HomeMy Public PortalAbout1991.05.29 Market Value Appraisal - Parcel #4PARCEL # 4
SITE DESCRIPTION
CONFIGURATION AND SIZE
As may be noted on the facing plat map, the subject Parcel # 4 is denoted as being north
of, and adjoining Lot 52, Timberlost VI Subdivision. Parcel # 4 is a rectangular -shaped
parcel which has no frontage on a public right-of-way, but has theoretical access through land
owned by the city, as it fronts the McCall Municipal Golf Course.
Subject Parcel # 4 fronts the golf course along the tee box of the 10th golf hole at its west
property boundary, which extends a distance of approximately 200 feet; the south boundary
of the parcel extends a distance of 171 feet; the east boundary is approximately 212 feet in
length; and the north boundary faces the green of the 18th hole of the golf course and extends
a distance of approximately 179 feet.
As described, the land area within Parcel # 4 contains approximately 0.832 acres, or
36,250 square feet.
TOPOGRAPHICAL CHARACTERISTICS
Based upon a physical inspection, the subject parcel is near grade with the 10th hole of
the McCall Municipal Golf Course, but slopes toward the central portion of the parcel where
a drain ditch provides site drainage. It is an expressed assumption of this appraisal that site
drainage problems will not preclude development of the site to its Highest and Best Use.
The parcel has a light to heavy tree cover throughout the site area and offers average to
good privacy potential and appeal.
Soils conditions appear to be typical of the immediate area, comprised of a
sandy/gravelly soil, with several large rocks noted on the parcel, as well as in the general
vicinity. While no developmental restrictions due to soils conditions are known to exist, no
soils tests have been provided to Real Estate Consulting Group, Inc. regarding the subject, or
any other property(s) in the area.
REAL ESTATE CONSULTING GROUP, INC. • 87
GOLF COURSE EXCHANGE PARCELS
UTILITIES AND EASEMENTS
From my investigations, the subject parcel has public electricity, sewer, water and
telephone service available within the immediate vicinity.
A Preliminary Title Report on the subject parcel has not been provided to Real Estate
Consulting Group, Inc., however, no known easements are believed to exist which would
adversely impact the development of the parcel to its potential Highest and Best Use.
Additionally, it is typically the desire of utility companies to allow for the greatest possible
flexibility when initiating feeder distribution lines so that no developmental restrictions
result. This possible limitation is noted, and should be verified if of further concern.
ACCESS AND VIEW
The subject parcel adjoins common ownership, the McCall Municipal Golf Course,
which connects with Davis Avenue via Reedy Lane to provide year around access to
downtown McCall, and the Interstate Highway System. Stated road access is publicly
maintained by the City of McCall.
While developed road access is not direct to the subject parcel, access through the golf
course is currently available to the parcel via paved cart paths.
As indicated, the subject parcel adjoins the eastern boundary of the fairway of the 10th
hole and the 18th golf green of the McCall Municipal Golf Course. Therefore, the parcel
does offer a golf course view which should find good appeal and marketability in the
marketplace.
REAL ESTATE CONSULTING GROUP, INC. • 88
GOLF COURSE EXCHANGE PARCELS
DESCRIPTION OF IMPROVEMENTS
The parcel is unimproved as of the date of this analysis.
REAL ESTATE CONSULTING GROUP, INC. • 89
GOLF COURSE EXCHANGE PARCELS
TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991
View of 10th fairway looking south. Subject Parcel # 4 is adjoining
the fairway at the tree line for approximately 200 feet.
TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991
View of the north end of the subject parcel # 4 looking east along paved cart path.
Note: North end of the parcel is buffered by cart path leading to the golf course driving range.
REAL ESTATE CONSULTING GROUP, INC. • 90
GOLF COURSE EXCHANGE PARCELS
TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991
View from the 10th fairway looking north at subject parcel.
TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991
View from cart path to golf course driving range looking southwest through center of parcel.
Note: Drainage ditch through parcel.
REAL ESTATE CONSULTING GROUP, INC. • 91
GOLF COURSE EXCHANGE PARCELS
TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29,1991
View through central portion of parcel looking south. Note drain ditch.
TAKEN BY: TK SUBJECT PHOTOGRAPH; PARCEL # 4 MAY 29, 1991
View looking north from the south property line of parcel near the fairway of the 10th hole.
REAL ESTATE CONSULTING GROUP, INC. • 92
GOLF COURSE EXCHANGE PARCELS
HIGHEST AND BEST USE
In common appraisal practice, the concept of highest and best use represents the premise
upon which a value estimate is based:
The highest and best use of a specific parcel of land does not depend on subjective
analysis by the property owner, the developer, or the appraiser; rather, highest and
best use is shaped by the competitive forces within the market where the property is
located. Therefore, the analysis and interpretation of highest and best use is an
economic study of market forces focused on the subject property.Market forces also
shape market value. The general data that are collected and analyzed to estimate
property value are also used by the appraiser to formulate an opinion of the property's
highest and best use as of the appraisal date. In all valuation assignments, value
estimates are based on use. The highest and best use of property to be appraised
provides the foundation for a thorough investigation of the competitive positions of
market participants. Consequently, highest and best use can be described as the
foundation on which market value rests.16
The determination of highest and best use is the result of the appraiser's judgment and
analytical skill. The reader is cautioned, however, that highest and best use of a property is
not necessarily its most likely use. Furthermore, the use determined from analysis represents
an opinion, not always a "fact" to be found.
Highest and best use can be defined as:
That reasonable and probable use that will support the highest present value as of the
effective date of the appraisal.
Alternatively, that use, from among reasonably probable and legal alternative uses,
found to be physically possible, appropriately supported, financially feasible, and which
results in the highest present land value.17
The definition immediately above applies specifically to the highest and best use of
undeveloped land. It is to be recognized that in cases where a site has existing improvements
on it, the highest and best use may very well be determined to be different from the existing
use. The existing use will continue, however, unless and until land value in its highest and
best use exceeds the total value of the property in its existing use.
In practical application, the determination of highest and best use of a property is
analyzed, both as vacant, and as currently improved, subject to the following four criteria:
16The Appraisal of Real Estate, Eighth Edition, American Institute of Real Estate Appraisers, 1983, p. 270.
17The Appraisal of Real Estate, p. 214.
REAL ESTATE CONSULTING GROUP, INC. • 93
GOLF COURSE EXCHANGE PARCELS
"The highest and best use must be 1) physically possible, 2) legally permissible, 3)
financially feasible, and 4) maximally productive."18
1. Physically Possible: Considers what uses are possible or are prohibited for physical
reasons. Elements such as size, shape, assemblage, soil, topography, grading, and
availability of utility hook-ups are considerations in this realm.
2. Legally Permissible: Considers what uses are possible in terms of such considerations as
laws, codes, environmental regulations, long term leases, deed restrictions, and the
possibility of changes in zoning.
3. Financially Feasible: Considers, among uses that meet the first two criteria, which uses
are likely to produce an income or return greater than the amount needed to satisfy
operating expenses, financial obligations, and capital amortization. All uses that are
expected to provide a positive return are regarded as financially feasible.
4. Maximally Productive: Considers which use, among the feasible uses, will produce the
highest net return or the highest present worth.19
The number of property uses are usually limited by the market to a few logical choices.
Each of those choices is then analyzed according to the above criteria, considered in
sequence. Only when a possible use meets a lower level criterion should consideration
progress to the next level.
Following is my opinion of the Highest and Best Use of Parcel # 4.
HIGHEST AND BEST USE, AS VACANT
The subject parcel is slightly less than (1) one acre in size, and while it has gently to
steeply sloping topography, a drainage ditch traverses the parcel and will likely require re-
routing or tiling in order to fully develop the parcel. It is an expressed assumption of this
appraisal that the physical characteristics of the parcel relative to site drainage do not limit
development of the site to its theoretical Highest and Best Use. Otherwise, the parcel's shape
and size do not appear to be limiting to the development of the parcel to its theoretical
Highest and Best Use.
18The Appraisal of Real Estate, p. 274.
19The Appraisal of Real Estate, pp. 274-276.
REAL ESTATE CONSULTING GROUP, INC. • 94
GOLF COURSE EXCHANGE PARCELS
The subject parcel is within the Medium Density Residential Zoning District B within the
City Limits of McCall. As discussed in the Zoning Section of the report, the average
minimum lot size in this zoning classification is the same as the A District, or 10,000 square
feet. Since the subject parcel is substantially larger than this minimum, it may reasonably be
expected that the parcel will be developed to a higher density than other parcels which are
under this minimum within this zoning classification.
Based on the size of Parcel # 4, a density of approximately 7 units is possible within the
B Zoning District. Considering the potential for a two level design, a foot print of a building
is physically possible for development on the parcel adjoining the golf course of sufficient
size to house approximately 7 units. The excess site area not required for the building foot
print could be utilized for required parking and additional site amenities, such as a tennis
court and swimming pool. Considering such, the parcel appears capable of development to a
potential level achieving site maximization under the legal limitations of its designated
zoning classification.
Based on the parcel's size, zoning, and its location in a recreational setting overlooking
the McCall Municipal Golf Course, high density residential use of the site is considered one
of the possible uses of the parcel as of appraisal date. Demand for this type property has
recently been increasing from the obvious over -supply of just a few years ago. However,
based on my recent analysis of this market, available supply (land) is still believed to exceed
existing demand levels as of appraisal date.
Condominium lot sales with golf course frontage analyzed in this analysis ranged in price
from approximately $9,300 to $18,000 per developable unit. Based on a value of $15,000
per unit, and considering that the subject parcel could be developed with approximately 7
units, develops an indication of the parcel's value under the stated plan for Highest and Best
Use of $105,000.
Considering the lack of effective demand at the current time, a marketing period from one
to two years for a condominium site must not be overlooked in the analysis of the subject
parcel's Highest and Best Use. If the more optimistic one year marketing time were utilized,
the present value of the parcel as a condominium site would be approximately $94,500, at an
11% discount rate; a two year marketing time indicates a value of approximately $85,000.
The two year marketing time period is certainly the more reasonable estimate to rely upon in
developing this opinion, and the practical reality is that it could be longer.
REAL ESTATE CONSULTING GROUP, INC. • 95
GOLF COURSE EXCHANGE PARCELS
Another possible use of the parcel is for further subdivision into single family residential
building sites. Single family residential lot development would result in approximately 3 lots
developable within the parcel. Based on the sale of comparable golf course fronting lots
within Timberlost VI, the average lot value might reasonably be expected to be about
$45,000, or about $135,000. Even with developers profit and a reasonable marketing period
for the single family residential lots, high density use of the parcel appears to be the least
feasible, of the two uses contemplated, as of appraisal date.
Therefore, considering the above factors and conditions, it is my opinion that the Highest
and Best Use of the parcel as of appraisal date is for the development of three (3) single
family residential lots.
REAL ESTATE CONSULTING GROUP, INC. • 96
GOLF COURSE EXCHANGE PARCELS
PARCEL VALUATION
Not all of the comparable sales presented have been directly compared to the subject site
in developing an opinion of this parcel's market value. However, where applicable, all have
contributed in the development of reasonable adjustments and estimates, which in turn have
been factored into the analysis presented. Comparable Sale #'s 10, 11, 16, and 17, were
considered to be the best direct comparison to the subject parcel in developing a gross retail
lot value, of all the sales considered in the analysis. These sales develop the following time
adjusted square foot value indications, before making any additional adjustments which are
required for various differences in property features between the subject and the
comparables.
Sale # 10
Sale # 11
Sale # 16
Sale # 17
$3.92/SF
$4.12/SF
$4.59/SF
$3.78/SF
The above time-adiusted golf course lot sales range in value from a low of $3.68 per
square foot to a high of $4.59, with a general trending near $4.00 per square foot. All of the
four sales presented sold in 1990, except one which sold at the beginning of 1991, indicating
an active market for golf course fronting recreational sites.
The upper end of the square foot value range is represented by a golf course lot of around
9,800 square feet in size, having reasonably level topography, and frontage near a golf green.
The lower end of the square foot value range is represented by a normal fairway golf course
lot of typical size and sloping topography; however, this value level indication is supported
by the two other sales presented which are considered to be typical golf course fronting lots.
