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DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, FLORIDA REAL ESTATE APPRAISAL BOARD vs DON VAN, 01-002843PL (2001)

Court: Division of Administrative Hearings, Florida Number: 01-002843PL Visitors: 26
Petitioner: DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION, FLORIDA REAL ESTATE APPRAISAL BOARD
Respondent: DON VAN
Judges: LARRY J. SARTIN
Agency: Department of Business and Professional Regulation
Locations: West Palm Beach, Florida
Filed: Jul. 18, 2001
Status: Closed
Settled and/or Dismissed prior to entry of RO/FO on Monday, September 24, 2001.

Latest Update: Dec. 22, 2024
ie been issued license RD0002378 in accordance with Chapter 475 Part Il, Fla. Stat. aa j wow — — ry — STATE OF FLORIDA BB Bee Bees bo! DEPARTMENT OF BUSINESS & PROFESSIONAL ce: Mt}: 56 FLORIDA REAL ESTATE APPRAISAL BOA . : FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, Petitioner, v. CASE NO. 99-83397 DON VAN, 0 [ - KY ZR ; Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Don Van (Respondent), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475, Fla. Stat., and the rules promulgated thereunder. 2. Respondent is currently a Florida state certified residential real estate appraiser having . The appraiser at 397 SW 14" Court, Pompano Beach, Florida 33060. 4. On or about March 15, 1999, Respondent prepared an appraisal report for property located ; at 441 Sw st Street, Ft. Lauderdale, Florida 33315. A copy of the report is attached hereto, incorporated herein and made a part hereof by reference as Administrative Complaint Exhibit 1. ceegegee FDBPR v. Don Van Case No. 9983397 Administrative Complaint " §. Pursuant to a consumer complaint, Petitioner investigated the appraisal and the following discrepancies were discovered: a. Respondent did not produce a floor plan to verify whether the subject property was a iriplex or fourplex; b. Respondent did not provide verifiable support for the rental income stated in the report for the subject property and the comparable sales; c. Respondent did not produce support for the representation that the subject property and comparable sale #1 had central air conditioning; d. Respondent did not provide data to support the land to value ratio of 39%; e. Respondent was unable to explain the discrepancy regarding the parking for comparable sale #3, where the report states it has open parking, however, the property has a single carport. The data sheet provided by Respondent listed a garage for the property. . COUNT I Based upon the foregoing, the Respondent has violated the Standards for the development or communication of a real estate appraisal or other provision of the Uniform Standards of Professional Appraisal Practice (1999) in violation of § 475.624(14), Fla. Stat. (1999). COUNT II Based upon the foregoing, the Respondent is guilty of failure to exercise reasonable . diligence in developing an appraisal report in violation of § 475.624(15), Fla. ‘Stat. (1998). WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or 