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Silverstein Appraisal

322 State Street


New London, CT 06320
Phone ◊ 860-443-8405
Services, LLC Fax ◊ 860-442-9306
http://www.msac.com

Real Estate Appraisal

Of Property Located at

541 Route 148 (Map-Lot 11-04)


Birch Mill Road (15-54)
Route 148 (15-31) and
Schnoor Road (15-53A),
Killingworth, CT

_________________________________________________________________________

Client – Michael Venuti

Effective Date of Valuation – September 23, 2016

Publication Date – October 28, 2016


Silverstein Appraisal Services, LLC
October 28, 2016

Michael Venuti
122 Burr Hill Road
Killingworth, CT 06419

Re: 541 Route 148 (Map 11-04), Birch Mill Road (Map 15-54), Route 148 (Map 15-31)
and Schnoor Road (Map 15-53A), Killingworth, CT

Dear Mr. Venuti:

At your request, the above captioned property has been examined for the purpose of forming
an opinion of its market value as of September 23, 2016. This report is intended to comply
with the reporting requirements set forth under the Uniform Standards of Professional
Appraisal Practice (USPAP) for a written appraisal report. The depth of discussion contained
in this report is specific to the needs of our client and for the intended use stated below.

This appraisal is intended to be used exclusively by our client for the purpose of listing and/or
marketing the property for sale. No other uses or users are intended or authorized. Miner &
Silverstein LLP, predecessor to Silverstein Appraisal Services LLC, prepared a prior
appraisal of this property with an effective valuation date of February 19, 2008, for the same
intended users and use. Relevant information developed during the preparation of that report
was utilized for this assignment.

The scope of work for this assignment included an inspection of the property on May 5, 2016.
A cursory re-inspection of the subject property’s frontages was made on the date of valuation.
Additional information regarding the property was gathered from the client, public records
and town officials.

The market value of the property was developed solely by use of the Sales Comparison
Approach. The Cost and Income Capitalization Approaches were not developed as they are
not applicable to the appraisal of undeveloped land without approvals. In the process of
developing the sales comparison approach, we searched for sales of comparable properties
throughout Connecticut for the seven year time period prior to the date of this assignment.
More detailed data about the comparable transactions were gathered from public records, and
the sales were verified with a party to the transaction when possible. Actual verification is
noted in the comparable sale write-ups which are attached to this letter.

The property consists of four contiguous parcels of land located off Burr Hill Road, Schnoor
Road, Birch Mill Road and Route 148, containing a total of approximately 305 acres. The
land has a rolling topography and is mostly wooded with some cleared areas, and contains
Venwood Lake, a 50-ft. deep, approximately 30-acre manmade lake with a small beach. The
property is located in the Rural Residence zoning district (RR or R-2), which allows single-
family dwellings on lots with 2 acres of buildable soils computed using a procedure set by the
zoning regulations. Other requirements are that the lot must contain a minimum buildable

Real Property 322 State Street Robert H. Silverstein


Valuation New London, CT 06320 MAI, SRA, MBA
And Consulting Tel. 860-443-8405 Fax 860-442-9306 roberts@msac.com
Michael Venuti
October 28, 2016
Page 2

rectangle of 200 ft. by 300 ft. and frontage of 200 ft. The highest and best use of the property
is for residential development. Based on available mapping and data, it appears that the
property has potential for subdivision into about 60 lots based on the conceptual subdivision
plan by Harkin Engineering, dated August 27, 2013 and provided by our client; however, we
are not licensed engineers and this estimate is developed only for appraisal purposes. The
existing improvements contribute no value except as an interim usage.

The conceptual subdivision plan shows 60 residential building lots on about 11,275 linear ft.
(2.14 miles) of new road, one a cul-de-sac extending south from Burr Hill Road across land
of others at #138 and/or #146, improved 2-acre residential lots. Eleven lots plus one of 5 open
space parcels would have frontage on Venwood Lake. Our previous appraisal estimated the
development potential to be subdivision into about 75 to 85 lots, based on zoning. An earlier
preliminary subdivision plan dated March 7, 2003 shows 92 lots with 14,400 linear ft. (2.73
miles) of new roadway, and also appears to have been based on zoning.

Soils mapped by the USDA’s Natural Resource Conservation Service (NRCS) were
identified using the USDA NRCS Web Soil Survey. The area of the parcel’s approximate
outline totaled 314.4 acres, 3% above the estimated 305 acres. The soils map and table is
attached to this letter. An adjustment was made for Lake Venwood by converting its mapped
soils to water.

The yield of 60 lots may not be possible due to parcel shape, the location of wetlands, steep
slopes and ledge. The soil survey was mapped at 1:12,000 and the level of detail shown in the
resulting soil map is dependent on that map scale and the soil survey does not show small
areas of contrasting soils that could have been shown at a more detailed scale. Wetlands
mapping will be required and could result in a change to the potential number of lots allowed.
Wetland acreage is multiplied by a factor of 25% in calculating the area of equivalent
buildable soils, per zoning. Two acres of buildable soil are required per lot and each proposed
lot is conforming, based on the NRCS mapping.

The land is entirely within Zone X, an area determined to be outside the 0.2% annual chance
floodplain, formerly known as the 500-year flood plain, on flood maps 09007C0238G,
09007C0239G and 09007C0240G, all with an effective date of August 28, 2008

The owner of record for 3 of the 4 parcels is Venuti Associates. The Joseph E. Venuti, Sr.
Family Trust owns the fourth parcel, 541 Route 148. One rear parcel, parcel 15-53A off
Schnoor Road, has a 40-ft. right-of-way to Schnoor Road over an abutting property now or
formerly of Adrienne Suddard. Two other subject parcels, 15-31 & 15-34, have access over
Birch Mill Road, a right-of-way partly improved as a gravel driveway serving 4 residences.
None of the subject parcels have transferred within the past 10 years. We have not conducted
a title search.

The town’s market value estimate for the subject property for the October 1, 2011 revaluation
is $1,107,969, including the metal building valued at $77,830. Preliminary results of the
revaluation of October 1, 2016 will be released to property owners later this year.
Assessments are generally fixed at 70% of the assessor’s valuation, but a 117-acre portion of
541 Route 148 was entered into the P.A. 490 reduced or “use” assessment program for
forestry and is much lower. The 10 year period during which a tax penalty is collected if the
Michael Venuti
October 28, 2016
Page 3

use is changed has expired. Based on the current Town tax rate of 25.89 mills, the current
annual tax burden of the appraised property is estimated to be $20,079.77.

