Fitzgerald Lake North King Street appraisal and past useREAL ESTATE APPRAISAL REPORT
Property: 360 North King Street, Northampton, Massachusetts
12.134 acres with 50' of road frontage
Map 13, Block 36 Lot 1 (part of the full lot of 13.534 acres)
Owners: Merrimak Mortgage Co. Inc
1045 Elm Street, Manchester, NH 03101
Effective Date: July 3, 2009
Date of the Report: July 3, 2009
File 10552
Prepared by:
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser Lic. #258
K. Levitch Associates
40 School Street, Greenfield, MA 01301
July 3, 2009
Wayne Feiden, AICP
Director of Planning and Development
City of Northampton
210 Main Street, Room 11
Northampton, MA 01060
Dear Mr. Feiden:
K. LEVITCH ASSOCIATES
Real Estate Appraisers
At your request, I have inspected and appraised the subject property located 360 N. King Street,
Northampton, Massachusetts, in the ownership of Merrimak Mortgage Co. Inc of 1045 Elm Street,
Manchester, NH. The property consists of 13.534 acres of land and a single family home. The house
and 1.4 acres is to be retained by the owners. The subject of this appraisal is the remaining land of
12.134 acres. The property is part of an assembledge of parcels that had been permitted for a 90 unit
condominium project, on 45.82 acres, and had been for sale earlier in the year at $2,400,000 by the
previous owner. Further description of the property is included in the following report.
This is a self contained appraisal report that along with the reported analysis, opinions and conclusions
were developed and prepared in conformity with the requirements of the Uniform Standards of
Professional Appraisal Practice (USPAP), by the Appraisal Foundation, by Appraisal Institute's Code
of Professional Ethics and Standards of Professional Appraisal Practice.
The purpose and intended use of the appraisal is to provide an opinion of the subjects market value for
consideration of a possible purchase of the property for conservation purposes. The appraisal may be
reviewed by various town officials in this regard as part of the acquisition process by the client.
The report is 46 pages including this letter of transmittal. The valuation is subject to the hypothetical
condition that a ROW or easement would be allowed over the abutting land of the owner for access to
the rear of the property. Based on my analysis and my experience as a real estate appraiser, I have
formed an opinion of the market value of the property, as of July 3, 2009, to be:
Seventy Five Thousand Dollars
($75,000)
I performed the analysis that is the basis for this valuation and inspected the property. If you have any
questions concerning the appraisal, please feel free to contact me.
Very truly, yours,
I
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser, Lic. #258
P. 0. Box 1553 40 School Street
Greenfield, MA 01302
(413) 774 -2959
TABLE OF CONTENTS
Part I Introduction
LETTER OF TRANSMITTAL 2
CERTIFICATION 4
EXECUTIVE SUMMARY 5
PHOTOGRAPHS OF THE SUBJECT PROPERTY 6
CONTINGENT AND LIMITING CONDITIONS 8
PURPOSE AND INTENDED USE OF THE APPRAISAL 9
MARKET VALUE 10
PART II Factual Data
IDENTIFICATION OF THE PROPERTY AND FIVE YEAR SALES HISTORY 11
AREA, CITY AND NEIGHBORHOOD DATA 11
SITE CONDITIONS AND IMPROVEMENTS 13
ASSESSED VALUE AND ANNUAL TAX LOAD 14
ZONING 14
PART III- Property data
THE VALUATION PROCESS 16
MARKET ANALYSIS 17
HIGHEST AND BEST USE 21
INCOME APPROACH COST OF DEVELOPMENT 22
SALES COMPARISON APPROACH 22
SEVERANCE, ENHANCEMENT 26
FINAL RECONCILIATION AND VALUE CONCLUSION 26
ADDENDA
LOCATION MAP STATE ii
LOCATION MAP NORTHAMPTON iii
RECORDED SURVEY iv
ASSESSOR'S MAP 13 LOT 36 1 WITH ZONING OVERLAY v
COPY OF THE DEED BOOK 9668 PAGE 77 vi
NATURAL HERITAGE PRIORITY HABITAT MAP TOPO OVERLAY ix
COMPARABLE SALES x
APPRAISER QUALIFICATIONS xix
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r MA Certified General Real Estate Appraiser, Lic. #258
40 School Street, (P.O. Box 1553), Greenfield, MA 01302
360 North King Street,
Northampton, Massachusetts
CERTIFICATION
I, the undersigned appraiser, certify that, to the best of my knowledge and belief,...
July 3, 2009
Page 4
the statements of fact contained in the report are true and correct;
I understand that such appraisal may be used in connection with acquisition of the subject property by
Northampton, Massachusetts
the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and legal instructions, and the my personal, unbiased professional analyses,
opinions and conclusions of the appraiser;
the appraiser has no present nor prospective interest in the property being appraised and no personal
interest or bias with respect to the parties involved;
the compensation received by the appraiser for the appraisal is not contingent on the analyses,
opinions, or conclusions reached or reported;
the appraisal was made and the appraisal report prepared in conformity with the Appraisal Founda-
tions's Uniform Standards for Professional Appraisal Practice.
the appraiser has made a personal inspection of the property appraised and that the property owner,
or his /her designated representative, was given the opportunity to accompany the appraiser on the
property inspection;
no one provided significant professional assistance to the appraiser.
my compensation for completing this assignment was not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the amount
of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event
directly related to the intended use of this appraisal.
The reported analyses, opinions and conclusions were developed, and this report has been prepared,
in conformity with requirement of the Appraisal Institute's Code of Professional Ethics and Standards
of Professional Appraisal Practice, which include the Uniform Standards of Professional Appraisal
Practice.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its
duly authorized representative.
As of the date of this report, I have completed the continuing education program of the Appraisal
Institute.
based on my analysis of the market data and my experience as a real estate appraiser, and subject to
the stated hypothetical condition, I have formed the opinion of the market value of the subject
property, as of July 3, 2009, to be: $75,000.
Kim A. Levitch, SRA
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EXECUTIVE SUMMARY
PROPERTY LOCATION: 360 North King Street, Northampton, Massachusetts
OWNER OF RECORD: Merrimak Mortgage Co. Inc of 1045 Elm Street, Manchester,
DEED REFERENCE: Hampshire County Registry of Deeds, Book 9668 Page 77(DD
12/08/2008 for $348,000 by foreclosure deed)
ASSESSOR'S REFERENCE: FY 2009 assessments: Map13 -36 -01 for $361,700 of which
$221,900 is for the single family house.
ZONING: RR rural residential
IMPROVEMENTS: Cir: 1922 Single family home of 3,052 square feet.
SITE: Total property is 13.534 acres but with the house and 1.4 acres
retained by the owner. The remaining 12.124 acres is the
subject of this appraisal.
HIGHEST AND BEST USE: Potential single building lot. The previous plan was for a 90
unit condominium project, on 45.82 acres that the owners had
advertised as fully permitted.
PRESENT USE: Vacant woodland, with the house as a rental unit
INTERESTS APPRAISED: Fee Simple
APPRAISAL REPORT TYPE: Self contained appraisal report
EFFECTIVE DATE OF APPRAISAL: July 3, 2009
DATE OF THE REPORT: July 3, 2009
OPINION OF MARKET VALUE: $75,000 (12.134 acres as described)
HYPOTHETICAL CONDITIONS: I have made the valuation assuming that the property will include
a ROW into the subject from the north up more moderate grade than the shown 50' entrance driveway.
Since this is not shown or now in existence I have made the appraisal subject to that being in place.
PURPOSE AND INTENDED USE
OF THE APPRAISAL:
PREPARED FOR AND
THE REQUEST OF:
APPRAISER:
NH.
The appraisal is to develop an opinion of market value for purchase of the
property and funding of that purchase.
AT
Wayne Feiden, AICP, Director of Planning and Development
City of Northampton
210 Main Street, Room 11, Northampton, MA 01060
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser Lic. #258
K. Levitch Associates
P. O. Box 1553, 40 School Street, Greenfield, MA 01302
PHOTOGRAPHS OF THE SUBJECT PROPERTY by K. Levitch 7 -03 -2009
1. View along north King Street, with the property out of view to the left.
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360 North King Street,
Northampton, Massachusetts
2. View looking southerly on North King Street with the property uphill to the right.
July 3, 2009
Page 6
360 North King Street,
Northampton, Massachusetts
PHOTOGRAPHS OF THE SUBJECT PROPERTY by K. Levitch 7 -03 -2009
3. View looking up hill into the site along the 50' entrance area.
4. Two views from the southeast abutting commercial lot. The subject property is at the top of the
stone cliff.
July 3, 2009
Page 7
360 North King Street,
Northampton, Massachusetts
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS
July 3, 2009
Page 8
The certification of the appraiser appearing in the appraisal report is subject to the following conditions
and to other specific and limiting conditions as are set forth by the appraiser in the report.
1. The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised
or the title thereto, nor does the appraiser render any opinion as to the title, which is assumed to be
good and marketable. The property is appraised as though under responsible ownership.
2. Any sketch in the report may show approximate dimensions and is included to assist the reader in
visualizing the property. The appraiser has made no survey of the property.
3. The appraiser is not required to give testimony or to appear in court because of having made the
appraisal with reference to the property in question, unless arrangements have been made therefore.
4. Any distribution of the valuation in the report between land and improvements applies only under
the existing program of utilization. The separate valuations for land and building must not be used in
conjunction with any other appraisal and are invalid if so used.
5. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or
structures which could render it more or less valuable. The appraiser assumes no responsibility for
such conditions or for engineering which might be required to discover such factors.
6. Information, estimates and opinions furnished to the appraiser, and contained in this report, were
obtained from sources considered reliable and believed to be true and correct. However, no
responsibility for accuracy of such items furnished to the appraiser can be assumed by the appraiser.
7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the
professional appraisal organizations with which the appraiser is affiliated.
