HomeMy Public PortalAbout2000 re 530 Crandon BoulevardCitgo Service Station
LOCATED AT:
530 CRANDON BOULEVARD
KEY BISCAYNE, FLORIDA
PREPARED FOR:
VILLAGE OF KEY BISCAYNE
85 WEST MCINTYRE STREET
KEY BISCAYNE, FLORIDA
AS OF:
AUGUST 26, 2000
PREPARED BY:
QUINLIVAN APPRAISAL, P. A.
5730 S.W. 74TH STREET - SUITE 300
SOUTII MIAMI, FLORIDA 33143
QUINLIVAN APPRAISAL
A PROFESSIONAL ASSOCIATION
REAL ESTATE APPRAISERS Se CONSULTANTS
5730 S.W. 74TH STREET, SUITE 300
SOUTH MIAMI, FLORIDA 33143
J. MARK QUINLIVAN, MAI
STATF-C ERTI El ED GENERAL APPRAISF RS
RZ 0000112
August 28, 2000
TELEPHONE (305) 003-0011
FAX (305) 005-1921
C. Samuel Kissinger, Village Manager
Village of Key Biscayne
85 West McIntyre Street
Key Biscayne, Florida 33149
Dear Mr. Kissinger:
THOMAS F. MAGENHEIMER, M AI
STATF-( ERTIFIE I) GF'F_RAL APPRAISPR,
KZ 000055)
In accordance with your request and authorization, I have prepared this Complete,
Self -Contained Appraisal Report covering the following described property:
Citgo Service Station situated on a 12,705 square foot land site located
at 530 Crandon Boulevard, Key Biscayne, Florida.
The purpose of this Appraisal is to estimate the Market Value of the described property
as of August 26, 2000, being one of the dates of personal inspection.
It should be recognized that this appraisal is of the real estate only and does not include
fixtures and equipment nor does it include business value, if any.
The narrative Appraisal Report that follows sets forth the identification of the
properties, the assumptions and limiting conditions, pertinent facts about the area and
the subject properties, comparable data, the results of the investigations and analyses,
and the reasoning leading to the conclusions set forth.
C. Samuel Kissinger, Village Manager
Village of Key Biscayne
August 28, 2000
Page 2
Based on the inspection of the properties and the investigation and analyses
undertaken, I have formed the opinion that, as of August 26, 2000, the subject property
had a Market Value of:
SIX HUNDRED THIRTY FIVE THOUSAND DOLLARS
($635,000)
Respectfully submitted,
Mark Quinlivan, MAI
State Certified General Appraiser
Certification Number: RZ0000112
7MQ/jb
(99-117AU)
CERTIFICATION OF VALUE
The undersigned hereby certifies that, to the best of my knowledge and belief:
(A) The statements of fact contained in the report are true and correct.
(B) The reported analyses, opinions and conclusions are limited only by the
assumptions and limiting conditions set forth, and are our personal,
unbiased professional analyses, opinions and conclusions.
(C) I have no present or prospective interest in the property that is the subject
of this report, and I have no personal interest or bias with respect to the
parties involved.
(D) The appraiser's compensation is not contingent upon the reporting of a
predetermined value or direction in value that favors the cause of the client,
the amount of the value estimate, the attainment of a stipulated result, or the
occurrence of a subsequent event. Furthermore, the appraisal assignment
was not based on a requested minimum valuation, a specific valuation or the
approval of a loan.
(E)
The appraiser's analyses, opinions and conclusions were developed, and
this report has been prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice, and the requirements of the State of Florida
for state -certified appraisers.
(F) Use of this report is subject to the requirements of the State of Florida
relating to review by the Real Estate Appraisal Subcommittee of the Florida
Real Estate Commission.
(G) J. Mark Quinlivan has made a personal inspection of the property that is the
subject of this report.
(11) No one provided significant professional assistance to the person signing
this report.
(I) The reported analyses, opinions, and conclusions were developed, and this
report has been prepared, in conformity with the requirements of the Code
of Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
QUINLIVAN APPRAISAL
1
(J) The use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives.
(K) The reported analyses, opinions, and conclusions were developed, and this
report has been prepared, in conformity with the requirements of the Code
of Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
(L) The use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives.
As of the date of this report, J. Mark Quinlivan has completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection of the property and the investigation and analyses undertaken, subject to the
assumptions and limiting conditions set forth in the Addendum of this report, I have formed the
opinion, as of August 26, 2000, the subject property had a Market Value of:
SIX HUNDRED THIRTY FIVE THOUSAND DOLLARS
($635,000)
.NARK QUINL AN, MAI
TE CERTIFIED GENERAL APPRAISER
RTIFICATION NUMBER: RZ0000112
QUINLIVAN APPRAISAL
2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Type of Appraisal Complete
Type of Report Self -Contained
Purpose of Appraisal Market Value
Property Rights Appraised Fee Simple
Address 530 Crandon Boulevard, Key Biscayne, Florida.
Land Size 12,705 Square Feet
.29 Acre
Improvements Service station containing 1,584 square feet.
Age 1952
Zoning BU -1, Neighborhood Business District
Highest and Best Use Commercial usage
Estimated Land Value $635,000
Date of Value Estimate August 26, 2000
Date of Inspection August 26, 2000
Date of Report August 28, 2000
Remarks The appraisal is of the real estate only and does not
include fixtures, equipment or business value, if any.
QUINLIVAN APPRAISAL
3
SUBJECT PROPERTY - FRONTAGE ALONG CRANDON BOULEVARD
SUBJECT PROPERTY - FRONTAGE ALONG CRANDON BOULEVARD
QUINLIVAN APPRAISAL
SUBJECT BUILDING
LOOKING SOUTHERLY ALONG CRANDON BOULEVARD - SUBJECT SITE TO THE RIGHT
QUINLIVAN APPRAISAL
INTRODUCTION
QUINLIVAN APPRAISAL
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
A Citgo Service Station situated on a 12,705 square foot land site.
ADDRESS
530 Crandon Boulevard
Key Biscayne, Florida
LOCATION
Northwest corner of West McIntyre Street and Crandon Boulevard, Key Biscayne, Florida.
PURPOSE AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value of the properties as of August 26,
2000, being one of the dates of personal inspection.
INTENDED USE AND USER OF APPRAISAL
The intended or use of this appraisal is to aid the client (Village of Key Biscayne) in determining an
acquisition price. The intended user is the Village of Key Biscayne.
LEGAL DESCRIPTION
A portion of Tract 4, MATHESON ESTATES KEY BISCAYNE, according to the Plat thereof, as
recorded in Plat Book 34, Page 34, of the Public Records of Miami -Dade County, Florida, being
more particularly described as follows: Begin 269.45 feet East of the Southwest corner of Tract 7
(Plat Book 46, Page 86), thence East 145 feet Southwesterly along West right-of-way line of
Crandon Boulevard arc distance of 122.45 feet West along North right-of-way line of West McIntyre
Street for a distance of 96.97 feet, thence North 105 feet to Point of Beginning, Miami -Dade County,
Florida.
(Source: Miami -Dade County Property Appraiser's Office)
QUINLIVAN APPRAISAL
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PROPERTY RIGHTS APPRAISED
The property is appraised in fee simple: a fee without limitations to any particular class of heirs
or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation,
as well as utility easements of record.
DEFINITION OF MARKET VALUE
Market Value means the most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller to
buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised and acting in what
they consider their own best interest;
(3) a reasonable time is allowed for exposure to the open market;
(4) payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
(5) the price represents a normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
QUINLIVAN APPRAISAL
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ASSESSMENT AND TAXES - 1999
The subject property is assessed under the jurisdiction of the Village of Key Biscayne.
The assessment for the property is established each year as of January I st by the Dade County
Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value
less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just
Value, in reality the ratio of the assessed value to sales price is generally below 100%.
