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HomeMy WebLinkAbout260 REAL PROPERTY_UNKNOWNZ-�61 R.C. Chuoke & Associates, Inc. Appraisers & Consultants P.O. Box 1447 League City, Texas 77574 October 2, 2007 City of La Porte P.O. Box 1115 LaPorte, Texas 77572 Office- 281-338-9633 Fax- 281-338-9533 RE: Restricted Use appraisal regarding the estimated Market Value of a portion of Block 240, La Porte Outlots, Harris County, Texas. Dear Sirs In accordance with your request, I have inspected the following described property for the purpose of estimating the Market Value following described property as of the date of this appraisal in fee simple title. As per our agreement, the data and analysis is presented in a brief restricted use format. BRIEF LEGAL DESCRIPTION OF PROPERTY Known as a +-0.6568 acre tract of land out of Outlots 240, La Porte Outlots Harris County, Texas. SEE SURVEY IN ADDENDA. I hereby certify that I have Personally inspected the property described and that all data gathered by my investigation is from sources believed reliable and true. In preparing this restricted report, a study of comparable sales and other related market data was performed. It should clearly be understood that this letter only constitutes only a statement of the final value and that does not presume to be the complete analysis of the subject property nor a complete appraisal report format. City of La Porte The Intended User of this appraisal is the City of La Porte only. The intended use is to determine the estimated market value of the subject property. The subject property is valued in fee simple title only. Highest & Best Use. The Highest & Best Use of the subject property (As Vacant) would be considered to be for commercial development. Interest Appraised. Fee Simple Estate Estimated Exposure and Marketing 74me. The estimated exposure time and marketing time are 12 months. Pmperty History. The subject property is reported to be under contract for an undisclosed amount. The city of La Porte reportedly purchased the subject site +-2 year ago. No other sale of the subject property has taken place over the past 36 months per CAD data. Area/Neighborbood Data. The subject property located in SE Harris County in the city of La Porte approximately 18-20 miles SE of the Downtown Houston Business District. The immediate neighborhood of the subject consists of single family detached houses generally range in price from $65,000 to over $200,000. They have an estimated age range of between 15 to +-65 years. The newer single-family homes are typically wood frame homes with brick veneer and wood exteriors over concrete slab foundations in the newer areas of town. The commercial activity is typically located along the major roadways such as SH-146. The subject neighborhood is currently considered to be in the stable to growth stage with the general area being approximately 60%-75% built-up. The existing residential usage is scattered thru the immediate neighborhood and is situated off of the major streets. Subiect Data The subject property is located in the city limits of La Porte in SE Harris County, Texas. The subject site consists of an unimproved tract of land located on the west line of Sen's Road south of State Highway 225 and just south of La Porte Fire Station No. 3. The overall subject property contains a total of (0.6568 Acres) or 28,610 square feet of area per the survey provided. Public utilities are reported as available. Subject property IS NOT in the 100 year flood plain according to FEMA flood plain map. (SEE ADDENDA FOR MAP). The subject property appears to be encumbered with a Southwestern Bell easement situated off of Sens Road on the subject's east line per the survey. This out -tract does appear to limit the subject property to some degree given its location along the frontage of the subject property. This appraisal is made on the assumption that there are no other adverse factors in the City of La Porte development of the subject property since an environmental report was not supplied to this appraiser. As always we recommend that a qualified environmental report be prepared on the subject property. The subject site has access off of Sens Road. The subject property is zoned for general commercial use per city officials. Adjacent land use includes commercial/light industrial uses east of the subject, residential uses to the west and public use to the north (fire station). Effective Date of Report: October 2, 2007 Effective Date of Appraisal: September 25, 2007 Market Data. The market values in the subject neighborhood appear to vary generally from $1.25 PSF to over $5.00 PSF for other unimproved tracts of land generally similar to the subject property with interior locations. These unit values will also vary depending on aspects such as size/shape, utility availability, zoning, etc. After a review of the comparable sales a midrange value of $3.75 PSF was indicated for the subject entire tract. Therefore the overall market value of the subject tract is estimated at a total value of $107,000. 