RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH - AS A VALUATION INDICATOR Discussion of Adjustments Time/Market Conditions: As previously discussed, the comparable sales utilized in connection with this assignment represent the most recent conveyances of competitive single family residential subdivision sales available within the subject's general Northern New Jersey market. It has been noted that sales one and two are older transactions having occurred in 2011 and 2013, Based on my review and interpretation of the market data, including multi-family development type transactions, | have estimated that the market for properties of this type had been appreciating approximately three (3%) percent annually through 2016. At that point, it appears that the market had stabilized with no time or market condition adjustments being warranted. Based on the above, | have applied upward three (3%) percent annual adjustments to sales one and two through 2016. The remaining transactions occurred between December 2016 and July 2017 and did not require any time or market condition adjustments. Conditions of Sale: In each instance, the sales were acquired for cash and/or typical-conventional financing with no unusual terms or conditions reported. No adjustments were necessary. Location: The subject property is located within West Orange, a suburban residential community. It is also situated along the northern Village of South Orange Township border. The subject's immediate area is predominantly residential in character and is regarded as having generally average overall appeal. Based on a review of the Garden State Multiple Listing Service (GSMLS) statistical data, the average neighborhood value level ranges from $500,000.00 to $1,000,000.00 and could readily support new single family development in the range of $750,000.00 to $1,000,000.00. The sale properties are located within Bergen, Essex, Morris and Somerset counties. In each instance, the sales were regarded as being superior to the subject location in terms of area appeal, value levels, etc. Therefore, a uniform downward adjustment has been applied to each of the comparable sales for location. View: The subject property is situated along the top or ridge of the First Watchung Mouniain and as such, it offers New York City skyline views. In addition, the property features an approximate five (5) acre lake (Cable Lake) that would

d along the top or ridge of the First Watchung Mouniain and as such, it offers New York City skyline views. In addition, the property features an approximate five (5) acre lake (Cable Lake) that would serve as a focal point in any development plan. With the exception of sale four, none of the comparables transactions feature a view amenity similar to that of the subject. Therefore, upward adjustments have been applied. It has been noted that sale four is located along a mountain ridge and does provide view amenities and no adjustment is warranted. | r | REAL ESTATE - 73 - APPRAISALS a G& RESEARCH