2 fy pew oe FDBPR v. Don Van Case No. 9983397 Administrative Complaint the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475, Fla. Stat., depending upon the severity of the offense(s), “include: revocation of the ticense, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See § 475.624, Fla. Stat. and Rule 6131-8.002, Fla. Admin. Code. The penalties which may be imposed for violation(s) of Chapter 455, Fla. Stat., depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years, imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses: publication; restriction of practice; injunctive or mandamus relief, imposition of a cease and desist order; or any combination of the foregoing which may apply. See § 455.227, Fla, Stat. and Rule 61J1-8.002, Fla. Admin. Code. (ee) ge - ior ete cape peeerren © FDBPR v. Don Van Case No. 9983397 Administrative Complaint "SIGNED this @ _ dayot_Feh: , 2001. : Ane. ; Co luthiea. fed lar Florida fate of Business and Me (oy ‘aa Professional Regulation Director, Division of Real Estate FILED apartment of Professional Regulation Bivision of Rea! Estate ATTORNEY FOR PETITIONER Kay Home a213/¢6 . - Sunia Y. Marsh Gy Sa aaa amrrreee ct Fla. Bar No. 0068896 FDBPR-Division of Real Estate Legal Section 400 W. Robinson Street, N308A Orlando, Florida 32802-1772 (407) 481-5632 (407) 317-7260 - FAX PCP: MS/EC/PA 1/01 NOTICE TO RESPONDENTS an 20 der § 120.573, “Fla. Stat, is not available for adm agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, a hearing to be conducted in this ' matter in accordance with Sections 120.569 and 120.57, Fla. Stat.; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing i is requested. meee oe proemmme: wenn meer pers mmegees wee FDBPR v. Don Van Case No. 9983397 Administrative Complaint PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. BAgato essa oN os tile NO. wwdaies Ve] Propamty Address 441 SW G STREET Ciy FORTLAUDERDALE Stato FL Zip Coda 33315 SdLegal Oesciption SAILGOAT. BEND, PB 21 ~98, LOT 18 Caunty BROWARD Bs Assessor's ParcelNo. 50—42~10~45—0060 Tax Yaar 1990 RE. Taxes $ 4,979.32 Special Asseasmonts $ Bi Projact Namo/Phosa No. Map Roleronco 50-42~10 Consus Tract 428,000-2 Bs Pgc[Borrower_ TRUESE, JULIUS Currant Cwnor CWIKLIK, JOSEPH Occupant{_] Owner [x] Tenant (_]Vacent ; {Property rights appraised (Fee Simpia (.} Coasohold | Project type (_}PUO {J Condortinium HOAS NONE iMo. 24 Sales Prion $ 225,000° Dato of Sain 03/02/29 Description and S$ amount of loan chargas/canaessions ta bo paid by seller NONE LendedCliont DEVELOPERS FUNDING CORP Address 400 SW 5 ST, FORT LAUDERDALE, FL 99315 eitnppraisct, ON VAR "Rddrece P.O. BOX 1836, POMPANO SEAGH, Fl. 33061 ei Location (urban \] Suburban (_} Rural Preaerainany sigals family houslag Predominant gage housing Built up cver75% [[] 25-75% TD Under 25% decupaney 3 CO iyis) jaccupanc'! 