ORDER-Edwards Square Ramp-MassCentralCITY OF NORTHAMPTON
MASSACHUSETTS
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···················· M1'fch4,20l0······························· l//Y/h ....
Upon the recommendation of the Office of Planning and Development and City Councilor Angela · · · · · · r>i~issITiann.· · · · · · · · · · · · · · · · · · · · · · ·· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
Ordered, fhaf
WHEREAS, The Northampton Transportation Plan, adopted in 2005 by the Transportation and
Parking Commission, Planning Board, Board of Public Works, and City Council,
recommends improved rail and multi-use trails and on and off ramps; and
WHEREAS, It is difficult to go from the city .Manhan and Norwottuck Rail Trails (west of the
railroad tracks) the state's Norwottuck Rail Trail (east of the railroad tracks); and
WHEREAS, ServiceNet agreed to donate an
easement across their parking .1.:.1:m1.s 111.wiN
lot for access from the Manhan
Rail Trail just south of North I
Edwards
.-,----:r~--
Street to Square, ~ i I
which will provide improved ~· •) 1 I.
I' access to Ward 3 and a surface 1! connection the rail to state !
t,'' trail; and
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WHEREAS, The city lS negotiating to I p1
I acqmre an easement I
Massachusetts Electric to allow r;
/
access to the ServiceNet
easement; and ~· ~
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WHEREAS, The city Transportation and •.n
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Parking Commission and its ';2
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and Pedestrian ;o
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NOW, THEREFORE BE IT ORDERED
That the Northampton City Council authorizes the Mayor to accept deeds and easements for said
Edwards Square off ramp, subject to such terms and conditions agreed to by the Mayor.
ANDERSON &KRErGERLLP
RYAND. PACE
rpace@andersonkreiger.com
Direct phone: 617-621-6528
Direct fox: 617-621-6628
By Facsimile and E-mail
Northampton City Council
City Hall Room 18
210 Main Street
Northampton, MA 0 l 060
Wayne Feiden
Director of Plmming and Development
City of Northampton
210 Main Street, Room 11
Northampton, MA 0 I 060
December 14, 2011
Re: Proposed Order of Taking for Access Ramps to
Manhan/New Haven and Northampton Rail Trail
Dear City Council and Mr. Feiden:
I am writing this letter to object, on behalf of Massachusetts Electric Company, doing
business as National Grid, to the easement taking described in the enclosed Order of Taking as
well as the damages Northampton is proposing.
As you know, National Grid provides vital electricity services to Northampton and its
residents. It is imperative for National Grid to actively participate in discussions conceming the
rights that Northampton is pursuing and the rights that National Grid will 1;etain so that National
Grid's ability to provide sate and 1·eliable electricity transmission is not negatively affected.
National Grid was only first contacted about this matter in early November 2011, and due to the
relatively sh011 time frame there has not been an adequate opportunity to conduct the necessary
intemal review by affected groups (including transmission engineering) and therefore National
Grid has not been able to engage in detailed discussions with Northampton to date.
National Grid is willing to work cooperatively with Northampton on this matter. The
company typically grants license rights for rail trail purposes such as those contemplated in
One Canal Park, Suite 200 • Cambridge MA 02141 • 617-621-6500 • 1:Hx: 617-621-6'.>0l
December 14, 2011
Northampton City Council
Wayne Feiden
Page2
Northampton, and I propose a meeting with representatives of N011hampton to discuss issues
related to the rail trail and the needs of National Grid for the on-going smooth flow of electricity.
National Grid urges the CitJ. Council to postpone a vote on the Order of Taking to
provide an opportunity for a thoughtful and mutually beneficial discussion between National
Grid and Northampton conceining,this matter.
Enclosure
cc: Bonnie Raffetto (by e-mail) (w/o enclosure)
Steven Towle (by e-mail) (w/o enclosure)
{AOl4S487.I}
ANDERSON &KREIGER m
November 17, 2011
Upon the recommendation of Office of Planning and Development and Councilor Owen
Freeman-Daniels
WHEREAS, Consistent with the Open Space, Recreatio11, and Multi-Use Plan (2011-2018),
the City is seeking to create access ramps to the Manhan/New Haven and
Northampton Rail Trail at:
• Edwards Square, immediately south of the Noith Street bridge
• 79 King.Street, approximately halfWay between the planned Edwards Square
access ramp and the existing Registry of Deeds access ramp
WHEREAS, On March 18, 2010, City Council authorized the acquisition ofland from both
ServiceNet and Massachusetts Electric for a rail trail access ramp from Edwards
Square to the Manhan/New Haven and Noithampton Rail Trail, with the easement
from ServiceNet granted on October 18, 2010 (Book 10337, Page 2);
WHEREAS, The City has a tentative agreement from the property owner of79 King Street who
has offered to donate an easement to provide access from King Street to the rear
of their property;
WHEREAS, The City needs easements on Massachusetts Electric Company ( a/k/a National Grid)
land easterly ofServiceNet's property and of79 King Street to develop access ramps
to the rail trail, which is located on Massachusetts Electric Company property;
WHEREAS, The City determined that the best way to purchase the easement from Massachusetts
Electric is by an eminent domain, with the award based on an outside appraisal;
NOW, THEREFORE BE IT ORDERED,
That the City Council authorized the Mayor to accept easements for such access ramps, subject to 1
such terms and conditions agreed to by the Mayor;
Further, that City Council adopts the attached Order ofTaking of easements for a !'ail trail/bike path
for the purpose of developing a program for bicycle paths, rail trails, and non-motorized pedestrian
circulation systems network; and
City Council approves the sum of Four Thousand One Hundred and Fifty Dollars ($4,150.00) to
{A0l45501.l I
be paid as damages for all the takings described in the attached Order of Takings.
Affected Land: Off King Street and Edwards Square, Northampton
ORDER OF TAKING
THE COMMONWEAL TH OF MASSACHUSETTS
Hampshire, ss. CITY OF NORTHAMPTON
WHEREAS, the City of Northampton (hereinafter called the "City'') is a public body and corporate,
organized and existing pursuant to the provisions of the Massachusetts General Laws, with offices at
210-212 Main Street, City Hall, No11hampton, Hampshire County, Massachusetts; and
WHEREAS, pUl'suant to M. G.L. Chapter 40 and Chapter 79 §2 and the Nol1hampton Chal1er § 13, and
the Acts and Resolves of At1icle 11, Chapter 123 of the Acts of 1954, the City has the power to
purchase, lease or otherwise acquire real prope11y or any interest therein; and
WHEREAS, in accordance with the provisions of M.G.L. Chapter 40 and Chapter 79 §2 and the
No11hampton Chai1er §13, and the Acts and Resolves of Article 11, Chapter 123 of the Acts of 1954,
the City has initiated a program for bicycle paths. rail trails, and non-motorized pedestrian circulation
systems ("Project").
WHEREAS, the City ofN011hampton has determined that it is necessary to acquire ce11ain land and
easements, as identified below (the "Property"), in order to carry out the Project; and
WHEREAS, the City has made effol1s to acquire the identified property by negotiated purchase from
the affected owner and will continue to make reasonable eff011s to negotiate a confirmatory title;
WHEREAS, approval to acquire said land and easements, and an appropriation of the necessary funds
has been made by the City Council of the City ofN011hampton;
NOW, THEREFORE, it is ordered that acting through and under the authority of M.G.L. Chapter 40
and Chapter 79 §2, as amended, and the Northampton Cha11er §13, and the Acts and Resolves of
At·ticle 11, Chapter 123 of the Acts of 1954 and pursuant to the powers set forth in those Acts, Chatter
and Statute and all other authority thereunto enabling, and pursuant to the provisions of Massachusetts
General Laws, Chapter 79, as amended, and of any and eve1y power and authority to it, granted or
(A0145501.I J Page 1 of7
implied,
The City of Northampton, hereby takes for itself EASEMENTS by eminent domain, for the
purposes associated with the bicycle path and rail trail land in Northampton, Massachusetts,
including the right of the City and its representatives and agents the right to build, maintain, repair,
1·eplace, including the right to regrade the property, and use a rail trail and multi-use trail and
associated signs and structures and for the public, subject to City imposed restrictions, to use said
trail;
Said EASEMENTS are comprised of two easements with a total of2,325 square feet of land,
more or less more particularly described in Exhibit A attached hereto and incorporated by
reference herein;
Said EASEMENTS are on LAND supposed to be owned by the MASSACHUSETTS ELECTRIC
COMPANY and NATIONAL GRID, ("MEC'') with an address at c/o Legal Department AND
Real Estate Department, 40 Sylvan Road, Waltham, Massachusetts, 02451-1120; and
EXCEPTING FROM the rights taken are all easements for wires, pipes, conduits, poles and other
appurtenances for the conveyance of water, sewerage, gas, oil, steam electricity and telephone
communication and other utilities now lawfully in or upon the Property; and
FURTHER, said EASEMENTS are non-exclusive and do not prevent other uses, overhead,
tmderground, or anywhere on the property that do not materially interfere with or harm the bicycle path
and rail trail; ·
AND FURTHER ORDERED that in accordance with the pl'Ovisions of M.G.L. Chapter 79 §6, as
amended, an award of Four Thousand One Hundred and Fifty Dollars ($4,150.00) is made by the
City ofNorthampton for damages sustained by the owner or owners and all other persons, including all
mortgagees ofrecord, having any and all interest in the Property and entitled to any damages by reason
of the taking. The City of Northampton reserves the right to amend the award at any time prior to
payment for good cause shown.
AND FURTHER ORDERED that a representative of the City of Northampton shall record this Order
of Taking in the Hampshire County Registry of Deeds, in Northampton, Massachusetts, within 30 days
from its final passage, and shall notify the Treasurer and Collector of Taxes in the City of Northampton
of this taking in accordance with M.G.L. Chapter 79 §7F, and shall cause notice of the taking to be
given to all persons entitled thereto and to do all things necessruy for the validity of this Order.