0.6568 Acres/28,610 SF X $3.75 PSF = $107,000 Respectfully Submitted, Chris Chuoke, President R.C. CHUOKE & ASSOCIATES, INC. MARKET VALUE DEFINED According to the definition contained in the Glossary of USPAP, "Market Value" is defined as "The most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus." Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and Seller are typically motivated. • Both parties are well informed or well advised and each acting in what they consider their own best interest. • A reasonable amount of time is allowed for exposure in the open market. • Payment is made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. APPRAISER'S CERTIFICATION We certify that, to the best of our knowledge and belief: That 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 our personal, impartial, and unbiased professional analyses, opinions, and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. Our compensation for completing this assignment was not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. The reported analyses, opinions and conclusions were developed and this report has been prepared, in conformity with the requirements of Uniform Standards of Professional Practice ("USPAP"). No other persons provided significant real property appraisal assistance to the persons signing this certification. Chris Chuoke has made a personal inspection of the property that is the subject of this report. Qis fChuoke., President STATE CERTIFIED GENERAL REAL ESTATE APPRAISER, TX-1321347-G CONTINGENT AND LIMITING CONDITIONS 1) The legal description furnished is correct. 2) The title to the property is good and marketable. 3) No responsibility for legal matters is assumed. 4) It is assumed that the property is free and clear of indebtedness of all taxes and assessments that have been paid. 5) Possession of this report does not carry with it the right of public nor may it, or any part thereof, be used by anyone but the applicant without the previous written consent of the appraiser. 6) Sketches and maps included in this report are to assist the reader to visualize the property, and responsibility is not assumed as to their accuracy as I have made no survey of the property. 7) No part of this appraisal shall be used in conjunction with any other appraisal, and all opinions expressed herein are invalid if so used. 8) We believe the information in this report to be reliable if furnished by others, but we assume no responsibility for its accuracy. 9) We are not required to give testimony or to appear in court by reason of this appraisal, with reference to the property in question, unless arrangements have been made previously. 10) Upon inspection of the subject property, no evidence of hazardous wastes were noted and, if hazardous wastes are found on the property, it may affect the value of the site. This appraisal has been made under the assumption that the subject property does not have potentially hazardous waste deposits. 11) Any lease, agreements or other written or verbal representations and/or communications and information received by the appraiser(s) have been reasonably relied upon in good faith but have not been analyzed for their legal implications. We urge and caution the user of this report to obtain legal counsel of his/her own choice to review the legal and factual matters, and to verify and analyze the underlying facts and merits of any investment decision in a reasonably prudent manner. 12) No soil or subsoil data or analysis based on engineering core borings or other tests were furnished to us. We have assumed that there are no subsoil defects present that would impair development of the land to its maximum permitted use or would render it more or less valuable. No responsibility is assumed for engineering which might be required to discover such factors. 13) The projections of income, expenses, terminal values or future sales prices are not predictions of the future, rather, they are the best estimate of current market think- ing of what the future trends will be. No warranty or representations is made that these projections will materialize. The real estate market is constantly changing. It is not the task of the appraiser to estimate the conditions of a future real estate market, but rather to reflect what the investment community envisions for the f future, and upon what assumptions the future investment decisions are based. 