The three lots within the subject parcel are reasonably level to gently sloping and have
good proximity to the club house. The three lots will average about 12,000 square feet each,
and will have sufficient depth to provide an adequate setback for good privacy and appeal.
From the adjusted sale values indicated by the comparables presented, it is believed that
the subject lots will approach the level of the general trend indicated by these sales, or $4.00
per square foot. Based on a total parcel size of 36,250 square feet, this develops a gross retail
value for the parcel of approximately $145,000.
REAL ESTATE CONSULTING GROUP, INC. • 97
GOLF COURSE EXCHANGE PARCELS
Of course this value indication is based upon retail lot values for the three potential lots
developable within the subject parcel, which are not yet developed. Therefore, consideration
must be given to the development costs which are required to develop these lots and achieve
the retail lot values discussed herein.
Due to the simplicity of subdividing the subject parcel into three lots, development costs
should not be considered a significant expense of developing the parcel to its Highest and
Best Use. Soft costs, including developers profit are estimated at approximately 20% of the
gross retail value. This would indicate a raw land value of approximately $116,000, or $3.20
per square foot. This square foot value is below the level presently being achieved by lots
fronting on the golf course, but some discounting is expected for an un -subdivided parcel, as
we have seen in the analysis of the sales presented. Also, the drainage ditch through the
parcel would suggest the possibility of increased development costs, resulting in a lower
square foot value achievable.
Based on the foregoing discussion and analysis, it's my opinion that the subject parcel
would likely be developed with single family residential golf course lots, and the most that
any developer would pay for such a parcel would be the sum of the retail lot values
achievable, less all development costs (including profit and incentive) necessary to achieve
the potential retail lot values at the estimated level. This develops the following Fee Simple
estimate of market value for the subject Parcel # 4 as of May 29, 1991:
36,250 Square Feet x $3.20/SF = $116,925
ONE HUNDRED SIXTEEN THOI ISAND DOLLARS
***$116,000***
REAL ESTATE CONSULTING GROUP, INC. • 98
GOLF COURSE EXCHANGE PARCELS
ADDENDA
REAL ESTATE CONSULTING GROUP, INC. • 99
GOLF COURSE EXCHANGE PARCELS
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE # 1
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
NE corner of Wooley Way and Divot Lane in McCall, ID
Lot 1, Timberlost VI
Medium Density Residential - B
Average off paved road access
W.D.
N/A
9-1-90; closed 9-27-90
75 x 192.86 (less corner)
.328 AC/14,288 sf
$40,000
$2. 80/sf
$27,500 down balance @ 10% with 10 yr amt - 3 yr. call
D&DLand
Judith Leister
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Level parcel below grade with surrounding streets. Parcel fronts
golf course on the ninth tee box.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #2
ADDRESS / LOCATION: East side of Divot Lane, McCall, ID
LEGAL DESCRIPTION: Lot 8, Timberlost VI
ZONING:
ACCESS:
Medium Density Residential - B
Average off paved road access
INSTRUMENT: W.D.
RECORDING NO./DATE: N/A
SALE DATE: 9-10-90; Closed 9-17-90
PARCEL DIMENSIONS: 70 x 136±
PARCEL SIZE: .241 Acres/10,498 sf
TOTAL CONSIDERATION: $39,900
UNIT PRICE: $3.80/sf
TERMS: $19,900 down payment; Balance @ 10% Interest with 10 yr.
Amt; 5 yr. call.
GRANTOR:
GRANTEE:
D&DLand
Hal Sager and Jane Volk
USE AT SALE: Vacant Site
PRESENT USE: Vacant Site
HIGHEST & BEST USE: Residential Development
IMPROVEMENT SIZE/VALUE: N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH: TK/5-91/Hal Sager, Realtor
PROPERTY DESCRIPTION: Level parcel slightly below grade with Divot Lane. Parcel fronts
golf course on the fairway of the ninth hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #3
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
East side of Divot Lane, McCall, ID
Lot 11, Timberlost VI
Medium Density Residential - B
Average off paved road access
W.D.
N/A
6-4-90; closed 9-13-90
73± x 138.5±
.230 Acres/10,019 sf
$39,900
$3.98/sf
Cash
D&DLand
Marty Smith
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Sloping parcel marginally below grade with Divot Lane and
sloping to golf course. Parcel fronts golf course on the fairway
of the ninth hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #4
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Eagle Drive, McCall, ID
Lots 15 and 16, Timberlost VI
Residential - A
Good off paved road access
W.D.
N/A
8-9-90; closed 6-1-91
150± x 157±
.523 Acres/22,782 sf (Total of both lots)
$36,000 each lot, $72,000 total
$3.16/sf
Cash
D&DLand
Ken June
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Buyer purchased two lots simultaneously for construction of one
residence. Lots are level and near grade with Eagle Drive, but
lots are slightly below grade with the fairway of the ninth hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #5
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Eagle Drive, McCall, ID
Lot 20, Timberlost VI
Residential - A
Good off paved road access
W.D.
N/A
2-2-91; closed 2-27-91
78± x 135±
.233 Acres/10,149 sf
$39,000
$3.84/sf
Cash
D&DLand
Kenneth Dunn
Vacant Site
Residential
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH: TK/5-91/Hal Sager, Realtor
PROPERTY DESCRIPTION:
Level parcel. Fronting golf course on the fairway of the ninth
hole. Lot is wooded and offers good privacy and appeal.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #6
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Eagle Drive, McCall, ID
Lot 21, Timberlost VI
Residential - A
Good off paved road access
W.D.
N/A
12-17-90; closed 6-1-91
Irregular rectangular
.246 Acres/10,716 sf
$39,900
$3.72/sf
Cash at closing
D&DLand
Jim Clarke
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Level parcels. Fronting golf course on the fairway of the ninth
hole. Lot is wooded and offers good privacy and appeal.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #7
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
West side of Eagle Drive, McCall, ID
Lot 23, Timberlost VI
Residential - A
Good off paved road access
INSTRUMENT: W.D.
RECORDING NO./DATE: N/A
SALE DATE: 11-23-90; closed 1-18-91
PARCEL DIMENSIONS: Irregular rectangle
PARCEL SIZE: .201 Acres/8,756 sf
TOTAL CONSIDERATION: $42,900
UNIT PRICE: $4.90/sf
TERMS: Cash
GRANTOR:
GRANTEE:
D&DLand
Gary Simmons
USE AT SALE: Vacant Site
PRESENT USE: Vacant Site
HIGHEST & BEST USE: Residential Development
IMPROVEMENT SIZE/VALUE: N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH: TK/5-91/Hal Sager, Realtor
PROPERTY DESCRIPTION: Level lot. Parcel fronts golf course of ninth fairway. Lot is
wooded, offers good appeal.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #8
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
A C C ES S:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Eagle Drive, McCall, ID
Lot 25, Timberlost VI
Residential - A
Good off paved road access
W.D.
N/A
7-11-90; closed 8-9-90
Irregular
.277 Acres/12,066 sf
$44,900
$3.72/sf
$14,900 cash down payment balance of $30,000 @ 10%
interest with 3 annual payments.
D&DLand
Max Collett
Vacant Site
Residence under construction
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH: TK/5-91/Hal Sager, Realtor
PROPERTY DESCRIPTION:
Level parcel which is wooded and fronts on the green of the
ninth hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #9
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
East side of Eagle Drive, McCall, ID
Lot 26, Timberlost VI
Residential - A
Good off paved road access
INSTRUMENT: W.D.
RECORDING NO./DATE: N/A
SALE DATE: 9-3-90; Pending scheduled to close 6-15-91
PARCEL DIMENSIONS: Irregular
PARCEL SIZE: .375 Acres/16,335 sf
TOTAL CONSIDERATION: $41,500
UNIT PRICE: $2.54/sf
TERMS: $15,500 cash down payment balance at 10% interest over 10
years, 3 year call.
GRANTOR:
GRANTEE:
D&DLand
George Hagermen
USE AT SALE: Vacant Site
PRESENT USE: Vacant Site
HIGHEST & BEST USE: Residential Development
IMPROVEMENT SIZE/VALUE: N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH: TK/5-91/Hal Sager, Realtor
PROPERTY DESCRIPTION:
Level lot fronting on the fairway of the eighth hole. Parcel is
heavily wooded and slopes toward a ditch along the south side
of the lot.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #10
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
East side of Eagle Drive, McCall, ID
Lot 30, Timberlost VI
Residential - A
Good off paved road access
W.D.
N/A
10-6-90; closed 11-14-90
Irregular
.251 Acres/10,936 sf
$39,900
$3.65/sf
Cash
D&DLand
Michael Lambert
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Sloping parcel which is level at the street grade with Eagle Drive
but slopes upward to the fairway of the eighth hole. Lot is
marginally wooded.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #11
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
East side of Eagle Drive, McCall, ID
Lot 31, Timberlost VI
Residential - A
Good off paved road access
W.D.
N/A
5-21-91; closed 5-31-91
Irregular - Rectangular
.249 Acres/10,846 sf
$39,900
$3.68/sf
$9,975 cash down payment with balance @ 11% interest over 3
annual payments.
D&DLand
David Hill
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Sloping lot which is at street grade with Eagle Drive. Parcel
slopes up to golf course on the 8th hole. Lot is marginally
wooded.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #12
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
East side of Eagle Drive, McCall, ID
Lot 32, Timberlost VI
Medium Density Residential - B
Good off paved road access
W.D.
N/A
9-29-90; scheduled for closing on 7-1-91
Irregular - Triangular shape
.404 Acres/17,598 sf
$44,900
$2.55/sf
Cash at closing
D&DLand
Ed Elam
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Parcel slopes up to the eighth fairway from Eagle Drive.
Large site comparatively, but triangular shape reduces
useability. Lot is on grade with Eagel Drive. Lot is heavily
wooded. View of green after development of improvement.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #13
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
A C C ES S:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
NW corner of Wooley Way and Par Lane, McCall, ID
Lot 33, Timberlost VI
Medium Density Residential - B
Average off paved road access
W.D.
N/A
7-24-90; closed 8-25-90
Irregular
.435 Acres/18,949 sf
$44,900
$2.37/sf
$11,400 cash down payment; balance @ 10% interest over 15
years with a call in 2.5 years.
D&DLand
Arthur West
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
This lot is currently on the market available for sale at
$62,500. If sold at this level, the price increase will
represent approximately 28% in one year since it was
purchased at the $44,900 level. Parcel is substantially below
grade with Wooley, but is at grade with Par Lane. Lot is
marginally wooded.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #14
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
UTILITIES:
ASSESSMENTS:
EASEMENTS / RESTRICTIONS:
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
West side of Par Lane, McCall, ID
Lot 34, Timberlost VI
Medium Density Residential - B
Average off paved road access
W.D.
N/A
9-10-90; closed 9-17-90
71± x 145±
.217 Acres/9,453sf
$39,900
$4.22/sf
$19,900 cash down payment; balance @ 10% interest over 10
years with a call in 5 years.
D&DLand
Hal Sager and Jane Volk
Vacant Site
Vacant Site
Residential Development
N/A
All available to site
None
Typical of Subdivision
TK/5-91/Hal Sager, Realtor
Level to sloping parcel at grade with Par Lane at grade with
Par Lane. Parcel looks out on to the green of the 8th hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #15
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Par Lane, McCall, ID
Lot 35, Timberlost VI
Medium Density Residential - B
Good off paved road access
W.D.
N/A
6-1-90; closed 8-8-90
70 x 145
.233 Acres/10,150 sf
$40,000
$3.94/sf
Cash
D&DLand
Richard Wildman
Vacant Site
Residential Development
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH: TKJ5-91/Hal Sager, Realtor
PROPERTY DESCRIPTION:
Parcel is above grade with Par Lane and looks down on to
the 8th fairway offering good view of the golf course.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #16
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Par Lane, McCall, ID
Lot 36, Timberlost VI
Medium Density Residential - B
Good off paved road access
W.D.
N/A
7-14-90; closed 9-4-90
68 x 145
.266 Acres/9,860 sf
$40,900
$4.15/sf
Cash
D&DLand
John Day
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Sloping lot above grade with Par Lane. Looking down on
golf course along the 8th fairway.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE No. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #17
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Birdie Boulevard, McCall, ID
Lot 43, Timberlost VI
Medium Density Residential - B
Good off paved road access
W.D.