{A014SSOl.I I Page 2 of7
IN WI1NESS WHEREOF, we, the City Council of the City of Northampton, have executed this
Order of Taking this day of __ , 2011.
WITNESS TO ALL: ----------CITY COUNCIL, CITY OF NORTHAMPTON
David Narkewicz, Council President Jesse Adams
MaUl'een Camey Paul Spector
Owen Freeman"Daniels David Murphy
Pamela Schwartz Marianne LaBarge
Gene Tacy
CERTIFICATE OF THE CLERK
CITY COUNCIL, CITY OF NORTHAMPTON
I, Mary Midura, the Clerk of the City Council of the City of Northampton, hereby ce1tify that the
attached Order of Taking of certain easements located in Northampton, Hampshire County,
Massachusetts, was executed on 2011, by David Narkewicz, Jesse Adams,
Maureen Camey, Paul Spector, Owen Freeman"Daniels, Pamela Schwaitz, David Murphy, Marianne
LaBarge, and Gene Tacy;
Who as of that date were and are the duly elected members of the City Council of the City of
Northampton.
(A014SSOl. I I
Signed this ____ day of ___ , 2011.
Mary Midura, City Council Clerk
City of No1thampton
Page 3 of7
EXHIBIT A
Property Location: Off Edwards Square and King Street
Northampton, MA
The easement area is more particulady described as two easements totaling 2,325 square feet of land
labeled "1375 +/-sq ft" and "950 +/-sq ft" in the locus shown below.
For title to the prope11y, see deeds recorded in the Hampshire County Registry of Deeds at Book
J 605, Page 375; Book 1106, Page 429; and Book 1556, Page 327
{AOl4SSOl.I ) Page4 of7
The "1375 +/-sq ft" EASEMENT is more particularly described as the area southerly of No11h
Street and easterly of Edwards Square on land now or formerly of Massachusetts Electric Company
and National Grid shown on the plans below:
--·-----.-.-·--:."'.'""":' !-===~==-=-=-~-=--=-=---.. -·-·~-·=~---:;--· 1375 +t-sq ft
(AOl4SSOl.I )
J:iEHLLS 1-J.UlON
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The "950 +/~sq ft" EASEMENT is more paiiicularly described as the area easterly of79 King
Street on land now or fo1merly of Massachusetts Electric Company and National Grid shown on the
plans below:
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®BIL Cone. Curb
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79 King Street
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Site Pion
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950 CMR: OFFICE OF THE SECRETARY OF THE COMMONWEALTH
APPENDIX A
MASSACHUSETTS HISTORICAL COMMISSION
220 MORRISSEY BOULEVARD
BOSTON, MASS. 02125
617-727-8470, FAX: 617-727-5128
PROJECT NOTIFICATION FORM
Project Name: MassCentral Rail Trail Access at North Street
Location I Address: Intersection North Street and Edwards Square
Project Proponent
Name: Wayne Feiden, Director of Planning and Sustainability, City of Northampton
Address: 210 Main Street, Planning & Sustainability
RECEIVED
OCT 0 2 2017
MASS. HISt COMM
:~_(-ll g1-0 s
City/Town/Zip/Telephone: _N~orth~a~m=p~t~on='~M~A-~0~10~6~0 __ 4~1~3~-5~8~7-~1~2~65~-~W~F~e_id~e_n.._@.._N_o~rth~a=m"'"p~to~n~M~A=.""go"-'-v
Agency license or funding for the project (list all licenses, permits, approvals, grants or other entitlements being
sought from state and federal agencies).
Agency Nam~ MassDOT Type ofl .icense or funding (specify) Complete Streets funding
Project Description (narrative): Provide access from North Street and Edwards Square to the MassCentral Rail Trail
by paving the ramp up to the trail, repairing a damaged retaining wall, repairing a sidewalk, and adding a bicycle lane.
Does the project include demolition? If so, specify nature of demolition and describe the building(s) which
are proposed for demolition. NO building demolition is included. A retaining wall will need to be repaired.
Does the project include rehabilitation of any existing buildings? If so, specify nature of rehabilitation
and describe the building(s) which are proposed for rehabilitation. NO
, ....
OCT 2 ~o---275:·· ·.
Jonathan K. Patton Date' ·· .. : : , .... _.
Archaeologist I Preservation Planner ·
Massachusetts Historical Commission
950 CMR: OFFICE OF THE SECRETARY OF THE COMMONWEALTH
APPENDIX A (continued)
To the best of your knowledge, are any historic or archaeological properties known to exist within the
project's area of potential impact? If so, specify. NO
What is the total acreage of the project area?
Woodland 0 acres Productive Resources: ------
wetland 0 acres Agriculture 0 acres
Floodplain 0 acres Forestry 0 acres
Open space 0 acres Mining/Extraction Q._ _____ acres
Developed 0.3 acres Total Project Acreage 0.3 acres
What is the acreage of the proposed new construction? 0.3 acres
What is the present land use of the project area? parking lot, road, sidewalk
Please attach a copy of the section of the USGS quadrangle map which clearly marks the project location.
This Project Notification Form has been submitted to the MHC in compliance with 950 CMR 71.00.
Signature of Person submitting this form: ---------------Date: September 26, 2017
Name: Wayne Feiden, Northampton Director of Planning & Sustainability
Address: 210 Main Street, Planning & Sustainability
City/Town/Zip: Northampton, MA 01060
Telephone: 413-587-1265 WFeiden@NorthamptonMA.gov
REGULATORY AUTHORITY
950 CMR 71.00: M.G.L. c. 9, §§ 26-27C as amended by St. 1988, c. 254.
7/1/93 950 CMR-276
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Prepared by:
RcAL ESTATE APPRAIShL
Property: Permanent Easements
1,375 Sq. Ft. off Edward Square
950 Sq. Ft. off King Street
Northampton, Massachusetts
Owner: Massachusetts Electric Co.
40 Sylvan Road, Waltham, MA 02450
Prepared for and at the request of:
Wayne Feiden, AICP
Director of Planning and Development
City of Northampton
210 Main Street, Room 11, Northampton, MA 01060
Date of the Report: November 6, 2011
Effective Date of the Appraisal: November 6, 2011
File# 11758
$r_.-, ~i ·.·····
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Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser, Lie. #258
K. Levitch Associates
40 School Street, Greenfield, MA 01301
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K. __ EVITCH ASSOCIA'I. 7S
Real Estate Appraisers
November 6, 2011
Wayne Feiden, AICP
Director of Planning and Development
City of Northampton
210 Main Street, Room 11
Northampton, MA 01060
Dear Mr. Feiden:
At your request I have inspected and appraised two proposed easements. The first is located off Edwards
Square and is to be 1,375 square feet. The second is located behind 79 King Street, and is to be 950
square feet. They are shown as part of the assessors Map 24 D lot 330 which extends to Map 31B and
32A. The deed for the property is Book 1605 page 375 at the Hampshire County Registry. A copy of a
plan showing the easement layout with further identification and description is included in the following
report.
This is a summary 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), 2010-2011 Edition, by the Appraisal Foundation.
The purpose and intended use of the appraisal is to provide an opinion of the subject market value for
consideration of purchase of the easement. The appraisal may be reviewed by various city officials in this
regard to this as well as by the property owners.
The report is 35 pages including this letter of transmittal. 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 November 6,
2011, to be:
Off Edward Square -1375 square feet:
Back of King Street -950 square feet:
$2,450.00
$1,700.00
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,
/~r-,h~
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser, Lie. #258
P. 0. Box 1553 • 40 School Street
Greenfield, MA 01302
(413) 774-2959
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TABLE OF CONTENTS
Part I -Introduction
LETTER OF TRANSMITTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PHOTOGRAPHS OF THE SUBJECT PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
CONTINGENT AND LIMITING CONDITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
PART II-Factual Data
PURPOSE OF APPRAISAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
IDENTIFICATION OF THE PROPERTY AND FIVE YEAR SALES HISTORY ........... 8
AREA, CITY AND NEIGHBORHOOD DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
PART III-Property data
MARKET ANALYSIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
ASSESSED VALUE AND ANNUAL TAX LOAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
PROPERTY DESCRIPTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
SITE CONDITIONS AND IMPROVEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
PART IV -Analysis and Conclusion
THE VALUATION PROCESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
HIGHEST AND BEST USE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
INCOME APPROACH -COST OF DEVELOPMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
SALES COMPARISON APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
FINAL RECONCILIATION AND VALUE CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
CERTIFICATION ............................................................ 18
ADDENDA
LOCATION MAP -STATE ..................................................... ii
RAILROAD PLAN ............................................................ iii
ASSESSORS MAP W/ZONING OVERLAY ........................................ iv
SITE PLAN .................................................................. v
EASMENT PLAN ............................................................. vi
COPY OF THE DEED ........................................................ viii
COMP ARABLE SALES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x
REFERENCES .............................................................. xiv
APPRAISER QUALIFICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv
OWNER OF RECORD:
PROPERTY LOCATION:
INTEREST APPRAISED:
Parcel Location
Off Edward Square
Off King Street
EXECUTIVE SUMMARY
Massachusetts Electric, 40 Sylvan Road, Waltham, MA 02451
Off 79 King Street, Northampton, MA
Off Edwards Square, Northampton, MA
Easement for non exclusive surface use
Size I Sf Zone Assessors Map Shown on Map
1,375 URC Map 24D-330 Map 31 A
950 CB Map 24D-330 Map 31 B
I ' IMPROVEMENTS DESCRIPTION: Utility poles, bike path
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DEED REFERENCE: Hampshire County Registry of Deeds, part of Book 1605, Page
375 +, includes other property by company acquisition from Mass
Electric.
HIGHEST AND BEST USE: Current use, utility and bike path corridor
OPINION OF MARKET VALUE: $2,450, (Off Edward Square 1,375 square feet), and $1,700 (off
King Street being 950 square feet).