3 (C00) (yrs) Growth rate Rapid (X] Stasis «= (J Stow {X] Owner ag Lew 0 |f{J Owner Jo Low 10 property values CJincreasing (X] Stable []Ooctining |) Tenant 200 High 85 |{X} Tenant 330 High So Demand/aupply C)Shertago — (X] {n balance (] Ovar supply (K] Vacant(o-3%) [[i][Predarsinant {| |||] (X) Vacant(o-S%) [[[]]predominanc{i11]| 1 Markoting tima (_] Under 3 moa.[X] 3-8 moa. [7] Ovar 6 mos. (CD Vacantiover $%] BS 40 |{7] Vacant(ovor 5%} 00,-125 45 Fypleat 2—4 family bldg, Typo SUNT. Nestoes 1 Nouns 3 Ago 29 yfs.|Progontlanduse% {Land uae change UTypice!renta $ B00 to 5 a50Ljincreasing {xiStatla [JOoclining ‘One family ao | (Nat ltkely (flikeiy VAYEot neighborh ood agt. vacancy 5 %LJincresving [K]Stotto [jOoelining Q-4famity S| }In procoss to: a Cves (X]N Lkoly — If yos ar likely, deseriba: Muttifaenily 5 Commersiai 10 — | ? Race and the racial composit(on of the noighbarhood are not conaldered reliable appratsal factors. a Neighborhood boundaries and characteristics: BROWARD BLVD TO THE NORTH, ANOREWS AVENUE TO THE EAST, SW 12 STREET TO THE SOUTH ANO INTERSTATE 1-95 TO THE WEST IN THE CITY OF FORT LAUDERDALE. . salon thal aficel the marrclablity af tho slonodiiee {n iho Anignborsaed (proxlmily to ompioymont and amenies. employment sindily, apoea!t9 mareat, oe] ° NO ADVERSE FACTORS ARE QUSERVEO WHICH WOULD AFFECT THE MARKETABILITY OF THE SUBJECT PROPERTY, MOST AREA : HOUSES ARE SINGLE FAMILY DETACHED RESIDENCES AND 2—4 FAMILY MULTI OWELLINGS, 2-4 UNITS ARE TYPICAL OF THE AREA AND COMPATIALE WITH SINGLE FAMILY HOUSES. THE SUBJECT UNITS ARE LARGER THAN MOST UNITS IN THE AREA, AS A RESULT THE SUBJECT IS OVER THE PREDOMINANT VALUE OF RENTAL UNITS IN THE AREA, 9 13 anal intended luata the jriventory currdntly on the market competing with the subj dct, ai nal Bethe and tsoont piica and marketing time trends atfeciiig ino Sublect oroperiy. Ca has suites th ‘sudject'ne ighbarhoed are not considered ne. The following svgliable listings tapresang the most currant. ‘sintlar, and proximate compctitive provartlas to the syblact propery In the subject | be auoaelahle as oman eae fea ater Ramp re als jauing comperaolas can én tha rantal or sala comparables if (May are surremtly for a “bappllcable). Tho Temi SUBJECT COMPARABLE LISTING NO. 1 COMPARASLE LISTING NO. 2 COMPARABLE USTING NO. 3 44t SW 5 STREET > | 17 NEO AVE 2000 NE 17 ST 2601 NE 14ST Address FORT LAUDERDALE, FL FORT LAUDERDALE FORT LAUDEADALE FORT LAUDERDALE ‘Proximity to subject [fSSE ASE 1 MILE NORTH 1.5 MILES NCATHEAST 1.5 MILES NORTHEAST At Listing price $ NIA TiVo, (rum, 3 180,000 [unt. (OF 3 153,000 |{xjUni. | iFurn. $ —_205,c00 [Approximate GBA 2,370 2,904 2475 2,068 Oats Source INSPECTION ISC/MLS _LISCIMLS ISC/MLS ulg Unite(Tot mafSAVBA | a] 11 S]soo| ¢ | 32 | 4 | 4.00 41] 11 {[ 4 | 400 $3] nu {| 4 { 400 fAparoximato year buit | 30-1968 ~ 4952 1965 4952 _| a[Apptox. day on markat_|_ N/A NIA NA NIA : Compariaan af flings fe eubjact propery: ALL THREE LISTINGS ARE CONSIDERED TO AG ALTERNATIVE PROPERTIES TO THE SUBJECT AND ARE WITHIN THE SUBJECT'S MARKETPLACE, THE LISTING DATA IS CONSIGEREO THE BEST AVAILABLE AS OF THE APPRAISAL BATE. : | MMaskat conditions that a‘fact 2-6 {amily propertian In (he subject nalghbernéed (Ineluding ina above nsigntorhaad Indicators of yromh sats, property valuns, demand/wephy, And marketing time) Hoe coeetoneg are fmpact In tha nubinct market acea regarding loan discounts, Internet buydown and concetsions and [sanafeatian of Yonds In leing prices, everage Aare on Skat and any ennnas aver past yeas, #10! T E SUBJECTS tEIGHBORHOOO TS LOCATED IN A GOOO RENTAL AREA. MANY INCOME PRODUCING PROPERTIES ARE OWNER OCCUPIED, GENERAL MARKET IS GOOD WITH AVERAGE MARKETING TIME 3~6 MONTHS. TYPICAL FINANCING IS CONVENTIONAL WITH SOME OWNER FINANCEING AND FHA/VA. SUPPLY ANO DEMAND APPEAR TO BE IN BALANCE, NORMAL MARKETING TIME FOR PROPERTIES LISTED WITHIN THE LIMITS OF THE NEIGHBORHOOD [S APPAOXIMITELY 100 DAYS. THOSE PROPERTIES THAT ARE OVER PRICED ARE NOT SELLING WITHIN NORMAL MARKETING TIME. : Dimensions 60.00x115.00 APPROXIMATELY ~ “{Skte area 6,900 +/— SQ FT Comerlet (No {xjYos Specitic zorting Classification and deserlpiion A-O-C RESIDENTIAL—OFFICE-COMMERCIAL Topography FLAT/TYPICAL Sizo AVERAGE Shape RECTANGLE “VZoning compl. (SELogal (jLegal noncomform. (Grandfathered use] (jitega (No zoning Oralnage STORM SEWER ADEQUATE [ PPe4 Highest & best ura as improved: (KProvent use [Phar use (axptain) View AVERAGE, Be Landscaping AVERAGE es] Ut ities Puails Othor Oft—sito Improvements Typo Public Privata | Oriveway ASPHALT Bi Eloctilcity & Street ASPHALT (2) |Apparant easamerts_NO APPARENT ADVERSE aloes 0 Curbjquiter “GONGACTE if EASEMENTS ; {Water - Sidewalk CONCRETE (0 [FEMa Special Flood Hazard Aroa Yes(X] Nof_ Sanitary Sawer isa) Sweat Lights YES i FEMA Zone AE Mep Data 00/18/92 Storm sewer (SK - Alley NONE ((] [FEMA Map No, PANEL: 12011 Co216F Commants(apperent acvaroc easumonts,encroashiments,spaclal assessmoms slide sreas,iilagal ar lagal noncontorming zoning,use,ets.): a------------ NO ENCROACHMENTS OR EASEMENTS ADVEASE 70 THE MARKETAQILITY OF THE SUBJECT PROPERTY ARE KNOWN Of, OR WERE OBSERVED ON THE DAY OF INSPECTION. : BOFTOYTE VAR INTEPATONS . VAN'S APPRAISAL SEAVICE, P.O. BOX 1636, POMPANO GEACH, FHUUC Form 72 1004 “Agpraival Master Lazer Foun 714) COTTON Page tele Fruma Foon 10u3 2-4Urts 10704 » r sli Gy DI ALL MUI EO ae ee CHU aE anes. Vict it! File No, 90224, a xl cornparatiog Construction and Safety Standards) | NOT TYPICAL OF S.FLA fai} uate | Levelt | Foyer | ung | Cining [ Rhchioa [Oon | Family rm. # Sedims| # Bains I 7 [_1_[AREA 1 | I 2 2.00 40 ad 1 1 Lt [AREA Tt | i 7.00 fe 1 1_[AREA 1 | { [2 2.60 Ae | _4 _ Lh Bi Improvements contain: WwW Aooms: 5 Bedroam(s): $.c0 Gath{e): 2,370 Square fest of GROSS BUILDING AREA" + GROSS BUILDING AREA (GBA) IS DEFINED AS THE TOTAL FINISHED AREA TNOLUDNG COMMON AREAS) OF THE IMPROVEMENTS BASED UPON EXTERIOR MEASUREMENTS. is eas “o(suraces (Mat/oond.) Hoating Kit, equip. (#/untt. cond) pane Car Storage No. Cars é JES| Flora TILEIAVG Type CENTRAL {Rettigatator 3/AVG Nene Garage elWalls DAYWALLAVG __|Fual ELEC Ranga/aven “a/AVG | Ciseates Carport ae Trinvtinish © _WOOD/AVG Conditlen AVG Disposal Cdree stair