N/A
7-14-90; closed 9-4-90
Irregular
.288 Acres/12,545 sf
$42,900
$3.42/sf
$21,450 cash down, balance @ 10% interest for five years
D&DLand
Esther Voorhees
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Level parcel at grade with Birdie Boulevard. Marginally
wooded and fronts the fairway of the eighth hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #18
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
West side of Par Lane, McCall, ID
Lot 48, Timberlost VI
Medium Density Residential - B
Good off paved road access
W.D.
N/A
7-25-90; closed 8-27-90
Irregular
.280 Acres/12,197 sf
$26,500
$2.17/sf
Cash
D&DLand
Lyle Senfield
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Marginally wooded lot slightly below street grade with
Wooley Road at the corner of Par Lane. Lot is reasonably
level.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #19
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
East side of Par Lane, McCall, ID
Lot 49, Timberlost VI
Medium Density Residential - B
Good off paved road access
W.D.
N/A
11-90; Pending
Irregular
.279 Acres/12,153 sf
$27,900
$2.30/sf
Cash at closing
D&DLand
Mountain Lakes Realty
Vacant Site
Residential Development
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None .
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
This is a JV between Mountain Lakes Realty and D & D
Land. Parcel is being developed with a single family
residence, and lot will be paid off when the house is sold.
Price of lot is typical of non -golf course lots which have sold
and are available on the market for sale, therefore, this is
considered an arms -length sale.
Lot is level but has few if any trees. Lot is level with Par
Lane.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #20
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
East side of Fairway Drive, McCall, ID
Lot 2, Block 1 Timberlost V
Medium Density Residential - B
Good off paved road access
W.D.
N/A
3-89
75 x 154
.265 Acres/11,550 sf
$11,000
$0.95/sf
Cash
Cliff Lee
Jerry Bum
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Parcel was resold to Robert Hamlin on 3-90 for a reported
price of $25,000 indicating an increase of 127% over a 12
month period. The price per square foot indicator from the
resale of this lot is $2.17/sf. The lot fronts on the fairway of
the twelfth hole.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #21
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
South side of Fairway Drive, McCall, ID
Lot 8, Block 3, Timberlost V
Medium Density Residential - B
Good off paved road access
W.D.
N/A
8-17-89; closed 7-3-90
80± x 220±
.392 Acres/17,096 sf
$33,000
$1.93/sf
Cash
Not available
Bryce Peterson (Homco, Inc.)
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Hal Sager, Realtor
Parcel was resold to Chris Colen on 8-14-90 and closed 10-
5-90 for $41,500 cash, indicating a 25.76% increase over
one year. The price per square foot indicator from the resale
of this lot is $2.43/sf. This lot is deeper and larger than the
typical lot in Timberlost VI. The lots slopes down toward
the fairway of the seventh hole and is heavily wooded.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
COMPARABLE GOLF COURSE LOT SALE #22
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
North side of Fairway Drive, McCall, ID
Lot 8, Block 4, Timberlost V
Medium Density Residential - B
Good off paved road access
W.D.
N/A
6-90
75± x 125±
.215 Acres/9,344 sf
$32,500
$3.48/sf
$8,125 cash down with balance at 11-3/4% interest over 10
years with a five year call.
Gary Blaylock
Jack Bolton
Vacant Site
Vacant Site
Residential Development
N/A
UTILITIES: All available to site
ASSESSMENTS: None
EASEMENTS / RESTRICTIONS: Typical of Subdivision
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
TK/5-91/Assessors Records
Level lot above grade with the fairway of the eleventh hole.
Lot is heavily wooded and offers good privacy and appeal.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
CONDOMINIUM LAND SALE #30
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./.DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
UTILITIES:
ASSESSMENTS:
EASEMENTS / RESTRICTIONS:
VERIFIED BY/DATE /WITH:
PROPERTY DESCRIPTION:
Greenbriar Condominiums in McCall, ID
Metes & Bounds (on file)
B -Medium Density Residential
Good, off Lick Creek Road
W.D.
N/A
4/90
230' x 150'
34,500 SF
$127,500
$14,062/Unit* $100,981/acre
Cash with short term note (6 mos.)
Smit/Gingrich
Batt & Company
Improved with 8 condominium Foundations
Condo Development
Develop with Condominiums
*Foundations valued at $15,000
All available.
None
Typical
1'K / 7-90 / Hal Sager, Broker
230 feet of frontage on Golf Course. Land improved with
eight (8) foundations for condominium project, the second
phase of Greenbriar Condominiums. Buyers valued
foundations at $15,000, indicating a per unit value of
approx. $14,000 for the land, or $3.26/sf. The property is
currently (5-25-91) for sale for $180,000; however the
realtor stated that the seller would likely take something in
the range.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
CONDOMINIUM LAND SALE #31
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./.DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
UTILITIES:
ASSESSMENTS:
EASEMENTS / RESTRICTIONS:
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
File No. 91-248
Aspen Village Condominiums in McCall, ID
Sites Q & L
B -Medium Density Residential
Through Project; off Davis Avenue
W.D.
N/A
2/90
Unknown
Unknown
Q-$45,000
L-$56,000
Q-$5,625/uNrr
L-$9,333/uNrr
Cash
Roger Anderson
Chuck Jones/Modern Roofing
Undeveloped condominium Parcels within an
existing Project
Condo development in progress
Condominium development
N/A
All available.
None
Typical
TK /7/90/ Hal Sager, Broker
Two sites within Aspen Village Condominium Project.
Site L approved for six units on Golf Course, indicates a
higher unit value of $9,333/unit. Site Q is approved for
eight units and is not on golf course and indicates a unit
value of $5,625/unit. Golf Course units indicate a
premium of 66% over non -golf course units. Purchaser
has optioned five other condominium parcels within
Aspen Village from the seller. The optional parcels are
listed as follows:
Group H 8 units @ $64,000 = $8,000/unit
Group J 12 units @ $96,000 = $8,000/unit
Group R 12 units @ $72,000 = $6,000/unit
Group N 6 units @ $90,000 = $15,000/unit
On golf course facing fairway.
Group P 6 units @ $108,000 = $18,000/unit
On golf course fronting #8 green.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
File No. 91-248
CONDOMINIUM LAND SALE #32
ADDRESS / LOCATION:
LEGAL DESCRIPTION:
ZONING:
ACCESS:
INSTRUMENT:
RECORDING NO./.DATE:
SALE DATE:
PARCEL DIMENSIONS:
PARCEL SIZE:
TOTAL CONSIDERATION:
UNIT PRICE:
TERMS:
GRANTOR:
GRANTEE:
USE AT SALE:
PRESENT USE:
HIGHEST & BEST USE:
IMPROVEMENT SIZE/VALUE:
UTILITIES:
ASSESSMENTS:
EASEMENTS / RESTRICTIONS:
VERIFIED BY / DATE / WITH:
PROPERTY DESCRIPTION:
Candlewood Condominiums. Davis Avenue across
from McCall Golf Course in McCall, ID.
Metes & Bounds
P.U.D.
Good off paved Davis Avenue
W.D.
N/A
10/89
Irregular, L-shaped
2.22 acres, 96,703 SF
$156,000
$6,000; $70,270/acre
Lot release basis
Bob Duncan
Homco Inc.
Vacant Land
Vacant Land
Condominium Development
N/A
All available
None
Typical
TK / 7-90 / Hal Sager, Broker
Proposed 26 unit condominium development project to
be joint ventured between buyer & seller. However,
price establish said to represent both parties opinion of
fair market value. P.U.D. allowed for more units than
typically developable on this size parcel.
REAL ESTATE CONSULTING GROUP, INC.
GOLF COURSE EXCHANGE PARCELS • FILE NO. 91-248
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTMENI' ADVISORS • COMMERCIAL BROKERS
The State of Idaho
Figure 1
Graphics created for Real Estate Consulting Group by:
DESKTOP PUBLISHING
m
S°P'°E°C°P°A°L°7f°P°E°S
P.O. Box 274 • Boise, ID 83701
(208) 853-2020 • Fax 853-2028
IDAHO STATE DATA'
GEOGRAPHY & GEOLOGY
The state of Idaho lies entirely to the west of the Continental Divide. The northern part
of the state has a lower average elevation than have the central and southern portions, where
numerous mountain ranges form barriers to the free flow of air masses. The lowest elevation
is 738 feet above sea level at the confluence of the Clearwater and Snake Rivers. The highest
point is the peak of Mount Borah, at 12,655 feet, a part of the Lost River Range, near the
larger Bitterroot Range which forms much of the Idaho / Montana border. Figure 1 shows
Idaho's location in the Northwestern United States.
CLIMATE
Idaho is the 13th largest state in the union, with a great distance from its northern to its
southern border (thus, it has a broad range of latitudes); much of the state has rugged
topography; and its western border is 300 miles from the Pacific Ocean. These factors have
the effect of causing a large variety of climates across the state. Idaho's weather is heavily
influenced by the prevailing easterly winds which carry marine air from the Pacific. This
influence is most noticeable in the winter months, as evidenced by greater cloudiness,
precipitation, and warmer mean temperatures than are common in areas of the mid-continent
of similar latitude and altitude. The marine air has a much greater influence in the northern
part of the state, as coastal weather patterns are carried through the Columbia River Gorge,
accounting for greater amounts of precipitation in that part of the state. In contrast, Eastern
Idaho is characterized by a greater range between winter and summer temperatures, and also
somewhat of a reversal of the wetter winter / dryer summer pattern of Western and Northern
Idaho. Thus, maximum precipitation generally occurs in the winter months in Northern and
Western Idaho, while in the eastern plains, maximum precipitation generally occurs in the
llnformation for this and the Ada County and Boise City Data section, to follow, was compiled from
various sources, including: "Ada County Home Sales Set Record Upon Record in 1989", The Idaho Statesman,
February 13, 1990; "Idaho's Home Sales Go Through the Roof", The Idaho Statesman, February 8, 1990;
"Expert: Idaho Can Handle 30% Growth Over 20 Years", The Idaho Statesman, pp. 1, 2C; Idaho's Economy,
College of Business, Boise State University, Winter 1990; Idaho Economic Forecast, Office of the Governor,
Division of Financial Management, Vol. XII, No. 1, January 1990; Idaho Outlook, New's of Idaho's Economy
and Budget, State of Idaho Division of Financial Management, Volume X, No. 8, February 1990; Idaho
Employment, Idaho Department of Employment, Volume 2, No. 1, January 1990; Elaho Outlook, News of
Idaho's Economy and Budget, State of Idaho, Division of Financial Management, Volume X, No. 7, January
1990; "Boise, Idaho Area Decision Resources For Expansion and Profit", Boise Area Economic Development
Council (BAEDC).
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA A
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • INVESTMENT ADVISORS • COMMERCIAL BROKERS
Idaho Population Trends
1970 - 2010
1,400,000 —'
1,200,000 —
1,000,000
800,000 —
600,000 —
400,000 -
200,000 -
0
1970 1975 1980 1985 1990*2010**
*Estimated
**Projected
Figure 2
Graphics created for Real Estate Consulting Group by:
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SC °
° 0 0,4 °Lpd °!! °!G °5
P.O. Box 274 • Boise, ID 83701
(208) 853-2020 • Fax 853-2028
summer months.
Temperatures depend largely on the influence of both altitude and latitude, with the
highest range of extremes present in the high valleys, and the semi -arid plains of the Snake
River Valley. Extended periods of high or low temperature extremes (lasting more than a
week) are rare, and weather pattems across the state change at rather frequent intervals.
Idaho has no hurricane activity, and a very low incidence of tornado and hail damage as
compared to national averages. In the northern part of the state, there is sunshine about 30%
of the time during the winter, as opposed to about 80% of the time in the summer months.
Southern Idaho experiences sunshine about 40% of the time during the winter months, and
the percentage approaches 90% during the summer. Overall, average annual sunshine is
about 50% of the year in Northern Idaho, and 70% of the year in Southern Idaho.
