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O'Connor Appraisal Sarafin 7-12-21 Real Estate Appraisals - Consultation - Market Analysis July 12, 2021 Ms. Kristin DeBoer Executive Director Kestrel Land Trust P.O. Box 1016 Amherst, MA 01004 RE: Sarafin Property – Chesterfield Road – Northampton and Westhampton, MA File No. 6538 Dear Ms. DeBoer: In accordance with our agreement, I have conducted an appraisal of the above captioned property owned by Joan C. Sarafin located on the north side of Chesterfield Road in Northampton and Westhampton, MA. It is comprised of several parcels identified in the Northampton and Westhampton municipal records as follows: The appraised parcel contains 221 acres +/- according to municipal records which excludes a small parcel along Chesterfield Road including an older barn which will be transferred to an abutter. The purpose of this appraisal is to provide an opinion of market value for the property as of June 30, 2021. The client for whom the appraisal was prepared is Kestrel Land Trust who is also the intended user. The interest appraised includes all rights, title, and interest in and on the property held by the owner as encumbered in the outstanding deeds and as noted herein. It is considered equivalent to the fee simple interest. The property was inspected in detail on June 28, 2021 in the company of Mr. David Murphy of The Murphys Realtors in Northampton, MA representing the owner and again on June 30, 2021. Town Assessors Map Reference Land Area Northampton Map 14‐2‐1    4.57 Ac Map 14‐1‐7  12.04 Ac Map 14‐1‐8  26.02 Ac Westhampton Map 12‐18 179.62 Ac Total 221.63 Ac 48 Franklin Street ◊ P.O. Box 1211 ◊ Westfield, MA 01086-1211 ◊ Telephone (413) 562-5096 O'Connor Real Estate Associates, Inc. O'CONNOR REAL ESTATE ASSOCIATES, INC. Ms. Kristin DeBoer -2- July 12, 2021 It is understood that this letter is intended to be used by the client as the basis for possible acquisition of the property and is not intended for any other use. This letter constitutes an appraisal report and has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). Summary of Facts and Conclusions Appraisal Prepared For (Client) Kestrel Land Trust Intended User Kestrel Land Trust Property Location N/S Chesterfield Road Northampton and Westhampton, MA Land Area 221 Acres +/- Name and Address of Owner Joan C. Sarafin 50 Village Hill, Apt #307 Northampton, MA 01060 Appraisal Prepared By Robert J. O’Connor, MAI O’Connor Real Estate Associates, Inc. 48 Franklin Street P.O. Box 1211 Westfield, MA 01086 Interest Appraised All rights, title and interest held by the owner which is considered equivalent to the fee simple interest Highest and Best Use Continued residential use of existing dwelling and residential development of remaining land into home sites utilizing existing road frontage Date of Report July 12, 2021 Effective Date of Appraisal June 30, 2021 Hypothetical Conditions None Extraordinary Assumptions No evidence of any soil contamination or hazardous waste materials was noted at the time of inspection. However, the appraiser is not qualified to make that O'CONNOR REAL ESTATE ASSOCIATES, INC. Ms. Kristin DeBoer -3- July 12, 2021 termination and if such contamination is found to exist, the value estimates contained herein are subject to change Purpose and Intended Use of the Appraisal The purpose of this appraisal is to provide an opinion of market value 1 for the property as of June 30, 2021. This definition assumes a reasonable exposure time in the open market. Reasonable exposure time is defined as "the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal".2 Reasonable exposure time is estimated at approximately 1-3 months. Intended User(s) Kestrel Land Trust Intended Use It is understood that this letter is intended to be used by Kestrel Land Trust as the basis for possible acquisition of the property. It is not intended for any other use. Scope of Work The scope of work related to this project included the following: • A detailed field inspection of the subject parcels was conducted on June 28, 2021 in the company of Mr. David Murphy representing the owner and again on June 30, 2021. Items noted during the inspection included access, vegetation, topography, land use, and apparent wetland areas. • Research was undertaken at the Northampton and Westhampton municipal offices regarding the assessment in effect, legal reference for the property, and real estate transfers occurring during the past several years. • A field visit was made at various dates in 2021 to each of the comparable sale properties utilized herein. Copies of deeds for all of these sale properties were obtained, and mapping was assembled using Assessor’s maps, recorded survey plans, and USGS topographical maps. The terms of the sales cited in the report were verified with at least one party directly involved in the transaction. 