EFFECTIVE DATE OF VALUATION: November 6, 2011
DATE OF THE REPORT: November 6, 2011
HYPOTHETICAL CONDITION/ EXTRAORDINARY ASSUMPTIONS (PER USPAP): None
APPRAISED FOR USE BY AND
AT THE REQUEST OF: City of Northampton, Wayne Feiden, AICP, Planning Director
PURPOSE AND INTENDED USE, AND USERS AND USER OF THE APPRAISAL: To form an
opinion of market value of a proposed easement on the identified parcels for negotiation with the owner
for possible purchase by the city. The client is the only intended user of the appraisal and report.
APPRAISAL AND REPORT TYPE: Summary Report, in compliance with the Uniform Standards of
Professional Appraisal Practice, USPAP, 2010-2011 Edition.
APPRAISER: Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser Lie. #258
K. Levitch Associates
P. 0. Box 1553, 40 School Street, Greenfield, MA 01302
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PE -off Edwards Square & King$treet,
I ' Northampton, Massachusetts 1.
November 6, 2011
Page5
PHOTOGRAPHS OF THE SUBJECT PROPERTY -Taken 10/01/11 by Kim A. Levitch
1. Edwards Square Parcel
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Northampton, Massachusetts (
~~~~~~~~~~~~~~~
November 6, 2011
Page 6
PHOTOGRAPHS OF THE SUBJECT PROPERTY -Taken 11/06/11 by Kim A. Levitch
2. King Street parcel.
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PE -off Edwards Square & King_Street,
' "', Northampton ... Massachusetts 1. •
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CONTINGENT AND LIMITING CONDITIONS
November 6, 2011
Page 7
The certification of the appraiser appearing in the appraisal report is subject to the following conditions
and to such 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 alt, 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 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.
10. The final opinion of value reached in this appraisal is based on the assumption that the subject
property conforms to all regulations under Massachusetts Statute C.21E, the Massachusetts Oil and
Hazardous Material Release Prevention and Response Act. Determination of this conformance, based on
a qualified environmental report, was not provided to the appraiser.
11. 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.
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7 '\ Northampton, Massachusetts 1
PURPOSE, SCOPE AND INTENDED USE OF THE APPRAISAL
November 6, 2011
Page 8
The purpose of the appraisal is to form an opinion of the market value of the property, for the potential
purchase of the property to aid in the operation of the existing bike path.
INTENDED USER(S): City of Northampton, Department of Planning, review by other city public
officials and the property owner.
The valuation is to include all the relevant appraisal methods. At the request of the client, this is an
appraisal and report in compliance with the Uniform Standards of Professional Appraisal Practice,
USPAP, 2010-2011 edition, by the Appraisal Foundation.
A variety of sources have been consulted to obtain market data. Internal files and records of sales in my
office have been utilized as well as records from County Comp Service, Banker and Tradesman, and the
Multiple Listing Service, records from the Northampton Assessor's Office, and the Hampshire County
Registry of Deeds have been consulted. Sales data and information that are used in the valuation sections
of the report have been independently confirmed using a variety of sources. These include the Multiple
Listing Service and a number of real estate brokers.
SCOPE OF WORK: The development of this appraisal report includes: a visual inspection of the
subject parcel, a review of the online version of the assessor's field cards, a review of the deed, the
proposed easement, review of the zoning regulations, consideration of highest and best use, research of
Multiple Listing Service sales and listings for the subject area over the past three to four years from the
effective date of the appraisal, verification and analysis of data, reconciliation of this data and
presentation of my findings in a summary appraisal report in compliance with the USP AP standards.
DEFINITION OF VALUE: "Market Value is defined as the highest price, in terms of money, which a
property will bring if exposed for sale in a normal market, allowing a reasonable time to find a purchaser,
who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used,
with neither party under compulsion to buy or sell."
HYPOTHETICAL CONDITIONS: None
Per USP AP 2010-201109 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."
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. USP AP, 2010-2011 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."
IDENTIFICATION OF THE PROPERTY, SALES IDSTORY
The easement area is part of the property that was conveyed from Trustees of Property of Penn Central
Transportation Company, to Massachusetts Electric Company, on September 7, 1971 for a consideration
of $191,000 as recorded in Book 1605 page 375 at the Hampshire Registry of Deeds. The subject two
parcels are part of the property as shown in Plan Book 79 page 16. A copy of the plan is included in the
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November 6, 2011
Page 9
report addenda. This is part of the full property which is listed as 124.0 acres shown in Plan Book 79
pages 10-27.
A copies of the deed, property plan and easement plan are included in the report addenda.
PROPOSED EASEMENTS: The client notes that "they will give the city the right to build, maintain,
repair, and replace a rail trail and the public a non-exclusive right to use the trail. The easement will be
clear that nothing in the easement prevents National Grid/Mass Electric from using the rail trail or
maintaining, repairing, or replacing its lines overhead."
A plan showing the location of each easement has been provided by the client as follows:
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AREA, CITY AND NEIGHBORHOOD DATA
November 6, 2011
Page 10
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 was listed at 152,251up3.88% 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 count.
Hampshire County Population Change
U.S. Census 1970 123,981
U.S. Census 1980 138,813 +12.0%
U.S. Census 1990 146,568 +5.6%
U.S. Census 2000 152,251 +3.88%
U.S. Census 2010 158,080 +3.83%
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. Route 9 connects Williamsburg to Northampton
which is just to the south. Route 9 is the main highway passing though town.
Northampton's population has not risen or fallen more than 10% in the last 37 years and in fact has
dropped by 1.48% between 2000 and 2010. 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 2010 28,549 -1.48%
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.
REAL ESTATE MARKET CONDITIONS AND MARKET ANALYSIS
Population has declined slightly in the city. At the same time marketing times are up. 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.
As part of my market research I have compiled statistics for Northampton. The Northampton figures are
relevant because they show the trends in the market.
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. On 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: Northampton Single Family Sales and Land Sales: (2011 is to September 1)
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Year #Sales DOM Mean S.P. Median S.P. #Land
2011* 116 102 $348,052 $310,000 5
2010 153 116 $297,648 $262,205 9
2009 152 122 $320,503 $266,000 4
2008 144 98 $302,656 $259,950 5
2007 173 107 $326,152 $278,000 8
2006 213 83 $328,399 $285,000 6
2005 198 70 $332,908 $305,000 13
2004 192 63 $297,760 $258,250 32
DOM
223
153
319
248
146
153
69
37
November 6, 2011
Page 11
Mean S.P.
$105,900
$220,522
$115,938
$134,400
$159,750
$158,442
$141,808
$99,688
As of September 1, 2011, DOM, days on the market, for Northampton has decreased from 2010.
The table shows the steep decline in numbers of sales which have gone from a high in 2006 when there
were 213. Days on the market are 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 an even more dramatic
drop off going from the high in 2004 to five so far this year.
On the price side of the ledger the mean price for 2011 is higher at any of the reported years. This can
account for the sales drop off as seller stick to their prices which result in fewer sales. On the land side
of the table 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.
Another key measure of market activity, which is very meaningful for land valuation, is the number of
permits issued for single family new construction. These are one of the best measures of growth in
housing in the market. The following is a list of permits for new single housing in Northampton.
Year Permits Year Permits
2010 21 2002 25
2009 7 2001 16
2008 19 2000 21
2007 22 1999 64
2006 22 1998 33
2005 8 1997 45
2004 47 1996 53
2003 47
Most of these numbers are kept on a fiscal year basis. The most recent permit levels for 2011 were not
available. Permit levels peaked in 2003 and 2004 in Northampton.
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Northampton, Massachusetts
ASSESSED VALUE AND ANNUAL TAX LOAD
November 6, 2011
Page 12
The subject parcel is not assessed separately by the city. The current real estate tax rate for FY 2011 is
$12.96 per thousand dollar assessment.
The nearest parcel of the subject is listed as Map 24D lot 330 parcel 1being1.43 acres. This has an
assessment of $6,240 with a tax burden of $80.87 for FY 2011. It is listed as an electric right of way.
ZONING
The zoning by laws have been amended to June 2, 2008. The Edwards Square parcel is in the URC -
Urban Residential C -district. A wide range of residential uses are permitted in this zone including
single and multi family. The following is a summary of dimensional requirements:
Minimum lot size: 6,000 square feet per unit
Minimum lot frontage: 75' (80' depth)
Set backs side/front/rear: 15' /20'/20'
Minimum Open Space: 30 %
Maximum height: 40'
There are difference area requirements for municipal facilities and for uses using city water and sewer.
The single family requirement goes to 12,000 square feet size minimum and 75' frontage.
Permitted uses include a range of residential uses, single family, two family and related uses.
The Off King Street parcel is zoned CB -central business zone with the following requirements:
Minimum lot size: 0 square feet (principal use)
Minimum lot frontage: O'
Set backs side/front/rear: O' 15'/0' (front setback is a maximum of 5')
Minimum Open Space: 0 %
The CB zone allows a wide range of commercial uses. These include but are not limited to office, retail,
wholesale, restaurant, motel/hotel, any residential use above the first floor, home office/occupation.
MARKET CONCLUSIONS:
• Downward trend in sales in all real estate market segments
• Increasing marketing times in all market segments
• Growing supply of unlisted discretionary sellers
• General over supply in the market
PROPERTY DESCRIPTION -950 square foot easement off of King Street, and 1375 square foot
easement off of Edwards Square.
SUBJECT EASEMENT
Both easements are for surface rights to run in perpetuity. They are not to affect or impact the existing
overhead power lines, or any maintenance of those lines.
The client notes that "they will give the city the right to build, maintain, repair, and replace a rail trail and
the public a non-exclusive right to use the trail. The easement will be clear that nothing in the easement
prevents National Grid/Mass Electric from using the rail trail or maintaining, repairing, or replacing its
lines overhead."