Growing seasons vary greatly, ranging from 200 days a year in the Lewiston area, and
150 days in the Boise and surrounding river valleys, to a growing season for the Pocatello /
Idaho Falls area of 125 days annually. Some areas of the state, such as the high valleys, have
no months without frost.
DEMOGRAPHICS
The current population of the State of Idaho is approximately 1,011,000 as estimated
during the first part of 1990. This represents an increase of approximately 42% from 20
years ago (1970 = 713,015). According to projections by the U.S. Census Bureau, Idaho can
expect a similar increase during the next 20 years, or 300,000 new residents by the year 2010
(1,339,000 estimated). Roughly four-fifths of this expected increase will be accounted for by
a higher number of births than deaths, and the remaining one-fifth, or 62,000 people, will
relocate to Idaho from outside the state. Figures 2 & 3 summarize Idaho's population trends.
Schools around the state are experiencing growth in the number of students of
approximately 2,000 per year.
REAL ESTATE & CONSTRUCTION ACTIVITY
In 1989, statewide construction value increased 10%, to $635.7 million. During 1988,
also a good year for construction, the volume of construction activity was driven by
commercial projects. But during 1989, residential construction accounted for 49% of the
construction activity (compared to 36% in 1988). Single family residences were up 24.7%,
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA B
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS
Births, Deaths & Net Migration
25,000—/
20,000-
15,000-
10,00o-
5,0000
-5,000
-10,000
•
47&
fflJff'/ i/7V/,
i
1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987
F
•
1988 1989 1990*
Figure 3
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while construction of multi -family units increased by 176.4%. (See Figure 4).
The average value of a new home increased to $90,300, up 12% from the previous year.
Forty-eight percent of the residential construction took place in Ada County (46.2% of the
total construction value), and significant activity also took place in Kootenai, Canyon,
Bonneville and Blaine Counties.
The strength in residential construction is expected to continue, as indicated by a fourfold
increase in the number of new residential building permits issued in Boise during January
1990, compared to the previous year.
Commercial activity around the state is expected to be strong during 1990 as well, with
construction of two hotel projects slated to begin in Boise (Embassy Suites Hotel, $18.6
million; The Courtyard by Marriott, $8 million). Northern Idaho's Coeur d'Alene Resort is
in the midst of a major expansion, and a new Shilo Inn is also also being constructed in that
resort community As mentioned in the Ada County and Boise City section, Idaho Power has
announced plans to begin the first of several office projects in Boise, and several other
downtown renovation projects are in the works. Other major projects are anticipated in the
industrial sector:
Nu -West recently announced the investment of up to $45 million in a new sulfuric
acid/cogeneration facility at its Soda Springs-Conda complex. Universal Frozen
Foods in Twin Falls is undergoing a major expansion, Ceratile is opening a plant in
Pocatello, and Ore -Ida will be renovating the former Kraft facility in Pocatello for its
Weight Watchers plant. The high technology sector is a major factor in construction.
While Micron has largely completed its most recent expansion phase, Hewlett-
Packard will build a $32 1 million facility and occupy a new $35 million building at
the Boise Research Center. Both Zilog ($50 million in Nampa) and Gould
Semiconductors ($10 million in Pocatello) are investing in modernization and new
production equipment. The conclusion to be drawn is that Idaho may experience a
third record year of construction in 1990. Boise city planners estimate construction
projects exceeding $275•million, compared to $235 million in 1989 and $249 million
in 1988.2
Another by-product of the third year of economic growth for the state was Idaho's
impressive 19.4% increase in homes sales for 1989, which was the seventh greatest increase
in the nation, representing 15,400 homes sold during the year. (See Figure 5)
2Iflaho Outloo ,, February 1990, p. 1.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA C
14,000 --
12,000 ----
10,000 10,000
8,000 —
6,000
4,000
2,000 -
0
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTMI T ADVISORS • COMMERCIAL BROKERS
Idaho New Housing Starts
1975 - 1990
1975 1976 1977 1978 1979 1980 1981 19821983 1984 1985 1986 1987 1988 19891990*
Figure 4
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P.O. Box 274 • Boise, ID 83701
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ECONOMY & INDUSTRY
The State of Idaho is undergoing an economic recovery which has been accelerating for
three years. According the Idaho Economic Forecast, January 1990, published by the State
Division of Financial Management:
seasonally adjusted nonagricultural employment grew at a 4.7% annual rate during
the first quarter of 1989, which was virtually the same pace as the the previous period.
However, nonagricultural employment accelerated to a 6% annual growth rate in the
second quarter of 1989. Much of the employment gains during the first half of the
year resulted from the strong performance of the nonmanufacturing sector. Given its
strong start and barring any unforeseen obstacles, Idaho nonagricultural employment
is expected to grow by 4.9% in 1989. This would make it the strongest year-to-year
employment growth Idaho has experienced since 1978...
The same source predicts an economic slowdown beginning in 1990, when overall
economic growth is anticipated to be 3.1%, followed by 1.6% in 1991, and 1.3% in 1992.
This slowdown is expected to mirror that projected for the U.S. economy, though the
Forecast predicts Idaho's economy will be relatively stronger than the national economy,
because the Idaho economy is not largely dependent upon' such sectors as automobile and
related industries, which are among the hardest hit in slower economic times.
�mploymenl: For the third quarter of 1989, Idaho's total work force numbered nearly
449,000, up .3% from the previous year.3 Of this number, it is estimated that between 26,000
and 71,000 people were employed in Agricultural fields (the range reflects a difference in
definition, the more liberal ostensibly representing non -paid family member's contributions
to the family farm operation; specifically, Non -Agricultural employment is measured by the
number of positions (the number of paychecks per category), while agricultural jobs are
measured by the number of people doing farm -related jobs, who may or may not hold other
jobs as well. Thus, the two figures have no direct relationship.)
Agricultural employment, as estimated by the Idaho Department of Employment, was
25,850 in December of 1989. By their definition of this sector, the number reflects
"Operators and Unpaid Family Workers", as well as "Hired Workers", both year-round and
temporary. The latter number can be expected to increase substantially during crop growing
and harvesting seasons, so it can be expected that the December figures portray the lower end
of the range.
3ldaho's Economy, p. 15.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA D
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS
States Ranked by Increase in Home Sales
1989
35%
30%=
25%=
20%=
15% =
10%=
5%=
0%—
Vermont S. Dakota
Nevada Utah
•••r
• . •
•••••
•••••
•••••
••••
•••••
•••••
•••••
•••• •
••••
•.. •
sI.
7 -
Ohio
Ohio Washington Idaho Louisiana Alaska Wisconsin U. S .
Figure 5
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P.O. Box 274 • Boise, ID 83701
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Following are seasonally adiusted labor force totals, as of January 1990:4
Civilian Labor Force
Unemployment
Percent of Labor Force Unemployed
Total Employment
484,500
21,600
4.5
462,900
Figures are more accurate for 1989 average Non -Agricultural industries in the state,
which are illustrated in Figure 6. Leading this category is the Trades sector, with a total
employment of 94,300, State and Local Government, with 78,100 jobs, followed closely by
the Services sector, with 76,300 jobs, and Manufacturing, with 60,600 positions.
Total average Non -Agricultural Wage and Salary Employment for 1989 was estimated at
367,400, up 5.8% from the 1988 average. Three out of every four of the estimated 20,000
new Non -Ag jobs created in Idaho during 1989 were in the service -producing sector, as
opposed to the goods -producing sector.
Of the major Non -Agricultural sectors of the Idaho economy, all showed positive growth
in 1989, with the exception of Finance, Insurance and Real Estate. The Transportation,
Communication and Public Utilities sector, as well as the Government sector showed modest
gains, while Manufacturing, Mining, Trade and Services showed increases of at least 5%.
Construction was the sector with the strongest showing, at a rate of growth surpassing 10%,
its largest increase since 1977.
Within Manufacturing, 1989 growth was led by the Fabricated Structure Metal Products,
the Machinery, and the Electronics & Electrical Equipment and Supplies categories, the latter
topping 22% growth for the year. Three of every 4 jobs created in the Manufacturing sector
were in the "high tech" or "electronics" area, showing a 53% increase since 1987, mostly due
to hiring by Hewlett-Packard and Micron Technology. (See Figure 7)
4ldaho Employment, p. 2.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA E
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS
1990 Non -Agricultural Employment
Federal Govt. 3.5%
Manuf. 17.5%
Trade 25.7%
Idaho
Constr. 4.4%
Fin., Insur.
& R.E. 5.3%
Trans. Comm.,
and U'til. 5.2%
Federal Govt. 2.8%
State & Local
Govt. 13.6%
Services 25.1%
Manuf. 17.5%
Trade 23.7%
United States
Constr. 4.8%
Fin., Insur.
& R.E. 6.3%
Trans. Comm.,
U'
and til. 5.2%
Figure 6
Graphics created for Real Estate Consulting Group by:
DESKTOP PUBLISHING
S°P°E°C°I°A°L°T°I°E°S
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REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTM Nr ADVISORS • COMMERCIAL BROKERS
1990 Manufacturing Categories
Idaho
State
Mining
Other Non -durables
Chemicals
Paper, Printing &
Publishing
Ammmmmmmmm
11111111111:::'
.......•.=...=
I OOOOOOOOOO
u u�...MI
Lumber & Wood
Products
Food Processing
Other Durables
Stone, Clay,
Glass etc.
Electrical &
Non -Electrical Machinery
Figure 7
Graphics created for Real Estate Consulting Group by:
pESETOP PUBLISHING
S°P°E°C°I°A°d.°7l'7°E°.�
P.O. Box 274 • Boise, ID 83701
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REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • 1 NVESTMENT ADVISORS • COMMERCIAL BROKERS
Non -Ag Employment Change by Category
Idaho State, 1987 - 1989
-10% 0% ((t 10% 20% 30% 40% 50% 60%
111[1( \ tit 1111 1111 1111 1111
Manufacturing (All)
Lumber & Wood Products
Stone, Clay, Glass & Concrete Products
Fab. Structure Metal Products
Machinery, Except Electrical
Electronics & Elec. Equip & Supplies
O her Durables
Food & Kindred Products
Paper & Allied Products
Printing, Publishing & Allied Products
Chemicals & Allied Products
Other Non -durables
Mining
Construction
Trans, Comm., & P.U.
Transportation
Communication
Elec., Gas & Sanitary Svcs.
Trade (All)
Wholesale Trade
Retail Trade
Bldg. Materials, Hrdwr., Grdn, Supplies Etc.
General Merch. tore '
Food Stores '
Auto Dealers Gas & Service
Eating & Drinking Est.
Finance, Ins. & RE (All) ,
Bankin
Services & Misc. (
Hotel & Lodging
Personal Services '
Business Services '
Amuse. & Rec. Svcs.
Health Svcs
Hospitals
Engineering / Management Services
Government (All)
Federal Govt
State Governmentmcl. education)ur'
Local Government (incl. education)
MN
1
�-
90 Change from 1987
® 90 Change from 1988
Figure 8
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P.O. Box 274 - Boise, ID 83701
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In the Trade sector, the strongest growth rates were in the Building Materials,
Hardware, Garden Supplies, Etc. category, and the General Merchandise Stores category,
each surpassing 10%. The greatest growth in the Service sector was in the Business Services
category, with over 10% growth, fueled by demand for computer services (programming and
software). A complete summary of statewide employment growth rates by category is
presented in Figure 8.
Unemployment Rate: The seasonally adjusted rate of unemployment for the State of
Idaho fell to 4.5% in December of 1989, down four -tenths of a percent from the previous
month, and seven -tenths of a percent lower than that of December 1988. Idaho's December
1989 rate of unemployment was eight -tenths of a percent below the national rate, which has
been holding steady at 5.3 percent since June. For all of 1989, Idaho's annual unemployment
rate was 5.1 percent, as compared to 5.8% in 1988, and 5.3% nationally.