Folio Number:
Assessed Value:
Millage Rate:
Tax Amount:
24-4232-002-0050
Land
Improvements
Total
$20.937 per $1,000
$10,480.13
OWNER OF RECORD AND ADDRESS
Key Biscayne Island Standard, Inc.
412 Woodcrest Road
Key Biscayne, Florida 33149
FIVE-YEAR HISTORY OF TITLE
$444,675 ($35.00/S.F.)
$ 54,030
$498,705
In June of 1999, the title of the subject property was transferred from Anthony and Jo Greco to Key
Biscayne Island Standard, Inc. There was no consideration indicated. This transaction is recorded
at OR Book 18667, Page 4235. There have been no other sale transactions over the past five years.
QUINLIVAN APPRAISAL
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ESTIMATED EXPOSURE TIME
Exposure time is defined as the estimated length of time the property interest being appraised would
have been offered on the market prior to the hypothetical consummation of a sale at market value
on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events
assuming a competitive and open market.
The overall concept of reasonable exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort.
In estimating a reasonable exposure time for the subject property, the appraisers have taken the
following steps:
• Discussion with buyers, sellers and brokers
of vacant sites in the area related to historic
marketing periods.
Based on the above sources, exposure time is estimated to have been 12 months for the subject
property.
ESTIMATED MARKETING PERIOD
The estimated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose and
actively market a property on the open market to achieve a sale. Implicit in this definition are the
following assumptions:
(A) The property will be actively exposed and aggressively
marketed to potential purchasers through marketing channels
commonly used by sellers and buyers of similar type properties.
(B) The property will be offered at a price reflecting the most
probable markup over market value used by sellers of similar
type properties.
(C) A sale will be consummated under the terms and conditions of
the definition of Market Value required by the regulation.
In order to estimate the marketability of this property, the sales activity in this market area is
reviewed over the past three years, multiple listings are reviewed and real estate brokers who operate
in this area are interviewed.
Based on the above sources, the subject property could be sold within a 12 month time period.
QUINLIVAN APPRAISAL
7
LOCATION ANALYSIS
QUINLIVAN APPRAISAL
COUNTY DATA
Miami -Dade County - Location and Size
Miami -Dade County, which comprises the metropolitan area of Miami, is situated on the southeast
tip of the state of Florida. It is bordered on the east by the Atlantic Ocean, on the west by Monroe
and Collier Counties, on the north by Broward County, and on the south by Monroe County (the
Florida Keys).
Miami -Dade County, the largest county in area and population in the state of Florida, covers an area
of 2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354 square
miles of the County.
Although the County is relatively large, approximately half of the total area is comprised of the
Everglades, which is a natural area that will not be developed. Therefore, only the eastern section
of Miami -Dade County encompasses the area which is currently developed or available for future
development.
Miami -Dade County's location, its southern latitude and proximity to the Gulf Stream provide for
mild winters and pleasant summers.
Population
The state ofFlorida has increased rapidly in population from 6,791,400 in 1970 to 9,740,000 in 1980
and 12,937,926 in 1990. The 1995 population of Florida was estimated at 14,108,500. The
population of Florida is expected to grow to 15,449,100, a 1.8% average annual increase.
Miami -Dade County's population increased from 1,626,000 in 1980 to 1,937,094 in 1990, reflecting
an average annual compounded growth rate of 1.77%, compared with 2.88% for the state of Florida.
By 1999, Miami -Dade County's population increased to approximately 2,150,000. The population
is estimated to grow to 2,230,000 by the Year 2005.
Miami -Dade County's population growth during the last four decades has been dramatic especially
in relation to national trends. From 1950 to 1990 the United States population increased by 60%
while the population of Miami -Dade County has almost quadrupled from 495,084 to 1,937,000.
During this period, the state of Florida was elevated from the 20th most populous state to the 4th
in 1990.
The population growth rate in Miami -Dade County has shown greater fluctuations than the national
rates. The Miami -Dade County rate of population change was 84.9% during the period 1940 to
1950; 88.9% from 1950 to 1960; 35.6% from 1960 to 1970 and 28.2% from 1970 to 1980. In the
period from 1980 to 1990, the rate of population change was 16%. The average annual change from
1990 to 1999 was approximately 1.1%.
QUINLIVAN APPRAISAL
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During the 1960s, the major increase in Miami -Dade County's population was due to the large
immigration of Cubans. Today, Cuban and other Spanish speaking people comprise approximately
57% of Miami -Dade County's population. The increase in Hispanic population has had favorable
effects on the local economy and has helped to create a multi -national cultural environment in the
area.
The recent influx of political and economic refugees from Cuba, Haiti and Nicaragua has put an
abnormal strain on public services and has affected the population data in a dramatic manner.
However, a recent increase in population growth of people from Latin American, as well as from
Europe and Canada, coupled with the increases in population from those people leaving the northern
sections of the United States, indicate a positive prospect for the Miami -Dade County area in the
future.
The overall population of Miami -Dade County is well dispersed throughout the entire area, yet has
several key areas of concentration. During the 1960s, several sub -areas accounted for approximately
70% of the growth. These areas include Hialeah, northern Miami -Dade County, the Beach area, the
Miami River area, the area southwest of Miami International Airport, as well as the Kendall and
Cutler Ridge areas. In the first half of the 1970s, population growth continued in an uneven fashion
especially in the urban fringes.
Since 1970, approximately three -fourths of the total population growth for the County has occurred
in the unincorporated areas. The older centrally located cities such as Miami, Miami Beach and
Coral Gables have grown at modest rates from 1970 to 1990. Unincorporated Miami -Dade County
has evidenced the most rapid growth which continues to occur in areas in northeast Miami -Dade
County (Aventura), as well as the currently expanding southwest area, especially in sections of
Flaglcr Street, S.W. 8th Street and North Kendall Drive.
Population trends indicate that most of the population growth in Miami -Dade County during the first
half of the 2000s will occur in outlying areas such as North Miami Beach, the Golden Glades area,
the Kendall area west of the Florida Turnpike, the S.W. 8th Street and Palmetto Expressway areas,
the Hialeah -Miami Lakes area, as well as those areas both east and west of U.S. Highway 1 between
Sunset and Coral Reef Drives, and Cutler Ridge and the Goulds area.
Employment Trends
The dominant characteristic of Miami -Dade County is that it is primarily trade and service based.
Personal, business and repair services have had a substantial increase in importance in the economic
base over the last decade. The major sectors of the economy include services, wholesale and retail
trade, transportation, communications, public utilities, government and manufacturing. The most
dominant industries which form the County's economic base are construction and tourism.
QUINLIVAN APPRAISAL
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Tourism is Miami -Dade County's biggest industry with an estimated 9.7 million visitors in 1997
contributing to more than 50 percent of the area's economy. Aviation and related industries are
responsible for another large segment of the economy. The garment industry ranks third in the
nation after New York and Los Angeles. Table 1 shows the distribution of the non-agricultural work
force in Miami -Dade County.
TABLE 1
ANNUAL AVERAGE NON-AGRICULTURAL EMPLOYMENT
1995, 1996, 1997, and 1998
CLASSIFICATION (IN THOUSANDS)
1995
1996
1997
1998.
TOTAL ALL INDUSTRIES
926.6
937.8
960 7
971.2
MANUFACTURING
77.5
77 1
75.3
76 3
CONTRACT CONSTRUCTION
36.2
35 0
33 9
35 1
TRANSPORTATION, COMMUNICATION
AND UTILITIES
78 1
80 0
83 2
84 7
TRADE
242 3
247 7
254 3
258 4
FINANCING, INSURANCE AND REAL
ESTATE
66 0
66 4
67 6
68 2
SERVICE, MISCELLANEOUS AND MINING
294 7
299 4
311 8
314.1
GOVERNMENT
131.8
132 1
134 7
135.2
Source Florida Department of Labor & Employment Security, Bureau of Labor Market Information
The largest employer in Miami -Dade County is the Miami -Dade County School Board, followed
by Metro -Dade County, State of Florida, Federal Government, American Airlines, University of
Miami, Jackson Memorial Hospital, Bell South, and Florida Power and Light. Assuming additional
importance is the growing prominence of Miami -Dade County as a center for international trade,
finance and tourism. The establishment of Miami as the "Gateway of the Americas" should provide
the area with a much needed degree of economic diversification. This should enable Miami -Dade
County to weather slowdowns in the national economy by an increase of trade through the Port of
Miami, growth of international arrivals at the airport, the Free Trade Zone, and the substantial
foreign investment in the local economy, particularly in real estate.