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Northampton, Massachusetts
November 6, 2011
Page 13
EASEMENT-An easement is defined in the Forth Edition of the Dictionary of Real Estate Appraisal,
Appraisal Institute, 2002 as "an interest in real property that conveys use, but not ownership, of a portion
of an owner's property." The subject easement is shown and described on plans, that are included in this
report. The easement will allow the city to access the area for maintenance and repairs. Ownership will
stay with the current owners and they will be still be allowed access into their property with no loss in
utility.
They are described as follows:
1. Off Edwards Square: This is to be located at the very north end of Edwards Square just on the
south side of the North Street Bridge. The easement will expand the entrance area to the existing bike
path and is to be 1,375 square feet. It extends from an existing parking lot on the west up to the bike
path. This area is cleared and slightly sloping off to the west.
2. Off King Street: This easement is located behind 79 King Street on the southeast comer of the lot at
the bike path. This area is wooded and brush covered and abuts the cleared bike path. This is mostly
level with street grade, with a slight depression in the middle. There is some small trash items on the
parcel. To the west is the Bank of America branch bank building and paved parking lot. The area
abutting this parcel is lawn area that is cared for by the owners.
THE VALUATION PROCESS 1
"The valuation process is a systematic procedure an appraiser follows to provide answers to a clients' s
questions about real property value."
There are eight steps in the valuation process. They are the definition 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.
I : The second method is the income capitalization approach. This approach is based on the relationship
LJ 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
1·: it is not. In both cases a net operating income before income taxes and debt service is forecast. The
L 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.
1 The Appraisal of Real Estate, 12th edition, Appraisal Institute, Chicago, Ill, page 49.
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November 6, 2011
Page 14
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, USP AP, and any
other appropriate required reporting and valuation and reporting standards.
HIGHEST AND BEST USE ANALYSIS
Highest and Best Use is defined in the, The Dictionary of Real Estate Appraisal, 5rn Edition, 2010,
published by the Appraisal Institute, Chicago, Ill., page 93 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 subject is occupied at its highest and best use as a utility/bike trail corridor. There is little likely hood
of a sale out side of to expand the bike trail. Sales also to abutters of surplus land is possible. Marketing
times in Northampton have been running five to seven months for most property types, with some
commercial and land parcels having longer marketing times out to one year. The most logical sale of
each of the parcels is to an abutting parcel owner. Since they would be landlocked this is the only sale
option other than continued use as a utility corridor with the bike path easement.
SUBJECT VALUATION
The three traditional valuation approaches are the cost approach, the income capitalization approach and
the sales comparison approach. The following is a discussion and development of the valuation
approaches.
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 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.
Cost of development is not appropriate for valuation of a small part of the total property. The small area
is considered surplus land without a separate highest and best use and thus sale to an abutter is the best
use if considered as a separate parcel.
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THE COST APPROACH
The cost approach is not appropriate for vacant land parcels, since there are no costs to estimate, and is
not used in this appraisal.
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
• 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.
I have focused on sales, like the subject, that are residential uses being some of the smaller recent
transfers. Sales 1and2 are recent residential land sales within Northampton. Sale 3 is a surplus abutting
commercial parcel that sold to the nearby mall. Sale 4 is also surplus railroad land. It sold to the abutting
residential property owner.
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November 6, 2011
Page 16
Sales 1 and 2 are located within Northampton. Sale 3 is a commercial railroad property sale and sale 4 is
a residential railroad property sale.
Direct Comparison of Market Data
Subject Sale 1 Sale2 Sale 3 Sale4
52 Upland Rd.,NH Emerson Way, NH Main St., Greenfield Southampton
Sale Price n/a $85,000 $95,000 $6,000 $20,000
Sale Date n/a 717/2011 4/27/2011 11/2/06 12/21/07
LandArea 1,102 Sf 12,169 Sf 14,530 Sf 5,699 Sf 22,300 Sf
Sale Price /SF $6.99/Sf $6.54/Sf $1.05/Sf $.73 /Sf
Location residential superior superior Commercial Residential
(comparison) commercial Inferior Inferior
Lot/ Charact. Level similar similar Surplus Railline Surplus railline
Est. Net Adjust. n/a -50% -50% 50% 50%
Indicated Value $3.50/Sf $3.27/Sf $1.58/Sf $1.10/Sf
EXPLANATION OF ADJUSTMENTS
Comparable Land Sale 1: This land sale is located in the Leeds section of the city. It is a single
building lot that is level with street grade, and is at least part cleared. The overall sales price is $6.99 per
square foot.
Comparable Land Sale 2: This land sale is located in a newer subdivision that is lightly wooded. The
subdivision has a total of 55 lots on 58 acres. Of this 33 acres are "open" area. The density of
development in this sub-division is almost one per acre.
Comparable Land Sale 3: This land sale is of a surplus section of a railroad line in Greenfield in the
commercial section of the city. It sold to the abutting mall owner.
Comparable Land Sale 4: This sale is also a surplus railroad line that sold to an abutting residential
property owner.
Sales 1 and 2 are adjusted for location both being in higher value residential areas. Sale 3 while in a high
value commercial location is lower priced that the subject location. Sale 4 is also a lower priced location.
The adjusted sales prices run from sale 1 at $3.50 per square foot to sale 4 at $1.10 per square foot. The
subject is considered mid price range. It is considered lower priced than sales 1 and 2, both being higher
priced residential locations. The subject is also considered superior to both sales 3 and 4. It is logical
that the subject is between these two sets of sales. The mean adjusted price of the four sales is $2.36 per
square foot. The subject is for a surface easement. Other uses are allowed of the property by the current
owner including the continued use of overhead power lines. With this in mind I have made an
adjustment to the adjusted mean of the sales by 25% to $1. 77 per square foot. I have used this adjusted
price for both parcels as follows:
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Valuation of Permanent Easement -PE
Off Edward Square:
Off King Street:
RECONCILIATION
1,375 Sf
950 Sf
x $1.77 = $2,434 Round to $2,450
x $1.77 = $1,681 Round to $1,700
November 6, 2011
Page 17
The sales comparison approach is based on my highest and best use conclusion which is for the subject in
its current use or sale to an abutter as surplus land. Each of the two parcels in question have little utility
on their own. Each is considered as a PE-permanent easement where the existing uses or uses that are
currently allowed on the parcel can continue.
The valuation has been conducted using the sales comparison approach. I have searched for land sales
within the market area that share a similar highest and best use. Two sales of residential property from
the city have been considered. The valuation is based on nearby and abutting land uses. For most of the
rail line and at Edwards Square this for single and small multi family houses. Three of the sales are of
residential property. The small parcel behind 79 King Street is zoned commercial. For this I have added
the Greenfield sale that was of surplus railroad line in a commercial area that sold to an abutting business.
I have also tried to use relatively small sized sales to be as close as possible to the sizes of abutting land
uses. These sales were listed in a summary comparison table. I have made estimates for adjustments
based on location and other factors. The final number used is further adjusted for the difference in owner
ship or estate between these fee simple sales and the subject as an easement.
The cost of development approach has not been utilized.
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 October 9, 2011, to be: $2,450, (Off Edward Square 1,375 square
feet), and $1, 700 (off King Street being 950 square feet).
SEVERANCE DAMAGES AND ENHANCEMENT VALUE: The easement will not lessen the
subjects current utility which is as a utility corridor with abutting bike trail.
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CERTIFICATION
November 6, 2011
Page 18
I, Kim A. Levitch hereby certify: That on November 6, 2011, I personally made a field inspection of the
property herein appraised. I have also, on date(s), personally made a field inspection of the comparable
sales relied upon in making said appraisal. The property being appraised and the comparable sales relied
upon in making this appraisal were as represented in the appraisal.
-That to the best of my knowledge and belief the statements contained in the appraisal herein set forth are
true, and the information upon which the opinions expressed therein are based is correct; subject to the
limiting conditions therein set forth.
-That such appraisal has been made in conformity with appropriate laws, regulations, and policies and
procedures applicable to appraisal of property for such purposes; and that to the best of my knowledge no
portion of the value assigned to such property consists of such items which are noncompensable under
appropriate established law.
-That neither my employment nor my compensation for making this appraisal and report are in any way
contingent upon the values reported herein.
-That I have no direct or indirect present or contemplated future personal interest in such property or in
any benefit from the acquisition of such property appraised.
-That I have not revealed the :findings and results of such appraisal to anyone other than the proper
officials of the City, and I will not do so until so authorized by said officials, or until I am required to do
so by due process of law, or until I am released from this obligation by having publicly testified as to such
:findings.
-No one provided significant real property appraisal assistance to the people signing this certification.
-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.
-That any decrease or increase in the fair market value of real property prior to the date of valuation
caused by the public improvement for which such property is acquired, or by the likelihood that the
property would be acquired for such improvement, other than that due to physical deterioration within the
reasonable control of the owner, was disregarded in determining the compensation for the property.
-That I have not given consideration to, or included in my appraisal, any allowance for relocation
assistance benefits (not appropriate for this proposed land easement).
That my opinion of the fair market value of the property to be acquired as of the 6th day of November
2011 is $2,450 of the 1,375 square foot easement off Edwards Square, and $1,700 for the parcel behind
79 King Street being 950 square feet, based upon my independent appraisal and the exercise of my
professional judgment.
