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HomeMy WebLinkAboutCOM 0322.000 1998-2000 ~tvw~ . _ _ ~ i~~r Cl d'L~J ,••'•M•~' ' '99 JUN 1 PIS 2 08 Stephen K. Yamashiro COUNTY ~'~E~~~Hacry A. Takahashi Mnyor ~~UN ~Y Cf' i'~~iWAll Director County of Hawaii DEPARTMENT OF FINANCE S.K. Schulte Deputy 25 Aupuni Sneet, Room 118 • Hilo, Hawaii 96720-4252 (808)961-8234 Fax (808)961-8248 June 1, 1999 The Honorable James Y. Arakaki Council Chairman Hawaii County Council Hilo, Hawaii Re: Delinquent Real Property Taxes Compromise Offer Barry Machado Attached is a letter dated, May 22, 1999 from Barry Machado, proposing to settle outstanding delinquent taxes on 8 parcels. We have also included a schedule of the 8 parcels. This offer by Mr. Machado is being transmitted to the Council pursuant to provisions of section 19- 3(a)(12) of the Hawaii County Code relating to Compromises. Mr. Machado proposes to put up two parcels, identified as TMKs 8-2-011-010 and 8-2-011- 011,for the County to sell. Proceeds are to be applied to the delinquent taxes owed on all 8 parcels with any overrage being remitted to the Machado family. We include an appraisal report on TMK 8-2-011-010. Note the appraisal report was furnished by the taxpayer. Should you have any further question, please feel free to call. Si cerely ~i( Ha ry A. akaha~. Finance Director Comm. Na F51e No. rA~C~21pT' Ref. To: F ~ Ref. Date-~~ ~ PJSt Office I;ax l33 Captain Cook FIi. 96704 May 22, 1999 Mr. Gary Kiyota Dept of Taxation County of Hawaii Hilo, Hawaii 96720 Dear Mr. Kiyota, Our family owns property in the Captain Cook area of South Kona. We own a total of 16 lots totaling approximately 25 acres with appraised values of 2 to 3 million dollars. For various reasons we have fallen behind in our tax payments, and are nowfacing foreclosure on all of our property. We owe the County of Hawaii $68,000 in taxes, which covers the last three years of accumulated taxes. We have been trying to raise the money to pay the taxes, but have not been successful. Therefore, to avoi~losing all of our property which is scheduled to be sold at the county auction in the next few months, I would like to make the following proposal. 1. Our family would be willing to convey to the county two 1.25 acre lots. tmk 8/2/11/10 and tmk 8/2/11/11 2. The County of Hawaii then would sell the lots. first tmk 8/2/11/10, then if the proceedsof this sale is not enough to cover the accumulated costs, proceed to sell the second lot. tmk 8/2/11/11. 3. If the County of Hawaii satisfies their debts upon sale of the first lot, then they will convey back to the Machado family the second lot. If the County needs the sale of both lots to satisfy their debts, then the County will reimburse the Machado family the difference in cash. I want to apologize for our family because we happen to all be suffering financially at this time and am not able to bail ourselves out. Thank you very much for your consideration of our request. Ver truly yours, K.~~~ Barr~Machado 4 x ki V \ N~ o a 3 3 = r H ? ~ ~ r o ~ ! ~ * a V [ ~ ~ o ~ ~3 ~ Y \ N' ~ L + © ~~~f o ~ a ~ ~ o~. ~ ~ - ~ _ . ~ my ' ~ o ~_y 0 e ~,i.1t• ~ _ fi=t ~g . ~ ~ ~ ` a}~ y ~ ~ ~ , t` tiYS7 t 1 =~~~ie q K. ~ ~ Y ~Ji ~ I~u ~ ~ ~ °v s`'':.i -_tb 'gyp - ~ z e r 1 ~ ~ e s r~ ~,°1~~i ~ ~ =Y T jiV 'r -}s~ ..'