. We are extending estimated marketing time to 1 to 2 years to address the possibility of an extended holding period. Any seller wishing for a shorter marketing time will surely be required to discount his properly at this point. We shall closely monitor market activity to keep all clients up to date in the upcoming months. COMMENTS ON SALES COMPARISON ANALYSTS: The six sales used are the best recent sales available for compadson. There have been six sales of residences in the Brush Creek Village Subdivision in the past 12 months with prices ranging from $1,150,000.00 to $1,675,000.00. Comparable 6 is included in these sales. There are presently seven residences listed for sale in the subject subdivision with prices ranging from $1,050,000.00 to $2,650,000.00. COMPARABLE 1:855 Horse Ranch Drive is located 3 miles southwest of the subject in the Horse Ranch Subdivision. The property consists ora 3,362 square foot residence situated on a .60 M/L acre site with 4 bedrooms and 4.5 baIhs which was built in 1993 and sold April 27, 2001 for $1,485;,000.00 with conventional financing. Negative adjustment is given for *higher site value due to Horse Ranch location, for additional bath, larger square footage, 256 square foot finished basement, additionaJ fireplace and hot tub. Positive adjustment is given for lack of guest apartment. COMPARABLE 2: 135 Baby Doe Lane is located 4 miles southwest of the subject in the Ridge Run Subdivision. The property consists of a 2,944 square foot residence situated on a .47 M/L acre site with 4 bedrooms and 4.5 baths which was built in 1981, has been remodeled and sold March 20, 2001 for $1,675,000.00 with conventional financing. Negative adjustment is given for *higher site value due to Horse Ranch location, for additional bath and larger square footage. Positive adjustment is given for lack of guest apartment. ADDENDUM TO THE APPRAISAL (4) Master bedroom has carpet floor, drywall walls, vaulted drywall ceiling with skylight and private master bath. Master bath has marble floor, drywall walls, double wood vanity with marble countertops, jetted tub with marble wainscot, marble steam shower, large walk-in closet and private lavatory room. Laundry room has carpet floor, drywall wails, vaulted drywall ceiling, formica cabinetry and sink. Guest apartment has entry, living room, kitchen, bedroom and bath. Entry has vinyr floor and drywall wails and ceiling. Living room has carpet floor and drywall walls and ceiling. Kitchen has vinyl floor, dryw~,ll walls and calling and formica, cabinetry with formica countertops. Appliances include range/oven with fan/hood and microwave. Bedroom has carpet floor, drywall walls and ceiling and closet. Bath has vinyl floor, drywall walls, oak vanity with molded countertop and fiberglass tub/shower unit. Storage has concrete floor, unfinished walls and ceiling, hot water heater and sewer ejector. Detached 2 car garage has painted concrete floor, plywood walls and ceiling, shop area, built-in oak cabinetry, drop stair to storage above and door opener. SALES HISTORY OF THE SUBJECT PROPERTY: We are aware of no market activity of the subject property during the past 12 month period. COMMENTS ON SINGLE FAMILY MARKET: This statement was last updated on August 28, 2001. In order to establish market trends for single family residences in the Snowmass Virlage area, MLS statistical data is used to chart total amount of safes, total sales dollar volume, a~'erage sales price, average number of days on market and perceetage of listing price versus sold price. As of December 31, 2000 there were 56 salsa with tolal sales dollar volume $167,905,000.00, an average Sales price of $2,ggg,ogo.o0, an average days on market of 231 and an average sold priue of 94.5% of listing