8. Neither all, nor any part of the contents of this report, or any copy thereof (including conclusions as
to property value, the identity of the appraiser, professional designations, reference to any professional
appraisal organizations, or the firm with which the appraiser is connected) shall be used for any
purposes by anyone but the client specified in the report, the borrower if an appraisal fee is paid by the
same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional
appraisal organizations, any state or federally approved financial institution, any department, agency,
instrumentality of the United States or any state or the District of Columbia, without the previous
written consent of the appraiser; nor shall it be conveyed by anyone to the public through advertising,
public relations, news, sales or other media without the written consent and approval of the appraiser.
9. On all appraisals subject to satisfactory completion, repairs or alterations, the appraisal report and
value conclusion are contingent upon completion of the improvements in a workmanlike manner. This
is a prospective value opinion` The appraiser cannot be held responsible for unforeseeable events that
alter market conditions prior to the effective date of the appraisal.
10. The forecasts or projections included in this report are used to assist in the valuation process and
are based on current market conditions, anticipated short -term supply and demand factors, and a
continued stable economy. These forecasts are, therefore, subject to changes in future conditions
which cannot be accurately predicted by the appraiser and could affect the future income and /or value
forecasts.
11. This is a self- contained appraisal report which is intended to comply Appraisal Foundations's
Uniform Standards for Professional Appraisal Practice.
360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 9
SCOPE, INTENDED USE, INTENDED USERS OF THE APPRAISAL
The appraisal assignment includes review of public records, including the deed, assessors records,
records of permitting, the past MLS listing, and other public records. The land and area has been
inspected then the data resulting from this is analyze and a conclusion of highest and best use is made.
From this the valuation is completed with the consideration of any and all appropriate valuation
approaches. The valuation indications are then reconciled and the appraisal is transmitted in the
appropriate report in compliance with the Uniform Standards of Appraisal Practice.
I have begun my study with research into the market area, the subject location regarding the general
and specific real estate market. The subject is located in Northampton which is considered the specific
market with some spill over to surrounding areas. The focus for the subject is in the northeast corner
of Northampton just south of the Hatfield town line and across the river from Hadley. For comparable
sales, this is the first area that I have researched. Research has been done using data bases from the
Warren Information Service, from the Pioneer Valley MLS, and from the Registry of Deeds through
Mass Land Records.com. In addition, I have used my experience with many of the properties, buyers,
sellers and brokers in the area. My focus for sales data has been for the most recent sales. First I have
looked at sales over the past year. Because very specific types of sales were needed for the analysis I
have searched back over several years within the immediate market area and in several cases extended
this an additional year or two if a very relevant sale was found. Sales to be used in the appraisal have
been researched and inspected.
For the sales comparison approach I have looked at sales of land that had potential or were one
building lot and of lots that are above average in size. These sales are to be compared to the subject
both on a per acre basis. Because over a short period of time there are relatively few of these sales, a
variety of sales have been considered. Finally the sales are reconciled and considered using
quantitative and qualitative methods of comparison. In development type properties often a second
valuation approach is considered which is the cost of development method. This is where income is
generated through sales of building lots, less expenses of developing and selling the lots over a sell out
period the absorption time discounting for time over this period. To arrive at a value for individual
lots the sales comparison approach has been used. The subject property is not of the scale for this type
of development so this method is not developed.
The intended use of the appraisal is to form an opinion of the market value of the property for purchase
by the city for conservation purposes.
At the request of the client, this is an appraisal and report in compliance with the Uniform Standards of
Professional Appraisal Practice, USPAP, of the Appraisal Foundation.
The intended users of the report is the city, and review by the state funding agency. The appraisal and
report are to meet the Uniform Standards of Professional Appraisal Practice, USPAP, the standards of
the Appraisal Institute and the standards applicable to the funding agency.
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360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 10
MARKET VALUE
Market value is defined as 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,
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 each acting in what he considers his own best
interest;
(3) a reasonable time is allowed for exposure in 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 the normal consideration for the property sold unaffected by special or creative
financing or sales concessions granted by anyone associated with the sale.
HYPOTHETICAL CONDITIONS: Regarding a needed and assumed driveway ROW /Easement:
f j Per USPAP 2008 -2009 edition, page U -3, "A hypothetical condition is contrary to what exists but is
supposed for the purpose of analysis." They "assume conditions contrary to know facts about
physical, legal, or economic characteristics of the subject property; or about conditions external to the
property, such as market conditions or trends; or about the integrity of data used in an analysis."
The client has requested the site be considered as it had a more moderate access into the building area
of the lot by ROW or easement that would comply with permitting regulations for a single lot.
EXTRAORDINARY ASSUMPTIONS: None
An assumption, directly related to a specific assignment, which, if found to be false, could alter the
appraiser's opinions or conclusions. USPAP, 2008 -2009 edition, page U -3, The Appraisal
Foundation.
"Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or
economic characteristics of the subject property: or about conditions external to the property such as
market conditions or trends; or about the integrity of the data used in an analysis."
SUMMARY OF APPRAISAL PROBLEMS
The subject is part of has a single family house on a lot of 13 acres. These are some of the key
elements to value for this property is that it is oversized but limited by wetlands, slopes, setbacks to a
building site, rock out cropings and the difficult access. One of the main considerations in the value,
as in all real estate, is the impact of the location.
Northampton has some of the highest lot prices in the market area. This is primarily due to the lack of
low priced inventory. Finally the valuation is considered within the current context of the market.
Activity that is happening today is of primary concern in the valuation.
As defined in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), 12
U.S.C. 323, Final Rule effective September 19, 1990, by the Federal Deposit Insurance Corporation (FDIC)
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360 North King Street,
Northampton, Massachusetts
PART II FACTUAL DATA
l LEGAL DESCRIPTION AND FIVE YEAR SALES HISTORY
The last sale of the subject was as of December 23, 2008 from Mortgage Electronic Registration
Systems, Inc. to Merrimack Mortgage Co.Inc of Manchester, NH, by Foreclosure Deed for $348,000
as recorded in Book 9668 page 77 at the Hampshire County Registry of Deeds.
A mortgage on the property had been taken out by James M. Harrity Jr. on 3/29/2007 for $300,000 as
recorded in Book 9079 page 93. The real estate that secured this is listed as two tracts, the first being
16,815 square feet and the second being 15 acres more of less.
Previously the property had been transferred from Jason C. and Susan E. Niles to James M. Harrity Jr.
on 3/29/2007 for a consideration of $525,000 as recorded in Book 9079 page 90 at the Hampshire
County Registry of Deeds. This is listed as 360 North King Street. The deed references the same two
tracts listed in the mortgage and references a plan of the land recorded at the registry in 1926 but no
reference number or book and page is listed. The deed also states three acres were sold off from tract
2, leaving 12 acres more of less.
The property was transferred to Niles from Lisa C. and Carmen C. Sullinales on 7/17/2003 for a
consideration of $227,000 as recorded in Book 7326 page 183 at the registry. The description of the
property is the same as in the conveyance to Harrity.
Prior to this the property was conveyed from David A. Vanderpoel and Theresa A. Vanderpoel to Lisa
C. and Carmen C. Sullinales for a consideration of $207,500 on June 27, 2002 as recorded in Book
6691 page 200 at the registry. This sale was through the MLS service as listed with Skinner Mountain
Properties. It had been on the market for 13 days and had been listed at $210,000. The listing has it
as 12.91 acres with the house.
There is no formal listing at the current time.
IDENTIFICATION OF NON REALTY ITEMS
Non realty items are not included in the valuation.
DISCUSSION OF POTENTIAL ENVIRONMENTAL ISSUES
The appraiser is not an expert in environmental matters. Questions regarding environmental
compliance are deferred to a qualified environmental engineer.
AREA, CITY AND NEIGHBORHOOD DATA
The subject is located in north Hampshire County which is located in western Massachusetts. The
county is small -town in character, with most of the towns outside the Northampton Amherst influence
being rural and residential. The county had a population of 146,568, according to 1990 census data.
This represents an increase of 7,755 persons over the decade or an increase of 5.6 Then in 2000 the
population is listed at 152,251 up 3.88% form the 1990 figures. The county seat is Northampton
which is near its geographic center. Worcester County is to the east, on the south is Hampden County,
on the west is Berkshire County and to the north is Franklin County. The following shows overall
population trends since 1970 with the latest estimates as of 2007.
July 3, 2009
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360 North King Street,
Northampton, Massachusetts
Hampshire County
U.S. Census 1970
U.S. Census 1980
U.S. Census 1990
U.S. Census 2000
U.S. Census* 2007
Population Change
123,981
138,813 +12.0%
146,568 +5.6%
152,251 +3.88%
153,147 +.5%
July 3, 2009
Page 12
*The most recent population numbers have been developed at the Donahue Institute at the University of
Massachusetts. The county wide estimates are based on the components of change which include
mortality, birth rates and internal and external migration patterns. These in turn are distributed in
estimates to individual communities.
Northampton's population has not risen or fallen more than 10% in the last 37 years and in fact has
dropped by 2% between 2000 and 2007. This maybe the result of some student relocation. The
following shows population since 1970.
Northampton Population Change
U.S. Census 1970 29,664
U.S. Census 1980 29,286 -1.3%
U.S. Census 1990 29,289 +0.01%
U.S. Census 2000 28,978 -1.06%
U.S. Census* 2007 28,411 -2%
Interstate 91 has three exit and entrance ramps within the city for both north and southbound traffic.
The land around these interchanges has been fully developed with uses typical to automotive traffic,
including gasoline stations, fast food restaurants, hotels, and automobile dealerships except where
physical limitations prohibit development.
Northampton has had one of the strongest and most vibrant housing markets in this part of the state.
Despite a lack of growth and new housing opportunities according to statistics from the Franklin
Hampshire MLS, Northampton had more single family sales than any other community in the two
county area. Recently there has been a strong drop off in the numbers of sales and in average sales
prices. This has impacted the abutting areas such as Williamsburg.
Northampton is served by Interstate Route 91 (N /S), Route 5 and a number of state highways,
including Route 9 which bisects the county and connects the towns of Ware, Belchertown, Amherst,
and Northampton with its eastern and western neighbors. The subject property is in northeast
Northampton. It overlooks I -91 and routes 5& 10 which are North King Street. Abutting the parcel on
the east side is the newly constructed Valley Community Market. Across the street is a real estate
agency, to the north are single family houses and to the rear large woodland tracts. The area along N.