~'~IIti~O ~ Ot r ~ ~ , ` ' n I` ~~r Stiri 2~+Yt~ ~ N~~ p? i,eji~~ p 9 ~ M• ~s'~ ~ f~.~ .rr 1 1 \ \ e~ii .rwn 7640. O N~ ppN N N ~ O _ p fp V + A b (00 N N O V 01 c0 O V A 2 2 2 2 2 ((p2~ N N N (~/1 N bl W N N f~0 f~D N N ~ ~ ~ ~ ~ ~ ~ O1 y O O ~ ~ ? 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Hi 6A 41 N (D W N f0 O O (O (D O O f0 f0 OOOO OO fD OD 41 CJ~ OD O W N OD O OD OD O O OD Oo O O fA fii fA fA b9 fA fA fA (NO N (NTI fN0 ~ N N A t0 tT O A t0 Cn O ' IJ N O O IV IV O O Vt NOO N tT OO 69 b9 EA A OD W Vt W O O c0 O O IJ O O N ~ f71 Page: 1 Document Name: untitled TMK UPDATE SCREEN AC OPT ACT DATE 05/28/99 TIME 08:02:33 TERM HLGO TMK 3 8 2 011 010 DATE 11/06/91 TIME 12:12:12 S-A# SITE APT A-CD LAS TOTAL LAND AREA 1.25000 A STATUS C TMB NO 7910099576 COOP IND ATTCH-TMK TC EC IC FLAGS: G-T F1 C F2 F3 F4 7 FS T-O 0-N NAME F-C T-C ~-OWNER TITLE-DESC F 0011 MACHADO,HESTER K Y A LIFE INT F 0021 MACHADO,CAROLYN P U JT RDM F 0031 MACHADO,LIONEL L U RDM F 0041 MACHADO,BARRY K M RDM F 0051 MACHADO,BRENDA L M RDM LAST NOTE 00001 0613 INQUIRY HAS SUCCESSFULLY COMPLETED Date: 5/28/99 Time: 08:03:29 AM Page: 1 Document Name: untitled TMK UPDATE SCREEN AC OPT ACT DATE 05/28/99 TIME 08:03:11 TERM HLGO TMK 3 8 2 011 011 DATE 11/06/91 TIME 12:12:12 S-A# SITE APT A-CD LAS TOTAL LAND AREA 1.25000 A STATUS C TMB NO 7910049576 COOP IND ATTCH-TMK TC EC IC FLAGS: G-T F1 C F2 F3 F4 7 F5 T-O 0-N NAME F-C T-C $-OWNER TITLE-DESC F 0011 MACHADO,HESTER K Y A LIFE INT F 0021 MACHADO,CAROLYN P U JT RDM F 0031 MACHADO,LIONEL L U RDM F 0041 MACHADO,BARRY K M RDM F 0051 MACHADO,BRENDA L M RDM LAST NOTE 00001 0613 INQUIRY HAS SUCCESSFULLY COMPLETED Date: 5/28/99 Time: 08:04:21 AM py _ „g«~~~`«w~.~Y~~}l.~f ~~.:~=i~:: ~i i%iii~ i'ii i°7~: jr 1• .I J.ww ~ LTi~%.i. ~yy~O.«w~ / TCi .~3~~:•1' U ...IE ~ e~1 ~ s ~ tg ~i ~ ~ ~I i ~ ~ ~ _ e r ~ , ; j j•. j - ~ L ~ Z s A it ~~4 bb a 'j} IM ~ ?s T 1 ~ ~ '1 Q \ 1 • ¦ 1 4 ~ ~ ~ _ 11 j w ~ j - V ~ Ikl l 1 ~N ~ y ~ o ~ i) r, ~O' 6~~ t i i ) 7 Q } ~ a } ~ , a o a f.~ I, o 1- o a a ~ s ~ y a ~ j~3 ~ a H a c ~b e i na ~ ~ # ; ~ y2 1 OM 2Z ~ a L~ P L w r ,r ^~OD~: no N,Q ~ N e: 1 an ~rw ~y ~s i / a-~~-'.~~' INITION OF MARKET VALUE: The most probabb prke whkh a properly should brkg b a eempetRive and open market under aA condAioro bAe ro a tale sab, the buyer and sekr, each acMp prudently knowbdgeaby and assumkrp the prke b not affected by undue sAmubs. Imptkt b Mb b tle cansummatlon al a sale as of a spatkd date and the passhg d LUe from seller to buyer under corrdSons whereby: (1) buys and seller are yPkaM mdMated; (2) both padies are weA tdonned a weA advised, and each atbp b wl~ he eorokkrs hb own best bteatit; (3) a rcasonabb mrre b aAowed br expowrc h the open market; (4) payment b made h Elms d cash fn U.S. doAars a h terms d flnarrcid anargemeds rnmparabk Menlo; and (5) Me prke rcpreserrb tls normal eoreideratbn for Me properly sold unalfabd by apabl a creatlve tkranctg a sales concassbns' grarded by arryoro associated wAh the sab. • Aqusbnenb ro the eomparabks must be made tar spabl or crcatHe thrarrckg a sales mroessbre. No adjustmerds are necessary (or Vase costs whkh aro