The subject property is located in a rural-suburban residential area on the east side of Route
148, aka Killingworth Durham Road, a scenic through road about two miles west of Route 81
and 3.7 miles northwest of the town center near the intersection of Routes 81 and 80. Access
to points north is good via Route 9 at Exit 9, 8.3 miles north in Haddam via Route 81. I-95 is
9.3 miles south at Exit 63 in Clinton, also via Route 81. The surrounding area is comprised
mostly of a mix of single-family residences built between the 1960s and the early 2000s on
lots of about 2 acres, but there are also several homes on large lots and land held by the South
Central Connecticut Regional Water Authority.

There has been stabilization and improvement in the real estate markets in the past few years;
but this improvement has been spotty and inconsistent. On the date of valuation, 79 homes
had sold in Killingworth, year to date, exceeding the 68 sold in all of 2015. This year appears
to be on track to exceed 2014’s total of 83 sales, the highest since 2010 when there were only
45 sales. However, the median sales price for 2016 is $330,000, less than the $350,000 and
$351,000 seen over the 2 previous years. The unemployment rate is low Killingworth at 3.7%
in August 2016, the lowest within the New Haven Labor Market Area of which it is part.

The highest and best use of the subject property as currently zoned is for residential use after
subdivision as allowed by zoning. It is not possible to determine the exact number of lots that
would be allowed until a plan is submitted, but it appears that 60 lots are possible as shown
on the conceptual subdivision plan of 2013. Extensive road construction is required for this
plan and an alternate design including fewer roads and some larger rear lots may be
appropriate.

Demand for residential lots remains low after the “Great Recession.” There have been 11
sales of newly constructed homes in Killingworth since 2012, 3.1% of the total sold, per the
CTMLS. In 2005 alone, prior to the Great Recession, there were 10 sales of new homes,
11.4% of the total. Not all homes sell through the MLS.

The Sales Comparison Approach was developed by comparing the appraised property to
recent sales of comparable land parcels. Due to the few sales of similar properties in
Killingworth, sales from central and eastern Connecticut were analyzed. Six sales were found
that were considered comparable. They were analyzed on the basis of price per acre.
Adjustments were made to all sales to reflect differences in physical and locational
characteristics as compared to the appraised property. Attached to this letter are descriptions
of the sales used in the analysis, and an adjustment chart detailing the analysis.

The sales sold in a price range of $1,300,000 to $14,385,000 or $13,596 to $25,529 per acre,
between 29 and 85 months prior to the date of valuation. The sales bracket the subject in
terms of location, topography, development potential and size. Several of the sales were
acquired for conservation or municipal purposes. The properties were unimproved or
contained improvements with no contributory value.

A date of sale adjustment is made for Sales 2, 5 and 6 which occurred prior to 2013.
Connecticut was in a declining market for land from late 2007 to late 2012, when prices
began to level off. The level of residential sale activity has increased since 2011’s low point
Michael Venuti
October 28, 2016
Page 4

in terms of median sale prices, but land values continued to fall, albeit at a slower pace, as
home sales were still well below the past levels of activity and price

The subject’s location is superior to that of all but Sale 6. Eleven of the proposed lots will
have frontage on Venwood Lake and all would have lake rights; an upward adjustment is
made for this amenity to all of the sales except Sale 6. The subject’s topography, exclusive of
the lake, is generally slightly superior to Sales 1, 4 and 5, generally similar to Sales 2 and 3,
and inferior to Sale 6. The percentage of wetlands is reflected in the adjustment for
topography. The development potential of the subject property is inferior to Sales 1, 3 and 4
and is superior to Sales 2, 5 and 6. Sale 1 has superior development potential despite the
requirement of an expensive wetland crossing. Sale 2’s potential is inferior due to the
expected requirement for larger lots. Sales 3 and 4 are superior due to the higher density
permitted. Sale 5 is inferior, as the high-density permitted use was not feasible. Sale 6 has
slightly inferior development potential. Only Sales 1 and 4 were acquired for residential
development. The balance of the sales were purchased for open space and/or future municipal
uses.

After adjusting for all other factors, a final adjustment is made for size, as larger parcels sell
for lower per acre prices than smaller parcels which are otherwise similar, following
economies of scale.

The only larger sale found which brackets the subject was The Preserve, a 998.8-acre
property in Old Saybrook, Essex and Westbrook. It had been proposed for about 230 homes
and a golf course, but after acquiring preliminary approvals, suitable access could not be
acquired and the development potential was reduced to a small handful of building lots. The
property was subsequently sold to The Trust for Public Land for a price of $8,100 per acre
and is excluded from the analysis due to its very restricted development potential.

After adjustment, the sales indicate a value range of $19,639 to $22,238 per acre for the
subject.

The Cost Approach was not developed as the property has no improvements. The Income
Approach was not developed as the property has no approvals for development.

Based on our analysis of this data, the indicated market value for the appraised property is
$21,000 per acre. Then, 305 acres x $21,000 per acre = $6,405,000. Since the Sales
Comparison Approach is the only relevant approach to value, it is entirely relied upon.

It is our opinion that the market value of the fee simple interest in the appraised property, as
of September 23, 2016, was, rounded:

Six Million Four Hundred Thousand Dollars


$6,400,000

The current value is $2,720,000 or 30% less than our opinion of value of $9,120,000 in our
prior appraisal as of February 19, 2008. This change reflects both the decline observed in the
market during the “Great Recession” and the diminished estimated lot yield, now 60 instead
Michael Venuti
October 28, 2016
Page 5

of 75 to 85 due to improvements in mapping and the zoning regulation’s use of minimum


buildable lot area (2 acres equivalent) requiring larger lots.

Market value assumes a reasonable time is allowed for exposure in the open market. Our
value estimate assumes that such time has just expired; that on the date of valuation a
reasonable time has been spent marketing the property and that a transfer has occurred on the
valuation date. Considering the location and current market conditions, our opinion of
marketing time is about six months to one year.

Respectfully submitted,

Benjamin H. Baldwin Robert H. Silverstein, MAI, SRA


CT General Certification RCG.0001186 CT General Certification RCG.0000565
Expires on 4/30/2017 Expires on 4/30/2017

Attachments
CERTIFICATION OF THE APPRAISER

I hereby certify that, to the best of my knowledge and belief:

1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and
no personal interest with respect to the parties involved.
4. I have no bias with respect to the property which is the subject of this report or to the parties
involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon 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.
7. The appraisal was made and the appraisal report was prepared in conformity with the
requirements of the Code of Professional Ethics & Standards of Professional Appraisal
Practice of the Appraisal Institute, which include the Appraisal Foundation’s Uniform
Standards of Professional Appraisal Practice.
8. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
9. Benjamin Baldwin has made an inspection of the property that is the subject of this report.
Mr. Silverstein is familiar with the neighborhood and inspected the property on December 11,
2007 for the prior assignment.
10. No one provided significant real property appraisal assistance to the person signing this
certification.
11. As of the date of this report, Robert Silverstein has completed the requirements under the
continuing education program of the Appraisal Institute.
12. We have provided no prior services related to the appraised property within three year period
immediately preceding acceptance of this assignment.