14) The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have NOT made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the ADA. It is possible that a detailed survey of the subject property would reveal that the subject property is not in compliance with the ADA. Special Report Conditions, Appraiser's Liability & Limitations and Client Agreements. The acceptance of this report and is use by the Client in any manner whatsoever or for any purpose is acknowledgement by the client that the designated recipient, participant or assignee has personally read the report and specifically agrees that the data herein is accurate to the best of the appraiser's ability. This report remains the personal property of the signer and may not be transmitted or relied on by any third party without the signer's written permission. (Permission is granted to a participating bank). It is agreed that the appraiser's responsibility does not extend to any third party under any circumstances whatsoever. As an amendment to the Appraiser/Client agreement, the Client agrees to read the appraisal and agrees to notify the Appraisal firm of any objections, errors, omissions or invalid data herein within 15 days of receipt of this report and return all copies of report to appraiser for correction prior to use whatsoever. Under no circumstances shall the Company's or any Appraiser's liability exceed the fee actually collected for this report and then only in case of a gross error(s) which would have materially affected the appraisal's value indication as of the date of the valuation. By acceptance of this report by the client, the client acknowledges the foregoing statements and also acknowledges that a value opinion is the product of company which produces an opinion not a provable fact. As a personal opinion, valuations may vary between Appraisers based on the same facts. The client agrees that the signer(s) of this appraisal have done so solely as employee(s) of R.C. Chuoke & Associates and not individually. ADDENDA PHOTOS FRONT VIEW OF SUBJECT LOOKING FROM SEWS ROAD al■ TYPICAL STREET SCENE ON SEN'S ROAD LOOKING NORTH ANOTHER FRONT VIEW OF SUBJECT TYPICAL STREET SCENE ON SEN'S ROAD LOOKING SOUTH FLOOD PLAIN MAP PSINAvenrP Avenue PNP NAwsrtePV B S s d n a Plain SunsetSt Lomax Elementzry�'� 4 Field School r ZNL R NLSt NAMWL Ns Pond Lovinr r� ty N Aven H N Avenw H .� Be raCt La Porte r i " ?Ml.nieipal Airport PI @, 4d OWA P I $ FILM NAvenue S r�I 5 St, � 1so t I VCinl N at a .� _ Flood Zone information - " I Cabog Nu a Rosa,. ct FEMA Map No. 48201C0945L west s 1 k Ower R ot [ottingeWOod a Y! $ IF Rowed NN�R Br Dr Birth Or B'vd10r c,4 a Muds MesquiteEffective Date 06/1812007 y 100-Year Dr WH w g H 5 e 100-Year Floodway it, st t S 1 �Noaow Cb st W Fairm 100-Year Coastal aF F - _ 500-Year 0 0.375 0.75 o` Pil Ctilhfliohl 1994-2007 Subject: Sen's Road Outside 500-Year e CAUTION- The location of flood hazard areas shown on this ni are approklmate only. Flood hazard boundaries ma ariey change from erne to time. A property in the general vionthrafa flood hazard area should be evaluated b a awl engineer wotherappromate specialist pnorto WrChase Or investment. ri, ,n.—uuneminy rvgVrro xwnx. rvvVnoinc.,o.�a vva51 WaCdRB.N, JUIIe.W3,rWVetM, IR/Nbb(/1J)fdg14U6 kqui�� A 0.6568-ACRE TRACT OF LAND SITUATED IN OUTLOT 240, L.A PORTE OUTLOTS CITY OF LA PORTE, HARRIS COUNTY, TEXAS CITY of LA PORTE - (FIRE STATION 3 SITE) = 50' N86' 58' 141-210.39' o cD 0 m tea_ L7 L4 w co _ . Ln SWBC L2 L6 .L1 S41'58'14"W-14.14' L2 S86'58' 14"W-10.00' L3 NO3'01'46"W-15.00' L4 S86'58'14"W-60.00' L5 S03'01'46"E-40.00' L6 N86'58'14"E-80.00' L7 S03'01'46"E-25.00' S86'5814 W-210.39 BIG THREE INDUSTRIES z w cn I QUALIFICATIONS OF APPRAISER CHRIS CHUOKE Chris Chuoke has been engaged in the real estate appraisal profession since 1978, he is currently president of R.C. Chuoke & Associates, Inc. The scope of work has included real estate appraisals, real estate sales, and development. Experience in real estate appraisals include light industrial properties, commercial, retail, office buildings, some special purpose properties as well as single family houses, duplexes, and condominium/ townhouse units and apartments. Additionally there is experience in right of way appraisals and condemnation. Listed below are some of the clients served: CORPORATE Pollo Loco Restaurants Exxon/Mobil Land Management Exxon Pipeline Company South Shore Harbour Development Pizza Inns, Inc. Outboard Marine Corp. (OMC) Rockwell Space Operations, Inc. CAE -Link Corporation Nisseki Chemical BANK Moody National Bank Bank of America Sterling Bank Regions Bank I" Choice Bank Texas First Bank Amegy Bank Mainland Bank Texas Coastal Bank Frost National Bank Hometown Bank Texas Preferred Bank Bank of Texas Texas Citizens Bank, N.A. Capital Bank Post Oak Bank, N.A. Texas Advantage Community Bank RELOCATION Fidelity Relocation Services Cendant Relocation GMAC Relocation Summit Relocation GOVERNMENTAL City of La Porte Galveston County City of Kemah City of League City City of Webster City of Seabrook SBA