Date i' / & f "'LO I f Signature
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ADDENDA
November 6, 2011
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/-'
Northampton, Massachusetts ·
LOCATION MAP -STATE
Town
Index
WEST
N
Major Highways
Interstate
./\j' U.S. Federal
/""/ State
Major Rive rs
Major Lakes
Town Boundar~
/'-,/ County Boundary
LONGMEADOW
Daaayirs tiled by Town Index:
l.Jndun
Opusp31ce
Titer Roads
November 6, 2011
Page ii
10 21l M~es
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~~~~~~~~~~~~~~~~~~~
PLAN BOOK 79 PAGE 16 (RAILROAD PLAN FOR THE ENTIRE PARCEL)
November 6, 2011
Page iii
-----~·llU ___ ,
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ASSESSORS MAPS WITH ZONING OVERLAY
35().4
363
32A-121
November 6, 2011
Page iv
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PLAN FROM THE PLANNING DEPARTMENT SHOWING EACH PARCEL
November 6, 2011
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November 6, 2011
Page vi
EASEMENT PLAN -BY HUNTLEY ASSOCIATES, P.C. OF THE PARCEL BEHIND 79 KING
STREET
®.Bit. Cone. Curb
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November 6, 2011
Page vii
EASEMENT PLAN -BY HUNTLEY ASSOCIATES, P.C. OF THE PARCEL OFF EDWARDS
SQUARE, OF THE PROPOSED RAMP
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November 6, 2011
Page viii
DEED
"• •-.-•• ..... ·-·' • ., ..... -.-7 .. .;--':'" " ' -, -', -H ... • T• >
7828
K Ii 0 W; A L L ME H B ? 'l.' H E S E P k E $ E N 'f S
Tl:tA'l' ~CE P. ~~ llICIWlD C, BOND, JERV~ ,L,W:lJX>Nco JR •• an:I wn.tARD
'
WINTZ. 'l'-~~ee or t.b.e Propert.:r or PENN CENTRAL TRll.NS.POO.TATlON Ca&Alfr. DE»TOR.
ha.Ying an ot!i.ce at Six. P1rnn Cent.er Pl.au., f'bilaltel.plU.a• Penne,.ivania:. 19104.
lH'lk'eina.rter referred 'to 11.s .th" Gra.nf.or• !Or conaideration ot One Humred: N:l1W1t.y
One Thou.-nfi l>olla.ra {$191;000.00) pa.id_. dOl!ls h!treb;r grant. IUll relwe, tree f~
liens.., to'MASSACHUSE't'l'S EI.F&ri!.I~ CCll'.PAMr,-a. Corpi:>rat!.on or the C~lt.b of
)'.us~chwsetta, _hatlng ·a Poat: O!rtce Midnsa ·or 20 T'Urnpike llc&d.• Westbo:ro-,.
MAesll-clnulett• 01$81• hflre:tnatt&r rete-rred to u the Grmrtee, all :it.a ri~t, Uth
anct i:ntenst ot1 in a.nd. to Ule ~1ae• deserl,bef 1" Schedule "A" attaehed. hereto
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ALI: llfA.T CJ:tlTA'.J.'I& :Pi11oe ~ parotl .ot land. -1.tnat.e. lJr1ng end bfing in
th• TOMne ot X.athamptcm 8nd W1.lliamsbur1 and. 1n t.he CiQ' ot Hort!Uimpton.
Cowlt.T o:t' H.smpahire -4 C~e.Uth o:t' l!aauchiuletU.. Wng put ct the
r:ight. o~ •e.Y ot the abimd.OD•!l port.ion .o1 the Ceu.:t »Nnob and part. of :the
November 6, 2011
Page ix
right o:t' wrq ot tn.,i &'balldoned. Willb.meburg !!ranch o! :riiilroad ot Peni:i Central
Tre.neportation Campany (:tormerq New l'ork, Nev Haveit 1111d Hai:-t.tol'd Brll:road
OOlllJlllD,Y) -. mcl. ~ all. ot the laml 'b~& at. a lint dr'a'IGl at. right anglo•
to tl'le cent.-line of 311:1.d (lai;al. Br*1'.loh at 1'11&1.n:Lng E.ltat1«1 i)BS+J.O :in the
To'411 o:r Es1Jtna111pt.on • anil ext«x.U.ng· in a generall;r nortllel.'l.r anci ".oter:zy
direot:Lon tbrQUgh the City o! Northampton anl1 tile T-own o.r Wi,Uiamoburg to end •t
the l>Ottt.11.er.1¥ un. ot the pa:rcel. or. land CO!l.Ve;yed. by Ri.Qhard Jo~e .Smi t.h, William J.
Kirk an4 lt.inTy' W. Dorigan, TrustfJee. to William J. La$h\1&1' by deed dated Ju.ls' ':JJ/-
).96:h vllieh •outh111rl3' line iD.t.ernet11 the aenteir Jina ot said Yillllillllllbllrg Brmch
st Chaining Station '5J+S3, ;t. CON'r"-1~G .1,24. •. C ai:rH ot land, more or bas• to-
gether vitb the improv;ilnent.B of the GE'.entor thlr9C)Jl, .U BB 11hQvn CD. a 'mAP
entitled n J?lan showing la.nd. to 'be conveyGd to Maaeachua..,·Lt" Elacr.rlc C.om.pa.ny
by Pelln Central T::an~porta.tion company dated March 1 1 l97J., " to
be r"°ol'd.,cl h$rewitb. · f1b•rl\ ~!O
StmJECT •. hOll•Yel:', t.o my oecup•tion•• encroaahrnenta Ol:' eaaemente ot: record
or otberw.i.e• affecting the prelllins her~be:ror.s deecril>ed and to ~ ete.t.e ot
faQta t.b.at. an aco;urat .. 11urvo,y or peraonal. 1.nap11etion ot t.he preml.••11 IM¥ dieclOAe•
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COMPARABLE SALE DATA
Sale No. 1
Location:
Gran tor:
Grantee:
Date of Sale:
Sale Price:
Financing:
52 Upland Road, Northampton, MA
Kathryn G. Helems
John H. Zieminski
7/07/2011
$85,000 ($6.99/Sf)
Market, conventional
November 6, 2011
Page x
Previous Sale: The previous sale was a portion of larger land in 1986
Deed Reference and Type: Hampshire County Registry Book 10593 Page 250 by Quitclaim
Covenants, see plan recorded in Plan Book 222 page 114, parcel 1
Zoning: Residential, one building lot
Site Characteristics: part wooded level lot
Size/area .27 acres per deed, (12,169 square feet)
Utilities: Public water and sewer plus gas in the area and electric at the street
Topography: Level with street grade
Restrictions: None
Verified: Broker, MLS and public records
Comments: The property is located in the Leeds section of the city. This is a comer lot, that is level with
street grade with all utilities to the site. It had 75' of road frontage. It had been listed for sale at $99,900
and was on the market for 392 days.
Plan Book 222 page 114 Hampshire County:
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; AREA : AREA :
I 12,169± s.f. 12,882::1: s.f. .)~ :. r.;.w' ·' ~ ~
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Sale No. 2
Location: Lot 11 Emerson Way, Northampton, MA
Grantor: Oak Ridge Road, LLC of Hadley, MA
Grantee: Rosemund, LLD of Hadley, MA
Date of Sale: 7/21/2011
Sale Price: $95,000 ($6.54/Sf)
Financing: Market, conventional
November 6, 2011
Page xi
Previous Sale: The previous sale was an assembledge of two parcels from 2004 and 2006
Deed Reference and Type:Hampshire County Registry Book 10604 Page 288 , see plan recorded in Plan
Book 209 page 91-109 as lot 11, lots by Quitclaim Covenants
Zoning: Residential
Site Characteristics: Frontage of 80', level part wooded lot with cleared area
Size/area .33 acres per deed (14,530 square feet)
Utilities: Public water and sewer plus gas in the area and electric at the street
Topography: Level with street grade
Restrictions: Subject to Home Owners Association declaration of Covenants and Restrictions and the
HOA bylaws. Also with a CR on some common area.
Verified: Broker, MLS and public records, listed for sale for 76 days at $115,000.
Comments: The property is located in a subdivision with 58 acres of which 33 acres is to be open land.
The subdivision has a total of 55 lots. The subdivision road is privately maintained. There public water
and sewer along the frontage as well as electric service. The subject lot is .33 acres with 80' of road
frontage.
Sale 2 -Plan Book 209 page 94 lot 11 -Hampshire County:
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LOT 51
::u.S5";ef, -~ 2 !!
S!l'i"!'.1'41}'1:-.' i -,
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Sale No. 3
Address:
Gran tor:
Grantee:
Date of Sale:
Off Main Street, Greenfield, Massachusetts
Boston and Maine Corporation
Franklin Associates, Inc, of S. Hadley
11/02/2006
Sale Price: $6,000
November 6, 2011
Page xii
Source of Information: Public record, Book 5212, Page 235, by Release Deed, Franklin County Registry
of Deeds. No previous sale within three years, verification by K. Levitch, Fee simple interest.
Site: 5,699 square feet
Sale Price Per SF: $1.05 /Sf
Comments: This is a backlot parcel abutting other property of the grantee. This is in the central business
district with a pharmacy to the northeast and the subject directly north. Other nearby uses include
restaurants, retail uses, and upper floor offices. Part of the lot is paved with a driveway to the rear of the
building and parking areas. This appears to be an encroachment of valuable access acres. Behind this
further to the rear is more than have of this parcel which slopes down steeply to the railroad line. It is long
and narrow and runs along the rail line with is still active. This part of the parcel has little to no use and
thus its value is nominal. The property is shown in Plan Book 122 page 43.
"PtAHNING OCArfD EHOOR50JrnT UNDER Ttif
sueetMSION CONTROL LAW StiDOLO ~'OT SE:
CO~srRUEO 1<S EITTlER Iii" ENOOR$£"M_E:tff OR
AN APPROVAL or. ZONJrlC m:auma.)inllS"
I/ llOW UR FURWJU '" FRANK1.IN ASSOCIA1ES, INC. ~ ~ ~ 98J, PAC£. 259
~I~ ~I"
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'" FRANKllN ASSOCIATES. INC.
~ N BOOK 1193, PAGE S:2
'
SEE LAND COURT
PLAN fl:142C;!A
UOW OR :'ORMCRLY
FRANKL:.IN ASSOCIAT.fS, INC.
900IC 8$2, rAGE 7:
LE; GE ND
r:: FOUND IRCN ~
!"ION l>IN il) Bio: SE"!