1 The Appraisal of Real Estate, 15th Edition, Page 48 2 USPAP 2020-2021 Edition, The Appraisal Foundation, Page 4 O'CONNOR REAL ESTATE ASSOCIATES, INC. Ms. Kristin DeBoer -4- July 12, 2021 • In estimating the highest and best use of the property an analysis was made of data complied including information regarding soils obtained from the Natural Resources Conservation Service as well as zoning regulations, environmental constraints, and market factors • The value of the property is estimated based upon a comparison with sales of similar properties which were analyzed using the Sales Comparison Approach. The Income and Cost Approaches are not considered usable since the parcels are vacant. Identification of Property Property Owner Joan C. Sarafin Property Location N/S Chesterfield Road Northampton and Westhampton, MA Deed Reference(s) Book 2568, Page 132 Book 2910, Page 99 Zoning – Northampton Rural Residence and Water Supply Protection overlay district Zoning – Westhampton Agricultural-Residential District Highest and Best Use Continued residential use of existing dwelling and residential development of remaining land into home sites utilizing existing road frontage Valuation Analysis In estimating the value of the property, the Sales Comparison Approach has been utilized. Sales of comparable dwellings, and home sites have been analyzed in estimating the value of the 4.5 acre +/- portion of the property in Northampton containing the existing dwelling. Sales of acreage home sites have been analyzed in estimating the value of the remaining land, the highest and best use of which is concluded to be for use as a single acreage home site. The comparable sale properties are located mainly in Northampton and Westhampton with a few of them in abutting towns. After considering these sales, along with the O'CONNOR REAL ESTATE ASSOCIATES, INC. Ms. Kristin DeBoer -5- July 12, 2021 information previously noted, value estimates for the property have been developed and are summarized as follows: Dwelling and 4.1 Acres +/-, Northampton $525,000 (Excludes .5 Ac+/- with barn) Remaining Land - 217 Ac +/- $390,000 Total $915,000 Certification I certify that, to the best of my knowledge and belief: - the statements of fact contained in this report are true and correct. - the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and 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 with respect to the parties involved. - I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three year period immediately preceding the agreement to perform 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 estimate, 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. - 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 representatives. - as of the date of this report I have completed the continuing education program for Designated members of the Appraisal Institute. O'CONNOR REAL ESTATE ASSOCIATES, INC. Ms. Kristin DeBoer -6- July 12, 2021 - this appraisal was not based on a requested minimum valuation or the approval of a loan. - I am competent and qualified to undertake this appraisal assignment as a result of previous experience in similar assignments, specialized training and examination, professional recognition of this training and experience, and research conducted in preparation for addressing issues inherent in this assignment. O’CONNOR REAL ESTATE ASSOCIATES, INC. Date____________________ __________________________________________ Robert J. O’Connor, MAI Massachusetts License No. 333 Certified General Real Estate Appraiser 7/12/2021 QUALIFICATIONS OF APPRAISER PERSONAL RESUME AND QUALIFICATIONS Robert J. O'Connor, MAI President O'Connor Real Estate Associates, Inc. 48 Franklin Street, P.O. Box 1211 Westfield, MA 01086 Certified General Real Estate Appraiser Commonwealth of Massachusetts-License No. 333 EDUCATION: General - Westfield State College, B.S., Business Administration/Economics - 1981-1983 Holyoke Community College, Business Administration - 1979-1981 Real Estate - Successfully completed the following appraisal courses and passed examination administered by the Society of Real Estate Appraisers/Appraisal Institute Course 202 - Applied Income Property Valuation - 1986 Course 201 - Principles of Income Property Appraising - 1986 Course 102 - Applied Residential Property Valuation - 1988 Course 101 - Introduction to Appraising Real Property - 1986 USPAP - Part A and Part B - 1992; Part C - 2002 REAL ESTATE EXPERIENCE: Employed as full-time staff real estate appraiser at O'Connor Real Estate Associates, Inc. from 1983- 1990, as Vice President from 1991-1998, and as President since 1999. Responsibilities include preparation of fully-documented narrative appraisal reports and review appraisal reports, as well as consulting assignments over a wide geographical area. Typical clients served include individuals, attorneys, corporations, lending institutions, and municipalities, as well as state and federal government agencies including the Department of Conservation and Recreation, Department of Agricultural Resources, Division of Fisheries, Wildlife, and Environmental Law Enforcement, Division of Capital Asset Management, Metropolitan District Commission, Department of Revenue, and the U.S. Department of the Interior, U.S. Division of Fisheries, and Wildlife, and U.S. Department of Agriculture Ownership interests appraised include fee simple, leased fee