price. Comparing Augual 8, 2000 [e August 21, 2001: AK c,{ AUULlel 21, 2U[H Ilmm were 28 ~leG wllh tulal ~ale dulln~ nn~utJrll uf $fl2,tU2,DOD.UD, an average ~ales pdue of $2,3UD,O[]U.UO, an average riays on markel uf 385 and ae average ~eld price u[ 92.9% uf Ilstlrlg price. ADDENDUM TO THE APPRAISAL 60MMENr8 ON EXPOIilURE rIME: All estlmale ~]f leaSellabla expusure time It]r Ihs SlJI]~ecl l]roparty was ba~ed tin Ihs ~olluwJng when possible and appropriate: statistical Information abo~l the days on marke~ of slrnllar propedlea within the market area and InformalJon gathered through sales verification, Exposure time can best be described as that amount of time t~ would have taken lo sell the subject property at the Appraised Value If Ihs ~ale had occurred on the effective date of this raped. It Is different from marketing time which la the amount of time it might take to sell the property If It was put on the market on the effective date of this raped. The subject is considered typical of the market and the estimate of market value was based on an exposure time of 1 to 2 years. ADDENDUM TO THE APPRAISAL (6) COMPARABLE 3:011 Maroon Court is located 5 miles southeast of the subject in the Gann Subdivision in the Aspen Tennis Club area of Aspen. The property consists of a 2,510 square foot residence situated on a .37 M/L acre site with 4 bedrooms and 2 baths which was built in 1980 and sold March 01, 2001 for $1,525,000.00 with conventional financing. Negative adjustment is given for *higher site value due to location close to Aspen and for hot tub. Positive adjustment is given for older age of remodel, inferior condition, lack of additional bath, smaller square footage and inferior electric heat. COMPARABLE 4:50 Deer Lane is also located in the Ridge Run Subdivision. The property consists of a 2,602 square foot residence situated on a 1.08 M/L acre site with 3 bedrooms and 2.5 baths which was built in 1975, has been remodeled and sold September 18, 2000 for $1,560,000.00 with conventional financing. Negative adjustment is given for *higher site value due to location, for 1,208 square foot pad ally finished basement and hot tub Positive given for lack of additional bath, sma let square footage, smaller adjustment is 1 car garage and lack of guest apartment. The sale is over six months o/d, however there are no more recent sales available. Large site adjustment is unavoidable as this is the best sale available. Large site adjustment results in large gross adjustment for this sale. COMPARABLE 5:246 Stellar Lane is located in the Ridge Run Subdivision as well. The property consists of a 3,942 square foot residence situated on a .57 M/L acre site with 5 bedrooms and 3 baths which was built in 1988, has been remodeled and sold September 15, 2000 for $1,500,000.00 with conventional financing. Negative adjustment is given for *higher site value due to location, for larger square footage, additional fireplace and hot tub. Positive adjustment is given for older age of remodel, infedor condition, lack of half bath and lack of guest apartment. The sale is over six months old, however there are no more recent sales available. Large site and square foot adjustment is unavoidable as this is the best sale available. Large site and square foot adjustment results in large gross adjustment for this sale. COMPARABLE 6: 1144 Medicine Bow Road is located Jn the subject subdivision. The property consists eta 3,299 SqUare foot residence situated on a 2.8 M/L acre site with 3 bedrooms and 3.5 baths which was built in 1992 and sold September 8, 2000 for $1,675,000.00 with conve ' , . adjustment ~s grven for larger square footage. Po Negative inferior electric heat and lack of guest apartment. The sale is over six months is given for old, however there are no more recent sales available. I have reviewed the financing of the Comparables used In the report and find no special financing terms which would require adjustment. The slx sales used are given equal weight In determining value. Due to the selectivity of buyer In Ihls high end market, a merkellng lime uf 1 le 2 years may be encountered. 