namely Paid by sellers as a reset of traddon a bw h a market area; tlrese costs are rea?y kkrdAiabk skree Me suer pays these costs b vktualy al sales trareactbre. Spabl a ereatlre flnarreirrp adjusbneds can be made to the mmparabb properly by comparbore to flrranckq bme offered by a Mkd party tetAufionai lender Mat b not already knotted b the gopeAy or trareactbn. Arry adjusbnenl should not De eakubEM on a meehankal doEar fir doEar cost al the financing or concessbn but Me doAar amwnt of any adluslmed slauk approxhnab the market's reactlon to tle frrarrcbg or eoncessbre Dased on the aPprober's )udpemerd. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The apprabers certtkatbn Mat appears b the appraisal rcpoA b subjat ro the foAowtng cerdtbre: 1. the apprase wl rot be rcsponsbb for matters of a legal nature Mat afled eAher the properly bekg apprabed or the IRIe to R. the appraser assumes iF~at the bile b pond and madrclaDb and. therefore, w0 not render arty ophdore abod Me tltle. the Property b apprabed on the basis of R being under resporelbb ownership. 2. The appraise has provldad a skekh b the apprasal repod b show approdmate dimerebns of the bnprovements and the sketch b trcbded ony b assbt Me reads of the report b visuaAzkg the properly and urdestarrdkrg the apprabers debrmkWbn al Os sin. 3. lh appraba has examlrred the avaAabk flood mars Mat arc prwkkd by the Feral Emergency Management AgerKy (or other data sources) and has noted b the apprasal rcporl whether the sub)at sRe b bated b an IdentTied Spabl Fbod Hazard Area Baause the appraiser b rat a surveyor, he or she makes m prsarixs, express or implbd, ngardlrg tlrb delermbalbn. 4. the appr~ser wAl not gNe hsdmorry a appear b court baause he or she made an appraisal of the properly h questlon, unk~ss speak artangemerds to do so have been made belorchand. 5. The appraiser lee estlmaled the value of the brd b the cost approach at is highest and best use and the knprwemerds at their cordnbubry value. these separate vabafbre of the Ford and knprovemenb must rat be used b canfurrctlon wth arty oMe apprasal and are IwaBd A they aro so used. 8. The appraser has noted b the appraisal rcpod arty advese condlbre (such as, needed rcpaks, depreciatbn, Me presence of hazardous wastes, toxk substances, etc.) observed durhg Me 6epalbn d tlra sub)eel properly or tlat he a she became aware d dudrg the ramrai research brvoNed b pedormirg tle appraisal. Unless Wherwbe skied b the apprasal reporC tlb appraiser has ra krowbdpe of arty tddden a unapparcd conddbns of Me Property or adverse ewiromrerd~ conddtore pncludkg the presence of hazardoue wastes, loxk substances, ek.) tlrat would make the property more or less valuable, and has assumed Mat tlrere are no such cordRbro and makes m guarardeas a wanarRks, express or fmpAed, rcgardbrg the canmtion of the properly. The apprase wR not be responsbk for any such tondMore Mat do exbt a for arty engkreekg a testlrg Mat might be requlrcd to discover whether such wrr?Ibre exist. Baause the appraser b rat an expert h tle tkkl of emtormerdal 1¢zards, Me appraisal report must not be corodered as an ankorrnental assessmeR of the property, 7. The appraiser obmkred the kdormalbn, esOmates, and oplMore Mat ware expressed b the appraisal rcpod from sources tlraE he or she corokkrs to be rcAabb and beleves Mem b be bee and coned llre appraser dos not assume nsponsbDy to the accuracy d such terns Mat were lumbhed by dhu P~s• 8. Tta apprase wit not deebse Me conkrds of the appraisal rcpod except as provkkd for h the UnAorm Standards al Prdessbnal ApPrabal Practice. 