Attached a) ak {Bath floor _ CERAMIC/AVG Dishwashat (kjscunte Detached C] A Bath wainscct DRYWALL/AVG | Cooling Farvhead == AVG (Floor Adequate (x) Ry Doors WQOD/AVG Cental CENTRAL |Compactor (Heated inadequate O a Gthor “WALL UNIT |Washer/dryer_1/AVG CJfinishod Offstreot MS Conditicn AVG Microwave . | C)untinished Nono a re: [Flrapleco(a) NONE # Intercom x | Gondition of the Improvements, repairs needed, quality ‘of construction, additional features, maderilzatlan, ots.: THE SUBJECT IS IN AVERAGE CONDITION FOR ITS AGE AND AREA REFLECTING AN ACCEPTABLE MAINTENANCE SCHEDULE, THE LANOSCAPING IS AVERAGE WITH AN ADEQUATE YARD. THE INTERIOR OF THE SUBJECT UNITS ARE CONSIDERED TO BE AVERAGE. _ a Daprociation (physleal, funetionel and extzinal inadequacies, etc: NO FUNCTIONAL OR EXTERNAL INADEQUACIES ARE NOTED. THE Wi] SUBJECT HAS EXPERIENCED A NOAHMAL AMOUNT OF PHYSICAL DEPRECIATION OVER THE YEARS, REFLECTING AN APPROPRIATE aAINTENANCE SCHEDULE, THE SHORT LIVED ITEMS SUCH AS FLOOR COVERING, PAINTED SURFACES, APPLIANCES AND SCREENS HAVE BEEN REPLACED OR REPAIRED ON AN APPROPRIATE SCHEDULE. THE DOORS, WINDOWS, PLUMBING ANO EQUIPMENT APPEAR TO BE IN ADEQUATE CONDITION. Reverse environmental conditona (such as, but not limitod to, hazardous wastes, toxic substances, otc.) present in tha Improvements, on tho site, or in tha Immediate vielnity of the subject property: THERE WERE NO APPARENT ADVERSE ENVIRONMENTAL CONDITIONS OBSERVED. IT gore i a re SHOULD BE NOTED HOWEVER, THAT THE APPRAISER IS NEITHER QUALIFIED NOR IS HE A PROFESSIONAL ENVIRONMENTAL Bf | INSPECTOR. : pa t EK: 3 ook VALUATION ANALYSIS S ESTIMATED SITE VALUE.. =$ 100,000 {Comments on Cost Anpraac| ch as, gource of cost estimate, sits vaiuo, | ESTIMATED REPRODUCTION COST—NEW OF IMPROVEMENTS: SRP gaa lasrand AED FN a aaa au i it sao Sq. FLat $ $5.00 = 48,200 49% ESTIMATED LAND TO VALUE RATIO Se G36. Sqftat$ "$500 = 34,650 DERIVED FROM ABSTRACTION METHOD AS NO LAND SALES ARE e090 Sq.Ft at $ 35.00 = 49,500 "AVAILABLE IN THIS TOTALLY DEVELOPED AREA. THE Sq.Ft at $ = DEPRECIATION METHOD tS STRAIGHT LINE, BASED UPON 60 Sq. FL at $ - YEAR LIFE AND OBSERVED CONDITION ESTIMATE OF | PORCH, LAUNDRY & 2 CAR CARPORT = 6,000 EFFECTIVE AGE. “ NO EXTERNAL DEPRESIATION {S NOTED. = THE EFFECTIVE AGE OF THE SUBJECT IS 10 YEARS ~ [THE REMAINING ECONOMIC LIFE IS 50 YEARS Special Enor jy Ellisiant Roms - oO O:|Porchos, Patlos, otc, = ‘A: Total Estimated Cost Novi... $ 136,350 Fhyslest Functional Extarnal lect | [ i{Oaprociation. 20,453 “3 20,459 22} Doproalatad Vaiue of improvemsats., $ 115,097 “As jo? Vatuo of Sits Improvamants 3 19,000 INDICATED VALUE BY COST APPROACH. 226,000 FHUMC Form 72 (a4 Appraital Madter Lacer Foany (114) 444-7700 SOFTAYTE YAR [TERNATIONAL INC, FNMA Foran 1025 24Usia 10/04 Pago dott Po - . VAN'S APPRAISAL SERVICE, P.O, BOX 1036, POMPANO BEACH, FL seo el wo mar wo we pee Zou Mateet reaction Jo those remms of an anede 2 su ieee uw wogutyy a suBotor wp, On SS Cerise HE hie ed anes eT er eagr Raea Waod a wr is. < iQ ‘S| C}Us! ew Se Jonoe of tha corearaois propery. Mae en fonihly Reni plus (+) agju Thelaah ais COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3. 