0 FOUt4'.I CONCRCn: 00-.'N[
• roUtID STQN( ROL'tm
-11-~----•· f.ll\RBEIJ WtRE" rrnc~
o-~= srONf WALL
•'> UNMARKED P:rtlT p LJ!ll.HV PO!.£
@: SEWl:'.R M•\~ll-tn~r
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NOT I. BUUJ!HG LOT
TO Bf CO!JBl~W Wl!rt OTMER
l.MlO OF FIV..t1K·-m ASSOCtr.TE.5 TO l:ltOOM[
ONt t:MJIVtlrD f.>ARCtl
Land In
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Sale No. 4
Address:
Gran tor:
Grantee:
Date of Sale:
Sale Price:
~~~~~~~~~~~~~--
Behind 199 Brickyard Road, Southampton, MA
Pioneer Valley Railroad Company
Marie L. Bolduc, of Southampton
12/21/2007
$20,000
November 6, 2011
Page xiii
Source of Information: Public record, Book 9353, Page 323, Hampshire County Registry of Deeds, no
previous sale within 3 years, verification by K. Levitch, by quitclaim deed
Site: 27,300 square feet of abandoned railroad bed, being 661' in length and 41.25' in
width
Sale Price Per SF: $. 73
Comments: This is a long narrow strip set off of the road behind the single family residence at 199
Brickyard Road. There is no other access to the parcel at this point but further north and south the
corridor crosses Brickyard Road. The abutting areas are all woodland. There is little utility to the parcel
other that as assembledge to the existing homeowners parcel to the west. The deed states that the grantor
shall have the "right to operate the railroad through and on such railroad corridor." See plan Book 217
page 59 parcel "b"
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REFERENCES
November 6, 2011
Page xiv
As part of the assignment, a number of sources of information have been consulted. Market data has
been compiled from records available from the Banker and Tradesmen, County Comps service, the
Pioneer Valley MLS service, building inspectors office and property owners in the area. I have spoken
with the various town officials and offered the owner the opportunity to visit the site with myself.
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APPRAISER QUALIFICATIONS -KIM A. LEVITCH, SRA
MA Certified General Real Estate Appraiser, lie #258, Exp. 12/05/11
State of Vermont License #80-0000064, Exp. 05/31/013
Owner: K. Levitch Associates, 40 School Street, Greenfield, MA 01301
General Education: Graduate of Ohio University, Athens, Ohio, BGS, 1971
Professional Designations:
SRA -The Appraisal Institute, Chicago, Ill.
GRI -Graduate Realtors Institute, National Association of Realtors
Appraisal Education:
November 6, 2011
Page xv
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
USP AP 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
Market and Marketability Analysis, 1984
R-41B Seminar, 1986
R-41C Seminar, 1987
Introductory Commercial Real Estate, 1984
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Northampton, Massachusetts ( ·.
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Multibank National of Western Massachusetts, Northampton
Florence Savings Bank, Florence
Chicopee Co-Operative Bank, West Springfield
RECOLL Management Corporation, Hartford, Connecticut
OTHER CLIENTS
Olchowski and Olchowski, Attorneys, Greenfield
Thomas T. Merrigan, Attorney, Greenfield
Curtis, Callahan and Gates, Attorneys, Greenfield
Levy Winer, Attorneys, Greenfield
Northfield Mount Hermon School, Northfield
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
Franklin Medical Center, Greenfield
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
Cooley, Shrair, Alpert, Labovitz, & Dambrov, P.C., Springfield
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
Massachusetts Highway Department
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
November 6, 2011
Page xvii
Towns & Cities: Amherst, Athol, Ashfield, Bernardston, Buckland, Belchertown, Conway, Colrain,
Deerfield, Erving, Greenfield, Gill, Heath, Deerfield, Leverett, Montague, Momoe, Northampton,
Northfield, Orange, Pittsfield, Shelburne, Shutesbury, Sunderland, Whately, Wendell.
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Prepared by:
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RLAL ESTATE APPRAISA.w
Proper_ty: 13, 600 Sq. Ft. Permanent Easement &
20,000 Sq. Ft. Temporary Easement
Off King Street
Northampton, Massachusetts
Owner: Massachusetts Electric Co.
40 Sylvan Road, Waltham, MA 02450
Prepared for and at the request of:
Wayne Feiden, AICP
Director of Planning and Development
City of Northampton
210 Main Street, Room 11, Northampton, MA 01060
Date of the Report: September 28, 2012
Effective Date of the Appraisal: September 9, 2012
File# 12348
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser, Lie. #258
K. Levitch Associates
40 School Street, Greenfield, MA 01301
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K. (.EVITCH ASSOCIA1.J"'S
September 28, 2012
Wayne Feiden, AICP
Director of Planning and Development
City of Northampton
210 Main Street, Room 11
Northampton, MA 01060
Dear Mr. Feiden:
Real Estate Appraisers
At your request I have inspected and appraised two proposed easements. Both are located off King
Street. The first is for a 13,600 square foot permanent easement and the second is a five year work
easement around the permanent easement that is to be 20,000 square feet. Both are shown on the
assessors Map 24 D lot 330 which extends to Map 3 lB and 32A. The deed for the property is Book 1605
Page 375 at the Hampshire County Registry. A copy of a plan showing the easement layout with further
identification and description is included in the following report.
This is a summary 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 (USP AP), 2012-2013 edition, by the Appraisal Foundation.
The purpose and intended use of the appraisal is to provide an opinion of the subject market value for
consideration of a just compensation for the taking of the easement. The appraisal may be reviewed by
various city officials in this regard to this as well as by the property owners.
The report is 46 pages including this letter of transmittal. 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 September 9,
2012, to be:
Permanent easement -13,600 square feet:
Five year work easement -20,000 square feet:
$43,000 ($3.18/Sf)
$26,000
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,ftruly yours, _ O . t\
il-y-(:.... h,~
l
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser, Lie. #258
P. 0. Box 1553 • 40 School Street
Greenfield, MA 01302
( 413) 774-2959
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TABLE OF CONTENTS
Part I -Introduction
LETTER OF TRANSMITTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
CERTIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
CONTINGENT AND LIMITING CONDITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PHOTOGRAPHS OF THE SUBJECT PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
PART II -Factual Data
PURPOSE OF APPRAISAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
IDENTIFICATION OF THE PROPERTY AND FIVE YEAR SALES HISTORY ........... 7
AREA, CITY AND NEIGHBORHOOD DATA ...................................... 9
PART III-Property data
SITE ....................................................................... 10
ASSESSED VALUE AND ANNUAL TAX LOAD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
MARKET ANALYSIS ........................................................ 13
ZONING ................................................................... 14
PART IV -Analysis and Conclusion
THE VALUATION PROCESS .................................................. 15
HIGHEST AND BEST USE . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 16
INCOME APPROACH -COST OF DEVELOPMENT . . . . . .. .. . . . . . . . . . . . . . . .. . . . . . . 16
SALES COMPARISON APPROACH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
FINAL RECONCILIATION AND VALUE CONCLUSION ................................. 19
ADDENDA
LOCATION MAP -STATE . . . . . . . .. . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
PROJECT MAP SHOWING SUBJECT ............................................ iii
ZONING MAP ................................................................ iv
COMP ARABLE SALES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v
REFERENCES ............................................................... ix
APPRAISER QUALIFICATIONS ................................................ x
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Off King Street,
Northampton, Massachusetts
CERTIFICATION
I certify that, to the best of my knowledge and belief:
-The statements of fact contained in this report are true and correct.
September 28, 2012
Page5
-The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions.
-I have no present or prospective interest in the property that is the subject of this report and no
personal interest or bias with respect to the parties involved.
-I have performed services, as an appraiser regarding the property that is the subject of this report
within the three-year period immediately preceding acceptance of this assignment and have informed
the client prior to accepting this assignment.
-I have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
-My engagement in this assignment was not contingent upon developing or reporting predetermined
results.
-My compensation for completing this assignment is 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.
-My analyses, opinions and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice.
-I have made a personal inspection of the property that is the subject of this report of the full property
on September 9, 2012.
-No one provided significant real property appraisal assistance to the person signing this certification.
-The reported analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of
the Appraisal Institute.
-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.
Kim A. Levitch, SRA
MA Certified General Real Estate Appraiser, Lie. #258
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CONTINGENT AND LIMITING CONDITIONS
(/ --September 28, 2012
Page 6
The certification of the appraiser appearing in the appraisal report is subject to the following conditions
and to such 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 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.
10. The final opinion of value reached in this appraisal is based on the assumption that the subject
property conforms to all regulations under Massachusetts Statute C.21 E, the Massachusetts Oil and
Hazardous Material Release Prevention and Response Act. Determination of this conformance, based on
a qualified environmental report, was not provided to the appraiser.
11. 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.
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Northampton, Massachusetts
PURPOSE, SCOPE AND INTENDED USE OF THE APPRAISAL
September 28, 2012
Page 7
The purpose of the appraisal is to estimate the market value of the property, for the potential purchase of
the property to aid in the operation and extension of the existing bike path.
INTENDED USER(S): City of Northampton, Department of Planning, review by other city public
officials and the property owner.
The valuation is to include all the relevant appraisal methods. At the request of the client, this is an
appraisal and report in compliance with the Uniform Standards of Professional Appraisal Practice,
USP AP, 2012-2013 Edition, by the Appraisal Foundation.
A variety of sources have been consulted to obtain market data. Internal files and records of sales in my
office have been utilized as well as records from County Comp Service, Banker and Tradesman, and the
Multiple Listing Service, records from the Northampton Assessor's Office, and the Hampshire County
Registry of Deeds have been consulted. Sales data and information that are used in the valuation sections
of the report have been independently confirmed using a variety of sources. These include the Multiple
Listing Service and a number of real estate brokers.
