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Quality Appraisal Services <br /> Real Estate Appraising & Consulting <br /> HCR 2 Box 0922. Kcaaa 1 II 96749 <br /> Phone: (808) 982-6955, Fax (8U8) 982-6966 <br /> October 29, 2002 <br /> Valerie C DeFrain <br /> P.O Box 174 <br /> Liut~.. _ <br /> Ninole, Hl 96773 C~o~ey <br /> r <br /> Re 3,338 sq_R_ Abandoned Government Road, Aisecting Lots 26-27, Grant 6568 to J. <br /> Botelho and Old (Abandoned) Piha Homestead Road, Piha Homesteads, North <br /> Hilq Lsland of Hawaii, Hawaii <br /> Dear Ms lleFram, <br /> ~1y search of the Hamakua Coast did not reveal any recent sales of abandoned roadways <br /> ui railway. h1y data sources included the Public Record Data, the MLS system and real <br /> estate agents who work extensively with property aloe, the Hamakua Coast. <br /> Since no data could be found with regards to Lhe transfer of abandoned roadways, I <br /> changed the search to look for recent sales of lots that share the characteristics of the loi <br /> <br /> you own adjacent to the abandoned roadway in an anempt to verify the square foot prices <br /> of such loll My search revealed hvo such sales TMKs (3) 2-9-2-25 (3 02 acres) and (3) <br /> ;J-I-4 (8 78 acres) sold for $60,000 combined ($20,000 and $4Q000 respectively) and <br /> ~pMK (3) 3-3-I-4-5 (5 37 acres) sold for $37,570 7~he square Coot prices of eadr of these <br /> lots is shown below. <br /> 'Cax Map Kev Lnnd Area Sales Price Price/Sy. Ft. <br /> -2-J 2-25 3 02 acres or 131,551 sq.lt $20,000 $0 I S/sq R_ <br /> 3-3-7-I-04 8.78 acres or 382,457 sy ft. `C4Q000 $0 I I/sq.ft. <br /> 3-3-1-4-OS 5.37 acres or 233,917 sy R S37,s70 $0 76/sy_fi <br /> Although the data is Limited, it appears that lots with reduced utility due to their location <br /> along gulches sell for approximately $0.15/sq ft.. ~l'hen this fgure is applied to the <br /> abandoned roadway adjoining your lot, a value in dir vwinity of $500.00 is derived <br /> (3,338 sq.fi x $0 IS/sq ft-)- <br /> 911 research material and data analysis is held within the appraiser's file <br /> 1 hope this letter provides enough data for tour purposes. Please dolt hesitate to call <br /> should you have any other questions or concerns <br /> Smcei ely, <br /> / <br /> Charles R Urquhart <br /> C2~ 2'77, expiration date 12/31/03 <br /> Quahh~ Appraisal Services <br /> Comm. N0. /7 <br /> FSIe N/ya~...~,,~ w' <br /> Ref.1b~ <br /> Rat. Date MAR (1 fi 7(1~'~ <br /> <br />