451 SW 5 STRERT cf 2) -. fy) 904 SE 12 CT 1629NE1ST Aeons oe LAUDERDALE, FL FORT LAUDEROALE | FORT EAUGERDALE 15 BLOCKS SOUTHEAST. -"~_-]°T MILE NORTH aie 225,000 (jun. ypu $ /-1217,300 / ia “[s L127 ¥4Saloa price/unit 3 75,006 56, [Sales price/room [3 20,455 |S Patt — $ {wy 780 Tas; 730°" 5 ‘Data and/or INSPECTION OBS! mee ey OBSERVATION ys OBSEI wae | fh EA'lVerfleation Sources | REDVISC REDSC { ye les Lreomsc En | neouise af: HEA ADJUSTMENTS SESCRIFTION oe een GRSCRIPTIEN ]= Ady use E f GF Ag} Pe: ‘Sales or financing CONY ra FRA — cancessiona : a ae SURBURBAN a Chand To/sa/ 2 Seed SUABURBAN SUBURBAN FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE 6,900 +/- S 8,417+/-SQ 3,000 | 7,337+/-S0 TV] -1,000 | 5,453+/-SQ $3,069 AVERAGE AVERAGE = AVERAGE AVERAGE 3—PLEX 3-UNIT S-UNT t 3-UNIT J [AVERAGE AVERAGE : AVERAGE AVERAGE 30-1969 46-1953 NO ADJ | 31-1968 {NO ADJ | 61-1938 AVERAGE AVERAGE | AVERAGE ; 2.379 Sq itt 2,509 Sqft | 2,000 3128 Sqit [-11,500 +10,000 Mo. | Am count [no No. Rm. count No. Tne. | reour bso, . on Prot | oe ac tint [Tor |e] aa vse i ae fh 3a |ye Unit 1] 4] 2200] f4 iol ~ ste RAK breakdown i{_3[ 1 [1.00 1 M2 Basament dese, Funetlonal utllity SS :| Heating/ccaling aS Parking on/ott site By Proj. amonttlasas EB 4 a at applicabio) £{Cthac ~ Soom Totals: [Net ad (tetany a8 Ad. salas price of Se comparables hee de (indicators “oh value as to con: ommeny on mpage, a OMPARAGLES Tig aaseson8 se eSa8 THE SUBJECT. ADJUSTMENTS: ARE, WADE FOR SIZE 73 REFLECT THE M ARE CONSIDERED IN ESTIMATING THE INDICATED VALUE AND THEY ALL GIVE GOOD INDICATION TO THE OBSERVEO VALUE RANGE OF SIMILAR DUPLEXES IN THIS MARKET, CENTRAL OPEN PARK +4,000 aloe cor jot tangy jener's lative sto foikeky ft 9 SALES Simi en SN MOST Ri frTEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 (Date, Price and ate . , gySeurce fer price salpe NIA N/A . N/A 2] within yaar of apprtisal NIA NIA NIA oe i [Anaiysia of any currant agreement af cale, aplon, oF lieueg of the subject property & anatytla el any orter sale # subject & compa sethin ona yaw of the dale ct apovaltal: i (| THE SUBJECT IS NOT LISTED FOR SALE AND HAS NOT BEEN LISTED FOR SALE IN THE PAST 12 MONTHS, A i [Total grose monthly ssilmated reaabo x gross rant mu.(GRM) 100.00» S ——— #{Commenta on Income spgreseh (including expenas ratios, if available, and reconciffation of the Grikt} THE BASIC RELATIONSHIP BETWEEN SALE PRICES AND GROSS MONTHLY RENTS. {INDICATED VALUE BY SALES COMPARISON APPROACH. INOICATED VALUE BY INCOME APPROAC: INDICATED VALUE BY COST APPROACH. Ths appraisal ts mado ([X]‘os ia* ~([} aud}. to the repatrs, alter. Inspact. of cond. listed belaw (7 subj. to compl. per plans and spect '|Cammoents and conditlens of appraisal: THIS APPRAISAL RELIED UPON VERIFICATION OF SALES AND RENTAL DATA FROM MANY’ SQUACES AND IMNOIV{DUALS AND THE INFORMATION UTILIZED IN THIS REPORT IS BELIVED TO BE ACCURATE