9. The apprabe has based hb or her apprasal report and valuatbn eorelusion Ta an apprabai Mal b sub)ed ro sahsfacbry crompkflon, rcpaks, a aAeratbre on the assumptlon Mat compktlon d iM Improvemeds wll be performed h a wodanar~ roamer. 10. the apprabe must prwkk hb or her prbr wtRlen careerd before Me kMedcgerd spaAkd b the apprasal report can dbMbuk the apprasal repod (hcbdkg eonelusbm about the property value, the appraber's kkrdAy aM prolessbrol desipnatlore, and references to arty prolessbrel apprabal orpmhatbns a Me tkm wth whkh Uie appraser b associated) b anyone other Than the bonower, the modgagee or is successors and assigns; the modgage keurcr, coreutards; prdessbnal apprasal orgaMzatbre; arty state or feraAy approved Nrancial lreMdion; or arty departrned, ageray, or bsWmerdaEly al the UrY1M States a arty stale or the Dbhkl of CobmDla; except Mat Me knder/cfierd may delnbuh the properly destriptbn 5afion of the rcpod orry b data rnlatlon a repodbrp servke(s) wAlad travkg to obtain the ~prabefs prbr wrttbn eoreaR. the apprabefs wrAkn coreerd and approval must also be obtakred Udore the aPP~ tan be eoweyed by arryoro to Me pub8c Mrough adver8skg, puble relatbro, rows. asks, a other media Freddie Mac Form 439 693 Page 1 of 2 Famk Mae Form 10048 693 SEVCO Real Estate Apprabers (808) 322.3400 Form ACR -'TOTAL 20001or lNkdows' apprasal soRwse by a b mme, Inc. -1.800•ALAMODE p APPRAISER'S CERTIFICATION: 7heAppabereeAYlesardaproesMy: 1. 1 have researched tiro wbjat market area and Iwo selected a mhknum d tires rxert sake d popeNas most simtar and pnardmye to the wbjed popeAy hs eoraiddatlon h Drs sake eomparlearr anaysb and have made a dolor a4usimert when appropriate te reAeel tiro marlmt reaction b Moss tams d sipNfleart vartyion. 1 a siprlbart lem h a canparabb poperty b wpeda h, a nwte tavorabb Mao Me wbjed property. I have made a rregyive aqusbnat to reduce 'i the adiusled sale prke d tiro eanparabb and l a agnlbant hm h a c9mpanbb pmpeAy b htabr b, a bss tavorobb tlorr the wbjed Property, I have made a posiive aqusbned b krcreaae the adjusted sales prke d the camparabb. 2. I have talxn kto wrskkryfon the lacbro Mal have an knead on value h my devebpmert d Me esthwte d market vabe h tie appraisal report I have ml ` kmwkrpy wtltrdd arty sgnlbanl hlamyfon iron tiro appraisal ropoA and 1 boBeve, h the bat a my browkdpe, tld al statements and kdomryfon h tiro apprabal regal are hue and eorrxl 3. 