Benjamin H. Baldwin Robert H. Silverstein, MAI, SRA


CT General Certification RCG.0001186 CT General Certification RCG.0000565
Expires on 4/30/2017 Expires on 4/30/2017

Page 6
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS

The certification of the Appraiser appearing in the appraisal report is subject to the
following conditions and to such other specific and limiting conditions, as are set
forth by the Appraiser, in the report.

1. The Appraiser assumes no responsibility for matters of a legal nature


affecting the property appraised or the title thereto, nor does the Appraiser
render any opinion as to the title, which is assumed to be good and
marketable. The property is appraised as though under responsible
ownership.

2. Any sketch in the report may show approximate dimensions and is included
to assist the reader in visualizing the property. The Appraiser has made no
survey of the property.

3. The Appraiser is not required to give testimony or appear in court because of


having made the appraisal with reference to the property in question, unless
arrangements have been previously made therefore.

4. Any distribution of the valuation in the report between land and


improvements applies only under the existing program of utilization. The
separate valuations for land and building must not be used in conjunction
with any other appraisal and are invalid if so used.

5. The Appraiser assumes that there are no hidden or unapparent conditions of


the property, subsoil or structures, which would render it more or less
valuable. The Appraiser assumes no responsibility for such conditions, or for
engineering which might be required to discover such factors.

6. Information, estimates, and opinions furnished to the Appraiser were


obtained from sources considered to be reliable and believed to be true and
correct. However, no responsibility for accuracy of such items furnished the
Appraiser can be assumed by the Appraiser.

7. Disclosure of the contents of the appraisal report is governed by the Bylaws


and Regulations of the professional appraisal organizations with which the
Appraiser is affiliated.

8. Neither all, nor any part of the contents of the report, or copy thereof
(including conclusions as to the property value, the identity of the Appraiser,
professional designations, reference to any professional appraisal
organization, or the firm with which the Appraiser is connected), shall be
used for any purposes by anyone but the client specified in the report, the
mortgagee or its successors and assigns, mortgage insurers, consultants,
professional appraisal organizations, any state or federally approved financial
institution, any department, agency, or instrumentality of the United States or
any state or the District of Columbia, without the previous written consent of
the Appraiser; nor shall it be conveyed by anyone to the public through
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UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS

advertising, public relations, news, sales, or other media, without the written
consent and approval of the Appraiser.

9. On all appraisals, subject to satisfactory completion, repairs, or alterations,


the appraisal report and value conclusions are contingent upon completion of
the improvements in a workmanlike manner.

10. Unless otherwise stated in this report, the existence of hazardous substances,
including without limitation lead paint, asbestos, polychlorinated biphenyls,
petroleum leakage, or agricultural chemicals, which may or may not be
present on, emanating from, or near the property, or other environmental
conditions, were not called to the attention of nor did the appraiser become
aware of such during the appraiser's inspection. The appraiser has no
knowledge of the existence of such materials on or in the property unless
otherwise stated. The appraiser, however, is not qualified to detect or test
such substances or conditions. If the presence of such substances, such as
asbestos, urea formaldehyde foam insulation, or other hazardous substances
or environmental conditions, may affect the value of the property, the value
estimated is predicated on the assumption that there is not now or ever has
been such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility is assumed for any such
conditions, or for any expertise or engineering knowledge required to
discover them.

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QUALIFICATIONS OF APPRAISERS

Benjamin H. Baldwin
Professional License
Connecticut State Certified General Real Estate Appraiser License #RCG.0001186, expires
4/30/2017.

General Education
Vassar College, B.A., 1986 (Geography)

Real Estate and Appraisal Courses


Appraisal I - Introduction to Real Property Appraising, UConn Avery Point, 1999
Real Estate Principles & Practices, Midd-Shore Association of Realtors, 2000
National Uniform Standards of Professional Appraisal Practice, UConn, 2001
Appraisal II - Income Property Appraisal, UConn, 2002
Evaluating Commercial Construction, CT Chapter of the Appraisal Institute, 2004 & 2014
Current Trends in the Assessment of Real Estate in CT, Chapter of the Appraisal Institute, 2004
Basic Income Capitalization, CT Chapter of the Appraisal Institute, 2005
Using Your HP12C Financial Calculator, Appraisal Institute, 2005
General Applications (Course 320), Appraisal Institute, 2006
Commercial Real Estate – Understanding Investment, Professional Valuation & Real Estate
School, 2007
An Introduction to Valuing Green Buildings, Appraisal Institute, 2008
Connecticut NRCS Soil Conference, Tolland County Agricultural Center, 2008
Using Spreadsheet Programs in Real Estate Appraisals, Appraisal Institute, 2009
Introduction to Conservation Easement Valuation, Appraisal Institute, 2009
Problems in Residential Appraising & A Blizzard of Appraisal Regulations, CT Chapter of the
Appraisal Institute, 2011
Geographic Information Systems – The Executive Overview, Appraisal Institute, 2012
Introduction to Expert Witness Testimony, McKissock LP, 2012
Mandatory CT Real Estate Appraisal Law Update, 2004 (CT Chapter of the Appraisal Institute),
2006 (The Dares Institute), 2009 (CT Chapter of the Appraisal Institute), 2012 (CT Chapter
of the Appraisal Institute).
National Uniform Standards of Professional Appraisal Practice Update Course, 2004 (UConn),
2006 (The Dares Institute), 2010 (A Professional Valuation & Real Estate School), 2012
(Appraisal Institute), 2014 (The Dares Institute).

Real Estate and Appraisal Experience


Certified General in May 2008. Provisional in April 2003. Employed by Miner & Silverstein,
LLP (predecessor to Silverstein Appraisal Services, LLC) in August 1998 as GIS technician
conducting market studies to evaluate potential client retail locations and assisted with appraisal
research and writing.

Property Types Appraised


Multifamily, office, retail, marina, dockominium, commercial/industrial, restaurant, church and
raw land. Assisted with shopping center, waterfront industrial, and hotel/motel appraisals.

