Item 10 - Recieve and File the Washington Park Feasibility Study

Home Browse Search

property. The intended users of this report are the employees and duly authorized representatives of the City of Santa Ana. vi. State information sufficient to identify the real estate involved in the appraisal; Only one of the subject lots has a street address. The address for APN 405-321-12 is 1501 N. Lowell Street, Santa Ana. The balance of the property, APNs 405-321-08, -09, and -13, is vacant and does not have a street address. The subject property is shown on the exhibit in the Appendix of this report. vii. State the real property interest appraised; The property rights being appraised are fee simple interest. The Dictionary of Real Estate Appraisal, 7" Edition, published in 2022 by the Appraisal Institute defines "fee simple estate" on page 73 as follows: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. The fee simple estate valued in this report is appraised as though free and clear of existing leases and all other encumbrances except those noted in the valuation section of this report. viii. State the type of value and cite the source of its definition; Definition of Market Value The Dictionary of Real Estate Appraisal, 7" Edition, published in 2022 by the Appraisal Institute defines "market value" on page 118 as follows: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. ix. State the effective date of the appraisal and the date of the report; The effective date of the appraisal is February 8, 2024. The date of the report is February 15, 2024. X. State the scope of work used to develop the appraisal; The scope of the appraisal is the extent of the process of collecting, confirming, analyzing, and reporting data. The following were completed for this assignment: Accepted the assignment to make an objective appraisal of the subject property and to report the estimated market value. 2. Toured the general area by automobile to get acquainted with the extent, condition, and quality of nearby developments, sales and offerings, density and type of development, topographical features, economic conditions, and trends toward change. City of Santa Ana Washington Square Property, Santa Ana Date of Value: February 8, 2024 3 Page 35