RockSpringCluB-Hendricks Appraisal.pdf

SUMMARY OF FACTS & CONCLUSIONS Highest and Best Use: As Vacant — under current (controlling) R-1 - One Family Residential District zoning having an 80,000 square foot minimum lot size, it is my opinion that the highest and best use of the subject property as vacant land, is for residential single family subdivision and development. As Improved - it is my opinion that as of the date of valuation estimate, the existing country club and golf course improvements do not represent the highest and best use of the property. Therefore, as improved, the highest and best use of the subject property is considered to be removal of the existing improvements followed by residential single family subdivision and development in accordance with zoning. Estimated Exposure Period: Exposure time has been defined by USPAP as ". . the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.” The subject property represents a significantly large parcel of land and under its highest and best use discussed herein, and assuming the typical purchaser would be a large area or regional developer, with additional consideration given to prevailing market conditions, | have estimated a minimum exposure period in the range of two to six months would have been required. Estimated Marketing Period: Marketing time has been defined by USPAP as ”. . . an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value during the period immediately after the effective date of the appraisal.” Again, as noted above, based on the physical features of the property (large relatively undeveloped land mass) and with recognition of its highest and best use as well as its location within this particular market, | have estimated a marketing period in the range of one to six months would have been required as of each relevant tax year. Valuation Estimate In my opinion, as of February 14, 2019, the Market Value of the subject property, in fee simple interest and based on the assumptions definitions, terms, and conditions included herein, is the sum of: Fourteen Million Dollars {$14,000,000.00) | L | REAL ESTATE APPRAISALS t_| & RESEARCH