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QUALIFICATIONS OF APPRAISERS

Robert H. Silverstein, MAI, SRA, MBA


Professional Memberships and Licenses
Member, Appraisal Institute: MAI and SRA designations
Connecticut General Appraiser Certification No. RCG.0000565, expires 4/30/2017
Rhode Island General Appraiser Certification No. CGA.0A00396, expires 1/31/2017
New York General Certification No. 46000013732, expires 3/1/2017
Connecticut Real Estate Broker’s License No. 0754660, expires 3/31/2017
Realtor Member: Eastern CT Association of Realtors
Revaluation Supervisor, CT Office of Policy & Management, #791, expires 4/30/2021

General Education
MBA and BA, University of Connecticut

Real Estate Experience


Full-time appraiser with Silverstein Agency 1975-1981
Partner, Miner & Silverstein, LLP, 1981-2012
Owner, Silverstein Appraisal Services, 2013 (successor to Miner & Silverstein, LLP)

Property Types Appraised


Completed over 5,000 written appraisals throughout Connecticut, Rhode Island, and
Fisher’s Island, New York, on most types of residential, commercial, recreation and
industrial real estate; plus participated in over 15,000 assignments as supervising or co-
appraiser.

Court Experience
Appeared and testified as an expert witness in Superior Court, States of Connecticut and
New York, and United States Federal Court and Bankruptcy Court.

Teaching Experience
Instructor of Real Estate Appraisal I (Residential Property) and II (Income Property),
University of Connecticut, Non-Credit Extension, 1981 to 1991.

Special Assignments
Partial takings; Taking of development rights; Leased fee and leasehold interests; Highest
and Best Use analysis; Lease-Purchase analysis; Market value subject to limited
marketing time; Investment Analysis; Before tax and after tax analysis; Condominium
Conversion Feasibility; Shopping Center Feasibility; Hotel Feasibility; Neighborhood
Impact Studies; Valuation of Small Businesses; Valuation of Partial Interests; Valuation
of Contaminated Property; Appraisal Review.

Page 10
QUALIFICATIONS OF APPRAISERS

Real Estate Courses


Real Estate Principles and Practices, Connecticut Association of Realtors.
Real Estate Financing, University of Connecticut Extension
Building Cost Estimating, University of Connecticut Extension
Introduction to Real Property Appraising, Society of Real Estate Appraisers, (101)
Principles of Income Property Appraising, Society of Real Estate Appraisers, (201)
Applied Income Property Valuation, Society of Real Estate Appraisers, (202)
Single Family Appraisal, American Institute of Real Estate Appraisers (AIREA) Course 8
Valuation Analysis and Report Writing, AIREA, Course 2-2
Standards of Professional Practice, AIREA Course 2-3
Litigation Valuation, AIREA, Course 4
Real Estate Finance and Investment, University of Connecticut MBA Program
Introduction to Urban Land Economics, University of Connecticut MBA Program
Special Topics in Real Estate Finance and Investment, U. of Conn MBA Program
Fundamentals of Real Estate Investment and Taxation, Course 101, RNMI
National USPAP Update Course, Appraisal Institute, Course 400
Separating Real and Personal Property from Intangible Business Assets, AI Course 800

Seminars Attended
Appraising Apartments; Appraising Condominiums; Valuations of Leases and Leasehold
Interests; Applications of Market Extractions; Narrative Report Writing; Tax
Considerations in Real Estate Transactions; Feasibility and Investment Analysis;
Marketability and Market Analysis; Marshall Valuation Cost Service; Condominium
Development and Conversion; Business Valuation I and II; Appraisal of Nursing
Facilities; Hotel/Motel Valuation; Rates, Ratios and Reasonableness; Appraising
Troubled Properties; How to Appraise FHA Property; Depreciation Analysis; Attacking
and Defending an Appraisal in Litigation; Introduction to ARGUS; Review Appraisal
Under USPAP; Valuing Mid-Size and Smaller Businesses; Subdivision Analysis;
Standards of Professional Practice, Parts A, B & C; Fair Housing; Regression Analysis-
Concepts and Applications; Feasibility Analysis, Market Value and Investment Timing;
Supporting Capitalization Rates; Appraising Convenience Stores; Partial Interest
Valuation-Undivided; Self Storage Economics and Appraisal; Analyzing Properties in
Distressed Real Estate Markets; Introduction to the Appraisal of Green Buildings;
Analyzing Properties in Distressed Real Estate Markets; Core Curriculum Overview;
USPAP Update; CT Law Update; Marketability Studies.

Community Memberships
Member: Beta Gamma Sigma, National Honorary Business Society
Member: Rotary Club of New London
Board of Directors: United Cerebral Palsy of Eastern Connecticut
Board of Directors: Bacon & Hinkley Home, Inc. (non-profit home for the aged)

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LEGAL DESCRIPTION

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LOCATION MAP

Page 22
ASSESSOR MAP SHOWING APPRAISED PROPERTY

Source: Killingworth online GIS North

Page 23
MAP OF TOPOGRAPHY OVERLAYING PARCEL OUTLINES & 2004 AERIAL

Source: CT Environmental Conditions Online North

Page 24
CONCEPTUAL SUBDIVISION DESIGN

 North

Page 25
SOILS MAP

Approximate parcel and soil


map unit outlines

Source: USDA’s Natural


Resource Conservation Service
(NRCS) Web Soil Survey

Page 26
SOILS SURVEY

Map Unit Legend


Map Unit
Symbol Map Unit Name Acres Percent
3 Ridgebury, Leicester, and Whitman soils, 0 to 8 percent slopes, extremely stony 14.2 5%
15 Scarboro muck, 0 to 3 percent slopes 1.4 1%
17 Timakwa and Natchaug soils, 0 to 2 percent slopes 4.5 1%
18 Catden and Freetown soils, 0 to 2 percent slopes 21.7 7%
34B Merrimac fine sandy loam, 3 to 8 percent slopes 4.3 1%
38C Hinckley loamy sand, 3 to 15 percent slopes 0.4 0%
47C Woodbridge fine sandy loam, 3 to 15 percent slopes, extremely stony 40.4 13%
52C Sutton fine sandy loam, 2 to 15 percent slopes, extremely stony 2.1 1%
61B Canton and Charlton soils, 3 to 8 percent slopes, very stony 3.1 1%
61C Canton and Charlton soils, 8 to 15 percent slopes, very stony 0.7 0%
62C Canton and Charlton soils, 3 to 15 percent slopes, extremely stony 49.3 16%
62D Canton and Charlton soils, 15 to 35 percent slopes, extremely stony 7.3 2%
73C Charlton-Chatfield complex, 3 to 15 percent slopes, very rocky 37.8 12%
73E Charlton-Chatfield complex, 15 to 45 percent slopes, very rocky 11.1 4%
75C Hollis-Chatfield-Rock outcrop complex, 3 to 15 percent slopes 3.7 1%
76E Rock outcrop-Hollis complex, 3 to 45 percent slopes 0.1 0%
85B Paxton and Montauk fine sandy loams, 3 to 8 percent slopes, very stony 17.1 6%
85C Paxton and Montauk fine sandy loams, 8 to 15 percent slopes, very stony 0.7 0%
86C Paxton and Montauk fine sandy loams, 3 to 15 percent slopes, extremely stony 30.4 10%
303 Pits, quarries 35.3 11%
Water Venwood Lake (Mapped as 303, 18 & 73C soil map units) 28.6 9%
Totals for Area of Interest: 314.4 100%

Page 27
PHOTOGRAPHS OF SUBJECT PROPERTY

All photographs taken on May 5, 2016 unless stated otherwise.