1 sated h Me apprasal ropoA ortrr my own personal, unbiased, and prdessbnal araysb, opkrbna, and corcbsbna, wtich aro wbjecl oNy b tie rnntlrged , and (mtirrp eondtbns specfied h tlris lam. 4. I have m presort a prospectNe kterest h IM propeAy fhy b the subject b Mb report and I have rro present or pmspectNe personal Merest a bias w(h respcc! to tiro partlepanb h the trarsaetbn. I did ml base, ether paApty a compkby, my arraysb anNa the estimya d market vake h the appraisal ropoA on tiie race, eoka, retpbn, se>< trarrweap, farn0fy status, a nybnal odpkr d cites tlq prospective owners a oecupards d the subject pmpeAy a d the presets owrrero a occupants d tiro prapeAks h the vkhty d the subject property. I 5. I have rp presort a eontempkted futero ktaesl h tiro wbjca propeAy, and rreLrer my eurrait a Nbro empbymed nor my campersybn for peAormkq tlrb ~ appraisal b wntkged an Me apprabed vabe d the propeAy. 8. I was not requked b repoA a prodelermkred vahro w droctbn h value Mat favors tiro cause d tic clod a cry related party, tiro amount d the vakre eslknye, the altyrunenl d a tpocrk rewR a the aaunerce d a whsequad cued h orda b reeeNe my eomperrution araror empbymed for peAormkg tiro apprabal. I dd nd base the apprabal ropoA on a requested mWmum vabybrL a spcelb vyWtlon, a the need bapprove a spaclnc maq-ape ban. 7. I paAormed tlts appraisal h codamty w(h the Uriorm Stardads d Prolessbrd Approbal Praelke Mal wero adopted and promugaled by tie Apprabal Standards Board d The Appraisal Fourdybn and Mal wero h place as d Me eRxtivo date d tlrb apprabal, w(h the ezeeption d tiro OepaAure provbbn d base Stadards, whkh does not appy. I aekrowkdpe tlul an esWnye d a reasonable tlme fa eayowro h tie open maAcd b a eorrdtiorr h the defn(bn d marled vabe and the eslknate 1 devebped b corebbrt wIM Me maAreWq tMe rated h the neghboArood action d tlris ropoA, unless 1 have otirerwbe shied h the recorctybn sectbn. 8. I have persanatif brspected Me hterbr and ederbr areas d the subject propeA and tie ededor d ew pmpeNes fisted as comparabks h tiro appraisal repoR I fuAhd aAty Mal I have noted any apparent or known adverse cordlbra h tin wbjed knprovanerds, on tiro wbjed ste, or on any ste w(hh the hrmadate vkhty d the subject propeAy d whbh I am awaro and have made aqushneds la tlKSe adverse wndmora h my anatysb d the propeA vahro b tiro edad tlry I had market evkkrce b wpport them. 1 have yso cammeded shod IM erlat d the adverse mrrdtiom on the maAalabOy d the subject DroDerty 9. I perwnaly proparod aN eorckrsbrrs and aphbre shod the roy esfam Mal wero set faAh h tlat appraisal roporL l I relied on slgdficard prdessbrd assblarree hom cry hdHidral a hdNlduals h the pdfonnarce d tiro appraisal a the proparation d the approbal ropoQ I have named such kdNNual(s) and dacbsed the speclb tasks paAormed by Mom h tiro rec9rc6ation seelbn d Mb apprabal regal I eeAly Mat cry hdfviduy so named b quyired to peAam . the Rsks. I have not aulhoAzed anyoro to make a charge b cry tan h the report Mmdore, r an unautirorbed charge le made b the appraby ropoA, I wL take no resporsl6lgy far L SUPERVISORY APPRAISER'S CERTIFICATION: a a wpervleory appraber squad the appraisal report he or she certlks and agrees Mat: I ®rcetiy supervbe the appraiser wlq pepared the apprdsy ropoA, have rovlewed the apprabal report spree w(h tiro styemerrb and corcbsbre d the apgalsa, aprce to be board by the appraker's eeAtbatiore numbered 4 tluouph 7 above, and am takkq lul resporsbtty fa tiro apprabal and tiro appr~sy ropoA. ADDRESS OF PROPERTY APPRAISED: o!i Mamalahoa xrv, Captain Cook, Ht 96704 ppppAlgjEp; SUPERVISORY APPRAISER (only If required): Sgnyuro: >~/3~C-o GP Q-Q. C.l~.