Personal Income: Both per capita income and average annual wages have been lagging
behind national averages, and as indicated in Figure 9, the gap has been widening every year
during the past decade. Nonetheless, the Idaho Economic Forecast (January 1990) predicts
that Idaho non-farm personal income will grow 9.9% in 1989, and 7.7% in 1990 -- rates
greater than the national counterparts; but the national increase in personal income is
predicted to once again surpass that of the state by 1992. Real, or inflation-adjusted non-
farm personal income is expected to be 5.2% for 1989, 3.4% for 1990, 2.1% in 1991, and 2%
in 1992. As reported in Idaho Outlook (September 1989), Idaho ranked 44th in the nation in
per capita income at $12,665.
According to a wage survey conducted by the Idaho Department of Employment, 22.17%
of all Idaho jobs pay less than $5.00 per hour, 47.9% paid between $5.00 and $9.99; and
$29.9% paid $10.00 or above hourly. The complete range is illustrated in Figure 10. Since
this data were gathered on a voluntary basis (surveys of employers), rather than obtained
through objective means (such as IRS records), some degree of over -reporting can be
expected.
In 1989, personal income in Idaho grew 10%, and there was a 4.9% increase in Non -
Agricultural employment. According to a University of Idaho estimate, the state agricultural
sector posted a record output at $2.9 million.
In the coming months, a tightening of the state's labor market is predicted. Though the
statewide unemployment rate is 4.5%, many counties have rates under 4%.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA F
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS •1 NVESTMENT ADVISORS • COMMERCIAL BROKERS
Idaho & U.S. Per Capita Income
and Average Wage, 1980 - 1990
• Idaho Per Capita Income
El US Per Capita Income
•
•
•
•
$0 $5,000 $10,000 $15,000 $20,000
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
• Idaho Average Annual Wage
EJ US Average Annual Wage
:444444444 •4444444444444444444444444.:4444444444444444444.4444,4444444,444444
. .
$0 $5,000 $10,000$15,000$20,000 $25,000$30,000
Figure 9
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Entry-level jobs may become particularly difficult to fill. Similarly, workforce
training will become a more important issue. Twenty-five percent of the positions at
Micron Technology required a post -high school degree in 1988, but by the year 2000
that proportion is estimated to become 75%. These labor force issues relate to the
rapid growth urban Idaho has been experiencing and they can be addressed with
innovations in child care, job sharing, education and training. The fact that Idaho
should have to confront growth issues at all is a refreshing change.5
IDAHO'S ECONOMIC OUTLOOK6
Lumber and Wood Products: The Office of the Governor, Division of Financial
Management has predicted strength in this sector of the Idaho economy due to a recovery of
the U.S. housing industry -- both in housing starts and home sales — during 1990.
Additionally, the Forecast notes that this sector of the economy has been undergoing some
restructuring since 1982, which should "help it weather housing industry downturns better
than it has in the past".7 This source predicted that the highest employment growth would
occur in 1989 (4.3%), with a modest increase in 1990, then slight decreases in the next two
years.
Electrical and Non -Electrical Machinery: This section of the economy is expected to
slow in in 1990, following 3 years of double digit growth, though the rate of growth is
projected to increase at a rate greater than the national average for like industries. Currently,
Hewlett-Packard is undergoing a $32.1 million expansion of its Boise site, and has
announced plans to hire 200-300 new employees through mid 1991. Micron Technology
recently announced a lucrative expansion of its product line, which will include production of
IBM's new 4 -megabyte DRAM chips, the fastest of their class. Overall, the Forecast
projected a 13.1% employment growth in 1989, 4.1% in 1990, 2.8% in 1991, and 3.4% in
1992.
Chemicals and Allied Products: Dominated by the phosphate industry, this segment is
tied to the demand for agricultural chemicals, and growth in this sector has been projected at
.5% in 1989, with a decline of 1.4% in 1990, followed by gains of 3.6% in 1991, and 3.9% in
1992. Long-term prospects for this sector of the Idaho economy are not as good, due to an
expected decline in U.S. market share of the world's supply of fertilizer, a decreasing
5ldaho Outlook, January 1990.
6Though released in January, 1990, the Forecast had to rely on estimates for 1989 growth, as data for the
entire year was not yet available. Thus, 1989 estimates are based on actual data for Q1, Q2, and Q3, and
estimates and / or projections of activity for portions of Q4, 1989.
7ldaho Economic Forecast, p. 13.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA G
12%—'
10%—
REAL ESTATE CONSULTING GROUP
REAL ESTATE APPRAISERS • I NVESTMENT ADVISORS • COMMERCIAL BROKERS
Idaho HourlyWages
Based on Responses of Surveyed Companies
$3 $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 $15 $16 $17 $18 $19$20+
Figure 10
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reliance on phosphates for agricultural fertilizer since 1979, and recent bans by some states
affecting the use of phosphates due to growing environmental concern.
Food Processing: Comprising the largest part of Idaho's manufacturing sector, food
processing has been one of the state's most consistent employers. Growth has been strong
due to America's increasing reliance on convenience and fast food. Overall, growth should
continue, as the U.S. Commerce Department has projected that by 1993, 60% of all
households will consist of one or two persons, and two-thirds of women will be in the labor
force. Further, the food processing industry has geared production to take advantage of the
growing popularity of microwave ovens. In 1988, Japan was the largest importer of U.S.
frozen foods, and of their imports, 40% were potato products. Employment in this sector is
predicted to grow through 1992 at up to 2% annually.
Federal. State and Local Government: Growth in this sector will be "dampened by
austerity measures aimed at balancing the federal deficit".8 Temporary growth will be
required for the 1990 Census, but those gains will be erased in 1991, while over the long-
term, growth will occur with an expansion of Mountain Home Air Force Base.
Growth in Idaho's economy and population should fuel a stronger growth of state and
local government. State education is forecast to grow at 2.5% in 1989, 2.3% in 1990, 1.7%
in 1991, and 1.6% in 1992. Non -education employment is forecast at 2.9% in 1989, 3.3% in
1990, 1.6% in 1991, and .9% in 1992.
Mining: This sector is is healthier than it has been in years, having produced in 1988 the
most gold since 1941. Employment in metal mining grew by 34% in 1988, and other mining
grew at 17% during that year, fueled by the re -opening or expansion of several mines. The
Forecast projected 1989 growth at 11.6%, 2.9% in 1990, 1% in 1991, and 2% in 1992. This
projection is tempered by the fact that employment in this sector is dependent upon the
success of exploration activities.
Construction: At the time of the printing of the January 1990 edition of the Idaho
Economic Forecast, complete data for 1989 were not available. However, according to this
source, 1989 was a record year for the construction industry. At a 9% increase over
construction values for the previous year, 1989 construction was lead by the residential
sector (unlike 1988). New residential construction permits for the first 10 months of 1989
$Idaho Economic Forecast, p. 14.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA H
were 30.2% above the previous year, and total residential construction was up 43.7% during
the same period. For multi -family dwellings during the first ten months of 1989, building
activity had doubled (both number of permits and total value). Boise and Coeur d'Alene
accounted for 71% of this activity. Non-residential activity was down 27% for the same
period, but this, according to the Forecast, represented a return to normal levels of activity
following record commercial construction in 1988. Employment growth is projected to grow
by 5.1% in 1990, 2.2% in 1991, and a decline of less than 1% is expected in 1992. As
supported by Idaho Department of Labor statistics, 1989 employment in this sector surpassed
16,000 for the first time since 1981.
Services: This sector has increased from 16% of total employment in 1973 to 21% in
1988, and thus the Service sector continues to increase in importance in the Idaho economy.
Growth in services is attributable to increases in real purchasing power and the increase of
women in the work force, among other factors. The Forecast predicts employment growth of
6% in 1989, 4.8% in 1990, 3.1% in 1991 and 1.9% in 1992.
Trade: This is the largest non-agricultural sector outside of manufacturing, and is heavily
dependent upon increases in consumer purchasing power. It is also the sector most
influenced by tourism, and it can be expected to reap gains from the upcoming Idaho
Centennial Celebration. Aside from helping local businesses in the short run, a long-term
impact will be realized as a result of the Centennial via publicity for the state's tourism
industry. The Forecast predicted 1989 would see this sector's best increase since 1978, with
a 7% increase in employment, followed by a 2.7% increase in 1990, .9% in 1991, and 1.4 in
1992.
REAL ESTATE CONSULTING GROUP, INC.
IDAHO STATE DATA • ADDENDA I
City of McCall
Thomas W Kerr
PLS
06. fl. a! 1l•]:=,?qM P0!
TEL No.208-634-3038 Jun. 6,91 9:55 P.02
KERR SURVEYING
PO Box 853
McCall, Idaho
March 15, 1990
Joel W Droulard
PLS
REEDY LANE AND FAIRWAY DRIVE DESCRIPTION
TIMBERLOST V
A 50.00 foot wide road being a portion Reedy Lane and Fairway
Drive in Timberlost V, as shown on the official plat thereof on
file in the Office of the Recorder of Valley County, Idaho, in
P]at. Book 7, on Page 20, more particularly described as follows:
Commencing at. a 1/2" rebar marking the northwest corner of
Lot 1, 131ock 6, on the southerly right-of-way line of Reedy
Lane, in Timberlost V, as shown on the official plat thereof
on file in the Office of the Recorder of Valley County,
Idaho, in Plat; Rook 7, on Page 20, the REAL POINT OF
BEGINNING:
Thence, N. O0 01' 40" E., 50.00 feet to the northerly right-
of-way line of Reedy Lane,
thence, S. 890 56' 10" E., 189.50 feet along said northerly
right-of-way to the westerly right-of-way line of
Fairway Drive,
thence, N. 180 41' B., 168.24 feet along said westerly
right-of-way to the southerly boundary of Lot 10, Block
4, Timberlost V, a 1/2" rebar,
thence, S. 750 45' E., 50.15 feet to the easterly right-of-
way line of Fairway Drive on the southerly boundary of
Lot 12, Block 3, Timberlost V, a 1/2" rebar,
thence, S. 180 41' W,, 208.03 feet along said easterly
right -of --way to the southerly right-of-way of Reedy
Lane, being on the northerly line of said Lot 1, Block
5, a 1/2" rebar,
thence, N.' 890 56' 10" W., 225.38 feet to the Point of
Beginning, containing 0.454 acre, more or less.
Bearings based on the plat of timberlost V.
CTl
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rri
I'llc
o
ri
A �ret
City of McCall
05. 00. 91 09:53AM 002
TEL No.208-634-3038 Jun. 6,91 9:56 P.03
21i•—CORPORATION WARRANTY DEE)
. (Optional)
Recorded
Microfilmed
Indexed
Platted
])ced Card
Compared
❑ key Punched
❑ Master File
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Printcd and ter .ale br sane -York Company, BOW
❑ To Treasurer
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WARRANTY DEED
(CORPORATE FORM)
❑
organized e>fdlexisttng0undeT. r the taws of the State of Idaho with 1 s INC.rlcpal office at
14cCa11 of County of Valley State of Idaho,
grantor, hereby CONVEYS or GRANTS and WARRANTS TO the CITY OF McCALL,'a
municipal corporation of the State of Idaho,. P. 0. Box 1065,
McCall, Idaho 83638,
.00
, a corporation
of
ONE DOLLAR and other valuable consideration,
the following described tracts) of land in Valley
State of Idaho:
See Exhibit "A" hereto attached and by this reference
made a part hereof as if fully set forth at length
herein, for a description of the premises conveyed
herein.
Location of above deacribed property
grantee
for the sum of
MUM
County,
Homo No. Street
The officers who sign this deed hereby certify that this deed and the transfer represented thereby was
duly authorized under a resolution duly adopted by the board of directors of the grantor at a lawful meet-
ing duly held and attended by a quorum.
In witness whereof, the grantor has caused its corporate Mame and Real to be hereunto affixed by its
duly authorized officers this day of ' March , A. D. 19 90
TIMBERLOST CONDOMINIUMS V
ASS(KIATI0N, INC. _
�cCo
tcon•oAAT. .tau)
Attest:
State of Idaho
County of Valley ss.
h0
On the ,2 a day of March
peraonally appeared before me LAURENCE A. SMITH
who being by me duly sworn did say, each for himself, that
is the resident, a1,41 �c he the said Don Me 1 y
Of �,1 />t ,�JvNOi/ O h f%4 H+i n r�,llttS /�S'$'
SECRETARY-.
and DON MEDLEY' A' D. 19 90
he, the said Laurence A. Smith
}, T is the secretary
C d i 1^ n corporation, and that tho within and
foregoing instrument was signed .in behalf of said corporation by authority of a resolut eon of its board
of directors and said A0rwn e S'y, • 1---h and IUp n /�Pd�a
each duly acknowledged to me that said corporation executed the same and that the seal ailixed is' the
seal of said corporation.