King Street to the south of the subject is zoned HB- highway business. This is a commercial area that
can take advantage of the high traffic level. To the north it is mostly residential but there is the State
Police Barracks about a half mile north and then some spot commercial uses. There are entrance to I -91
both north and south less than a mile.
PROPERTY DESCRIPTION HISTORY:
The property uphill from the highway. As mentioned it is part of a large assembledge of parcels that
had permitting for a large condominium complex. Along the road frontage is a single curb cut on the
southeast corner of the lot. From this straight to the west is a 50' wide section of the subject that leads
steeply up hill into the main body of the site. The curb cut turns to the north and runs northerly into the
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360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 13
house site on the north east corner of the full lot. Behind this is an area with more moderate grades
that lead to the rear and balance of the property.
IMPROVEMENTS:
The only improvement on the property is in the area to be retained. This is listed by the assessors as a
cir 1922 single family house of 3,052 square feet on a full foundation and with eight rooms, four
bedrooms and one and a half baths. The condition is listed as good. In the property assessment the
building alone has a valuation of $221,900. I did not inspect this building.
THE SITE:
The subject is listed as being 12.91 acres but the survey from the city shows it to be 13.534 acres. Of
this 12.134 are to be purchased by the city leaving 1.4 acres to stay with the single family house. This
lot is shown on the survey that is included with this report.
The subject has a frontage and access area of 50' which leads straight westerly into the body of site
uphill from the road frontage. Part of the front section of the subject abuts and is to the rear of the new
community food store that runs along a cliff line at the rear of the store. Most of the subject, the body
of the site, is behind this section. This is uphill, with some parts of the frontage on the north side of the
market quite steep. The entire site is wooded. There are some level areas and areas with only
moderate slopes mid site.
The parcel has a number of exposed ledge areas, and around these in most cases there are some steep
and moderate slopes. There are three flagged wetlands areas. One is in the very rear of the site and two
are about two thirds to the rear being on the north and south sides. A woods road connects the existing
single family house to the mid site area. This road is about 150' north of the 50' section on the subject
site. At the request of the client I have assumed that a ROW access to this road or nearby would be
allowed as part of this purchase.
The majority of the site is woodland. There are the woods road. Most of this is a mix of hard and soft
wood species. There are views from the cliff area and further up the hill that look out over Rt 5 &10,
I -91 towards the east and the Connecticut River and valley. Even up on the site traffic noise is audible.
The site is not an easily develop parcel. It has the various physical constraints and limitations. These
include the three flagged wetlands areas, the numerous rock outcropping, the steep slopes in areas, and
somewhat difficult access into the site up the 50' wide entrance area. In addition there are some
external factors that are difficult. These include the traffic noise at this location, the mixed use nature
of the area with abutting commercial uses, and the general decline in sales and values in the market.
Current Use: The subject has no improvements. There is the woods road but it is a vacant parcel that
has gone through some permitted for a planned condominium development.
Access: Access is good off the west side of North King Street. This is up a moderate to steep incline
into the body of the lot. Alternatively I have considered a ROW or easement on the adjoining part of
the site.
Area Shape: The parcel is irregular, with only the 50' access way which is about 300' to the main
body of the site. The site also narrows to the rear and wetlands areas. The entire site is 12.134 acres.
Address
Parcel
Deed
Size /Ac
Land
Yard
Improvts
Total
Taxes 09
360 N. King
13/36
BK 9668 pg 77
12.91
$139,800
$221,900
$361,700
$4,152.32
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360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 14
Utilities: There is electric power and telephone service along the road frontage and city water and
sewer along the frontage. However the likely building sites are setback form the road so that most
likely a well and septic system would be needed for development.
Soils and subsoil condition: Soils information is from the Soil Survey of Hampshire County, MA
Central part as published by the U.S. Department of Agriculture, Soil Conservation Service, issued
December 1981. Also there are the three flagged wetlands areas shown on the survey and the
numerous rock outcroppings.
Views: View are to the east out over the two nearby highways, Rt 5 &10 and I -91 out to the
Connecticut River and valley.
Chapter classifications, including APR, CR: The land is not encumbered in Chapter 61, forest land
classifications or by APR.
Timber and gravel etc. There has been no timber cruise that I know of.
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1- History and indications of hazardous waste or contamination: Questions regarding environmental
compliance are deferred to a qualified environmental engineer.
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LI IDENTIFICATION OF NON REALTY ITEMS AND FIXTURES
There are no non realty items included in the valuation.
ASSESSMENT AND TAX DATA SUMMARY
The following is a summary of the subject parcel full assessment. Lot size, as carried by the assessors
office, is listed for identification:
The assessment is for the full parcel. As noted the appraisal is for the section that does not include the
house and a 1.4 lot that is to be retained by the owner.
Northampton has a single real estate tax rate for all classifications of real property. The FY2008 rate
was $11.20 per thousand and the FY 2007 rate was $10.89 per thousand. The FY 2009 rate is $11.48
i_ per thousand.
ZONING
The subject is zoned RR rural residential. The by laws list the following dimensional and density
regulations for the RR zone. These are a summary from page 6 -2 for the Rural Residential (RR)
Zoning District and are for Residential uses being serviced by on -site water and on -site sanitary sewage
disposal.
Minimum Area 80,000 Sf
Ftg. /wd. 175' Flag lot with 50'
Depth 200'
Setbacks: Ft. /Sd /Rr 40'/20'/50'
Max Bld. Height 35'
Max Bld Coverage 15
FAR none
Min Open Space 80
There also are cluster options, flag lot options, lots with Residential Incentive Overlay Development,
and Open Space Residential Development.
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360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 15
Wetland Regulations
The Massachusetts Wetlands Protection Act, Chapter 131 Section 40 of the Massachusetts General
Laws, apply to areas that are designated such land type. Development and use of areas classified as
wetlands are regulated by these laws. As noted there are three flagged wetlands areas on the site.
These are towards the rear of the site.
Rivers Protection Act:
The Massachusetts Rivers Protection Act has amended and expanded the state Wetlands Protection Act
as of August 7, 1996. The act authorizes the local conservation commission to regulate land use
activities within a 200' wide buffer area along the banks of perennial rivers and waterways in the State.
Activity or disturbance within the "river front area" is allowed only with issuance of a permit by the
conservation commission. There is no area I could find that would be affect by the Rivers Act.
State Sanitary Code (title 5) Board of Health Regulations
The subject area is connected to the sanitary sewer system but it is unlikely that a line could be run
down hill from the site economically.
OTHER PUBLIC LAND USE CONTROLS:
Flood Plain Regulations
Northampton has a Flood Plain District. This is an overlay district that is in addition to underlaying
permitted uses. Uses in this district must meet the Massachusetts State Building code dealing with
construction in flood plain. Some small areas along the brook appear to be in flood areas. A copy of
the flood map, #250167 -0001 A, dated 6 -01 -1978, is included in the report addenda. The subject is
not in a flood zone area.
Other Overlay or Floating Zones
The city has several overlays, with a section of the frontage in the WP -water shed protection overlay.
The potential development for the subject would be to the east of this area.
Natural Heritage Endangered Species Program: This program is under the Massachusetts
Endangered Species Act of 1978, 321 CMR 10. I have included in the report addenda a copy of the
subject area from the 13 Edition of the Massachusetts Natural Heritage Atlas. Also checked is the
Estimated Habitats of Rare Wildlife and Certified Vernal Pools. The subject is out of the mapped
areas. It is possible that a section of the very rear is in a mapped area. This however probably would
not impact any potential development of the subject.
360 North King Street,
Northampton, Massachusetts
PART III DATA ANALYSIS AND CONCLUSIONS
This section of the report includes the highest and best use analysis, the valuation and the final
correlation and final opinion of value.
July 3, 2009
Page 16
THE VALUATION PROCESS
"The valuation process is a systematic procedure an appraiser follows to provide answers to a clients
questions about real property value."
There are eight steps in the valuation process. They are the defmition of the problem, a determination
of the scope of work, data collection and property description, data analysis, site value opinion,
application of the approaches to value, reconciliation of value and final opinion of value, and finally
reporting of the defined value.
Valuation usually is by the three traditional valuation methods. These are the cost approach, the
income capitalization approach and the sales comparison approach. Each can be applied in a number of
ways utilizing a wide range of techniques and procedures. Each shares the fact that they are based on
and supported by market data.
The first method is the cost approach to value. This is an estimate of either the replacement or
reproduction cost of improvements, less depreciation, plus land value, plus site improvements, with the
resulting figure the conclusion of value. This is particularly useful in new construction, special use
properties, or in active markets where there is new construction going on to extract actual costs from.
The second method is the income capitalization approach. This approach is based on the relationship
between income and value. Anticipated net operating income of the property is either capitalized into a
value estimate, if it is considered a stabilized income stream, or using a discounted cash flow analysis,
if it is not. In both cases a net operating income before income taxes and debt service is forecast. The
standard for the income, the expense and the capitalization and discount rate estimates, is that they be
market based with the best most direct method being that they be extracted from other similar sales.
The third method is the sales comparison approach. Recent sales of like kind properties are compared
to the property and are either adjusted for differences with the subject or ranked by valuation elements
to arrive at a comparative value. The viability of the approach rests with the strength or weakness of
the set of sales used in the comparison.
After the three approaches are developed or considered the final step is reconciliation or correlation of
the value indications. In this part of the valuation process each approach is considered based on the
relative applicability and appropriateness of each with consideration of the quality and quantity of
market data used to support each.
The valuation is presented in a report that complies with the reporting requirements and needs of the
client in compliance with the Uniform Standards of Professional Appraisal Practice, USPAP, and any
other appropriate required reporting and valuation and reporting standards.
2 The Appraisal of Real Estate, 12 edition, Appraisal Institute, Chicago, Ill, page 49.
360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 17
MARKETING PERIODS AND EXPOSURE TIME
Reasonable marketing time assumes professional management and sales effort. A listing that is not
openly marketed, or is priced so high as to be unrealistic, is not considered to be representative of
market conditions. Properties that have been competitively marketed, which includes realistic pricing,
have drastically shorter marketing times.