and leasehold estates, life estates, condominiums, and partial interests including conservation restrictions, agricultural preservation restrictions, avigation, scenic, and protective easements, right-of-way easements, and utility easements. Conducted numerous Baseline Monitoring Reports for several state agencies covering properties encumbered by Conservation Restrictions and Agricultural Preservation Restrictions QUALIFIED WITNESS: Superior Court, Hampden County, Commonwealth of Massachusetts Superior Court, Berkshire County, Commonwealth of Massachusetts Superior Court, Hampshire County, Commonwealth of Massachusetts PROFESSIONAL MEMBERSHIPS: Appraisal Institute - Massachusetts Chapter MAI Designation - Member No. 10083 OFFICES HELD: 1987-1990 Chairman, By-Laws Committee Society of Real Estate Appraisers - Western Massachusetts Chapter #104 1988-1990 Board of Directors Society of Real Estate Appraisers - Western Massachusetts Chapter #104 1991-1993 Board of Directors Appraisal Institute - Western Massachusetts Chapter 1994-2000 Treasurer Appraisal Institute - Western Massachusetts Chapter APPRAISAL SEMINARS: American Society of Appraisers Uniform Standards of Professional Practice - 1991 Appraisal Institute Annual Conference - Seattle, WA – 1991 Fair Value/What is it and How to Estimate it Subdivision Analysis Feasibility and Highest and Best Use Real Estate Law For Real Estate Appraisers Landfills and Their Effect Upon Value Annual Conference - Boston, MA – 1992 Economic Forecast: Insights into National and Regional Markets Appraising Conventional Properties Annual Conference - Reno, NV - 1993 Discounted Cash Flow Analysis Whitmer Seminars The Comprehensive Appraisal Workshop - 1993 Appraisal Institute Understanding Limited Appraisals and Reporting Options-General-1994 Massachusetts Department of Food and Agriculture Narrative Appraisal Report Requirements and Farm Land Valuation Methodology-1994 Massachusetts Continuing Legal Education, Inc. Eminent Domain and Land Valuation Litigation-1994 Appraisal Institute Title 5 Seminar-1995 Massachusetts Board of Real Estate Appraisers Commercial Review Appraising Seminar-1996 Massachusetts Land Trust Conference-1996 Tax Advantages of Conservation Giving Conservation Restriction Monitoring and Enforcement Massachusetts Board of Real Estate Appraisers Attacking and Defending an Appraisal in Litigation-1997 Massachusetts Continuing Legal Education, Inc. Eminent Domain in Massachusetts-1998 Massachusetts Board of Real Estate Appraisers Appraisers Use of the Internet - 1998 Massachusetts Board of Real Estate Appraisers Appraising Complex Residential Properties - 1999 New England Appraisers Expo - 1999 Real Estate Valuation for the Millennium Untapped Appraisal Resources: Real Estate and the Internet Valuation 2000 Annual Conference-2000 The Effect of Wetlands and Other Factors on Rural Land Values Determination of Value - What is Fair? New England Appraisers Expo - 2000 Technology and Valuation Valuation Trends and Issues in Residential Real Estate Appraisal Institute Case Studies in Highest and Best Use Commercial–2000 Appraisal Institute Partial Interest Valuation - Divided - 2001 Appraisal Institute Course 11430 - Standards of Professional Practice - 2002 Appraisal Institute Land Value-Focusing on Open Space and Conservation - 2003 Reviewing the Reviewer - 2003 The Lincoln Institute of Land Policy Protecting Land With Conservation Easements - 2003 Appraisal Institute Uniform Appraisal Standards For Federal Land Acquisition - 2004 Massachusetts Board of Real Estate Appraisers USPAP Update Seminar - 2004 Appraisal Institute National USPAP Update Course - 2005 Vermont Housing and Conservation Board Appraisals for NRCS Program - 2006 American Society of Farm Managers & Rural Appraisers Appraisal Review Under USPAP (Course A-370) - 2007 Appraisal Review Under Uniform Appraisal Standards for Federal Land Acquisitions (Course A-380) - 2007 Appraisal Institute National USPAP Update Course - 2008 Business Practices and Ethics - 2008 Appraisal Institute National USPAP Update Course – 2009 Appraisal Institute Valuation for Financial Reporting – 2009 Appraisal Institute Data Verification Methods – 2011 Appraisal Institute Business Practices and Ethics - 2011 Appraisal Institute National USPAP Update Course – 2012 Appraisal Institute Federal Agencies and Appraisal Program Updates – 2012 Appraisal Institute National USPAP (2014-2015) Update Course – 2013 Appraisal Institute Introduction to Green Buildings: Principles & Concepts – 2013 Appraisal Institute Appraisal Curriculum Overview – General – 2013 Appraisal Institute Valuation of Conservation Easements-Professional Development Program – 2015 National USPAP update Seminar – 2016-2017 Appraisal Institute Business Practices and Ethics – 2017 Appraisal Institute Uniform Appraisal Standards for Federal Land Acquisitions – 2017 Appraisal Institute Appraisal USPAP Update Course – 2017-2018 Appraisal Institute Eminent Domain and Condemnation Appraisal Practice in Massachusetts – 2018 Appraisal Institute Raise Your Appraiser IQ – 2019 Appraisal Institute Appraisal USPAP Update Course – 2020-2021