("OTAII. IgA1,
MAID. DEED TO:
My residence is
My commission expires.. //
MAIL TAX NOTICE TO:
Nance__. _ _
ANE
HNEWn
RIVING
RANGE
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CONDO AREA
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TIMBERL OS T VI SUBDIVISION
0 75 30 100 150 X0
4
47,1
MOUNTAIN
LAKES
REALTY
GOLF COURSE LOTS - TIMBERLOST VI ESTATES
Lot No. 1 SOLD
Lot No. 2 $41,900.00
Lot No. 3 41,900.00
Lot No. 4 41,900.00
Lot No. 5 44,900.00
Lot No. 6 . 44,900.00
Lot No. 7 44,900.00
Lot No. 8 SOLD
Lot No. 9 47,900.00
Lot No. 10 SOLD
Lot No. 11 SOLD
Lot No. 12 47,900.00
Lot No. 13 39,900.00
Lot No. 14 42,900.00
Lot No. 15 SOLD
Lot No. 16 SOLD
Lot No. 17 SOLD
Lot No. 18 42,900.00
Lot No. 19 42,900.00
Lot No. 20 SOLD
Lot No. 21 SOLD
Lot No. 22 42,900.00
Lot No. 23 SOLD
Lot No. 24 44,900.00
Lot No. 25 SOLD
Lot No. 26 SOLD
Lot No. 27 44,900.00
Lot No. 28 44,900.00
Lot No. 29 44,900.00
Lot No. 30 SOLD
Lot No. 31 SOLD
Lot No. 32 SOLD
Lot No. 33 SOLD
Lot No. 34 SOLD
Lot No. 35 SOLD
Lot No. 36 SOLD
Lot No. 37 $44,900.00
Lot No. 38 44,900.00
Lot No. 39 44,900.00
Lot No. 40 44,900.00
Lot No. 41 44,900.00
Lot No. 42 44,900.00
Lot No. 43 SOLD
Lot No. 44 29,900.00
Lot No. 45 27,900.00
Lot No. 46 27,900.00
Lot No. 47 29,900.00
Lot No. 48 SOLD
Lot No. 49 SOLD
Lot No. 50 27,900.00
Lot No. 51 395,000.00
Lot No. 52 295,000.00
Prices subject to change without notice.
P.O. BOX 1739 - McCALL, IDAHO 83638 - (208) 6342728 - FAX * 634-3748
FRANK T. ELAM
ATTORNEY AND COUNSELOR AT LAW
203 E. LAKE ST., SUITE 9
P.O. BOX AP McCALL, IDAHO 83638
PHONE (208) 634-2200 FAX (208) 634-2201
January 22, 1991
Real Estate Consulting Group
3000 North Lakeharbor Lane
Boise, Idaho
Re: Proposed Land Trade between City of
McCall and Timberlost VI Estates.
Gentlemen:
It is proposed that a land trade be entered
into between the City of McCall and Timberlost VI
Estates Subdivision in the City of McCall, Valley
County, Idaho.
I am enclosing a copy of the Timberlost VI
Subdivision with the areas proposed to be traded
highlighted. The Pink and Yellow areas are now owned
by the developers of Timberlost VI and the Blue area
is owned by the City of McCall. The trade would be
2.853 acres of Timberlost VI property for 2.072 acres
of McCall City property. You will note that a
roadway, golf cart path, practice green and parking
lot of the golf course are located on the property to
be traded to the City of McCall. The other properties
are subject to easements in favor of the City to be
used in connection with the golf course.
By the provisions of the Idaho Code, these two
areas must be appraised.
I would appreciate your estimate or bid for
the appraisal of these properties.
Parcel Number 1, containing 2.365 Acres, more or less,
including roadways, marked in Pink:
A tract of land in the W ;NW ; of Section 10, T.
Range 3 East, Boise Meridian, in Valley County, Idaho,
ticularly described as follows:
18 North,
more par -
Commencing at the one-quarter corner common to Sections 9
and 10, Township 18 North, Range 3 East, Boise Meridian,
Valley County, Idaho, being the Real Point of Beginning:
Thence East along the Southerly boundary line
SW',NW; of said Section 10, a distance of
10.5 feet;
North, 00° 01'
South, 89° 56'
South, 10° 55'
South, 71° 43'
North, 10° 55'
North, 85° 16'
North, 49° 53'
North, 09° 21'
North, 75° 45'
South, 25° 10'
South, 73° 30'
South, 18° 41'
North, 89° 56'
to a point on the
and 10;
Thence South, 00° 01' 40" West, 1329.66
less to the Real Point of Beginning.
Thence
Thence
Thence
Thence
Thence
Thence
Thence
Thence
Thence
Thence
Thence
Thence
Thence
of the
40" East, 1279.66 feet to a point;
10" East, 608.67 feet to a point;
30" West, 100.86 feet to a point;
East, 120.55 feet to a point;
30" East, 186.35 feet to a point;
West, 242 feet to a point;
West, 107.00 feet to a point;
East, 30.05 feet to a point;
West, 311,49 feet to a point;
West, 30.35 feet to a point;
East, 131.10 feet to a point;
West, 133.19 feet to a point;
10" West, 200 feet, more or less
Section line common to Sections 9
feet, more or
SUBJECT TO Fairway Drive and Reedy Lane as shown
official plat of Timberlost V., as recorded April
under Instrument No. 100075, Records of Valley
Idaho.
on the
9, 1979
County,
Parcel Number 2, containing 0.488 acres, more or less,
marked in Yellow:
A tract of land in the SW;NW; of Section 19, Township 18 North,
Range 3 East, Boise Meridian, in Valley County, Idaho more
partucularly described as follows:
Commencing at the one-quarter corner common to Sections
9 and 10, Township 18 North, Range 3 East, Boise
Meridian, Valley County, Idaho;
Thence East along the Southerly boundary line of the
SW;NW; of said Section 10, 705.01 feet to a point;
Thence North, 30.00 feet to the Real Point of Beginning;
Thence continue North, 34.26 feet to a point;
Thence North, 71° 41' West, 121.00 feet to a point,
Thence West, 201.70 feet to a point;
Thence South, 14° 40' West, 74.73 feet to a point;
Thence East, 335.49 feet to the Real Point of Beginning.
Parcel Number 3, containing 2.072 acres, more or less,
marked in Blue.
A parcel of land being a portion of Lot 1, Block 5,
Timberlost V, City of McCall, Valley County, Idaho, as shown
on the official plat thereof on file in the office of the
Recorder of Valley County, Idaho, in Book 7, Page 20 of
Plats, more particularly described as follows:
Commencing at the northwest corner of Lot 1, Block 5,
Timberlost V, City of McCall, Valley County, Idaho, as
shown on the official plat thereof on file in the
office of the Recorder of Valley County, Idaho, in
Book 7, Page 20 of Plats; thence, S. 89° 49' 10" E.,
215.00 feet along the northerly boundary of said Lot 1
to the REAL POINT OF BEGINNING:
Thence, continuing S. 89° 49' 10" E., 170.92 feet
to the north east corner of said Lot 1,
thence, S. 34° 33' 00" W., 274.34 feet along the
easterly boundary of said Lot 1,
thence, S. 20° 24' 00" W., 387.25 feet to the
southerly boundary of said Lot 1,
thence, N. 89° 49' 10" W., 96.84 feet to the south
west corner of said Lot 1,
thence, N. 0° 08' 41" E., 159.83 feet along the
west boundary of said Lot 1,
thence, N. 20° 24' 00" E., 267.96 feet,
thence, N. 34° 33' 00" E., 216.32 feet to the
Point of Beginning, containing 2.072 acres,
more or less.
Bearings based on State Plane Grid Azimuth.
The Trade would be 2.853 acres of Medley property for
2.072 acres of City of McCall property.
Chapter6
CHAPTER 6
ZONE "B"
MEDIUM DENSITY RESIDENTIAL
SECTION:
34-1: Purposes
3-6-2: Permitted Uses
3-6-3: Special Uses
3-6-4: Conditions of Use
3-6-5: Development Standards for Residential Structures
and Lots
3+6: Application of Density and Development Standards
3-6-1: PURPOSES: In furtherance of the provisions of
section 3-2-1 (Zoning Ordinance):
(A) To establish standards governing the development,
construction, and use of housing and compatible uses in
areas of McCall which already contain, or are suitable for,
moderately intensive residential use.
(B) To preserve the environmental quality of areas which
attract more intensive residential use.
(C) To provide opportunity for all groups of persons to obtain
adequate housing within each area of the City suitable for
residential use in relation to other land uses and consistent
with the preservation of natural, -scenic and historical
resources.
(D) To encourage a variety of housing types, sizes and
densities necessary to meet the needs of all economic groups.
3+2: PERMITTED USES: The following uses and their
accessory uses shall be permitted provided they are deemed
appropriate in each particular application by the Planning
and Zoning Commission:
(A) Single family' and multi -family dwelling units at den-
sities of no more than eight (8) dwelling units per acre.
(B) All limited commercial uses permitted in Section 3-5-2-B
(Low Density Residential District).
(C) Accessory uses located on the same premises as per-
mitted uses, such as private garages and the use of land for
domestic agricultural purposes defined in Section 3-4-1.
(Definitions).
3-6-3: SPECIAL USES: The following uses and their ac-
cessory uses may be permitted in accordance with Section 3-
22-4. (Permits and Applications):
(A) All Special Uses permitted in Section 3-5-3 (Low Density
Residential District)
(B) Planned Unit Development
(C) Public and private parks not for overnight use, and
hiking, biking, riding, and skiing trails and easements.
(D) Mobile home subdivisions
(E) Public or private community uses, such as churches,
clubs, community centers, museums, hospitals and care
centers, libraries and public services and facilities, which
satisfy the requirements set forth in Section 3-20-2 (General
Requirements)
(F) Professional offices built in residential style
(G) Residential storage units, for the purpose of storing
personal or family household items.
(H) Other uses deemed appropriate by the Commission.
3-6-4: CONDITIONS OF USE: All uses within this district
shall conform to the . provisions specified in Chapter 20,
(Supplementary Regulations)
3-6-5: DEVELOPMENT STANDARDS FOR RESIDENTIAL
STRUCTURES AND LOTS:
(A) Subject to the more flexible allowable densities of this
District, single family and multifamily dwellings shall meet
the development standards specified in Section 3-5-5 (Low
Density Residential).
3-6-6: APPLICATION OF DENSITY AND DEVELOPMENT
STANDARDS:
Calculation of Permissiable Densities, and the submission
of plot plans where subdivision approval is not sought shall
be as set forth in Section 3-5-6 (Low Density Residential)
except that the density requirements in the Medium Density
Residential District shall not exceed eight (8) dwelling units
per acre.
Chapter 18
CHAPTER 18
COMPREHENSIVE PLAN
SECTION:
3-18-1: Purpose
3-18-2: Adoption of Plan
3-18-3: Providing for Certified Copies
3-18-4: Designating Area of City Impact; Adopting Map
Identifying the Area.
3-18-1: PURPOSE: To adopt a general comprehensive plan
for the City of McCall, pursuant to the provisions of Chapter
65, Title 67, Idaho Code.
3-18-2: ADOPTION OF PLAN: The general plan for McCall,
Valley County, Idaho, dated February, 1974, prepared by
EDAW, Inc.., and Steven, Thompson and Runyan, Inc., as
amended and approved by resolution of the Planning and
Zoning Commission of the City of McCall, on July 18, 1975,
after public hearing thereon, and as further amended by the
Mayor and Council of the City of McCall, at a public hearing
June 7, 1976, is hereby adopted as the general comprehensive
plan of the City of McCall, Idaho, and by reference thereto
made a part hereof as if fully set forth at length herein.
