RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale _-_ 364 Burnt Mill Road, Branchbur me County, New J Branchburg Builders, LLC to Toll Brothers NJ IV, LP Date: July 18, 2013 Sale Price: —$13,000,000.00 Block: 2 Lot: 8.01 Zone: A-R - Agric. & Residential Book: 6654 Page: 1624 Acres: 65.2923 Subdivision: Fifty (60) Residential Building Lots Analysis: Sale reflects $260,000.00 per residential building lot, unadjusted. Comment: The property was conveyed with development approvals for a fifty (50) lot residential subdivision. The development is known as Toll Brothers Steeplechase at Branchburg which will feature estate type custom building residences on parcels of approximately 1.00 to 1.50 acres. There are four model types available with base prices starting at $1,100,000.00, ret a: FT] ses - 68 - B & RESEARCH