The sales data is for the Northampton area since this data is more reliable than charting the few sales in
Williamsburg. The following specific sales and listings in Williamsburg are used to support the levels
for days on the market and exposure times:
1. Lot 6 Florence Road, Northampton sold for $87,000 on 9/2/08 after 173 days on the market. This is
.3 acre building lot with 95' of frontage. It has private water and sewer.
2. Lot 2 On High Street, Northampton sold for $128,750 on 6/26/09 after 15 days on the market. This
is a small residential lot in the Florence section of the city. It has both public water and sewer.
3. Lot A Willow Street, Northampton sold for $125,000 on 9/10/2008 after 93 days on the market.
This is a .93 acre lot with 191' of road frontage. It has both public water and sewer to the site.
4. Lot 1 Turkey Hill Road, Northampton is listed for $399,900 and is a 13.18 acre lot with 51' road
frontage. It has spectacular views and is probably a single building lot. It had been on the market for
444 days.
The following is a summary of the current number of MLS land listings in Northampton:
As of 7/08/2009
28 land listings
$207,154 Avg. List Price
405 Average DOM
The combination of listings and sales show an increasing trend of time on the market and downward
pressure on prices. Marketing times are for the present time going forward where as exposure time is
this date and prior to this date.
It is likely that marketing time for the subject type property is now six months to one year and
exposure time is also six months to one year.
REAL ESTATE MARKET CONDITIONS AND MARKET ANALYSIS
With these factors in mind it is reasonable to conclude that there are in general some significant
downward forces in the market. Population has gone down in the Northampton, marketing times are
up dramatically and will probably continue to rise. Inventory is likely to increase in most property
segments and overall there is downward pressure on prices. No particular market segments stick out as
outliers to this but the subject market segment, desirable land parcels at reasonable prices have had
some market expectance.
DETERMINATION OF EXPOSURE TIME AND MARKET CONCLUSIONS:
Marketing times have been increasing
Inventory has built up overall including increase land inventory(though not directly shown in the
data)
Listings and prices in general have fallen
Year
Sales
DOM
Mean S.P.
Median S.P.
Land
DOM
Mean S.P.
2009*
55
120
$352,525
$294,000
1
15
$128,500
2008
144
98
$302,656
$259,950
5
248
$134,400
2007
173
107
$326,152
$278,000
8
146
$159,750
2006
213
83
$328,399
$285,000
6
153
$158,442
2005
198
70
$332,908
$305,000
13
69
$141,808
2004
192
63
$297,760
$258,250
32
37
$99,688
360 North King Street,
Northampton, Massachusetts
The trend for the future is downward over the short term as inventory is absorbed
As part of my market research I have compiled statistics for Northampton.
Northampton Single Family Sales and Land Sales:
July 3, 2009
Page 18
Northampton had more single family sales than any other community in the two county area. The
following shows the trend in MLS sales for Northampton since 2004. One the right side of the table are
statistics for land sales. For land the drop off in numbers of sales, and sales prices is even more
dramatic than for single family property. Prices for both single family and land are back to 2004 and
2005 levels but without the volume of those years. This probably indicates some more downward
pressure that will likely result in at least another year of declines. The following shows sales, sales
prices and time on the market:
*For 2009 the data is only year to date as of July 1, 2009.
As of March 1, 2009, DOM, days on the market, for Northampton has increased from 177 in 2007 to
188. This is slightly different than the table shows for the full year. At the same time the unsold
inventory in Northampton had increased from 44 to 70, a nearly 60% jump in active single family
inventory over this time period. Along with this the median asking price has dropped from $388,500
to $319,500 nearly an 18% drop off. Since March there has been some rebound, though sales are still
greatly off and marketing times continue to increase. Almost counter intuitive is that prices in
Northampton have gone up. This is probably because only the strongest properties have been selling
leaving weaker properties to stay on the market.
The table shows the steep decline in numbers of sales which have gone from a high in 2006 to 2008
when there were 144. It looks like 2009, if sales continue at the current rate will end up at about 110,
which would be a 24% drop off. Days on the market are also increasing. This is from the low or
quickest average days on the market of 63 average in 2004 to almost double that in 2009. Land sales
show and even more dramatic drop off going from the high in 2004 to 1 so far this year.
On the price side of the ledger the mean price for 2009 is higher ant any of the reported years which
the median is down from the high in 2005 but compares well to the previous year. This can account
for the sales drop off as seller stick to there prices which result in fewer sales. On the land side of the
take prices are off about 15 from the high point in 2006 and 2007. However the dramatic drop off in
the numbers of sales and the greatly increasing marketing time are huge factors that will pull down
prices.
Year
Sales
DOM
Median S.P
2009 (6 mo. sales)
24
196
$193,000
2008 (6 mo. sales)
54
137
$196,750
2007 (6 mo. sales)
58
125
$198,450
2006 (6 mo. sales)
39
92
$188,000
2005 (6 mo. sales
67
58
$179,000
2004 (6 mo. sales)
68
64
$157,450
2003 (6 mo. sales)
51
43
$134,900
2002 (6 mo. sales)
26
72
$131,838
2001 (6 mo. sales)
24
52
$96,000
2000 (6 mo. sales)
25
87
$112,000
Date
Listings
DOM
Median Price'
2009
79
182
$224,900
2008
80
194
$227,450
L
7
i J
r
LJ
The following is a market snapshot of condo listings in Northampton as of 7/6/2009 compared to
7/01/2008.
r
360 North King Street,
Northampton, Massachusetts
The following is a second view of sales. These are sales and stats over the first six months of each
year to give a good comparison to year to date activity in 2009.
Northampton Condominium Sales YTD:
Like the single family sales there has been a dramatic drop off in the numbers of sales for
Northampton. If the 2009 sales are annualized at there would be a 44 drop off from 2008 and a 60
drop off from 2007 in sales levels. Also like the single family prices the condominium sales prices
have not dropped a great deal. From 2008 prices are off 5% and are nearly level with 2006 and 2007.
Days on the market are up 66 from 2008 and 2007. This dramatic increase in market time is
probably a reflection of the price levels which have not dropped of significantly at this point despite the
drop off in demand. Before the market comes back into equilibrium it is likely there will be some
additional drop off in pricing.
Northampton Condominium Listings as of 7/06 of the year:
July 3, 2009
Page 19
What is not shown in these statistics is that part of the inventory that has been temporarily withdrawn
from the market but is available to be placed back on when conditions improve. Discussions with real
estate agents reveal that this is due to discretionary sellers who are holding off selling until the market
is more in balance and they are able to sell at more realistic levels. This is possible over the short term
but this trend is not likely to continue for any extended period of time. With this in mind marketing
times should continue to increase and there should be additional downward pressure on values.
Another key measure of market activity, which is very meaningful for land development, is the number
of permits issued for single family new construction. These are one of the best measures of growth in
Year Permits
Northampton
Williamsburg
2007
22
18
2006
22
10
2005
8
10
2004
47
9
2003
47
10
2002
25
7
2001
16
11
2000
21
0
1999
64
3
1998
33
3
1997
45
5
1996
53
5
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1
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360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 20
housing in the market. The following is a list of permits for new single housing in Northampton with a
comparison to the next most similar market the town of Williamsburg since 1996:
Buildini Permit Levels:
Most of these numbers are kept on a fiscal year basis. The most recent permit levels for 2008 were not
available. As can be seen permit levels were high for both towns in 2006 and 2007 with Williamsburg
having its highest levels in over 12 years. Permit levels peaked in 2003 and 2004 in Northampton.
Probably some of the spill over to Williamsburg is due to the high land prices that were in
Northampton over the past several years. Abutting areas which had more moderate pricing have
attracted some of the more cost conscious of the buyers. This trend is likely to continue until there is
some more balance in the market.
In terms of the subject potential development these figures indicate longer sell out times than in the
recent past and demand for lower priced building lots.
MARKET CONCLUSIONS:
Strong downward trend in sales in all real estate market segments
Increasing marketing times in all market segments
Growing supply of unlisted discretionary sellers
Flight trend from the highest priced areas
General over supply
These factors will play an important part in the highest and best use conclusion for the subject
1 property.
360 North King Street, July 3, 2009
Northampton, Massachusetts Page 21
1
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L
DISCUSSION OF POTENTIAL ENVIRONMENTAL ISSUES
The appraiser is not an expert in environmental matters. Questions regarding environmental
compliance are deferred to a qualified environmental engineer. The current use as woodland with the
one houses and as divided and considered here as raw woodland.
FAVORABLE AND UNFAVORABLE FACTORS
The subject is in a transitional location between the commercial areas in front and to the south and the
more residential areas to the north. Transportation and convenience to public amenities, to
employment and commercial centers is very good.
HIGHEST AND BEST USE ANALYSIS
Highest and Best Use is defined in the, The Dictionary of Real Estate Appraisal, 4 Edition, 2002,
published by the Appraisal Institute, Chicago, Ill., page 135 as: "The reasonable, probable and legal
use, of vacant land or an improved property, which is physically possible, appropriately supported,
financially feasible, and that results in the highest value. The four criteria the highest and best use
must meet are legal permissibility, physical possibility, financial feasibility, and maximum
productivity."
The property is considered "as vacant," but with the hypothetical condition, it is considered with a
ROW /easement access just to the north with a more moderate slope into the body of the site.
Physically Possible:
The subject is listed as being 12.134 acres more or less. This mostly an upland parcel with an abutting
quarry on the south side. The lot is woodland with three areas flagged as wetlands to the rear. There is
a woods road through the parcel and there are numerous rock outcroppings. All of these factor limit
the type of development that could be done, feasibly.
Legally Permitted:
The subject property is in the RR residential zoning. This is an area with single family housing
permitted. The subject is large enough and with enough road frontage as a flag lot. The minium size is
80,000 square feet and 175' frontage or 50' as a flag lot. In fact the subject has been drawn as a flag
lot. The maximum depth to the house site is 200' so the subject exceeds that but it is reasonable to
expect a variance for this since without it permitting could be accomplished with a slight redrawing of
the two lots.
