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LAND APPRAISAL REPORT Kona Heights File No. 3357 Borrower FRYE _ _ _ Census Tract _216.01 Map Reference 375-29-53 Property Address 75-5787 Nele Place City Kailua-Kona _ County Hawaii State HI _ Zip Code 96740 _ Legal Description LoHf108 Kona Heights Subdivision Inc II, F.P. 1077 Hienaloli 5 && 8 North Kona Sale Price $ Not disclosed Date of Sale pend'ing__ Loan Term Unknow yrs. Property Rights Appraised Fre Leasehold Ir~ De Minimis PUD _ Actual Real Estate Taxes $ 685/Ind 03 (yr) Loan charges to br, paid by seller $ n/a _Othel sales concessions Unknown Lender/Client Clark ReaIN _ Address 75-5722 Kuakini Highway Suite 103 Kailua-Kona HI 96740 _ Occupant Residence Appraiser Joelle BaIrdlLarry R. Baird Instructions to AppraiserFormluate Opinion of Current Market Value for unim roved lot to determine the er 5 Ft. value of coon ri ht of wa that is bein encroached into b sub~ect rock walls. Location Urban Suhurban Rural Good Avg. Fair Poor Built Up ~ Over 757 257 to 757 'I 'Under 25% Employment Stability 'I Growth Rate ~ ]FullyDev. [ Rapid Steady i, 'Slow Convenience toEmploymeM I,_] ' Property Values j>~ Increasing [ _ Sfahle ~I I Declining Convenience to Shopping _ ~ Demand/Supply j~<] Shodage r~f In Balance Oversupply Convenience to Schools ; _ Marketing Time ~ Under 3 Mos. ~ ] 4-6 Mos. _ Over 6 Mos. Adequacy of Public Transportation ~ j ] ~ ] ! _ I Present Land Use 70%1Family72-4 Family %Alda __%Condo_ _%Commercial Recreational Facilities ~I Y Industrial 307 Vacant % _ _ Adequacy of Utiltties ~ r~ ~ 1 ~ - ~ - Change in PrasaM Land Use Not Likely ~ Likely i` Taking Place Property Compatibility ~ ~ d, I i, From _ To _ Protection from Detrimental Conditions I ~ , I Predominant Occupancy j~"j Owner ~ Tenant _t %Vacant Police and Fire Protection I 1, ~ Single Family Price Range $ 300 000_ to $ 600 000_ _ PredominarA Valor, $ 400,000 General Appearance of Properties I Single Family Age New yrs. to 30 yrs. PradominarA Age 15 yrs. Appeal to Market ~ _ Comments including those factors, favorable or uMavorable, affecting marketability (e.g. public parks, schools, view, noise):Kona Hel htg s is a residential subdivision _ located a roximatel 1 mile SE of Kailua Village (largest town in_ West Hawai1,major servicesJSchools_approx 2 miles NE. Hospital is _ located a roximatel 12 miles S Improvements in sub__division range. from averagegood quoit sin le (omit homes. Views from subdivision ran e from some ocean to ood coastline. Dimensions See attached maw _ _ = 9,630sf _ Sq. Ft. or Acres Corner Lot Zoning classAlcation A-5A(agriculture min 5 acre lots) formerly unplanned.. Present Improvements _ do ~ do not conform to zoning regulations Highest and best use Present use ]Other (speedy) _ Public Other (Describe) I OFF SITE IMPROVEMENTS Topo Moderate _ _ Elec. Street Access i Publle Private Size TYp'ical for Subdivision Gas ~ Indlvidual___ Surface Asphalt (Shape Rectangular Water _ _ Maln[enance Public ~ ,Private View Some Ocean _ San. Sewer j f Cesspool _ ~ Storm Sewer ~ ,Curb/GiMer Drainage Appears Adequate. Underground Elert. $ Trl. Sidewalk _ _ ~ Street LIgMs lathe property located in a HUD Identified Special Flood Hezerd Aree? ~ No Yea Comments (favorable or unfavorable'mcaiding any apparent adverse easements, encroachments, or other adverse condlunns). .FIRM CP 155166 713D revised 6/95 No adverse easements. Sub-act is improved with residence $ ancillary improvements which are not valued in this report. No value given to landscaping or rock walls on site. Subject rock