RockSpringCluB-Hendricks Appraisal.pdf

HIGHEST AND BEST USE The maximally productive use of a property is that use which will result in a sustained rate of return commensurate with the requirements of the market for which the property is situated. For improved properties, a land residual technique is utilized whereby the resulting highest residual land value usually reflects the highest and best use. Source: The Appraisal of Real Estate - Tenth (10th) Edition - 1992 Published by The Appraisal institute. In some instances a property may be improved with a legal, non-conforming use. Typically, non-conforming uses were lawfully created or established, however, over time, changes in zoning, land use or other factors may have rendered the property as a legal, pre-existing non-conforming use. This type of use may or may not represent the highest and best use of the property. In some instances, a greater return may be achieved by a non-conforming use as compared with a legal, conforming use. In this appraisal, while | have given consideration to the former use as a private country club, | have also considered the potential for a continuation of the use as a golf course in a conversion to a public course. However, after reviewing the valuations indicated as a golf course, it is readily apparent that residential subdivision and development under the R-1 zone is the highest and best use. Discussion & Conclusion As discussed throughout this appraisal, the subject property involves a private golf and country club known as Rock Spring which was originally founded in 1925. The facility was merged with Montclair Golf Club in 2016 and in December 2018, Rock Spring Club ceased operations. Again, this appraisal assignment is specifically limited to only the Rock Spring Club portion of the Montclair Golf Club. The appraiser has reviewed the current zoning for the property (as discussed on the preceding pages) and has determined that the entire site, after deducting for the area of Cable Lake and allocation for roadways, detention areas, and setbacks (approximately 10%) could be subdivided into sixty-six (66) individual conforming residential single family building lots. Based on the analysis presented herein, it is my opinion that as vacant, residential single family subdivision and development of the property as discussed above, is the highest and best use as vacant land. The foregoing would be

ed herein, it is my opinion that as vacant, residential single family subdivision and development of the property as discussed above, is the highest and best use as vacant land. The foregoing would be legally permitted, physically possible, financially feasible and would, in my opinion, represent a maximally productive use of the property which also supports the highest value. 59 f rT ] REAL ESTATE 7 ~ B APPRAISALS 6 RESEARCH Continued .. .