Financially Feasible:
Financial feasibility is considered next. The current market is contracting with much lower sales
activity than last year and declining prices. Along with this is the increasing level of marketing times
and supposed increase in inventory. With this in mind most developments are being held as
speculation for further development or sold out with a much lower rate of development. For the
subject the simplest plan is for the single flag lot. This is probably the most feasible use since
development costs would be kept in check while at the same time market absorption would be the
quickest.
Maximum Value:
The options for the subject is the single flag lot development. With these factors in mind I have
concluded that the highest and best use for the subject is for this single lot development.
360 North King Street,
Northampton, Massachusetts
SUBJECT VALUATION
The three traditional valuation approaches are the cost approach, the income capitalization approach
and the sales comparison approach. They are considered as follows.
THE COST OF DEVELOPMENT APPROACH AND INCOME CAPITALIZATION
APPROACH
The cost of development method is a variation of the income capitalization approach used in the
valuation of subdivisions. When the highest and best use is determined to be a subdivision, the
anticipated income stream from the lot sales less development expenses results in a net annual income
that can be discounted back to a present value or indication of market value. The higher the net income
the higher the value. Value is arrived at using the formula V I R, where V is the value, I is the net
operating income and R is the capitalization rate. In cost of development approach sales of lots would
be sold over time so variable income would be discounted over the sell out period into a net present
value.
The annual income for each year in the life of the project is dependent upon the absorption rate, or sale
of, condominium units. Annual expenses are dependent upon the development costs associated with
the development schedule of the project. The net income before debt service and income taxes is
discounted by a factor that reflects the cost of funds and the relative risk of the project to arrive at an
opinion of value. The following shows the formula for discounting cash flows over an absorption
period as presented in this analysis:
CF, CF, CF, CF„
PV- (1 +Y)' +(1 +Y) (1 +Y)' +(1 +11)"
For this property I have concluded that the most likely use would be as a single flag lot development.
With a division of the land in this manner the cost of development does not apply.
THE COST APPROACH
The cost approach is not appropriate for vacant land parcels, since there are no costs to estimate.
July 3, 2009
Page 22
SALES COMPARISON ANALYSIS
The basis of the sales comparison analysis is in the use of like kind sales that share the same value
elements as the subject. The closer the similarity usually the stronger and more valid the approach.
There are two main categories or elements of comparison. The first set are known as Transactional
Adjustments and are as follows:
Real property rights conveyed
Financing terms
Conditions of sale
Expenditures made immediately after purchase
Market conditions
This set of elements of comparison are sequential in that the order they are made is important to the
bottom line. The second set of elements of comparison are non sequential and are known as Property
Adjustments. They are as follows:
Location
Physical characteristics
Economic characteristics
Use /zoning
Location
S. Date
S. Price
AC
Util.
Comments
1. West Street, Hatfield
7/27/07
$45,000
1.42
Water
On Rt. 5 &10/ C& S
2. 35 Petticoat Rd., Williamsburg
10/01/07
$70,000
1.64
Sewer
Wooded lot
3. Coles Meadow Rd., Northampton
12/7/05
$73,000
3
Water
Off Rt 5 &10 next to I -91
4. 27 Hyde Hill Road, Williamsburg
7/3/08
$69,000
3.16
Private
Wooded lot, some views
5. Linseed Road, Hatfield
8/29/06
$105,000
5
Water
Some wetlands
6. Lot1A, Rocky Hill Rd., Northampton
6/13/08
$162,450
9.08
Water
Driveway Util. in
7. Hockanum Road, Northampton
7/25/08
$110,000
9.27
Private
Farmland, 915' front.
8. Chestnut Mountain, Hatfield
3/30/07
$51,600
10.3
Private
Hillside w /perc
9. 327 Southampton Rd., Westhampton
7/5/07
$220,000
24.2
Private
Long views, driveway
Mean
$100,672
7.44
360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 23
Non realty components of value
Comparative analysis is accomplished by either a quantitative or qualitative techniques. Quantitative
techniques include paired sales analysis, group data analysis, and secondary data analysis. There are
statistical analysis techniques which include graphic and scenario analysis. Cost related adjustments
include cost -to -cure, and depreciated cost analysis. Finally capitalization of income differences are
used in a variety of formats to account for differences between properties.
Qualitative Analysis may be accomplished by the use of trend analysis, relative comparison analysis,
and ranking analysis. When statistical methods do not lead to precise adjustments they can be
combined to service as part of ranking or RCA comparisons.
The valuation is considered both methods with some overlapping use to support the conclusion.
VALUATION
I have focused on sales, like the subject, that are roughly of the same size with some emphasis on
single lot development potential. The sales set I have developed "bracket" the subject for size and
other factors. They are all acreage sales that had some development potential in Hampshire County
over the past two years or so, and are therefore considered in the subject market segment. The
following are the most similar of these sales. They are arrayed by site size.
These sales are the most similar in size, physical conditions and location available. The sales have
been further compared to the subject in an adjustment table. Superior features are given negative
adjustments and inferior are given positive adjustments. The resulting adjusted sales prices give an
indication of the subjects market value. The following comments address the adjustments to the sales.
I have used two overlapping methods of comparison. They are use of a sales comparison table which
uses quantitative adjustments to the sales to arrive at a conclusion. Secondly use of relative comparison
analysis, RCA. The RCA is essentially a ranking process where the sales are compared to the subject
it is placed between the closest inferior and superior sales. The valuation in this situation would be
between these sales.
360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 24
The most similar of these sales are arrayed in the following comparison table. They are sales 2,3,4, 5
and 8.
SALES COMPARISON ADJUSTMENTS AND VALUE CONCLUSION
Property Rights and Conditions of the Sale: Each of the five properties was sold in fee, therefore no
adjustment is given to the sales. Conditions of the sale reflect the motivations of the buyer and seller.
The adjustment is made when a sale is considered a liquidation, foreclosure, or had some other
condition that affected the sale price other than conditions typical to market forces. None of the sales
were considered to be distressed or required any adjustments.
Market Conditions: Market condition adjustments, typically referred to as time adjustments, are for
changes in the market over the time period between a sale and the effective date of the appraisal. The
sales are adjusted at .25 per month since the time of sale to the current date. This market segment
has not seen as much decline as single family for instance but none the less it has had some decline in
values. Sale 3 was before the market dropped in fact it was still appreciating at this time. Because
there was some growth this is felt to offset the recent drop so no adjustment is made fro this sale.
Location: All the sales are in relatively similar locations. They are in Northampton, Williamsburg,
and Hatfield. Only sale 5 on Linseed Road is superior. This is adjusted -10% for its superior location
in a more private rural location. Sale 8 is also in a lower priced area being on a seasonal road with
limited access. I have adjusted this sale 20 because it is clearly inferior to the subject.
Physical Conditions: The physical conditions adjustment is for factors such as topography, soil
conditions, views, type of woodland, and or cleared areas. The subject is 12+ acres so it is larger
than the five most similar sales but smaller than sale 9. Sales 5 is superior to the subject in physical
factors. While it had wetlands it has much better access and buildable site conditions. I have adjusted
it 20% for these factors.
The sales are also adjusted for utilities. I have made this adjustment at 5%, each for water and sewer.
The subject has water line and sewer service but because of the setback to a building site it functionally
does not have these services.
The sales are considered both adjusted and unadjusted. They are larger and smaller than the subject
and bracket it for a number of physical features including views, site work, utilities, and potential for
numbers of lots. As unadjusted the mean of the sales is $73,720 with a mean size of 4.6 acres.
When adjusted the sales range from $63,754 to $78,484. I have made a size adjustment for surplus
acreage at $1,000 per acre. The adjusted prices take this adjustment into account. The most similar of
these sales are 2, 3 and 4. These have -5 and 0% net adjustments. They are the most similar of
these. I have gone between these round to a final estimate of $75,000.
This final amount is support by the conclusion of the comparison with adjustments. It also is supported
by a simple ranking of the sales or bracketing. Both on an unadjusted and adjusted basis the subject
falls between the sales with several inferior and several superior to the subject. This would places its
value somewhere near the median of the sales. Unadjusted this comes to $73,720 and adjusted to
$73,853. With these factors in mind the my conclusion is appropriately supported.
360 N. King St.
Northampton
35 Petticoat Rd.
Williamsburg, MA
Coles Meadow
Northampton, MA
27 Hyde Hill Rd.
Williamsburg,MA
Linseed Rd.
Hatfield, MA
Chestnut Mt.
Hatfield, MA
12134
$70,000
1.64
$42,683
$73,000
3
$24.333
$69,000
3.16
$21,835
$105,000
5
$21,000
$51,600
10.3
$5,010
Fee
Corn.
Fee Simple
52
Conv.
Fee Simple
29
Conv.
Fee Simple
428
Conv.
Fee Simple
6B
Conv.
Fee Simple
547
Cony.
Market
Market
0.00%
Market
0.00%
Market
0.00%
Market
0.00%
Market
0.00%
Inspected
7/2009
10/01/2007
-5.00%
$66,500
127 /2005/offset
0.00%
$73.000
7/3/2008
-3.00%
$69,000
8/29/2006
-9.00%
$105,000
3/30/2007
0.00%
$51,600
Rural
Average
Mostly woodland
12,134
$0
1 lot
None useable
None
Similar
0.00%
0.00%
1.64
10,494
1 wooded lot
Public sewer
5.00%
Similar
0.00%
0.00%
3
9,134
1 lot
public water
5.00%
Similar
0.00%
0.00%
3.16
8,974
1 lot some views
none
0.00%
Similar
10.00%
20.00%
5
7,134
1 lot
public water
5.00%
Similar
Seasonal road
20.00%
0.00%
10.3
1,834
1 lot hillside w /perc
none
0.00%
5.00 °6
-5.00%
0.00%
-35.00%
20.00%
$73.669
$78.484
$77.974
$75.384
$63,754
$44,920
$26,161
$24,675
$15,077
$6.190
360 North King Street,
Northampton, Massachusetts
SALES COMPARISON TABLE 12.134 ACRES
Address
Sale Price
Size/AC
Per AC
Interest Transfered
Days on the Market(DOM)
Financing
Sale Conditions
Market Conditions
(time)
Adjusted Sale Price
Zoning
Adjustments Comparison
Location
Physical Conditions
Size! ftgJEff. Subject
$1000 Adjustment/ Per Ai
Potential
UUities- water/sewer-elc.