City of El Lago University of Houston-C Lake City of Friendswood MORTGAGE COMPANIES Regions Mortgage Federal Home Loan Mortgage Home Trust Mortgage Amegy Mortgage EDUCATION Bachelor of Business Administration, 1977, University of Houston at Clear Lake PROFESSSIONAL AFFLIATIONS Texas Real Estate Brokers License, 1977, #216958 Certified Texas Real Estate Appraisers # TX- 1321347-G Texas Associations of Realtors National Association of Realtors Gulf Coast Board of Realtors SEALED BID # S08001 — SALE OF 0.6568 ACRE TRACT OF LAND, CITY OF LA PORTE NOTICE TO BIDDERS bids shall be submitted including one marked original and one duplicate on the original and clearly marked with bid number and description. Bids will be received at the Purchasing office 2963 N. 23rd Street, La Porte, TX, 77571 until 2:00 p.m. Monday, January 28, 2008. The bids will be opened and publicly read in the Public Works upstairs training room immediately after the closing hour for the bids on said date. An elevator is not available. Please contact Purchasing at 281-470-5126 if accommodations are needed. NO LATE BIDS WILL BE CONSIDERED Forms furnished by the City of La Porte may be obtained without deposit from: City of La Porte Purchasing Division 2963 N. 23rd Street La Porte, TX 77571 (281) 4705126, The City of La Porte hereby notifies all bidders that in regard to any agreement entered into pursuant to this advertisement, minority business enterprises will be afforded equal opportunities to submit bids in response to this invitation and will not be discriminated against on the grounds of race, color, sex, age, religion or national origin in consideration for an award. A cashier's check shall be submitted with each bid. Amount of check shall be five percent (5%) of total amount bid and made payable to the City of La Porte. The City reserves the right to reject any and/or all bids, to waive any and all technicalities and to accept any bid or part thereof, which in the opinion of the City Council, is most advantageous to the City of La Porte. In case of ambiguity or lack of clearness in stating the prices in the bid, the City reserves the right to consider the most advantageous bid thereof or to reject the bid. Published: January 06, 2008 January 13, 2008 CITY OF LA PORTE PURCHASING OFFICE 2963 N. 23RD STREET LA PORTE, TX 77571 To drop off bids and/or attend bid opening, follow these directions: ➢ From Spencer Hwy., turn North on N. 23`" Street The Public Works facility is on the right, past the mini -storage buildings i Turn right into parking lot and drive through the entrance gate, turn left immediately and park in the last aisle on the right. ➢ The Purchasing Office is located on the southwest side of the parking area. Look for the signage. CITY OF LA PORTE Bidder understands that the City reserves the right to reject any and/or all bids, to waive any and all technicalities and to accept any bid or part thereof, which in the opinion of the City Council is most advantageous to the City. The bidder agrees that this bid shall be good and may not be withdrawn for a period of ninety (90) calendar days after the scheduled closing time for receiving bids. Respectfully submitted: Signature Business Add ress City, State, Zip Name (please print) Email Phone Number Fax CITY OF LA PORTE GENERAL TERMS & CONDITIONS 1. RECEIPT AND OPENING OF BIDS The City of La Porte, (hereinafter called the "Owner'), invites bids on the form attached hereto. Bids shall be submitted, including one marked original and one duplicate on the original forms and clearly marked with bid number and description. This form must be completed and signed by authorizing agent when submitted. The name and address of bidder shall be marked on the outside of submitted bid packet. Owner will receive bids at the Purchasing Office, 2963 N. 23rd Street, La Porte, TX 77571. Bids will be publicly opened and read aloud in the upstairs training room immediately after the closing hour of said date. An elevator is not available; please contact Purchasing at 281470-5126 if accommodations are needed. Any bid received after the time and date specified shall not be considered. The Owner may not consider any bid not prepared and submitted in accordance with the provisions hereof and may waive any informalities or reject any and all bids. Any bid may be withdrawn prior to the scheduled time for receipt of bids or authorized postponement thereof. 