View east of
driveway
entering 541
Route 148 with
Venwood Lake
at left and
improvements
at right rear

View east of
Venwood Lake
at 541 Route
148

Page 28
PHOTOGRAPHS OF SUBJECT PROPERTY

View north of
southernmost
clearing on
parcel 15-54,
Birch Mill
Road

View northeast
at parcel 15-
53A

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PHOTOGRAPHS OF SUBJECT PROPERTY

View southeast
on Birch Mill
Road from
south end of
parcel 15-54

View east of
gated access
strip at parcel
15-31 from
Route 148

Page 30
PHOTOGRAPHS OF SUBJECT PROPERTY

View northeast
on Birch Mill
Road with
parcel 15-31
of the subject
property at left

View north of
parcel 15-31,
Route 148,
from Birch
Mill Road with
storage sheds
at a clearing
at rear

Page 31
PHOTOGRAPHS OF SUBJECT PROPERTY

Oblique Aerial Photograph


with Subject Property at Center

North 
Source: Bing Maps
(undated composite
photograph)

Page 32
SALES COMPARISON APPROACH

Sales Data
The following sales were the most recent and most comparable of all data discovered.

Sale 1
Bridgewater Estates
1745 Middletown Avenue (Route 17)
North Branford (Northford), CT

Grantor: Schanz, Estate of Date: 4/9/2014


Valentin William
Grantee: Sunwood Volume/Page: 467/373 & 377
Development Corporation
Deed Type: Executor & Warranty
Sales Price: $1,300,000 Unit Price: $18,571/acre and
$43,333/lot

Verification: Verified by Ben Baldwin with Mark Lubeski of Century 21 Allpoints


Realty, the listing broker.

Financing: $1 Million construction mortgage to Ion Bank; due 5/1/2017; Prime rate
plus 1.75% (5.00% minimum).

Location: On the south side of the road at its intersection with Old Post Road in the
historic Northford section of town. An interchange on I-91 is located about 3.4
miles north in Wallingford while I-95 is about 10 miles south in Branford. The
property abuts a 5,600-acre parcel of the South Central Connecticut Regional
Water Authority containing 1,091-acre Lake Gaillard, a drinking water reservoir.
The neighborhood is mostly rural-suburban residential in character with average
to above average homes and farmland south of Route 17 and to the rear of
residences.

Zoning: R-40, Residential district with 0.92 acre minimum area.

Utilities: Electric, telephone, cable, public water and sewer.

Land Description: 63.82 acres with frontage of 492 ft. in two sections of 470 and
22.2 ft.; irregular shape; mostly open farmland reverting to woods. It is
moderately sloping, declining south from an elevation of 210 ft. at the road to
185 ft. at the Farm River, 750 ft. south, and then rising to 230 ft. south of the
river. There are about 20 acres of wetland soils present, mostly located around
and including the narrow river which flows west across the property. Farm roads
run through the property and there is one crossing of the river along the west
edge of the parcel.

Page 33
SALES COMPARISON APPROACH

Improvements: A 3,100-sq. ft. wood frame barn served by electric had no


contributory value.

Comment: The property was listed at $1.3 Million for 70 acres on 3/7/2013 and
closed 13 months later. The Grantee received approvals for a 30-lot residential
subdivision on a ±3,700 linear ft. loop road, Farmington Drive. The sale was
contingent on receiving approval; the sale price was determined by the number of
lots granted and had recently been renegotiated just prior to the closing. The
Farm River supplies drinking water and the Grantee was required to construct a
bridge to serve 26 of the lots. The open space set aside totaled 26.87 acres.
Initially called Schanz Farm subdivision, the development is called Bridgewater
Estates and asking prices for homes range from $439,000 to $674,900; the
developer stated 5 were under contract as of August 2016; one transferred as a
package for $719,272 on 9/6/2016 and another on 10/11/2016. Proposals to
develop the property had been under consideration since about 2000. The
Planning and Zoning Commission twice rejected a different developer's plan to
build a 200-unit age restricted subdivision. Sunwood Development had earlier
proposed putting about 75 or 115 homes on the site. The Grantor retained the
eastern 46.43 acres of the former dairy farm which is improved with a circa-1800
residence addressed at 1775 Middlesex Avenue.

Location Map

Page 34
SALES COMPARISON APPROACH

Parcel outline,
topography (5
ft. intervals),
and wetland
soils (purple)
overlaying
2004 aerial

Oblique aerial
view southwest
of loop road
Source:
Sunwood
Development
Corporation
marketing
website

Page 35
SALES COMPARISON APPROACH

Sale 2
546B Summer Hill Road
Madison, CT

Grantor: Bauermeister, Christopher & Date: 3/8/2011


Jennifer
Grantee: Madison Land Conservation Volume/Page: 1720/221
Trust, Inc.
Deed Type: Warranty
Sales Price: $1,450,000 Unit Price: $18,817/acre or
$181,250 per potential lot

Verification: Verified by Ben Baldwin with Paul Beckman, the listing broker,
formerly of William Raveis Real Estate & Home Services.

Financing: $300,000 bridge loan from an anonymous donor to the acquisition


campaign.

Location: On the east side of Summer Hill Road and north side of Old Toll Road,
Route 80, in the northeast section of Madison about 0.7 mile east of the village of
North Madison at the intersection of Routes 80 and 79 at a roundabout. The 243-
acre Hammonasset Reservoir is located just to the east on land of the South
Central Connecticut Regional Water Authority and extends into the town of
Killingworth to the east. The neighborhood is mostly rural-suburban residential
in character with above average homes. Interchange 61 on I-95 is located 6.4
miles via Route 79; Route 9 is 11.2 miles north, I-91 is 15.2 miles west via Route
80.

Zoning: RU-1, Residential district with 80,000-sq. ft. (1.84 acres) minimum area.

Utilities: Electric, telephone, cable.

Land Description: 77.06 acres with frontage of about 1,600 ft. of which 1,330 ft. is
on the north side of Old Toll Road (Route 80) and two section of 250 and 20 ft.
on the east side of Summer Hill Road; irregular shape; mostly wooded. The land
descends from an elevation of 365 ft. at the northern 20-ft. frontage on Summer
Hill Road to 255 ft. at the southeast corner where a brook exits the parcel at Old
Toll Road. The land is crossed by the brook from north to south and also contains
a 4-acre beaver pond. The land rises again to the northeast to an elevation of 350
ft. This point is a local high point and is expected to have good views of the
reservoir at elevation 275 ft. which is about 500 ft. east. There are about 15.6
acres of wetland soils present, extending north and crossing the property. About
10% of the property is made up of steeply sloping soils, located mostly along the
east edge of the parcel.