QUINLIVAN APPRAISAL
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Unemployment showed a major drop from the 10% average in 1992 to 7.7% in 1993, increasing to
8.0% in 1994, but decreasing to 5.0% by the Fourth Quarter of 1999. The volatility of the
unemployment rate is tied to a large degree to the construction industry. While construction has
never been among the county's employment leaders, lay-offs have had substantial effects on
employment in other construction -related industries, particularly within the manufacturing category,
which was the second hardest hit. The increases in the unemployment rate from 1991 to 1992 were
due to the loss of Eastern and Pan Am Airlines, as well as major banks such as Southeast and
Amcrifirst.
Income
Over the past few years, the average per capita personal income in Miami -Dade County has been
slightly lower than the per capita income for Florida, as well as the nation.
TABLE 2
PER CAPITA PERSONAL INCOME
SELECTED YEARS (CURRENT $)
Year
1995
-1996
1997
UNITED STATES
23,359
24,436
FLORIDA
23,139
MIAMI MSA
21,292
24,198
22,370
25,178
1998
25,993
24,932
25,610
23,161
24,223
Source U S Dept of Commerce, Bureau of Economic Analysis and Miami -Dade County Planning Department
Tourism
Table 3 reveals a steady increase in the number of tourists visiting Miami -Dade County since 1984.
The number of international visitors increased approximately 100% from 1985 to 1995. Due to the
soft domestic economy, the number of domestic visitors had declined from 1989 to 1993; however,
since 1994 there has been a 3.1% average annual increase.
QUINLIVAN APPRAISAL
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TABLE 3
ESTIMATES OF MIAMI-DADE COUNTY TOURIST TRENDS
I
1
INTERNATIONAL
DOMESTIC
TOTAL
1984
1,703,354
3,556,067
5,259,421
1990
3,455,000
4,617,500
8,072,500
1993
5,400,000
3,400,000
8,800,000
1994
5,028,700
3,728,600
8,757,300
1995
5,061,600
4,317,600
9,379,200
1996
5,113,200
4,462,000
9,5 75,200
1997
5,278,700
4,564,600
9,843,300
1998
5,268,100
4,468,700
9,736,900
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
Figures for 1997 indicate a record 9.842 million overnight visitors came to Miami -Dade County, a
2.8% increase from 1996. The total number of visitors decreased 1.1% from 1997 to 1998.
Table 4 shows that the bulk of international visitors to Miami -Dade County originate from Central
and South American Countries (46.2% in 1998), followed by European Countries (25.8% in 1998)
and Caribbean Countries (13.9% in 1998). England and Germany accounted for the largest
proportion of European visitors.
In 1999 there were a total of 3,100,000 passengers passing through the Port of Miami and
approximately 33,900,000 through Miami International Airport. During 1999, the number of Port
of Miami passengers increased 3.2% from 1998, and Miami International Airport decreased .1%
from 1998.
QUINLIVAN APPRAISAL
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TABLE 4
ESTIMATES OF INTERNATIONAL VISITORS BY REGION
t
REGION
1996
1997
1998
EUROPEAN COUNTRIES
25 0%
25 1%
25 8%
CARIBBEAN COUNTRIES
14 6%
14.5%
13 9%
CENTRAL AMERICAN COUNTRIES
7 7%
7 8%
7 5%
SOUTH AMERICAN COUNTRIES
38 5%
38 5%
38 7%
CANADA
11 6%
11 6%
11 0%
OTHER COUNTRIES
2.5%
2 6%
3.1%
TOTAL
100%
100%
100%
Source Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
There are an estimated 46,887 motel and hotel rooms in Greater Miami and the Beaches. The hotel -
motel occupancy rate for 1998 of 71.4% was above the rates for 1995 and 1996 of 70.0% and 71.2%,
respectively, but below the 1997 rate of 73.1%.
Miami -Dade Financial Resources
Over the course of the last decade, Greater Miami has evolved into a major international financial
center. Domestic and international businesses find convenient access to a full array of services
provided by locally -based state and national commercial banks, savings and loan associations,
foreign banks, non -depository credit institutions, securities and commodities brokers and insurance
companies.
Greater Miami has the largest concentration of domestic and international banks south of New York
City. With more than 90 percent of the state's foreign banks operating offices in Miami, this market
dominates international banking in Florida.
There are 43 international banking agencies, 13 Edge Act corporations and 4 Edge Act corporation
branches operating in Greater Miami. Many of their banking customers are located in Latin
America.
QUINLIVAN APPRAISAL
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Overall, about 150 domestic banks, savings and loans, foreign banks and Edge Act banks operate
in Greater Miami. The greatest concentration is located along Brickell Avenue in downtown Miami.
Transportation
Miami -Dade County has an extensive expressway system with access to all points in the County.
However, due to the rapidly increasing population, some of the expressways, especially 1-95, are
becoming overburdened. In 1984 Miami -Dade County completed a 20.5 mile elevated rapid transit
system. This system extends southward from downtown Miami to Dadeland, paralleling U.S.
Highway 1 and northwesterly from downtown Miami to Hialeah. In conjunction with this system,
there is a downtown people mover system which encircles the central business district of Miami and
extends south to the Brickell area and north to the Omni area.
Miami -Dade County is served by the CSX and Florida East Coast Railroads for freight and Amtrak
Rail, Greyhound and Trailways Interstate bus lines for passenger service.
Miami International Airport, one of the nation's largest and busiest, had approximately 33.9 million
arrivals and departures in 1999. Moody's Investor Service, a major bond -rating company, recently
ranked the airport Aa (the second highest rating an airport can enjoy). Only Los Angeles
International Airport shares this ranking; no U.S. airport has ever attained the highest ranking of
Aal. According to Moody's, a key factor in the ranking is the airport's "market value as an
international gateway with its own strong organization -and -destination base". The airport is
currently undergoing a $3.4 billion expansion.
Miami has become a port of embarkation for airlines and ships bound for Central and South
American Countries. The Port of Miami, besides being the largest passenger port in the nation, is
also important as a cargo center with a 1999 annual tonnage of approximately 6,930,000, down from
7,050,000 in 1998.
Miami's comprehensive transportation system and its strategic location have enabled it to become
an important international transportation center, providing commercial access to Latin America and
the Caribbean.
Government
Miami -Dade County is comprised of unincorporated areas, as well as thirty municipalities, the
largest of which is the city of Miami.
Miami -Dade County is governed under a modified two-tier metropolitan government. The purpose
of this type government was to establish one governing body for the county, and to establish one
supply of services such as fire, police, etc. for the county. The upper tier is the County, which
provides broad "regional" or county functions, such as metropolitan planning, welfare, health and
QUINLIVAN APPRAISAL
14
transit services. The twenty-nine municipalities represent the lower tier of government, providing
a varying array of services within their jurisdictional boundaries. The County also maintains lower
tier functions, such as the provision of municipal -type services, including police and fire, to the
unincorporated areas and certain municipalities on a negotiated basis.
The County operates under the Commission -Manager form of government. Legislative and policy -
making authority is vested in the elected thirteen -member Board of County Commissioners; the
Commission appointed County Manager is the chief administrator. Miami -Dade County has operated
under the metropolitan form of government since 1957, when the Home Rule Charter was passed
by the local electorate. Prior to Home Rule, the County had to rely on the State Legislature for the
enactment of its laws.
