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HomeMy WebLinkAboutNorth Park Appraisal AddendaCOMPARABLE LAND SALE NO. 1 JOKI & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: West side of Davis Lane and just north of East Baxter Lane in Bozeman, Montana. Site Data: 1. Size : 54.28 acres 2. Zoning: R-3/R-4 Photo Data: 1. Date: February 28, 2014 2. Taken From: Davis Lane 3. Facing: West 4. Taken By: J. Michael Joki, MAI, SRA 5. Comp: Boz 014 Current Use: Unimproved Legal Description: Lot 2A1 of COS No. 2202C, City of Bozeman, Gallatin County, Montana. Grantor: First Interstate Bank Grantee: Michael Tracy Recorded Sales Price: $800,000 Confirmed Sales Price: $800,000 Instrument: Warranty Deed Confirming Party & Phone No.: Broker - Jason Leap Recorded: October 1, 2012 (406) 556-5005 Recording Info.: 2427941 Confirmed By: J. Michael Joki, MAI, SRA Financing: Cash to the Seller Confirmation Date: March 13, 2014 Property Description: This 54.28 acre site is located on the west side of Davis Lane just north of East Baxter Lane and at the western fringe of the Bozeman city limits. This site is accessed from a city maintained street and is zoned with a combination of R-3 and R-4 multi-family residential zoning. A nearby lift station provides city sewer service to the edge of the property and city water lines are adjacent to the site. Approximately 24 of the 54.28 acres is undevelopable due to high ground water and/or wetlands which leaves approximately 30 acres for development. This property was bank owned however it was still on the market for over 750 days. Indication At Time Of Sale: $800,000 ÷ 54.28 acres = $14,738/acre COMPARABLE LAND SALE NO. 2 JOKI & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: 3662 Durston Road in Bozeman, Montana. This site is located on the north side of Durston Road and just east of Gooch Hill Road. Site Data: 1. Size : 78.06 acres 2. Zoning: SFR-Low Density Photo Data: 1. Date: February 28, 2014 2. Taken From: Durston Road 3. Facing: North 4. Taken By: J. Michael Joki, MAI, SRA 5. Comp: Boz 015 Current Use: Unimproved Legal Description: Lot 2 and Lot 3 of Minor Subdivision No. 201, City of Bozeman, Gallatin County, Montana. Grantor: Hinesley Family LTD Partnership Grantee: Four Corners Construction, LLC Recorded Sales Price: $1,050,000 Confirmed Sales Price: $1,050,000 Instrument: Trustees Deed Confirming Party & Phone No.: Grantee - John Rosa - Recorded: November 20, 2012 Four Corners Construction Recording Info.: 2432709 Confirmed By: Keith O’Reilly, MAI Financing: Cash to the Seller Property Description: This 78.06 acre site is located on the north side of Durston Road and at the western fringe of the Bozeman city limits. This site has good access from a city street, has level topography and was zoned Single Family Residential-Low Density. City sewer service is available from a nearby lift station and city water lines are adjacent to the site. Baxter Creek flows through the southern portion of Lot 3 and the northern portion of Lot 2 and has 70' watercourse setbacks and makes a portion of this site undevelopable. Indication At Time Of Sale: $1,050,000 ÷ 78.06 acres = $13,451/acre COMPARABLE LAND SALE NO. 3 JOKI & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: 4900 Westlake Road in Bozeman, Montana. This site is located at the intersection of East Valley Center Road and Westlake Road and on the south side of Interstate 90. Site Data: 1. Size : 53.77 acres 2. Zoning: R-3 Photo Data: 1. Date: November 21, 2013 2. Taken From: North 27th Avenue 3. Facing: West 4. Taken By: J. Michael Joki, MAI, SRA 5. Comp: Boz.008 Current Use: Unimproved Legal Description: Lot 2A of Minor Subdivision No. 221E, being the corrected plat of Lots 1 and 2 of Minor Subdivision No. 221, a tract of land located in the SW¼ of Section 26, Township 1 South, Range 5 East, Gallatin County, Montana. Grantor: Jerald E. Swenson Grantee: Valley Center, LLC Recorded Sales Price: $1,345,000 Confirmed Sales Price: $1,345,000 Instrument: Warranty Deed Confirming Party & Phone No.: Listing Agent - Jason Basye Recorded: October 31, 2013 (406) 587-7653 Recording Info.: 2467102 Confirmed By: J. Michael Joki, MAI, SRA Financing: Cash to the Seller Confirmation Date: November 22, 2013 Property Description: This 53.77 acre site is located on the south side of Valley Center Road and has good exposure to Interstate 90 which is directly to the north. This site is level at road grade with Westlake/Valley Center Road along the north