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ADDENDUM- PAGE 2 OF 3
<br /> SPECIAL CONDITIONS/ASSUMPTIONS:
<br /> 1. The methodology, selection of data, analyses and conclusions contained In this appraisal
<br /> report remain the intellectual property of the undersigned appraiser and are pot transferable.
<br /> This appraisal,or any portion thereof,may Late copied,disclosed,transferred(electronically or
<br /> otherwise), or used in conjunction with the development of any products, services,or databases
<br /> (electronic or otherwise), without my written consent. Further, the undersigned appraiser
<br /> assumes no obligations, liability or accountability to any third party. If said appraisal report is
<br /> placed in the hands of anyone but the client,said client shall make such party aware of all of the
<br /> assumptions and limiting conditions of this assignment.
<br /> 2. It Is assumed that the subject property, a currently unused water chlorinator site, is
<br /> unaffected by any toxic substances, hazardous wastes or materials, as well as any soil
<br /> contamination.
<br /> 3. The subject site contains a partially collapsed and deteriorating metal drainage culvert,
<br /> running westerly to easterly that bisects its northerly portion(see attached photographs). It Is
<br /> assumed that said collapsed/deteriorating culvert has been either been replaced or removed by
<br /> the County of Hawaii. If said culvert is removed and backfilled, it is assumed to no subsequent
<br /> flooding to the subject site or surrounding properties will result from Its removal.
<br /> 4, It Is assumed that the site's enclosed caged metal stairway (see photographs) has
<br /> already been removed,as of the September 28,2012 date of valuation.
<br /> 5. It is assumed that the subject site does not contain anything of historical, cultural or
<br /> archaeological significance,which Includes burials.
<br /> 6. It is appropriate to note that Hawaii County Real Property Tax Office records indicate that
<br /> the subject site comprises a land area of 14,723 SF; while the State of Hawaii Tax Maps, a copy
<br /> of the site's deed and a consolidation survey map by John D.Weeks, Inc,, dated September 12,
<br /> 2010, all indicate an area of 14,736 SF. For purposes of this appraisal the subject's 14,736 SF
<br /> land area was used. If the 14,736 SF area proves incorrect, the 1.3 SF difference in land area is
<br /> considered to have minimal impact on the resulting value.
<br /> 7. This appraisal report was prepared in compliance with the Home Valuation Code of
<br /> Conduct(HVCC)and,if applicable, Fannie Mae(FNMA)guidelines.
<br /> 8. Upon the advice of counsel, the appraiser limits his liability for this appraisal report to a
<br /> period of 180 days past the date that the appraisal was signed.
<br /> ADDITIONAL SITE COMMENTS:
<br /> Again, the subject property exists as a remnant parcel, formerly used as a water
<br /> chlorinator site; referred to as the Kukuihaele Water System Chlorinator Site Owing to its natural
<br /> gentle to steep slope/cliff topography and steep access, it is questionable if the property's 14,736
<br /> SF land area could be used as a rural residential home site. Thus, the most likely potential
<br /> interest in acquiring the site would be from the adjoining/surrounding property owner(TMK: 4-8-
<br /> 07-32), such as the identified client and primary intended user of this appraisal report. Said
<br /> assemblage would allow for consolidation and resubdivision of the two properties, resulting In
<br /> greater utility.
<br /> COMMENTS ON SALES(MARKET)DATA:
<br /> Preliminary research was initially conducted to uncover recent and similar remnant site
<br /> sales in the immediate Kukulhaere sector and other sectors of the Hamakua district. The scope of
<br /> work was further expanded to include sales of rural resident/al use house lots for use In
<br /> measuring and abstracting anticipated time adjustments. Other facets of the scope of work
<br /> included inspecting the subject and its environs,as well as the market data uncovered,organizing
<br /> and verifying the data gathered. Sources included Public Record Data (PRD), Multiple Listing
<br /> Service (MLS), local real estate sales agents and professionals. The appraiser's files were also
<br /> researched for data contained in a similar character appraisal assignment.
<br /> In all, seven vacant land sales were selected for use In forming an opinion of value for
<br /> the subject property. Four (Sales 1 — 4) are remnant character property sales that occurred
<br /> between May 2005 through February 2011, In addition,two finished house lots(rural residential
<br /> use) lots (Sales 5 & 6) were also cited and analyzed, as well as the recent sale of the
<br /> adjoining/surrounding property: TMK: 48-07-32 (Sale 7). Eight additional remnant sales were
<br /> also considered and studied, occurring August 199/ through April 2005. Of those, four are
<br /> situated in the subject Hamakua district (April 1996 through March 2004), while the remaining
<br /> four(August 1991 through April 2005)are located in the adjoining South Kohala district.
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