Improvements: None. The northern Summer Hill Road frontage contains part of a
shared woods road.

Page 36
SALES COMPARISON APPROACH

Comment: Potential for development of a low density subdivision of about 8 lots, 2+


off an existing woods road. No approvals were in place. The parcel was listed in
May 2010 as containing 80 acres at $1.6 Million. Known as the Bauermeister
Property, the parcel formerly included 546 Summer Hill Road, a 6.44-acre parcel
improved with a circa 1730 residence in below average condition very close to
the road. It sold separately to another buyer in June 2011 for $400,000 with
development restrictions; the residence and most outbuildings were then removed
and another residence built. Prior to the division the 87.5-acre property had been
listed at $3.6 Million from 2008, reduced to $2.4 Million in 2010. The purchase
was negotiated and funds raised by the Trust for Public Land (TPL) and MLCT,
Inc. The State of Connecticut’s Department of Environmental Protection
contributed $500,000 toward the purchase through its Open Space and Watershed
Land Acquisition Grant Program and received a conservation easement. One
anonymous donor contributed $600,000 to the Grantee and made the $300,000
loan.

Location Map

Page 37
SALES COMPARISON APPROACH

Parcel outline,
topography (5
ft. intervals),
and wetland
soils (purple)
overlaying
2004 aerial

View east of
parking area
on Summer
Hill Road
Source:
Madison
assessor

Page 38
SALES COMPARISON APPROACH

Sale 3
Hidden Acres Farm
107 East Street
Granby (North Granby), CT

Grantor: Raymond C. Evonsion Date: 9/6/2012


Trust U/A/D May 15, 1981
and Estate of Sophie Evonsion
Grantee: Town of Granby Volume/Page: 388/428
Deed Type: Trustee
Sales Price: $2,479,000 Unit Price: $19,729/acre and
$30,988/lot

Source: Information on the sale was obtained from public records.

Financing: None recorded

Location: On the south side of the road opposite Cooley Road and the southwest
corner of the notch or “Southwick Jog” on the Massachusetts border. East Street
is a local through road with an average daily traffic count of 2,600 vehicles in
2013. The property is 1 mile west of Routes 202 and 10 and 9.3 miles northwest
of limited access Route 20, the Bradley Connector to I-91. Downtown Hartford is
23 miles south. The neighborhood is mostly rural-suburban residential in
character with average to above average homes on 0.5 to 2-acre lots. A smaller
farm abuts on the west; others are within the neighborhood, mostly to the rear of
residences.

Zoning: R-30, Residential district with 0.69 acre minimum area.

Utilities: Electric, telephone, and cable.

Land Description: 125.03 acres with frontage of 548 ft. on East Street in 3 sections,
288 ft. containing the entry roads and 2 sections of 125 ft. and 135 ft. on either
side of a small cemetery. A town-owned parcel abutting the south rear has 150 ft.
of frontage at the end of Harmony Hill Road and another at the end of Brendan's
Way has 128 ft. The property is located to the rear of several residences and a
subdivision on East Street and to the rear of residences along roads to the east
and south. It has an irregular shape, widening from a width of about 985 ft. at the
rear of the residences to 2,420 ft. The maximum width is 2,640 ft. at the rear of
the property, 2,800 ft. south of the frontage. The land is gently sloping, down
from 308 ft., the elevation of the west end of the frontage, to 288 ft. at the east
end of the frontage and to 234 ft. at the southeast corner where Bradley Brook
exits the property. The property is almost entirely open farmland; there are
wooded areas along brooks at the rear. All of the soils present are mapped
farmland soils except for an 8.9-acre area of Udorthents-Pits complex, gravelly
soil, the location of a former gravel excavation that appears to have been

Page 39
SALES COMPARISON APPROACH

remediated and is farmed; a half-acre pond remains. There are about 16 acres of
wetland soils present. Scenic views are afforded to the west.

Improvements: Older barns near the frontage without contributory value were
removed between March 2012 and September 2013. A farm road extends about
2,800 ft. from an unpaved parking area.

Comment: The original price of the parcel was $3 million, but was subsequently
reduced after some environmental remediation was required. The property had
been appraised for $2.6 million in February 2009, including houses, a barn and
utility buildings. The parcel had been proposed for development of 80 residences
and was purchased to be held for future town uses. It is currently leased to a local
farmer for the cultivation of feed corn. The town decided in 2015 to maintain the
agricultural use of the property, leasing it with terms of 3 to 5 years in case
another use is desired.

Location Map

Page 40
SALES COMPARISON APPROACH

Parcel outline
overlaying
aerial and
wetland soils
(green)
Source: Town
of Granby GIS

Interior view
of property
Source:
Patch.com,
published
12/29/2011

Page 41
SALES COMPARISON APPROACH

Sale 4
Lawrence Farm
111 & 115 South Main Street (Route 5) & 49 Phelps Road (Route 191)
East Windsor, CT

Grantor: Titus Realty LLC, Date: 12/21/2012


Maciolek, Helen and
Putriment, Estate of Pauline
Grantee: Chapman, Clifton B. Volume/Page: 367/448, 451 & 455
Deed Type: Warranty
Sales Price: $2,600,000 Unit Price: $16,720/acre and
$5,417/unit

Verification: Verified by Ben Baldwin with Joseph Carnemolla of Campbell-Keune


Realty Inc., the listing broker.

Financing: Mortgage of $2,300,000 to Farm Credit East ACA.

Location: On the east side of South Mains Street and north side of Phelps Road on
the west side of town about 2.5 miles south of I-91 and 6.2 miles north of I-291
in a mixed rural-suburban area of single family residences, multifamily
condominium developments and Southern Auto Auction on about 200 paved
acres to the south. There was an average daily traffic count of 14,800 vehicles on
Route 5 and 1,300 on Route 191 in 2013. Hartford is about 12 miles south via
Route 5.

Zoning: A-1 Agricultural/Residential zoning district requiring a 43,560-sq. ft.


buildable area except for 6 acres on Route 5 in the TZ5 Transitional Zone with a
minimum lot area of 0.46 acre and 12 adjacent acres in the R-3 Single Family
Residential zoning district with a minimum lot area of 0.69 acre.

Utilities: Electric, telephone, cable, water & sewer.