County government had not been able to respond to the tremendous demand for municipal services
in this rapidly urbanizing area, which is larger than the State of Rhode Island or Delaware. The need
to combine services duplicated by the County and numerous cities was also clearly evident. The
Charter permitted the limited County government to reorganize into a general purpose "municipal -
type" government capable of performing the full range of public functions into an area wide
operation.
Real Estate
As of the fourth quarter of 1999, the Miami -Dade County Office Market contained approximately
30.4 million square feet of office space. Approximately 43.7% of this space is located in the Miami
central business district and adjacent Brickell Avenue and 21.6% in the rapidly growing Airport
West area.
There was a decrease in the occupancy rate of office buildings in Miami -Dade County from 92% in
1981 to 77.6% in 1991. Since 1992, there was an increase in occupancy from 81.4% to 88.9% in
the fourth quarter of 1999. There is an estimated two year supply of office space. Due to the
oversupply of space during the early 1990s, many rental concessions had been given to tenants.
Since there has been little new construction, the office market has shown improvement.
Office rental rates in new buildings typically range from $14.00 to $30.00 per square foot. The low
end of the range is for office space in the suburban markets. The upper end of the range is for first
class office space in Downtown Miami, Brickell Avenue, Coconut Grove and Coral Gables.
The Greater Miami Industrial Market, as of the Third Quarter of 1999, consisted of approximately
150,150,000 square feet of industrial space. The approximate percentage location of this space is as
follows:
QUINLIVAN APPRAISAL
15
AIRPORT WEST
` /u:P''TOTAL
MARKET:PACE
28.0%
HIALEAH/MEDLEY
12.1%
CENTRAL DADE
12 9%
MIAMI LAKES/NORTH DADE
SOUTH DADE
22 4%
4%
OTHER
12 6%
TOTAL
100%
The major use of industrial space is warehousing/distribution which accounts for approximately 65%
of the occupied space. Manufacturing and high technology occupy the remainder of the space
accounting for approximately 25% and 15% of the industrial space, respectively.
The Miami Industrial Market experienced a gradual increase in the vacancy factor in the first three
years of the 1980s. In 1983, Miami experienced a sharp increase in the vacancy factor with the
county's occupancy falling from a high of 98% in 1980 to 85% in 1983. This sharp decrease was due
to an oversupply of industrial space and a ten-year low absorption rate of 500,000 square feet. The
heightened economic crisis in Latin America, causing a contraction of the import/export business,
was also a major factor to the increase in vacancy rate. During 1986 and 1987, the county's vacancy
rate for the overall Miami -Dade County industrial market for the third quarter of 1999 was 6.8%.
Industrial rental rates generally range from $3.50 to $8.00 per square foot. The median sale price
per square foot in 1989 for industrial space in Miami -Dade County was $31, but by the first quarter
of 1995 it had decreased to $29.74 per square foot. In 1997, the median sale price for a warehouse
reached an all time high at $40.57 per square foot, up 3.8% above the $39.07 paid in 1998.
It is forecasted that the Miami -Dade County industrial market will be an area of steady growth and
moderate absorption. The Airport West area is expected to experience the most growth due to its
central location and availability of land.
Vacancy rates will remain fairly constant. "Flex -Space" projects will continue to show growth and
moderate absorption. The Airport West, North Miami -Dade and Hialeah/Medley markets will
remain the most active.
The number of single family residential permits decreased 1.7% from 5,140 in 1997 to 5,052 in
1998. Permits for 5,126 multi -family units were issued in 1998, up 14.7% from the 4,469 permitted
during 1997. The average sale price of a new residence in Miami -Dade County in 1999 was
$165,482 up 8.7% from $152,181 in 1998.
QUINLIVAN APPRAISAL
16
According to data from the Department of Business and Professional Regulation, Miami -Dade
County has over 250,000 licensed rental apartment units. Reinhold P. Wolff Quarterly Housing
Report shows a vacancy rate of 2.8% in November of 1999, considerably lower than the 4.7% rate
of November of 1999. The vacancy rate has been declining steadily since 1991, but the decline
accelerated after August 1992; this is attributable to Hurricane Andrew. New suburban rental
apartments have average rental rates of $752 per month for a one bedroom apartment and $1,017 per
month for a two bedroom apartment.
The condominium apartment market experienced an all-time high inventory of 15,722 units in
October of 1986. The inventory has decreased to 6,548 units as of October of 1999. The high
inventory caused the average sale price of a new condominium unit to decline from $112,604 in
1982 to $87,990 in 1987. However, the average sale price increased dramatically to $162,752 in
1991, declining to $130,545 in 1994 but again dramatically increasing to $223,200 in 1998.
The Miami -Dade County retail market contains approximately 49.5 million square feet in buildings
over 20,000 square feet. The major retail markets in Miami -Dade County include Hialeah, Coral
Gables/South Miami -Dade (Aventura) and Kendall. Rental rates typically range from $10.00 to
$25.00 per square foot with an average rate of $14.71 per square foot. The overall Miami -Dade
County vacancy rate for 1999 was approximately 6.55%, slightly down from 7.48% in 1998. The
vacancy level is lowest in super regional malls and highest in unanchored strip centers.
Conclusions
In the future, one of the principal growth areas for Miami -Dade County is expected to be the
international sector. Miami -Dade County, because of its geographic location and excellent
transportation facilities, is well -suited to attract both business individuals and tourists from Latin
America. It is already one of the principal shopping markets for Central and South Americans
visiting the United States and one of the principal export points for goods and services destined for
Latin America.
A major consideration to future real estate development in Florida will be compliance with the new
State's concurrency law mandated by the Growth Management Act. This law requires developers
to build sufficient infrastructure. Concurrency requires that basic facilities and services be in place
or the money to build the same be available before the construction of new development is granted
approval.
The existence of major financial institutions, retail outlets, corporations and other business entities,
coupled with its geographic location, transportation systems and planned international trade centers
give Miami -Dade County an excellent opportunity for continued growth as an international center.
QUINLIVAN APPRAISAL
17
NEIGHBORHOOD DATA
The subject property is located within the Village of Key Biscayne in Miami -Dade County, Florida.
Key Biscayne is an island located south and east of the City of Miami. The east side of Key
Biscayne fronts along the Atlantic Ocean. The west side of Key Biscayne fronts on Biscayne Bay.
Access to Key Biscayne is via the Rickenbacker Causeway. The Rickenbacker Causeway is a four
lane divided road that crosses three fixed bridges. Key Biscayne was a part of the unincorporated
area of Dade County until June of 1991 when it became incorporated.
Key Biscayne is approximately four miles in length and approximately one mile in width. The north
end of Key Biscayne contains Crandon Park, a Miami -Dade County public park. Cape Florida State
Park occupies the southern end of the key. This park has been left primarily in its natural state with
beaches along the Atlantic Ocean. The center part of the island is comprised of single family
residences, multi -family apartments, hotels and commercial facilities.
The Village of Key Biscayne was incorporated on June 18, 1991. The village covers approximately
1.25 square miles. The Village has a Council -Manager form of government.
Large ocean fronting condominiums located east of Crandon Boulevard include Commodore Club
(570 units), Towers of Key Biscayne (538 units), Mar Azul (127 units), Casa del Mar (237 units),
The Sands (120 units), and Key Colony (1,050 units). These buildings were constructed from the
1960s through the 1980s.
The area west of Crandon Boulevard is comprised of single family residences. The majority of these
homes were constructed in the early 1950s. Sale prices of these homes range from $325,000 to
$850,000. Older residences are being totally renovated or removed and replaced with larger, modern
residences. Cape Florida, a water fronting subdivision of newer single family residences, located
at the south end of the center section, has sale prices ranging from $1,000,000 to over $4,000,000.
The west side of Crandon Boulevard between Harbor Drive and West Mashta Drive, contains
commercial properties. These properties include shopping centers (Harbor Plaza, Key Biscayne
Shopping Center, The Square at Key Biscayne and L'Esplanade), service stations, restaurants,
bank/savings and loan, and office buildings.