AND TO REFLECT THE S512 AES nsssles "| Final roconciliation: COMPAR.SALES APPROACH REFLECTS THE ACTIONS OF BUYERS ANO SELLERS INTHE MARKETPLACE. COST APPROACH LENDS SUPPORT. THE GAM ANALYSIS IS BASED UPON SALES OF SIMILAR RENTAL UNITS AND REFLECTS THE RELATIONS HIP BETWEEN SALES PRICES & MARKET RENTALS, MOST RELIANCE IS PLACED UPON THE SALES DATA APPROACH. }. APPRAISE! APPRAISER: Inspoct Property Signature Signature (Q0i () Oig Net iI Natne OON VAN Name Hx¢{Dato Aoport Signed 03/15/99 “ul1State Contifization 4 {Or State Licanse # FULMG Form 72 16)94 Page dot ROKOO ‘Anptoleel Master Later Forma 102378 FL (714 ce-7700 Date Asport Signed State Certification Or Stato Liconao 6oFTa YANINTER? 7 NATIONAL, INC, VAN'S APPRAISAL SERVICE, 7.0, BOX 1636, POMPANO SEACH, FL FMA Fort 1025 24 Unis, 10H SIlb Residential Appraisal Field Review Report . Multi-Family Supplemental Data File No: -. The undersigned has teciled thoes serent sales of prapestics most similar and proximale lo the subpel property and hat descisbed and analyzed thete in this analysis. If there is a signulice | the subject and comparable the analyses includes a dovar adjustment celteclng the markel reaction to Inose ilems of an explanation supported by the markal data tt 4 segeicant stoma property & superior fo, oF mare favorable than, the subject prooecty, a minus (-) adjustmeol is made, thus reducing the indicated value ol audject i a sgeiigant Hem in Ine compacatee is inter lo af than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the zubjec {(W) Sales Price + Gross Nonitly Rent 1 ITEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARAGLE SALE NO. 3 441 SW 5 STREET V717 SW 11 STREET 1106 SW 1 STREET 600 SW 13 AVENUE AddessFT. LAUDERDALE, FL FT. LAUDERDALE FT. LAUDERDALE FT. LAUDERDALE Proximity to subject : 10 BLOCKS 4 BLOCKS 8 BLOCKS Sales price Ss 225,000 (XZ unt. Fun. $165,000 |{X) un [ |Fums 165,000 [[X} unt. [| ]rums 144,500 Sales price perGBA [$ 94.94 |s 57.85 |s 58.84 |s 56.34 Gross monthly rent _[$ 1,750 fs 1,900 |s 2,400 |s 2,050 Gross mo. rent mult. (1)] 128.57 86.84 68.75 | 70.49 Sales price perunit |S T5000 Is 55,000 js 41,250 Is 36,125 Sales price per room {S 20,455 [s 13,750 |s 10,313 4s 10,321 Data source ISC/LENDER {| ISC/MLS/CL SALE ISC/MLS/CL_ SALE ISC/MLS/CL_SALE ADJUSTMENTS DESCRIPTION | OESCAIPTION ‘o)SAdustmenl| DESCRIPTION H-)SAqustmeal DESCRIPTION ‘We)S Adjustment Sales or financing . CONVENTIONAL: FHA : NO MIG REC : concessions i t : : Oale af sale/time N/A | 12/15/98 NO ADJ] 11/30/98 1 NO ADJ| 9/21/98 : NO ADJ Location AVERAGE AVERAGE : AVERAGE : AVERAGE : Site/view 6900 SF. 10000 SF :_NO_aDJ| 5700 SF : NO ADJ | 7500 SF 1 NO ADS Gesign andappeal_ | DET. TRIPLEX | DET. TRIPLEX: DET. 4PLEX = : DET. 4PLEX > NO ADJ Quality of construction | CBS/AVERAGE CBS/AVERAGE + CBS/AVERACGE | CBS/AVERAGE ° Year built 1969 1968 : 1969 i NO ADJ] 1971 Hi Condition AVERAGE {| AVERAGE : AVERAGE : AVERAGE : Gross Building Area _| 2,370 Sq.ft. 2,852 Sat: ~-2,400 2,804 sats -2,200 2,565 Sqtt: tio | ameount [rig | | rm.cnunt | nig! a Pm count | ia, * to, [__ 8m. couat Jenite} Tol }Br$ Ga 1 %-[units| Tot 1 Be! Ba | Ve! voits| Tot Or! Ba_| Ys Unit 1[ 4:2: 2]0 i] 4:2: 1f0 + +1,500 breakdown 1] a2) 2to] ty ara: i 1,500) 1] 4:2) to +1,500[ TP sit? oF : Tp aia: 10: a i Tp ar ilo Basement description] NONE I NONE Functional utility AVERAGE i AVERAGE i Healing/cooling CENTRAL I WALL UNITS | +3,000! CENTRAL Parking on/ott site | OPEN PARKING] OPEN PARKING: OPEN PARKING: OPEN PARKING: Project amenities and { NONE ‘ NONE i NONE : fee (il applicable) i ‘ ‘ Other x : x ‘ Xx : Net Adj. (total) | mr (y-s -900 |( ]+ Cl- 3 3,800 |{ }+ Cl- os 3,000 Adj. sales price of ” j . comparables ee i $164,100 $__ 168,800 s__147,500 INDICATED RANGE OF SUPPLEMENTAL SALES: $147,500 TO $168,800. SALE 1 IS MOST COMPARABLE TO SUBJECT IN TERMS OF UNIT MIX. SALE 2 IS LOCATED IN SUBJECT'S NEIGHBORHOOD AND IS SUPPORTIVE OF ISUBJECT'S RENT LEVELS, VALUE VIA INCOME APPROACH: INDICATED GRM (85) X ESTIMATED MO. RENT FOR SUBJECT: $1750 = $148,750. THE REVIEWER HAS CONCLUDED THAT A VALUE IN THE RANCE OF $150,000 TO $165,000 IS APPROPRIATE FOR THE SUBJECT. SEE ATTACHED MLS LISTING DETAILS OF SUPPLEMENTAL SALES ABOVE. Ha tam em eoudned on Us Nye ons Ooms Com am pion WH Sao 617 —— cose pene | ORO TITACL COMPARABLE SALE #1 wateyncy 1717 SW 11 STREET FT. LAUDERDALE Sale Date: 12/15/98 Sale Price: $165,000 CemeeTaENUT 7 FORTUAUG to svi eh RIVERSEIOE PARK fog = 504209190750 aes DE PARK ADD AMEN PLAT 10-97 04 ae it Fm On A eCna # Ss ats TEMS YO tD| CARPORT” [RCHEN~ CAUNORYSEPOR | t 890 |[ss0 |u| soTO MO! Space” | KITCHEN i 3 620 |150 |U[MOTOMO|OTHER | KITCHEN | ws pu TAGE REG [ES _AGUNT——ELECHITA RANGE | mir _evechTa —aause, Lea } me 1 Sake WaTes er KORE To aia | oft 1 HEAT PROPERTY FOR OWES, COLUPY OF AVES OR cme Roper | Ne UNITS RENT EASILY. THIS 1 cae us Tig PROPERTY, WONT DE _ARQUNU LONG. UAING OFFERSI! | SUp TO SY? 1R-AVE,MORT TO Sy 9TH ST LEFLTO SW 38 4 ar aoe Se iieloos fos to non Lei. INBANTE S$ ASSOCIAT im Q54.S05-7778 tar 986-565-7001 x 1 : : COMPARABLE SALE #2 1106 SW 1 STREET FT. LAUDERDALE : — _ Sale Date: 2/5/99 gia or SEE ance ey Wt eae 9 p soe Na iE Sale Price: $165,000 t MSE 7 Te Kann ead Aa Goo [U CPEN Hd u ey RANGE Et hare a REFRIG ~HANGE i paNee i e Hea ES Tete ot YSarcroar BEND 2 UNIT APART: i Fire ogi 25RR2e PAG SREPORUNG ANTS CENTERS MUST SEE EXCELLENT CONDITION ete, Siena SULTANS im Segoe tat Sargon san L t b a . COMPARABLE SALE #3 600 SW 13 AVENUE FT, LAUDERDALE : pane Bas Ga Sale Date: 12/15/98 eee} nee PAK “tay “Sgan0nOroOO Sale Price: $144,500 IegmBVERSIQe ADD AMEN Plat tg-0 1Ot fe TO eae SHA aT Sass ti akeaneporen SE a8 [olvAgine [Seen i 3 4 : [open . ioe SREY Te er ae ~ Ta UEASES TRE ems FORTE SAU MINT CONDITION 'NITH CENTRAL A/C + UPGRAOES PLUS INTERCOM ee ENTAY. GATE. Le ers. Ge er oer Sea tatOn, Tena? S sussex 93 1S, DEAK COME TANTS. SAGAS 242520. oe Bet won” Sati ol 15

Docket for Case No: 01-002843PL
Source:  Florida - Division of Administrative Hearings

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