Land Description: 171.06 acres with 3,722 ft. frontage in 3 parcels; approximately
rectangular overall shape. The first parcel, 111 South Main Street, contains 104
acres, has 792 ft. frontage on the east side of Route 5 and includes the 3 zoning
districts. The second parcel, 115 South Main Street, is a 2.83-acre rear parcel in
the R-3 zoning district to the north of #111 containing steep slopes and a section
of Stoughton Brook. The third parcel, 49 Phelps Road, contains 64.24 acres with
2,930 ft. on Phelps Road and is entirely within the A-1 zone. The land is mostly
gently sloping, descending from an elevation of 100 ft. near Phelps Road to 30 ft.
on Stoughton Brook in the northwest corner. Almost all of the soils are classified
as prime or statewide important farmland soils. About 51 acres are wetland soils.
The property was used for tobacco and pasture.

Page 42
SALES COMPARISON APPROACH

Improvements: Two circa-1900 older single-family residences near Route 5, a 2,748-


sq. ft. 2-family dwelling near Route 191, and about 10 tobacco barns. The
buildings are in below average to poor condition and had no contributory value.

Comment: Development of a 480-unit luxury apartment complex in 48 buildings,


3,800-LF of new road, in 3 phases; No approvals. The project is to be constructed
in three phases. The first phase would include 19 buildings, the clubhouse, the
maintenance building, as well as the basketball and tennis courts on
approximately 2,200 ft. of Lawrence Farm Lane off the north loop. The second
phase includes 12 buildings along the south; the third phase includes the
remaining buildings along 1,600 ft. of Lawrence Farm Lane on the east loop.
Development has been delayed for at least 2 years due to soil contamination, but
an interim use for hay has been permitted.

Location Map

Page 43
SALES COMPARISON APPROACH

Parcel outline
overlaying
aerial and
wetland soils
Source: Town
of East
Windsor GIS

View north
from Phelps
Road, Route
191
Source:
Patch.com,
published
7/11/2012

Page 44
SALES COMPARISON APPROACH

Oblique view
of site plan
showing
through road
between
frontages
Source:
Patch.com,
published
7/11/2012

Page 45
SALES COMPARISON APPROACH

Sale 5
18 Mostowy Road
East Lyme, CT

Grantor: Webster Bank, NA Date: 11/29/2011


Grantee: The Trust for Public Land Volume/Page: 880/592
Deed Type: Quit Claim Deed
Sales Price: $4,100,000 Unit Price: $13,596/acre

Verification: Ben Baldwin verified the sale with Norm Peck of Pequot Commercial
Real Estate, the listing broker, and Attorney Kristin Wainwright of TCORS,
Town Counsel.

Financing: None recorded.

Location: Located in north-central East Lyme in a rural-suburban neighborhood just


off Route 161 about 2.5 miles north of the Flanders Four Corners shopping
district and I-95. Near to a golf course and newer residential subdivisions.
Adjacent to 1,543 acres of forest of Yale University and 85-acre Camp
Pattagansett. Mostowy Road is a narrow, lightly-travelled residential loop road
off the State highway.

Zoning: SU-E, Special Use – Elderly, Residential.

Utilities: Water, electric and telephone.

Land Description: 301.55 acres with 596 feet frontage on the west side of Mostowy
Road; Irregularly shaped and including about 30 acres of 47-acre Darrow’s Pond.
The land is generally gently sloping down to the pond in the north and to a valley
in the west. The land rises steeply on the west side of the property to a gently
sloping area that extends to the west boundary. About 25 acres of the property
are composed of wetland soils, not including the pond, and are generally located
just south of the pond. About 40 acres are cleared, a former sheep farm, mostly
near the pond and Mostowy Road, while the balance is wooded. The rear of the
property is subject to a buffer easement with the Darrow’s Ridge subdivision on
the north side of Darrow’s Pond.

Description of Improvements: Unimproved except for the slab foundation of a


former J.C. Penney warehouse, paved driveway, woods roads and water wells.

Comments: The property was purchased as recreational open space and water supply
land and transferred to the Town of East Lyme on November 30, 2011 by a
warranty deed recorded in Volume 880, Page 599. The purchase price was based
on an appraisal by the bank, but was negotiated by TPL and the town Board of
Finance, and was approved by voters. The land had been proposed for 600 units
of age-restricted housing and a golf course. Webster Bank foreclosed on the

Page 46
SALES COMPARISON APPROACH

property in 2008. Mr. Peck reported that the bank contributed $20,000 toward the
acquisition of the property.

Location
Map

Assessor
parcel
outline

Page 47
SALES COMPARISON APPROACH

View
north of
the pond
from the
site of the
former
warehouse

Taken
12/6/2013
by Ben
Baldwin

Page 48
SALES COMPARISON APPROACH

Sale 6
Goss & Zipp Properties
Duck Hole Road & Podunk Road
Guilford, CT

Grantors: George A. Goss III, Dirck Date: August 26, 2009


W. Goss, Helene Farrel Goss, and
Edwin L. Goss ; Harriet V. Zipp
Bypass Trust
Grantee: Town of Guilford Volume/Page: 788/213 & 233;
788/241
Deed Type: Warranty & Quit
Claim; Warranty
Sales Price: $14,385,000 Unit Price: $25,529/acre

Verification: Verified by Ben Baldwin with Kevin Magee, environmental planner of


the Grantee, and David Kozak, CT DEEP Office of Long Island Sound Programs
and acquisition negotiator.

Financing: None recorded.

Location: On the east side of tidal East River in a suburban area of above average
homes about 2 miles north of I-95 and 3 miles northeast of the town center. The
property is abuts land of the Guilford Land Conservation Trust to the north and
east. The waterfront is narrow and has limited utility as it is located north of
bridges, about 5 miles from open water, and is shallow and limited to small
power boats, canoes and kayaks.

Zoning: R-8, Residential district with 160,000 sq. ft. minimum area.

Utilities: Electric, telephone.

Land Description: 563.47 acres in multiple parcels with frontage of 1,909 feet;
irregular shape; mostly wooded and moderately sloping, rising gently to an
elevation of about 170 feet. The land contains about 85 acres of wetlands
distributed throughout the property. There are about 25 acres of open hay field.
The property includes a small historic cemetery. Developed property retained by
the Grantor is surrounded by the purchased property.

Improvements: Unimproved except for woods roads, driveways, and a transmission


line

Comment: The property transferred for sales price of $13,585,000 paid to the Goss
family and $800,000 to the Zipp family. Negotiations had been underway for a
number of years and the Goss family had proposed a development of the property
with about 100 units on the transferred portion. The Goss family retained a 15
acre portion of the site for family occupied residential use, as well as land on the

Page 49
SALES COMPARISON APPROACH

west side of the river. There were three homes on the site and two more were
permitted. State and Federal funding required the bulk of the land be subject to a
conservation easement, but the town is allowed use 32 acres at the northwest
corner for municipal purposes. Two appraisals were used as a basis for
negotiations, but avoidance of future costs of development including additional
school children was also a factor. The State removed itself from the transaction
as it did not want to use State funds for an acquisition which it felt was above
market. The State is administrator of the Federal funds used for acquisition.

