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HomeMy WebLinkAboutCOM 0658.001 1998-2000 Stephen K. Yamashiro Harry A. Takahashi Mayor DIreCtO/ :i,• S. K. Schutte ~r° of'Ni'M~ D ut N y ~ouutp of ~amaii DEPARTMENT OF FINANCE 25 Aupuni Sheet, Room 718 Hilo, Hawaii 96720-4252 (808)961-8234 Fax (808)961-8248 C7 i1 ~ _ ~ - 4_.. March 9, 2000 r c,~, The Honorable Chairperson James Arakaki ~ ` ' and members of the County Council Hawaii County Council 25 Aupuni Street Hilo HI 96720 SUBJECT: REFER TO COMM.6'S8 (RES. 214-00) Appraisal report for acquiring sewer/water tine easement over government road Laaloa 1" -Kapalaalea god (Beach Section) N. Kona, Hawaii TMK: (3) 7-7-10 As requested by the Public Works Committee, enclosed is the appraisal report for the government rightof- way that Mr. Robert Robertson is interested in acquiring. The report was prepazed by Balro Appraisals and submitted to the Department of Finance by Wes Thomas Associates for Mr. Robertson. If you have any questions, pl se call Stanley Iwamoto at 961-8438. Harry A. Takahashi Director of Finance Enclosure Comm. No. b 5 ~ ~ DOI FileNo._ poG~5Ut3 Ref'. Tu: C~wnei MAR 1 3 2000 Re`. C>ate_ ~ BAIRD APPRAISALS P.O. Box 665 Captain Cook, Hawaii 96704 Ph: [808] 322-2634 Fax: (808] 324-671 8 ~Llgllst 27, 1999 Robert C. Robertson 155 McKnight Drive Laguna Beach, CA 92651 RE: Appraisal for Purchase of Water & Sewer Line Easement Over c~ Across Roadway Remnant ICapalaalaea 2"`~, North Kona, I [awaii Dormer TMIt: 377-10-Por 81 (Between TMK: 377-10-6 c~, 76) Dear Mr. Robertson: The roadway remnant lies between your two lots and extends in a northerly direction to its terminus below Alii Drive. The roadway remnant contains an estimated land area of 3,251 square abet and constitutes the larger, or parent parcel, from which the easement would be granted. The subject easement would be l5 feet wide, lies at the southern end of the parent parcel and would allcct an estimated 350 square feet of the parcel. Li orda~ to ii~rnwlatc an opinion as to the value ofthe easement to the conveyor, a measure of the loss of property rights by the granting of the easement is necessary. By granting of the easement, there would he no severance damages or special benefits associated with the conveyance of the oasemcnt. Typical appraisal practice in measuring value of such easements is undertaken by estimating the efTect that the loss of property rights has by imposition of the easement to the properties unencumbered fee simple value. The procedure first calls for estimating the uncncunrbemd fee simple interest of the parent parcel (see attached appraisal), and then measuring the percentage loss oCthis value in granting of the easement. I have assunuxi [hat the allccted Circa oCthe parent parcel has a value comnunsurlle with the value of the whole parcel. In other ~n~ords, the allcclal area has a value per square root similar to the square foot value ofi the parent parcel. "I'he p;urnt parcel is a nrulway remnant, with the subject water and sower lines buried therein. L h;n~e ussunrcd that any future excavation ol'thcse lines would result in redevelopment to allow vehicular passage over the ailccted area. 