07-24-17 Regular Meeting of the La Porte City Council

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.....Page 2 Continued...... The market values in the general subject neighborhood for waterfront properties appear to vary generally from +-$20.00 PSF to over $30.00 PSF. The area has general access public utilities. The subject site appears to be generally flat and level with a slope to the water's edge on its eastern end. the site has rip/rap bulkheading along its frontage with Galveston Bay which is similar to adjacent properties. The subject property is partially located in the 100 year flood plain with portions of the site appearing to be out of the 100 year floodplain. The Highest and Best Use of the subject property is determined to be for use as an alleyways and street right of ways or for use by adjacent property owners due to its configuration. Adjacent property uses are residential in nature with single family homes located on adacjent tracts. The client and intended user of this appraisal is the City of La Porte only. The intended use is to estimate the current market value of the subject property of this analysis as described above for use by the client in right of way abandonment procedures. There has been no transfer of the subject property noted for the past 36 months per appraisal district records. The effective date of the appraisal is October 19, 2016 (date of inspection). The date of the report is March 7, 2017. The estimated exposure time is up to 24 months. After a review of the comparable sales it is my opinion the estimated unit value range of generally between $20.00 PSF to $30.00 PSF would be placed on the subject property with a mid-range value of $25.00 PSF being indicated for the subject property before any discounting. Therefore the unit market value of the subject tract is estimated at $25.00 PSF which is based on 100% fee simple ownership with no discounting applied. Respectfully Submitted, Chris Chuoke, President R.C. CHUOKE & ASSOCIATES , INC.