Broker Price Opinion - BPO # W Catawba, Cornelius, NC 28031

Transcription

1 Broker Price Opinion - BPO # W Catawba, Loan# Sample Drive-By BPO completed by RAY HERNANDEZ SUMMIT VALUATIONS, Client: UPF Services-Commercial

2 Broker Price Opinion: Subject Property W Catawba, Loan #: Sample Drive-By BPO completed by RAY HERNANDEZ Property Type: Specialized: office Client: UPF Services-Commercial FC Sale Date: Parcel Number: Occupancy Status: Occupied # of Units: 1 Comments: Family Dentistry, office was closed on Sat, could not enter unit Unit 1 Unit #: Unit 1 Sq. Ft.: Property Secured: Occ Type: Suggested Pricing Listing Price Selling Price Est. Mkt. Time As Is $403,750 $332, days Repaired $403,750 $332, days As Is 30 day Quick sale $261,250 $261, days Annual Tax Amount: $5,900 Delinquent tax amount: $0 Type of Financing: Seller Concession: Property has not been Listed in the last 12 months Total # of properties, of the same property type, on market in the same zip code as subject listed in the MLS: 28 Total # of properties, of the same property type, closed in the last three months, in the same zip code as subject: 0 Property has not been Sold in the last 12 months Currently Listed: No Original List Price: Sale Date: Sale Price: List Date: Last List Price: Days On Market: Days on Market: MLS#: MLS#: Listing Agent Name: Agent Phone: Property Information Primary source of Property Information: MLS Type of Ownership: Property Description Property Location Property Zoned Current Use Approximate Lot Size 1 Suburban Year Built 1999 Type of Heating and Cooling # of Energy Efficient Items Quality of Construction Age typical for area? Architectural Style Style's Market Appeal Style typical for area? Ext. Bldg. Material Garage Type Approximate Above Grade Living Area Total # Above Grade Rooms Yes Other Good Yes Brick, 00 cars 3861 sq.ft. Above Grade Rooms Beds / Baths: 0 / 0. 2 Below grade rooms adding value Basement Type Other Amenities 5 Sq.ft.: 0 % finished: 0 Listing Agent Name: Agent Phone: Condition Are there any visible or known problems? Marketing Strategy Projected Market Rent(Monthly): Estimated days to complete repairs Does agent feel there will be a resale problem: Overall Ratings General condition Good Exterior appeal Good looking building Good Good looking building No problems noted Between and days Lot Characteristics Good Rear entry but typical for zoning/area View Location Marketability Location factors adding to marketability/value Neighborhood value trend: Monthly rate (%) change: # months of trend: Number of competing listings in subject s zip code that are REO or Corporate owned Excellent Good corner signage Good WAS a great area, it's a sea of vacancy and for sales now Owner occupied % in zip 75 Location factors detracting marketability/value None noted Declining None noted High-tension wires: No Boarded-up homes: No answer Commercial uses: Yes

3 Market Conditions Market area local economy Market area employment Market area property inventory Property values are Will new construction in area affect resale Average marketing time Sale Price range for property type in the last 3 months in zip List Price range for property type in zip Absorption Rate Comments Somewhat Strong Stable Over Supply Yes 120 $0 - $0 $99,000 - $440,000 This area is location A for the submarket of Charlotte, anchored by NASCAR and sole proprietorships. Overbuilt. Located in Most likely buyer? New construction affects market ability of subject Describe any economic obsolescence Describe any functional obsolescence Railroad tracks: No Freeway/highway: No Airport/flight path: No Waste facilities: No Vandalism Risk: Low Slide area: No Flood plain: No Earthquake zone: No End User Yes None except for high inventory of available sites, buildings and space None except for over built area Describe in detail subject property, exterior condition and neighborhood Class A multi-use office/retail brick building, well landscaped and fairly full except for two small vacant office suites. Inventory of available comparative use is high, both exiting, new and to-be-built. Unit B is in the lower back corner with good signage on the building out front. Current use is a Family Dentistry. BPO was received on Fri night and requested completion Monday noon so I am not able to enter unit. Concern/question is would the sale include equipment, my guess that personal property is under seperate financing/lease and will be retrieved. Good parking/access. Current tenants: Patrick McNamara, Daily Grind Cafe and Boutique, Nationwide Insurance, Duncan chiropractic, Dr. Perry, Kadzu graphics, Jay Anderson CLU, Gerry Ahern CFP, misa fabrics. Dr. Rasenberger shares the space with Hager.