Key Biscayne experienced a high growth rate during the early and mid -1970s. During these years,
Key Biscayne grew in population at an annualized rate of 9.2%. The current full-time population
on Key Biscayne is estimated to be about 9,350.
QUINLIVAN APPRAISAL
18
During 1980-1985, the growth rate of Key Biscayne had declined sharply. Accordingly, there was
a decrease in demand for residential and commercial properties with a decline in values over these
years. However, during the later part of the 1980s and the 1990s, the values of residential properties
have risen rapidly.
At this time, the island is almost entirely developed except for two multi -family residential sites (the
former Key Biscayne Hotel site and the Sheraton Royal Biscayne Hotel site) which are currently
undergoing development. The Ocean Club is being developed on a 52 -acre oceanfront site with 11
mid- and high-rise towers to contain a total of approximately 800 units. Unit prices range from
$370,000 to over $2,000,000. The other site is being developed with a project known as Grand Bay
resorts and Residences. In addition to a first class hotel, this development features two
condominium towers, one of 135 units and 14 stories and one of 90 units; and 57 single-family
residences. Apartment units range in sale price from $692,000 to $3,300,000. The sale prices of the
residences begin at $1,000,000.
QUINLIVAN APPRAISAL
19
QUINLIVAN APPRAISAL
SITE MAP
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QUINLIVAN APPRAISAL
SITE DATA
Dimensions and Shape:
The site is slightly irregular in shape.
The site fronts for 96.9 feet, more or less, on the north right-of-way line of West McIntyre Street.
The east property line thence extends northerly along the west right-of-way line of Crandon
Boulevard for a distance 122.45 feet. The north property line thence extends westerly for 145.0 feet.
The west property line thence extends southerly for 105.0 feet.
Area:
12,705 Square Feet or .29 Acre
(Source: Miami -Dade County Property Appraiser's Office.)
Topography and Drainage:
The site is level and approximately at street grade.
Flood Zone:
Map N° 125098 0281 F
"AE" Special flood hazard area inundated by the 100 -year flood; base flood elevation nine
to ten feet.
Soil and Subsoil:
The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual
conditions would be brought out by test borings.
Utilities:
Water: Miami -Dade Water and Sewer Authority
Sewer: Miami -Dade Water and Sewer Authority
Electricity: Florida Power & Light Company
Telephone: BellSouth Telephone Company
QUINLIVAN APPRAISAL
20
Street Improvements:
Crandon Boulevard is asphalt paved with a dedicated width of 120 feet. Crandon Boulevard
contains two north bound and two south bound lanes with a landscaped median. Sidewalks, curbs,
and street lighting are in place along Crandon Boulevard.
West McIntyre Street is asphalt paved with a dedicated width of 50 feet. West McIntyre Street
contains one east bound and one west bound lane.
QUINLIVAN APPRAISAL
21
QUINLIVAN APPRAISAL
ZONING
Under Ordinance of Village of Key Biscayne.
Classification: BU -1 Neighborhood Business District
The purpose of the district is to provide for retail and service convenience facilities which satisfy the
essential and frequent needs of the adjacent residential neighborhood.
Permitted Uses include antique shops, apparel stores, art stores, banks, beauty parlors, bakery shops,
barber shops, bicycle shops, ice cream shops, drugstores, grocery stores, hardware stores, jewelry
stores, leather shops, newsstands, office buildings, paint stores, restaurants, schools, shoe stores,
sporting goods stores, tailor shops, tobacco shops, and variety stores.
Building Regulations
Maximum Floor Area Ratio: .40 at one story increased .11 for each
additional story
Maximum Building Height: Two stories and 35 feet
Minimum Open Space:
Up to one acre -
One to five acres -
Five to 20 acres -
More than 20 acres -
Offstreet Parking:
Commercial -
Restaurants -
Office -
Building Setbacks:
Front -
Side and rear -
18% of lot area
16% of lot area
14% of lot area
12% of lot area
one space per 300 square feet
one space per 50 square feet of dining area
and one space per four employees
one space per 400 square feet
20 feet
10% of lot width greater than five feet, but
not to exceed 7.5 feet
QUINLIVAN APPRAISAL
22
Minimum Lot Frontage:
Old subdivision - 50 feet
New subdivision - 50 feet and 75 feet for corner site
Minimum Lot Area:
Old subdivision -
New subdivision -
5,000 square feet
5,000 square feet and 7,500 square feet for
corner site
Maximum Lot Coverage: 40%
QUINLIVAN APPRAISAL
23
HIGHEST AND BEST USE
QUINLIVAN APPRAISAL
HIGHEST AND BEST USE
Fundamental to the concept of value is the theory of highest and best use. Land is valued as if vacant
and available for its highest and best use.
The Appraisal Institute in The Appraisal of Real Estate, Ninth Edition, defines highest and best
use as follows:
The reasonably probable and legal use of vacant land or an improved property, which is physically
possible, appropriately supported, financially feasible, and results in the highest value.
Land has limited value unless there is a present or anticipated use for it; the amount of value depends
on the nature of the land's anticipated use, according to the concept of surplus productivity. Among
all reasonable, alternative uses, the use that yields the highest present land value, after payments are
made for labor, capital, and coordination, is generally regarded as the highest and best use of the land
as though vacant.
The highest and best use of a property as improved refers to the optimal use that could be made of
the property including all existing structures. The implication is that the existing improvement
should be renovated or retained as so long as it continues to contribute to the total market value of
the property, or until the return from a new improvement would more than offset the cost of
demolishing the existing building and constructing a new one.
In estimating the highest and best use there are essentially four stages of analysis:
1. Possible Use. What uses of the site being appraised are physically possible?
2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction,
if any?
3. Feasible Use. Which possible and permissible uses will produce a net return to the
owner of the site?
4. Maximally Productive. Among feasible uses, which use will produce the highest
net return to the owner of the site?
QUINLIVAN APPRAISAL
24
The highest and best use of the land (or site), if vacant and available for use, may be different from
the highest and best use of the improved property. This is true when the improvements are not an
appropriate use, but make a contribution to the total property value in excess of the value of the site.
The following four point test must be met in estimating the Highest and Best Use. The use must be
legal. The use must be probable, not speculative or conjectural. There must be a profitable demand
for such use and it must return to the land the highest net return for the longest period of time.
These tests have been applied to the subject property. In arriving at the estimate of Highest and Best
Use, the subject sites were analyzed as vacant and available for development, and as improved.
Possible Use
The subject site has frontage on Crandon Boulevard and West McIntyre Street. Therefore, the site
has adequate access and good exposure on a major traffic artery.
The site is generally rectangular in shape, having good functional utility. All necessary utility
services are available along existing street right-of-ways. The sites are filled to street grade and do
not appear to have any drainage or subsoil deficiencies.
The site is approximately 12,705 square feet in size, which equates to .26 acre. The physical
characteristics of the subject site would restrict any use of the site to a small scale development.
Permissible Use
Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There
are presently no known private deed restrictions of record.
The subject site is zoned for business use. The zoning of the site permits retail and service
establishments, offices and restaurants.
Feasible Use/Maximally Productive Use
The physical characteristics and zoning of the subject sites permit a wide range of potential uses.
The possible and permissible uses of the subject sites include retail and service establishments,
offices and restaurants.
Similar properties fronting along the west side of Crandon Boulevard include shopping centers,
service stations, restaurants, bank/savings and loan associations and office buildings. These
commercial facilities are retail and service establishments serving the needs of the residents of Key
Biscayne.
QUINLIVAN APPRAISAL
25
In 1980 and 1981, two shopping centers were constructed on Key Biscayne. The Square at Key
Biscayne, located northerly of the subject property, contains approximately 50,400 square feet.
L'Esplanade, located at the south end of Key Biscayne, contains approximately 32,400 square feet.
Both shopping centers were marketed as condominiums.
In 1990, the English Pub property was removed and replaced with a two-story shopping center
known as Key Biscayne Galleria. This building contains approximately 52,000 square feet.
