RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale__- 10 Piersons Hill Road, Randolph, Morris County, New Jers: The Ridge at Randolph, LLC to Toil NJ VI, LP Date: July 14, 2011 Sale Price: $4,921,000.00 Block: 146 Lot: 72 Zone: R-R Book: 21835 Page: 0643 Acres: 79,555 Approvals: Approved/Unimproved 25 Lot Subdivision Topography: | Wooded-Rolling Analysis: Sale reflects $196,840.00 per approved residential building site, unadjusted. Comment: The parcel was conveyed with approvals for a twenty-five (25) lot residential subdivision known as Randolph Ridge. The individual building lots will be 2% acres in size and will feature custom built single family dwellings ranging in size from 3,702 to 6,500 square feet. Base prices will range from $823,995.00 to $1,899,999.00. 7) eee “se = a & RESEARCH