'I~herelixe, granting oCthe subject cascmont would have lit[Ic inyxrct to the current roadwtry usage of the parent parcel. The loss of value to the parent parcel, being minimal, should not result in a large percentage loss to the unencumbered fee simple Page 1 of 2 value by granting of the easement. Typically, in such cases twenty percent value loss is considered reasonable and has been estimated for the case of the subject. Unencumbered I'ce simple value of the parent parcel is estimated at $10 per square riot. The subject casement encony~asses 350 square feet, therefore, has an estimated unencumbered fee sim~~le value of $ 3,500. applying the twenty percent loss in property rights as the impact of the casement to the parent parcel's unencumbered fee simple value indicates $700 ($3,500 x 20`%). Li my opinion, as of august 23, 1999, just compensation as a result of granting of the water and sewer line easement through the roadway remnant is estimated at: SGVGN llIINDRP'D DOLLARS (5;700) Trust theii~rcgning and attached appraisal summarize my opinion as to the estimated value of the casement. kcspcctf Ily submit d, ,any Z. 1 air, Ccr~ificd General ~lppraiser1~2S6 (Lspires 12/31/99) Pa~~c 2 of 2 LAtSO APP~iA{SAL REPORT Alii orive File No. 1768 8ouowor I:O [3ERTSON, Robert _ Census Tract 215.98 Map Reference 3.77-10-Former 8l PrupnrtyA~.IJrr<~s Off A6i Drive _ City Koilun-I<ono _ County Hawaii _ Strde FII Zip Guile 96740 LPg rl Ocsciil,li,n Former Parcel 81, Road F emnant, Kat~alaalaea 2nd, North Kona S de Prier 3 I'er q. F1. _ paf~~. ut Sd: _n/a_ Lu:m Team nla _ _ y:s, Pmpeity Righfs AppraiseA ? Fee ? Leasehold ? ~e Minimis PIJ<7 Ached Fr:d Ed,Ge Taxn> y~_n/:~ _ _ (yr) Lorin ch:ugos to be p;rid by seller $ nla Other sides concessions n/a _ _ _ Lendou C:~ont _Rcbert Rchert°;on _ _ _ Address 155McKnight Drive, Laguna Beach, CA 9_2651 _ Occupr:nl Vacant _ _ _ _ Apprueu Larry R- f3aird _ Inshuctions to Appraiser Formulate Opinion of Current Market Value of Sewc-r Line Easement, appraisal values property rior to easement, see attached re ardin easement. Loc;di~~n ~ ~i Urh:m `v Subwban ? Fund Good Avg. Fair Poor built Up ~i Over ;5% ~xl 25% to 75% under 25% Employment Stability ? ? ? ? Growth Fade ; _ J Fully Oev. ? F:yriJ j= i Steady ~ _ Slaw Convenience to Employment ~ ? ? ? Property Values _ ~I Incre;uing ~ Stable ~ ~ Declining Convenience to Shopping L_ ? ? ? Uem r id';ulgay Shuda9e ~ „ In B;dance _ Oversupply Convenience to Schools ~ ~ 111 ntrti Iin:n _ Undr:r Mos. ~ 4 G p4os. ~ OvrrC Mos. Adnyuucy of f ublic Tcrospoit:dion ? ? P: e;:nrd L:n.l II<e t Cr::~dy 2'% 2-~ Family _ 1%Apts, 3T/ Condo . _5% Commercial Frc: e:dional Facilities ! ? _ I~~;~P,rd::,d 3(: Y. V rani _ "/o _ Arloyuncy of lltiliGcc ? ? Ch m I Pn~.rent Lu:! U:.: ~ Nan t 11 rly LlGely I T:d;in9 Pl::ce Property Comp;dibilllY ~ ~ I` ~ ? (`j [win _ Tu _ PurlecGon ham Ur:himental Condltiuns ~I ~ l`'~ ? ? 4 Pn~.~P~rnm.ud Ozer:', r~ Oc:cei lr:nant 5 "/,Vacant PuGce andfin: P:oir.ctlon ? ? ? Gull f~.m~~l,~P~~,, I:,nrp. 1'S,OOU V+$3,000,000 P:edontln:ud Volun y'. 250,000_ Genmal Appear:mce ut Pmpedias ? ? ? I- I F:~vv ~!c to 40+ yra. Pu:dontin,rnL1(p: _ 15 yr,. Apparel to P.9;uket ? ~ ? C~~~rnn rh Inrlud6ig Ihuem Lrclul s, L:vumhle u: untmorahle, a0eetiug marhr.t.drillly (e.g. publle p~uks, sclrools, view, noise): Subject area is_ located approx 3 miles South of I<,r.h:.9 V~~Ilnne (larg~,et Lown in West liavvail, major services-,police fire). _Flementary school approx 1 mile NE. High school approx 5 rnllas L:E Al~pral Io rnmkot S n•cr ratlonal_faeilities are considered Oood because of areas pr oxiindy to ocean " Uri nrrnLu, ~ o, e ull'idl a°d rnul; 3,2515f Sy, ft. or Ame> ? Curnr;l tol ham ~ L~. r.Ji dh~n G~,t ?hI r::,i,h•- Ro:,J remnant _ Prrsent Improvements do f do not corAurm to zoning regulations II : ,t r„~ ~~.~.