20D - AA VACANT LAND PURCHASE - Laserfiche WebLink

Home Browse Search

City of Santa Ana Attention: Jason Gabriel Principal Civil Engineer October 13, 2017 Page 2 car garage and private balcony. There will be two on-site guestparking spaces. Reference the accompanying appraisal report for a complete description of the subject property and valuation analysis process. The purpose of this appraisal study is to express an estimate of market value of the unencumbered fee simple interest in the subject property based on the hypothetical condition that the site is fully entitled for the development of a 7 -unit residential townhouse complex as proposed. A hypothetical condition is defined in The Dictionary of Real Estate Appraisal, Sixth Edition, Page 113, published by The Appraisal Institute, as, "A condition, directly related to a specific assignment, which is contrary to what is known by the' appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known 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." In the event conditions relating to the use of the hypothetical condition do not materialize, assignment results set forth herein might be affected. Fair market value is defined in The California Code of Civil Procedure, §1263.320, as: "(a) The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available. (b) The fair market value of property taken for which there is no relevant, comparable market is its value on the date of valuation as determined by any method of valuation that is just and equitable." The intended use of this appraisal report is to assist the City of Santa Ana in purchase negotiations with the private property owner. Intended users are City officials, along with consultants thereof, for the explicit purpose and intent indicated above. This report is not intended to be distributed to, or relied upon by, third parties. LIDGARD AND ASSOCIATES n O D$ �F"� INCORPORATED L state Appraisal and Consultation