SCOPE OF WORK: The development of this appraisal report includes: a visual inspection of the
accessible areas of the subject parcel, a review of the online version of the assessor's field cards, a review
of the deed, the proposed easement, review of the zoning regulations, consideration of highest and best
use, research of Multiple Listing Service sales and listings for the subject area over the past three to four
years from the effective date of the appraisal, verification and analysis of data, reconciliation of this data
and presentation o my findings in a summary appraisal report in compliance with the USP AP standards.
DEFINITION OF VALUE: "Market Value is defined as the highest price, in terms of money, which a
property will bring if exposed for sale in a normal market, allowing a reasonable time to find a purchaser,
who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used,
with neither party under compulsion to buy or sell."
HYPOTHETICAL CONDITIONS: None
Per USPAP 2012-2013 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."
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, 2012-2013 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."
IDENTIFICATION OF THE PROPERTY, SALES IDSTORY
The easement area is part of the property that was conveyed from Trustees of Property of Penn Central
Transportation Company, to Massachusetts Electric Company, on September 7, 1971 for a consideration
of$191,000 as recorded in Book 1605 page 375 at the Hampshire Registry of Deeds. The two parcels.are
part of the property as shown in Plan Book 79 Page 16. A copy of the plan is included in the report
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Off King Street,
Northampton, Massachusetts
September 28, 2012
Page 8
addenda. This is part of the full property which is listed as 124.0 acres shown in Plan Book 79 Pages 10-
27. A copy of the deed, property plan and easement plan are included in the report addenda.
PROPOSED EASEMENTS: The client notes that "they will give the city the right to build, maintain,
repair, and replace a rail trail and the public a non-exclusive right to use the trail. The easement will be
i -. clear that nothing in the easement prevents National Grid/Mass Electric from using the rail trail or
1 maintaining, repairing, or replacing its lines overhead."
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AREA, CITY AND NEIGHBORHOOD DATA
September 28, 2012
Page 9
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 152,251up3.88% 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 count.
Hampshire County Population Change
U.S. Census 1970 123,981
U.S. Census 1980 138,813 +12.0%
U.S. Census 1990 146,568 +5.6%
U.S. Census 2000 152,251 +3.88%
U.S. Census 2010 158,080 +3.83%
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. Route 9 connects Williamsburg to Northampton
which is just to the south. Route 9 is the main highway passing though town.
Northampton's population has not risen or fallen more than 10% in the last 37 years and in fact has
dropped by 1.48% between 2000 and 2010. 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 2010 28,549 -1.48%
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.
PROPERTY DESCRIPTION -13,600 square foot permanent easement off of King Street, and 20,000
square foot five year work easement on abutting land
SUBJECT EASEMENT
A draft of the proposed easement has been provided to me for review by the client. This easement closely
matches the other easement for nearby parts of the bike path. The easement is for surface rights to run in
perpetuity. It is designed to not affect or impact the existing overhead power lines, or any maintenance of
those lines. The client has provided a plan of the easement which is shown on a copy of the general plan
of the area in a 30% submittal, titled "not for construction." The plan is of the Knowledge Corridor
Pedestrian Underpass contact No. Z90PS03 task 5. The plan is dated 3/14/2012. A copy is included in
the report addenda.
The client notes that "it will give the city the right to build, maintain, repair, and replace a rail trail and
the public a non-exclusive right to use the trail. The easement is clear that nothing in the easement
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September 28, 2012
Page 11
PHOTOGRAPHS OF THE SUBJECT PROPERTY -Taken 9/09/12 by Kim A. Levitch
1. South section of the site. 2. View from the east looking westerly.
3. Street view on Woodmont Rd. looking south. 4. View from the tracks looking east to access area.
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September 28, 2012
Page 12
PHOTOGRAPHS OF THE SUBJECT PROPERTY -Taken 9/09/12 by Kim A. Levitch
5. Proposed easement looking north. 6. Proposed easement looking further north.
7. Work area 8. Existing trail just south of the new area.
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ASSESSED VALUE AND ANNUAL TAX LOAD
The subject parcel is not assessed separately by the city.
ZONING
September 28, 2012
Page 13
The zoning by laws have been amended to June 2, 2008. The subject is in the HB -Highway Business.
A wide range of uses are permitted in this zone including drive-though establishments, including
restaurants, adult establishments, commercial recreation use, commercial or public parking facility,
manufacturing, motor freight terminal and warehousing associated with adjacent commercial and
industrial uses, automotive repair, indoor junk cars, private utility, substation or similar facility, storage of
fluid other than water, access to parking over residential lot, and reuse of historic education or religious
building. The following is a summary of dimensional requirements:
Minimum lot size:
Minimum lot frontage:
Set backs side/front/rear:
Minimum Open Space:
Maximum height:
Parking:
0 square feet per unit
O'
O' 10'/0'
30%
65'
0
There are landscaping and design standards as noted in section 350 attachment 1.3 in this zone.
In general the HB zone allows a wide range of commercial and some industrial uses. These uses are seen
abutting and nearby the subject and included fast food, restaurant, commercial-retail sales, gas stations
and automotive sales as well as a mix of industrial uses including warehousing and manufacturing. Lot
sizes vary greatly depending upon use but some are less than half an acre while others are larger than five
acres.
REAL ESTATE MARKET CONDITIONS AND MARKET ANALYSIS
Population has declined slightly in the city. At the same time marketing times are up. 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.
As part of my market research I have compiled statistics for Northampton. The Northampton figures are
relevant because they show the trends in the market. These are then the city is a center of influence for
the town. Secondly with many more sales and data it is easier to identify market trends.
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:
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The following is a list of permits for new single housing in Northampton.
Year Permits Year Permits
2010 21 2002 25
2009 7 2001 16
2008 19 2000 21
2007 22 1999 64
2006 22 1998 33
2005 8 1997 45
2004 47 1996 53
2003 47
September 28, 2012
Page 15
Most of these numbers are kept on a fiscal year basis. The most recent permit levels for 2011 were not
available. Permit levels peaked in 2003 and 2004 in Northampton.
MARKET CONCLUSIONS:
• Downward trend in sales in all real estate market segments
• Increasing marketing times in all market segments
• Growing supply of unlisted discretionary sellers
• General over supply in the market
THE VALUATION PROCESS 1
"The valuation process is a systematic procedure an appraiser follows to provide answers to a clients's
questions about real property value."
There are eight steps in the valuation process. They are the definition 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
1 The Appraisal of Real Estate, 12th edition, Appraisal Institute, Chicago, Ill, page 49.
Off King Street,
Northampton, Massachusetts
September 28, 2012
Page 17
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.
Cost of development is not appropriate for valuation of a small part of the total property or for property
where there is no income generated such as by the sale of building lots. For the subject easements this is
r not an appropriate valuation method.
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THE COST APPROACH
The cost approach is not appropriate for vacant land parcels, since there are no costs to estimate, and is
not used in this appraisal.
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
• 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.
I have focused on sales, like the subject, that are roughly of the same size and use as adjoining land. If the
corridor were not in place this land would have been sold or assembled by the abutting property owners.
At one time in fact this land was part of those adjoining properties. Also since the corridor has a value
for the utility use and extension of the bike trail, there is no other feasible market for the land. The bike
trail is a public use that does not have a market value without consideration of highest and best use. As
such I have considered sales based on the Across-the-fence Approach.
The sales set I have developed "bracket" the subject for a number of factors. All are commercial or
industrial sales of sizes that "bracket" the subject. The following is a summary and comparison of the
sales:
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September 28, 2012
Page 18
Sale 1 is along a high value highway commercial corridor. Sale 2 is just north of the subject several
hundred yards. Sale 3 is also along a commercial corridor but in the city of Greenfield just north of the
subject. Sale 4 is another highway commercial sale in Northampton.
Direct Comparison of Market Data
Subject Sale 1 Sale 2 Sale 3 Sale 4
Russell St. Hadley King St., NHamp Newton St.,Greenfield Atwood Dr., NHamp
Sale Price n/a $380,000 $1,900,000 $620,000 $1,350,000
Sale Date As of 9/28/12 12/15/2011 5/18/2012 10/19/2011 11/22/2011
Land Area 13,600 Sf 1.317 Ac 5.54Ac 5.61 Ac 15.115Ac
Sale Price /SF 20,000 Sf $6.62/Sf $7.87 I Sf $2.54 /Sf $2.05 /Sf
Location Business Similar Similar Inferior +20% Inferior +20%
(comparison)
Lot/ Charact. Level Superior -20% Superior -20% Slopes I + 10% Some CR areas
+20% (useable)
Est. Net Adjust. n/a -20% -20% 30% 40%
Indicated ---$5.30/Sf $6.30/Sf $3.30/Sf $2.87/Sf
Value
EXPLANATION OF ADJUSTMENTS
Sales 2 and 3 include the after sales demolition costs in the stated purchase price. Sale 2 had a recorded
price of $1,800,000 and sale 3 was $570,000.
Comparable Land Sale 1 is located to the northeast of the subject on a stretch of road between
Northampton and I-91 and Amherst with heavy traffic. The properties that at one time had been
residential or farm are now being converted into commercial uses as a result of the much higher prices.
Comparable Land Sale 2 is located about a quarter mile to the north of the subject. The area is mixed
use with the Northampton Industrial Park just to the rear of this property with access on two sides. The
property did have a manufacturing facility on site but the sale was for the land so the buildings were to be
demolished.
Comparable Land Sale 3 is of a former lumber store and supply business on several acres of land. The
business was not doing well and was eventually sold to the Tractor Supply farm supply business. Existing
buildings were demolished. The rear of the site abutted a railroad line although at this point in time it had
no impact on the value.
Comparable Land Sale 4 is an assembledge that included three parcels. The property is to be developed
into two medical office buildings. It is a highway business location with the or similar potential as the
subject.
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RECONCILIATION
September 28, 2012
Page 20
The sales comparison approach is based on my highest and best use conclusion which is for the subject in
as at-the-fence value. As such I have considered the subject in the HB business zone as a commercial
property with value as reflected in the four sales. All the sales are for commercial development that
would be permitted for the subject if it were part of abutting property.