-- Sgreturo: Name: e.a. Ero sole Noma: DyeSgned: January 21, 1999 DyeSgrred: Stets CeAtkalbn N: CRA 55 B State Certificatgn N: or Stye Lkerse t+: or Stale Lkerass Y; Stye: xi bpirybn Data d CeMcffiion or Lkerae: 1 z/31 / 1999 bykybn Dye d Certakatbn or LkerSe: ? Db ? Did Nd Inspect Property Fredde Mac Form 439 693 Pape 2 d 2 Farnie Mss Form 10048 693 Form ACR -TOTAL 2000 fa lNhdows' appraby soRwaro by a b mode, kre. -1.800•ALAMODE 'LAND APPRAISAL REPORT ' File No. 327e4 BorroWa MAC1tAD0 Car5u5 Tract 0213. oo Map RelEfEllCe 382-11-30 PrapertyAddress of! Mamalahoa H CRy Captain Cook County Hawaii Stale HI Zip Code 96704 L'cgalDescrlption Portion o! Kalamaka ale Kalamawaiawaawa i Kahauloaiki south Kona Sob Prke S n/a Dale of Sob n/a Loan Tam n/a yrs. Properly RgMs A ppraaed Fee Leasehold Da Malim'a PUD AtNal Real Fatale Tams S 99e . 00 (yr) Loan charges to De paid by selbr S n a ONa sobs concessbns n a Lerder/CBert Rory Keith Address Kailua-Kona Hawaii DCCUparA Vacant Land Appraiser E.O. 8rodbecK InSbUClbf5l0 Appraba Estimate market value o! vacant land assumin accosa easement in lace Lacaliln Urban Suburban Rural Good Avg. Fair Poor Bull Up ? Over TS% ®25% l0 75% ? Under 25% Empkrymerd StabTlty ? ? Growth Rate ? Fuly Dev. ? Rapid ®Steady ? Sbw Corwenbrre b Empbyment ? ? Properly Value ? Increasing ®Stabb ? DecBnlrp Convenience to Shopping ? ~ ? ? Demand'Slrppy ? Slmrlage ®In Balance ? Oversuppy Convenence to Schools ? ? MarkeBrq Tane ? Under 3 Mos. ®4.6 Mos. ? Over 6 Mos. Adequacy al PubFic Trartsportation ? ? Preserd Land Use 65% 1 famiy 2.4 Famiy V%Apts. Condo_% Commercial Rareational FaciTdres ? ? Industrial 35% Vacard Adequary Of Uh7~es ? ? Change in Preserd lard Use ®Not LBeey ? Llkey Taking Place Property CompatLiFAy ? ~ ? ? From To Protection from Detrimental CoMdiore ? ? Predomaard Occupancy ®Owner ? Tenard i % Vacard PoFre aM Fee Prohctbn ? ? SagbFamltyPrbeRarge S izs,ooo toS 1 Mi1+ PredomawdVabeS 3ao,ooo GeneralAppeararlcecdProperties ? ? S'agb FamBy Age Now yrs. t0 4 o yrs. Pfedomaunt Ape 15-2o yrs. Appeal to Markel ? ? Commends arebdag Base fxtors, favorabb or urdavorabb, aBectag marlcetabllAy (e.g. pubFE parks, schools, vbw, nobs): sub ect located above Mamalahoa HS hwa Sn area charaatcrizcd rural aettin s and acrca o sites. Most sites in the area have cod ocean and coastline views due to to o ra h o! the area. Public services available 1n Ca Lain Cook a rox 1 mile north. Schools a rox 4 miles north. Area has avers a market a sal Olmensbrs see attached plat map 1.25 Sq. FL aAcres Corner Lot Zoning classAbatbn A-SA (Aa minimum 5 aoro site) Pf858rd Improvemerds ®do ? do nOt cordons to zoning fegulatbns Highest and best use ?Presentuse Otilars I rove with sin le Tamil dwellin PubOc Otldd (Descrlbe) OFF SITE IMPROVEMENTS Topo Moderate to arse ale o Ebt. ® StrcetAaess ? Pubtic ®PrNate She Awra o !or area Gas ? Indiv/1Yp SUrlaCE 6raea/Dirt $hapE Rectan tar Water ? catch/11.p Maintenance ? Pobkc ®PrNale Vbw rood ocean, coastline San. Sewer ? Cesspool ? Storm Sewer ? Curb/Gulbr Drahrage Appears adeauate ? Underground Elect. 