There are three office buildings on Key Biscayne which contain a total of approximately 80,000
square feet. The demand for office space is somewhat limited. Due to Key Biscayne's isolated
location, office users are primarily Key Biscayne residents. The occupancy rate for the Miami -Dade
County office market is estimated to be 87%.
Conclusion (As If Vacant)
Based on the above factors, the Highest and Best Use of the sites, as if vacant, is estimated to be for
commercial usage.
Highest and Best Use, As Improved
The subject site is improved with a one-story service station constructed in 1952. The building
contains approximately 1,584 square feet. The building is in fair condition.
Similar older buildings are being removed and replaced with retail or office usage. Four of the six
sales in this report were improved with service stations but purchased for land value.
The indicated land -to -building ratio of the subject site is 8 to 1. Typical land -to -building ratios of
new retail developments are about 3 to I and new offices are about 1 to 1. The current land -to -
building ratio of the subject property would indicate that the existing building is an under -utilization
of the site.
QUINLIVAN APPRAISAL
26
SCOPE OF THE APPRAISAL
QUINLIVAN APPRAISAL
SCOPE OF THE APPRAISAL
The value of a site can be estimated by various methods which include Direct Sales Comparison,
Allocation, Extraction, Development Approach, Land Residual or Ground Rent Capitalization.
However, the Direct Sales Comparison Approach is the most preferred and utilized technique when
sales of comparable sites are available. The other methodologies are indirect techniques which are
generally used when an area is primarily built-up and sales of comparable sites are scarce.
The Direct Sales Comparison Method of valuing the subject sites is relied on due to the availability
of recent land sales.
In the Direct Sales Comparison Method, sales of similar recently sold sites with a similar highest and
best use as the subject site are analyzed, compared and adjusted by time, property characteristics and
location to indicate the Market Value of the subject sites as though unimproved. The reliability of
this approach is dependent upon the availability of comparable sales data, the verification of the sales
data, the degree of comparability and the absence of non -typical conditions affecting the sale.
Data related tot he subject property was derived from various sources including but not limited to
the Miami -Dade County Property Appraiser's Office, Miami -Dade County plats as complied by First
American Real Estate Solutions, Inc., FEMA flood zone maps, Land Development Regulations of
the Village of Key Biscayne and tax roll information provided by ISCNET.
Comparable sales sources include First American Real Estate Solutions, Inc., on-line computer
service provided by ISCNET, Board of Realtors' List Service, Tri-County Clipping Service and
Landata, Inc. Sales prices are typically confirmed with a party to the transaction, i.e. buyer, seller,
real estate agent or attorney tot he transaction.
QUINLIVAN APPRAISAL
27
LAND VALUE ANALYSIS
QUINLIVAN APPRAISAL
LAND VALUE
A land value estimate is concluded by comparing the subject sites to comparable land sales.
Generally, the comparable land sales are adjusted by time, property, and location to indicate the
Market Value of the subject sites as though unimproved. This process is known as the Direct Sales
Comparison Method.
The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land
parcels in order to derive an indication of the most probable sales price of the sites being appraised.
The reliability of this approach is dependent upon the availability of comparable sales data, the
verification of the sales data, the degree of comparability and the absence of non -typical conditions
affecting the sale.
The following pages contain sales of similar land sites which have recently sold. Several other sales
are considered by the appraisers, but are not included because there is too wide a difference in
physical factors, location and time.
In comparing the sales to the subject, consideration is given to factors of time, location, property
characteristics, and terms and conditions of the sale.
As indicated previously, the commercial area of Key Biscayne is located primarily on the west side
of Crandon Boulevard between Harbor Drive on the north and West Mashta Drive on the south, a
distance of approximately one mile. This is a relatively small commercial area with few recent land
sales. Because there have been few recent commercial land sales on Key Biscayne, older
commercial land sales, formerly used as service stations, in similar communities are also analyzed.
Sale l is located on Crandon Boulevard, approximately three blocks north of the subject. This
61,420 square foot site sold in March of 1997 for $2,300,000 or $37.45 per square foot. This site
was purchased by an adjacent owner. This site was vacant at the time of sale. A three -level
retail/office building to contain 39,000 square feet is planned for the site.
Sale 2 is located on Crandon Boulevard, approximately five blocks north of the subject. This 30,000
square foot site sold in April of 1997 for $960,000 or $32.00 per square foot. This site is an interior
block location with frontage on Crandon Boulevard. A four-story office building has been
constructed on the site.
Sale 3 is located on Sunset Drive at S.W. 54th Court, just east of the Central Business District of
South Miami, approximately eight miles northwest of the subject site. This 22,840 square foot site
sold in October of 1997 for $1,250,000 or $54.73 per square foot. A Texaco service station,
constructed on 1968, was located on the site at the time of sale. The building was totally gutted,
remodeled and expanded into a retail store building.
QUINLIVAN APPRAISAL
28
Sale 4 is located on Crandon Boulevard at Wood Drive, approximately two blocks south of the
subject property. This site is improved with an approximate 25,000 square foot former grocery store
and retail store building. This building was constructed in 1965 and is in fair condition. Based on
the total sale price of $3,150,000, the indicated land value is $42.54 per square foot.
Sale 5 is located on Crandon Boulevard at West Mashta Drive, approximately three blocks south of
the subject site. This 20,150 square foot site sold in April of 1999 for $750,000 or $37.22 per square
foot. There is a former service station on the site which has been closed since 1986. The building
is currently being utilized by a florist/plant shop. The property was purchased based on land value.
Sale 6 is located on US Highway 1 at S.W. 72nd Avenue in the Village of Pinecrest, approximately
nine miles west of the subject property. This 48,988 square foot site is under contract for $2,450,000
or $50.01 per square foot. A Chevron service station, constructed in 1965, was located on the site.
The building has been removed and will be replaced with a retail store building.
A detailed profile of each sale, a plat of each sale, a summary of the sales, a sales map and a value
conclusion follows herein.
QUINLIVAN APPRAISAL
29
LAND SALE 1
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QUINLIVAN APPRAISAL
LAND SALE 1
DATE: March 14, 1997
PRICE: $2,300,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 17568, Page 1149
FOLIO NUMBER: 24-4232-002-0090
GRANTOR: 200 Palms Corporation
GRANTEE: Tesaurus Holdings, Inc.
LEGAL: South 150 feet of the North 350 feet of Tract 3,
MATHESON ESTATES, according to the plat thereof, as
recorded in Plat Book 46, Page 86, of the Public
Records of Dade County, Florida.
LOCATION: 200 Crandon Boulevard
Key Biscayne, Florida
SITE DESCRIPTION:
Dimensions: 150 Feet x 409.5 Feet
Size: 61,420 Square Feet
1.41 Acres
Zoning: BU -1, Neighborhood Business
Current Use: Vacant
UNIT PRICE: $37.45 per Square Foot
FINANCING: First mortgage from Colonial Bank of $2,000,000.
REMARKS: This site is currently vacant. The buyer is an adjacent
owner. A three -level retail/office building to contain
39,000 square feet is planned for the site.
QUINLIVAN APPRAISAL
30
LAND SALE 2
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QUINLIVAN APPRAISAL
LAND SALE 2
DATE:
PRICE:
TYPE INSTRUMENT:
RECORDATION:
FOLIO NUMBER:
GRANTOR:
GRANTEE:
LEGAL:
LOCATION:
SITE DESCRIPTION:
Dimensions:
Size:
Zoning:
Current Use:
UNIT PRICE:
FINANCING:
REMARKS :
April 14, 1997
$960,000
Special Warranty Deed
O. R. Book 17600, Page 2182
24-4232-002-0060
Anna Matheson, Robert H. Matheson, Dorothy Cuayo
& Christine Anderson
L D Pankey Dental Foundation, Inc.
The North 150 feet of the West 200 feet of Tract 2,
MATHESON ESTATES, according to the plat thereof, as
recorded in Plat Book 46, Page 86, of the Public
Records of Dade County, Florida.