~.t ~ :-u~.,~ad a>e Olhr.r (sped!?) _ _ Pc!dlr htlr~a (ft,,;.rrll~r.) Off SIZE 114PIi0VB0lEP1TS Togo Moderate Chic. ~ ~ liherl Access ~ ~ Public _ Piivale Size _Smaller than typica_I- road remnant _ _ _ _ Ua,a Indivlducil 8ud:rce Asphalt _ Shape Long & Narow _ lJ::nm ' L1:riulen:mce ~ ~ Publle P:iv:de Vlew Ocean 5:. >~.c,nn I Stoun Saner ~ ~ Cwb/GutL;r Urrinage Appears adequate _ Un,ha9ruund Clncl. R Tel. ~ Srlewdh ` ~ Sheel Lights _ Is the property located in a Ht10 Idenirfietl Special flood Haz uA Arra?~_ Nui Yes Corrnas!r.,w+dde urmd~ivorobi.. it lrihpanp siganPnt adverse easements, encroacl meats,mother adverse condl6ons): FIRM CP 155166928C revised 9188. The subtc-t c. ~ portion of former roadway parcel 8L The parcel is a road remnant that is located just off Alli Drive & is seperated from Alii Drive by p ~ 7:r Th > sul~lect is ? prrtlon o1 currant driveway to parcels G & 7. The sales used in the market approach are other remnants sold in the s: rl_: t :u r__a=Nu :our e r ~ c~-: i1 soles vvo: e riiscovered_ lh : ~ i Ir1ir.~l I , i _ ib,.I Ilan : r.a sdre r I pral ~~.rtled mu,t nunl4n mnl pioxlnsd:, to subject ;mil h:r~a cor1. IJ~;: rd hinar. to the m.u ket m:dyo~ls. the drscriptian inClndPS a dollar ~,,I i t r ~ a, t~~e.r. ib nn yr ~irlnGr.ntr v:u Ld.un befa~ucu the subject :u:J comp,uah6, pn,p~~.ra;. a eiyh!c;rnl 'dern in ihr. cnntp,ua b, propmty is Supra for to ; : n L,:. ~..i~ I : : r il~~ I I 1 I d,, nrau, ;..It u,.tuei~I e roads ihu.; reducinrl ihr iodic:d,~.d v,due of suhjr cl; A a signda:nr 'dram hr the comparobie is inte(wr fo u: less to i. r ui n ~ I p~~. ~I, . I'a,. : It : I ~.d I:. nrr I ih n incr;iam~g rho InJIu:Jrad value at the ,~ubjrcL i GUI-. r~ I I 'Pfli I i ~ 1:1PAHAULC fi0_ I COF4PoIFN]lE P!0. 2 COMPARABLE N0. 3 A I i :Ir /A. i to I C511 iA!II f rive A6i Drive h Laoloa Avenue Oif Akai Street 3i:-ia-I-orir,rr ~~1 377-10-Portion of Former 81 377-17-f=ormer 59 377-16-Po:_Lion of Former 23 Fw : r r, lu Suhjr,,t ~ _ Adluins App: ox tl2 A9de Northeast App: ax 3/4 h1ile Northeast G Iil~~ I'~i5q It ti 16.76 q, so2> !~g 1as P~icr: Tor,IPnce 1G,7oo ~~I~ 15,100 _ _ r: ~ z,ooo Ll t: Suwa:; In peclon; Sur veyur TMK Service/6~ryi°a Appraiser TMK Service _ U d I'.J i6 ,m I :'LCI'IPIIUIU OFSCFIPTIOIJ ~I 1 (-)a; A:I;usl [IESCHIPTI0IJ r (-)9.' Adjust OESCFIPTION Adjm~t. - Tip, n.. :.I~r., 12/97 10191 _ _ I 5/91 t;~r~di.; UIt f~.,u D~. n~~- O(I A'.ii U:ive Alli Drlva While Sands Subd 8ilr: Jin:; S" ~1;1 1214x( 1682sf 1343st _ _ V:.'r ~ U e:,u Oceun Sorne Ocean _ Nelyhborhood _ Sl.,gre ~ c. y d Narrow Nohow _ Long & Narrow _ _ _ Long d Narrow ' S:Jr'n' ar 1 m:uxm9 nla Cash Equlvalenl Cash Equivalent Cash Equivalent ~ I CW rr~ m-, Dp9 2-209480 9 DN Not Avatlable D#91 066070 $~I _ Inds d I J.u. _ _ I _ _ _ r of u i t g, 13.76 ~'~i q, 8.02 _ _ $ 1.49 C;i un l t r. No rs for i r~ .ire av:;duble, ?ppr ai= ~I assumes sll hansuchons Wrre cosh e:_IulvalenL No nrijusiment was made to c i i P L of 6; r o it .:'r.- ~ u ~ t y r air r I/u.On : t Compp9 r <nr hid : 1 I r.t °m;:l..r i h re'pect to lac :non 3 via_w_.__ C i r i ~lii~~ i i i rl,. i ~tiG; Io rr tun t~(; rjoins) Cu ~ I C i I r,l ~i i I rr;l ,ii .d i ; nr I 'rte u i urr.veyreport for c v-.en u~t ~,a u,;tun purposos nit :ntendrd (or any other u~:e. n~i: :r r ~ ~I me ~ ~ h n:n,r,~a ui the c:~5mrnerd (I~obcrLso n) & Lne sell rer of the easement (L aunty of Hawau) Tliis of ; i i a11, r. 0 r: u~. ii ~ab~r,-:I Ir.v voice of the parent rcmnsant parcel. ;ize of su;,ject s per Wes Thom v, Assaciete; S is~ the best Fin r : ~ i E.'.dlun i b.