3-18-3: PROVIDING FOR CERTIFIED COPIES: Not less
than three (3) copies of the plan described in Section 3-18-2
hereof duly certified by the City Clerk are on file for use and
examination by the public in the office of the City Clerk. ,
3-18-4: DESIGNATING AREA OF CITY IMPACT;
ADOPTING MAP IDENTIFYING THE AREA: Identifying,
describing and adopting the geographical area of City Im-
pact. The geographical area in Valley County, Idaho, hereby
adopted as the Area of City Impact for the City of McCall,
Idaho, to -wit:
Beginning at the Southwest corner of Section 19, Twp. 18 N.,
R. 3 E., B.M.; thence East 3.25 miles to the Southeast corner
of the SW1/4SW1/4 of Section 22, Twp. 18 N.; R.3 E., B.M,;
thence North 0.5 miles to the Farm to Market Road; thence
East 0.5 miles; thence North 0.5 miles to the North line of
Section 22, Twp. 18 N., R. 3 E., B.M. thence Northeasterly
along Timber Ridge approximately 11,060 feet to a point
which lies 2,100 feet East of the Northwest corner of Section
11, Twp. 18 N., R. 3 E., B.M.; thence Northeasterly along
Timber Ridge to a point on Lick Creek Road 2,000 feet West of
the Section line in Section 2, Twp. 18 N., R. 3 E., B.M.; thence
East along Lick Creek Road to the East side of Section 2,
Twp. 18 N., R. 3 E., B.M.; thence North approximately 61/2
miles to the Northeast corner of Section 2, Twp. 19 N., R 3 E,,
B.M.; thence west 2 miles to the Northwest corner of Section
3, Twp. 19 N., R 3 E., B.M.; thence south 3 miles to the
Southeast corner of Section 16, Twp. 19 N., R 3 E., B.M.;
thence West 1 mile to the Southwest corner of Section 16,
Twp. 19 N., R 3 E., B.M.; thence South 1 mile to the Southwest
corner of Section 21, Twp. 19 N., R 3 E., B.M.; thence West to
the Adams -Valley county line; thence Southwesterly ap-
proximately 5 miles along the Adams -Valley County line to
the South line of Section 12, Twp. 18 N., R 2 E., B.M.; thence
East to the Southeast corner of Section 12, Twp. 18 N., R 2 E.,
B.M.; thence South 2 miles to the point of beginning.
Area of City Impact Map: The map marked Exhibit "A"
entitled "McCall Area of City Impact" is by this reference
made a part hereof, which map shows the area of City Im-
pact hereinabove described. Copies of said map are on file
for use and examination by the public in the office of the City
Clerk.
Chapter 5
CHAPTER 5
ZONE "A"'
LOW DENSITY RESIDENTIAL
SECTION:
3-5-1: Purposes
3-5-2: Permitted Uses
3-5-3: Special Uses
3-5-4: Conditions of Use
3-5-5: Development Standards for Residential Structures
and Lots
3-5-6: Application of, Density and Development Standards
3-5-1: PURPOSES: In furtherance of the provisions of
section 3-2-1, (Zoning Ordinance):
(A) To establish standards governing the development,
construction and use of housing and the residential en-
vironment in urbanized or partially urbanized areas of the
City of McCall.
(B) To provide and protect residential lands for conventional
single-family housing and other uses beneficial to urban
residential development. •
(C) To provide opportunity for all groups of persons to obtain
adequate housing within each area of the City suitable for
residential use in relation to other land uses and consistent
with the preservation of natural, scenic and historical
resources.
ID) To encourage. a variety of housing types, sizes and
densities necessary to meet the needs of all economic groups.
3-5-2: PERMITTED USES: The following uses, shall be
permitted provided as they are deemed appropriate in each
particular application by the Planning Commission:
• IA) Single family and multifamily dwelling units at no more
than four dwelling units per acre.
(B) Compatible limited commercial uses, such as hv.-.e
occupations provided that such uses meet the approval of the
Commision.
- (C) Outbuildings, shed for tools, fuel and accessories to and
.used in connection with a residence. building.
.21-5-3:. SPECIAL USES: The following uses and their ac-
uses are permitted in accordance with Section 3-22-4
(Special Use Permits)
' (A)'•Planned Unit Development
(8) 'Public and private parks not for overnight use; and
..4111ting, biking, riding and skiing trails and easements.
(C) Public or private community uses, such as churches.
• Clubs, community centers, Museums, libraries, hospital and
-'care centers, public services and facilities, which satisfy the
requirements set forth in Section 3-20-2 (General
Requirements ).
(D) Guest and boarding houses, but not hotels and motels.
(E) Neighborhood convenience stores.
PAGE B-4—THE STAR-NEWS—THURSDAY, JULY 26, 1979
(F) Mobile Home subdivisions.
(G) Other uses deemed appropriate by the commission.
3-5-4: CONDITIONS OF USE: All uses within this district
shall conform to the provisions specified in Chapter 20,
(Supplementary Regulations)
3-5-5: DEVELOPMENT STANDARDS FOR RESIDENTIAL
STRUCTURES AND LOTS:
(A) Single family dwellings: The following criteria shall
apply where an applicant seeks approval for single family
dwellings:
1. LOT AREA
a. The minimum average lot area shall be 10,000 square
feet;
. No lot shall be less than 7,500 square feet.
2. LOT WIDTH:
a. Minimum lot frontage width shall be sixty (60) feet;
except as provided in 2b.
b. The pole section of a flag lot shall not be Tess than j
twenty (20) feet in width. -
3. LOT LENGTH:
a. The average length of any lot shall not be greater than
three times the average width; L
b. The maximum length of the pole portion of a flag lot
shall be 150 feet, .
4. SETBACK REQUIREMENTS:
a. No portion of a building shall be closer than twenty..
(20) feet to the right of way line of a public throughfare„to
allow for planting strips, sidewalks, trails or easements. 6
b. No portion of a building shall be closer to a side or rear
property line than five feet or one-half the total height of the
highest building wall from the ground level nearest the
property line, which ever is the greater.
5. MAXIMUM BUILDING HEIGHT
The maximum height of all buildings shall be thirty -live
(35) feet.
6. MINIMUM DISTANCE BETWEEN BUILDINGS
a. The minimum distance between detached dwelling
units on separate lots shall be ten (10) feet where buildings
are side to side, thirty (30) feet where buildings are rear to
rear, and twenty (20) feet in all other cases.
b. No more than one dwelling unit per lot shall,be per-
muted.
7. ACCESS, DRIVEWAYS AND OFF-STREET PARKING:
a. No residential building may be constructed on a parcel
that is in excess of three hundred (300) feet of traveling,
distance from' vehicular access adequate for fire protection
vehicles, refuse collection vehicles, moving vans, or other
standard service vehicles.
b. No cul-de-sac streets will be permitted.
c. No driveway shall be wider than forty percent of the lot
frontage on a public thoroughfare except on the pole section
of flag lots.'
d. Driveway connections to public streets shall conform
W standards of design and construction established by the
City. (see Section 3-16-5, Subdivision Regulations)
e. Itis encouraged that an adequate area for the storage
of snow be provided for in situations where snow removal and
storage may pose a problem to traffic circulation and street
maintenance.
8. STREETS
a. All proposed public streets, shall conform to the
-standards specifiedIn Section F-16-8; (Subdivision
Regulations.){
• b. The right-of-way width for' private streets shall be
equivalent to City standards far public streets as specified [n
Section 3-16-5, (Subdivision Regulations.)
c. In the event that private streets are requested for
dedication as public streets, such streets must meet the
construction standards specified in Section 3-16-5, (Sub -
'division Regulations), prior to dedication:
9. FENCES, WALLS OR OBSTRUCTIONS:
a. Fences, walls, or obstructions built on the front
property line shall not exceed four (4) feet in height.
b. Fences, walls, or obstructions built on the side and -or
rear property lines shall not exceed six (6) feet in height.
3-5-6: APPLICATION OF DENSITY AND DEVELOPMENT'
STANDARDS:
(A) Calculation of Permissible Densities: • •r ;
1. The area to be calculated for permissible denalty'sbak;
consist of all land owned or controlled by the'' applicant;::
designated in the permit application as the land development
for which the permit is sought.
2. A separate calculation shall be made for the lands In;'
such areas that are contained in differently zoned districts
where the application is made for more than two dwelling .1
units and the land area designated in the permit application
comes within more than one zoned district.
3. The number of permissible dwelling wilts shall include
dwelling units previously authorized, or constructed, within
the area so designated in the application: -
4. Permissible density in the Low Density Residential
District shall not exceed four (4)dwelling units per acre.
(B) Plot Plans Where Subdivision Approval Not Sought:
Where a permit is sought for residential development
containing fewer dwelling units than are permissible on the',„
lot or parcel in the residential density'district In which the lot
or parcel is located, and no subdivision approval'is sought,
the applicant shall submit a plot plan which shall show that
future location of other structures on the lot or parcel, can be
done in a manner that will conform 'to the standards
established in this Ordinance. Such plot plan shall be filed by
the Planning Commission in such a manner that it will be
available in the future to the Commission and to any sub-
sequent purchaser from the applicant to determine the future
permissible development on such lot or parcel. Deviation
from the original plot plan may be permitted provided that
the deviation is as acceptable as the original plan.
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS
Following are standard Underlying Assumptions and Limiting Conditions pertaining
to the appraisals produced by REAL ESTATE CONSULTING GROUP, INC. Some of the
clauses contained herein may not be relevant to a given appraisal problem, such as in the
case of a Letter of Opinion, or other form of Limited Appraisal. However, their inclusion
in this document does not diminish the relevance of other assumptions and conditions set
forth herein.
All statements of fact in the appraisal report which are used as the basis of the
appraiser's analyses, opinions and conclusions will be true and correct to the best of REAL
ESTATE CONSULTING GROUP, INC.'s knowledge and belief. REAL ESTATE CONSULTING
GROUP, INC. shall have no responsibility for legal matters; questions of survey; opinion
of title; soil or subsoil conditions; engineering; technical matters; or hazardous waste
substances such as asbestos, radon gas, toxic wastes, or any other substances which might
present a health hazard. REAL ESTATE CONSULTING GROUP, INC. does not have expertise
to advise in any of the foregoing matters and can offer no guarantees regarding them.
The appraisal will simply assume, unless otherwise stated in the report, that no problems
exist in any of the areas mentioned, and is not valid or to be relied upon if that
assumption is incorrect.
By this notice, all persons and firms reviewing, utilizing or relying on this report in
any manner bind themselves to accept these assumptions and limiting conditions. Do not
use this report if you do not so accept. These conditions are a part of the appraisal report.
They are a preface to any certification, definition, fact or analysis, and are intended to
establish as a matter of record that the appraiser's function is to provide a present market
value indication for the subject property based upon the appraiser's observations as to the
subject property and real estate market. This appraisal report is an economic study to
estimate value as defined in it. It is not an engineering, construction, legal or
architectural study nor survey and expertise in these areas, among others, is not implied.
The certification of this appraisal report is subject to the following assumptions and
limiting conditions:
LIMIT OF LIABILITY
The liability of REAL ESTATE CONSULTING GROUP, INC. and affiliated independent
contractors is limited to the client only and to the fee actually received by the appraiser.
Further there is no accountability, obligation, or liability to any third party. If this report
is placed in the hands of anyone other than the client, the client shall make such third
party aware of all limiting conditions and assumptions of the assignment and related
discussions. The appraiser is in no way responsible for any costs incurred to discover or
correct any deficiencies of any type present in the property; physically, financially, and/or
legally. In the case of limited partnerships or syndication offerings or stock offerings in
real estate, client agrees in the case of lawsuit (brought by lender, partner or part owner in
any form of ownership, tenant, or any other party), any and all awards, settlements of any
type in such suit, regardless of outcome, that client will hold appraiser completely
harmless in any such action.
IDENTIFICATION OF THE PROPERTY
Any legal description(s) shown herein are presumed to be correct, but have not been
confirmed by a survey. The appraiser assumes no responsibility for such a survey, or for
encroachments or overlapping that might be revealed thereby.
The appraiser renders no opinion of a legal nature, such as to the ownership of the
property or condition of title.
The appraiser assumes the title to the property to be marketable, that the property is
an unencumbered fee, and that the property does not exist in violation of any applicable
codes, ordinances, statutes or any other governmental regulations.