1 Crandon Boulevard
Key Biscayne, Florida
150 Feet x 200 Feet
30,000 Square Feet
0.69 Acres
BU -1, Neighborhood Business
Office building under construction
$32.00 per Square Foot
Cash.
A four-story office building has been constructed on
the site.
QUINLIVAN APPRAISAL
31
LAND SALE 3
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QUINLIVAN APPRAISAL
LAND SALE 3
DATE: October 29, 1997
PRICE: $1,250,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 17852, Page 4235
FOLIO NUMBER: 03-4130-009-1560
GRANTOR: David C. Walters, et ux
GRANTEE: Sir Matrix Paws, Inc.
LEGAL: The West 9 feet of Lot 23, all Lots 24-27 and East
19.4 feet of Lots 28, Block 205, CORAL GABLES
RIVIERA SECTION 14, according to the plat thereof, as
recorded in Plat Book 28, Page 32, of the Public
Records of Miami -Dade County, Florida.
LOCATION: 1515 Sunset Drive
Coral Gables, Florida
SITE DESCRIPTION:
Dimensions: 100 Feet x 228.4 Feet
Size: 22,840 Square Feet
0.52 Acres
Zoning: CB
Current Use: Service Station
UNIT PRICE: $54.73 per Square Foot
FINANCING: Cash.
REMARKS: The site was improved at the time of sale with a
closed service station. The building was gutted and
converted to a store building with two stores.
QUINLIVAN APPRAISAL
32
LAND SALE 4
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QUINLIVAN APPRAISAL
LAND SALE 4
DATE: June 1, 1998
PRICE: $3,150,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 18131, Page 1089
FOLIO NUMBER: 24-5205-001-0080
GRANTOR: John Catsimatidis
GRANTEE: Coolidge - South Market Equities Ltd.
LEGAL: Lengthy legal. A portion of Tract C, BISCAYNE KEY
ESTATES, according to the plat thereof, as recorded in
Plat Book 50, Page 61, of the Public Records of Dade
County, Florida.
LOCATION: 724 Crandon Boulevard
Key Biscayne, Florida
SITE DESCRIPTION:
Dimensions: Irregular
Size: 74,052 Square Feet
1.7 Acres
Zoning: BU -1, Neighborhood Business
Current Use: Grocery store and retail store
UNIT PRICE: $42.54 per Square Foot
FINANCING: New First Mortgage with Capital Trust
REMARKS: This site is improved with a one-story former grocery
store and retail building. The building contains
approximately 25,000 square feet and was constructed
in 1965. The building is in fair condition.
This property sold in January of 1986 for $2,616,400.
QUINLIVAN APPRAISAL
33
LAND SALE 5
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QUINLIVAN APPRAISAL
LAND SALE 5
DATE: April 16, 1999
PRICE: $750,000
TYPE INSTRUMENT: Warranty Deed
RECORDATION: O. R. Book 18571, Page 1258
FOLIO NUMBER: 24-5205-001-0100
GRANTOR: Nomar Investments, Inc.
GRANTEE: TRC Real Estate Investments, Inc.
LEGAL: Lengthy legal - A portion of Tract D, BISCAYNE KEY
ESTATES, as recorded in Plat Book 50, Page 61, of the
Public Records of Miami -Dade County, Florida.
LOCATION: 800 Crandon Boulevard
Key Biscayne, Florida
SITE DESCRIPTION:
Dimensions: Irregular
Size: 20,150 Square Feet
0.463 Acres
Zoning: BU -1, Neighborhood Business
Current Use: Florist Shop (former service station)
UNIT PRICE: $37.22 per Square Foot
FINANCING: Purchase money mortgage of $450,000.
REMARKS: An older service station which is presently used as a
flower shop is located on this site. Said
improvements are considered to contribute no value to
the purchase price.
This site sold previously in August of 1999 for
$641,000 or $31.81 per square foot.
QUINLIVAN APPRAISAL
34
LAND SALE 6
TR "A•"u
SUCHMANA,
PARK
‘92t
rt4/ 2 K
s
1925
/42 t%
h
/ a
QUINLIVAN APPRAISAL
LAND SALE 6
DATE:
Under contract (expected to close in September
2000)
PRICE: $2,450,000
TYPE INSTRUMENT: Special Warranty Deed
RECORDATION: O. R. Book N/A, Page N/A
FOLIO NUMBER: 20-5002-000-0222
GRANTOR: Chevron USA Inc.
GRANTEE: Not Available
LEGAL: Lengthy legal. A portion of SW'/4 of NW'/4 of NE'/4
of Section 2, Township 55, Range 40, Miami -Dade
County, Florida
LOCATION: 9095 S. Dixie Highway
Pinecrest, Florida
SITE DESCRIPTION:
Dimensions: Irregular
Size: 48,988 Square Feet
1.12 Acres
Zoning: BU -1A
Current Use: Vacant
UNIT PRICE: $50.01 per Square Foot
FINANCING: New 1st Mortgage
REMARKS: A Chevron service station constructed in 1965 was
located on the site. The building was removed and
will be replaced with retail stores.
QUINLIVAN APPRAISAL
35
COMPARABLE LAND SALES
rn
Springs
12111 si Perimeter Rd
NW 7th _ t
W Fla ter
SALE 3
1515 Sunset Drive
.Coconut Grove
SALE 2
Crandon
Boulevard
ANTIC
ami Beach
O CEAN\\
SUBJECT
530 Crandon Boulevard
SALE 5
800 Crandon Boulevard
SALE 1
200 Crandon Boulevard
SALE 4
'24 Crandon Boulevard
QUINLIVAN APPRAISAL
SUMMARY OF LAND SALES
CHARACTERISTIC
SUBJECT
SALE 1
SALE 2
SALE 3
SALE 4
SALE 5
SALE 6
DATE OF SALE
3/14/97
4/14/97
10/29/97
6/1/98
4/19/99
Under contract
SALE PRICE
S2,300,000
$960,000
$1,250,000
$3,150,000
$750,000
S2,450,000
RECORDATION
17568/1149
17600/2182
17852/4235
18131/1089
18571/1258
N/A
ADDRESS
530 Crandon Blvd.
200 Crandon Blvd.
1 Crandon Blvd.
1515 Sunset Drive
724 Crandon Blvd
800 Crandon Blvd.
9095 S. Dixie Hwy
LOCATION
3 Blocks N
5 Blocks N
8 miles northwest
2 Blocks S
3 Blocks S
9 miles west
SIZE (SQ. FT.)
12,705
61,420
30,000
22,840
74,052
20,150
48,988
SIZE (ACRES)
26
1.41
0.69
.52
1 7
463
1.12
ZONING AT TIME OF
SALE
BU -1
BU -1
BU -1
CB
BU -1
BC -I
BU -1A
PRESENT USE
Service Station
Vacant
Office Building
Retail store
building
Retail building
Former service
station
Vacant
PRICE PAID/SQ. FT.
S37.45
$32.00
$54.73
$42.54
537 22
550.01
LAND VALUE
Conclusion
The sales range in unit price from $32.00 to $54.73 per square foot of land area. The sales range in
time from March of 1997 to a current contract. There has been an increasing trend in prices over this
time period.
The sales were financed with conventional loans from lending institutions at market interest rates
or purchase money mortgages at market interest rates. Adjustments for financing were therefore not
required.
Four of the sales (Sales 1, 2, 4 and 5) are located on Crandon Boulevard within a five block radius
of the subject property. These sales and the subject property are similarly zoned BU -1. Sales 4 and
5 contained older building improvements at the time of sale but were purchased primarily for land
value.
The unit price of Sale 1 at $37.45 per square foot should indicate a lower limit of the value of the
subject property. This site was vacant at the time of sale. This sale is similar in zoning but larger
in size and older in time.
The unit price of Sale 2 at $32.00 per square foot should also indicate a lower limit of the value of
the subject property. This site is larger in size, slightly inferior in location and older in time.