Total lump sun Adj.
Total Adjustments
Adjusted Price (without size adj.)
Adjusted Price Ac'
Subject
Sale 2
10,494
Mean Unadjusted Sales Price $73,720
Mean Unadjusted Sales Price /Ac $22,972
Mean Days on the Market 225
Mean Adj. Sales Price $73.853
Mean Adj. Sales Price Ac $23,405
Mean Lot Size Acres 4.6
Most Similar Sales 2,3 4 576,709
Mean Size of Most Similar Sales Ac 2.6
Conclusion Rounded to $75,000
Sales Comparison Table
Sale 3
9,134
Sale 4
8,974
Sale 5
7,134
July 3, 2009
Page 25
Sale 8
1,834
U
l RECONCILIATION
Sales Comparison $75,000
U
U
U
U
360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page 26
The sales comparison approach is based on my highest and best use conclusion which is for the subject
as a single building lot. I have based my sales comparison approach on this conclusion. My sales
search has focused on larger than average single building lots in the subject market area. I have used a
comparison table to arrive at adjusted sales prices. The result of this is further supported by
consideration of the sales as unadjusted. Together the sales support my conclusion.
With these factors in mind and based on my analysis and my experience as a real estate appraiser, I
have formed the opinion of the market value of the property, as of July 3, 2009, to be: $75,000.
SEVERANCE DAMAGES AND ENHANCEMENT VALUE:
The subject is comprised of is a proposed full property as being sold by the owner. If the property
were considered with other abutting parcels in the same ownership there maybe some severance
damages.
360 North King Street,
Northampton, Massachusetts
P
PART IV EXHIBITS AND ADDENDA
July 3, 2009
Page i
360 North King Street,
Northampton, Massachusetts
LOCATION MAP NORTHAMPTON, MA
July 3, 2009
Page ii
360 North King Street,
Northampton, Massachusetts
LOCATION MAP- NORTH KING STREET
Laurel
Pk
►9th
Cuaq•ct:u
State Pk
I
LAUREL k'
PARK 21 HATFIELD
(Page 62)
tug
July 3, 2009
Page iii
360 North King Street,
Northampton, Massachusetts
COPY OF THE SURVEY OF THE PROPERTY PROVIDED BY THE CLIENT SHOWING
EXISTING SITE CONDITIONS
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July 3, 2009
Page iv
360 North King Street,
Northampton, Massachusetts
COPY OF THE ASSESSORS MAP MAP 13 LOT 36
July 3, 2009
Page v
360 North King Street,
Northampton, Massachusetts
LEGAL DESCRIPTION BOOK 9668 PAGE 77 HAMPSHIRE COUNTY REGISTRY OF DEEDS
MASSACHUSETTS FORECLOSURE DEED BY CORPORATION
Merrimack Mortgage Company, Inc.
Bk: 09668 Pg: 77
a corporation duly established under the laws of the Commonwealth of Massachusetts and having
its usual place of business 1045 Elm St., Ste. 601, Manchester, NH 03101
the current holder by assignment of a mortgage
from James M. Harrity Jr.
to Mortgage Electronic Registration Systems, Inc.
dated March 28, 2007 and recorded with the Hampshire County Registry of Deeds at Book
9079, Page 93
Bk 9888Pg: 77 Page: 1 of 3
Recorded: 12/23/2008 10 :18 AM
MASSACHUSETTS EXCISE TAX
Hampshire District ROD #1300t
Date: 12/23/2008 10:18 AM
ctrl# 021508 00405 Doc# 00028991
Fee: $1,588.88 Cone: $348,000.00
by the power conferred by said mortgage and
rya "rovart S1' 64- op No C 3iAats) P;i k1Ni
every other power for SSRQ A 1Q,
paid, grants to Merrimack Mortgage Company, Inc. of 1045 Elm St. Ste. 601, Manchester, NH
03101, the premises conveyed by said mortgage.
WITNESS the execution and the corporate seal of said corporation this 26th day of
September, 2008.
Merrim ortgage Company, Inc.,
B c'4
Daniel J. McKen President
The State of New Hampshire
Hillsborough County, ss.
Notary Signature,
My commission expires: 110t/ ,2 ,)O )O
September .fi 2008
On this 28 day of Septemher
personally appeared f)Rniel .I MrKenney proved to me through satisfactory evidence of
identification, which were linence to be the parson whose name is
signed on the preceding or attached document, and acknowledged to me that (he) (she) signed it
voluntarily for its stated purpose.
2008 before me, the undersigned notary public,
CHAPTER 183 SEC. 6 AS AMENDED BY CHAPTER 497 OF 1969
Every deed presented for record shall contain or have endorsed upon it the full name, residence and post office address of
the grantee and a reveal of the amount of the full consideration thereof In dollars or the nature of the other consideration therefor, II not
delivered fora specific monetary sum. The full consideration shall mean the total prim for the conveyance without deduction for any
hens or encumbrances assumed by the grantee or remaining thereon. All such endorsements and recitals shall be recorded as pad of
the deed. Failure to comply with this section shag not affect the validity of any deed. No register of deeds shall accept a deed for
recording unless it Is In compliance with the requirements of this section.
July 3, 2009
Page vi
360 North King Street,
Northampton, Massachusetts
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The State of New Hampshire
Hillsborough County, ss.
Bk: 09668 Pg: 78
My commission expires: *d• a AO It
AFFIDAVIT
I, Daniel j. McKenney, ES 464/
of Merrimack Mortgage Company, Inc. make oath and say that the principal and interest obligation
mentioned in the mortgage above referred to were not paid or tendered or performed when due or
prior to the sale, and that Merrimack Mortgage Company, Inc. caused to be published on August
11, 2008, August 18, 2008 and August 25, 2008 in the Daily Hampshire Gazette, a newspaper
published or by its title page purporting to be published in Northampton and having a circulation
therein, a notice of which the following is a true copy, (See attached Exhibit A)
I also complied with Chapter 244, Section 14 of the Massachusetts General Laws, as amended,
by mailing the required notices certified mail, return receipt requested.
Pursuant to said notice at the time and place therein appointed Merrimack Mortgage Company,
Inc. sold the mortgaged premises at public auction by Ron _Marcella, a duly licensed auctioneer, to
tu�itrcvt a_A_yy—fnsti2 ,ou ce oo /I w �348ra
Merrimack Mortgage Company, Inc. fo il'' Zc4idQ rtt A'Pd8 Opat99 DOLLARS bid b
Merrimack Mortgage Company, Inc., being the highest bid made therefor at said auction.
Merrim Mortgage Company, anny Inc.
By: #4 /l/
Darnel J. M
On this 26th day of September 2008, before me, the undersigned notary
public, personally appeared Daniel J. Mckennev proved to me through satisfactory evidence
of identification, which were license to be the person whose name is signed on the
preceding or attached document, and who swore or affirmed to me that the contents of the
document are truthful and accurate to the best of (his) (her)
knowledge and belief.
ey, President
September ab, 2008
July 3, 2009
Page vii
360 North King Street,
Northampton, Massachusetts
Bk: 09668 Pg: 79
EXHIBIT A
NOME OF MORFOAGEEO SALE
OF REAL ESTATE
By Virtue and in eincuticn of the Pax.' a
Sale =Veined in a certain modgega Ivan
by James
tonic Regblmdo0 Syaeno, (0 dated ,Aordold
Book 9079. B a pwhhic mo
p resent holder, for brexh A Ine
d wd mortgage and for the memo of
brecloa49, the same wi1106'a0b. at Pod:
Auction at 12:00 p.m. on September 2,
2008, on the m0rtoaoed premises located
al 380 North 1004 Street Northampton Mageachustatts, au am
amen to p400 doecdbed In Bald
TO
The blowing County estate d H etdre, b
0 s Nc h u
setts b, ned end g
dety a a
cabs, ball n xr tl t bans: Flit Trent Thal r e n Va
situate sa Land with.
are ode rordh 02 B thereto eve In on said Nord-
arty aide b an des b Noll
ampton 040010ing a a stoke es tot-
e
southeast ast nom m a elder 000 the
vveyed on theWesterly 2,0 at hereby g
Street and the Northeast direr at land lob
may al one Elwell: Nance Northerly Bong
North 118 feet
to lamb nor hundred or eighteen
H, Cledp thence N. 8V T W. 01009 land
now or lorrnerly of said Clark two hundred
nd
e of wldd lend t e e d Vol on ElonlO ence
S. 40 25' E. three hundred She ond six
tenths (305.8 bat along eab land brmerty
of said end now or formerly a ono
Adds to the pola of beginning. Sold (rent
Semnl 18,1315 ch Tho2 "talon 'tract or parcel
of tearing g m Haruki, which 000 conveyed b
Fmk R. Meg by deed of Helen J. Clad
Miller and others dated Naaanber.2, 1903
and recalled with to Hampshire Couty
of Deeds Buck 578, Page 103
IS bomb *earthed as bonded
Northerly by land rant/ of n
Samuel Cla
Easterly by the highway baMyig9byyto 00Neld
and• Southerly COWoln Jam. Obkinson. Tlo
men/ of sad trail formerly contained fifteen (15)
P o does not Include the' parcel con.
�dl o to Cry, d NMhsmd
mrded t ■,Nl Belo Deeds N Boalt 408, Page
For m o toe see deed recorded
nth Beak B07h, Pogo Wry Registry a Deeds
These premises 010 be sold and coned
subject to and with the benefit a all rlghW
rights of Way, restrictions, BB0Bmante, the nature el
.lions, a. nta Wilk =easements
any and all monad taxes tax titles, tax w
ens water and Bawer liens and any other
municipal assessments or Ilene or Mating
enambmncesof record wNChere b force
and are applicable. having prioriy Oyer
saki mo whether or not Utterance 16
such menb, liens a nld
Bnaan0aa Is made In
to deed.