~ t i~l~rro;-h s I.e Uest indicator of value fro. Ute s:blect. Income S cost approorhes u: e nut applicable. [stimated _ i c v.,lu. prr s~.i~ .r r t%wt "i:-, I ~ 1 r `z 1 ri Or! 500 rounded. r Esru,rnr r,r r r r unr.u~, ns oun.eu, ue su¢a[cr nnm•exrr ns oe August 23 14 99 to be 32,500 L' r y t'. i i:u _ _ ~ Did Uld fJul Flrya9cally Inspect Proprnty ppi::i. i lsl Rnvi::w Appr:ri~nr ('d appllcabla) J bead Appraisals form tPrD "1 OTAL `2000 iw Windows" appraisal software by a la mode, inc. - I-SU(1-ALAPdOUE DEFINITION OF MARKET VALUE: The mast probable price which a property shoidd bring in a competitive and open market under all conditions reyui;lte la a rah JaiP„ the buyer and seller, each acting pendently, knowledgeably and assuming the price is not nhected by undue stinndus. Implicit in this definition is thn consumm:dion of a sae as of n spe.eBled date and the pas's'ing of ptle floor seller to buyer imdei contlilions whereby: (1) buyer and seller are typically mofm:ded; ~2) both padres are wall iniuimed ui wrll advised, :rod each acting in whtd he considers his own best interest; (3) a reasonable time is allowed fur exposure in the open m;~iket; (4) payment is made in teams u( cosh in U.S. dollars or in teams of financial anangemenis comparable thereto; and (5) the price repies~~nts the noun:d consideriGon for the properly solJ unaflrcted by sprci,d ar creative financing or sides cuncessiuns* granted by anyone associated with tl ie s: ~ e. • AJjustnients to the cutup:nahlrs must 6e made fur special or creaive iin;mcing or srdns concessions. No adjustments are necessary for tl~o>e casts which are normally paid by sellris as a result of hatliliun or huv In a market aura; these casts ere madily identRiable Since the sr.llyd pays tln~::e costs in virlurdly all sales h,~nsaclions. Special or curative financ'mg adjustments can be made to the aaiq~:u:able Inup~~,ily by comp;ui:.ons lu financing luaus otfnmd by a third panty imtitutionul lender that is not :dieady involved in the I~noprdq of hansachon. Airy adjustnnml should not he c:dculnte,J on a mrchanical dollar for dollar cost of the financing m concession Lie Ihr. d~.ICu anw,ml ui any ailjusintenl should appioxim:de the mar lints reaction W the financing m concessions based on the a, ~pieiaui's jaJilrnm.:.I STATEivlENT OF LlfvilTiNG CONDITIONS AND APPRAISER'S CERTIFICATION COYJTfNGENT NND LIiv71TIIVG GUN~1710NS: The appiaisri's ceddicntion that appeals in the appraisal u;poit is subject to the following condilion,~. 1. The ayipnisei w~hl not be iasponsihle for matters of a Irgal n;dwe that uffncf either the properly being appraised of the title to it. The appenlser assumes that the tills is good and mai6ehible and, ihemlaie, will nut render any opinions about the title. The pwpi;ity is :yipmised an the basis of it being water responsible owncishlp. 2. The ;q,pmisei h:c; provided a sketch in the appc6sd iepod to show appioximale dimensions of the improvements and the sketch is includaA only to assist the m,ulni of the iepud in visualiring the properly and undeis4mding the ;ygnaisei's deter urination of its size. 3. The appiaisin h.c examined tl~e available. flood m:qs th:d :ue piuvidrd 6y the kedeud Emergency Management Agency (ot olhni dada sources) and has noted in tiro ;gqu,~isal mpud whclhei the subject sib: is lucole,d in an idrniRied Sp~~.ci.il FIouJ Nnraul Area. 6ne,wse the appriisei is oat a swveyoi, he or she makes nu Bpi:u.cne:~s, cxpiess of rani: ~iad, icryud ;y Ibis d~:L iminallun. 4. 1'hr, nppcii,ri ~o7d uul g'v.'