6 Tel. SfdewaAc Street L Is the property located In a HUD Idemllied Special Flood Hazard Area? No? Yas Commends (lavaade a unlaroreWe Including any apparoM adverse tasemerds, encrmchmerds, or other adverse condltlonsJ: site a raised asaumin 1e a1 access to site via easement across arcol 392-11-09 ranted. 91 to access via narrow roadwa no 1 rovemant of roadwa aaeumcd, The undersgrred has recited three recent sales of properties most slm8ar and profdmab b sub)xt and has corrsldered tirese 4t the market arulyss. The descdptbn includes a doAar adustrnent reReetirq market reacfbn to those tiems of s(gnNkard vari~ion behveen tl>e su6)ect and comparabe properties. N a sgnlTa;ard dem in Ore comparable property k superior b or moro lavorabk than tie subJed properly, a mums adlusbnerd b made thus reducing the krdreated value of subject; r a sipnlTicard Aem b the comparable b kderbr b or less lavarabb Umn the sublect Properly, a plus adJustmerd b made tlrus krcreasirg BIe bdlcaed value of the subject. ITEM SUBJECT PR PERTY COMPARABLE N0.1 COMPARABLE N0. COMPARABLE N0.3 AddrESe Ott Mamalahoa Hwy O!! Mamalahoa Hwy Waki der Drive 9t. Paul'¦ Road 382-11-10 379-08-27 3s2-09-95 379-04-19 PfOldm to SUh' 1 rox 4.5 Mi North rox 3 4 Mi West rox 5 Mi North Sales Price n a 105 000 136 000 77 000 Pree Data SOUfCE Ins cc 1T4C 9 1TIIt ML9 1t9C ML9 Date of Sak and E CRIPIIO D SC IPTION + - A usl. ESCRIPTI N + - A ust ESCRIPTION + - A usl TimaA~ustment n a 2 9B COE 4 9s COE 2 99 COE Locatbn Ca rain Cook Kainaliv McC Plnt ; -15 000 Honalo S IeW 1.25 acres 1.11 acres 1.00 acres .94 acre Nrrw +10 000 VIEW Cd Ocean Coast Good Ocean VGd Ocn Cat -10 000 Av ocean +10 000 To 9taa Moderato -5 000 Stec Moderate ACCaSa Private Private. Public ; -10 000 Public -10 000 Water Catchment Public -5 000 Public -5 000 Public -5 000 Sobs Or FklallCklg n/a Cash Caah Priv ($63K) Corcasbns D/99-21954 Di98-56516 DN9e-022338 INdA + 30 000 + '40 000 + 5 000 halkaled Vaale - " ' - otsuhle~ S 95 000 ~ S 96 000 „ . S sz 000 'CommertlsonMarketData: Duo leak of sales similar to sub cet !or site size and other market amenitioa data search extended bo and 1 rolls and over 6 menthe. Co 2 most similar for location however s crier due to location in established subdivision with ublic accosa utilities and "dro -awe views. 'ibis COmmerda and COnddlOls Of Appraisal: solo does appear most similar to aubiect !or topoaraphv. Comp 1 Bale oL vacant site which was marketed with private access casement offered. This Bala appears superior for Gentler ale o and ublia utilities. Co 3 solo of ve narrow site 1 raved w 5 nanconformin shacks. gale a sera under market levels due to motivation of ostler G therelora used to bracket lower limit of FtrWReconclllalbn: value !or rho sub act. Ad in site line rallects market's reaction to eonti ration of site. All salon considered in value conolualon. Market a roach most a ro riots method for estimatin value for vacant lots. Cost i income a roach not considered relevant ca of value. 1 afT1MATa Tr! MMII[T VALp{l/~~Ae OEFIaED, Of sOaJ[CT ?ROPEIITY Aa Of January 15 19 99 b 90 000 E . G. Hrodback ~ ~-(..A (Q ~ e C ~ ? Did ? Oki Not Physkaby Irepect Properly A slurs Revbw A raiser ebb SEVCO Real Eslale Ap9ralsers 1808) 322.3400 Form WD -TOTAL 20001a Wallows' apprabal software by a b mode, he. -1-800-AIAMODE /