wall encroaches into coon. ri ht of way View from ground level of subject is some ocean. The suh~ect roe is current) in escrow list rice $489 000 details of sale were not disclosed to a raisers. The undersigned has recited three recent sales of propedles mast similar and proximate to sublet( and has considered these In the market analysis. The description includes a dollar adjustment reflecting market reaction 'o those Items of significant variation hetwren the suh'lect and comparahle pronertles II a signdlcant Item in the comparable property Is superior to or mare favorable than the subject property. a minus adjasfinent Is made thus reducing (he indicated valde of sublecL d a signlhcant Item In the comparahle is inferior to or less favorable than the subject property, a plus adjustment is made thus increasing the indicated value of the subject. _ ITEM SUBJEGT_PRQPERTY COMPARABLE N0, 1 _ _ COMP_A__R_ABLE N0. 2 _ CO_M__P_ARABLE N_0._3_ Address 375-29-53 375-27-20 377-21-103 373-34-59 75-5887 Nele Place _ 75-5819 Peleklla Place _ Kololla Street _ 73-4338 Kukulu Plac_e_ Proxim' to Sub~ect _ 9 Sheets West 2 Miles South 5 Miles NE _ Sales Price $ Not disclosed $ 140,000 $ 200 000 - $ 175 000 Price Per SF $ _ _ r~ _,_17.78 _ $ 13.2.6 $ 16._8_4 Oata Source Ins ectionl_Broker _ _ _ MLS/TMK/Files MLS/TMK Service _MLS/TMK/Broker - Date of Sale and DESCRIPTION DESCRIPTIONN T++(= f $ Adllst. DESCRIPTION + - $ Ad'ust DESCRIPTION. T+I- Adust. - _ Time Adjustment ending 8103, DOM 4 _ I +q 0_,000 11/03 DOM 7 1/04 DOM 1 ~ _ Location Kona Heights Kona Heights Komohana Kai Kona Palisades +10y00 SdeNiew 9630sf _ 7870sf_ +5,000 15081st -10,000 10389sf View Some Ocean _ Ocean _ _ _ =_5,00.0_ Good Oc_ean_ -10,000 Some Ocean Access Paved _ _ Paved Paved Paved Im rovements Not valued Old Grubbing Grubbed Old Grubbing To o ra h Moderate Moderate ~ .Moderate ~ Moderate _ Sales or Financing Unknown Conven Conven Cash Concessions MLS# 125241 D#03-170201_ ~ _ _D_#03-2460_69 MLS# 129112 Net Ad~. Dial - ~ 40,000 ~ ~ + - $ 20,000 f`< + - _ _ 10,000 Indicated Value - of Subject $ 180 000 $ 180 000 $ 185,000 Comments on Market Data: Comp#1 is the most recent land sale in Kona Heights~ncreasing market TMK: 382-11-5-2 sold in 6103 for $165,000 &now in escrow for approx $279 000 an approx 30% increase smaller site slightsuperior view Comp#2 Is tar eg r site su eP riot view. ~slmllar location- Comp#3 is infedor for location historically lower values), similar size ste with simtlar view See additional escrow- Commerrts and Conditions of Appraisal: This apLraisal Is a complete appraisal summary report for encroachment settlement up rposes not Intende__d .for an other use. There are no current land listings in Kona Heights or in the general area Appraisal values unimproved site free_f_ro_m all _ _ _ improvements and existing encroachments See attached letter addressing the value of the area under the encroachment. Final Reconciliation. Market roach i the best indicator of value for the subtect as It represents actions of buyers & sellers in the open market No cost approach due no buildings that are valued No income approach because residential sltes_are not typically bout & sold for its income potential. 1 ESTIMATE THE MABAET~ LUE AS O~IN SUBJECT PROPERTY AS OF FebrUarY 3 ZD O4 }0 be $ 190,OOO r - - _ ~ C ~ N /~~~,~,..:f,.i~/ J Ile Bair arty B ~ d _i' / _ Did ~ Oid Not Physically Inspect Property Apr tsar(s) f Review Appraiser (it applicable) jypK'~ i BAIRDAPPRAISALS Form LND - "TOTAL for Windows" appraisal sofhvare by a la mode, ma -1-800-ALAMODE