. tr-:;timuny of oppr:n iu cuud because he ai she rondo ao appriis:d of the pwpady in question, unless specAlc anangrmenfs to do su h,rve Dnen made bnlum.h,ur~l. 5, iha :q,pniisei h.~s esllnudnd the vane of the Cind in the cult approach ut its highest and best use and the inquovnmenls at their conhlhutory value. These sepaiah; v:dualimis of the larv,l and improvements must not ba used iu conjimefan with any other algnaisul ;rod me inv:did d they are so used. G. Th.: api,ieisai has ooh°.d in ihn uppr.~iva report any adverse condtions (such as, needed repairs, depiecialion, the pmsence of h:¢aidous wastes, toxic substmcrs, etc.) oLsnived di.dng the insp~~.efiun of the subject properly of th:d he or she became aware of dwing the normal iesemch involved in pndoiming the aiq:cii.;~tl. Iln6ss utlu~vrvise sided in the appiais:d report, Ihn appraiser has no knowledge of any hidden or unappaient conditions at the property or advcice enviionnirnLJ condihuns (including the luesunce of h:mnduus wastes, toxic sibsbmces, nic.) Ihat would m,ikn the property mole of less valur~6le, and h, is asumrd that iheie nie no such condiliuus and makes no gu:uaulet_s or wunaufirs, express or implied, iegauling the condition of the properly. The appraiser wdl nut be responsible for any such condltiuns that do exist of fur any engineering or testing that might be reyuiied to discover whether such condlllons exist. Bncwse the appinism is nut an expect in the field of enviionmenhd h;ca~ds, the appniis:d iepad must not be coavideied as en enviwumenlnl ~„sessnu~nt of the piopedp. 7. The ;y~puisei ohtiined the inlmm;diun, estimates, and opinions th:d wain expressed In the appriisul mpoit hour sources that he or she considers to bra ir,li:dde and br-lirves them to he hue mid sanest. The appmisei does not assume iespunslbilify for the accuracy of such Items that were iumished by other p:nlins. S. lha :gq~c~2,~n e~. dl awl Ji,rh~si°. Ilu: run,anls c1 Ilia :q~pciical n~.pud except as provided fur in the llnhuim SCuid;uds of Pio(nssiunal Appraisal Pmclice. 9_ 1:~~- .q ~pi.u>ui Ira, 6,crd lii~ w Ina .yipi,rlal iepod arv,l v:da;dian conulusiun fw un uppriisal Ihnl is subjrrl to s,dlshiclury complehun, repairs, of :Jlund~~mn un iLr ansumpGun chat cum!:Inliun ul Ihn: hnlnwentenis vdi!I be pedomied in a wod;m:mlll.e m:mnei. 10. lhn .gipc~inei nm,t pi uvide his of hat pGui vdiiheu consent bnfuie the h:ndm/client spech;ed In the appraisal iepod can dish lbute the appraisal report ('mdudlnp conclus;uns ;dunil Iha picpedy value, the uppr.~lsei's ideality and piu4ssional designations, and reftaences to any piotessional appraisal oigani:.d,:,nv ui the film with ndiich the ,yquaiw.i is assuci:+fed) to anyone other than the 6onower the mortgagee m Ifs successais and assigns; the mortgage in,m cwnultlmlS, piuiesniun,d aignaisnl oig:ui'¢:dions~, fury side ur fedm,dly approved fin;mclal inslituflon; of airy depadment, agency, or inshumenteliry of ih~~, Ilud-.~,d Si.ilea ui mry s~t.du of Ilia li6lilci ui Columbia; except ih:A l6e loader/client may duhlh We the property desciipllmt section of the iepad only to data colh:alan w apoilhig seivicn(,) wil6uul hawing to obtain tiro [~ipuii.;ei's pilot written consent Ihn appmisei's wiihen cmxsnnt and approval must also he ohtui red before tLO apps aisd can be conveyed by anyone to the public through advertising, public u+lalions, news, sales, of other media. Rnddir. 69ac loon 43fl G93 Pope 1 of 2 Fannie Mae Poem 10048 fr93 Bainl Appraisals form ACR - "TOTAL 2000 for NJindows" appiais;il sofhvaie by a la mode, inc. - 1-1;00-ALAMOOE APPRAISER'S CERTIFICATIOYJ: The Appriisei ceilBies and agrees th:rt: 1. I h,mn msr.:nchea the siP~~jr.cl mai{.