TFPMC of Am F•
A depoo9 of F100 Thooeond 185,000.00
re qu t00 by certified yortla bank u a Le time and 0400004 sae. The d t0
be pall by certified or bank check at Her.
mon Lax Ot000, P.C., 150 California
Slree4 Newt., Massachusetts 02458. or
by nail b P.0. Box 810389, Newton High-
lards, Massachusetts 02481.0388. whhIn
thkty (30) days horn the data of sale.
Deed will he provided to purchaser for ra-
pr carding upon receipt In lu0 of the W rche00
ice. The deSaipplion 01 the promises mortmhall con
the Gent of on t enor In ihb apudka200.nol In
Other terms. If any, to he announced alto
sale.
M0nlmack Morlgag0 Company, Inc.
Present hater of said mortgage
1UNMOfo LA Street P.C.
150 on. 0
MA 024
Siren
N ll)55 0 88
87 55 2
•fYW
7.0132
Aare. 11, 18,25
4 1l.l (uit,it L( (rero4-(J #10 oetubDueutAjim
YJ1AOAr 4iAECFSaw4iaB a(% �a —REGIBTEE
MARIAHHB L. DONOHUE
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360 North King Street,
Northampton, Massachusetts
COPY OF THE MASSACHUSETTS NATURAL HERITAGE ATLAS MAP 12TH EDITION,
SHOWING THE SUBJECT AREA WITH PRIORITY HABITAT AND ENDANGERED SPECIES
OVERLAY AND CERTIFIED VERNAL POOLS
RCA
0
3 1P r
4 kt
r •,.■,0
tV
v•.:*1' '1
ii‘ t
f$6,.... -,Si Niacys r" 4 4
0 ern 7
1 .t. 4 •Ti• J i
4s 11 i 1 7 "'t LI .1. N"
Pat
INE,api1At4GE
r;f'C''rr''
July 3, 2009
Page ix
360 North King Street,
Northampton, Massachusetts
COMPARABLE SALE DATA
Sale No. 1
Location: 151 West Street, (Rt. 5 &10), Hatfield, MA
Grantor: Helen D. Bartlett
Grantee: Richard F. Thayer
�J
Date of Sale: 7/27/2007
Sale Price:
Previous sale:
$45,000
The last sale was June 5, 1950 as in Book 1072 page 466.
July 3, 2009
Page x
Financing: Market
Deed Reference: Hampshire County Registry Book 9211 Page 43, see assessors map 211 block 8
Zoning: Residential with potential for one building
Site Characteristics:
Size /area 1.42 acres
Frontage frontage and dimensions are not listed in the deed, except the lot is listed as 2
acres less a taking by the MA DPW.'
Utilities: Public water and sewer in this part of town and with electric service at the
street.
Topography: Level with street grade
Restrictions: None
Verified: Michael Mendyk Real Estate Broker, Estate,
Comments: This is 1.42 acre single building lot with 460' of road frontage per the assessors maps.
The parcel has some wetlands, and is almost all woodland. There are some slopes on the site. There
was public water nearby but no public sewer in the area. The property is located across the street from
the main entrance to the C S warehouse. This is a high truck traffic location. The property had
been listed for $80,000 and was on the market for 42 days.
360 North King Street,
Northampton, Massachusetts
COMPARABLE SALE DATA
Sale No. 2
Location: Lot 3B, 35 Petticoat Road, Williamsburg, MA
Grantor: David J. McCutcheon
Grantee: John Zieminski
Date of Sale: 10/01/2007
Sale Price:
Deed:
Financing:
$70,000
Market
Deed Reference: Book 9284 page 192 at the Hampshire County Registry of Deeds. Show in Plan
Book 212 page 7 being lot 3B of 71,500 square feet. The previous sale was From C. Cross on
9/12/2006 as in Book 8875 page 1.
Zoning: Residential with potential for one building lot or a duplex lot.
July 3, 2009
Page xi
Site Characteristics: This is a mostly wooded parcel that slopes up from street grade. There is
public sewer to the site but no public water.
Size /area 1.64 acres per deed
Utilities: Public sewer
Restrictions: None
Verified: Delap Real Estate
Comments: This is small building lot in a rural location just off the center of Williamsburg. It is very
convenient. The lot is uphill from the center. There has been some clearing and grading prior to the
sale. It had been listed for $73,900 and was on the market for 52 days. There is already a well on site.
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360 North King Street,
Northampton, Massachusetts
COMPARABLE SALE DATA
Sale No. 3
Location: Coles Meadow Road, Northampton, MA
Grantor: Estate of Charles Michalski, Helen M. Stewart Adminstratrix
Grantee: Equity Builders Realty LLC, of Florence, MA
Date of Sale: 12/7/2005
Sale Price: $73,000
Financing: Market
July 3, 2009
Page xii
Deed Reference and Type: Hampshire County Registry of Deeds Book 8548 page 262, the previous
sale was March 25, 1946 and included other land. See Book 1000 page 513. See also plan Book 205
page 121.
Zoning: Residential with potential for one building
Site Characteristics:
Size /area 3 acres per deed
Frontage 113"
Utilities: Public water but no sewer in this location and with electric service at the
street.
Topography: sloping uphill
Restrictions: None
Verified: Jones Hutchins Realty
Comments: This is a 3 acres lot with 113' of road frontage. This is adequate for a single building lot. It
is a very irregular shaped lot with a section near the middle that appears to have been deeded out. It is
almost all wooded, and there are some wetlands on site. It has been perced prior to listing and was also
surveyed. The property was listed for sale at $80,000 and was on the market for 29 days.
n 360 North King Street, July 3, 2009
Northampton, Massachusetts Page xiii
Zoning: Residential with potential for one building
Site Characteristics:
Size /area 3.16 acres
Frontage 200'
Utilities: There is no public water or sewer in this part of town
L
COMPARABLE SALE DATA
Sale No. 4
Location: 27 Hyde Hill Road Williamsburg, MA
Grantor: Christopher M. Duval, and Rosana P. Duval
Grantee: Meghann L. Parkinson
Date of Sale: 7/3/2008
Sale Price: $69,000
Financing: $292,000 with Easthampton Savings Bank
Deed Reference and Type: Hampshire County Registry of Deeds Book 9536 page 54, see plan book
198 page 86 parcel D. A small parcel of 799 square feet where conveyed to the grantors on May3,
2007 and the balance prior to that into a family trust on 12/15/2003.
Topography: This is a elevated lot
Restrictions: None
Verified: Steve Snow Real Estate, Broker
Comments: This is single building lot with some excellent views. There are gentile slopes. This is a
wooded lot. It had been listed for sale at $72,900 but this was after a price reduction. The original list
price was $99,000. It had been on the market for 428 days.
360 North King Street,
Northampton, Massachusetts
July 3, 2009
Page xiv
COMPARABLE SALE DATA
Sale No. 5
Location: 219 Linseed Road, Hatfield, MA
Grantor: Gene F. Gore, executor for the estate of Helen L. Gore
Grantee: Roy J. Gianopegorio
Date of Sale: 8/29/2009
Sale Price: $105,000
Financing: Market
Deed Reference and Type: Hampshire County Registry Book 8856 Page 24, see also the plan as
recorded in Plan Book 112 page 66, the previous sale was 11/26/1983.
Zoning: Residential with potential for one building
Site Characteristics:
Size /area 5 acres
Frontage 682'
Utilities: Public water but no public sewer in this part of town
Topography: Wooded sloping downward lot
Restrictions: There are Orders of Conditions that were in force at the time of sale by the
Hatfield Conservation Commission
Verified: Realty World Dulong Labbee, Broker
Comments: This is a 5 acre single building lot that is all wooded. There are wetlands and restrictions
on how these are to built around. The property had been listed originally at $134,900 then dropped to
$117,000 before the sale. It had been on the market for 68 days.
360 North King Street,
Northampton, Massachusetts
COMPARABLE SALE DATA
Sale No. 6
Location: Lot 1, Rocky Hill Road, Northfield, MA
Grantor: David J. McCutchen
Grantee: Carlene Bailey and Gary Bailey
Date of Sale: 6/13/2008
Sale Price: $162,450
Financing: Market
Topography: Mostly level with street grade
Restrictions:
Verified: Jones Hutchens Real Estate
July 3, 2009
Page xv
Deed Reference and Type: Hampshire County Registry Book 9512 Page 62, see plan Book 207 page
31, lot 1, this is part of a larger parcel conveyed on 7/24/2007 as shown in Book 9209 page 41.
Zoning: Residential, single building lot
Site Characteristics:
Size /area 9.08 acres
Frontage 200'
Utilities: Public water but no sewer in this part of town and with electric service at the
street.
The lot has had an Order of Conditions put on it from the Hadley
Conservation Commission, it has also had a successful perc test prior to the
listing of the property
Comments: This is single building lot that has had some permitting done prior to the listing. It also had
a septic design, for a four bedroom home. Wetlands permits were in place. It had been listed for sale
at $175,000 then dropped to $169,000. It was on the market for 171 days.
360 North King Street,
Northampton, Massachusetts
COMPARABLE SALE DATA
Sale No. 7
Location: Hockanum Road, Northampton, Hatfield, MA
Grantor: Mitchell G. Watros Jr.
Grantee: Susan J. Judson and Kevin H. Judson
Date of Sale: 7/25/2008
Sale Price: $110,000
Financing: Market
Deed Reference and Type: Hampshire County Registry Book 9553 Page 200, see also Plan Book 73
pag 132 as parcel 12. The previous sale was 2/1/1998.
r
1 Zoning: Residential with potential for one building
Site Characteristics:
Size /area 9.27acres per survey and deed
Frontage 915'
July 3, 2009
Page xvi
r� Utilities: Public water and sewer in this part of town and with electric service at the
street.
Topography: Level with street grade
L J
Restrictions: None
1 Verified: Delap Real Estate Office, Broker
Comments: About eight acres of this is open and has been used in agricultural production in row crops.