The valuation has been conducted using the sales comparison approach. I have searched for land sales
within the market area that share a similar highest and best use. One sale is within a quarter mile north of
the subject. Another is also located in Northampton and two are also highway commercial uses within
the area. I have made estimates for adjustments based on location and other factors. The final number
used is further adjusted for the difference in ownership or estate between these fee simple sales and the
subject as an easement.
The cost of development approach has not been utilized.
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 September 9, 2012, to be: $43,000, (permanent easement of 13,600
square feet), and $26,000 (for the 20,000 square feet temporary work easement).
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ADDENDA
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LOCATION MAP· STATE
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Page ii
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Northampton, Massachusetts
ZONING MAP
September 28, 2012
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COMPARABLE SALE DATA
Sale No. 1
Location: 155 Russell Street, Hadley, MA
September 28, 2012
Page v
Grantor:
Grantee:
Vertical Assets, LLC of MA address of 299 Barbaer Ave, Worcester, MA
DL W Realty LLC of MA -address of 552 Old West Brookfield Road,
Warren, MA
Date of Sale:
Sale Price:
Financing:
Previous Sale:
12/15111
$380,000 ($6.62/Sf)
Market, conventional
The previous sale was on 7/28/2010 for $725,000 but included a second lot
of 3.003 acres in total for a sale price of $4.92/Sf
Deed Reference and Type: Hampshire County Registry Book 10750 Page 281 by Quitclaim
Covenants, see plan recorded in Plan Book page , parcel
Zoning: Village Center Overlay District
Site Characteristics: level open lot
Size/area 1.317 acres per deed with 290. 75' of road frontage
Utilities: Public water and sewer plus gas in the area and electric at the street
Topography: Level with street grade
Restrictions: None
Verified: MLS and public records
Comments: The property is located in the along a commercial strip connecting 1-91 and Northampton to
Amherst. This is a very busy highway with a mix of uses. This is a level rectangular shaped open lot that
is ready to develop. There is public water and sewer to the site. The property had most recently been
listed at $389,000 but originally it was offered at $449,000 and had been on the market for 501 days.
Plan Book 223 page 71 (Parcel 2) Hampshire County:
__________ ,, ________ _
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Sale No. 2
Location:
Grantor:
Grantee:
Date of Sale:
Sale Price:
Financing:
Previous Sale:
Deed Reference and Type:
Zoning:
Site Characteristics:
Size/area
347 King Street, Northampton, MA
Kollmorgen Corporation
Consenzi Automotive Realty
5/18/2012
$1,800,000 ($7.46/Sf)
$1,900,000 ($7.87/Sf) with demo
Market, conventional
The previous sale was
September 28, 2012
Page vi
Hampshire County Registry Book 10910 Page 72, the prior sale was more
than three years ago
Highway Business District
level open lot, at the time of sale includes a two story industrial building
that was to be demolished for the buyers use. The building was 95,000
square feet being a cir: 1960 structure.
5.54 acres per deed (it had been listed for sale at 5.12 acres) It is listed as
having a frontage of 576' and a depth of 450'.
Utilities: Public water and sewer plus gas in the area and electric at the street
Topography: Level with street grade
Restrictions: None
Verified: MLS and public records, deed
Comments: The property is located in the in a commercial or mixed commercial industrial section of
King Street. Traffic is high. The property had been listed for sale at $4,000,000 on 12/28/2010. The
buyer runs several auto dealerships and this property was intended for that use. At the time of sale demo
costs were estimated at $100,000 to $150,000. It had been on the market for 405 days prior to the
agreement for sale.
Northampton Assessors Map 18D lot 51 Hampshire County:
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Sale No. 3
Location:
Gran tor:
Grantee:
Date of Sale:
Sale Price:
Financing:
Previous Sale:
Deed Reference and Type:
Zoning:
Site Characteristics:
66-86 Newton Street, Greenfield, MA
FHS Holdings LLC
Sphere STP LLC
10/09/2011
September 28, 2012
Page vii
$570,000 plus after purchase cost of $50,000 ($620,000 total) ($2.54/Sf)
Market, conventional
The previous sale was from Rugg Manufacturing Company to FHS
Holdings, LLC for $684,000 on 10/15/2008.
Franklin County Registry Book 5927 Page 88 by Quitclaim Covenants,
GC -general commercial
slightly gentile slope up off the road frontage, comer lot total size of 5. 54
acres
Size/area 5.61 acres
Utilities: Public water and sewer plus gas in the area and electric at the street
Topography: Level with street grade
Restrictions: None
Verified: Public records and grantor
Comments: The property is located in the just off the Mohawk Trail, Rt 2, but is visible from the junction
of Newton Street and Rt 2, at some points. The property had been the Rugg Lumber Company for many
years. The purchase was for the lot so building were demolished and the site was leveled for the new
building. The old retail store, the three lumber storage buildings and four open materials sheds were
removed from the site.
Greenfield Assessors Map 35 lot lB
3 ~
66'
8,712 SF
11A
5.54A.
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Sale No. 4
September 28, 2012
Page viii
Location: Atwood Drive and Mt. Tom Road (Rt. 5), Northampton, MA
Grantor: Atwood Drive LLC
Grantee: Oxbox Professional Park LLC
Date of Sale: 11/22/2011
Sale Price: $1,350,000 ($2.05/Sf)
Financing: Market, conventional
Previous Sale: The previous sale was more than three years ago.
Deed Reference and Type: Hampshire County Registry Book 10726 Page 205
Zoning: General Business
Site Characteristics: level open lot
Size/area 15.115 acres in three lots
Utilities: Public water and sewer plus gas in the area and electric at the street
Topography: Level with street grade
Restrictions: Several easement and a conservation restriction on part of the property
Verified: Public records, deeds
Comments: The property is being developed into a 33,000 square foot medial and professional office
building which is being pre leased according to published reports in the Republican newspaper and
records at the planning office. At the time of sale the lot was open, cleared and ready for development.
But the past owners did assemble it from several parcels. The property is comprised of there parcels being
3.618 acres, 3.478 acres and 8.019 acres. There is just over 314' frontage on Mt. Tom Road (rt.5) and just
over 930' on Atwood drive. Atwood Drive ends at a cul de sac and it provides access to a cell towner area
that is under lease. Atwood Drive ends just east ofl-91 by a little over 200'. There is a drainage easement
off the west down to the highway, and the Manhan Road, a.k.a. Meadows Road (status unknown).
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REFERENCES
September 28, 2012
Page ix
As part of the assignment, a number of sources of information have been consulted. Market data has
been compiled from records available from the Banker and Tradesmen, County Comps service, the
Pioneer Valley MLS service, building inspectors office and property owners in the area. I have spoken
with the various town officials and offered the owner the opportunity to visit the site with myself.
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QUALIFICATIONS -KIM A. LEVITCH, SRA
MA Certified General Real Estate Appraiser, Lie #258, Exp. 12/05/13
State of Vermont License #80-0000064, Exp. 05/31/013
Realtor -National and Massachusetts Associations
Owner: K. Levitch Associates, 40 School Street, Greenfield, MA 01301
General Education: Graduate of Ohio University, Athens, Ohio, BGS, 1971
Professional Designations:
SRA -The Appraisal Institute, Chicago, Ill.
GRI -Graduate Realtors Institute, National Association of Realtors
Education: General -Ohio University, Athens, Ohio -BGS 1972
September 28, 2012
Page x
Real Estate: Completed course work for the SRA designation which was awarded in 2008
Completed advanced commercial course work from the Appraisal Institute including but not limited to
the following since 2000:
National USPAP Update Course, Appraisal Institute, 2012
The Discounted Cash Flow Mode: Concepts, Issues, and Apps., Appraisal Institute, 2011
Introduction of Valuing Commercial Green Buildings, Appraisal Institute, 2011
Analyzing Tenant Credit Risk and Commercial Lease Analysis, Appraisal Institute, 2011
Real Estate Appraisal and Right of Way, Appraisal Institute, 2010
General Appraiser Income Approach, Part II, Appraisal Institute, 2010
Advanced Sales Comparison & Cost Approaches, Appraisal Institute, 2008
Advanced Residential Applications & Case Studies, Pt 1and2, 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
Real Estate Experience: 1979 -Present K. Levitch Associates
Assignments includes a range from residential to commercial, industrial, land and a variety of special
use properties. Clients include lending institutions, property owners, and attorneys. Appraisals have
been completed for a number of cities and towns, state and federal agencies including MA Highway,
DCAM, the FAA, The Department of Agricultural Resources, Division of Fisheries and Wildlife.
Differing ownerships have been considered including fee simple, leased fee, leasehold estates, life
estates, agricultural preservation restrictions, conservation restrictions, and utility easements as well as
other partial interests, and low income housing projects subject to rent restrictions.
Instructor Greenfield Community College: -Real estate courses from 1985 to1989
Professional Associations and Affiliations
Franklin County Chamber of Commerce, Board of Directors 1996-present
Shelburne Housing Authority, Chairman of the Board, member -2000-present
Franklin Council of Governments Brownfields Advisory Committee 2004-present
Qualified Witness:
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Superior Court, Hampshire-Franklin Counties MA Appellate Tax Court
Federal Bankruptcy Court, Worcester, MA Federal District Court, Boston, MA
Family and Probate Court, Franklin, Worcester Counties
September 28, 2012
Page xi
Northfield Mount Hermon School, Northfield 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, Shelburne, MA Mt. Grace Land Conservation Trust, Athol, MA
Rattlesnake Gutter Land Trust, Leverett, MA YMCA, Greenfield, MA
Government Agencies:
US Fish and Wildlife Service, Regional Office
Franklin County Regional Housing Authority, Greenfield, MA
Franklin County Development Corporation, Greenfield, MA
Massachusetts Land Bank
Massachusetts Highway Department
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