~:~ ama and h, ere se.lncled a minimum of thane recent sales of pmpedies mint simlar and proximate to the subject property for cunsld~-nnlon iu the s.drs camp.uLeun nnaysls and h:me mode a dulCn adjuatnient when aVViopiiate to reflect the market mactiun to those items of signRicant v;u i:d bzn. B a si~ini~iriN i~cm in a coinpa,alJe property is squalor tu, of mope f:rvomble iha4 the suhject property, I have made a negative adjustment to reduce iLe ;cljic.~nl s,Jos plies of Ihn: cump:u.ih6::eel, rf a slgnl(icaN ih~m in a comp:uuble property 's inh;iior to, of less Ymonble than the subject property, I have made a pontlivr. ~i~!;ualnmui to Incica,e Ilmuulju.;lr.d s~tlnn pike of the comp:uaLle. 2. I have. lateen into considm:diun the hictou that have ;m impact on value in my development of the estimate of mniket value in the appraisal report. I have not knoedingly v,~lihheld any slgnlfic:mt in(m ncAlun tiom the appraisal repod and I believe, to the best of my knowledge, that all statements and information in the ;ippriisal repod air hue and cunact. 3. I .:LArd in the rq,pmis:J repod Duly my own personal, unbCesed, and pmfession:d analysis, opinions, and conclusions, which are subject only to the contingent and liini~ing cunddbns nprcillnJ in Ihls h,ini. 4. I h, iva no pieeenl m prospective iuteinst in the piopedy that is the subject to this report, and I have no present or prospective personal interest or bias with ieshect ~u the pai~icipan4s in ~hr, h:msactiun, did nut base, either p;utiuy of completely, my analysis aniVoi the estimate ut market value In the appraisal report on the loco, colon mligiun, sex, handicap, tamilinl stitus, of n:dion:J oilgin of eilhei the prospective owners m occupants of the, subject property or of the present uWnra w occup;u ds u( Ihn pmpedies in the vicinity ut the suhject property. 5. I home. no present of cuninnq~IrAed futum iniciesi in fhu subject property, and neither my emient or fuhne employment nor my compensation fur pedaiming this appiaiml is cunhn9ent on the nppeiisnJ valor, of Ihn piopaaty. G. I i,u~ iN.yu5ed lu napud peaddeuained value w d'waellon in value Ih;d favors Ilse c:wse of the client of any iel:And pasty, the amount of the value estim,de, tla; a~tiinm~~.nt ~u a sLncilic ir.r',~ill, of the oa~mnmce of a subseyunul event in order to receive my compensation aniUm employment tw performing the appraisal. I dil no! N~cs. Ihi Inai~rJ nipiu~ c' a i ~.quo-ard n.lf~nuai v:Juellon, a specific v:dualun, of IhB need to appm?e a specilr, modgngn lu:m. 7. I p~'.d~m.o,l Ihiv ,q ~pm:rJ m euido~~indy with Iho Ilm~uim SLmd;udn ut Piof~usiunnl Appciisal Practice that wale adopted and promulgated by the Appraisal Shim Cw,!s L'a.ud of the Apprsnl tomvla~ian anJ teat ramie in place as of the ntfrctlve date of this appraisal, with the exception of the deportees provision of those io Pi.Jq t~iGal d.~~~.~.; nut :y p~~~_ I 'ir,4.nu~;~6~,dge ~na~ an estiuuib~ ui a iensomble Ilnu: for expuswe in thr open mai4;e~ is a condition in the definition of market valve ~iral !he. ent:w de I d~w.iup~l i .w::,'edcitl wdh Ihr, m;u kr~ing Ilnu= nn~ed in Ilse nelghbudiood section ut this mpoil, unless I have o~he~wise skded in the o~concilCAiun .,ndiun_ 8. I h:me peueon;illy inspected ~hr, inh~.doi and exlruiui areas of the subject piopedy and the exterior of all piopedies listed as comp:+mbles in the appraisal repod. I iw~hai cedlfy that I h,me nuleJ any :gipaient of Lnuwn a,Wmse conditions in the suhject improvements, on the suhject site, ar on any site within the immediate vlcinip~ ut Ih~~, su G,rc~ I:wpnifV ul whim I am :uv.ue wul kme rands adjusimnnis fur these adverse conditions in my analysis of the property value to the extent that I Iced ni:u hd evidence to su;:pnd ~huni. I h:me also cummenhxl about the etlec~ of Ihn adverse conditions on the maiketubility of the subject property. 