The unit price of Sale 3 at $54.73 per square foot should be fairly indicative of the value of the
subject site. While this site is located further away from the subject site, it is located in a similar area
- the Central Business District area of South Miami. The site also contained an older service station
on the property at the time of sale.
The unit price of Sale 4 at $42.54 per square foot should indicate a lower limit of the value of the
subject site. The site contained substantial building improvements which contributed little, if any
value, to the property. However, this is a much larger site; generally, a larger site will sell at a lower
unit price. This sale is also older in time.
The unit price of Sale 5 at $37.22 per square foot should reflect a lower limit of the value of the
subject site. This site is similar in zoning and land size but its location further south on Crandon
Boulevard and is considered inferior to the location of the subject property.
The unit price of Sale 6 at $50.01 per square foot should be fairly indicative of the value of the
subject site. Similar to Sale 3, this site is located further away, but located in a similar community.
The site also contained a service station on the site which was removed and will be replaced with
a retail store building.
QUINLIVAN APPRAISAL
36
Based on the above analysis of the land sales, the subject site is estimated to have a value of $50.00
per square foot:
12,705 Sq. Ft. x $50.00 per Sq. Ft. = $635,250
Land Value Indication (rounded) = $635,000
QUINLIVAN APPRAISAL
37
QUINLIVAN APPRAISAL
ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
1. No responsibility is assumed for the legal description or for matters including
legal or title considerations. Title to the property is assumed to be good and
marketable unless otherwise stated.
The property is appraised free and clear of any or all liens or encumbrances
unless otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable. However, no
warranty is given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material
in this report are included only to assist the reader in visualizing the property.
6. If no survey has been furnished to the appraiser, all measurements have been
confirmed either in the field, in the plat book or by other reliable sources and are
presumed to be accurate.
7. It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures that render it more or less valuable. No responsibility is
assumed for such conditions or for arranging for engineering studies that may be
required to discover them.
8. It is assumed that there is full compliance with all applicable federal, state and
local environmental regulations and laws unless noncompliance is stated, defined
and considered in the Appraisal Report.
9. It is assumed, unless a study has been provided otherwise, that no hazardous
material such as asbestos, urea formaldehyde or other toxic waste exists in the
property. The existence of a potentially hazardous material could have a
significant effect on the value of the property.
QUINLIVAN APPRAISAL
38
10. In reference to proposed construction, the real estate taxes and other expenses are
estimated. These amounts are not guaranteed.
11. It is assumed in the valuation of the subject land site, unless a compliance letter
has been furnished to us, that the State of Florida Growth Management Act does
not prevent the issuance of a building permit.
12. It is assumed that all required licenses, certificates of occupancy, consents, or
other legislative or administrative authority from any local, state or national
government or private entity or organization have been or can be obtained or
renewed for any use on which the value estimate contained in this report is based.
l 3. It is assumed that the utilization of the land and improvements is within the
boundaries of property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
This Appraisal Report has been made with the following general limiting conditions:
1. The distribution, if any, of the total valuation of this report between land and
improvements applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used.
2. Possession of this report, or a copy thereof, does not carry with it the right of
publication. It may not be used for any purpose by any person other than the
party to whom it is addressed without the written consent of the appraiser, and in
any event, only with proper written qualification and only in its entirety.
3. The appraiser herein by reason of this appraisal is not required to give further
consultation, testimony, or be in attendance in court with reference to the
property in question unless arrangements have been previously made.
4. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraiser, or the firm with which the appraiser is
connected) shall be disseminated to the public through advertising, public
relations, news, sales, or other media without the prior written consent and
approval of the appraiser.
QUINLIVAN APPRAISAL
39
QUALIFICATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Experience:
Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan,
MAI, from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate
Appraising and Consulting Firm, established in 1964.
Graduate:
University of Notre Dame
BBA - Bachelor of Business Administration (Major in Finance and Business
Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD - Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM - Master of Science in Management (Major in Real Estate)
University of Miami
MALS - Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAI N° 5791)
Member of the Florida Bar (N° 239992)
Real Estate Broker, State of Florida (N° 0125264)
Certified General Appraiser, State of Florida, License N° RZ0000112
QUINLIVAN APPRAISAL
40
Qualified as an Expert Witness in the Following Courts:
Miami -Dade, Broward, Palm Beach and Monroe County Circuit Courts
United States Bankruptcy Court
United States District Court
Other Activities:
Appraiser Special Master (1978 - 1980),
Miami -Dade County Property Appraisal Adjustment Board
Past President - Miami Chapter N° 71,
Society of Real Estate Appraisers (1983 - 1984)
Past President - South Florida Chapter N° 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial Review Board (1981 - 1991)
TIIE REAL ESTATE APPRAISER AND ANALYST published quarterly by the Society of
Real Estate Appraisers
Recent Publications:
"Non -Conforming Use Properties: The Concept of Positive Economic Obsolescence", The
Appraisal Journal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982).
QUINLIVAN APPRAISAL
41
Quinlivan Appraisal has prepared Appraisal Reports for the following:
Institutions and Corporations:
American Savings of Florida
Archdiocese of Miami
Atlantic Security Bank
The Bank of Coral Gables
Banco Atlantico
Banco Industrial de Venezuela
Banco Santander International
Barnett Bank
Barry University
Ben Franklin Savings
Bessemer Trust Company
Capital Bank
Central Bank
Chevron Oil Company
Chase Manhattan Bank
Chase Federal Bank
Chemical Bank
Citibank
Citicorp Savings
City National Bank of Miami
Consolidated Bank
Coral Gables Federal Savings and Loan Association
County National Bank
Crown Life Insurance Company
Eagle National Bank
East Little Havana Development Corporation
Eastern National Bank
Equibank of Pittsburgh
Espirito Santo Bank
First Nationwide Bank
First Union Bank
Florida Power and Light Company
Hemisphere National Bank
Intercontinental Bank
International Bank of Miami, N.A.
Jefferson Bank
Jewish Home for the Aged, Inc.
QUINLIVAN APPRAISAL
42
Marine Midland Bank
McCaughan Mortgage Company, Inc.
McDonalds Corp.
Mega Bank
Miami -Dade Water and Sewer Authority
NationsBank
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Ready State Bank
Resolution Trust Corporation
Savings of America
Shell Oil Company
Skylake State Bank
SunTrust Bank
Swire Properties
Texaco
Terremark
Totalbank
Trade National Bank
Trust for Public Lands
UniBank
Universal National Bank
University of Miami
Governmental Agencies:
City of Coral Gables
City of Hialeah
City of Miami
City of Miami Beach
City of Miramar
City of North Miami Beach
Miami -Dade County Aviation Department
Miami -Dade County Department of Development & Facilities Management
Miami -Dade County HUD
Miami -Dade County Property Appraisal Adjustment Board
Miami -Dade County Public Schools
Miami -Dade County Public Works Department
Miami -Dade County Transportation Administration
Federal Deposit Insurance Corporation (FDIC)
QUINLIVAN APPRAISAL
43
Miami -Dade Water & Sewer Department
South Florida Water Management District
State of Florida, Department of Community Affairs
State of Florida, Department of Corrections
State of Florida, Department of Environmental Protection
State of Florida, Department of Insurance
State of Florida, Department of Rehabilitation and Liquidation
State of Florida, Department of Transportation
Town of Golden Beach
United States Army Corps of Engineers
United States Department of Commerce
United States Department of the Interior
United States General Services Administration
Village of Key Biscayne
Law Firms:
Cole, Davidson, Carter, Smith, Salter & Barkett, P.A.
Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A.
Dubbin, Berkman, Bloom & Karan
Floyd, Pearson, Richman, Greer, Weil, Brumbaugh & Russomanno, P.A.
Shutts & Bowen
Kelley, Drye & Warren
Blackwell & Walker
Steel, Hector & Davis
Mershon, Sawyer, Johnston, Dunwody & Cole
Sullivan, Admire & Sullivan, P.A.
Types of Properties Appraised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apartment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
44