4 Broker Price Opinion: Competitive Listings W Catawba, Loan #: Sample Drive-By BPO completed by RAY HERNANDEZ Property Type: Specialized: office Client: UPF Services-Commercial FC Sale Date: Parcel Number: Item Subject Listing #1 Listing #2 Listing #3 Address View: Satellite W Catawba W Catawba Caldwell B Bethel Church 201 Estimated / Calculated Proximity to Subject (in miles).5 / / / 0.21 Original List Price $263,900 $364,500 $410,000 Current List Price $263,900 $364,500 $410,000 Days Since Last Price Change Primary Property Information Source MLS MLS MLS MLS Property Type Specialized: office Specialized: mixed use Specialized: office Specialized: office Property Style Other Other Other Other Value Adjustments Description +/- Adj Description +/- Adj Description +/- Adj Days on Market Location Suburban Suburban 0 Suburban 0 Suburban 0 Leasehold/Simple Fee Lot Size (in acres) View Excellent Design Appeal Good Good 0 Good 0 Good 0 Building Material Brick Brick 0 Brick 0 Brick 0 Construction Quality Year Built # Above-Grade Rooms Bedrooms/Baths 0 / / / / Basement Approximate Above-Grade Living Area Type: % finished:0 Type: % finished:0 0 Type:Slab/None % finished:0 0 Type:Slab/None % finished: Functional Utility Heating/Cooling Energy Efficient Items Car Storage Type Other amenities Detracting Factors Commercial uses, Commercial uses, Freeway/highway, 0 Commercial uses, 0 Commercial uses, Overall Condition Good Good 0 Good 0 Good 0 Total Adjustments Property is an REO No No No Very similar building and location. This building has a more retail presence on first floor Description Listing #1 and exterior access direct to units than subject. This is a second floor unit approx SQFT. Description Listing #2 Single story four condo building with larger end users. Good landscaping/access and parking. Less dense area with lower inventory. Description Listing #3 Not on main drag, one off location with lower traffic count and visibility. More office and no retail use. 0 0

5 Subject Property As Is Repaired Sales Price $332,500 $332,500 Suggested List Price $403,750 $403, Day Quick Sale $261,250

6 Broker Price Opinion: Comparable Sales W Catawba, Loan# Sample Drive By BPO completed by RAY HERNANDEZ Client: UPF Services-Commercial Item Subject Sale #1 Sale #2 Sale #3 Address View: Satellite W Catawba Kenton DR Bailey RD J W Catawba 102 Estimated / Calculated Proximity to Subject (in miles) 1 / / / 0.54 Original List Price $195,000 $295,000 $400,000 Final List Price N/A $195,000 $295,000 $400,000 Sales Price N/A $189,000 $270,000 $392,200 Under Contract Date N/A 5/27/2008 5/27/2008 1/1/2006 Closing Date N/A 6/9/2008 Exception 7/31/2008 Exception 2/13/2006 Exception Primary Property Information Source MLS MLS MLS MLS Property Type Specialized: office Specialized: office Specialized: office Specialized: mixed use Property Style Other Other Other Other Value Adjustments Description +/- Adj Description +/- Adj Description +/- Adj Days on Market Sales/Financing Concessions Location Suburban Suburban 0 Suburban 0 Suburban 0 Leasehold/Simple Fee Lot Size (in acres) View Excellent Good 0 Good 0 Good 0 Design Appeal Good Good 0 Good 0 Good 0 Building Material Brick Brick 0 Brick Stucco 0 Brick 0 Construction Quality Year Built # Above-Grade Rooms Bedrooms/Baths 0 / / / / Basement Approximate Above-Grade Living Area Type: % finished:0 Type:Slab/None % finished:0 0 Type:Slab/None % finished:0 0 Type:Slab/None % finished: Functional Utility Heating/Cooling Energy Efficient Items Car Storage Type Other amenities Detracting Factors Commercial uses, Commercial uses, 0 Commercial uses, 0 Commercial uses, Overall Condition Good Good 0 Good 0 Excellent 0 Total Adjustments Property was an REO Yes No No Description Sale #1 Upfitted for doctors office, class A office building. More pedestrian area with lower traffic count. Store front unit vs. interior entrance. Typical tilt up business park in good area but the with the high traffic and visibility of subject. Description Sale #2 Subject property is located amongst retail, restaurant, etc. This property is pure business park. Description Sale #3 Very similar in all ways. Almost exact location/area/building. 0 0 Subject Property As Is Repaired