APPRAISAL DATA AND ANALYSES SUBMITTED
The analysis and statements contained in the appraisal are statements of opinion only,
and not necessarily the only indication of value or analysis that might be obtained on the
subject property. Appraisal opinions by qualified appraisers differ. No warranty or
guarantee, express or implied, is made by the appraiser indicating that his opinion
represents the only opinion of dollar value which might be obtained by the client on the
date of valuation.
The appraiser, by rendering his appraisal report, is not offering legal advise or
conclusions of law. The client is advised that legal matters concerning the property may
have a direct bearing on the value of the property. If such legal matters are different than
those assumed by the appraiser and set forth herein, the appraiser's value conclusion may
be invalid. Client is advised to retain legal counsel to advise client regarding the effect, if
any, of the assumptions, legal or otherwise, made by the appraiser and set forth in these
contingent and limiting conditions.
UNAPPARENT CONDITIONS
The appraiser assumes that there are no hidden or unapparent conditions of the
property, subsoil or structures which would render it more or less valuable than otherwise
comparable property. The appraiser assumes no responsibility for such conditions, or for
engineering which might be required to discover such things. The appraiser assumes no
responsibility for adverse drainage conditions.
Only visual surface inspection of the property appraised has been made by the
appraiser, unless otherwise instructed by the client. The appraiser assumes no liability for
damages or losses sustained by the client for latent or non -apparent defects existing on,
below, or above the property which may not readily be ascertainable by a visual surface
inspection.
Nothing in this report should be deemed a certification or guarantee as to the
structural and/or mechanical (electrical, heating, air conditioning, and plumbing)
soundness of the building(s) and the mechanical systems that relate to the functions and
operations of the subject property. Rather, this appraisal assumes functions and
operations are satisfactory, consistent with the age and condition of the subject
building(s) and associated mechanical systems, unless specifically stated in the report.
This report does not preclude or limit any party of interest from obtaining, at its own
expense, architectural, engineering or contractor inspections report, certifications,
assurances and/or guarantees, which might serve the purposes of technically ascertaining
the structural and/or mechanical soundness of the subject property. All such reports
received shall be made available to the appraiser.
INFORMATION AND DATA
The information and data supplied to the appraiser by others, and which have been
considered in the valuation, are from sources believed to be reliable, but no further
responsibility is assumed for its accuracy.
USE OF APPRAISAL
The appraisal report may not be used for any purpose except substantiation of the
value estimated without written permission from the appraiser. All valuations in the
report are applicable only under the stated program of highest and best use and are not
necessarily applicable under other programs of use. The valuation of a component part of
the property is applicable only as a part of the whole property. No separation may be
made of any of the various valuation components without invalidating the results which
would be derived by such a separation.
Possession of this report or any copy thereof does not carry with it the right of
publication, nor may it be used for other than its intended use; the physical report (s)
remain the property of the appraiser for the use of the client, the fee being for the
analytical services only.
One (or more) of the signatories of this appraisal report is a Member (or Candidate) of
the American Institute of Real Estate Appraisers of the National Association of Realtors.
The Bylaws and Regulations of the Institute require each member and Candidate to
control the use and distribution of each appraisal report signed by such Member of
Candidate. Therefore, except as hereinafter provided, the party for whom this appraisal
report was prepared may distribute copies of this appraisal report, in its entirety, to such
third parties as may be selected by the party for whom this appraisal report was prepared;
however, selected portions of this appraisal report shall not be given to third parties
without the prior written consent of the signatories of this appraisal report. Further,
neither all nor any part of this appraisal report shall be disseminated to the general public
by the use of advertising media, public relations media, news media, sales media or other
media for public communications without the prior written consent of the signatories of
this appraisal report.
This appraisal report was obtained from Trey Knipe, MAI, and consists of "trade
secrets and commercial or financial information" which is privileged and confidential and
exempted from disclosure under 5 U.S.C. 552 (B) (4). Please notify Mr. Knipe of any
request for reproduction of this document or any part thereof.
SKETCHES AND MAPS
The sketches included in the report are only for the purpose of aiding the reader in
visualizing the property and are not based on surveys. Sizes and dimensions not shown
should not be scaled from the sketches.
COURT TESTIMONY
Testimony or attendance in court by reason of the appraisal, with reference to the
property in question, shall not be required unless arrangements have previously been
made. Any such appearance and/or preparation for testimony will necessitate additional
compensation than that which has been received for this appraisal report. Unless
expressly provided for at some future time, the findings contained herein are limited to
uses outlined in the "Purpose of the Appraisal" section of the report.
ECONOMICS
The values ascribed in this report are based on the present purchasing power of the
dollar and on the present economy.
The value estimation herein is subject to an all cash purchase consistent with the
definition of market value utilized in the report and does not reflect special or favorable
financing in today's market unless specifically stated. The estimated market value is
subject to change with market changes over time; value is highly related to exposure,
time, promotional effort, terms, motivation, and conditions surrounding the offering. The
value estimate considers the productivity and relative attractiveness of the property
physically and economically in the marketplace.
In cases of appraisals involving the capitalization of income benefits, the estimate of
market value or investment value or value in use is a reflection of such benefits and the
appraiser's interpretation of income and yields and other factors derived from general and
specific client and market information. Such estimates are as of the date of the estimate
of value; they are thus subject to change, as the market and value are naturally dynamic.
The "estimate of market value" in the appraisal report is not based in whole or in part
upon the race, color or natural origin of the present owners or occupants of the properties
in the vicinity of the property appraised.
The appraisal report and value estimate are subject to change if the physical or legal
entity or financing are different than that envisioned in this report.
ENVIRONMENTAL REQUIREMENTS
The values ascribed herein are based on the property meeting any Environmental
Protection Agency (E.P.A.) requirements based on the Clean Air Act of 1970, and on the
environmental quality of the State in which the property is located. Unless otherwise
stated in this report, the existence of hazardous material, which may or may not be
present on the property, was not observed by the appraiser. The appraiser has no
knowledge of the existence of such material on or in the property. The appraiser,
however, is not qualified to detect such substances. The presence of substances such as
asbestos, urea formaldehyde foam insulation, PCBs, or other potentially hazardous
materials may affect the value of the property. The value estimate is predicated on the
expressed assumption that there is no such material on or in the property that would cause
a loss in value. No responsibility is assumed for any such conditions, or for any expertise
or engineering knowledge required to discover them. The client is urged to retain an
expert is this field, if desired.
INCOME PROPERTY APPRAISALS
Responsible ownership and competent management are assumed. Data submitted to
the appraiser regarding income and expenses is assumed to be accurate unless otherwise
stated.
This appraisal reflects a value based upon market considerations. It is not represented
that the opinion as to value would allow for the replacement of the property in kind if it
were destroyed.
TREY KNIFE, MAI
QUALIFICATIONS AND EXPERIENCE
PROFESSIONAL EXPERIENCE
Real Estate Consulting Group, Inc. Boise, Idaho, 10-89 to Present. A Principal of a
regional real estate counseling firm specializing in valuation and investment analyses.
Federal Home Loan Bank San Francisco, San Francisco, California, 1987 - 1989.
District Appraiser covering the States of California, Arizona, and Nevada.
Property Counselors of Alaska, Inc., Anchorage, Alaska, 1984 - 1986. Partner of an
appraisal, consulting, and investment analyses firm. Appraisals and consultations of all types of
real property. Specialized in litigation valuation and buyer acquisition representations.
Appraisal Company of Alaska, Anchorage, Alaska, 1982 - 1983. Senior commercial
appraiser and project coordinator on large contract fee assignments covering the State of Alaska.
Robison Realty, Inc., Boise, Idaho, 1978 - 1981. Associate Broker and Vice President of
Operations. Involved in management, property buy/sell negotiations, and investment analyses.
Mountain States Appraisal & Consulting, Inc., Boise, Idaho, 1976 - 1978. Associate
appraiser responsible for residential and small income property analyses.
Robison Realty, Inc., Boise, Idaho, 1974 - 1975. Salesman of tract residential housing.
EDUCATION
Master of Business Administration, Pacific Western University
Major: Real Estate
Bachelor of Science Degree, Pacific Western University
Major: Real Estate
Boise State University
University of Idaho
REAL ESTATE COURSES
American Institute of Real Estate Appraisers
Course VIII, Single Family Residential Appraisal; Basic Valuation Procedures; Capitalization
Theory and Techniques Parts I, II and III; Case Studies in Real Estate Valuation; Valuation
Analysis and Report Writing; Standards of Professional Practice; Litigation Valuation; Easement
Valuation.
Boise State University/Pacific Western University
Fundamentals of Real Estate; Real Estate Law; Appraisal of Real Estate; Real Estate Investment
and Taxation; Real Estate Development; Real Estate Marketing; Real Estate Finance; Technical /
Theoretical Foundations of Real Estate; Analysis of Real Property Appraisal Systems; Technical
Applications and Theory of Commercial Property Management; Land Use Economics;
Exchanges. Masters Project: Real Estate Appraisal Concepts.
Farm and Land Institute
Agriculture and Urban Land Brokerage; Subdivision Development; Federal Taxes and Real Estate;
Exchanging Farms, Ranches and Rural Properties; Land Return Analysis.
Miscellaneous Courses and Seminars
Ranch Appraisal School, American Society of Farm Managers and Rural Appraisers; Analyses
and Valuation of Leased Fee and Leasehold Interests, A.I.R.E.A.; Computer Applications Income
Analysis, A.I.R.E.A.; R -41B Seminar, A.I.R.E.A.; Easement Valuation, International Right of
Way Association; R -41C Seminar, A.I.R.E.A.; Real Estate Lending, Federal Home Loan Bank
System; Competitive Equality Bank Act, Federal Home Loan Bank System.
TREY KNIPE, MAI
QUALIFICATIONS AND EXPERIENCE
(CONTINUED)
PROFESSIONAL DESIGNATIONS/MEMBERSHIPS
MAI Member of the American Institute of Real Estate Appraisers (Member # 6860 4-84)
Currently Certified through September, 1993
RM Residential Member of the American Institute of Real Estate Appraisers
(Member # 1208 11-78)
GRI Graduate of the Real Estate Institute
Member, International Right of Way Association
Member, Professional Standards Panel, American Institute of Real Estate Appraisers
Real Estate Broker: Alaska and Idaho
BUSINESS ACCOMPLI$HMENTS
Licensed real estate broker since 1976, involved in property negotiations in the States of Idaho,
Oregon, Nevada, and Alaska. Primary brokerage activity has been for buyer representations.
Property types include: Mobile home parks, apartment buildings, shopping centers, office
buildings, and large land purchases.
Have appraised or reviewed appraisals on a variety of unique properties including: Multi-million
dollar office buildings, apartment projects, and shopping centers; destination resorts with planned
communities and golf courses; hotels/motels; fish processing plants; an island inholding;
timeshare RV parks; railroad right -of way valuation; air space easements; historical easements;
right-of-way takings; special use properties; highest and best use studies; depreciation studies; and
construction feasibility completion analyses.
Employed with the Federal Home Loan Bank of San Francisco as a District Appraiser for two and
one-half years. This experience allowed an opportunity to critically analyze and evaluate lending
abuses, fraud and mismanagement in the savings and loan industry. Contributed toward the
betterment of appraisal profession by strengthening appraisal standards. Personally instrumental
in saving the FSLIC millions of dollars in lost insurance funds on potentially bad and
mismanaged real estate projects. Through critical analysis of loan files and appraisal reviews,
have identified millions of dollars in over -valued real estate and initiated corrective action plans.
Experience included the evaluation of savings and loan management on disposition strategies, real
estate investments and development, lending/appraisal policies and procedures, and construction
lending practices.
COURT EXPERIENCE
Qualified as an Expert witness in District Court, States of Idaho and Alaska. Qualified as an
Expert witness in Superior Court in the State of Alaska. Have received letters of accommodation
from the Alaska Attorney Generals Office and the State of Alaska Department of Transportation
for courtroom testimony and related appraisal work.
PUBLICATIONS
Article: Valuing The Probability of Rezoning
Publications: The Appraisal Journal, April 1988
Right of Wav, April 1989