boundary, and North 27th Avenue along the east boundary. This site has relatively level topography and has historically been in an agricultural use. This site is located on the northwestern fringe of the Bozeman city limits and sits just west of a large retail commercial development known as the Gallatin Center and a new Costco store. The listing agent confirmed the one issue that slowed the sale of this property was access to city sewer service. It is my understanding the buyer of this site will pay $50,000 towards a water and sewer analysis and will be required to install a sewer lift station. The buyer’s prorata cost of the sewer service is estimated at $150,000. Extension of the sewer service will be required to develop this site to its highest and best use which is for residential subdivision. City water service is available and the site was annexed into the city limits before the sale closed. This property was listed for sale at $1,450,000 and sold for $1,345,000 after being on the market for 463 days. Indication At Time Of Sale: $1,345,000 ÷ 53.77 acres = $25,014/acre COMPARABLE LAND SALE NO. 4 JOKI & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: SWC of Flanders Mill Road and East Baxter Lane in Bozeman, Montana Site Data: 1. Size : 79.87 acres 2. Zoning: See Comments Photo Data: 1. Date: February 28, 2014 2. Taken From: Baxter Lane 3. Facing: Southwest 4. Taken By: J. Michael Joki, MAI, SRA 5. Comp: Boz 016 Current Use: Unimproved Legal Description: Northern portion of Tract 1A as shown on Certificate of Survey No. 2554A, Gallatin County, Montana. Grantor: Vesta Anderson Grantee: Soccer Education Foundation, Inc. Sales Price: $2,000,000 Confirmed Sales Price: $2,000,000 Instrument: Pending Sale Confirming Party & Phone No.: Broker-Paul Rubright Recorded: Closing end of April, 2014 (406) 580-9163 Recording Info.: N/A Confirmed By: J. Michael Joki, MAI, SRA Financing: Cash to the Seller Confirmation Date: March 14, 2014 Property Description: This 79.87 acre site is located at the intersection of Flanders Mill Road and East Baxter Lane and at the western fringe of the Bozeman city limits. The broker confirmed this site lies adjacent to the Bozeman city limits and will be annexed into the city upon closing. City sewer and water mains lie adjacent to this site. Once the sale has closed and the site is annexed into the city limits it will adopt a city zoning ordinance that will allow public use as the intended use for this site is to be developed with a soccer facility. Reportedly there are no wetland or high water table issues on this land. The broker reported that this site has been marketed for sale for at least 2 years. Indication At Time Of Sale: $2,000,000 ÷ 79.87 acres = $25,041/acre. COMPARABLE LAND SALE NO. 5 JOKI & ASSOCIATES REAL ESTATE APPRAISERS PO Box 281, Helena, MT 59624, (406) 442-2159 Location: 1691 East Hulbert Road in Bozeman, Montana. Site Data: 1. Size : 155.00 acres 2. Zoning: None Photo Data: 1. Date: January 2, 2014 2. Taken From: East Hulbert Road 3. Facing: Northeast 4. Taken By: J. Michael Joki, MAI, SRA 5. Comp: Boz 011 Current Use: Farm Land Legal Description: Very lengthy - See attached Warranty Deed Grantor: First Interstate Bank, a Montana Banking Corp. Grantee: Robin & Larinda Spaulding Recorded Sales Price: $1,046,500 Confirmed Sales Price: $1,046,500 Instrument: Joint Tenancy Warranty Deed Confirming Party & Phone No.: Listing Agent - Jerry Pape Recorded: December 27, 2012 (406) 579-3636 Recording Info.: 2436228 Confirmed By: J. Michael Joki, MAI, SRA Financing: Cash to the Seller Confirmation Date: January 6, 2014 Property Description: This 155 acre parcel is level at road grade and is currently functioning as farm land. This site is located on the north side of East Hulbert Road and approximately ½ mile east of Jack Rabbit Lane. This site has a pond and Hyalite Creek passes through this site. Reportedly there are numerous, very good water rights associated with this property. This property was sold in 2006 at the height of the market for approximately $35,000/Ac. with intention to be developed into a large residential subdivision. This property eventually went back to the lender and was most recently listed for sale at $2,100,000 and sold for $1,046,500 after 590 days on the market. This property was a portion of a much larger parcel of land for the intended subdivision from 2006 and this was the last piece of that parcel to sell. Indication At Time Of Sale: $1,046,500 ÷ 155 acres = $6,752/Ac.