304' Bath L Bedroorn~J~-t Bedroom MAIN FLOOR Mud 70' 22.5' 28,9' Master 15.5' Beth UPPER FLOOR 22.5' AREA CALCULATIONS SUMMARY TOTAL LIVABLE (rounded) LIVING AREA EREAKDOWN 6 Areas Total (rounded) 2933 I=t8 11465 __r Daniels David & Jonne L,,.,~,rorC,,.~ c,~ Pi~kiL s~,., CO~ z¥c~o 81611 Aspen R.E Appraisers, Ltd. ~_ 1 ....... ~-oLHIIt[ BRUSH CREEK VILLAGE Aspen R.E. Appraisers, Ltd. Sh,-' m CH/AREA TABLE ADDENDUM Case No 21465A File No 21465A 6,0' 20,0' Shop Living 25.0' Kitchen I Two Car Garage GUEST APARTMENT AREA CALCULATIONS SUMMARY AREA BREAKDOWN Subto~tt=l$ 1=1t 4599 ZONE X ZONE ZONE ZONE 7362 ZONE A ZONE X Aspen R.E. Appraisers, Ltd. LOCATION MAP FILE 21465 COMP 6 1144 MEDICINE BOW RD COMP 5 COMP 2 135 BABy DOE LANE 111 MAROON CO[JRT PHOTO ADDENDUM: COMPARABLE SALES COMPARABLE #1 85§ HORBE[ RAHCH DR£V~ E'RONT VIeW COMPARABLE #2 135 BABy DOE LANE FRONT VIEW COMPARABLE #3 111 MAROON COURT FRONT VIEW Aspen R.E. Appraisers, Ltd. Fl~ #: 2~ PHOTO ADDENDUM: SUBJECT PROPERTY FRONT VIEW OF SUBJECT PROPERTY REAR VIEW OF SUBJECT PROPERT~ STREET SCENE PHOTO ADDENDUM: GENERAL PHOTOGRAPHS KITCHEN 1599 JUNIPER HILL ROAD LIVING ROOM 1599 JUNIPER HILL ROAD BATH Aspen R.E. Appraisers, Ltd. PHOTO ADDENDUM: COMPARABLE SALES COMPARABLE FRONT VIEW COMPARABLE #5 ~ 246 STELLAR LANE FRONT VIEW __ COMPARABLE #6 1144 MEDICINE BOW ROAD FRONT VIEW QUALIFICATIONS OF APPRAISER BEN MUNROE III PROFESSIONAL EXPERIENCE Firm: Aspen R.E. Appraisers, Ltd. F,e#: 2~.~ PHOTO ADDENDUM: GENERAL PHOTOGRAPHS 1599 JUNIPER ~ILL ROAD DETACHED GARAGE 1599 JUNIPER HILL ROAD 1599 JUNIPER ~ILL ROAD VIEW FROM PROPERTy STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CEIITIFICATION _THE SC~OOPE OF~THE APPRAISAL The purpose of the appraisal is to estimate the market value of the subject properly as defined herein. The function of the appraisal is to assist the above named Lender in evaluating the subject property for lending purposes. APPRAISERS CERT FICATION OF VALUE The undersigned does hereby certify that, except as otherwise noted in this appraisal report: I have no present or contemplated future interest in the real estate that is the subject of this appraisal report and I have no personal interest or bias with respect to the padies involved. To the beat of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal unbiased professional analyses, opinions, and COnclusions. I certify that to the beat of.my knowledge and belief, 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, and of the Uniform Standards of Professional Appraisal Practice (USPAP). I certify that my educational background, training, experience, and that the adequacy of the research and analyses done in the preparation of this appraisal qualify me to comply with the Competency Provision of the USPAP. No one other than the undersigned provided significant Professional assistance to the analyses, conclusion, and opinions concerning real estate that are set forth in the appraisal. I certify that the use of this report Js sub'ect . relatfng to review by its duly authorized ~_.__to the.. requirements of the Appraisal Institute Certified Residential Appraiser Colorado License # CRO1314281 Expires: 12/31/03 Date ,~,p~ SUPERVISORY APPRAISER'S CERTIFICATION: ADDRESS OF PROPERTY APPRAISED: 1599 ~[11 R0a_~en. cO ~ APPRAISER: -- Name; I~erI Munrge C~ed. Res. Appr~ SUPERVISORy APPRAISER (only ff requlred}: Page 2 of 2 Aspen R.E. Appraisers, Ltd.