9, I puiaun;Jly prep,ued :dl conclusions and opinions about the seal esLAr that were set forth in the appraisal repod. If I relied on signilicsnt piofesslonal asstimce hum :ur~~ indivhhnJ of ind'w~Ju,ils In the prdonnance of the appuiisal m the piepamtion of the appraisal report, I terms named such individual(s) and disclosed ihr. spec0lc Ins4s pmfomied by them in the ieconcilia~iun section of this appraisal report. I cedrfy that any individual so vented is yuadilied to pedmm the fists. I have nut authwi7nd :uryune to m:b:e a ch:mge to any item in Iho repod; theietoie, if un un:udhoiized change is made to the appraisal repod, I will take nu ie>punsibility fur it. Flppi a~ser fwther certifies that-The conclusion is my personal Impartial, unbiased professional analyses, opinions & conclusions; - I have no bias w~,th respect to subject propel ty; - my engagement in this assignment was not contingent upon developing or reporting pre,ietei mined iesul35; - my compensation for completing this assignment was not contingent upon the attainment of a stipulated result or the ccnwi once o(a sohseq.ient event dli ecdy related to intended use of this appraisal. SIYr'EifVfSURY APPNt1i5EF{'S l ERTiFII:ATIOiV: If a supeivisoiy appriisci sinned the appraisal mpud, he m she a;ilhirs and agrees that: I di <<I;% a~~,pr.:~i_i ~I~~: appnu .~~.i ~;i~o pm-~,.ai d Ih~, :gipcfn:J ir.pud, have n:viewed the alpciird repod, ,glee with ~hr, s~ I^mrnis and cunclusiuns of the appraiser, iqn ~ ~ b. huunJ I i the :yq~~m ~ is vii nrat,~,ns numhne~.l 4 ihiunph 7 ahuve an.l ant fining hill msponsibilily toi Ihe. appriis;d and the appraisal mpud. ADDRESS OF PROPERTY NPPRAtSEO: OttAlil Drive, Kailua-Kona, HI 96740 APPRAISER: ~ SUPERVISORY APPRAISER (only ii reyuired~: SiOn,AUm ~ °ignatwe: Pd mi ally ~i d Pl ime: _ _ D di Shgnr~f. Aagu.'t 27, 1... D de Signed: S~.Ar Genlte~ihun N: CRN 545 S~:Ae Ceiti(icatlun b: _ m SI;Ae Llcensa q: of State License SCAn~. I lawoli SCde: FxpicAion Data ul CeaIIIc:Alon of License.: 12/3 V99 _ Expu Sion Dee ut Ceitillcahon or License: ~ Did U Did Nut Inspect Property F l i I ...c I ~,a i t ~I 43 P:ua~; 2 0l 2 Fannie Mae Funn 1004[3 G-93 I aim I1CH- ~9'Ul'At 2[)00 toi Windows" appraisal softw:ne by a Gi mode, inc. - 1-8D0-ALAMOOE PHOTDCRAPH ADDENDUM 6onu•„~ci~CG~~.nl HOf3Elt SON, Robert _ Pmprdy Addles, Off Alu Dive _ _ _ _ _ _ Ctly _ K~a;u~a-Kona Cuunty Howaii ShAe HI Zip Cade 96740 Lend~~i Robert Robertson Southerly View along Subject q Remnant Parcel ;r - _ Northerly View along Subject Remnant Parcel i ~ faint 0; IC P;0 - "t01 AL 2000 h>i Windows" upprii,al sofl~w;ue by a la mode, inc. - 1-800-ALAPd00E CoLtzparahle Photo Page Lou OC. ~~.L'i]~.nt Iyrr'U 1.1:150"J, 12oh~-il I nl r; fllb~ms Ofl/Ali~lriiw~ - _ Gly lin lu:rl.o;.a Cnunty H~iwuli SCite HI _ _ Lp Cude 96740_ Lc:~~~Pn I:ob:°it R:;b.~i t°.un Comparable 1 Off Alii Drive Ploxintity Adjoins Side P(ice 13.76 - GLA ~~;'.u. = Toted Rooms r ~I Totd Bedims ToLd BatMms Location Off Alii Drive View 1214sf Sile (luality Age Comparable 2 Alii Drive & Laaloa Avenue - +r' Proximity Approx ill Mile Nor Sale Price 8.02 GLA 4. Total Roonts TuY,d Bedims Totd Bathims ,a Loc;dion Alii Drive View 1882sf idP, G II:ILty A]P, bra E A ~w. C $r ~ rv t. ~ Comparable 3 _ Ofi Akai Street Proximity Approx 314 Mile Nor S;de Price 1.49 GLA Tottil Rooms Toted Bedims Told &ithims Loc,dlon White Sands Subd Vir,W 1343sf Sile Gu:dlty ArJe I. ~~j S ..u~ i~;^ « 's.