7 Sales Price $332,500 $332,500 Suggested List Price $403,750 $403, Day Quick Sale $261,250

8 Broker Price Opinion: Competitive Listings W Catawba, Square footage: 3861 sq.ft. Suggested List Price: $403,750 Projected Sale Price: $332,500 Estimated market time: 180 days Listing #1 Comp address: Estimated Miles from Subject: Square footage: W Catawba sq.ft. Original List Price: $263,900 Current List Price: $263,900 Days on Market: 436 Listing #2 Comp address: Estimated Miles from Subject: Square footage: 9605 Caldwell B sq.ft. Original List Price: $364,500 Current List Price: $364,500 Days on Market: 628 Listing #3 Comp address: Estimated Miles from Subject: Square footage: Bethel Church sq.ft. Original List Price: $410,000 Current List Price: $410,000 Days on Market: 77

9 Broker Price Opinion: Comparable Sales W Catawba, Square footage: 3861 sq.ft. Suggested List Price: $403,750 Projected Sale Price: $332,500 Estimated market time: 180 days Sale #1 Comp address: Estimated Miles from Subject: Square footage: Kenton DR sq.ft. Original List Price: $195,000 Sales Price: $189,000 Closing Date: 6/9/2008 Days on Market: 113 Sale #2 Comp address: Estimated Miles from Subject: Square footage: Bailey RD J sq.ft. Original List Price: $295,000 Sales Price: $270,000 Closing Date: 7/31/2008 Days on Market: 128 Sale #3 Comp address: Estimated Miles from Subject: Square footage: W Catawba sq.ft. Original List Price: $400,000 Sales Price: $392,200 Closing Date: 2/13/2006 Days on Market: 308

10 Broker Price Opinion: MAP View W Catawba, Loan #: Sample Interior BPO completed by RAY HERNANDEZ Property Type: Specialized: office Client: UPF Services-Commercial FC Sale Date: Parcel Number:

11 Broker Price Opinion: Additional Subject Photos W Catawba, Loan #: Sample Drive-By BPO completed by RAY HERNANDEZ Property Type: Specialized: office Client: UPF Services-Commercial FC Sale Date: Parcel Number: Address Numbers Closeup Street View Front facade Opposite St. View

12 Broker Price Opinion: Summary W Catawba, Loan #: Sample Drive-By BPO completed by RAY HERNANDEZ Property Type: Specialized: office Client: UPF Services-Commercial FC Sale Date: Parcel Number: Summary of Days On Market #1 #2 #3 Average Competitive Listings Comparable Sales Agent's estimated marketing time for subject as is: 180 Summary of Price/Sq.ft. #1 #2 #3 Subject pricing as is Competitive Listings listing price Comparable Sales selling price Summary of Listing/Sale Prices #1 #2 #3 Average Competitive Listings 263, , , ,133 Comparable Sales 189, , , ,733 Agent's estimated selling price for subject as is: 332,500 Exceptions: 6 Competitive Listings #1 #2 #3 None None None Comparable Sales #1 #2 #3 Closing Date Exception: Had to go beyond the 6 month parameter to find suitable comps. Closing Date Exception: Had to go beyond the 6 month parameter to find suitable comps. Closing Date Exception: There are no sold properties of this type within the last six months. Closing Date Exception: There are no sold properties of this type within the last six months. Closing Date Exception: There are no sold comparables in this area of this type in the last 6 months. Closing Date Exception: There are no sold comparables in this area of this type in the last 6 months.