2. BID MODIFICATIONS Any bidder may modify their bid by written communication at any time prior to the scheduled receipt of bids, provided such communication is received by the Owner prior to closing time. The communication should not reveal the bid price, but should provide the addition or subtraction or other modification so that the Owner will not know the final prices or terms until the sealed bid is opened. Owner shall not provide interpretation of the meaning of any plans, specifications, or other bid documents to any bidder orally. Such communication shall be in writing. Every request for such interpretation should be in writing addressed to the Purchasing Manager, 2963 N. 23 d Street, La Porte, TX 77571 or e-mailed to purchasing(Mlaportetx.gov. All requests shall be received at least five (5) days prior to the scheduled time for receipt of bids. Any and all such interpretations and any supplemental instructions, will be in the form of written addenda to any plans, specifications, or other bid documents which, if issued, will be submitted to all prospective bidders not later than three (3) working days prior to the scheduled time for receipt of bids. Failure of any bidder to receive any such addendum or interpretation shall not relieve bidder from any obligation of submitted bid. All addenda issued shall become part of the contract and/or bid documents and must be acknowledged as received on submitted document. General Terms & Conditions Continued Page 2 of 2 3. METHOD OF AWARD The highest bid, submitted by a responsible bidder will be awarded the contract. The City reserves the right to reject any and/or all bids, to waive any and all technicalities and to accept any bid or part thereof, which in the opinion of the City Council is most advantageous to the City. 4. QUALIFICATIONS OF BIDDER At the time of the opening of bids, each bidder will be presumed to be thoroughly familiar with the plans, specifications, and other bid documents (including all addenda). The failure or omission of any bidder to examine any form, instrument, or document shall in no way relieve any bidder from any obligation in respect of their bid. 5. LAWS AND REGULATIONS The bidder's attention is directed to the fact that all applicable state laws, municipal ordinances, and the rules and regulations of all authorities having jurisdiction shall apply to the bid award and/or contract throughout, and they will be deemed to be included in the bid award and/or contract the same as though herein written out in full. CITY OF LA PORTE SEALED BID # S08001 — SALE OF 0.6568 ACRE TRACT OF LAND, OUT OF OUTLOTS 240 AT SENS RD., LA PORTE OUTLOTS, HARRIS COUNTY, TEXAS SCOPE The City of La Porte, Texas is seeking competitive bids on the sale of 0.6568 acres of vacant land or 28,610 square feet at Block 240, at Sens Road. The purpose of these specifications is to describe the minimum requirements for the sale of this property. The property will be sold as is, where is, with any and all faults and may not be used in violation of any rules or regulations of the City of La Porte Zoning or other City ordinances. LEGAL DESCRIPTION 0.6568 acre tract of land out of Outlots 240, La Porte Outlots, Harris County, Texas. BID SECURITY A cashier's check shall be submitted with each bid. Amount of check shall be five percent (5%) of total amount bid and made payable to the City of La Porte. Checks of unsuccessful bidders will be returned within three (3) days of award. The successful bidder will receive his check upon closing of sale. MINIMUM BID This sale has a minimum bid requirement of $107,000.00. BID AWARD The bid shall be awarded by the City of La Porte Council to the highest responsible bidder. The City reserves the right to reject any and/or all bids, to waive any and all technicalities and to accept any bid or part thereof, which in the opinion of the City Council is most advantageous to the City. Payment shall be cash only. No other form of payment shall be accepted. Successful bidder shall have thirty (30) days to provide the funds and complete the transaction documents. Failure to complete the sale within this time frame may be cause to disqualify the bidder and result in forfeiture of the bid security. The City of La Porte will deliver a Special Warranty Deed to the property at time of closing. Purchaser, at its sole cost and expense, may obtain an Owner's Title Policy from American Title Company, Deer Park, Texas. The Special Warranty Deed will contain reservations as to any easements, restrictions, or reservations, as shown by the title commitment. The deed will also provide for reservations as to the condition of the property, and environmental matters. APPRAISAL An appraisal, of the property is available for review and inspection in the Purchasing Office located at 2663 N 23rd Street, La Porte, TX 77571. TO: CITY OF LA PORTE 2963 N. 23RD STREET LA PORTE, TX 77571 BID PROPOSAL TO CITY OF LA PORTE, TEXAS FROM: NAME ADDRESS CITY STATE/ZIP PHONE ITEM TOTAL NO. DESCRIPTION PRICE 1. 0.6568 ACRE TRACT OF LAND OUT OF OUTLOTS 240 AT SENS RD. LA PORTE, HARRIS COUNTY, TEXAS THE UNDERSIGNED CERTIFIES THE BID PRICE ABOVE HAS BEEN CAREFULLY CHECKED AND IS SUBMITTED IN DUPLICATE AS CORRECT AND FINAL THIS DAY OF 2008. NAME (Printed name) NAME (Signature)