This is an excellent high value farmland area. It is near to the Connecticut River and some or all of it
maybe in the flood zone. There is a small old Quonset building on site. This is not considered to have
had more than nominal impact on the sales price. The broker emphasized the agricultural
characteristics of the site, as well as noting some commercial or recreational potential. It is doubtful if
this would be converted into a building lot.
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Northampton, Massachusetts
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Comments: This is large lot of 10.25 acres that has enough frontage for most likely a single building
lot. It had been listed for sale at $56,000 and was on the market for 547 days. There is a small hut on
site. The broker marketed it as "hillside escape, camp, or recreation....possible year round buildable."
The road at the current time was seasonal.
COMPARABLE SALE DATA
Sale No. 8
Location: Chestnut Mountain, Hatfield, MA
Grantor: Mary W. Gladue and Michael L. Gladue
Grantee: Greg Hoffmans and Julie M. Lavoilette
Date of Sale: 3/30/2007
Sale Price: $51,600
Financing: Market Bank of America for $49,020
July 3, 2009
Page xvii
Deed Reference and Type: Hampshire County Registry Book 9087 Page 151, see map 208 block 11,
the previous sale was 10/19/2001 as in Book 6396 page 342. Shown as Parcel 3, on a plan recorded in
Book 112 page 76 at the Registry.
Zoning: Residential with potential for one building, may have some potential to be
further subdivided. The broker had is listed as 5 lots.
Site Characteristics:
Size /area 10.25 acres per survey and deed
Frontage 200'
Utilities: There is no public water or sewer in this part of town
Topography: Elevated sloping lot
Restrictions: None
Verified: Steenburgh Real Estate
360 North King Street, July 3, 2009
Northampton, Massachusetts Page xviii
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COMPARABLE SALE DATA
Sale No. 9
Location: 327 Southampton Road ,Westhampton, MA
Grantor: Culver Family trust, Donald R. Culver, trustee and Diane M. Culver, trustee,
Grantee: Matthew F. Murphy and Piper A. Murphy
Date of Sale: 7/05/2007
Sale Price: $220,000
Financing: Market
Deed Reference and Type: Hampshire County Registry Book 9363 Page 244, the previous sale was
9/26/2003 for $70,000. Shown as Lot #14, as recorded in Plan Book 181 page 133.
Zoning: Residential with potential for one building
Site Characteristics:
Size /area 24.19 acres
Frontage 250'
Utilities: There is no public water or sewer in this part of town
Topography: Hillside
Restrictions:
Verified: Steve Snow Real Estate
The deed lists restrictive covenants. These include that no firearms shall be
used, a use restriction of racing of cars or trucks on the property, limitations
of the type and use of temporary structures on lot 13, and a limitation of the
removal of trees form the stated areas.
Comments: This is view lot. It had been listed with the Stephen Snow Real Estate office for $225,000
and was on the market for 46 days. There is a gravel driveway that was put and a part cleared house
site. This area of the site has some very good views. The property also had been surveyed and perc had
been done. The location is very convenient to commuter routes yet private.
360 North King Street,
Northampton, Massachusetts
APPRAISER QUALIFICATIONS KIM A. LEVITCH, SRA
MA Certified General Real Estate Appraiser, lic #258, exp. 12/05/11
State of Vermont License #80- 0000064, exp. 05/31/11
New Hampshire, Certified General Appraiser, NHCG -663, exp. 12/09
Owner: K. Levitch Associates, 40 School Street, Greenfield, MA 01301
General Education: Graduate of Ohio University, Athens, Ohio, BGS, 1971
l
Professional Designations:
SRA The Appraisal Institute, Chicago, Ill.
GRI Graduate Realtors Institute, National Association of Realtors
Appraisal Education:
Advanced Sales Comparison and Cost Approaches, 530, Appraisal Institute, 2008
Advanced Residential Applications Case Studies, Pt 1 and 2, Appraisal Institute, 2007
Highest Best Use Analysis and Market Analysis, 520 Appraisal Institute, 2006
Yellow Book Seminar, Federal Land Acquisitions, 2004
Supporting Capitalization Rates, Appraisal Institute, 2004
Regression Analysis in Appraisal Practice, Appraisal Institute, 2003
Standards of Professional Practice, Course 430, Appraisal Institute, 2001
Highest and Best Use Analysis, Appraisal Institute, 2001
Partial Interest Valuation, Divided, Appraisal Institute, 1999
Partial Interest Valuation, Undivided, Appraisal Institute, 1999
Small Retail Property Valuation, Appraisal Institute, 1998
Office Building Valuation, Appraisal Institute, November 1995
USPAP Update, Appraisal Institute, October 1995
Subdivision Analysis, Appraisal Institute, 1994
Discounted Cash Flow Analysis, Appraisal Institute, August 1994
Report Writing and Valuation Analysis, Athens, GA, 1992
Massachusetts Graduate Realtors Institute Course 1, 1978
Massachusetts Graduate Realtors Institute Course 2, 1979
Massachusetts Graduate Realtors Institute Course 3, 1979
American Institute of Real Estate Appraisers:
Principles of Real Estate Appraisal, 1982
Basic Valuation, 1982
Standards of Professional Practice, 1985
Capitalization, Part A, 1985, Capitalization, Part B, 1985
Investment Analysis, 1986
Industrial Valuation, 1986
Case Studies, 1986
Report Writing, 1987
Litigation Valuation, 1988
Society of Real Estate Appraisers:
1070 Fannie Mae Report Seminar, 1983
Developments in Income, Property Valuation, 1983
Principles of Income Property Appraising 201, 1984
H
July 3, 2009
Page xix
360 North King Street,
Northampton, Massachusetts
Market and Marketability Analysis, 1984
R -41B Seminar, 1986
R-41C Seminar, 1987
Introductory Commercial Real Estate, 1984
Massachusetts Association of Realtors The Cost Approach to Value, Seminar, 1985
Massachusetts Association of Appraisers:
USPAP Appraisal Institute 1991
Teacher of Appraisal Courses
Greenfield Community College:
Instructor, Real Estate Appraisal, 1985
Instructor, Real Estate Investment Analysis, 1986
Instructor, Introduction to Real Estate Appraisal, 1987, 1988, 1989
Other Courses and Seminars:
Reviewing the URAR
Professional Associations and Affiliations
Pioneer Valley Plan for Progress, Trustee, 1995 -2002
Franklin County Chamber of Commerce, Board of Directors 1996 present
Greenfield Housing Partnership
Shelburne Housing Authority, Chairman of the Board, 2000 present
Franklin County Housing Partnership
Franklin County Community Development, Industrial Advisory Committee
Franklin County Chamber of Commerce, Technical Services Advisory Committee
Franklin County Planning Commission 1995- 2002
Franklin County Board of Realtors:
Education Chairman, 1979
Franklin- Hampshire Board of Realtors:
Secretary 1983, 1984
Education Chairman, 1984
Director, 1985, 1986, 1987
Society of Real Estate Appraisers:
Board of Directors, Chapter 104, 1987
Chairman, Candidate Guidance Committee
Court Experience Qualified Witness:
Superior Court, Hampshire and Franklin Counties
Family and Probate Court, Franklin, Worcester Counties
MA Appellate Tax Court Northampton, MA
Federal Bankruptcy Court, Worcester, MA
Federal District Court, Boston, MA
PARTIAL CLIENT LIST BANKS AND FINANCIAL INSTITUTIONS
Fleet Bank of Massachusetts, N.A. Bank of America
Bank of America, Greenfield and Boston, MA
Greenfield Cooperative Bank, Greenfield, MA
Greenfield Savings Bank, Greenfield, MA
July 3, 2009
Page xx
360 North King Street,
Northampton, Massachusetts
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The Bank of Western Massachusetts
United Savings Bank, Greenfield, Shelburne Falls
Bank of Boston, Greenfield, Springfield, Pittsfield, Boston, MA
Beneficial Finance Company, Greenfield, MA
Home Equity, Danbury, Connecticut
Multibank National of Western Massachusetts, Northampton, MA
Florence Savings Bank, Florence, MA
Chicopee Co- Operative Bank, West Springfield, MA
RECOLL Management Corporation, Hartford, Connecticut
OTHER CLIENTS
Olchowski and Olchowski, Attorneys, Greenfield, MA
Thomas T. Merrigan, Attorney, Greenfield, MA
Curtis, Callahan and Gates, Attorneys, Greenfield, MA
Levy Winer, Attorneys, Greenfield, MA
Northfield Mount Hermon School, Northfield, MA
Deerfield Academy, Deerfield, MA
Bement School, Deerfield, MA
Stoneleigh Burnham School, Greenfield, MA
Northfield Mt. Herman School, Northfield, MA
The Academy at Charlemont, Charlemont, MA
The University of Massachusetts, Amherst, MA
Hampshire College, Amherst, MA
Farren Memorial Hospital, Montague, MA
Franklin Medical Center, Greenfield, MA
Franklin Land Trust, Buckland, MA
Mt. Grace Land Conservation Trust, Athol, MA
Rattlesnake Gutter Land Trust, Leverett, MA
YMCA, Greenfield, MA
Bulkley, Richardson and Gelinas, Springfield, MA
Cooley, Shrair, Alpert, Labovitz, Dambrov, P.C., Springfield, MA
July 3, 2009
Page xxi
GOVERNMENT AGENCIES
US Fish and Wildlife Service, Regional Office, Hadley, MA
Franklin County Regional Housing Authority, Greenfield, MA
Franklin County Development Corporation, Greenfield, MA
Massachusetts Land Bank, Boston, MA
Massachusetts Highway Department, Boston, MA
Department of Environmental Management, Comm. of MA
Department of Fisheries and Wildlife Management, Comm. of MA
Massachusetts Department of Capital Asset Management, Boston, MA
Massachusetts Housing Partnership, Boston, MA
Towns Cities Amherst, Athol, Ashfield, Bernardston, Buckland, Belchertown, Conway, Colrain,
Deerfield, Erving, Greenfield, Gill, Heath, Deerfield, Leverett, Montague, Monroe, Northampton,
Northfield, Orange, Pittsfield, Shelburne, Shutesbury, Sunderland, Whately, Wendell