`~~ '~4 b• Y~ + _ p ,~._.x~t`; . j~.n Yn .c{y dz~r, v Lo;~a PIGI:;u.CR- "TCT11L 2000 toi Windows" nppiais:d sottd;ue by a la mode, inc. - 1-800-AIAMGDE 'm vc MO.. gsai , k .r ~ _ ~ aom YGXAt10N M/.YS MUflfPU U I a av. JL$ EEPli 11 <~~Y a, 1140 ~ ~ ~ ' N la ~IU o`Im \ ~ ~JV© e JN ~ JY 4 Y~ ~ ~ w % 1 l t~ 4 ~ I~ ~ fl\~ [~n~ a / m c~. Ja~v~ l.J Ij \ S Aou 1 ~~~°''~`tw~~ ~ ~ / ~~a. ~ J* t' ~1, a^r~~ ~a d ,,ilo~ ~ ` p '.t~Q `lC a ~~~~i~~S)1~ 1m a ait~ ! :~°`A 6~~~i'a at r I ~ poi 11 ,''Im~~ ~ e D ~ a ~ 9 l ~ - X~; ¢ ~ a .x, o $ IIv. ~ iJ ti'_' L, I .a n o°i -LEI m _ ! ~ Pa ~3, J. ie ~ I ~ t/ hu" ! ~T e~ ~ ~ 1. ppp~ ~ ~ ~ 8~~ P ^~.8~ ~ ~ I ~ ~m o~ 1 ~i ~ Y n 11~ , ~ v , 1 ~ on A v ~ v- ~ ~ ~I~n ~O .,a A -Ar~3~ -~R~ al is Ja t s 1 ~ i ~ 1 y: ~ is P.: a a ~-L , o ~ ~aF,~<~~Sq..,, ` ;awe ~ ' P"' a ~ Pisr ~ ~P xe I, i ~ fl~o a e of ~ / ~n4n ! opna ~ ~~y ~ ~ t a ~ ° ,°°i - I p't a~4Y~t' ~ _ ~ \ 1 \e e~ ~ 1 II " ~ .H n mpn ~s,n ~~Y~. I a L~~ $ ? 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' - ~ 'Trrc Coy, _ e - ~ 1~ r ~ ~~.Pi Qa~ ~ , e~; r- !a ~7 e ~ ~ -r ~ ,y~/U - p~.~, D,q. ry ~ ,1~'.~ i n i f~l I~ '..r WWIIY NAOOXAI ROXA IXSAAAXC( PROGRAM I FIRM , ' FLOOD INSURANCE RATE MAP 1 1, } MG1 rv ' 1 i i ^ ZONE AE c_111o HAWAII COUNTY, ,.,y~! i ~ I I-IAWAII ZONE VE ,~y~;, ~I \ I; ' ' PAHw ~ 928 0 e,9U,0t~ ~n,..~.,r ~ ZONE X Sublet ~`,f,~1}.. , mx,uwnnnx Nxl COMMUXITY~PANEI NUMeEA .--nul Dlllve 155166 0928 C ~ . MAP REVI6EA: ~o` SEPTEMBER 16,1986 ZONE AE ~~~-T, ml nl ZONE VE feJOrl LmoSenaY AfallaAri0[nl AXa¢Y ~ ~ e1 1\\\ ZONE VE \~cccss ROAD 5~ ~ ' k, A"Mmfun flo_r ACCtS`.l HOAU i>~ KalJSI o Kalakanl qy'„1 '.dt ~:'t ;F7k:~;6 ?4-~ AN III I MGO o a ZONE VE S ZONE AE ACCGSS PDAU ZONE VE IeA Aa1 r -ZONE X ~ ZONE VE i' ZONE AE ZONE VE- ]~i ~I e5' ~Dnn p B C D Page 23 x _ ~,~s _ SEE PAGE 21 -o- - - - 3 ~ ~ u ~ ' w Cz ~;1x ~ ~ ~ KOM0~1-6 ~A~ ^ _ } - ''-end ~Iv ii~:15o~1. i ~ ¦.~s µr^`s~ ~ nF•'s ~i nr :.'S tp~eond ~~9__ ..,y Holualoa ~ s 1 ~ ~pU,PL I BaY (f`~ROI Oy?ED);; Fordela71o1thTs ? S I area see le/t sitle N o/ this page. ' , 1_ ~ o ' 'Ko'S I s=•vT.wu i ~ y i 11 o? S - - - - - ~ ~ N~ 7- ~ - - SEA VIEW C~df deod 4 s,'^~?e° `jam ~°-r;, ' v,, -r._-_-____~_~ 2 x ; KUAKINI ~ ' MAKAI tot Pahoehoe ' ' 0.eoKeo\o Beach Park , ; ~ d~ Dt°meap4 ~ ~ GOUVEIA ap°tpt n' WhimS tds 0.. f' Beach _ _ - - N . _ - - - - - - - Comp 3 ;y` . a et~oPd' ~ ~ - ~°`j 'o o x O CiQ x ° ~ ~ ~ ~ f11p y- x a ~ c 5~ ~ o v A ~ r- w 9, v ° 0 4c",. ` aPl.l ° WHITE SANDS', 3 ' 6i 9 m ° m 'i Nah,~le Pl.ly m BEACH v ALI KAI a ° ' r 90 oot~oV1Y s ~ Kaiu Oho PI,~~' N ESTATES m ~ / ° ~ ~ oC Queen Kalama Ave. ° m q. \ ^ c I\ v _._o - - ~ -'a a d - ~ ~l Comp 1 a 5 W motto x d °p' f SVa~ ~ N Pttl ~ o v v~ a i c y- 9, o ° ` 5. I ti ogV. c m~G oµo ~ q ha 5t., F y Woo y 4 .1" i e O ~°at ~ x KI HA , ~o`Ti / m I~ Ea ana ~ .J _ m ~ - - - - - - ~ zs K MANI ~e ~ S bo. ~ Kahaluu S 9a ne WY. d ~ BeY TREES ~ m dhd ~ 11 Kahaluu t ~x. v 40~ ` Bch. Pk. ~ Makolea Sl ~a ~ _ 5 ~a y ' ~0 N ,Z,a $d 4 KOMOHANA 5~. KAI Keµat 5t. I ~ w ' j ' Nytant _ _ _ lp)~ _ 9_ _ _ _ _ _ prole _ _ - - - " - oa , _ _ _ _ _ ,Cµ3 ~ SCa Vlow y ii~ i d ~ L N t ' ~ ~ ' C1rG1Ci j B rr. i u y 0 E ~''i?sjr; `Nocldtt~WY x w~i~ SE VIEW ~amWY- ; ? ~ u~ 'C ei. sn ~h RK:: ` ~ ~ aV1eµ Circle _ _ - _ _ _ ~ _ - - - _ p g C _ D