Goss & Zipp


Properties,
Guilford, CT
Location Map

Page 50
SALES COMPARISON APPROACH

Goss & Zipp


Properties,
Guilford, CT
Parcel outlines
overlaying
2005 aerial

Goss & Zipp


Properties,
Guilford, CT
View east from
the access
bridge taken
on December
9, 2013 by Ben
Baldwin

Page 51
SALES COMPARISON APPROACH
Sales Comparison Approach
Subject Sale 1 Sale 2 Sale 3 Sale 4
Route 148, Birch Mill Road
1745 Middletown Road (Route 17) 546B Summer Hill Road 107 East Street
and Schnoor Road
Killingworth North Branford (Northford), CT Madison, CT Granby (North Granby), CT East Windsor
Sale Price $1,300,000 $1,450,000 $2,479,000
Price/Acre $20,370 $18,817 $19,729
Terms of Sale Conventional 0 Government-aided 0 Municipal Acquisition 0
Net Sales Price/acre $20,370 $18,817 $19,729
Date of Sale 9/23/2016 4/9/2014 0% 3/8/2011 -5% 9/14/2012 0%
Months 29 66 48
Sub-total $20,370 $17,876 $19,729
Location Located on the east side of Suburban, mixed 10% Rural-suburban, area of 0% Suburban, mixed 10%
Route 148, a lightly agricultural-residential mostly average+ homes, agricultural-residential
travelled road, in an area of area of average homes, 6.4 mi. N of I-95; 11.2 area of average homes,
average to average+ 3.2 mi. S of I-91, 9.9 mi. S of Route 9, 15.2 1.1 mi. W of Rte 202,
residences; I-95, Route 9 mi. N of I-95 mi. E of I-91 via Route 9.4 mi. NW of limited
and I-91 are 8 to 12 mi. 80 access Rte 20, 13 mi.
distant; Near shoreline SE to I-91
Amenities Lake, 30± acres Open fields & brook 10% View of reservoir & 10% Open fields & brooks 10%
pond
Topography/Soils Rolling topography, cleared Mostly gently sloping 10% Mostly gently to 0% Mostly gently sloping 0%
and wooded land, 18.4 farmland, crossed by moderately sloping; farmland, former gravel
acres (6%) steeply sloping Farm River Bands of wetlands pit in rear
soils & 3.8 acres shallow to isolate the steeply
bedrock sloping east rear with
local highpoint, elev. 350
ft. with view east to
reservoir
Wetlands 13%, not including lake 30% 20% 13%
Zoning Rural Residential (RR) R-40 RU-1 R-30
Road Frontage (Ft.) 1,822 492 1,600 547
Frontage/Size Ratio 5.97 7.71 20.76 4.36
Development Good, about 60 lots with Development of a 30- -20% Development of a low 20% Development of a ±80- -10%
Potential about 2 miles of through lot subdivsion on a density subdivision of lot subdivsion on a loop
roads; about 11 of the lots 3,700±-LF loop road w/ about 8 lots, 2+ off an road; No approvals
have lake frontage bridge; No approvals existing woods road; No
approvals

Improvements Garage and outbuildings, no Older barn with no 0% None 0% Older barns with no 0%
contributory value contributory value contributory value
(removed between 3/12
& 9/13. Demo cost?)

Total Adjustments 10% 30% 10%


ADJUSTED PRICE $22,407 $23,238 $21,702
Size (acres) 305.00 63.82 77.06 125.65
Size Adjustment -$1,000 -$1,000 -$700
ADJUSTED PRICE $21,407 $22,238 $21,002

Page 52
SALES COMPARISON APPROACH
Sales Comparison Approach
Subject Sale 4 Sale 5 Sale 6
Route 148, Birch Mill Road 111 & 115 South Main Street (Route 5)
18 Mostowy Road Duck Hole Road & Podunk Road
and Schnoor Road & 49 Phelps Road (Route 191)
Killingworth East Windsor, CT East Lyme, CT Guilford, CT
Sale Price $2,650,000 $4,100,000 $14,385,000
Price/Acre $15,492 $13,596 $25,529
Terms of Sale Conventional 0 Municipal Acquisition 0 Municipal Acquisition 0
Net Sales Price/acre $15,492 $13,596 $25,529
Date of Sale 9/23/2016 12/21/2012 0% 11/29/2011 -5% 8/26/2009 -10%
Months 45 58 85
Sub-total $15,492 $12,917 $22,976
Location Located on the east side of Suburban, mixed 30% Suburban area 2.5 mi. 25% Suburban area of -5%
Route 148, a lightly agricultural-residential- N of I-95 via Route 161 average+ homes, on
travelled road, in an area of commercial area of in an area of upscale river, 2 mi. N of I-95
average to average+ average homes, 2.5 mi. S subdivisions; Shoreline and 3 mi. NE of the
residences; I-95, Route 9 of I-91, 6.2 mi. N of I- community town center; Shoreline
and I-91 are 8 to 12 mi. 291 community
distant; Near shoreline
Amenities Lake, 30± acres Open fields 10% Pond, 30± acres 10% Tidal River 0%

Topography/Soils Rolling topography, cleared Mostly gently rolling 10% Contains most of 10% Tidal East River -10%
and wooded land, 18.4 farmland Darrow Pond (30 of 47 frontage with areas of
acres (6%) steeply sloping acres), moderately to level marsh and mostly
soils & 3.8 acres shallow to steeply sloping rolling topography
bedrock inland, wooded with 25
acres in hay; potential
water views

Wetlands 13%, not including lake 30% 21%, incl. pond (10%) 15%
Zoning Rural Residential (RR) TZ5/R3/A1 SU-E R-8
Road Frontage (Ft.) 1,822 3,722 596 1,909
Frontage/Size Ratio 5.97 21.76 1.98 3.39
Development Good, about 60 lots with Development of a 480- -20% Approved for a 600- 10% About 100 units located 5%
Potential about 2 miles of through unit luxury apartment unit active adult throughout; About 4
roads; about 11 of the lots complex in 48 buildings, development; Not separate parcels; No
have lake frontage 3,800-LF of new road, in feasible approvals
3 phases; No approvals

Improvements Garage and outbuildings, no 2 older single-family 0% None 0% None 0%


contributory value residences in average to
below average condition;
Agricultural buildings in
poor condition; All with
no contributory value

Total Adjustments 30% 55% -10%


ADJUSTED PRICE $20,139 $20,021 $20,679
Size (acres) 305.00 171.06 301.55 563.47
Size Adjustment -$500 $0 $0
ADJUSTED PRICE $19,639 $20,021 $20,679

Page 53

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